reports
KNR Constructions Limited: 1 director
A director at KNR Constructions Limited bought 200,000 shares at 220.500INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
MOSL: KNR CONSTRUCTION (Buy)-Another strong quarter; order book remain...
KNR CONSTRUCTION: Another strong quarter; order book remains robust (KNRC IN, Mkt Cap USD1.1b, CMP INR286, TP INR330, 15% Upside, Buy) KNR Construction (KNRC) continued its steady performance with revenue growth of 54% YoY, surpassing our expectations by 23%. The order book (OB) was strong at INR117b (including L1 orders worth INR51b), with the OB/revenue ratio at 3.9x. Pending receivables from the Telangana government now stand at INR6.5b (including unbilled revenue), of which INR2.7...
MOSL: KNR CONSTRUCTION (Buy)- Yet another quarter of strong performanc...
KNR CONSTRUCTION: Yet another quarter of strong performance (KNRC IN, Mkt Cap USD0.5b, CMP INR277, TP INR374, 35% Upside, Buy) Going from strength to strength KNR Construction (KNR) has continued its strong operating performance, with top line/EBITDA growth of 24%/38% – the best performance in our coverage universe. Tax rate was higher during the quarter as the company did not avail much MAT credit as execution was led by newer projects. Order book stands strong at INR65b (including L1...
MOSL: KNR CONSTRUCTION (Buy)-Balance sheet strengthens further
KNR CONSTRUCTION: Balance sheet strengthens further (KNRC IN, Mkt Cap USD0.6b, CMP INR278, TP INR374, 34% Upside, Buy) KNR monetizes Walayar road project KNR has entered into a share purchase agreement with Cube Highways to sell its 100% stake in the Walayar road project. Total enterprise value of the deal stands at INR5.3b. As of Sep’19, debt on the project was at INR1.4b. Thus, the equity value of the deal is estimated at ~INR3.9b or P/Inv of ~1x. This is in line with our valuation of th...
MOSL: KNR Construction (Buy)-Irrigation sprinkling a few opportunities
KNR Construction: Irrigation sprinkling a few opportunities (KNRC IN, Mkt Cap USD0.6b, CMP INR286, TP INR335, 17% Upside, Buy) We met KNR Construction’s (KNRC) management, where our discussion revolved around the order inflow trends, the status of ongoing projects, the opportunity areas and its strategy to drive business. Key takeaways: Order inflow trends in Roads yet to see meaningful pick-up: KNRC expects order inflow of INR25b in FY20, mainly supported by the Irrigation segment. The c...
MOSL: KNR CONSTRUCTION (Buy)-Beat led by execution of better margin or...
KNR Construction: Beat led by execution of better margin orders (KNRC IN, Mkt Cap USD0.6b, CMP INR280, TP INR322, 15% Upside, Buy) Operating performance better than expected: 4QFY19 revenue stood at INR7.2b (+14.6% YoY), meaningfully ahead of our est. of INR5.3b. The robust growth was led by timely execution of the (a) KP Sagar Irrigation project (INR1.4b sales; 20% of 4QFY19 sales), (b) Chitoor Mallavaram HAM project (INR1.3b, 18% of 4QFY19 sales), (c) Trivandrum (INR700m), (d) Hubli (IN...
MOSL: KNR CONSTRUCTION (Buy)-Beat driven by better revenue mix
KNR Construction: Beat driven by better revenue mix (KNRC IN, Mkt Cap USD0.4b, CMP INR201, TP INR260, 29% Upside, Buy) Operating performance better-than-expected: Revenues stood at INR4.5b (+3.6% YoY), in line with our estimate of INR4.4b, led by timely execution of the KP Sagar Irrigation project (INR960m revenue contribution; 20% of 3QFY19 sales), Hubli (INR600m), Madurai (INR400m), Trivandrum (INR520m) and Yedulla (INR410m). EBIDTA at INR901m (- 8% YoY) was ahead of our estimate of INR...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis po...
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MOSL: KNR CONSTRUCTION (Buy)-Beat driven by better revenue mix
KNR Construction: Beat driven by better revenue mix (KNRC IN, Mkt Cap USD0.4b, CMP INR190, TP INR275, 45% Upside, Buy) Operating performance better-than-expected: 2QFY19 revenues grew 6% YoY to INR4.2b, exceeding our estimate of INR3.8b, supported by smooth execution of projects in hand. Key projects contributing to revenue were KP Sagar Irrigation Project (INR1.2b; 30% of revenue), Pollachi (INR457m), Madurai (INR416m) and Hubli (INR582m). Operating profit of INR831m (+1% YoY), too, was ...
MOSL: KNR CONSTRUCTION (Buy)-Building strong momentum – a beat on al...
KNR Construction: Building strong momentum – a beat on all fronts (KNRC IN, Mkt Cap USD0.5b, CMP INR228, TP INR315, 38% Upside, Buy) Operating performance better than expected: 1QFY19 revenue grew 16% YoY to INR5.6b, exceeding our estimate of INR4.9b, supported by smooth execution of projects in hand. Key projects contributing to revenue were KP Sagar Irrigation Project (INR1.7b; 30% of revenue), Yedula (INR500m), Madurai (INR540m) and Pollachi (INR450m). Operating profit of INR1.1b (+30%...
MOSL: KNR CONSTRUCTIONS (Buy)- Satisfactory progress on new HAM projec...
KNR Constructions: Satisfactory progress on new HAM projects; Focus to shift to timely execution (KNRC IN,Mkt Cap USD0.5b, CMP INR226, TP INR320, 42% Upside, Buy) We met the management of KNR Construction. Our key takeaways: In principle, financial closures in place for three of the four HAM projects KNRC has received in principle financial sanctions for three of the four HAM projects the company has won from NHAI and the fourth project is expected to achieve financial closure by August ...
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