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Centrum

Marksans Pharma: Downgrade it to ‘hold’ with a TP of Rs 31, says Centrum

Marksans Pharma: We downgrade Marksans Pharma (MPL) to Hold from Buy rating with a TP of `31 (earlier `55) based on 18x March’20E EPS of `1.7. MPL’s Q4FY18 results were lower than our expectations.
Downgrade Marksans Pharma to ‘hold’ with TP of Rs 31

We downgrade Marksans Pharma (MPL) to Hold from Buy rating with a TP of Rs 31 (earlier Rs 55) based on 18x March’20E EPS of R1.7. MPL’s Q4FY18 results were lower than our expectations.
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.
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.
‘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%).
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.
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.
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.
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.
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.
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.
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…

Horoscope: By Peter Vidal

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