Credit Suisse

Articles By Credit Suisse

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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.

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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

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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.

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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

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Larsen and Toubro has made these movements on large opportunities; will they pay off for shareholders?

L&T and Tata consortium have emerged as L2 and L1 bidders for the Mumbai Trans harbour (MTHL) contract.

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ONGC stock gets Outperform rating from Credit Suisse, but here is what will be critical for company

FY18/19 EPS up 4/3% on higher volumes and lower write-offs; KG Basin execution will be critical

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Sun Pharmaceuticals gets Outperform rating; Credit Suisse has this to say about it

Returns from specialty assets likely to ensure 20% CAGR over FY19-22e; upgraded to ‘Outperform’ with TP going up to Rs 595

Sun Pharmaceuticals gets Outperform rating; Credit Suisse has this to say about it

Shriram Transport finance Co rated Outperform by Credit Suisse as business, collections stable post GST

We recently met with Shriram Transport Finance’s (SHTF) MD and CEO, Umesh Revankar, who remarked that business remains steady post GST, with normal freight rates and cash flows for truckers translating into good collections

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Bharat Financial Inclusion rated Outperform by Credit Suisse; TP upgraded to Rs 1055 over growth outlook

EPS raised by 3-6% and TP upped to Rs 1,055 from Rs 920 given the growth outlook

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Credit Suisse says Apollo Hospitals price cap to hurt; TP cut to Rs 1075

This implies the impact of higher competition which has constrained Apollo’s ability to increase prices and offset increasing costs.

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Apollo Hospitals shares target price cut to Rs 1,075 by Credit Suisse

The key message in the conference call was a recovery at Apollo will take at least couple of quarters and even then FY19 margins in the mature hospital will be lower than historical margins.

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Bharat Financial Inclusion stock target price raised to Rs 920 by Credit Suisse

BHAFIN reported strong improvement in collections, indicating a good recovery from the demonetisation crisis. Exit collections efficiency for July is at 99.5%, and 97.5% for Q1 18.

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Bharat Financial stock rated Outperform by Credit Suisse, says note ban woes behind it

Stock should re-rate after possible 1-2 quarters of further high provisioning.

NTPC stock rated ‘Neutral’ by Credit Suisse, says risks weigh on prospects

Low RoE over long term, risk to earnings from project delays and renewables challenge behind rating.

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Real growth in FMCG will be hard to gauge post-GST

HUL and ITC have the leanest distributor inventory and lower wholesale salience, and should be less impacted.

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Pharma stocks; Credit Suisse says structural concerns in US intensifying

Indian pharma stocks have de-rated by 10% over the last one year, but with price erosion expected to increase, a further de-rating is expected. Multiple triggers for further de-rating Higher price erosion leads to lower earn

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‘Outperform’ on Bharath Financial Inclusion; TP Rs 800

While demonetisation has hit the microfinance (MFI) industry, recent industry data shows that BHAFIN’s portfolio management has been far superior.

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Credit Suisse upgrades ONGC to ‘Outperform’, raises target price to Rs 220

Despite delivery of reform, ONGC trades at a 25% discount to global peers on P/CF, higher than historical average (16%). Fundamentals continue to improve, with rising domestic gas/oil production.

HCL Tech, Infosys, Wipro shares set to rally? In layoffs’ season, find out here

The sector is going through structural shifts, with shift of spends from traditional to digital and global protectionism.

ICICI Bank rated ‘Outperform’ by Credit Suisse on topline being higher than expected

ICICI Bank’s Q4 profits were largely in line with street estimates. Topline performance was better than expected on account of higher NIMs and contained opex.

Marico rated ‘Neutral’ by Credit Suisse on earning likely being robust in FY18

While guidance on drop in Ebitda margins is too conservative, valuations leave little room for upside

No dearth of opportunities for Bharat Forge

Management expects domestic defence to be a very large opportunity, driven by not just maintenance-related supplies/contracts but capital programmes (manufacturing and development).

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Near-term headwinds

India's net diesel exports in Mar-17 reached five month highs, as a result of the ramp-up at recently commissioned refinery expansions and weak Q1 CY17 consumption (diesel demand fell 4% y-o-y).

Company set for a recovery in FY19

We initiate coverage on Welspun with Outperform and target price of `115. The global home textile market size is $45 bn, with expected 8.3% CAGR over 2015-20.

Welspun India

TCS, Infosys, Wipro, Q4 preview: Overhang of seasonality likely; HCL Tech is top pick

Company managements’ comments on FY18 could be one near-term trigger for stocks; HCL remains the top pick

Revenue growth likely to recover, driven by pricing

At an aggregate level, FMCG growth will see a strong recovery not only from Q3 which was impacted by demonetisation but also from the levels seen in Q2.

HDFC rated ‘Outperform’; Credit Suisse says recovery of retail mortgage demand is on track

The government’s recent scheme on affordable housing is quite attractive (equivalent to 4-10% discount on property upfront) and should further boost retail demand.

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