Yes Securities (I) Ltd

Published on 24/11/2020 2:50:23 PM

Valuation

* Trading at an inexpensive valuation (‐1.5SD of long term average) and we see it as being on the cusp of the next capex cycle upturn & expect 38% EBITDA CAGR over FY21E‐FY23E. Given its debt‐free balance sheet, market leadership, and strong execution capability, retain BUY with TP of Rs102.

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SEBI Registration number is INZ000185632

Yes Securities (I) Ltd

Published on 20/11/2020 10:49:39 AM

Sell PEL November future near 1396-1400 Stop loss 1444 Target 1300 Time frame : 2-5 sessions

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SEBI Registration number is INZ000185632

Yes Securities (I) Ltd

Published on 14/11/2020 6:38:31 PM

Buy Radico Khaitan near 458-455 Stop loss 436 Target 500 Time period 1-2 week

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Yes Securities (I) Ltd

Published on 14/11/2020 6:37:47 PM

Buy Radico Khaitan for tgt 500+

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Yes Securities (I) Ltd

Published on 12/11/2020 11:54:09 AM

V‐Mart Retail Ltd 

 Valuation and view – The early onset of winters coupled with an uplift in consumer sentiment in the festive season has raised hopes of a return to positive growth trajectory in 3Q itself. Company’s efforts on inventory liquidation resulting in fresh inventory, timely vendor payments resulting in better procurement and restoration of employee salaries have placed it in a strong position to grow ahead of the market in the near and medium term. We reiterate our BUY rating with a TP of Rs 2,400 based on 40x FY23E earnings.  

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Yes Securities (I) Ltd

Published on 12/11/2020 11:53:08 AM

Sanghi Industries Ltd

Valuation: In our view, outlook for SNGI appears gloomy despite factoring in a bull case scenario (volume/EBITDA CAGR of 40%/30% over FY21E‐FY23E) as we foresee a.) inability to fully ramp‐up new capacity resulting into subdued utilization levels ‐ at ~57% by FY23E vis‐à‐vis ~48% in FY20E, b.) EBITDA/te to peak out in FY21E and downward trajectory of margin profile going ahead due to higher clinker sales (factored in 1 MT clinker sale in FY23E) and c.) fragile balance sheet with peak net debt of Rs 13 bn and net debt/EBITDA at 7.3x in FY21E which should scale down to 3.8x by FY23E. Accordingly, we maintain our SELL rating with revised TP of Rs 19/share (revision in TP from Rs 16.2 to Rs 19 due to rollover) based on assigned EV/EBITDA valuation of 6x on Sep‐22E – potential downside of 35%.

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SEBI Registration number is INZ000185632