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
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).
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.
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
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