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IN : Siemens Ltd - Positives likely priced in

Siemens’ 4QFY21 EBITDA missed on higher input & logistic costs, but expects the trend to improve with pricing actions and higher share of short cycle orders. Government’s continued thrust on infrastructure and uptick in the private sector should....
Sachin Maniar @ CGS-CIMB 4 December 2021

IN : Chemicals - Overall - Boundless froth in PVC

Given current ethylene prices and mean product spreads over ethylene to EDC, EDC to VCM and VCM to PVC, Indian PVC prices should fall by 20%. PVC is not a China+1 play (as China is a net importer) and neither it’s a specialty chemical. Shipping cris....
Shaily Ruparelia @ CGS-CIMB 1 December 2021

IN : Strategy - GDP recovers; 1HFY22 still below 1HFY20

The favourable base effect led to 2Q and 1H GDP growth of 8.4% and 13.7% yoy; 2Q GDP was slightly higher but 1H GDP still below pre-pandemic level. Agriculture continued to support growth, while trade and hotels were a drag. On the expenditure side,....
Jay Shankar @ CGS-CIMB 30 November 2021

Building a Long-Term Equity Portfolio

With a long-term time horizon, investors should consider alternatives to the market-cap weighted equity indices. A valuation-based approach for creating an equities portfolio may seem more sensible. Using EBITDA / EV yield seems to avoid some of the....
FactorResearch Nicolas
Nicolas Rabener @ FactorResearch 29 November 2021

IN : Chemicals - Overall - Phenol and epoxy resins: Boundless froth

Epoxy resin spreads are on the decline and base prices will also fall as ECH and BIS phenol prices slip in coming months – a positive for paints industry. Indian phenol prices enjoyed anti-dumping duty (ADD) protection. However, as ADD is removed an....
Shaily Ruparelia @ CGS-CIMB 29 November 2021

IN : Strategy - Correction sets in

The Nifty 50 EPS beat was just 3% of Bloomberg consensus estimate for successive quarters, driven by IT, financials and commodity. High policy action expectations in 2H seem at risk considering the recent repeal of farm laws and fuel price cuts due.....
Pramod Amthe @ CGS-CIMB 25 November 2021