Buy Indiabulls Housing Finance Ltd For Target Rs.1,350.00 - Motilal Oswal

Strong growth, stable performance overall

* Indiabulls Housing Finance's (IHFL) PAT grew 23% YoY to INR7.8b (8% below our estimate), mainly driven by lower-than-estimated income on investments. Core operating performance was robust, with strong AUM growth (+33% YoY), stable spreads and a decline in C/I ratio.

* Management alluded to stro

29/07/2017 1:29:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Maruti Suzuki Ltd For Target Rs.8,050.00 - Arihant Capital

* Q1 FY18 Net Revenue stood at Rs 17,132 crores an increase of 16.9% YoY but a decrease of 5% QoQ . Domestic volume increased by 14.3% where as Exports volume increased marginally 0.1% yoy. Thus total volume increased by 13.2% YoY to 3, 94,571 units.

* Q1 FY18 Operating EBITDA was at Rs 2,331 crores, with EBITDA margin at 13.6%. EBITDA margins declined by 10% on YoY basis mainly due t

29/07/2017 12:27:55 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Ambuja Cements Ltd For Target Rs.239.00 - Emkay

Higher realization enable beat on estimates, maintain REDUCE

* Ambuja Cements’ (ACEM) result was ahead of our estimates with EBITDA at Rs6.1bn against estimated Rs5.0bn led by higher realization (6% above estimates). EBITDA/tn at Rs1,010 (estimated Rs874) was at 14-quarters high level.

* Sales volume was at 6.1mt, up 3.8% YoY. Realizati

29/07/2017 12:06:59 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Mangalore Refinery And Petrochemicals Ltd For Target Rs.138.00 - Kotak Sec

MRPL reported lower than expected quarterly performance. It has reported a PAT of Rs.2.34 bn in Q1FY18, significantly lower both sequentially and yoy mainly due to lower crude throughput, lower GRMs (inventory losses), rupee appreciation and higher other expenses. MRPL's refining margin stood lower at US$4.74/bbl in Q1FY18 as compared to US$8.25/bbl in Q4FY17 and US$10.01/bbl in Q1FY17 due

29/07/2017 12:00:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ashok Leyland Ltd For Target Rs.117.00 - Emkay

Muted performance in a seasonally weak quarter

Result highlights

* Ashok Leyland’s EBITDA margin contracted steeply by 400bps yoy/380bps qoq to 7.2% (Consensus: 8.4%; Emkay: 7.0%), led by lower scale, higher commodity prices, adverse product mix, wage inflation, loss in Hinduja Foundries division and el

29/07/2017 11:29:06 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Avenue Supermarts Ltd For Target Rs.882.00 - Motilal Oswal

Results in-line; geographical expansion to drive growth

* In-line revenue, EBITDA and PAT: DMART reported overall revenue of INR35.9b (est. of INR35.6b) in 1QFY18, as against INR26.5b in 1QFY17, marking growth of 35.7%. EBITDA margin contracted 50bp from 8.9% in 1QFY17 to 8.4% (est. 8.4%) in 1QFY18 on account of minor migration challe

29/07/2017 11:22:44 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy HDFC Bank Ltd For Target Rs.1,950.00 - Sharekhan

Key points

* Clockwork operational performance:

HDFC Bank has posted impressive operational performance as its net interest income (NII) grew by 20.4% YoY to Rs9370.7 crore while the non-interest income jumped by 25.3% YoY to Rs3516.7 crore. Healthy growth in the Non interest income was fueled by a robust 30

29/07/2017 11:10:48 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Federal Bank Ltd For Target Rs.125.00 - Reliance Se

Mixed bag; Maintain BUY

Federal Bank has delivered a healthy performance in 1QFY18. Its operating profit grew by 31% YoY and 1.6% QoQ to Rs5.6bn led by robust growth in balance sheet, lower opex and higher operating revenue. However, the Bank’s NII declined by 5% QoQ (+15.6% YoY) to Rs8bn due to higher interest reversal on fresh slippages. Fresh

29/07/2017 10:58:29 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Bajaj Auto Ltd For Target Rs.2,811.00 - Equirus Sec

BJAUT’s EBITDA margin at 17.2% (-322bps yoy/-126bps qoq, 196bps below EE) disappointed due to heavy discounts in the entry segment and increased RM costs. Entry-segment discounts during the peak wedding season suggest weakness in CT and Platina variants. As highlighted in our earlier notes, even the V family and Avenger volumes have tapered off from their last year’s monthly average

29/07/2017 10:49:55 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral ITC Ltd For Target Rs.280.00 - Motilal Oswal

Cigarette volumes to be impacted by GST-led price hikes in 2QFY18

* ITC’s 1QFY18 net revenue declined 1.0% YoY (est. of +4%) to INR99.5b. Gross sales were up 4.3% YoY, but net sales declined 0.8% YoY due to high excise duty. Reported excise duty is based on manufactured goods; however, actual sales being lower during the quarter,

29/07/2017 10:40:20 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Aditya Birla Fashion and Retail Ltd For Target Rs.190.00 - Emkay

Forever21 helps boost brand growth

* Results ahead of expectation – Revenues at Rs 16.1bn, up 12% yoy; EBITDA margins at 7.1%, up 100bps yoy; EBITDA at Rs 1.1bn, up 31% yoy; APAT at Rs 218mn, versus a loss of Rs 1bn in Q4FY16

* Madura’s revenues grew by 12% yoy to Rs 10.4bn with a flat SSG. While Pantaloons grew by 11% yoy to Rs 5

29/07/2017 10:29:56 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Ashok Leyland Ltd For Target Rs.110.00 - Kotak Sec

ALL’s reported 1QFY18 numbers which includes Hinduja Foundry Limited (HFL) results. While YoY result is not comparable, performance of the company was weak due to lower volumes, merger of loss making HFL and increased cost. Revenues during the quarter remained flat YoY, EBITDA margin came down significantly and was lower than expected. Company reported PAT of Rs1.1bn, down 62% YoY. In the

29/07/2017 10:10:15 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy DB Corp Ltd Ltd For Target Rs.572.00 - Kotak Sec

DB Corp has reported in-line 1QFY18 results at the operating level. Advertising revenue growth, on expected lines, remained subdued during the quarter, and is likely to start picking pace from latter half of 2QFY18. DB Corp is barely a quarter away from entering is “election supercycle” which we believe shall have a significant impact on earnings revisions, as well as valuations. We

28/07/2017 3:57:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bharti Infratel Ltd For Target Rs.435.00 - Motilal Oswal

Rental revenue/EBITDA up 3.5%/5.5% QoQ

* Pro forma consolidated revenue rose 10% YoY (flat QoQ) to INR35.2b, missing estimate by 2%.

* Pro forma consolidated rental revenue remained steady at INR22.6b (+9.8% YoY, +3.5% QoQ), marginally above estimate.

* Energy revenue declined 5.4% QoQ (+10% YoY) to INR12.6b, a seasonal trend but it

28/07/2017 3:53:49 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy IRB Infrastructure Developers Ltd For Target Rs.305.00 - Sharekhan

Key points

* Robust execution along with good BOT performance (like-to-like) led to 31% YoY growth in earnings:

In Q1FY2018, IRB Infrastructure Developers’ (IRB) consolidated net revenue grew by 19.7% YoY on account of higher revenue in the Construction business (up 44% YoY). Build- Operate- Transfer (B

28/07/2017 3:48:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Mphasis Ltd For Target Rs.690.00 - Emkay

HP Channel returns to growth, Robust TCV added

* Mphasis has delivered strong revenue growth performance in Q1FY18, with a 2% qoq growth in INR terms. Growth was driven by a 10% qoq growth in HP channel in CC terms and a 4% qoq growth in Direct Core revenue.

* Mphasis signed record TCV of US$183mn (US$365mn in FY17), spurred by traction in it

28/07/2017 3:41:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Tata Sponge Iron Ltd For Target Rs.857.00 - Kotak Sec

Tata Sponge reported strong sets of numbers. Net sales during the quarter grew 62.2%/4.7% YoY/QoQ to Rs1,750mn, on account of higher sales volume and better realisation. Higher realisation and decline in costs led to more than 3x YoY (49.6% QoQ) jump in EBITDA to Rs386mn, with an EBITDA margin of 22.1%. The company reported PAT of Rs306mn, higher than our estimates, supported by higher operatin

28/07/2017 3:25:49 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hindustan Media Ventures Ltd For Target Rs.380.00 - Equirus Sec

HMVL reported 1QFY18 revenues of Rs 2.37bn (-1% yoy and -7% vs. EE) with advertising revenue growth coming in flat yoy. While April started on a good note, the months of May and June saw weaker advertising growth due to GST and RERA- related uncertainties. Circulation revenues declined 2.5% yoy on a drop in cover prices in Uttar Pradesh (UP). We expect margins to improve (+138bps yoy in FY18E)

28/07/2017 3:20:34 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bharat Financial Inclusion Ltd For Target Rs.985.00 - Nirmal Bang

Stress Left Behind

Bharat Financial Inclusion (BFIL) reported a net loss of Rs0.4bn for 1QFY18, in line with our expectation. Its gross non-performing assets or GNPAs were flattish at 6% and are trending downwards in July 2017, but the management has preferred to make bulk of the provisioning in the previous as well as current quarter. As a result, ne

28/07/2017 3:13:03 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Pidilite Industries Ltd For Target Rs.909.00 - Reliance Se

One-off Quarter; Recovery Expected in Ensuing Quarters

Pidilite Industries has reported a subdued performance in 1QFY18 on the backdrop of GST rollout. Its consolidated sales fell by 2.6% YoY to Rs15.3bn owing to flat volumes. While EBITDA fell by 18.5% YoY to Rs3.2bn, net profit declined by 16.8% YoY to Rs2.3bn in 1QFY18. Although the headline perform

28/07/2017 3:04:47 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy HDFC Bank Ltd For Target Rs.2,000.00 - Motilal Oswal

Stellar performance on all fronts

* HDFCB’s 1QFY18 PAT grew 20% YoY (2% miss) to INR38.9b, driven by 29% YoY PPoP growth (3% beat), partly offset by provisions. HDFCB delivered robust loan growth, strong cost control, QoQ improvement in margins and best-in-class asset quality.

* Loans grew 5% QoQ and 23% YoY to INR5.81t. Incremental gro

28/07/2017 2:59:39 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Divis Laboratories Ltd For Target Rs.630.00 - Emkay

A wash-out quarter; expect sequential improvement in Q2FY18

Result highlights

* Q1FY18 result was below our expectation although first-time measures (including setting up procedures for incremental quality checks) may have delayed shipments. We expect revenue to bounce back sequentially in Q2FY18.

*

28/07/2017 2:54:07 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Indian Bank Ltd For Target Rs.334.00 - SPA Sec

Indian bank reported mix set of numbers with stable NIMs at 2.73% and better operational performance resulting in lower cost to income ratio of 47.5% (-154bps q-o-q). Other Income grew by 11.4% to Rs. 6.5bn largely due to trading gains of INR 3bn driven by lower g-sec yields. Lower provision (-11% q-o-q) of INR 7.5bn resulted in higher PBT of INR 5.4bn (+103% qo- q). However, PAT rose by just 1

28/07/2017 12:29:47 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Info Edge India Ltd For Target Rs.1,075.00 - Sharekhan

Key points

* Good operating performance:

For Q1FY2018, Info Edge (India) delivered in-line revenue growth performance. Revenue for the quarter grew by 12.6% YoY to Rs.222.5 crore, driven by an 11.0% YoY expansion in the core recruitment business (Naukri) and 12.6% YoY revenue growth in 99acres. Revenue from t

28/07/2017 12:23:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Zee Entertainment Enterprises Ltd For Target Rs.592.00 - Religare Sec

A stable quarter…

Zee Entertainment Enterprises Ltd.'s Q1FY18 result was largely inline with our expectations. The company reported 2% YoY degrowth in sales primarily led by lower subscription revenue. EBITDA increased by 26.8% YoY on account of lower operating cost while sharp surge in other income supported PAT growth at 15.8% YoY. In spit

28/07/2017 12:20:04 PM | Posted in Broking Firm Views - Long Term Report read full news