Buy Cox & Kings Ltd For Target Rs.225.00 - Sharekhan

Cox & Kings’ (CKL) financials for Q2FY2017 and Q2FY2016 are restated due to change in the accounting standards from Ind GAAP to Ind AS. Also, the quarterly financials are not comparable on YoY basis due to discontinuation of some international leisure travel businesses.

 

Key points

Revenue grows in dou

7/12/2016 12:13:34 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Oil India Ltd For Target Rs.465.00 - Emkay

Below estimates on lower realizations

* Results missed our estimates on lower crude realization ($44.5/bbl v/s our est. of $45.7/bbl). EBIDTA came in at Rs8.3bn (v/s our est. of Rs8.8bn) i.e. a decline of 3.1% qoq. While PAT came in at Rs5.8bn (v/s our est. of Rs6.6bn) i.e. a growth of 17.4% qoq.

* Crude oil sales jumped 3.4% qoq to 0.812mmt

7/12/2016 12:11:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Reliance Industries Ltd For Target Rs.1,300.00 - Sharekhan

Key points

* Economics of petcoke gasification plant likely to improve with increase in crude oil price:

Reliance Industries (RIL) is in the final stage of implementing its Petcoke Gasification Plant (expected to get mechanically completed by June 2017 and reach 90% capacity utilisation in H2FY2018). The Petc

6/12/2016 3:51:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold NHPC Ltd For Target Rs.25.00 - Emkay

Kishanganga CoD delayed to FY18E; Maintain Hold

* For Q2FY17, APAT at Rs11.0bn was above our expectation of Rs9.9bn. Consequently, the core RoE stood at 7.1% vs 9.0% in the corresponding quarter a year ago.

* NHPC commissioned TLDP IV – 80 MW capacity in Q2FY17; for H2FY17E, NHPC expects to add 200MW Parbati II project (unit-1), while K

6/12/2016 3:37:56 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On NCL Industries Ltd - Prabhudas

NCL is in the business of manufacturing cement, cement bonded particle boards (CBPB), RMC and electricity generation. NCL’s cement division has capacity of 2mtpa, split equally between Mattampally (Telangana) and Kondapalli (AP). In CBPB division, it has plants in Mattampally and Paunta Sahib (HP) with aggregate capacity of 60ktpa in technical collaboration with Bison Werke, Germany. NCL

6/12/2016 3:25:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Aditya Birla Fashion and Retail Ltd For Target Rs.175.00 - RCML

Demonetisation risk imminent

* Q2 results:

ABFRL’s Q2FY17 revenues grew 12.5% YoY to Rs 18.7bn with Madura and Pantaloons businesses posting 5% and 22% sales growth respectively. EBITDA grew by 4.6% YoY to Rs 1.64bn and adj. PAT by 7% YoY to Rs 649mn. Note that we had built in 15% sales growth and EBITD

6/12/2016 3:17:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Zee Entertainment Enterprises Ltd For Target Rs.610.00 - Motilal Oswal

Zee Group to acquire RBNL’s TV and radio assets TV assets

with flagship ZEE Entertainment and radio assets with sister concern

* Zee Entertainment’s Board of Directors today approved the acquisition of Reliance Group’s TV assets (five TV channel licenses, including two entertainment channel

6/12/2016 3:06:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Manpasand Beverages Ltd For Target Rs.854.00 - Religare Sec

Manpasand Beverages is India's leading fruit juice company, started in 1997 with the launch of its flagship brand Mango Sip (earlier known as Sip). In the last 2 years, the company has diversified its product basket with the launch of new and different brands. In FY15, it launched Fruits Up, a premium fruit drink in various flavors. Also in May 2016, it launched natural coconut water under

6/12/2016 2:56:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold National Aluminium Company Ltd For Target Rs.117.00 - SPA Sec

NBVL reported tepid set of numbers on the back of grid curtailment and maintenance related shutdown in 150 MW NBEIL unit. While consolidated top-line declined by 22.8%, company reported a loss of INR 121 mn vis-à-vis net profit of INR 695 mn in Q2FY16. Revenues of power segment declined by 38.9% YoY owing to 36.9% drop in volumes & 3.2% fall in realizations. NBEIL reported revenue &a

5/12/2016 1:55:00 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Dynamatic Technologies Ltd For Target Rs.4,134.00 - Emkay

* Dynamatic Technologies (DTL) operational performance was in-line with our expectations. Revenues increased by 3% YoY driven by strong growth in aerospace segment. EBIDTAM increased by 240bps YoY while PAT increased to Rs80mn (Rs3mn YoY)

* While the Indian operations in both the hydraulic and aerospace segment reported robust growth, the UK operations was impacted by the unfavorable

5/12/2016 1:46:20 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Federal Bank Ltd For Target Rs.85.00 - Angel Broking

Loan growth to remain decent, albeit lower pace seen in the last two quarters:

In Q1FY17, the bank reported 19% loan growth, which further accelerated to 27% in Q2FY17, backed by 47% jump in corporate loan book. Retail loans also were strong. Gold loan, which had been under pressure and also saw degrowth in previous quarters, saw a comeback thus contri

5/12/2016 1:32:49 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Yes Bank Ltd For Target Rs.1,600.00 - RCML

Demonetisation to aid margins, asset quality intact

We discussed the impact of currency demonetisation with the YES management. Key takeaways: (1) CASA deposit influx over the past 10 days equals 3-4% of YES’s existing deposits; (2) management plans to go slow on bulk deposits given the retail surge; (3) deposit rates likely to rationalise over

5/12/2016 12:41:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On India Cements Ltd - Prabhudas

* Volumes not impacted by demonetisation:

Company’s volumes remained steady at 800kt, at par with previous month. Increased penetration of banking channels helped negate the impact of demonetisation in the region.

 

* Demand on strong footing:

Management expects volumes to grow

5/12/2016 12:36:07 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Gujarat State Petronet Ltd For Target Rs.168.00 - Kotak Sec

Pipeline tariff revision and higher gas volumes key triggers in medium term

GSPL's Q2FY17 result is better than our estimates. GSPL reported PAT of Rs.1.3 bn, higher 7% qoq and 19% yoy mainly on account of higher other income, and marginal increase in transmission tariffs. However, operating profit has declined 4% qoq due to higher operation &

5/12/2016 12:26:49 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Voltas Ltd For Target Rs.390.00 - Emkay

So far, so good

* Voltas' operational performance for Q2FY17 has come in line with our estimates. Revenues declined by 6.2% YoY to Rs10bn; EBITDAM increased by 80bps YoY to 7%; and APAT increased by 15% YoY to Rs744mn.

* Revenues in the unitary cooling products (UCP) segment grew by 13.5% YoY while the electro-mechanical projects and serv

5/12/2016 12:15:07 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Ceat Ltd - Sharekhan

Key points

Long-term growth levers in place; Book profit:

We had initiated a viewpoint note on CEAT at a CMP of Rs1,031 on September 8, 2016. The stock has delivered an absolute return of 24% since then. Our positive view on the stock was based on the company’s initiatives to focus on high-margin Passenger Vehicle (PV) business and fora

5/12/2016 12:07:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Good Luck Steel Tubes Ltd For Target Rs.141.00 - Reliance Sec

Goodluck India (GIL) – a steel processor that converts basic steel to value-added products – caters to OEMs as well as infrastructure, engineering and Oil & Gas players including marquee clients like BMW, Audi, ABB, L&T, Indian Railways, GE, Saint-Gobain, BHEL & RIL. We believe that GIL is well-poised to benefit from rising government spending in key areas like infrastru

3/12/2016 11:31:36 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Oil India Ltd For Target Rs.414.00 - Prabhudas

* Earnings in line with estimates:

OINL reported Q2FY17 with EBITDA of Rs8.4bn (‐7%YoY, ‐3%QoQ) (PLe: Rs8.8bn) and PAT of Rs5.8bn (‐14%YoY, +17%QoQ) (PLe: Rs5.2bn). OINL’s gas revenues at Rs3.7bn (‐22%YoY, +2%QoQ) continue to drift due to lower realisation, post cut in domestic prices, despite higher volumes from commissioning of the BCPL

3/12/2016 11:22:07 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Tata Power Company Ltd For Target Rs.81.00 - Kotak Sec

* Tata Power reported sharply lower than expected profits in the quarters.

* Demand for power has continued to remain weak which is reflected in decline in standalone revenue.

* Coal prices have risen in recent months which has improved profitability of coal mining investments.

* There continues to be significant delay in supreme court verdict on compensatory tarif

3/12/2016 11:16:22 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Suzlon Energy Ltd For Target Rs.21.00 - Emkay

The wind is back in SUEL’s sales

* After five consecutive years of losses, Suzlon Energy (SUEL) is all set to take a mighty leap and get back into the green with a reorganized set up. We expect a 74% earnings CAGR over FY17-19. Sale of foreign operations (Senvion) and fund infusion by Dilip Shanghavi (promoter of Sun Pharma) has put SUEL back on

3/12/2016 11:06:58 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bharat Electronics Ltd For Target Rs.1,660.00 - Sharekhan

Key points

* Revenue likely to gain momentum with strong order book visibility and execution rate:

For FY2017, Bharat Electronics’ (BEL) order intake is expected to be ~Rs12,000 crore. During H1FY2017, BEL has seen an order intake of ~Rs5,130 crore (up 103% YoY). Notably, the management has guided that F

3/12/2016 10:53:03 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Voltas Ltd For Target Rs.300.00 - RCML

Mixed quarter, headwinds ahead – maintain HOLD

VOLT reported a mixed set of results (revenue/PAT: -6%/+7% YoY to Rs 9.8bn/Rs 721mn) as a dip in project (-15% YoY) and engineering product sales (-22% YoY) weighed on the topline, while gross margin expansion of 460bps and mark-to-market gains of Rs 180mn boosted the bottomline. We cut our FY17/FY1

3/12/2016 10:48:06 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Sun Pharmaceutical Industries Ltd For Target Rs.925.00 - Motilal Oswal

Russian company acquisition to provide local manufacturing footprint

* Sun Pharma (SUNP) today announced the acquisition of 85.1% equity stake in JSC Biosintez – a Russian pharmaceutical company with operations in Russia and the CIS region – for a consideration of USD24m. SUNP would also assume debt of ~USD36m as part of this transaction.

3/12/2016 10:39:39 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy LIC Housing Finance Ltd For Target Rs.700.00 - Religare Sec

Incorporated in 1989, LIC Housing Finance (LICHF) is among the top three housing finance companies in India and provides housing loans to individuals and corporate bodies. It has a granular loan book with retail home loans comprising 88% of the total book and the LAP book comprising an additional 10% of the total book. LICHF has a well – established network of direct selling agents and ho

3/12/2016 10:33:23 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy MOIL Ltd For Target Rs.382.00 - Emkay

Stock adjustment takes a toll on EBITDA!

* Revenue came in at Rs1.96bn (+32.1%/+5.5% YoY/QoQ), higher than our estimate of Rs1.6bn. Positive surprise is due to better volume of non-fines which stood at 2.8 lakh tonnes (+50%/+31% YoY/QoQ) whereas realization fell to Rs6,158/t (-7%/-14% YoY/QoQ)

* EBITDA is reported at Rs24mn (vs Rs197mn in Q2F

2/12/2016 12:00:39 PM | Posted in Broking Firm Views - Long Term Report read full news