Axis Capital

Kotak Mahindra Bank Rating: Core income was a disappointment

Franchise is improving; a host of negatives make stock an expensive bet at current levels; ‘Hold’ maintained.

Markets News

Analyst Corner: Reiterate ‘hold’ on HCL Tech with TP of Rs 1,000

HCL Tech’s board has approved the proposal to buy back up to 36.4 million equity shares for an aggregate amount not exceeding Rs 4,000 crore, i.e, 2.6% of total paid-up equity share capital, at Rs 1,100 per share.

Industry News

Strong earnings expected on reported basis

Staples likely to outperform discretionary pack; revenue and Ebitda/PAT growth of 12% and 20-22% expected

CAGR, GST, GST anniversarisation, Ebitda, PAT growt, GCPL, Emami, GCPL News

Poised to tap fast growing market

Trades at discount to other players despite a host of positives; coverage initiated with ‘Buy’ and TP of Rs 1,020

Khadim India, Khadim India, footwear market, footwear retailers in India, Khadim trades, CAGR News

Shriram Transport Finance Rating: Growth momentum likely to be sustained

Multiple impending levers expected to ensure strong AUM growth; NIMs likely to be resilient; a preferred name among CV financiers

Markets News

Risk-reward favourable at current price, ‘hold’ HCL

HCL Tech continues to invest in new opportunities like IP, niche acquisition and S&M to strengthen client relationship.

Markets News

Maintain ‘hold’ on Eicher Motors with TP unchanged

With new Vallam Vadagal facility ramping up, it can do a production of 950k units in FY19 . RE has started work towards phase 2 of its new plant and will have exit capacity of 1.2 mn per annum eventually, post which it will h

Industry News

Retain ‘hold’ on HCL Tech; revenue to reverse in FY19

HCL Tech continues to invest in new opportunities like IP, niche acquisition and S&M to strengthen client relationship.

Markets News

Maintain ‘buy’ on Tejas, see strong India business growth

Tejas’ management in the analyst meet reiterated 20% CAGR revenue guidance for FY17-20E led by a strong order book to be executed over FY18-20E (after muted FY18) implying a stronger growth.

tejas, tejas rating, tejas growth, tejas market News

Maintain ‘buy’ on Westlife with target price of Rs 450

Giving an update on Vision 2022, Westlife’s management in the analyst meet highlighted that the company remains on track to expand to 450-500 restaurants, 300-350 McCafes and 300-325 McDelivery hubs by FY22.

Westlife, Westlife target price, McCafe, McDelivery,  News

Maintain ‘buy’ on Phoenix Mills, portfolio to see 10%+ growth

Phoenix Mills (PML) has acquired an under-construction retail asset with 0.9 msf developable area in Gomti Nagar extension, Lucknow, for Rs 453 crore.

Industry News

Maintain ‘buy’ on Hindustan Unilever with TP unchanged

Solid all-round performance, modest improvement in industry-leading working capital position, sharp jump in FCF (up 42% YoY) and 900 bps jump in RoE YoY were the key highlights of HUL’s FY18 performance.

Q3 earnings, Hindustan Unilever, GST, Revenues, domestic consumer businesses, interest, tax, depreciation, amortisation, GST rate, GST slabs News

Axis Capital says Maintain ‘buy’ on Dilip Buildcon; TP Rs 1,216

DBL booked order inflow of ~Rs 14,100 crore in Q4 (up 128% y-o-y) and Rs 14,300 crore in FY18 (up 21% y-o-y).

dilip buildcon, dilip buildcon share, dilip buildcon TP  News

Mphasis to expand outside US, take offerings to Europe

We attended the Mphasis’ analyst meet where the management reiterated its strategy on growing ahead of industry in both the segments of HP/DXC and Direct international.

Mphasis, HP/DXC, Europe, IT systems, HP entities News

Brigade Enterprises: Axis Capital says ‘buy’; cancellations affect pre-sales in quarter

Collections improved, led by greater traction in ready inventory; company looks to double pre-sales in FY19

Brigade Enterprises, Axis Capital, RERA, BEL, Holiday Inn Express, SPV News

Nestle India rating ‘buy’: Axis Capital strong growth momentum likely to sustain

Strong growth momentum is likely to be sustained; multiple tailwinds are expected to drive earnings; EPS estimate up 5-6%; TP goes up to Rs 10,100.

nestle, nestle india News

Maintain ‘sell’ on Havells India, TP remains unchanged

Amidst headwinds of rising commodity prices, rupee depreciation, intensifying competition and challenges of integrating relatively lowermargin Lloyd business, HAVL has been able to sustain margin in FY18 (30 bps improvement i

Havells India, havells india shares, shares at 52-week high, Havells India share prcie, brokerages on Havells india, havells india share price News

‘Hold’ on Kotak Mahindra Bank; expect subsidiaries to add value

Kotak Mahindra Bank’s Q4FY18 PAT at Rs 1,120 crore was marginally lower than our estimate as it took a one-time hit of Rs 82 crore on employee expenses and did not avail RBI dispensation on amortization of mark-to-market lo

Kotak Mahindra Bank Q4 results 2018, Kotak Mahindra Bank results, Kotak Mahindra Bank share price, Kotak Mahindra Bank Q4 fy18 results News

LIC Housing Finance stocks: Axis Capital rates ‘buy’, says results reflect improvement

Q4 PAT was up 1.9% y-o-y, in line with estimate; NIM expected to see positive traction and there is comfort on margin front

Affordable housing, Affordable housing fund,  government, AHF,  National Housing Bank, Budget 2018 News

Results were in keeping with estimates

FY18 was strong on all fronts; ‘Buy’ retained on high earnings predictability.

power grid, power sector, economy News

Maintain ‘buy’ on IEX as ST volume grew 5.5% in FY18

FY18 ended with DAM & TAM volume growth of 14% year-on-year and transaction revenue growth of 19% year-on-year. Higher REC and ESCerts fuelled 26% volume growth in FY18.

maintain buy, axis, axis capital, ST volumer, IEX News

TCS stocks: Axis Capital rates ‘buy’; results better than expected on all counts

TCS reported double-digit USD revenue growth (last seen in Q4FY15) on 7.6% y-o-y growth in CC terms. We expect strong deal wins even in an ailing vertical like Retail and bottoming out of challenges in BFS/NA to drive high si

Margin expanded by 20 bps to 25.4% – in line with the expectation. News

Actian acquisition to be value-accretive

However, weak organic revenue growth compared to peers is a cause for concern; ‘Hold’ retained with TP revised to 1,030

HCL Tech, Sumeru Equity Partners,  Actian Corporation, Ebitda, Germany, japan,  HCL Mode 3 strategy, CAGR News

We see change in Indian IT biz model with new onshore centres

On April 6, 2018, USCIS announced that it has received more than enough H-1B petitions to meet the numerical limit for fiscal year 2018 cap-subject H-1B visas, which includes both the 65,000 general H-1B cap petitions as well

Indian IT biz, H1-B applications, visa, Indian IT, H-1B regulations, USCIS  News

CDSL faces competition in unregulated sectors

Balance Sheet of CDSL is quite similar to the Rating Agencies (Crisil, Icra and CARE) with 90% of capital employed being cash and investments This results in high ex-cash RoCE.

CDSL, CDSL revenue, CDSL growth News

SBI Life VNB margins seen expanding further to 17 per cent

Robust premium growth along with increasing share of high-margin products and operating leverage to drive return on Embedded Value (EV) of ~19% by FY20E.

SBI, SBI Life, SBI Life VNB margins, Individual Rated Premium, IRP, market share, Value of New Business margin  News

Axis rates Mahindra Logistics as buy

Mahindra Logistics (MLL) is one of India’s largest third party logistics (3PL)/ supply chain management (SCM) companies in India, but it accounts for only 6-7% of India’s SCM industry.

Mahindra Logistics, Axis, GST, SCM companies, SCM companies in india, Automotive SCM solutions, e commerce, FMCG, pharma, non Automotive verticals News
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