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Hyderabad Workshop Recommendations PDF
Hyderabad Workshop Recommendations PDF
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2018n19 îµ³ë]æ¨ wêµj÷«ú‡ÚÛÙ 574 181 9.84
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Hyderabad Workshop Recommendations
ÎvíƇڥö˺ vð§â˵ÚÛªdõª šíæ¨d NáóŸªÙ þ§CÅÙ#ì òÅ°ô¢BóŸª ÚÛÙšíFõª êŸÚÛª\÷. Ú¥F ÏêŸô¢ªõÚÛª GÅìoÙÞ¥ Ô
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Hyderabad Workshop Recommendations
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Hyderabad Workshop Recommendations
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Arvind Receommendations Hyderabad(Sep 2018)
Timken India CMP: 600 Target: 900 Upside: 50% Time: 12-18 Months
Merger of ABC bearings in to Timken India provides synergies in terms of increased market
share from the current 45% levels in tapered roller bearings along with entry in to wheel end
bearings segment.
Post Merger, ABC will gain access to Timken’s manufacturing technology and may witness
increased capacity utilization levels, improved quality thus improved pricing power.
Recent capacity expansions of Timken, one in Jamshedpur plant to cater to increased demand
from Indian railways and the other in expanding the 0.8” tapered roller bearings have become
operational and the capex outlay was around Rs. 185 Cr.
With export revenue of 35%, Timken is the main beneficiary of increasing class 8 truck sales in
North America.
Domestic drivers like modernization of railway coaches & wagons, DFC and new markets like
Indian Navy augurs well for Timken in terms of incremental revenue.
Timken is nearly debt free and enjoys access to technological knowhow of its parent company.
Historically, it also enjoyed a healthy profitability & return ratios, with a strong revenue growth
owing to capacity expansions and cost rationalizations.
Valuation: In view of Timken’s focus on growing both organically & inorganically, higher budgetary
allocation to railways, auto industry revival, positive industry sentiment, we believe Timken is well
positioned to grow in the near future. While maintaining our positive view on the company’s
operational performance, we value the company at 37x to FY20E EPS of Rs. 22.0 and recommend a
“BUY” rating with a target price of Rs. 900.
The order book for forgings stand at Rs.1600 Mn as on FY18 constituting a major portion from exports.
We estimate revenue to grow at a CAGR of 17.6% during FY18-20E and have kept our estimates
unchanged for FY19E and FY20E. Earnings are expected to grow at a CAGR of 33.8% and RoE is expected
to increase by 383 bps by FY20E.
Outlook: Standalone gasket business is expected to gain traction on the back of improving share of
business with OEMs and new export orders. We expect gasket (standalone) business to grow at a CAGR
of 11% during FY18-20E. Moreover, we believe that Maruti Suzuki’s (MSIL) performance will help in
Talbros’s JV growth as they are one of the major clients for control arms and hose business.
Nippon Leakless (60:40 JV): Revenue for Q1FY19 came in at Rs. 130 Mn as compared to ~Rs. 117 Mn
during Q1FY18 (~11.0% growth YoY) driven by improving demand for HMSI (Honda Motors and Scooters
India Ltd) and Hero Moto Corp. Volume growth of Hero and HMSI during Q1FY19 recorded 14% and 15%
YoY respectively.
Magneti Marelli (50:50 JV): Revenue for Q1FY19 was Rs. 160 Mn vs. Rs. 114 Mn during Q1FY18, higher
by 40% YoY, driven by increased share of business in the control arms division with Maruti Suzuki India
Ltd (MSIL) as Talbros is a single source of supply for Baleno and Brezza. The estimated revenue from
MSIL for control arms is Rs. 240 Mn per annum.
Talbros Marugo Rubber (50:50 JV): Revenue for Q1FY19 came in at Rs. 60 Mn as compared to Rs. 45 Mn
during Q1FY18 posting a 33% growth YoY driven by higher supply of hoses to MSIL and Marugo Rubber,
Japan. We expect revenue of Talbros Marugo to grow at a CAGR of 20% during FY18-20E.
Valuation and Outlook: We value Talbros at P/E of 12.0x for FY20E EPS of Rs. 30.1 for a target price of
Rs. 360, on the back consistent order inflows and improving RoE. The 5-year average fwd P/E is 9.0x.
Management expects full year growth would be driven by 1) Better Rural economy as a result of good
monsoons and higher Minimum Selling Price (MSP) on food grains 3) Government spending as a result of
upcoming elections. We still see V-Mart as a dominant player in the fashion Retail segment posting
higher margins and Return Ratios.
Gaining Market Share to be the leader in Value fashion: The company is eyeing on capturing the
biggest market share in organized retail. As a strategy it is operating in a cluster based philosophy in the
states of UP, Bihar, Uttarakhand and Jharkhand where they are the leaders in value segment. There is
huge density of population in these states. Moreover, the recent announcement of higher MSP would
indirectly help in the growth of the company as the source of income of majority of the population in
these states is Agriculture.
Better Volume SSG on the back of increased Store Count and footfall: The company is expanding its
retail space by 15-17% adding 30-35 stores every year. It is expected that the company will reach a store
count of about 240 by the end of FY20E. Over the past five years, the company has maintained SSG of
8%-9% and targets to maintain the same over the future.
Private labels’ share: Private labels account for 52% of the total Revenue. The company is planning to
increase its private label’s share to 80% in the future, not to increase the margins but to maintain a loyal
customer base and provide its customers with unique products.
Valuation: Organized Retail accounts for only 5% of the Retail industry in India. Thus, there is huge
opportunity for the organized retail to grow. The company is continuously adding 30-35 stores in a year
with a focus on Tier-4 towns where competition is lower. We expect the company to generate top-line /
bottom-line growth of 19.3%/17.6% CAGR over FY18-20E. We recommend a BUY rating valuing it at 55x
FY20E EPS with a target price of Rs. 3450.
The Company is currently witnessing a strong demand for its products in international market. On
domestic front, especially in CV segment, demand might remain volatile in short term due to the recent
regulatory change in axle load norms. However, the Indian CV market demand remains intact. The
Company has received new orders worth ~Rs4bn during the quarter. Given the robust business outlook,
BFL has planned to set up a Aluminum Forging facility in Tennessee, USA at a cost of $55mn apart from
two major expansion plans in India.
Domestic business on Sound Footing: During Q1FY19 BFL’s domestic business (42% of sales) grew by
19.3%. Going forward its domestic auto business is expected to be driven by robust demand for MHCV
in India on account of a) BS-VI emission norm changes to be effective from 1st April 2020 b) replacement
demand and c) the government’s push towards infrastructure development. At the same time its
domestic industrial business is expected to sustain growth owing to pickup in the infrastructure activity.
International business outlook promising: During Q1FY19 BFL’s international business (58% of sales)
grew by 25.8%. With improving industry fundamentals and increased freight demand, the US Class 8
market and European truck market is expected to stay robust. At the same time, North American Oil &
Gas industry continues to remain robust on the back of increased activity in the shale gas industry
supporting BFL’s international industrial business.
New Orders: During Q1FY19, BFL secured new business orders worth Rs1.2bn across its export and
domestic markets. Its German operations, CDP BF have also secured a multi-year €40mn business order
for supply of Aluminum Forgings for a global premium vehicle manufacturer.
Capacity Expansion in core business: Given the robust business outlook, BFL has undertaken an
expansion of its forging and machining capacity by investing Rs4bn. It is also setting up a Greenfield
facility at Nellore for auto and industrial components. As a part of its focus on enhancing its presence in
the light material space, the Company has planned to set up a Aluminum Forging facility in Tennessee,
USA at a cost of $55mn . This facility is likely to address requirement of the North American car market
and will commence production in CY20.
YE Mar (Rs Million) FY16 FY17 FY18 FY19E FY20E
ITD Cementation (ITD Cem) is engaged in the construction of marine structures, highways, bridges &
flyovers, metros, airports, hydro-tunneling, dams & canals, water & waste water segment, industrial
structures & buildings. Italian Thai Development Company Ltd currently owns 46.64% along with
institution holding of 32.38%. ITD Cem is the only construction company with a sustained presence in
India with MNC parentage (ITD). ITD Cem operates through various JVs and subsidiaries like ITD
Cementation Projects India, ITD Cemindia JV, and ITD-ITD Cem JV etc.
Order Book: The current order book stands at Rs. 90555 Mn spread across segments as of Q1FY19 with
a skew towards urban infrastructure. ITD Cem is L1 in another Rs. 14000 Mn orders. ITD Cem’s order
book is dominated by PSUs (71%) & Government (23%) and private players constitute 6% of the orders.
Major ongoing projects:
HG Infra Engineering (HG) is an EPC company with focus on highways, roads and bridges in addition to
civil works and water supply projects. It has been a sub-contractor for established players like L&T, Tata
Projects and IRB Infra. Strong and persistent execution has helped it transform from a sub-contractor to
a frontline EPC bidder. HG has grown to pre-qualify for projects up to Rs 11.2/16.0bn in EPC/HAM
respectively. The transformation is visible, with HG quadrupling its revenues over FY13-18.
• Robust balance sheet: After the Rs 3bn IPO in Mar-18 and a portion being utilized towards
debt reduction, we expect HG’s net D/E to reduce from 1.1x in FY17 to 0.2x by FY19E. With
stable EBITDA margins ~14-15%, tight control on finance costs (FY19/FY20E interest
coverage – 6.4/7.0x), HG should deliver 38.3% FY18-20E EPS CAGR with PAT multiplying
1.9x.
• Consistent WC cycle: HG’s NWC cycle is one of the best in the industry and has averaged
between 40-65days over FY13-17 (FY18 NWC of 96 days is an outlier as execution was
skewed sharply towards 4QFY18 – Rs 5.0bn). Along with execution, the low debtor days (25-
50days over FY13-17; 73days in FY18) are also attributable to a large part of backlog from
NHAI/State Govt. with good payment terms.
• Sub-contracting at lucrative margins: With HG now capable of independently winning big ticket
road projects, it will bid conservatively. This can also be seen in the recent Rs 11.7bn IRB win
where it provided a support bid at the pre-bid stage only.
• HAM: With >50% of big ticket NHAI projects expected to be under HAM and with HG
prequalified to bid independently, we expect HG to further add to its order backlog post the
recent Gurgaon-Sohna package win of Rs 6.1bn.
• Near-term outlook: With (1) A steady flow of awards in the roads segment, (2) ~3.3x book to bill
(excl. post FY18 wins) (FY18 revenue), (3) Steady 14-15% EBITDA margins and (4) Stable
finance costs, we expect HG to post a 38% earnings CAGR over FY18-20E. This translates into
>20% RoE and 17-20% RoIC over FY19-20E.
Kutumba Rao
Recommendations Hyderabad (Sep 2018)
1. Chombond Chemicals Limited