Credit Suisse

Articles By Credit Suisse

92 Articles

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.

Larsen, Tourbo, Mumbai Trans Harbour, bullet train News

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

ONGC, ONGC stock, Credit Suisse News

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

Shriram Transport finance Co, Shriram Transport rating, ratings of Shriram Transport, Shriram Transport credit suisse News

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

bank, banks india, banks strike, banks protest march, banks protest, banks protest march in dharamshala News

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.

Credit Suisse, Apollo Hospitals, price cap, TP falls, market news, indian market News

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.

Apollo Hospitals, Apollo Hospitals news, Apollo Hospitals shares, Apollo Hospitals ratings, Apollo Hospitals shares target price, Apollo Hospitals credit suisse rating News

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.

Bharat Financial Inclusion, Bharat Financial stock, demonetisation crisis, demonetisation, BHAFIN, retail centre strategy, AUM growth, profit guidance News

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.

Markets News

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.

NTPC stock, NTPC, NTPC stock rated buy, Credit Suisse, NTPC’s incremental power, commercialisation, Capacity growth News

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.

GST, goods and services, gst roll out, FMCG, FMCG news, FMCG latest news

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

pharma stocks, de-rated by 10%, price erosion, lower earnings, growth and returns, de-rating News

‘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.

BHAFIN, Q4 plus, modelled provisions, demonetisation, microfinance industry, MFI News

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.

Commodities News

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.

Industry News

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.

Banking & Finance News

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

Markets News

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).

Bharat Forge, BHFC, OEM, domestic defence, BHFC, SAAB, digitisation News

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).

Commodities News

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 News

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

Money News

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.

Economy News

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.

Industry News

Steel sector: Prefer flats over longs

India’s steel industry produces roughly equal longs (52%) and flats (48%) products.

Lok Sabha, Parliament, Ministry of Shipping, Steel Vishnu Deo Sai, Joint Task Forces News

Banks lean further on Strategic Debt Restructuring

As highlighted in our recent report, the use of SDR has increased over the past few quarters, as banks look to delay stress recognition, since SDR allows current classification to continue for 18 months.

SDR, debt amounts, net debt, Ebitda, Jaiprakash Power, NPL, CMP, conversion price, face value News

BHEL rated ‘Under Perform’ by credit suisse, weak inflows, backlog, pipeline reveal underlying weakness

BHEL’s Q3 numbers had slightly better-than-expected execution but order inflow and backlog continued to belie weakness.

Industry News

Crompton Greaves rated ‘Outperform’ by Credit Suisse; says poised to tap opportunities

Crompton has a strong franchise in consumer electricals with leading positions in fans and pumps, and a top-three position in lighting. Despite underinvesting for many years prior to demerger in 2015, the company grew market

Crompton Greaves rated ‘Outperform’ by Credit Suisse; says poised to tap opportunities