Buy Time Technoplast Ltd For Target Rs.304.00 - Ventura Sec

Time Technoplast Ltd (TTL) has emerged as a clear winner in the packaging space after having perfected its business model to iron out all deficiencies that it used to face earlier. In a short span of 10 years, it has scaled its business to become a multinational conglomerate with market leadership in 8 countries. All its segments have witnessed high growth with products like composite cylinders

19/09/2017 2:54:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Oil India Ltd For Target Rs.300.00 - Sharekhan

Key points

* Operating profit beats estimate on account of lower than expected operating expenses:

At Rs874 crore (+1.3% YoY; +30.2% QoQ), Oil India’s (OIL) Q1FY2018 operating profit was 38% above our estimate of Rs633 crore due to lower than expected operating expenses (down 20.8% QoQ). On the operati

19/09/2017 2:49:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Advanced Enzyme Technologies Ltd - SPA Sec

Advanced Enzymes (AETL) is a market leader in the manufacturing of enzymes. Company provides solutions to a wide variety of industries like human health care/nutrition, animal nutrition, food/non-food processing etc. It is engaged in R&D, manufacturing and marketing of more than 400 proprietary enzyme products developed from 60 indigenous enzymes. Company has 700+ customers across the globe

19/09/2017 2:44:11 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Muthoot Finance Ltd For Target Rs.550.00 - Motilal Oswal

Strong quarter; operating leverage benefits playing out

* Muthoot Finance’s (MUTH) 1QFY18 PAT grew 30% YoY (and 9% QoQ) to INR3.51b (in-line). Though there was a 5% revenue miss, it was offset by lower-than-expected provisioning.

* AUM growth remained anemic at 8% YoY (2% QoQ) to INR278b. The management has guided ~10% AUM growth in go

19/09/2017 2:38:49 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tata Communications Ltd For Target Rs.822.00 - Religare Sec

Turning the corner

It’s portfolio includes transmission, IP, converged voice, mobility, managed network connectivity, hosted data centre, communications solutions and business transformation services to global and Indian enterprises & service providers, as well as broadband and content services to Indian consumers. Its services portfolio incl

19/09/2017 2:34:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bharat Electronics Ltd For Target Rs.210.00 - Motilal Oswal

Robust execution leads to better than expected performance

* 1QFY18 operational results ahead of estimates: BHE reported revenue of INR17.2b (+98% YoY; our estimate: INR12b) and operating profit of INR1.6b (v/s loss of INR0.5b in 1QFY17; our estimate: loss of INR0.2b). Net profit rose 247% YoY to INR1.3b. Exports were USD4.4m (INR286m

19/09/2017 2:30:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Berger Paints India Ltd For Target Rs.255.00 - Emkay

Steady performance amid challenges; Retain Hold

* Consolidated revenue at Rs12.5bn, up 11.5% yoy; EBITDA down 5.1% yoy to Rs1.9bn; EBITDA margin at 14.8% (-260bps yoy); APAT at Rs1.1bn, down 6.5% yoy

* Decorative volume growth at ~6% led by distribution expansion and healthy growth in advertised products. General and Automotive business repor

19/09/2017 2:26:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Venkys India Ltd For Target Rs.2,650.00 - Kotak Sec

Following some weakness in July/ early August, poultry prices have picked up significantly over the last one month. In the one month ending 15th Sep, broiler prices were, on average ~30% higher (y/y). Along with continued weakness in key raw material prices, these trends augur well for near-term earnings, and provide greater visibility on FY18 earnings (2HFY18 has a favorable base, due to demon

19/09/2017 2:22:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate OCL India Ltd For Target Rs.1,317.00 - Emkay

Good operating performance continues

* OCL India reported better-than-estimated Q1FY18 results, with EBITDA of Rs2bn against estimated Rs1.8bn, led by: a) lower loss in Refractories segment (derived EBITDA loss at Rs23mn vs. estimated Rs150mn, and b) 3% beat in Cement segment’s EBITDA.

* Sales volume was up 3.2% yoy at 1.6mt. Realizatio

18/09/2017 4:01:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy DCB Bank Ltd For Target Rs.210.00 - Equirus Sec

We recently met the management of DCB Bank (DCB) and key takeaways are: (1) Despite intense competition, focus remains on maintaining healthy asset quality. (2) The bank intends to double its balance sheet in the next 3.5 years driven by growth in small-ticket loans. (3) Productivity improvement from newly-added branches would bring down the C/I ratio. (4) DCB is offering SA interest rates of 6

18/09/2017 3:56:46 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate NHPC Ltd For Target Rs.33.00 - Emkay

Upgrade to ACCUMULATE on better project execution visibility

* Q1FY18 PAT came in at Rs8.6bn, which was broadly in line with our expectation of Rs8.4bn. Generation increased 13.0% yoy to 8.55bn units while realization was down 5.6% yoy to Rs3.1/unit. Revenue increased 6.7% yoy to Rs23.3bn.

* NHPC didn’t commission any fresh capacity dur

18/09/2017 3:50:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy TVS Motor Company Ltd For Target Rs.610.00 - Sharekhan

Key points

* Q1FY2018 operating performance in line with estimates, excluding one-off expenses:

TVS Motors’ (TVSM) Q1FY2018 results were impacted by one-off expenses. The topline for the quarter at Rs.3,399.5 crore increased by robust 18% YoY (broadly in line) on account of strong 11.7% YoY volume grow

18/09/2017 3:42:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy NMDC Ltd For Target Rs.180.00 - Motilal Oswal

Strong operating performance; pricing power improving

Valuations are compelling; Reiterating Buy

1QFY18 adj. EBITDA grew 98% YoY (+13% QoQ) to INR16.2b, exceeding estimate by 7%, due to higher regional and mix premiums. EBITDA is adjusted for (a) rail line doubling payment of INR411m and (b) expected credit loss of INR815m, w

18/09/2017 3:37:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Talwalkars Better Value Fitness Ltd For Target Rs.346.00 - Religare Sec

On a steady growth path

Talwalkars Better Value Fitness Ltd. (TBVFL) reported inline numbers for Q1FY18 with a net revenue and PAT growth of 12.9% & 28.9% YoY. Led by cost efficiencies, EBITDA margins expanded 200bps YoY to 50.2%, which was encouraging. We remain positive on TBVFL's medium to long term growth prospects given the bright prospect

18/09/2017 3:30:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Container Corporation of India Ltd For Target Rs.1,214.00 - Motilal Oswal

Beat led by volume growth and margin expansion

* Revenue increased 9% YoY (-6% QoQ) to INR14.5b in 1QFY18, ahead of our estimate of INR13.8b, led by strong volume growth. EBITDA of INR3.3b (+25% YoY, -34% QoQ) too exceeded our est. of INR2.6b, boosted by (i) strong volume growth (market share gains), (ii) Margin expansion (higher double-stacking and lo

18/09/2017 3:21:18 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy ONGC Ltd For Target Rs.185.00 - IIFL

Multiplication of 360 degree by applying square of 9 from the significant high of Rs212 is placed around Rs158. The same coincides with 61.8% retracement mark of the entire move from Rs125 to Rs212. So, base building pattern was seen around the point of confluence (between Rs155-158). In previous week’s trade, ONGC attempted to breakout from the base building pattern, suggesting a medium-

18/09/2017 2:52:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold GlaxoSmithKline Consumer Healthcare Ltd For Target Rs. 5,715.00 - Sharekhan

Key points

*  Revenue stood flat; high input prices and lower operating leverage affected OPM:

GlaxoSmithkline Consumer Healthcare’s (GSK Consumer) revenue declined marginally by 1.3% YoY to Rs.1,045.9 crore in Q1FY2018 on account of canteen stores department (CSD) consumption loss and reduction i

16/09/2017 2:41:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Suzlon Energy Ltd For Target Rs. 26.00 - Emkay

The tunnel just got over

Two states ready to sign PPAs; Full visibility for FY18 volumes

*  Reiterate BUY with Rs26 TP. Catalysts from PPA agreements in Andhra Pradesh and Karnataka.

*  SUEL stock declined 20% from its May peak levels as investors were worried that the company would fall s

16/09/2017 2:33:42 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Cera Sanitaryware Ltd For Target Rs. 3,153.00 - Equirus Sec

Cera Sanitaryware’s (CRS) 1QFY18 sales were in line with EE (+10% yoy), but EBITDA fell 16% short of EE (-10% yoy) with EBITDA margins coming in at 14.1%, 316bps lower yoy due to higher outsourcing and employee costs. Sanitary-ware/faucet-ware/tiles contributed 58%/21%/19% of 1QFY18 revenues. Demand was hit by GST-led destocking by trade channels in Jun’17. We pare our FY18/FY19 sal

16/09/2017 2:27:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Britannia Industries Ltd For Target Rs. 4,660.00 - Motilal Oswal

Be st-of-breed earnings growth visibility commands premium multiples

*  BRIT’s consolidated sales grew 6% YoY (est. of +4%) in 1QFY18. Standalone (S/A) sales increased 6.6% YoY, but subsidiary sales were down 5.9% YoY. We expect base business volume growth to have come in at ~2%, as against our estimate of flat volumes. Thi

16/09/2017 2:19:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Petronet LNG Ltd - Sharekhan

Key points

*  In-line operating profit; Dahej utilisation robust at 96% despite a decline in India’s LNG imports:

Petronet LNG (PLNG) reported operating profit of Rs.744 crore (+15.8% YoY; +20.7% QoQ) for Q1FY2018, in line with our estimate of Rs.750 crore. Strong growth was driven by a sharp incr

16/09/2017 2:10:11 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Steel Authority of India Ltd For Target Rs. 53.00 - Emkay

Better realization helps restrict loss

*  Revenue stood at Rs130bn (+26% yoy/-9% qoq), which was better than our estimate, backed by better realization. Realization came in at Rs38,242/tonne (+15% yoy/+3.8% qoq) while sales volume was in line with estimate at 3.03mt (+9% yoy/-12% qoq).

*  EBITDA stood at (-)Rs839mn [vs Rs2,338mn in

16/09/2017 2:03:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Apex Frozen Foods Ltd For Target Rs.290.00 - Equirus Sec

India’s shrimp industry is still at a nascent stage and has large, untapped potential. India is also a major exporter of shrimps to the US, with its share in US shrimp imports more-than-doubling from ~13% in 2011 to ~31% at 2016. With growing global demand for Indian shrimps, we think large, integrated players such as Apex Frozen Foods (APEX) are on a strong footing. The company’s n

16/09/2017 1:57:38 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Torrent Pharma Ltd For Target Rs.1,450.00 - Reliance Sec

Domestic Formulation Biz to Sustain Growth Trajectory

Torrent Pharmaceuticals (TRP) is focused on developing complex generic drugs with presence across India, Brazil, US and Emerging Markets. It has a strong presence in high-margin and cash flow sticky chronic segment, which account for ~75% of its total domestic sales. Looking ahead, we expect TRP&rs

16/09/2017 1:50:30 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Grasim Industries Ltd For Target Rs.1,201.00 - Emkay

Better performance amidst challenges; Maintain HOLD

* Grasim Industries’ Q1FY18 result is above our estimate, with EBITDA at Rs5.6bn coming in ahead of our estimate of Rs5.2bn and OPM of 20.3% against our estimate of 19.7%. EBITDA/kg in VSF stood at Rs28.8 against the estimate of Rs27/kg.

* VSF realization was up 11.5% yoy due to a

15/09/2017 4:00:38 PM | Posted in Broking Firm Views - Long Term Report read full news