Citi

Nestle India rated ‘Buy’; Yet another robust show from company

We maintain estimates despite another quarter of margin and PAT beat, as GP margins could begin to compress with a lag.

Industry News

ICICI securities rating ‘buy’: Growth outlook for company is attractive

16/21% revenue/earnings CAGR estimated over FY18-21e; initiated with ‘Buy’ and TP of Rs 425; valuations are attractive.

Industry News

Coal India Rating: Q1FY19 results made for a mixed bag

Fall in e-auction volumes and lower FSA realisations behind earnings miss; ‘Buy’ retained on account of a host of positives

Industry News

Analyst Corner: Shree Cement riding high on strong volume growth

At Rs 6.5 billion (Citi Rs 6.9 billion), Q1 adjusted Ebitda fell 10% year-on-year — volume growth and higher power Ebitda offset by lower realisation and higher costs.

Industry News

Analyst Corner: Retain ‘buy’ on HDFC Bank with target price of Rs 2,590

1QFY19 PAT at Rs 46.0 billion (+18% year-on-year, -4% quarter-on-quarter) was 3% below our estimates and 4% below consensus. Margin decline of 10 basis points quarter-on-quarter (to 4.2%) and mark-to-market loss on investment

Markets News

Plant certification removes an overhang

Next 6-12 months critical as company could launch multiple biosimilars in US and EU; TP at `720; remains one of top picks

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Prospects are good across businesses

Robust earnings growth likely over next few years; ‘Buy’ rating with TP at Rs 350.

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Crompton Greaves Consumer Electricals gets buy rating from Citi

EPS CAGR of 22% expected over FY17-20e and an ROE of 50%; TP at Rs 327.

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Edelweiss Financial Services rated ‘Buy’ by Citi as quarterly earnings ahead of estimates

Edelweiss Financial Services (EDEL) reported earnings of Rs 2.36 bn (+52% y-o-y, +13% q-o-q) were ~10% ahead of our estimates, led by strong credit book growth and continued momentum in the franchise business.

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Jubilant Foodworks rated buy by Citi

We believe the nascent recovery seen in the last few months has more legs — with our earlier concerns of high pizza prices and product quality getting addressed, we see a sharp turn in consumer footfalls and order growth.

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Piramal Enterprises sustaining growth with lower risks says Citi, rates it Neutral

Company has made progress in most of its businesses over last year; however, valuations reflect this; TP up to Rs 3,060 with rollover to March ’19e

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Hindustan Zinc stock rated Neutral by Citi as valuations are at peak

Cost of production that affected quarter expected to ease; there is strong dividend security; however, valuations are at peak

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Vedanta rated ‘buy’ by Citi; says commodity prices, dividend policy make stock attractive

At Rs 72.8 bn, Q4 Ebitda more than doubled y-o-y — higher zinc/silver, ore, ally volumes; better prices, decline in discount to Brent in oil and gas; cost efficiencies in aluminium/power. Use of cash: management focu

Markets News

Citi rates Tata Communications as ‘Sell’, says with stock outperforming market by 33%, valuation looks expensive

With stock outperforming the market by 33%, current valuation looks expensive.

India News

Voltas rated ‘Buy’ by Citi, says best placed to tap AC growth opportunities

We believe Voltas, the market leader in room ACs in India with a well-run cash-generating business, is the best play on the structural growth opportunity from low AC penetration levels.

Industry News

Citi rates Yes Bank as ‘Buy’, says recharged for the next leg of growth

YES Bank has been one of the fastest growing mid-sized banks in India, and with new capital, it has now refueled itself for the next leg of growth.

Economy News

GAIL rated ‘Sell’ by Citi as margins may have peaked

The strong near-term earnings momentum was led by cyclical businesses and margins may have peaked.

Markets News

India equity: Sensex’s December ’17 target at 31,500

Decent domestic trends (Lesser than feared impact of demonetisation, balanced budget, UP poll results and progress on GST), stable dollar and Fed commentary have resulted in a nice up move YTD.

Markets News

Biocon rated ‘Buy’; City says biosimilar deal a leap forward

Roche settlement on trastuzumab paves way for its potential launch in H2CY18

Markets News

Citi rates Laurus Laboratories ‘Neutral’, target price of Rs 580

Laurus’ global leadership in select, high growth APIs/ therapies and efforts to move up the value chain into formulations augur well for long-term growth.

Citi rates Laurus Laboratories ‘Neutral’, target price of Rs 580

Tech Mahindra: Synergies will be vital to deal

Concentration risks and profitable growth key concerns on stock

Industry News

Citi rates Havells India as ‘Buy’, says Lloyd Electric deal value not excessive

The business has TV assembling operation and will source ACs & Washing machines from Lloyd Electric and other manufacturers initially.

Markets News

Citi rates NMDC ‘Neutral’ says results in line with estimates

‘Neutral’ rating maintained given the limited price upside

Markets News

Q3 in line with estimates: Positioning of Royal Enfield and margins trajectory behind rating

Royal Enfield revenues were in line with estimates. A slight dip in gross margins was offset by lower SG&A, resulting in Ebitda at R5.8 bn (+61% y-o-y, +6% q-o-q), in line with estimates.

Markets News

Biocon rated ‘Buy’, Citi cites strong quarter, positive trends

The third quarter was an encouraging one, not just in terms of financials but also several positive trends in the business viz good progress on global biosimilars initiatives and strong traction in small molecules.

Industry News

Citi maintains ‘Buy’ on Exide shares, target price Rs 225

Third quarter revenues at Rs 1,700 crore illion were 2% ahead of our estimate. Gross margins rose 120 bps q-o-q despite a 15% q-o-q increase in lead prices – we think it’s a combination of better mix (more replacement sal

Industry News

Maintain buy on Hindustan Zinc with TP of Rs 235

Post a legal restriction, we resume coverage on HZL with a buy, TP R235. HZL’s valuations are highly correlated with zinc LME, it being an integrated producer with 45-60% margin range.

Maintain buy on Hindustan Zinc with TP of Rs 235
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