Yes Securities Ltd

Hospitals Sector Update - Initiate coverage with S..

Initiate coverage with SELL on APHS IN Initiate coverage with SELL on APHS IN We initiate coverage on hospitals with an anti‐consensus SELL on Apollo Hospitals (APHS..

Add Finolex Cables Ltd For Target Rs.337 - Yes Sec..

HIGHLIGHTS * Q4 results were quite weak due to loss of sales in March (~Rs2bn) and slower offtake from real estate * Electrical cables revenue plunged 24% yoy larg..

Buy Star Cement Ltd For Target Rs.104 - Yes Securi..

Highlights * Robust demand scenario in NER and East during Q4FY20 helped the company outperform on volume front as compared to overall industry and its peers. Total v..

Buy HG Infra Engineering Ltd For Target Rs.270 - Y..

HIGHLIGHTS * HG Infra reported 7.4% yoy topline growth during Q4 FY20 despite 10 days of work impacted owing to COVID related lockdown. Its operating margin remained ..

Buy PNC Infratech Ltd For Target Rs.201 - Yes Secu..

HIGHLIGHTS * PNC Infratech (PNC) reported decent set of numbers during Q4 FY20 with standalone revenue growing 7.6% yoy despite COVID‐19 related shutdown impacting 1..

Buy Apar Industries Ltd For Target Rs.384 - Yes Se..

HIGHLIGHTS * Apar Industries reported a topline de‐growth of ~26% yoy during Q4 FY20 with weakness across its segments. While the Conductor segment reported 37% dec..

Sell Apollo Hospitals Ltd For Target Rs.1,180 - Ye..

HIGHLIGHTS * Management guided to 25‐30% reduction in costs (lower rentals, marketing expenses) in the near term while effort to reduce costs by 15% in the long ter..

Sell Sanghi Industries Ltd For Target Rs.16.2 - Y..

Highlights * Total Volumes during the quarter declined sharply by 32.3% y/y – at 0.48 MT due to Coronavirus inflicted lockdown measures and maintenance shutdown..

Rollover Analysis - Strong June series for bulls, ..

Rollover Analysis - Strong June series for bulls, Laggards make a comeback Post March month’s vertical fall, Nifty continued its volatile ride, Nifty settled the..

Buy Cochin Shipyard Ltd For Target Rs.429 - Yes Se..

HIGHLIGHTS * Cochin Shipyard delivered strong operational performance with EBITDA/PAT growth of 48%42% yoy led by margin expansion of 600bps yoy on the account of job ..

Buy AIA Engineering Ltd For Target Rs.1948 - Yes S..

HIGHLIGHTS * AIAE recorded highest ever quarterly volume of ~82k MT (+3% yoy) as company has managed the demand & supply in an efficient way to counter for econom..