{"id":9807,"date":"2022-06-09T17:16:49","date_gmt":"2022-06-09T11:46:49","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=9807"},"modified":"2022-10-13T14:44:38","modified_gmt":"2022-10-13T09:14:38","slug":"recent-broker-picks","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/","title":{"rendered":"Recent Broker Picks"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9807\" class=\"elementor elementor-9807\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45ad466 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45ad466\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f1c48e6\" data-id=\"f1c48e6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ad5397 elementor-widget elementor-widget-text-editor\" data-id=\"0ad5397\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In a dynamic market scenario, many stocks find themselves on the radar of brokerages, whose analysts do a detailed analysis on past performance as well as gauge the future potential. We track stocks that have been covered by brokerages over the last few weeks and what are the key highlights of each report and the reasons for choosing these stocks.&nbsp;<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">This week we bring you highlights from two stocks covered by brokerage houses viz, Zydus Wellness and NOCIL.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Zydus_Wellness\" title=\"Zydus Wellness\">Zydus Wellness<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Edelweiss_view_on_Zydus_Wellness\" title=\"Edelweiss view on Zydus Wellness\">Edelweiss view on Zydus Wellness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Key_points_of_the_report\" title=\"Key points of the report\">Key points of the report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#BOB_Capital_Market_view_on_Zydus_Wellness\" title=\"BOB Capital Market view on Zydus Wellness\">BOB Capital Market view on Zydus Wellness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Key_points_of_the_report-2\" title=\"Key points of the report\">Key points of the report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#NOCIL\" title=\"NOCIL\">NOCIL<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#HDFC_securities_views_on_NOCIL\" title=\"HDFC securities views on NOCIL\">HDFC securities views on NOCIL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Con_call_takeaways\" title=\"Con call takeaways:\">Con call takeaways:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Motilal_Oswals_stance_on_Nocil\" title=\"Motilal Oswal\u2019s stance on Nocil\">Motilal Oswal\u2019s stance on Nocil<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/recent-broker-picks\/#Axis_Securities_view_on_NOCIL\" title=\"Axis Securities view on NOCIL\">Axis Securities view on NOCIL<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Zydus_Wellness\"><\/span><b>Zydus Wellness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Zydus Wellness is an integrated consumer company, engaged in the development, production, marketing and distribution of health and wellness products. Over the last thirty years, they have added several brands to the portfolio, namely Complan, Sugar-Free, Glucon-D, Everyuth, Nycil, Sugarlite and Nutralite.&nbsp;<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-9812 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker1-1024x404.png\" alt=\"\" width=\"1024\" height=\"404\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker1-1024x404.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker1-300x118.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker1-768x303.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker1.png 1193w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Edelweiss_view_on_Zydus_Wellness\"><\/span><b>Edelweiss view on Zydus Wellness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">The Edelweiss team met with Mr. Tarun Arora, CEO of Zydus Wellness, to gain insights into the company\u2019s growth plans. Zydus Wellness emphasised on a three-pronged strategy to drive growth going forward:&nbsp;<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> accelerate growth of core brands with innovations<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> build scale in international business<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> expand customer base with increased penetration<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Although Zydus wellness\u2019 growth has been moderate owing to COVID-19-led lockdown restrictions coinciding with its important quarters (January to June) and heightened R.M. inflation, Edelweiss believes with normalisation setting in, strong focus on distribution expansion and new launches, ZWL would stage a strong comeback vis-\u00e0-vis volume growth and margin expansion in FY23.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Key_points_of_the_report\"><\/span><b>Key points of the report<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><span style=\"font-weight: 400;\">The Company is expanding its international presence by entering new areas like Middle East, Africa and South Asia. It expects 8-10% of the revenue to come from international business in the next 5 years as It entered Hong Kong, Lebanon, Zimbabwe, Muscat, Ethiopia and Australia. Sugar-free and Complan brands constitute 93% of the international market.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Direct distribution which plays a key role in the FMCG sector has tremendously extended from 2 lakh outlets in FY19 to 5.5 lakh outlets at the current time.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-9813 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker2.png\" alt=\"\" width=\"588\" height=\"540\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker2.png 588w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker2-300x276.png 300w\" sizes=\"(max-width: 588px) 100vw, 588px\" \/><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The company\u2019s e-commerce salience grows more than triple (from 1-1.15% of the sales in the pre-Covid era to 6% currently.) It\u2019s above 10% for Everyouth, Sugar-Free and Glucon-D.&nbsp;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To tackle inflation and protect its margins, the company reduced media expense from ~14% earlier to ~12% of Sales in FY22. The company repeated A&amp;P spending would regress to `14% levels going forward.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Everyouth\u2019s Facial Scrub\u2019s market share grew from 30% to 39% of the total Scrub\u2019s market. The company also entered the body lotion segment under the Everyouth brand.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone wp-image-9814 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker3-1024x397.png\" alt=\"\" width=\"1024\" height=\"397\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker3-1024x397.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker3-300x116.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker3-768x298.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker3.png 1044w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"BOB_Capital_Market_view_on_Zydus_Wellness\"><\/span><b>BOB Capital Market view on Zydus Wellness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">BOB Capital Markets retain a BUY on Zydus Wellness, on the back of new launches, increasing distribution strength, a broader presence through existing brands, its ability to cater to white spaces, and a strong gross margin which gives it the leeway to spend more on brand building. We are also positive on ZYWL\u2019s debt reduction measures, faster FCF generation and superior execution.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Key_points_of_the_report-2\"><\/span><b>Key points of the report<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Multiple product launches in FY22 which include&nbsp;<\/span><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complan \u2013 relaunched with an enhanced proposition, improved chocolate taste and new packaging, supported by fresh TV commercials and consumer offers,&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Everyuth Body Lotion range \u2013 a strategic extension into the skincare space<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nutralite Doodhshakti Professional Pure Ghee (1 ltr pouch) \u2013 launched in Mar\u201922 to expand reach in food services, institutional and catering industry (HoReCa) channels<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New variants of Complan Sugar Free D\u2019lite Cookies and Chocolate Spread in international markets.<\/span><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company has entered new markets such as Hong Kong, Lebanon, Zimbabwe, Muscat, Ethiopia and Australia in FY22. Management has guided for high-double-digit growth in the international business, likely crossing Rs 1bn in revenue in FY23. The target is to have 8-10% of revenue come from the business in the next 4-5 years from ~4% in FY22.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"NOCIL\"><\/span><b>NOCIL<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">NOCIL (National Organic Chemical Industries) is a largest manufacturer and supplier of rubber chemicals in India. The company is a part of Arvind Mafatlal Group of Industries a well-known Business House in India with multi-dimensional business interests. They are having their manufacturing facilities in the TTC industrial area Thane and ancillary manufacturing facilities in the GIDC industrial area Vapi. NOCIL&#8217;s Product Range includes Post Vulcanization Stabilizer Accelerators, Sulfur Donor, Antioxidants, Antidegradants, and Pre-Vulcanization Inhibitor. The company markets these products under the name PILFLex, PILnox, PILcure and PILGarD.<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">Nocil has an agreement with Reliance Industries to sells its Petrochemicals and Plastic Products division. ENsen Holdings, Urvija Investments and PIL Chemicals are some its subsidiaries. As a joint venture with Dowelanco US, DENOCIL (Joint Venture) manufactures and markets crop protection products in India.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-9815 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker4-1024x232.png\" alt=\"\" width=\"1024\" height=\"232\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker4-1024x232.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker4-300x68.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker4-768x174.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker4.png 1039w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"HDFC_securities_views_on_NOCIL\"><\/span><b>HDFC securities views on NOCIL<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">A good volume growth owing to increasing demand in the tyre industry can be noticed in the market. Also, there has been an expansion of margins with centralized focus on rubber chemicals. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) and PAT (Profit after Tax) were <\/span><b>135%<\/b><span style=\"font-weight: 400;\"> and <\/span><b>132%<\/b><span style=\"font-weight: 400;\"> above their estimates inline with 23% higher revenue.<\/span><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Con_call_takeaways\"><\/span><b>Con call takeaways:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li aria-level=\"3\"><span style=\"font-weight: 400;\">NOCIL has registered 16% YoY volume growth and beat its earlier guidance of more than 10%. They are also focusing more on increasing the full capacity utilization utilization by Sep 23 from its current ~75% utlisation to 100%.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"3\"><span style=\"font-weight: 400;\">In FY 22, Total revenue was slightly impacted by constraints in exports due to negative impact of supply chain issues.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Motilal_Oswals_stance_on_Nocil\"><\/span><b>Motilal Oswal\u2019s stance on Nocil<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">It is believed that optimal utilization for its expanded capacity (of 110ktpa) will surely be achieved by first half of FY24. They forecast a revenue and EPS CAGR at 9% and 15% over FY22-24 respectively. Also, EBITDA margin was at 23.9% comparing to 12.8% in 3QFY22 and 15.6% in 4QFY21.&nbsp;<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9817 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker6.png\" alt=\"\" width=\"456\" height=\"299\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker6.png 456w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker6-300x197.png 300w\" sizes=\"(max-width: 456px) 100vw, 456px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-9816 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker5.png\" alt=\"\" width=\"428\" height=\"281\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker5.png 428w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/broker5-300x197.png 300w\" sizes=\"(max-width: 428px) 100vw, 428px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Indian Tyre industry is expected to grow 7-9% in volume terms in FY23. Domestic Tyre companies have planned capex of INR200b to raise the production, over the next three years. Export business mainly including replacement tyre market was strong in Europe and US.&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sharp increase in crude and Benzene prices along with increase in spread<\/span><span style=\"font-weight: 400;\"><br \/><\/span><span style=\"font-weight: 400;\">between Benzene and its derivatives led to increase in raw material prices QoQ. Logistics issues declined exports. Price hikes were implemented in 4QFY22.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Axis_Securities_view_on_NOCIL\"><\/span><b>Axis Securities view on NOCIL<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li aria-level=\"1\"><b>Industry Growth-&nbsp; <\/b><span style=\"font-weight: 400;\">Indian tyre industry has become favourable post COVID-19 impact with steady growth in demand which is expected to grow at 7%. There has been a increase in market share gain in the domestic market from 33-34% pre covid to 40-42% post Covid levels. Many global and domestic tyre majors are looking to reduce their dependence their on China and looking forward for alternatives partners. India being a small player in rubber industry including NOCIL having most of the Indian market share will pave the way for NOCIL\u2019s Growth over longer term.&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Superior Return Profile<\/b><span style=\"font-weight: 400;\"> &#8211; We expect the company\u2019s ROE to increase from 7% to 17% over FY21-24E, with the support of a strong 54% PAT CAGR over the same period as it continues maintain market share and captures on strong replacement demand.<\/span><\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3442a3f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3442a3f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ed9b9e3\" data-id=\"ed9b9e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-878f9cb elementor-widget elementor-widget-text-editor\" data-id=\"878f9cb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"background-color: #ffffff;\"><em>Note \u2013 This channel is for educational and training purpose only &amp; 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We track stocks that have been covered by brokerages over the last few weeks and what are the key highlights of each report and the<\/p>\n","protected":false},"author":5,"featured_media":26910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"metadata":{"_edit_lock":["1665653534:8"],"_edit_last":["8"],"qodef_content_behind_header":["no"],"qodef_show_header_widget_areas":["yes"],"qodef_top_area_header_in_grid":["no"],"_yoast_wpseo_primary_category":["24"],"_yoast_wpseo_focuskw":["Recent Broker Picks"],"_yoast_wpseo_title":["Recent Broker Picks"],"_yoast_wpseo_metadesc":["This week we bring you highlights from two stocks covered by brokerage houses viz, Zydus Wellness and NOCIL"],"_yoast_wpseo_linkdex":["69"],"_yoast_wpseo_estimated-reading-time-minutes":["7"],"_elementor_edit_mode":["builder"],"_elementor_template_type":["wp-post"],"_elementor_version":["3.6.5"],"_wp_page_template":["default"],"_elementor_data":["[{\"id\":\"45ad466\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"f1c48e6\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"0ad5397\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p><span style=\\\"font-weight: 400;\\\">In a dynamic market scenario, many stocks find themselves on the radar of brokerages, whose analysts do a detailed analysis on past performance as well as gauge the future potential. We track stocks that have been covered by brokerages over the last few weeks and what are the key highlights of each report and the reasons for choosing these stocks.&nbsp;<\\\/span><span style=\\\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\\\">This week we bring you highlights from two stocks covered by brokerage houses viz, Zydus Wellness and NOCIL.<\\\/span><\\\/p>\\n<h4><b>Zydus Wellness<\\\/b><\\\/h4>\\n<p><span style=\\\"font-weight: 400;\\\">Zydus Wellness is an integrated consumer company, engaged in the development, production, marketing and distribution of health and wellness products. Over the last thirty years, they have added several brands to the portfolio, namely Complan, Sugar-Free, Glucon-D, Everyuth, Nycil, Sugarlite and Nutralite.&nbsp;<\\\/span><\\\/p>\\n<p><img class=\\\"alignnone wp-image-9812 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker1-1024x404.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"404\\\"><\\\/p>\\n<h5><b>Edelweiss view on Zydus Wellness<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">The Edelweiss team met with Mr. Tarun Arora, CEO of Zydus Wellness, to gain insights into the company\\u2019s growth plans. Zydus Wellness emphasised on a three-pronged strategy to drive growth going forward:&nbsp;<\\\/span><\\\/p>\\n<ol>\\n<li><span style=\\\"font-weight: 400;\\\"> accelerate growth of core brands with innovations<\\\/span><\\\/li>\\n<li><span style=\\\"font-weight: 400;\\\"> build scale in international business<\\\/span><\\\/li>\\n<li><span style=\\\"font-weight: 400;\\\"> expand customer base with increased penetration<\\\/span><\\\/li>\\n<\\\/ol>\\n<p><span style=\\\"font-weight: 400;\\\">Although Zydus wellness\\u2019 growth has been moderate owing to COVID-19-led lockdown restrictions coinciding with its important quarters (January to June) and heightened R.M. inflation, Edelweiss believes with normalisation setting in, strong focus on distribution expansion and new launches, ZWL would stage a strong comeback vis-\\u00e0-vis volume growth and margin expansion in FY23.<\\\/span><\\\/p>\\n<h5><b>Key points of the report<\\\/b><\\\/h5>\\n<ul>\\n<li><span style=\\\"font-weight: 400;\\\">The Company is expanding its international presence by entering new areas like Middle East, Africa and South Asia. It expects 8-10% of the revenue to come from international business in the next 5 years as It entered Hong Kong, Lebanon, Zimbabwe, Muscat, Ethiopia and Australia. Sugar-free and Complan brands constitute 93% of the international market.<\\\/span><\\\/li>\\n<li><span style=\\\"font-weight: 400;\\\">Direct distribution which plays a key role in the FMCG sector has tremendously extended from 2 lakh outlets in FY19 to 5.5 lakh outlets at the current time.<\\\/span><\\\/li>\\n<\\\/ul>\\n<p><img class=\\\"aligncenter wp-image-9813 size-full\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker2.png\\\" alt=\\\"\\\" width=\\\"588\\\" height=\\\"540\\\"><\\\/p>\\n<ul>\\n<li><span style=\\\"font-weight: 400;\\\">The company\\u2019s e-commerce salience grows more than triple (from 1-1.15% of the sales in the pre-Covid era to 6% currently.) It\\u2019s above 10% for Everyouth, Sugar-Free and Glucon-D.&nbsp;<\\\/span><\\\/li>\\n<li><span style=\\\"font-weight: 400;\\\">To tackle inflation and protect its margins, the company reduced media expense from ~14% earlier to ~12% of Sales in FY22. The company repeated A&amp;P spending would regress to `14% levels going forward.&nbsp;<\\\/span><\\\/li>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Everyouth\\u2019s Facial Scrub\\u2019s market share grew from 30% to 39% of the total Scrub\\u2019s market. The company also entered the body lotion segment under the Everyouth brand.<\\\/span><\\\/li>\\n<\\\/ul>\\n<p><img class=\\\"alignnone wp-image-9814 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker3-1024x397.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"397\\\"><\\\/p>\\n<h5><b>BOB Capital Market view on Zydus Wellness<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">BOB Capital Markets retain a BUY on Zydus Wellness, on the back of new launches, increasing distribution strength, a broader presence through existing brands, its ability to cater to white spaces, and a strong gross margin which gives it the leeway to spend more on brand building. We are also positive on ZYWL\\u2019s debt reduction measures, faster FCF generation and superior execution.<\\\/span><\\\/p>\\n<h5><b>Key points of the report<\\\/b><\\\/h5>\\n<ul>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Multiple product launches in FY22 which include&nbsp;<\\\/span><\\\/li>\\n<\\\/ul>\\n<ol>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Complan \\u2013 relaunched with an enhanced proposition, improved chocolate taste and new packaging, supported by fresh TV commercials and consumer offers,&nbsp;<\\\/span><\\\/li>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Everyuth Body Lotion range \\u2013 a strategic extension into the skincare space<\\\/span><\\\/li>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Nutralite Doodhshakti Professional Pure Ghee (1 ltr pouch) \\u2013 launched in Mar\\u201922 to expand reach in food services, institutional and catering industry (HoReCa) channels<\\\/span><\\\/li>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">New variants of Complan Sugar Free D\\u2019lite Cookies and Chocolate Spread in international markets.<\\\/span><\\\/li>\\n<\\\/ol>\\n<ul>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">The company has entered new markets such as Hong Kong, Lebanon, Zimbabwe, Muscat, Ethiopia and Australia in FY22. Management has guided for high-double-digit growth in the international business, likely crossing Rs 1bn in revenue in FY23. The target is to have 8-10% of revenue come from the business in the next 4-5 years from ~4% in FY22.<\\\/span><\\\/li>\\n<\\\/ul>\\n<h4><b>NOCIL<\\\/b><\\\/h4>\\n<p><span style=\\\"font-weight: 400;\\\">NOCIL (National Organic Chemical Industries) is a largest manufacturer and supplier of rubber chemicals in India. The company is a part of Arvind Mafatlal Group of Industries a well-known Business House in India with multi-dimensional business interests. They are having their manufacturing facilities in the TTC industrial area Thane and ancillary manufacturing facilities in the GIDC industrial area Vapi. NOCIL's Product Range includes Post Vulcanization Stabilizer Accelerators, Sulfur Donor, Antioxidants, Antidegradants, and Pre-Vulcanization Inhibitor. The company markets these products under the name PILFLex, PILnox, PILcure and PILGarD.<\\\/span><span style=\\\"font-weight: 400;\\\"><br><\\\/span><span style=\\\"font-weight: 400;\\\"><br><\\\/span><span style=\\\"font-weight: 400;\\\">Nocil has an agreement with Reliance Industries to sells its Petrochemicals and Plastic Products division. ENsen Holdings, Urvija Investments and PIL Chemicals are some its subsidiaries. As a joint venture with Dowelanco US, DENOCIL (Joint Venture) manufactures and markets crop protection products in India.<\\\/span><\\\/p>\\n<p><img class=\\\"alignnone wp-image-9815 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker4-1024x232.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"232\\\"><\\\/p>\\n<h5><b>HDFC securities views on NOCIL<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">A good volume growth owing to increasing demand in the tyre industry can be noticed in the market. Also, there has been an expansion of margins with centralized focus on rubber chemicals. EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) and PAT (Profit after Tax) were <\\\/span><b>135%<\\\/b><span style=\\\"font-weight: 400;\\\"> and <\\\/span><b>132%<\\\/b><span style=\\\"font-weight: 400;\\\"> above their estimates inline with 23% higher revenue.<\\\/span><\\\/p>\\n<h5><b>Con call takeaways:<\\\/b><\\\/h5>\\n<ul>\\n<li aria-level=\\\"3\\\"><span style=\\\"font-weight: 400;\\\">NOCIL has registered 16% YoY volume growth and beat its earlier guidance of more than 10%. They are also focusing more on increasing the full capacity utilization utilization by Sep 23 from its current ~75% utlisation to 100%.<\\\/span><\\\/li>\\n<\\\/ul>\\n<ul>\\n<li aria-level=\\\"3\\\"><span style=\\\"font-weight: 400;\\\">In FY 22, Total revenue was slightly impacted by constraints in exports due to negative impact of supply chain issues.<\\\/span><\\\/li>\\n<\\\/ul>\\n<h5><b>Motilal Oswal\\u2019s stance on Nocil<\\\/b><\\\/h5>\\n<p><span style=\\\"font-weight: 400;\\\">It is believed that optimal utilization for its expanded capacity (of 110ktpa) will surely be achieved by first half of FY24. They forecast a revenue and EPS CAGR at 9% and 15% over FY22-24 respectively. Also, EBITDA margin was at 23.9% comparing to 12.8% in 3QFY22 and 15.6% in 4QFY21.&nbsp;<\\\/span><\\\/p>\\n<p><img class=\\\"aligncenter wp-image-9817 size-full\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker6.png\\\" alt=\\\"\\\" width=\\\"456\\\" height=\\\"299\\\"><\\\/p>\\n<p><img class=\\\"aligncenter wp-image-9816 size-full\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/broker5.png\\\" alt=\\\"\\\" width=\\\"428\\\" height=\\\"281\\\"><\\\/p>\\n<ul>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">The Indian Tyre industry is expected to grow 7-9% in volume terms in FY23. Domestic Tyre companies have planned capex of INR200b to raise the production, over the next three years. Export business mainly including replacement tyre market was strong in Europe and US.&nbsp;<\\\/span><\\\/li>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><span style=\\\"font-weight: 400;\\\">Sharp increase in crude and Benzene prices along with increase in spread<\\\/span><span style=\\\"font-weight: 400;\\\"><br><\\\/span><span style=\\\"font-weight: 400;\\\">between Benzene and its derivatives led to increase in raw material prices QoQ. Logistics issues declined exports. Price hikes were implemented in 4QFY22.<\\\/span><\\\/li>\\n<\\\/ul>\\n<h5><b>Axis Securities view on NOCIL<\\\/b><\\\/h5>\\n<ul>\\n<li aria-level=\\\"1\\\"><b>Industry Growth-&nbsp; <\\\/b><span style=\\\"font-weight: 400;\\\">Indian tyre industry has become favourable post COVID-19 impact with steady growth in demand which is expected to grow at 7%. There has been a increase in market share gain in the domestic market from 33-34% pre covid to 40-42% post Covid levels. Many global and domestic tyre majors are looking to reduce their dependence their on China and looking forward for alternatives partners. India being a small player in rubber industry including NOCIL having most of the Indian market share will pave the way for NOCIL\\u2019s Growth over longer term.&nbsp;<\\\/span><\\\/li>\\n<\\\/ul>\\n<ul>\\n<li style=\\\"font-weight: 400;\\\" aria-level=\\\"1\\\"><b>Superior Return Profile<\\\/b><span style=\\\"font-weight: 400;\\\"> - We expect the company\\u2019s ROE to increase from 7% to 17% over FY21-24E, with the support of a strong 54% PAT CAGR over the same period as it continues maintain market share and captures on strong replacement demand.<\\\/span><\\\/li>\\n<\\\/ul>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"3442a3f\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"ed9b9e3\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"878f9cb\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<p style=\\\"background-color: #ffffff;\\\"><em>Note \\u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\\\/recommendation\\\/advice<\\\/em><\\\/p><p style=\\\"background-color: #ffffff;\\\"><em>Research done by:\\u00a0Ketan Sonalkar,\\u00a0SEBI Rgn No INA000011255<\\\/em><\\\/p>\"},\"elements\":[],\"widgetType\":\"text-editor\"}],\"isInner\":false}],\"isInner\":false},{\"id\":\"f7d79d3\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"2a1948b\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"7038387\",\"elType\":\"widget\",\"settings\":{\"social_icon_list\":[{\"social_icon\":{\"value\":\"fab fa-facebook\",\"library\":\"fa-brands\"},\"_id\":\"b79fad1\",\"link\":{\"url\":\"https:\\\/\\\/www.facebook.com\\\/Univest.in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"social_icon\":{\"value\":\"fab fa-twitter\",\"library\":\"fa-brands\"},\"_id\":\"d960058\",\"link\":{\"url\":\"https:\\\/\\\/twitter.com\\\/InUnivest\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"1a41792\",\"social_icon\":{\"value\":\"fab fa-whatsapp\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/wa.me\\\/+919810917800\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"0a982ac\",\"social_icon\":{\"value\":\"fab fa-telegram\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/t.me\\\/Univest_in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}},{\"_id\":\"c9974a4\",\"social_icon\":{\"value\":\"fab fa-instagram\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/www.instagram.com\\\/univest.in\\\/\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"},\"item_icon_color\":\"custom\",\"item_icon_primary_color\":\"#AF1A62\",\"item_icon_secondary_color\":\"#FFFFFF\"},{\"_id\":\"6cd9e60\",\"social_icon\":{\"value\":\"fab fa-linkedin\",\"library\":\"fa-brands\"},\"link\":{\"url\":\"https:\\\/\\\/www.linkedin.com\\\/company\\\/univest-in\",\"is_external\":\"true\",\"nofollow\":\"\",\"custom_attributes\":\"\"}}],\"shape\":\"circle\",\"align\":\"left\",\"icon_size\":{\"unit\":\"px\",\"size\":29,\"sizes\":[]},\"icon_padding\":{\"unit\":\"em\",\"size\":0.5,\"sizes\":[]},\"icon_spacing\":{\"unit\":\"px\",\"size\":6,\"sizes\":[]}},\"elements\":[],\"widgetType\":\"social-icons\"}],\"isInner\":false}],\"isInner\":false}]"],"_yoast_wpseo_content_score":["30"],"_nectar_love":["0"],"nectar_blog_post_view_count":["309"],"_schema_ref":["11166"],"_schema_json":["a:12:{s:8:\"@context\";s:19:\"https:\/\/schema.org\/\";s:5:\"@type\";s:11:\"BlogPosting\";s:16:\"mainEntityOfPage\";a:2:{s:5:\"@type\";s:7:\"WebPage\";s:3:\"@id\";s:39:\"https:\/\/univest.in\/recent-broker-picks\/\";}s:3:\"url\";s:39:\"https:\/\/univest.in\/recent-broker-picks\/\";s:8:\"headline\";s:19:\"Recent Broker Picks\";s:13:\"datePublished\";s:25:\"2022-06-09T17:16:49+05:30\";s:12:\"dateModified\";s:25:\"2022-06-11T23:10:57+05:30\";s:9:\"publisher\";a:4:{s:5:\"@type\";s:12:\"Organization\";s:3:\"@id\";s:32:\"https:\/\/univest.in\/#organization\";s:4:\"name\";s:7:\"Univest\";s:4:\"logo\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:62:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/Univest-Logo.png\";s:5:\"width\";i:600;s:6:\"height\";i:60;}}s:5:\"image\";a:4:{s:5:\"@type\";s:11:\"ImageObject\";s:3:\"url\";s:66:\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/broker1-1024x404.png\";s:5:\"width\";s:4:\"1024\";s:6:\"height\";s:3:\"404\";}s:14:\"articleSection\";s:6:\"Market\";s:11:\"description\";s:280:\"In a dynamic market scenario, many stocks find themselves on the radar of brokerages, whose analysts do a detailed analysis on past performance as well as gauge the future potential. 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