Edelweiss

Articles By Edelweiss

622 Articles

Revise IHCL target price to Rs 139, Lemon Tree’s to Rs 53

Our analysis of IHCL and Lemon Tree indicates that the former is in a comfortable position given limited refinancing needs and also promoter backing.

IHCL target price, Lemon Tree, Covid-19, IHCL, MIAL, lemon tree cost News

Analyst Corner: IHCL’s TP at Rs 139; Lemon Tree’s at Rs 53

Though Lemon Tree’s unblemished history & credit rating, APG’s backing and temporary nature of the situation lend it funding comfort, the situation needs monitoring.

While momentum picked up in January for the sector, a continuation from Q3FY20, early signs of Covid-19’s impact started emerging in late February. News

Analyt Corner: Sobha rating ‘buy’ – stock’s attractive owing to correction

Company’s showing is likely to improve; cash flow issues are cyclical; ‘Buy’ retained with TP reduced to Rs 428.

While most realty stocks have corrected heavily since January 2020 (BSE Realty Index down ~25%) in the wake of a disappointing budget, Sobha has fallen more (>45%) than peers. News

REC rating: Buy — Performance was steady in Q3

Stress resolution outlook improves; upgraded to ‘Buy’ with TP rising to Rs 177

REC rating, PFC, REC performance, stress resolutions News

Analyst Corner: Oil and Gas companies to report robust earnings growth

Consequently, we expect higher margins at IGL (Ebitda: Rs 6.7/scm, up 10.6% y-o-y) and steady margins at MGL (Ebitda: Rs 8.7/scm, down 1.0% y-o-y).

GSPL will benefit from higher volumes with Q3 run-rate at 38.5mmscmd, leading to 15.4% y-o-y rise in Ebitda. News

Analyst Corner: ‘Buy’ on Bharat Forge; revised Target Price at Rs 625 

With 20% plus consensus downgrade in earnings over past 12 months led by US Class 8/oil & gas down-cycle, we believe BHFC’s earnings are close to bottoming out and historically the stock re-rates/de-rates four-six months ah

Bharat Forge, Bharat Forge buy, Target Price , BHFC , market news, us industrial growth News

Bharti Infratel: ‘Hold’ on with target price of Rs 293, says Edelweiss

After extending the long-stop date for the first time on October 24, 2019, once again BHIN has extended its timeline of merger completion with Indus Towers by another two months to February 24, 2020.

Markets News

Banking: Failure on rate transmission could hit NIMs

Private banks to face greater pressure; cyclical tailwinds will be more pronounced for corporate banks.

banks, banking sector News

Bajaj Auto: Upgrade to ‘Buy/SO’ with target price of Rs 3,651 – Edelweiss

While low-hanging fruits have been absorbed in domestic and export markets, we believe the management still retains unwavering focus on market share.

Markets News

Stock corner: ‘Buy’ Tech Mahindra, revival of telecom biz to drive growth

While margin levers such as automation and off-shoring remain, we believe FY20 margin will be lower than FY19 owing to higher costs incurred due to deal ramp-ups and a slow start to the year (H1FY20 margin down 210bps y-o-y).

Telecom is seeing sustained demand; this, coupled with a stable enterprise business, should help TechM deliver robust revenue growth. News

Retail: Festive, wedding season could lead to steady Q3

Festive and wedding season could lead to steady Q3; Trent, ABFRL, FLF & JFL top picks.

retail, retail sector News

Persistent Systems Rating: Maintain buy with target price of Rs 739

The company is actively chasing projects which have a sizeable offshore component, which should boost profitability.

edelweiss, economy News

Q2FY20 Earnings review: A moderate quarter on operational front

Given the demand scenario, FY20 earnings forecasts clearly at risk; global-oriented firms are better poised for recovery.

pat, pat growth News

Stock corner: ‘Buy’ Sadbhav Engineering, performance in the quarter a mixed bag

The ongoing economic slowdown dragged toll collection in the BOT portfolio by 2% y-o-y. Incremental order-wins, ramp-up in execution, and conclusion of the BOT stake sale process is key to stock performance in our view.

Work has now begun on the Kim Ankleshwar project while two more HAM projects are expected to receive appointed date (AD) in Q3FY20/Q4FY20. News

Edelweiss: ‘Maintain ‘buy’ on NTPC with TP of Rs 150

Taking a cue from NTPC’s superior returns in Koldam, there is ample potential to soup up operational and financial efficiency (e.g. 150bps reduction in Kd).

ntpc, power corporation, thermal power, Darlipali Super Thermal Power Project, odisha thermal power project News

Britannia Industries Rating: Buy; Performance was ahead of the industry

New launches gaining traction; outperformance is likely to be sustained; TP revised to Rs 3,588

New categories fared well, aiding Britannia’s journey towards becoming a total foods company. News

Stock corner: Maintain ‘buy’ on Zee Entertainment with target price of Rs 443

Despite multiple setbacks for the group over the past 12 months (group-level issues, new regulatory framework, ad slowdown), ZEE sustained a strong business performance.

Previously, 96% of the promoters’ stake was pledged in ZEE and the group had ~INR70bn worth of shares pledged. News

Vodafone Idea stock ‘under review’, Q2FY20 operating performance along expected lines

In our view, given the potentially dire repercussions of AGR liabilities, the government may intervene, but the nature of its solution/support has wide-ranging possibilities and, given Idea’s leverage, the impact thereof co

Vodafone Idea, Vodafone Idea stock, Q2FY20, Vodafone Idea news, Vodafone Idea share, Vodafone Idea india, Vodafone Idea share price News

Stock corner: ‘Buy’ Coal India, FSA realisation drove performance in Q2FY20

Going ahead, we expect CIL’s earnings to rise as product mix shift towards non-power customers is likely to keep FSA realisation at the current level and volume is likely to expand at MCL & SECL.

Stock corner, Coal India, FSA, performance, Coal india ltd, coal india share, coal india limited, coal india stock price, coal india news, coal india nse, coal india bse News

Bharti Airtel stock: Maintain ‘buy’, revised target price of Rs 425

The company expects relief from the government and is also considering a review petition. We believe, the AGR order impacts Vodafone Idea the most, impairing its ability to invest in network.

Bharti Airtel stock, Bharti Airtel buy , Bharti Airtel target price, market news, Bharti Airtel news, Bharti Airtel share,Bharti Airtel ltd News

NTPC rating | Buy — Bottomline boosted by surcharge income

During Q2FY20, NTPC’s generation declined by 6.5%, in line with the industry’s decline. Management attributed weaker generation primarily to the tepid economic activity in the country and hence lacklustre demand, apart fr

NTPC,NTPC rating, NTPC surcharge income, NTPC buy, market news, discom, coal News

Stock corner: SpiceJet top pick in aviation space; target price cut 4.9% to Rs 160

SpiceJet’s (SJ) Q2FY20 EBITDAR (adjusted for forex loss) of Rs. 1.4bn came below estimate due to lower yield.

Markets News

Stock corner: Maintain ‘buy’ on M&M with target price of Rs 676

Mahindra & Mahindra’s (M&M) Q2FY20 Ebitda at Rs. 1,540 crore (down 16.7%) came 7% ahead of consensus driven by better product mix, price increase and tight leash on cost.

Markets News

Stock corner: ‘Buy’ Eicher Motors, Q2FY20 results were in line with estimates

Product upgrade cycle is key; host of positives behind 5% rise in FY20e EPS; TP up to Rs. 25,019; ‘Buy’ retained.

Markets News

Stock corner: ‘Hold’ Bharat Electronics, an overall miss for company in the quarter

FY20/21e EPS down 4% each; limited near-term triggers; ‘Hold’ maintained.

Markets News

Stock corner: Maintain ‘buy’ on Infosys, target price at Rs 955

Nilekani said Infosys remains committed to practicing the highest level of corporate governance and its response to the recent whistleblower allegations adheres to the company’s policy.

Infosys, Nandan Nilekani, Salil Parekh, Infosys finance team, corporate governance, Infosys shares News

Stock corner: Maintain ‘buy’ on Dabur, target price at Rs 527

Adjusted PAT growth of 17.5% Y-o-Y surpassed our expectations due to a lower effective tax rate (11.6% in Q2FY20 versus 20.3% in Q2FY19).

Stock corner, Dabur India, EBITDA growth, HPC segment, rural distribution, PAT growth News
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