Buy Yes Bank Ltd For Target Rs.2,123.00 - Motilal Oswal

Stellar all-round performance

* Yes Bank’s (YES) NII grew 45% YoY (+10% QoQ) to INR18.1b, helped by 30bp YoY NIM improvement (to 3.7%) and customer assets growth of 32% YoY (+5% QoQ). Strong NII and 13% beat on other income (+17% YoY) drove PPoP outperformance (+30% YoY; 6% beat). This was partly offset by higher-thanexpected provisioning (INR1b

11/08/2017 11:47:26 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Balkrishna Industries Ltd For Target Rs.1,739.00 - Equirus Sec

Balkrishna Industries (BIL) delivered a soft 1Q due to volume miss and RM pressures; however, management remains confident of achieving its FY18E guidance and also guided for FY18E EBITDA margins of ~30% (1QFY18: 26%). The industry is also buoyant with global leaders like Michelin and Trelleborg witnessing 17% volume growth and 8% yoy organic growth respectively in 2QCY17. We however cut our FY

10/08/2017 3:46:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Emami Ltd For Target Rs.1,316.00 - Reliance Sec

GST Impact Accentuated by Higher Dependence on Wholesale & Rural Markets

Impact of trade de-stocking prior to GST roll-out and increased salience on rural and wholesale trade led Emami to report poor set of numbers for 1QFY18. While consolidated sales fell by 16.2% YoY to Rs5.4bn, EBITDA and adjusted net profit fell sharply by 45.6% YoY and 40% YoY

10/08/2017 3:40:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Exide Industries Ltd - Sharekhan

Key points

* Q1FY2018 results in line with expectations:

Exide Industries Limited (EIL) reported inline results for Q1FY2018. The company reported moderate growth of 5% YoY in its topline on account of muted demand from the inverter space. Demand in the automotive and infrastructure segments was buoyant. EIL

10/08/2017 3:35:38 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy HDFC Ltd For Target Rs.1,900.00 - Motilal Oswal

Core operating performance helped by pick-up in non-retail loans

* HDFC’s 1QFY18 core PBT growth of 15% YoY beat our estimates by 3%. Reported PAT missed our estimate by 3%, driven by marginally higher taxes. Continued pick-up in corporate loan growth (+7% QoQ, +22% YoY) helped HDFC to report healthy core income growth (+16% YoY; 6% beat).

10/08/2017 3:31:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Prism Cement Ltd For Target Rs.93.00 - Emkay

Operating performance disappoints; maintain Sell

* Prism Cemen dnt’s Q1FY18 result is below our estimate, with EBITDA at Rs762mn against our estimate of Rs1,038mue to EBITDA loss in the EMC segment and lower profit in the Cement segment. TBK segment reported EBITDA loss for the 6th consecutive quarter.

* Gross Cement realization grew by

10/08/2017 3:20:41 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Apollo Tyres Ltd For Target Rs.320.00 - Sharekhan

Key points

* Weak quarter:

Apollo Tyres Limited (ATL) reported poor results for Q1FY2018, with numbers coming much below ours as well as consensus estimates. ATL’s consolidated topline s tood fl at a t R s.3,283 c rore, a s a gainst our expectation of high single-digit growth. Both domestic (due to dea

10/08/2017 3:15:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Asian Oilfield Services Ltd - SPA Sec

Asian Oilfield Services Ltd. (ASOL) provides high-end 2D and 3D Seismic services for oil and gas companies in India and abroad. Since its inception, the company has gained wide range of experience by executing several seismic data acquisition, seismic job services, shot hole drilling and up hole drilling projects. It has provided range of services to reputed national and multinational companies

10/08/2017 3:01:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Eicher Motors Ltd For Target Rs.40,467.00 - Religare Sec

A Royal (Enfield) Touch...

Eicher Motors Ltd. (EML) is a leading player in the Indian automotive industry with 95% market share in midsize motorcycles (250cc-750cc) segment. The company operates in three business verticals - motorcycles, commercial vehicles and personal utility vehicles. EML has reported robust 62% volume CAGR during CY10-FY17 in its 2

10/08/2017 2:52:26 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Radico Khaitan Ltd For Target Rs.200.00 - Kotak Sec

Radico Khaitan Ltd (RKL) has established strong foothold in the Indian Made Foreign Liquor (IMFL) industry through its largest selling brands such as 8PM whisky, Magic Moments vodka, Old Admiral brandy, Contessa rum, etc. RKL has evolved from a distillery player to a branded IMFL player in India with presence across products categories. The company is increasing its focus on premiumization with

10/08/2017 2:46:41 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Maruti Suzuki Ltd For Target Rs.8,501.00 - Angel Broking

Result impacted due to material cost, compensation:

MSIL’s 1QFY18 earnings and margins were below the cons. estimates. Net sales were at `17,546cr while PAT was at `2,331cr. Net sales, EBITDA and PAT grew by 17.4% / 5.3% 4.4% on yoy basis and were 0.3%/-6.8%/-7.9% against the consensus estimates. While PAT has grown by 4.4% to `1,556 in the quart

10/08/2017 2:42:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral HCL Technologies Ltd For Target Rs.950.00 - Motilal Oswal

Core growth engines tepid; Future of new investments unclear

Uncertainty limits upside; Downgrade to Neutral

* Organic revenue growthmarred by IMS: HCLT’s 1QFY18 CC revenue growth stood at 2.6% QoQ (est. of +3.1%), which implies ~1% QoQ CC organic growth, in our view. IMS’ 9.2% YoY CC growth is d

10/08/2017 1:27:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Glenmark Pharmaceuticals Ltd For Target Rs.680.00 - Emkay

Industry pulse still not encouraging; valuations render upgrade to HOLD

Result highlights

* Strong earnings rebound in Q1 with both US and India geography firing strongly on revenue growth. gZetia revenues hit USD170mn in exclusivity period while India business bucked the trend of GST led destocking seen acros

10/08/2017 12:27:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Torrent Pharmaceuticals Ltd For Target Rs.1,182.00 - Equirus Sec

Torrent Pharmaceutical Limited’s (TRP) 1QFY18 earnings were higher than EE despite an 11% miss in revenues. Lower sales were compensated by a 500bps qoq expansion in gross margins and lower-than-expected operating expenditure. Business is expected to strengthen going forward with (1) normalization of domestic revenues, (2) traction in US sales with market share gains and new launches, and

10/08/2017 12:23:35 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Power Grid Corporation of India Ltd For Target Rs.244.00 - Reliance Sec

Higher Capitalisation Continues to Drive Growth

Power Grid Corporation of India (PGCIL) continued to deliver a strong performance in 1QFY18, with its reported net profit growing by 13.6% YoY to Rs21.5bn in line with our estimate of Rs21.8bn. Its revenue rose by 17.3% YoY to Rs71.8bn in 1QFY18 in line with our estimates. Net profit growth was lower than

10/08/2017 12:17:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold ITC Ltd For Target Rs.325.00 - Sharekhan

Key points

* Better operating performance in a tough environment:

For Q1FY2018, ITC’s gross revenue grew by 4.1% YoY to Rs.13,800.4 crore, driven by 6.6% YoY growth in the core cigarette business (sales volume grew by 1-1.5%) and 9% YoY growth in the non-cigarette FMCG business. Operating profit margin

10/08/2017 12:08:08 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Larsen & Toubro Infotech Ltd For Target Rs.880.00 - Motilal Oswal

1Q weakness offset by sanguine FY18 outlook

* In-line performance driven by Digital-led growth: LTI’s 1QFY18 revenue grew 1.5% QoQ in constant currency (CC) terms, in line with our estimate. Revenue growth was impacted by project closures and absence of pass-through revenue, resulting in a steep decline in Manufacturing (-13.3%

10/08/2017 12:04:07 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy NTPC Ltd For Target Rs.192.00 - Reliance Sec

Decent Quarterly Performance; Maintain BUY

NTPC has delivered a decent performance in 1QFY18. Its reported earnings rose by 12.0% YoY to Rs26.8bn driven by higher other income (Rs6.6bn vs. Rs1.6bn in 1QFY17) owing to one-off I-T refund worth Rs3.7bn partly offset by Rs1.3bn provisioning towards incremental employee cost (revision as recommended by 7th

9/08/2017 3:42:03 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Aditya Birla Fashion and Retail Ltd - Sharekhan

Key points

* Strong double digit growth in revenue, margins under pressure due to early EOSS:

Aditya Birla Fashion & Retail’s (ABFRL) revenue for Q1FY2018 grew strongly by 24.6% YoY to Rs1,760 crore, ahead of our expectation of Rs1,600.6 crore. The revenue growth was led by a strong ~25% YoY expansi

9/08/2017 3:30:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Tata Communication Ltd For Target Rs.775.00 - Motilal Oswal

Margin-led EBITDA growth to continue

* EBITDA recovers from last quarter’s one-off impact:

Core revenue increased 0.4% QoQ (-3.3% YoY) to INR43.1b (marginal beat). Core EBITDA rose 12.6% QoQ (-15.6% YoY) to INR5.6b (in-line). PAT of INR1b exceeded our estimate of INR624m; the company had recorded a loss

9/08/2017 3:21:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On L&T Finance Holdings Ltd - Sharekhan

Key points

* Operating performance outperforms expectations:

L&T Finance Holdings (LTFH) posted impressive results for Q1FY18 and is well on track to achieve top quartile Return on Equity (RoE). The Net interest income was up by 22.0% YoY to Rs1026.1 crore driven by better loan growth. Fee income during t

9/08/2017 3:12:48 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Sintex Platics Technology Ltd - Ventura Sec

Albeit the revenues of Sintex Plastics Technology (SPTL) have degrown in FY17 (due to demonetization and uncertainty over GST), we believe that the company will revert to its growth trajectory considering the strong revival in various capex programs & adoption of welfare schemes by the government. In line with the favourable outlook, we expect SPTL’s revenues to grow at 10.2% CAGR to

9/08/2017 3:10:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Sun TV Network Ltd For Target Rs.939.00 - Emkay

Sun TV loses shine; Star ups the ante in Tamil and Telugu

* Market share loss for Sun TV (Tamil) continued in July’17 with a deceleration of 3% MoM. Over the last 4 months, Sun TV has lost 12% viewership share reaching 45% among top 5 GEC’s. Although Sun TV still dominates the Tamil genre, increasing competition from Star Vijay and the rece

9/08/2017 2:44:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Holdings And Investment Ltd For Target Rs.3,124.00 - Sharekhan

Key points

* Bajaj Holdings and Investment Limited (BHIL) holds Bajaj Group’s investments in two flagship companies - Bajaj Auto Limited (BAL; 31.54% stake) and Bajaj Finserv (BFS; 39.29% stake). BHIL also has an investment portfolio with a market value of ~Rs.6,926 crore in other equity and fixed income securities.

 

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9/08/2017 2:36:47 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Axis Bank Ltd For Target Rs.560.00 - Choice India

Axis Bank Ltd. (AxisB) reported weak numbers for Q1FY18 with sluggish performance on both profitability and assets quality front. While the bank reported 16.5% YoY decline in net profit due to the sluggish NII growth, huge write-offs led to flattish GNPA sequentially reporting at 5.03% (5.04% in Q4FY17). Increasing slippage from non-watch list has raised concerns over the assets quality outlook

9/08/2017 2:29:59 PM | Posted in Broking Firm Views - Long Term Report read full news