Edelweiss

‘Hold’ Gail (India), scale of tariff revision was a disappointment

According to PNGRB regulations, instead of separate tariffs for the two pipelines, an integrated tariff will be levied on combined volumes.

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Ahluwalia Contracts rating: Edelweiss suggests to buy

FY20/21e EPS down 8/6% due to project-specific issues; long-term prospects are intact; TP cut to Rs 416

Ahluwalia Contracts rating: Edelweiss suggests to buy News

Consumer durables: Extent of recovery margin is key

Elongated winter in Q4FY19 pushed AC demand to Q1FY20. As a result, dealers across all regions clocked robust 30% plus Y-o-Y growth in April.

Consumer durables: Extent of recovery margin is key (Representational image) News

Analyst Corner: Consumer durables – margin recovery is key

We expect leaders in the mass- premium space to benefit from higher demand. However, extent of margin recovery remains key as brands resort to aggressive sales schemes.

Demand spurt in April led to inventory stock-out for most dealers and is back to normal levels (40 days) currently. (Representative image) News

Analyst corner | Maintain ‘buy’ on Fortis Healthcare, target Rs 162

Despite the best-in-class contribution margins of 79%, as per our estimates, Fortis is among the lowest in terms of manpower productivity.

Maintain ‘buy’ on Fortis Healthcare, target Rs 162 News

Power Grid Rating | Buy — Healthy traction in earnings for company

Prospects for new awards are bright in the fiscal, lending comfort in the near-term; ‘Buy’ retained; valuations are attractive

In the transmission sector, traction in new project awards is slow and tilted towards green energy corridor News

Sun Pharma Rating | Reduce — A muted performance in the final quarter

Specialty challenges eclipse medium-term outlook; FY21e EPS down 4%; ‘Reduce’ retained with revised TP of Rs 380

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Analyst corner: Order accretion stays healthy for J Kumar Infra

Top line surged 25% y-o-y to `9.7bn aided by serene progress in metro projects (Mumbai, Ahmedabad and Pune), which cumulatively contributed `5.2bn to the top line.

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Stock corner: ‘Hold’ Grindwell Norton with revised target price of Rs 569

GWN is well placed structurally over the long term bolstered by market leadership and robust product portfolio.

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Stock corner: ‘Reduce’ PNB, Q4 shows bank still in weak terrain

Management continues to focus on recoveries, sale of non-core assets and conservation of capital. We, however, believe a weak earnings profile, structural operational issues and a diluted franchise (CET 1 6.2%, net NNPL 6.6%)

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NTPC Rating | Buy — Better days lie ahead for the company

Q4 Ebitda was in line with estimate; under-recoveries expected to fall further; PAT CAGR of 16% likely over FY19-21e; ‘Buy’ retained

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Bank of Baroda Rating | Reduce — Performance in quarter was stable

Merger integration cost to impact earnings visibility; ‘Reduce’ maintained

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Stock corner: Maintain ‘buy’ on PFC with target price of Rs 140

Power Finance Corporation (PFC) reported Q4FY19 PAT of `21.2 billion supported by sustained revenue traction (stable NIM) and a provisioning write-back (accounting change). Key highlights: a) Stage-3 assets rose by `13 billio

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Stock corner: ‘Buy’ on Adani Ports and SEZ; target price revised to Rs 472

Adani Ports and SEZ (APSEZ) missed our Q4FY19 EBITDA estimate by 7% due to underperformance of the SEZ business; the Ports business reported robust numbers.

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Stock corner: ‘Hold’ Tata Motors, weak China, India weighed on Q4 results

Margins likely to remain stressed until demand recovers; consolidated FY20/21e Ebitda cut by ~7%; TP revised to Rs 186.

tata motors, automobile sector, automobile industry News

Edelweiss advises to ‘hold’ Bajaj Electricals – here’s why

In consumer business, we believe industry-leading growth over 12/24 months across fans and appliances would be key and that a lot would depend on product innovation (BJE’s key focus area).

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Analyst Corner: Maintain ‘buy’ on JSPL, revised target price Rs 210

However, soft prices in Oman and losses in international mining operations are likely to drag FY20 performance.

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Stock corner: Maintain ‘buy’ on Dr Lal Pathlabs’, company best positioned to competition – Edelweiss

While Delhi-NCR revenue/volume grew 10.6%/8.0%, east India sales/volume jumped 29%/20%. Management expects KRL to break even in one year, led by operating leverage from volume growth.

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Stock corner: Buy Larsen & Toubro, performance in the quarter was a mixed bag

FY20/21e EPS cut by 2/3% given the Q4 margin miss; L&T is likely to meet FY20 guidance comfortably; TP revised to Rs 1,875

Stock corner, Larsen & Toubro,  MOAT, IDPL, RoE focus News

Analyst corner | Petronet LNG: Maintain ‘hold’ target price at Rs 219

Petronet LNG’s (PLNG) Q4FY19 Ebitda of Rs 6.3 bn came 20% below estimate; however, adjusted for `1.2 bn inventory loss, Ebitda belied estimate only 4.5%.

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SBI Rating| Buy — An impressive performance in quarter

State Bank of India (SBI) turned in an impressive Q4FY19 performance with a sustained core and strengthening balance sheet.

Bank is well placed to tap opportunities amid weakened competition; TP revised to Rs 371; valuation is inexpensive News

Stock corner: ‘Hold’ on Union Bank; credit cost may remain volatile

UNION BANK OF India (UNBK), yet again, reported a Q4FY19 loss of ~Rs 34bn (leading to full-year loss of >Rs 29bn, eroding book value by Rs 17/share) due to persistent asset quality issues.

Stock corner: 'Hold' on Union Bank; credit cost may remain volatile News

Stock corner: ‘Buy’ SRF with SOTP-based with target price of Rs 2,983

SRF’s Q4FY19 was marked by the chemicals business turning in a spectacular performance—revenue jumped 66% YoY & 150bps YoY and margin expanded 670bps QoQ to 20%.

Stock corner: 'Buy' SRF with SOTP-based with target price of Rs 2,983 News

Buy ‘Nestle’ shares with target price at Rs 11,944; new strategy is encouraging

Nestle’s Q1CY19 revenue and Ebitda came in line with consensus estimates – up 8.9% and 5.6% y-o-y. However, PAT surpassed consensus (up 9.3% y-o-y) led by higher other income (up 29.7% y-o-y).

Buy 'Nestle' shares with target price at Rs 11,944; new strategy is encouraging News

Stock corner: Retain ‘hold’ on V-Mart Retail with revised target price of Rs 2,503

V-Mart Retail’s (VMart) Q4FY19 revenue growth of 15.9% y-o-y came in line with estimate. However, Ebitda and adjusted PAT decline of 23% and 60% y-o-y, respectively, belied it. SSSG grew mere 3.5% y-o-y owing to softer grow

With VMart now present in 17 states (14 in FY18), the potential for deepening reach has expanded (Representative image) News

Stock corner: ‘Buy’ Mahindra Logistics, a strong performance in quarter

While outlook’s bright, FY20/21e EPS down 4% due to auto slowdown; TP cut to Rs 610.

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Stock corner: Maintain ‘hold’ on ABB India with target price at Rs 1,325

ABB India’s (ABB) overall Q1CY19 performance was driven by 30% plus revenue spurt and 270 bps margin expansion in the robotics & automation division.

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