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Centrum
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Maintain ‘buy’ on Swaraj Engines with TP of Rs 2,402
Despite a strong growth in the India tractor industry, Swaraj Engines (SWE) reported a moderate volume growth. Considering stellar growth reported by M&M’s tractor division, this performance was below our estimates.
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Invest in equities in tranches in FY 2018-19
The most frequent question these days is whether we are in a bull market or in a bear market. It is natural to hear this question after the spectacular market fall towards the end of financial year 2017-18, bringing back unpleasant memories of 2013 or 2008.
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‘Accumulate’ on Ahluwalia Contracts, TP at Rs 421
Ahluwalia Contracts (India) (ACIL), for Q3FY18, reported decent numbers. Revenue grew 1% y-o-y to Rs 361 crore, growth was muted on the back of GST impact (adjusting for the same, revenue would have been up by 9-10%).
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Centrum puts ‘hold’ rating on Bharat Financial with TP at Rs 1,193
After several quarters of slower growth in disbursements and loans, the same grew at a robust pace of 58.1% to Rs 4,712 crore and 34.4% to Rs 11,466 crore, respectively as on December 31, 2017.
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Upgrade Marksans Pharma to ‘buy’ with TP of Rs 55
We upgrade Marksans Pharma (MPL) to Buy from Hold rating with a TP of Rs 55 (earlier Rs 45) based on 18x March’20E EPS of Rs 3.0. MPL’s Q3FY18 revenues and EBIDTA were lower than our expectations but net profit was in-line with the expectations.
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Maintain ‘buy’ for Star Cement with TP of Rs 175
Star Cement delivered 4th consecutive quarter of robust profit, as its EBITDA/PAT shot up 60%/173% Y-o-Y. This is led by stability of robust pricing and Star’s sales recovery in NE region, lower sales outside NE region and stable fuel costs.
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Maintain ‘outperformer’ on Can Fin Homes; TP Rs 487
Can Fin Homes (CFHL) loan growth was lower at 18.7% y-o-y compared to its past growth and compared to peers at Rs 15,058 crore.
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ICICI Lombard: Profit growth at healthy pace
ICICI Lombard General Insurance (ICICI Lombard) was formed as a joint venture between ICICI Bank and Fairfax Financial Holdings.
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Centrum puts Hold rating on Oriental Carbon and Chemicals with target price of Rs 1105
We retain our Hold rating on Oriental Carbon & Chemicals (OCCL) with a revised TP of Rs 1,105. Q2 performance was subdued and trailed our estimates due to lower than expected volumes as ramp-up at Mundra remained slow yet steady.
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Retain buy on GIC Housing as asset quality risks limited: Centrum
We retain Buy on GIC Housing Finance (GICHF) with a target price of R340. Q4FY15 results were on the higher side…
