Buy TV Today Network Ltd For Target Rs.360.00 - Religare Sec

Demonetisation impacted the advertising revenue

TV Today reported subdued Q3FY17 results as advertising revenue was impacted due to demonetisation. The company reported net sales de-growth of 6.4% yoy at Rs 140.9crs. EBITDA and PAT declined by 30.5% and 28.4% respectively. We expect ad revenue to pick up in Q4FY17E post advertising spends revival. TV T

22/02/2017 2:55:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral no GlaxoSmithKline Pharmaceuticals Ltd - Angel

Performance Highlights

For 3QFY2017 Glaxo Pharmaceuticals (GSK) posted results lower than expectations on all fronts. In sales, the company posted sales of `689cr v/s `700cr expected, a yoy de-growth of 5.6%. On EBITDA front, the company posted EBITDA of 5.1% (v/s 9.1% expected) v/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at `40.8cr (v/s `78.

22/02/2017 2:39:50 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold MBL Infrastructures Ltd For Target Rs.58 - Reliance Sec

Performance Back on Track; Concerns still Prevail

MBL Infrastructures (MBL) has managed to back on track in 3QFY17 following a worst ever performance in 2QFY17. Despite 18% YoY (+52% QoQ) decline in revenue, its operating profit improved by 8% YoY to Rs708mn mainly owing to 295 bps YoY improvement in operating margin to 12.5%. Notably, interest cost wi

21/02/2017 2:50:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Titan Industries Ltd For Target Rs.380 - Religare Sec

Strong performance in a demon environment

TTAN’s Q3FY17 net sales/EBITDA/adj. PAT grew 14%/21%/13% YoY. Jewellery sales were up 15.4% YoY with flattish EBIT margins while watches sales grew 5.1% YoY with 370bps EBIT margin expansion. Management stated than the Jan’17 sales trajectory continues to be healthy. We raise estimates but maintain

21/02/2017 2:40:09 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Oil India Ltd For Target Rs.335 - Sharekhan

Key points

*Operating profit below estimate on account of higher other expenses:

Oil India’s (OIL) Q3FY2017 operating profit at Rs734 crore (-1.2% YoY; -12.2% QoQ) was 26.6% below our estimate of Rs1,001 crore due to higher other expenses of Rs690 crore (+14.7% YoY; +31.4% QoQ), and lower-than-expected

21/02/2017 2:26:31 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy The Ramco Cements Ltd For Target Rs.815 - Motilal Oswal

Strong volume growth and interest cost savings drive profits

* Robust volume growth:

TRCL’s volumes grew 22% YoY (but declined 2% QoQ) to 1.99mt in 3QFY17 (v/s our estimate of 1.93mt), driven by higher sales to eastern markets. Volumes grew 90-100% YoY in the eastern markets and ~11% YoY in the souther

21/02/2017 2:17:08 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold GIC Housing Finance Ltd For Target Rs.310 - Inda Nivesh

GIC Housing Finance (GICHSG) reported numbers in‐line with our expectations with Net Interest Income of Rs 813 mn, up 17% yoy. Operating Profit grew 24% yoy to Rs 653 mn v/s our expectation of Rs 622 mn. Provisioning expense were up 112% yoy to Rs 125 mn and net profit was marginally lower than expectation at Rs 344 mn v/s INSL estimate of Rs 355 mn..

 

21/02/2017 2:05:29 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Skipper Ltd For Target Rs.187 - Reliance Sec

Transmission Capex Play; On Right Track

Skipper has reported in-line performance in 3QFY17. Its net revenue grew by 15.8% YoY to Rs4306mn, aided by healthy performance in all operating segments. Its EBITDA stood at Rs570mn, while reported EBITDA margin came in at 13.2% in 3QFY17 compared to 13.3% in 3QFY16. On the back of better execution, its PAT surg

21/02/2017 1:53:21 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold NTPC Ltd For Target Rs.175 - Emkay

Q3FY17 marginally below our estimates; Maintain Hold

* NTPC reported 11.1% YoY increased in reported revenue to Rs192.9 bn during Q3FY17. While revenues after adjusting for prior period sales increased 9.0% YoY to Rs189.0bn (above our estimate of Rs179.8 bn).

* Derived realization and variable cost increased 7.7% YoY and 12.9% YoY to Rs3.3/un

21/02/2017 1:38:32 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Punjab National Bank Ltd For Target Rs.100 - RCML

Slippages decline but remain at elevated levels

PNB’s Q3FY17 PAT declined 62% QoQ to Rs 2.1bn, largely due to a 4% QoQ drop in NII and an above-expected rise in operating expenses and provisions. Trading gains worth Rs 5.2bn partially cushioned earnings. Absolute GNPAs were down 2% QoQ as fresh slippages decreased by Rs 3bn. PNB’s loan book

21/02/2017 1:26:47 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Mangalore Refinery and Petrochemicals Limited For Target Rs.114.00 - Motilal Oswal

EBITDA below est.; forex loss lowers PAT further

MRPL reported 3QFY17 EBITDA of INR13.1b (excl. forex loss of INR1.6b; est. of
INR15.7b; +46% QoQ, +157% YoY), led by lower-than-estimated GRM of
USD7.43/bbl (est. of USD9.3/bbl). Interest cost came in at INR1.4b (est. of
INR1.1b, +25% QoQ, -10% YoY). Other income of INR636m (-31% QoQ

20/02/2017 3:44:02 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy V-Guard Industries Ltd For Target Rs.205.00 - Sharekhan

Key points

* Earnings growth supported by higher other income and lower tax;

OPM maintained: V-Guard Industries delivered yet another healthy performance in Q3FY2017 despite demonetisation. The company maintained its Operating Profit Margin (OPM) at 8.4% due to lower input cost and various cost-saving initiati

20/02/2017 3:32:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Navkar Corporation Ltd For Target Rs.224.00 - Reliance Sec

Stable Performance; Strong Volume Growth on the Cards

Navkar Corporation (NCL) has reported decent performance in 3QFY17, with its consolidated revenue growing by 4% YoY and 2% QoQ to Rs916mn. Notably, revenue growth surpassed volume growth, which grew by 2% YoY (flat 1% QoQ) to 82,472 TEUs. Further, realization rose by 2.5% QoQ and YoY to Rs10,933/TEU

20/02/2017 3:26:22 PM | Posted in Broking Firm Views - Long Term Report read full news
Sell Bharat Heavy Electricals Ltd For Target Rs.100.00 - RCML

Order inflows disappoint, positives priced in – SELL

BHEL’s Q3FY17 results (revenue: +19% YoY to Rs 63bn; adj. PAT Rs 935mn) were ahead of estimates on account of faster execution. However, order inflows for Q3/9MFY17 spiraled down 73%/76% YoY to Rs 16.1bn/Rs 66.1bn while the order book slid 10% YoY to Rs 984bn. BHEL expects key orders of R

20/02/2017 3:19:19 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Garware Wall Ropes Ltd For Target Rs.710.00 - Angel

Performance Highlights

For 3QFY2017 Garware Wall Ropes (GWRL) posted results which outperformed our estimates on the bottom-line front, while the top-line was in-line with our estimates. On the operating front, the company reported margin improvement, primarily on account of lower other expenditures. Further, on the bottom-line front, the company repor

20/02/2017 3:09:05 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Auto Ltd For Target Rs.2,838 - Sharekhan

Key points

* Operating performance marginally ahead of estimate;

higher other income further boosts profit: Bajaj Auto’s (BAL) topline in Q3FY2017 declined by 9% YoY to Rs5,067 crore, driven by an 11% drop in volumes. Domestic volumes dipped by 5% YoY, adversely impacted by demonetisation while the expor

20/02/2017 2:57:24 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Punjab National Bank Ltd For Target Rs.172.00 - Motilal Oswal

Provisions dent profitability; Stable headline asset quality

* PNB reported PAT of INR2.1b (53% miss). While PPoP performance (+8% YoY) was largely in line with estimate, ageing of NPLs and thus elevated credit costs (3.5%) led to the earnings miss. Net interest income declined 9% YoY (-4% QoQ; in-line) owing to muted loan growth (-2% QoQ) and NIM cont

20/02/2017 2:47:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Union Bank of India Ltd For Target Rs.164.00 - Reliance Sec

Union Bank of India

Asset Quality Pressure Persists; Downgrade to HOLD

Union Bank of India (UBI) has delivered dismal performance in 3QFY17 with its net profit declining by 41.1% QoQ to Rs1bn in 3QFY17. Dismal profit can be attributed to 6.2% QoQ decline in Net Interest Income (NII) to Rs21.4bn, 5.2% QoQ decli

20/02/2017 2:34:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold ICICI Bank Ltd For Target Rs.290.00 - Sharekhan

Key points

* Mixed results with PAT better than expected but loan growth subdued: ICICI Bank posted mixed Q3FY2017 results, with earnings coming in better than expected, but worries on asset quality persisted – casting a shadow on the overall performance. ICICI Bank reported a PAT of Rs2,442 crore, which declined

18/02/2017 12:35:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Pidilite Industries Ltd For Target Rs.642.00 - Emkay

Competition and RM inflation to keep margins at bay; Maintain Reduce

* Revenue and PAT above estimates - Revenues decline 0.3% yoy to Rs13.3bn while Standalone business revenue declined by 2.8% yoy; Consolidated EBITDA at Rs2.9bn declined 0.8% yoy, EBITDA margins steady at 21.8% (-10bps yoy) function of controlled ad spends, APAT at Rs2.0bn, up 1.7% yo

18/02/2017 12:27:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Tata Steel Ltd For Target Rs.440.00 - Religare sec

Q3 beat, Q4 looks stronger – upgrade to HOLD

TATA’s consol. Q3 EBITDA/PAT of Rs 35.4bn/Rs 1.7bn beat street estimates by 14%/55% led by strong India operations (EBITDA: + 77% QoQ to Rs 33.8bn, EBITDA/t: Rs 11,300 vs. Rs 7,300 in Q2). With TATA guiding for better Q4 EU profits, we expect a stronger performance QoQ as India operations mitigat

18/02/2017 12:19:51 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive On Exide Industries Ltd - Sharekhan

Key points

*Q3FY2017 operating results below estimates due to demonetisation; higher other income leads to in-line PAT: Exide Industries (EIL) posted lower-than-estimated results for Q3FY2017, impacted by the government’s demonetisation move. The topline grew by 13% YoY to Rs1,729 crore (marginally lower than our

18/02/2017 12:12:57 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Jubilant Life Science Ltd For Target Rs.922.00 - India Nivesh Sec

Jubilant Pharma reported numbers which were below our estimates o EBITDA & Adj PAT level while revenue was exactly in‐line with our estimates. The miss on Adj PAT was mainly due to onetime financing charge of Rs 270 mn. Adjusting for this charge the miss was still 10% lower than our expectation.

Pharma business continued momentum & grew by ~15% y‐y v/s our estimate of 10%

18/02/2017 12:04:16 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Ramco Cements Ltd For Target Rs.750.00 - Reliance Sec

Healthy Operating Performance Continues amid Realizations Pressure

Despite subdued realizations, Ramco Cements (RCL) reported healthy operating performance in 3QFY17 as well, though below our estimates. Operating profit grew by ~8% YoY to Rs2.62bn vs. our estimate of Rs2.8bn. The variance is mainly due to steeper ~6% YoY and ~2% QoQ drop in average rea

18/02/2017 11:53:28 AM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate Glenmark Pharma Ltd For Target Rs.1,013 - Emkay

Zetia to keep earnings buoyant,Maintain ACCUMULATE

* Higher than expected gZetia numbers in Q3 portend much stronger numbers in Q4FY17. However uncertainties over base business performance continue to linger.

*Given strong gZetia cash flows, the extent of consequential debt reduction over the next few quarters is to be closely monitored. We e

18/02/2017 11:46:03 AM | Posted in Broking Firm Views - Long Term Report read full news