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Dilip Buildcon Rating ‘Buy’: Story intact despite pain in the near term

FY20/FY21e EPS cut 9/10%; ‘Buy’ maintained with TP revised to Rs 566 from Rs 620.

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DLF Rating Buy: Company’s fortunes on path of revival

DevCo becoming FCF positive FY19 onwards to be a key trigger for rerating; ‘Buy’ retained.

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Analyst Corner: Maintain ‘Buy’ with target price of Rs 198 on IEX

IEX’ DAM volume grew 19% in 9M on higher demand by discoms (80% share).

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CERC draft Tariff Policy: Regulated entities likely to get a boost

NTPC/PGCIL upgraded to ‘Buy’ with revised TP of Rs 172/213, respectively; valuations are compelling

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ABB India Rating ‘Hold’: Higher multiple likely for India PG business

Vertical demerger a better option for execution of global deal with Hitachi; downgraded to ‘Hold’ on stock price run-up.

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Aurobindo Pharma: Growth expected on key US launches

In near term, growth is expected on key approvals/launches in the US coupled with healthy growth in Natrol (expects double digit growth momentum in FY19 vs. 12% in H1’19), OTC (expects USD 50 mn sales in FY19 vs.

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JSW Steel Rating ‘buy’: Vijayanagar plant upgrade is a positive

Company will continue expanding capacity at low capex with quality assets and low cost of production; ‘Buy’ retained

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Khadim India: Retain ‘buy’ with TP of Rs 675

To revive growth, company has initiated measures like higher media spends, product launches at lower price points and enhanced focus on digital channel.

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Hero Motocorp Rating ‘Buy’: Outlook muted for next couple of months

Volumes expected to recover in FY20; HMCL can rerate due to medium-term volume uptick; ‘Buy’ maintained

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Analyst corner: With improving asset quality, retain ‘buy’ on REC stock

REC’s core business remains strong with improving asset quality and revival in loan growth.

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Arvind: 12% revenue CAGR likely for demerged unit

It’s expected to post FY19 revenue/PAT of Rs 74/3.2 bn; target price pegged at Rs 157

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Marico rating ‘buy’: Earnings trajectory is bound upwards

Fall in copra price to drive healthy Ebitda growth in H2FY19; EPS raised by 2-3% for FY20-21e; TP up to Rs 410 from Rs 360

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‘Buy’ on Jindal Steel and Power with TP of Rs 244

EBITDA at `21 bn, up 53% YoY, exceeded our/consensus estimate of `19 bn mainly due to (1) better-than-expected profitability of power business and (2) Mozambique EBITDA contribution at $5.7 m vs. expectation of minimum profit

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Dr Reddy’s Lab: US sales to improve with new launches

While we expect China and global injectable business to scale up in two-three years, US sales would improve with new launches (15 in FY19).

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Supreme Industries rated ‘Buy’; Focus on value growth rather than volumes

One of best plays on building material industry with bright prospects; ‘Buy’ maintained.

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Analyst Corner: Derating of Siemens stock to continue, retain ‘sell’

The company aims to gradually move away from a pure play equipment/ services supplier to a complete solutions provider, driving productivity and efficiency improvement for customers by leveraging IoT-based technologies.

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‘Sell’ on Siemens, flat order book a concern; TP at Rs 815

Siemens’ Q4FY18 (Sept year ending) PAT at Rs 2.8 billion (up 39% y-o-y) was ahead of consensus estimate due to higher revenue and recognition of incentives; however, we do not expect this to sustain given the depleting orde

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Balaji Telefilms rating ‘buy’: TV realisation saw a jump in Q2

ALTBalaji ramp-up on track; margin likely to be muted in FY19 owing to launch of new shows; ‘Buy’ retained

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Ujjivan Financial Services rating ‘buy’: Q2 earnings were better than expected

Regulatory overhang is a concern; ‘Buy’ retained with TP cut to Rs 280 from Rs 320

Industry News

Retain ‘sell’ on Siemens with target price of Rs 815

Siemens’ exposure to transportation and other sunrise sectors like digitalisation, automation, etc, drove its premium valuations in the past.

Industry News

Maintain ‘buy’ on DBL with target price of Rs 620

Dilip Buildcon’s Q2FY19 revenue at Rs 16 billion missed our/street’s estimate (Rs 20 billion).

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Apollo Hospitals on track to achieve 20% Ebitda growth

The H1 Ebitda at Rs 5 billion (up 30% year-on-year, in line) and PAT at Rs 1 billion (up 100% y-o-y) fortify our view that Apollo Hospitals is on track to achieve 20% Ebitda CAGR over FY18-21.

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Analyst Corner: Retain ‘buy’ on Ashok Leyland, target price Rs 135

However, Dasari’s resignation will weigh on investor sentiments in the near term heading into key disruptions such as BS6 and Electric Vehicles (EVs).

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Britannia Industries rating ‘buy’: Yet another healthy performance in Q2

Raise EPS estimates by 1-2% and retain Buy with TP of Rs 6,400 based on target P/E of 48x Sept-20 (due to higher value creation optionality from portfolio expansion).

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Analyst Corner: Sobha to cash in on industry consolidation; maintain ‘buy’

Following adoption of Ind-AS 115 in Q1, Sobha reported 10% QoQ growth in revenue led by 7% QoQ growth in real estate operations and 15% QoQ growth in contractual and manufacturing businesses.

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Analyst Corner: ‘Hold’ on Indraprastha Gas with unchanged target price of Rs 265

The Q2 EBITDA for Indraprastha Gas at Rs 3.1 bn was in line with our/street estimate and PAT at Rs 1.9 bn was 3% beat on our estimate (-3% vs. street) on higher other income.

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Analyst corner: Maintain ‘hold’ on Godrej Properties, valuations rich

Given the strong balance sheet (net D/E at 0.7x), GPL is well-positioned to capitalize on industry consolidation that is expected to accelerate in wake of ongoing NBFC liquidity crisis.

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