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5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

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HEG Q2: Tight supply-demand balance for graphite


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electrodes to support higher pricing


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While constraints due to needle coke supply, caps the volume


growth for HEG in near term, valuations can sustain at an elevated
level due to pricing because of changing steel production dynamics,
among others.

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q2- q2- q2- q2-
tight- tight- tight- tight-
supply-
supply-
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balance-
balance-
balance-
balance-
for- for- for- for-
graphite-
graphite-
graphite-
graphite-
electrodes-
electrodes-
electrodes-
electrodes-
to- to- to- to-
support-
support-
support-
support-
higher-
higher-
higher-
higher-
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2431469.html)

HEG reported a
turnaround in fortunes
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https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

that elevated product NSELIVE


pricing can sustain in 18 May, 2018 13:27

the medium term due to 796.10 -27.25 (-3.31%)


Volume 2677838
the tight supply demand
Todays L/H 792.30 833.00
balance.

Quarterly update
More
(http://www.moneycontrol.com/india/stockpricequote/constructioncontractingcivil/ncc/NCC01)
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(http://www.moneycontrol.com/india/stockpricequote/electrodes-
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5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

In fact, at the EBITDA margin level, the company is ahead of Graphite India (46.3
percent vs. Graphite India’s 28.1 percent in the quarter) on account of lower
employee costs (4 percent of sales vs Graphite India’s 10 percent of sales) and
power expenses (7 percent vs Graphite India’s 16 percent of sales).

Guidance

Needle coke prices negotiated for the second half of the year is higher by 80-100
percent and this would have an impact from the fourth quarter onwards.
However, by then, the company expects a higher realization due to the ongoing
contract renewal cycle. Hence, the company guides that it would be able to
maintain Q2 margins for rest of the year.

Capacity expansion

The company is exploring the option of increasing capacity from 80,000 MT to


100,000 MT; however, supply constraints of needle coke may slow down the
pace of addition.

Graphite electrode price trends

Last year, graphite electrode demand was about 742 kT as per our estimates and
excluding China's ~ 666 kT. HEG management states that 100 kT of additional
demand for electrodes would have increased this year due to the drop in
exports of steel and billets from China, leading to an increase in steel production
in other countries preferably through EAF method. Thus, potential electrodes
demand in current year outside China could be in the range of 770 kT.

Graphite electrode demand in 2016

(http://livecms.moneycontrol.com/wp-content/uploads/2017/11/HEG-2.png)

Source: World Steel Association, Moneycontrol Research


#EAF: Electric Arc Furnance. 

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5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

(http://livecms.moneycontrol.com/wp-content/uploads/2017/11/HEG-3.png)

Source: Moneycontrol Research, HEG

Similarly, the supply of graphite electrodes have been impacted by plant


shutdowns in China. It is estimated that Chinese exports of electrodes could
have halved in the current year to 100 kT. Now, elsewhere, globally, even if
plants run at the optimum capacity of 85 percent, given the scarcity of needle
coke, supply would be just enough to meet demand.

(http://livecms.moneycontrol.com/wp-content/uploads/2017/11/HEG-4.png)

Source: Moneycontrol research, HEG

Demand scenario in China is structural

There has been more than 100 million ton capacity closure of steel plants in
China running on the induction furnance method. A shortage of steel and
availability of steel scrap used by the above method has led to a strong case for
electric arc furnance method of steel production in China. Therefore, it comes as
no surprise that China is now a net importer of graphite electrodes.

Needle coke price trends

https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

Needle coke prices have been mainly guided by the pricing trends for
electrodes. Further, in addition to structural imbalance in supply and demand,
recent maintenance shutdown of various needle coke plants have also fueled
coke prices. While the company is covered till March 2018 as far as supply of
needle coke and prices are concerned, scenario for next fiscal year would be
known only in the next couple of months.

So, while constraints due to needle coke supply, caps the volume growth for HEG
in near term, valuations can sustain at an elevated level due to pricing because
of changing steel production dynamics, supply side reforms in China and the
imbalance in graphite electrode supply-demand.

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Jaypee Infratech to receive control of 759 acres of land


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“This will be a huge upside to JIL’s valuation in the insolvency process,” say
corporate experts, adding with the land being transferred back to JIL, its value
of around Rs 5,000 crore will be added to the company’s liquidation value. TRENDING NEWS

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was facing severe liquidity crunch to complete the construction of projects and
deliver the flats to homebuyers as well as honour the payment obligation to
financial creditors including the fixed deposit holders.

Since the corporate debtor itself was in dire need of funds and could have sold
or mortgaged unencumbered land to raise funds to complete construction of
flats in a timely manner and to fulfill its obligation to its creditors and prevent
value deterioration erosion or insolvency but it chose to give away the land to
secure the debt for a related party. The mortgage was created in complete
disregard to the interest of the creditors and stakeholders of the corporate
debtor. Now JAL has defaulted to its lenders exposing the mortgaged land to the
risk of being sold to recover the dues payable by JAL,” it said in its order.

“The directors of the corporate debtor despite being fully aware of the said fact
of default admittedly failed to exercise due diligence in minimizing the potential
loss to its creditors and entered the transactions which were on face of it were
entered to give benefits to its related party with the clear intent to defraud it
creditors. This land could have been sold today to generate cash that would have
been sufficient to complete the construction of flats. The flat buyers are directly
affected adversely by this decision,” it said in its order.

Some transactions as recent as March 2017

Corporate lawyers say that some of these transactions are as recent as


December, 2016 and March 2017 and more importantly, they were executed
after RBI’s first list of defaulting companies was out and it was certain that JIL
will head for the corporate insolvency resolution process (CIRP).  It was more
than clear that these transactions were in bad faith and to defraud the home

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5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

buyers of JIL and for the benefit of banks and JAL. This also raises questions on
the conduct of independent directors and institutional nominees on the boards
of JAL and JIL, both public listed companies.

“Unfortunately, the IBC allows only a 2 years look back period for fraudulent
transactions and therefore no one will ever get to know the extent of fraud
committed on home buyers. The least court could do now is to choose the
highest bidder, expedite construction of apartments and use the value of this
returned land for payment of delay penalty to home buyers who have been
waiting since 2008 for their flats unaware that promoters and prime lending
institution of this country are working against homebuyers’ interests, like
clockwork,” says Abhishek Dubey, a Delhi-based corporate lawyer and a
homebuyer.

This case also questions the oversight of the Securities and Exchange Board of
India and the Reserve Bank of India, that a fraud of thousands of crore of rupees
can be pulled off by public listed companies, and prime banking institutions of
India, he says.

JIL resolution professional (RP) Anuj Jain, in his petition, had earlier alleged that
the transfer of the land amounted to asset stripping. In February this year NCLT-
appointed resolution professional  Jain had approached the bankruptcy
tribunal, alleging that 858 acres were “fraudulently and wrongfully” mortgaged
to secure loans of Jaiprakash Associates.

The RP had alleged that that said land of JIL which was valued at around Rs
5,000-6,000 crore was mortgaged to secure loans taken by JAL from State Bank
of India, ICICI Bank, IDBI Bank and Standard Chartered Bank. The transfer took
place when the banks had started classifying JIL as an NPA due to loan defaults.

Jain had contended that the land could have been sold or mortgaged by JIL to
raise funds and complete the construction of flats. The company is required to
deliver around 33,000 flats of which more than 25,000 are yet to be completed.

On August 9 last year, the Allahabad bench of the NCLT had accepted lender
IDBI Bank’s plea and admitted Jaypee Infratech as a case under insolvency
resolution for defaulting Rs 526 crore. It appointed Anuj Jain as the insolvency
resolution professional from BSSR & Co.

Earlier this week, the Supreme Court issued a stay order on Jaypee Infratech’s
liquidation till June 15, asking the promoter of the company to deposit Rs 1,000
crore as security against homebuyers’ claims. If Jaiprakash Associates is not able
to bring the money in by the deadline, the liquidation proceedings would
continue as scheduled. The apex court will now hear the matter on July 4.

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May 18, 2018 12:51 PM IST | Source: PTI

Biocon sells 1.88% stake in Syngene for Rs 230 cr


In a separate filing, Syngene said Biocon has sold the shares for
achieving minimum public shareholding requirement.
PTI
@moneycontrolcom (https://twitter.com/moneycontrolcom)

https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

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NSELIVE
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652.70 11.40 (1.78%)


Volume 2298878

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(http://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/biocon/BL03)
Ltd has sold close to 2 percent stake in its research arm Syngene International
(http://www.moneycontrol.com/india/stockpricequote/miscellaneous/syngeneinternational/SI10)
for an estimated Rs 230 crore. "Biocon, the promoter of Syngene International,
on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88 percent of
the equity share capital of Syngene through open market sale," Biocon said in a
regulatory filing.

In a separate filing, Syngene said Biocon has sold the shares for achieving
minimum public shareholding requirement.

Based on average weighted price of Syngene's shares on May 16 at Rs 611.02


apiece, the transaction is estimated at Rs 230.08 crore.

https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

Post transaction, stake of promoter and promoter group in the company stands
at 72.57 percent. Public shareholding is 25.90 percent.

Shares of Syngene International were trading 0.36 percent lower at Rs 605.20


apiece on BSE.

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May 18, 2018 12:53 PM IST | Source: PTI

https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

NCC's board to meet next week to consider raising


funds
"The Board of Directors at the board meeting (on May 24)
will...consider the proposal to issue equity shares/warrants to the
promoters/promoter group," NCC said in a BSE filing.
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(http://www.moneycontrol.com/india/stockpricequote/construction-contracting-
civil/ncc/NCC01)Ltd today said its board will meet next week to consider raising
funds through issuance of equity shares or warrants to promoters on
preferential basis.

"The Board of Directors at the board meeting (on May 24) will...consider the
proposal to issue equity shares/warrants to the promoters/promoter group," NCC
said in a BSE filing.
https://www.moneycontrol.com/news/business/companies/heg-q2-tight-supply-demand-balance-for-graphite-electrodes-to-support-higher-pricing-2431469.html
5/18/2018 HEG Q2: Tight supply-demand balance for graphite electrodes to support higher pricing

The company, however, did not share any details.

Shares of NCC Ltd were trading 1.83 percent lower at Rs 107.40 on BSE.

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