Buy Skipper Ltd For Target Rs.282.00 - Emkay

Skipper Ltd (Skipper) is India’s largest and among the top ten manufacturers of Transmission Towers in the world. The company is also one of the lowest cost producers of transmission towers – benefiting from high economies of scale, fully integrated operations (from billet rolling to manufacture of angles) and close proximity to raw material sources. Skipper has recently entered the

23/10/2017 12:30:44 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral NIIT Technologies Ltd For Target Rs.540.00 - Motilal Oswal

* We expect 1.1% QoQ CC revenue growth for NITEC in 2QFY18. While strength is being seen in Digital, we expect some of that to be offset by a ramp-down in one of its top customers.

* The company would have a tailwind of 140bp because of crosscurrency movements leading to USD revenue growth of 2.5% QoQ. n We expect EBITDA margin to expand by 70bp QoQ to 16.3%, because of the absence of

21/10/2017 2:01:12 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Federal Bank Ltd For Target Rs. 139.00 - Arihant Capital

For The Quarter Ended Q2FY18 Federal BAnkReported stedy profitability. the net profitstood at rs.264 cr vs rs.201 cr in thecorresponding quarter of the previous year andrs.210 cr in the sequential quarter.

NII:
The Bank`s Top-line Performace was up as netinterest income increased by 24% to Rs.899 CrsCompared to Rs.726 Crs Yoy & Rs.801 Crs Qo

21/10/2017 2:00:10 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ultratech Cement Ltd For Target Rs.4,937.00 - Motilal Oswal

* 2QFY18 cement volumes are estimated at 12.77mt, including volumes of JPA’s assets. Standalone volumes for Ultratech are likely to grow by 4% YoY. JPA is expected to operate at utilization of 35% for 2QFY18. Realizations are estimated to increase 1.7% YoY (-2.3% QoQ) to INR4,908/ton.

*  We estimate grey cement EBITDA/ton at INR888 (-INR295/ton QoQ) due to weak realizations

21/10/2017 12:39:37 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Karnataka Bank Ltd For Target Rs.170.00 - Arihant Capital

Profitability


The Karnaraka Bank Ltd For The Quarter Ended Q2 FY18 Reported Fall In Its net profit by 25% YoY to Rs.93 Crs Sequentially The Profit De-grew by 305. this Was Majorly Due To Higher Provisions Cost Which Increased By 73% YoY And 14% QoQ.

 

Advances


Bank Repo

21/10/2017 12:39:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Delta Corp Ltd For Target Rs.257.00 - Motilal Oswal

Multiple earnings drivers in place

* Results in-line (GST-adjusted): Revenue grew 8.2% YoY to INR1,453m (est. of INR1,800m) in 2QFY18. EBITDA margin expanded 290bp YoY to 45.1% (est. of 38%), while EBITDA grew 15.6% YoY to INR655m (est. of INR684m). Consequently, adjusted PAT rose 34% YoY to INR433m (est. of INR413m) i

21/10/2017 11:57:13 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce NIIT Technologies Ltd For Target Rs.580.00 - Emkay

* NIIT Tech reported strong growth of 4.4% sequentially for Q2FY18 despite headwind of 2mn$ revenues from a travel client for the quarter driven by strong traction in digital business both organic and inorganically (2 month additional revenues on RuleTek).

* Commentary remain confident on order intake, large deal structuring, pipeline of new logos. Expect the run-rate to improve from

21/10/2017 11:50:22 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Persistent Systems Ltd For Target Rs.690.00 - Arihant Capital

Continued And Stedy Growth inthe revenues supported by imporved margins:


USD revenue grew by 4.5% QoQ and By 12.3% YoY To US$ 118.10 Million. 10.9% QoQ And 4.5% YoY To Rs.115.8 Cr. EBITDA Margins Stood At 15.2% Vs 14.3% QoQ A increased Of 90 bps. Profit After tax (PAT) grew by 10.0% QoQ And 12.4% YoY To Rs.82.6 Cr

 

20/10/2017 12:42:10 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Tata Consultancy Services Ltd For Target Rs. 2,652.00 - Arihant Capital

Strong Volume Growth Of 3.2% qoq And Increase in earnings by 8.6% QoQ:


on a year-on-year basis,TCS grew 7.1% in Constant currency, 8.3% in USD On  a sequential basis,3.2% volume growth translated into 3.2% revenue growth was accompanied by good profitability, staged imppressive margin recovery only partially aided by currency. operating ma

20/10/2017 11:53:33 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral HT Media Ltd For Target Rs.113.00 - Motilal Oswal

Sluggish ad market weighs on performance

Cost optimization measures boost PAT despite weak ad market

* GST pain visible: Overall revenue declined 7% YoY on the back of weak ad and circulation revenues. Ad revenue fell 8% YoY to INR3.95b (2% miss), led by ~12% volumes decline (muted spends in government, educ

20/10/2017 11:16:45 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ultratech Cement Ltd For Target Rs.4,906.00 - Motilal Oswal

Beat led by higher-than-estimated realizations

 

* Domestic volumes grow 18% YoY: 2QFY18 revenue rose 22% YoY to INR65.7b (est. of INR64.2b), as volumes grew 18% YoY due to acquisition of JPA assets. Volumes (incl. white cement and putty) rose 18% YoY to 13.14mt (+18% YoY).

* New

20/10/2017 11:06:59 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral ACC Ltd For Target Rs.1,797.00 - Motilal Oswal

Capacity ramp-up and favorable base drive volume growth

* Strong volume growth led by favorable base and capacity ramp-up: 3QCY17 volumes increased 18% YoY to 5.96mt (est. of 5.88mt), led by ramp-up of new capacity in the east and a favorable base. Cement realization of INR4,645/t (+6% YoY, +3% QoQ) came in higher than

20/10/2017 10:57:52 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Ultratech Cement Ltd For Target Rs.4,585.00 - Emkay

* UltraTech Cement’s (UTCEM) Q2FY18 result was largely in-line with our estimates with EBITDA at Rs12.6bn against estimated Rs12.4bn and EBITDA/tn at Rs980 against estimated Rs970. Cement and clinker sales volume growth was at 18.1% yoy.

*  Volume including White Cement was up 17.5% yoy at 13.1mt led by acquisition of JP group cement assets. We expect utilization rate of ac

20/10/2017 10:24:32 AM | Posted in Broking Firm Views - Long Term Report read full news
Sell Avenue Supermart Ltd For Target Rs.873.00 - Motilal Oswal

Growth captured in valuations; downgrade to Sell

* Results below estimates; gross margin expansion reflected at EBITDA level:

DMART’s revenue increased 26.3% YoY to INR35.08b (est. of INR39.1b) in 2QFY18. EBITDA margin expanded 70bp YoY to 9.1% (est. of 9%) on account of gross margin expansion of 90bp

20/10/2017 10:05:07 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Wipro Ltd For Target Rs.260.00 - Emkay

*Q2FY18 performance was broadly inline on operating basis. The revenues grew by 0.3% in CC terms below our estimates but commentary turns confident on improved performance going forward as indicated from Q3 guidance of 1% (midpoint growth) despite seasonality and at par performance outlook by Q4FY18.

* Guidance for Q3 is modest (0% to 2% qoq growth) and do not enthuse much confidence

20/10/2017 9:47:54 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral DCB Bank Ltd For Target Rs.197.00 - Motilal Oswal

Strong operating profit, lower provisions aid YoY PAT growth

* PPoP growth stood at -9%/+23% QoQ/YoY (in-line), driven by NII beat of 5% (incl. INR72m of interest on IT refund). Other income grew -24%/6% QoQ/YoY to INR3.1b (10% miss), as 1QFY18 had lumpy treasury income of INR214m, leading to total income growth of 24% YoY (-1.7% QoQ). n Opex growth o

19/10/2017 10:08:35 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold ACC Ltd For Target Rs.1,631.00 - Emkay

* ACC reported EBITDA of Rs3.5bn against our estimate of Rs3bn, primarily due to lower other expense (down 9.2% qoq). Low base of last year and additional volume from Jamul/ Sindri plants led to a strong 17.6% yoy volume growth.

* Sales volume was up 17.6% yoy to 5.96mt (vs. estimated 5.83mt). Strong volume growth was driven by contribution from Jamul/ Sindri plants in the East region

19/10/2017 10:02:00 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Axis Bank Ltd For Target Rs.470.00 - Motilal Oswal

Weak operating performance; asset quality woes deepen

* AXSB reported weak numbers, with net profit plummeting to INR4.32b (-67% QoQ), dragged by higher provisions and weak revenue growth.

*  NII came in flat on a YoY basis (~4% miss), impacted by moderation in yields (33bp) and interest reversals on slipped accounts (~6bp). NIM thus sh

19/10/2017 9:53:42 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sunil Hitech Engineers Ltd For Target Rs.33.5.00 - Ventura Sec

Sunil Hitech is no novice when it comes to executing the infrastructure business. In fact, not many are aware that Sunil Hitech has successfully executed 46129 MW of power infrastructure, the highest by any infrastructure company in the country. As it shifts focus from power to roads, infrastructure projects, we believe that Sunil Hitech will be successful in executing the latter with equal apl

19/10/2017 9:47:50 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Wipro Ltd For Target Rs.280.00 - Motilal Oswal

Asymmetrical growth dynamics

… …continue restricting broad-based revival

* Revenue growth below expectations: 2QFY18 CC revenue growth of 0.3% QoQ was below our estimate of 1% QoQ and at the lower end of WPRO’s guidance of -0.5% to +1.5% QoQ. Barring Communications (-4.4% QoQ CC) and Healt

19/10/2017 9:30:54 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Colgate Palmolive (India) Ltd For Target Rs.1,108.00 - Emkay

*  Net revenues at Rs 10.8bn, up 2.8% yoy on an adjusted basis, below our estimates of Rs 11.2bn. Colgate has taken price cuts of 8-9% to pass on the benefit of reduced GST rates. Volumes declined by 0.9% v/s our estimate of 3% growth

* This is the fifth consecutive quarter where Colgate saw a decline in its toothpaste market share which stood at 54%, down 170bps yoy and 30bps qo

19/10/2017 9:25:28 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Federal Bank Ltd For Target Rs.146.00 - Motilal Oswal

Strong operating performance; Growth continues with asset quality stable

* Federal Bank (FB) recorded robust PPoP growth of 5%/23% QoQ/YoY (INR5.8b, 8% beat), led by 12%/24% QoQ/YoY NII growth, and controlled opex growth (+5%/+18% QoQ/YoY; 7% beat) on curbed employee expenses (+7% YoY).

* NII growth came in at 12%/24% QoQ/YoY (3% beat), aide

19/10/2017 9:16:41 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Bajaj Auto Ltd For Target Rs.3,150.00 - Emkay

*  Bajaj Auto’s EBITDA margin expanded by +250bp qoq to 19.7% (Emkay: 19.6%; Consensus: 18.8%), led by better realizations and higher scale. On a yoy basis, margin fell by –170bp due to higher input prices and expiry of Pantnagar plant tax benefits.

* Management expects margins at 20% in H2FY18 led by better scale and mix, despite higher input prices. On the demand si

19/10/2017 9:09:24 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kansai Nerolac Paints Ltd For Target Rs.520.00 - Prabhudas Lilladher

KNPL’s strong performance continued with 16.2% sales growth led by 18% volume growth. Early onset of festival season and post GST re‐stocking enabled 20% volume growth in decorative paints. Strong durable re‐stocking and strong auto OEM volumes provided flip to Industrial paints. While KNPL’s raw material basket witnessed some relief in Q2 with TiO2 prices declining by 7.7%, ove

18/10/2017 3:38:35 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy TV18 Broadcast Ltd For Target Rs.50 - Kotak Sec

While TV18 Broadcast’s 2QFY18 results have come in below estimates (PAT Rs 73 mn vs est. Rs 134 mn), we believe: i/ a large part of underperformance relative to estimates is on account of GST-related disturbances (therefore likely nonrecurring), and the advertising environment is likely to pick up significantly in the coming quarters, ii/ the company has undertaken significant cost initia

18/10/2017 3:28:20 PM | Posted in Broking Firm Views - Long Term Report read full news