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Credit Suisse

Articles By Credit Suisse

96 Articles

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

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

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.

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

Bharat Electronics: Credit Suisse rates stock as ‘Outperform’; here’s what makes it a good pick

Steady growth visibility and reasonable valuations make the stock a good pick; expect 15/14% revenue/earnings growth

To get back to normal after demonetisation, India needs 1,200 cr new Rs 500 notes

Post demonetisation, logistics and printing of new currency appear to be the key challenges for the RBI/government to restore business as usual in the economy.

To get back to normal after demonetisation, India needs 1,200 cr new Rs 500 notes

Oil and Gas sector: Structural changes in Russia could buttress fuel oil margins

In a recent note, CS Euro Refining analysts highlight Russia's drive to modernise its refining system by tweaking taxation structures and the impact on refined product balances.

Oil and Gas sector: Structural changes in Russia could buttress fuel oil margins

Demonetisation to hit industrial sector temporarily: Credit Suisse

Amidst demonetisation driving significant demand contraction in consumer discretionary sectors, public sector contracting can be a ‘safe haven’. Subsequent push on infra spending, subject to ability to spend, can be a pos

Disruptions after note curbs likely to add to asset stress

NPL additions at private and PSU banks converged in 2Q to 1.5% of loans, as private corporate lenders witnessed a sharp rise in NPLs.

Disruptions after note curbs likely to add to asset stress

Bajaj Auto Pulsar, VS400, V to power H2 sales past previous period

Results were marginally ahead of estimates on better margins due to tight control on costs.

Havells India: Hike in ad spend, staff cost offset gains, says Credit Suisse

Havells’ revenue growth slowed down to 9% in 2Q compared to 25% in 1Q.

Havells India: Hike in ad spend, staff cost offset gains, says Credit Suisse

India construction sector; cyclical uptick in the offing

After the FY12-15 stagnation, investment in infrastructure is up

India construction sector; cyclical uptick in the offing

Credit Suisse flags chronic stress at India Inc

While corporate performance in general improved slightly in the three months to June, the share of debt with an interest cover of less than 1 saw a small increase to 39% from 38%, according to a report by Credit Suisse.

What should India market strategy post-Brexit be? Credit Suisse explains

Until clarity emerges on developments in Europe and central bank action at the global level, domestically focused sectors are the best bet

How GFC hit Infosys, Wipro performances: Credit Suisse

Infosys and Wipro’s performance deteriorated post the GFC, possibly due to the changed environment.

How GFC hit Infosys, Wipro performances: Credit Suisse

Hindalco Industries gets ‘outperform’ rating

Hindalco's consolidated net debt remained stable in FY16

Robust performance but margins may have peaked

Home improvement business continues to see tepid demand trends given a slowdown in new home sales

Robust performance but margins may have peaked

Maintain ‘outperform’ on HDFC Bank, cut EPS by 3 per cent: Credit Suisse

HDFC Bank’s Q4 net profit was in line. Top-line growth was healthy (+22% y-o-y) on stronger-than-expected loan growth (+27%) and pick-up in fee income (+16%), as this helped offset the pick-up in opex on large branch additi

Maintain ‘outperform’ on HDFC Bank, cut EPS by 3 per cent: Credit Suisse

India Steel Sector: The big cycle turn?

We highlight four major changes that have taken place of late: Firstly, the inventory cycle has bottomed out (globally, and not just in China).

M&M has structural challenges on UV business: Credit Suisse

Mahindra held an analyst meet with Pawan Goenka and other senior management. Management is reasonably optimistic on FY17 outlook on both autos and tractors.

M&M has structural challenges on UV business: Credit Suisse

Maintain ‘outperform’ on SKS Microfin

SKS management was at our AIC, represented by CFO Ashish Damani and Deputy CFO Pratap R. Management expressed confidence of sustaining 50% loan growth over a 2-3 year time frame, compared to 93% growth currently.

Maintain ‘outperform’ on SKS Microfin

Raise in royalty payments to impact Wabco India

Wabco India has decided to increase royalty payments to its parent.

Raise in royalty payments to impact Wabco India

Oil Marketing Companies: PSUs lean on acquisitions

India’s quest for energy security has seen state-owned oil companies sign preliminary agreements with Rosneft for stakes in two Siberian assets (we expect total consideration at ~$5.5 bn).

Oil Marketing Companies: PSUs lean on acquisitions

‘Underperform’ on Dalmia Bharat due to high leverage

Dalmia announced restructuring with: amalgamation of all East assets into OCL (sale of Bokaro unit from Dalmia to OCL), amalgamation of Adhunik (North East) into DCBL (South assets). Merger of Adhunik saves tax of `1.2 billio

‘Underperform’ on Dalmia Bharat due to high leverage

Exide top-line growth to be in double digits

We recently interacted with Exide’s management; the key message was the increased focus on profitability. After clocking 4% CAGR in three years, going forward, Exide expects top line growth to accelerate to double digits.

Exide top-line growth to be in double digits

India Financial sector: Stress recognition picks up

Indian banks’ NPLs (non-performing loans) jumped an unprecedented 30% in Q3 following the RBI audit and are likely to move-up further to ~6.6% of loans by March 16 as most banks deferred the impact over two quarters.

India Financial sector: Stress recognition picks up
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