Credit Suisse

Articles By Credit Suisse

92 Articles

Cement sector: Demand drivers are losing momentum

The recent price hike may be hard to sustain; trend of large EPS cuts may continue

We build 4-5% price growth and 0% demand growth in this FY. News

Credit Suisse: ‘Outperform’ on L&T Infotech; TP at Rs 1,900

Over FY16-19, LTI has exhibited best-in-class revenue growth and margin performance, something we expect it to sustain over the medium to long term.

L&T rating, L&T management, FY20e guidance, private sector, PSU, Electrical & Automation News

Market strategy: Staples staring at below par performance

Extreme valuations at a time consumption may slow leads to weight cut; Utilities and Energy enjoy bright outlook.

stock market, stocks, rupee, bank, pharma, metal, IT, auto, sensex, nifty, BSE, NSE News

State Bank Of India Rating: GNPA fall offsets muted operational show

ROE expected to recover to 13% in FY20E; FY19e EPS cut 18% on treasury losses while FY20e EPS is up 8%; TP raised to Rs 350

Markets News

IT Services sector has outperformed India by 15% YTD: Credit Suisse

Mid-sized companies have led turnaround; estimates revised by 2-6% with new INR/USD assumption and TPs by 5-12% .

it services, TCS, it services q4 growth News

PV segment disappoints with only 6pct YoY growth

Excluding Maruti, PV volumes declined 2%. Maruti continues to do well with 15% growth but remains constrained for capacity.

PV segment, pv segement growth News

Pharma Sector: Growth in ANDA filings a worry, says Credit Suisse

FDA’s highest approvals last year were 850 but these were still lower than filing trend in any of the past five years.

ANDA, ANDA filings, pharma sector, FDA, US News

Suzuki-Toyota to benefit from tie-up in long run

Under the arrangement, Suzuki will supply Toyota two of its best-selling vehicles – Baleno and Brezza for the Indian market whilst Toyota will supply Maruti its executive sedan Corolla.

Suzuki Toyota, Suzuki, toyota,  Baleno, Brezza, corolla News

Cement: March 2018 quarter impacted by higher costs, says Credit Suisse

Weakness on pricing front; high supply pressure over next two years to limit margin expansion; need to stay cautious on sector.

Credit Suisse, Petcoke, higher import duty News

Initiate with ‘outperform’ on Britannia with TP at Rs 5,500

Britannia has ~32% market share in biscuits, which we expect to gradually move up by ~100 basis points every year over the next 3-4 years driven by: increasing share in the 'Hindi Belt' led by distribution expansion, launch o

Britannia, CAGR, GST, Britannia RM index, GCPL, Marico,  FMCG companies, dabur, marico News

Apollo Tyres stock rating: Credit Suisse pegs it at ‘Underperform’ even as India results strong

Estimates down 1-2%, with forecasts cut for Europe even as India numbers get upgrade; TP up to Rs 225 from Rs 215 with rollover to Dec-19.

Apollo Tyres, Apollo, Apollo stock rating, Apollo Tyres stock rating, Apollo Tyres stock, stock rating, Credit Suisse, market News

Hindustan Unilever gets outperform rating from Credit Suisse

GST-driven price cuts are likely to sustain volume growth and provide a buffer against input cost inflation; TP rises to 1,530

Hindustan Unilever, Credit SuisseGST, demonetisation, GST rate, CAGR, Ebitda growth,GST driven price cuts, inflation News

Zee Entertainment Enterprise rating: Credit Suisse pegs it at ‘Outperform’

EPS estimates up 2% on account of strong growth in advertising, which should be sustained; TP up to Rs 650, with rollover to Dec-2019

Zee Entertainment Enterprise rating, Zee Entertainment Enterprise, Credit Suisse, Ebitda, digital platform, Zee Cine awards, GST News

Sun Pharma rated outperform by Credit Suisse

Sun Pharma’s near-term key event is Halol inspection. Halol reinspection in Q4FY18 could unlock several key filings. We increase target price of Sun to Rs 640 (from Rs 595) as we roll forward to FY20, with EPS unchanged.

Sun Pharma, Credit Suisse, US generic market outlook, Halol, EPS  News

Interglobe Aviation (Indigo) stock rating: Credit Suisse says ‘Buy’, airline in position to soar higher

Sectoral growth, carrier's superior positioning and attractive valuations behind initiation with ‘Outperform’ and TP of Rs 1,650

indigo, Interglobe Aviation, indigo stock rating, Credit Suisse, airline, Airline traffic News

Eris Lifesciences rated outperform by Credit Suisse

Scalable model with proven appetite to use high FCF to push growth; initiated with ‘Outperform’ and TP of Rs 770

Eris, Eris Lifesciences, Credit Suisse, India pharma market, CAGR, diabetes drugs, Sun, lupin, india, Eris cardiac franchise, India FCF, EBITDA News

Vedanta Resources stock rated Outperform by Credit Suisse, says target price Rs 345

HZL is fully valued; there’s 60% upside from other verticals; coverage initiated with ‘Outperform’ and target price of Rs 345

Vedanta Resources, Vedanta Resources stock,  Credit Suisse, Hindustan Zinc Ltd, Zn International, HZL businesses, oil, Chinese exports, Zinc prices  News

S Chand rated Outperform; here is the reason

S Chand has a 2% share in a fragmented market. K-12 formed 80% of its FY17 revenue, and higher education about 18%. It has been investing in digital capabilities to complement its growth.

S Chand, Outperform, Indian education content market, CAGR, Central Board for Secondary Education, CBSE, NCERT text books, Technopak News

Eris Lifesciences portfolio to grow at 15-16% CAGR

Eris is a pure play in the India pharma market, with presence in the fast-growing and high-entry-barrier cardiac and diabetes drugs.

Eris, India pharma market, Diabetes drugs, Cardiac News

Global household wealth surges to $280 tn, in just a glance all you need to know

At a time when global household wealth grew by $16.7 trillion to $280 trillion in 2016-17, up 6.4%, household wealth in India grew by $451 billion to nearly $5 trillion, a growth of nearly 10%.

Global household, global surge, household wealth surge,  Credit Suisse’s Global Wealth Report News

Spike in trade deficit a cause for concern

As Coal India ramps up production, this may reverse. Jewellery and textiles drove the export disappointment: Some decline in jewellery exports was expected, given the import restrictions in the UAE, but the extent was surpris

trade deficit, oil prices, jewellery imports, exports, imports News

Strong showing by Dilip Buildcon gets stock rated Neutral by Credit Suisse

DBL is targeting Rs 80-100 billion of orders in FY18E (vs Rs 120 billion in FY17). However, we build Rs 70 billion of inflows, given muted activity so far in both roads and mining.

Dilip Buildcon, Dilip Buildcon stock, stock rating, Credit Suisse News

PSU recapitalisation to be a factor for non-banking financial companies: Credit Suisse

Post recapitalisation, we expect PSU banks to target growth, with initial bias to cut rates. This has implications for NBFCs on both assets and liabilities side.

psu banks, recapitalisation of psus, public sector banks recapitalisation News

Bharti Airtel stock rated Neutral by Credit Suisse, raises TP to Rs 430; Africa still a puzzle

Bharti reported a 5/8% beat on Ebitda/adjusted net profits, respectively, for the Sep-17 quarter. 60% of Ebitda beat came from Africa (17% higher than estimates), while India mobile Ebitda was 4% ahead.

airtel, airtel market rating, market rating of airtel News

Maruti Suzuki stock rated Neutral; Credit Suisse says outlook strong and solid

We recently met with Maruti management and came back quite positive on the near-term outlook with expectations of a strong Q2 as margins improve from Q1 levels on better product mix (higher ASP and lower discounts) and operat

Maruti Suzuki stock, Credit Suisse, Credit Suisse on Maruti Suzuki stock, Maruti management, powertrain manufacturing, maruti Gujarat plant, Maruti’s plants in Haryana, digitisation, Maruti digitisation News

On Tata Global Beverages, Credit Suisse says margins improved, but yet to show results

Tata Global Beverages, a global beverages company with multiple brands: It owns tea, coffee, and other beverage brands globally, with a leading position in the tea market.

Tata Global Beverages, Tata Global, Tata Global Beverages shares, Credit Suisse, Credit Suisse on Tata Global, tata global CAGR, TGBL’s revenue, tata global Ebitda margins, tata global distribution News

Exports, container volumes the drivers

TP revised to Rs 460 from Rs 360 given positive outlook on growth and reasonable valuations with clear balance sheet and strong cash flows

Adani Ports, ADSEZ, PSA terminal, Ebitda, Katupalli, hazari,  Exports, commodities News
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