Buy Century Plyboards Ltd For Target Rs.300.00 - Emkay

Capacity expansion to drive growth; Retain Buy

* Top-line grew by 8.1% yoy to Rs4.36bn, in line with our estimates led by healthy revenue performance in plywood (+10% yoy)

* Plywood & Laminated reported subdued operating performance impacted by increase in input cost and higher exports in laminate segment. Gross margin and EBIDTA margin d

11/09/2017 2:11:12 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Carborundum Universal Ltd For Target Rs.324.00 - Kotak Sec

We believe that at current valuation (FY19 PER of 21.2x), CUMI stock fully discounts 1) increasing volumes across segments 2) potential gains from GST (hardening of abrasives prices aided by market shifting from unorganized to organized sector) and 3) restructuring of Thukela and Foskor business without major delays.

We value CUMI stock at 20x FY19 estimated earnings and maintain &lsq

11/09/2017 2:06:44 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Genus Power Infrastructures Ltd For Target Rs.60.00 - Equirus Sec

Genus Power Infrastructures (GPIN) delivered in-line 1QFY18 revenues even as EBITDA margins declined due to ECC segment losses. With a healthy Q1FY18 order book of ~Rs 7.1bn (+3% qoq/+7% yoy), management is confident of clocking Rs 8bn in FY18E revenues. Net metering, UDAY, DDUGJY, IPDS, Smart Cities, Power for All and Affordable Housing focus plus Government efforts to reduce AT&C losses w

11/09/2017 2:02:01 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Power Mech Projects Ltd For Target Rs.675.00 - Equirus Sec

Power Mech Projects (PMPL) delivered in line 1QFY18 overall performance with scale up in Saudi Arabian project execution. Quarterly order inflows rose to Rs 7.1bn with a Rs 6.6bn inflows from the ETC segment. The management is scouting for orders in synergistic segments like Railways, Rural Electrification, Power Plant Refurbishment, SOx, NOx and Hydropower. We retain LONG rating on PMPL with S

9/09/2017 12:07:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Thermax Ltd For Target Rs.759.00 - Emkay

GST transition pangs impact performance

* Thermax (TMX) Q1FY18 operational performance was below our expectation. Revenue declined by 11% yoy, impacted by uncertainties related to the GST rollout. EBIDTAM increased by 10bps yoy to 8.3% while PAT declined by 18% yoy.

* Order inflows increased by 135% yoy to Rs19bn. Domestic inflows were up by

9/09/2017 12:01:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Wonderla Holidays Ltd For Target Rs.410.00 - Sharekhan

Key points

* Revenue grew in double digits; OPM remained stable:

Wonderla Holidays Limited’s (WHL) revenue grew by 18.3% YoY to Rs.102.3 crore in Q1FY2018. The high-teen revenue growth can be attributed to strong 31% growth in nonticketing revenue (23% of overall revenue) and 15% growth in ticketing re

9/09/2017 11:57:09 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Dalmia Bharat Ltd For Target Rs.3,282.00 - Motilal Oswal

Strong beat led by realization improvement

* Volume growth led by North East operations: Cement volume for 1QFY18 grew 6% YoY to 3.99mt (v/s our estimate of 4.04mt), as volume ex-OCL increased 8% YoY. Pure cement realization increased by INR402/t QoQ (INR585/t YoY) to INR5,126/t, led by better realization in both East and South markets

9/09/2017 11:52:37 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Coromandel International Ltd For Target Rs.523.00 - Motilal Oswal

Strong performance; better monsoon to aid growth

* Exhibits recovery in PAT: CRIN reported overall revenue of INR22.7b (est. of INR22.2b) in 1QFY18, as against INR20.6b in 1QFY17, marking growth of 10.6%. EBITDA margin expanded significantly by 320bp YoY in 1QFY18 to 7.5% (est. of 4.6%) on account of gross margin expansion of 240bp Yo

9/09/2017 11:43:13 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Titan Industries Ltd For Target Rs.608.00 - Emkay

Encouraging growth in jewellery; Upgrade to Accumulate

* Results ahead of estimates – Revenue up 42% yoy at Rs 39.9bn due led by robust growth in the jewellery segment. Gross/EBITDA margin was down 460bos/110bps yoy at 24.9%/9.2%. APAT up 15% yoy to Rs 2.5bn, impacted by higher interest costs & tax rate.

* Studded share at 23.4% for

9/09/2017 11:39:05 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Asian Granito India Ltd For Target Rs.603.00 - Kotak Sec

Asian Granito, promoted by Mr Kamlesh Patel and Mr Mukesh Patel in year 2000, is engaged in the manufacture and sale of ceramic wall and floor tiles, vitrified tiles, digital polished glazed vitrified tiles, digital wall tiles, marble and quartz. Currently, the company has combined capacity of 100,000 Sq. mtrs per day ie 33mn sq m – fourth largest in the tile segment in India. AGL has gro

9/09/2017 11:27:18 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Infosys Ltd For Target Rs.919.00 - Equirus Sec

Infosys MD & CEO resigned from his position effective today and a succession plan has been initiated. Pravin will serve as the interim CEO while Vishal will serve as the Executive Vice Chairman and would work with the board and management team to ensure smooth transition. Though board could find relevant replacement in the next few months, historical analogies suggest focus disruption led b

9/09/2017 11:21:22 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Zydus Wellness Ltd For Target Rs.952.00 - Sharekhan

Key points

* Flat revenue, margins affected by higher input costs and lower operating leverage:

During Q1FY2018, Zydus Wellness (Zydus) reported marginal decline of 1.1% YoY in its revenue to Rs.115.5 crore on account of inventory de-stocking by various trade channels (including Pharmacist and wholesalers). T

8/09/2017 3:21:40 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Ajanta Pharma Ltd - SPA Sec

Ajanta Pharma is a specialty pharmaceutical company engaged in development, manufacture and marketing of quality finished dosages in domestic and international markets. The company produces a comprehensive range of specialty products targeting different therapeutic segments. The company's business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed ma

8/09/2017 3:16:25 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Auto Ltd For Target Rs.3,281.00 - Motilal Oswal

Bajaj Auto announces partnership with Triumph

Sees big opportunity in 250-750cc segment globally

 * Bajaj Auto (BJAUT) and Triumph Motorcycles (UK) have entered into a nonequity partnership, aiming to develop a range of mid-capacity (250-750cc) motorcycles. Triumph is a 115-year-old British motorcycle manufacturer, with

8/09/2017 3:11:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Symphony Ltd For Target Rs.1,632.00 - Religare Sec

A cool bet…

Incorporated in 1988, Symphony Ltd is the world's largest air cooler manufacturer. Headquartered in Ahmedabad, the Company has acquired global eminence to emerge as an established evaporative air cooler manufacturer. With a pan India network of 1,000+ distributors & 30,000+ retailers, Symphony offers a wide product range acro

8/09/2017 3:04:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Torrent Pharmaceuticals Ltd For Target Rs.1,350.00 - Motilal Oswal

Weak revenue; margins remain stable

* TRP reported sales of INR13.5b (-11% YoY; >10% below est.). The miss is attributed to a decline in domestic revenue due to GST roll-out. Despite this, gross margin stood at 70.3% (up >500bps QoQ), a positive surprise, as India is the most profitable business. EBITDA margin came in at 22% (+60bp QoQ). R&D

8/09/2017 2:55:18 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Magma Fincorp Ltd For Target Rs.175.00 - Emkay

Asset quality tracking well

Magma Fincorp’s Q1FY18 operating performance was better than expected (6% beat on the bottomline) on the back of sequentially higher NIMs and stable asset quality. Besides, the beat on earnings was despite accelerated provisions.

GNPLs (on 120-dpd basis) rose to 7% vs 6.7% in Q4FY17 even as absolute GNPLs wer

8/09/2017 2:50:15 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Fiem Industries Ltd For Target Rs.1,254.00 - Kotak Sec

FIEM reported robust revenue growth during the quarter led by strong growth in two wheeler demand. Revenues for the quarter grew by 19% YoY to Rs2,907 mn. EBITDA margin for the quarter was lower YoY, partly impacted by weak LED luminaries’ segment performance; however EBITDA margin improved QoQ supported by strong growth in automotive segment. While EBIDTA declined by 1.6% YoY, PAT was lo

8/09/2017 2:42:54 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy KNR Constructions Ltd For Target Rs.268.00 - Equirus Sec

KNR Constructions (KNR) continued to outperform on back of execution ramp-up across major projects. We expect KNR to manage its execution run-rate in FY18E & FY19E and win projects worth Rs. 20bn by Mar’18. Accordingly, we revise our FY18E/FY19E Sales estimates by 6%/7%. We maintain EPC business multiple of 18x to account for the ideal combination of EPC focus, solid execution track r

8/09/2017 2:34:11 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Max Financial Services Ltd For Target Rs.660.00 - Sharekhan

Key points

* Steady premium growth:

During Q1FY2018, Max Financial Services (MFS) registered decent growth of 14.9% YoY in gross written premium (GWP) at Rs.2,007 crore. The first year’s premium expanded at a higher pace of 18.6% YoY as against 14.2%/12.2% growth recorded in renewal premium/single pre-

7/09/2017 3:39:15 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Dewan Housing Finance Corporation Ltd - SPA Sec

We met the management of Dewan Housing Finance Ltd (DHFL) to understand the company's strategy going ahead. Key takeaways of the meeting are as follows:

1. Focus on pure mortgage loans to continue given the Government's push towards affordable housing.

2. Management intends to increase proportion of project finance from 14% currently to 16-18% and in

7/09/2017 3:33:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Eveready Industries India Ltd For Target Rs.358.00 - Motilal Oswal

LED segment robust; Flashlight segment to recover from GST setbacks

* Revenue in-line, EBITDA and PAT below estimates: EVRIN reported overall revenue of INR3,577m (est. of INR3,457m) in 1QFY18 v/s INR3,718m in 1QFY17, marking de-growth of 3.8%, mainly due to a significant drop of 10% YoY in battery volumes and 8% in flashlight turnove

7/09/2017 3:23:04 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Shriram Transport Finance Ltd For Target Rs.1,330.00 - Motilal Oswal

Strong quarter; Reaping the benefits on cost of funds

* Shriram Transport’s (SHTF) 1QFY18 PAT of INR4.5b was largely in line with our estimate. Strong sequential AUM growth, continued decline in cost of funds and reduction in GNPL ratio (QoQ) were the key positives of the quarter.

* Disbursements have started to pick up post the subdued

7/09/2017 3:16:40 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Electricals Ltd For Target Rs.402.00 - Emkay

Keep the faith

Contracting lifts 1Q

* 1Q recurring earnings increased 18% YoY and was in line with our estimate. Consumer revenue declined 15% YoY vs our estimate of 5% decline. The GST de-stocking in June impacted 1Q sales. We are confident of sales recovery in 2H.

* Contracting business performed better than expe

7/09/2017 3:05:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Genus Power Infrastructures Ltd For Target Rs.75.00 - Kotak Sec

GPIL is a focused play on the growth of meters and smart meters in India. It enjoys a leadership position in the electric meters industry with a share of 27%. The company also has a strong presence in the smart meters market, which is currently modest in size but has significant future growth potential in view of the advantages like remote on/off capability coupled with communication features.

7/09/2017 2:54:01 PM | Posted in Broking Firm Views - Long Term Report read full news