Edelweiss

Shoppers Stop rated ‘Buy’; Edelweiss says ready for profitable growth

We recently met Govind Shrikhande, MD, Shoppers Stop (SSL). Apart from recent IPO listing which has re-rated most retail stocks, we expect retailers like SSL to reap benefits from higher discretionary spends.

Markets News

Edelweiss maintains ‘Buy’ on Hindustan Zinc; target price Rs 335

Hindustan Zinc (HZL) has declared second interim dividend of Rs 27.5/share that is significantly above Street’s R15-20 estimate.

Markets News

Edelweiss maintains ‘Buy’ on Reliance Capital; target price Rs 754

Reliance Capital (RCAP) hosted an analyst meet attended by Anil Ambani and management team from across business segments to spell out its growth strategy. The chairman appears firm to wind down major part of non-core business

Reliance Capital, CIC, Anil; Ambani, Reliance Group, reserve Bank of India, Reliance Commercial Finance Ltd, Anmol Ambani News

Edelweiss rates Jet Airways as ‘Buy’, puts target price of Rs 542

Jet Airways’ (JAL) Q3FY17 consolidated revenue, at R54.8 billion, was flat y-o-y as the 5% RPKM growth was compensated by the 4% correction in passenger yield.

Jet Airways, JAL, RPKM, EBITDAR, non-fuel costs, SpiceJet, Indigo, buy, PAT, Stabilisation of industry News

Edelweiss maintains ‘Buy’ on Sunteck Realty; target price Rs 360

Sunteck Realty’s Q3FY17 numbers were driven by sales recognition in Signia Isle. While demonetisation hurt new sales during the quarter, we expect them to revive in ensuing quarters.

Markets News

Edelweiss maintains ‘Buy’ on J Kumar Infraprojects

J Kumar Infraprojects’ (JKIL) Q3FY17 revenue, at R3.7 billion, rose 19% y-o-y following a pick-up in execution in Mumbai Metro projects.

Industry News

Max Fin, HDFC Life merger to produce better returns

Max Financial Services’ (MFS; holding company for life insurance) Q3FY17 performance held in good stead.

Max Fin, HDFC Life merger to produce better returns

DLF rated ‘Hold’; Edelweiss blames it on lacklusture Q3 performance

Valuation of promoter stake sale in rental assets, state of Gurgaon mkt, pick-up in residential demand, and new launches are key stock catalysts

Markets News

Edelweiss puts ‘Hold’ recommendation on Nestle, says ‘innovations to bring growth’

Nestle India’s Q4CY16 sales and EBITDA growth of 16.2% (HUL’s foods segment grew 0.5% y-o-y) and 15.5% y-o-y surpassed estimates, whereas PAT declined 20% y-o-y, marred by higher provision for contingencies.

Markets News

Edelweiss maintains ‘Buy’ on Natco Pharma; target price Rs 770

For Q3FY17, Natco Pharma posted stellar earnings, primarily driven by exclusive sale of gTamiflu in the US.

Markets News

Allahabad Bank rated ‘Hold’ by Edelweiss; target price Rs 70

Allahabad Bank’s (ALBK) Q3FY17 PAT of Rs 753 million belied our estimate, on muted revenue momentum despite stable asset quality.

Markets News

Edelweiss says ‘Buy’ Muthoot Finance shares; target price Rs 442

As against fears of gold loan companies bearing major brunt of demonetisation, Muthoot’s business practices helped it recover swiftly with: AUM growth of 8% y-o-y versus initial expectation of decline; and GNPLs rise restri

Markets News

Edelweiss puts ‘Hold’ on Union Bank of India; target price Rs 160

According to data from Agricultural and Processed Food Products and Export Development Authority (Apeda), exports in April-December FY17 stood at Rs 76,902 crore, 3.7% lower than same period last year.

Edelweiss puts ‘Hold’ on Union Bank of India; target price Rs 160

NTPC rated ‘Buy’ by Edelweiss as prospects upbeat for company

Prospects upbeat for company; step-up in commissioning will drive growth

Industry News

Edelweiss puts ‘Buy’ rating on Bharat Forge; target price Rs 1,075

Bharat Forge (BHFC) sustained sequential growth in exports for the second quarter in a row led by industrial pick up in US market, which complemented healthy growth in CVs and improving industrial revenues in domestic market.

Bharat forge News

Edelweiss puts ‘Buy’ rating on PathLabs with target price of Rs 1,230

Dr Lal Pathlabs’ (Dr Lal) Q3FY17 revenue, adjusted EBITDA and adjusted PAT grew 10%, 10% and 18% y-o-y, respectively, afflicted by demonetisation that impacted the company’s core geography the worst.

Markets News

Glenmark Pharmaceuticals’ has a strong generic pipeline; maintain ‘hold’

Glenmark Pharmaceuticals’ (GNP) Q3FY17 was driven by the 180 days exclusivity for gZetia that may have contributed $70 million. However, rest of business was sluggish, with India hit by demonetisation and halt of sales in V

Markets News

Edelweiss rates Grasim Industries as ‘Buy’, says profit exceeds expectations

Target price revised upwards; news of consolidation in telecom sector is positive for the stock as fears from balance sheet dilution stand mitigated.

India News

Volume, low operating costs help Shree Cement

Shree Cement’s (SRCM) Q3FY17 PAT appears in-line with consensus, despite realisations falling 7% q-o-q and power facilities being shut for major part of the quarter.

shree cement News

Maruti Suzuki gets ‘Buy’ rating, Edelweiss puts target price at Rs 6,935

Maruti Suzuki’s Q3FY17 EBITDA at Rs 25 billion (up 16% y-o-y) came 4% below Street’s estimate due to gross margin miss.

Maruti sales jump 27.1% to 1,44,396 units in January News

Edelweiss puts ‘Hold’ rating on Hindustan Unilever shares; target price Rs 935

Hindustan Unilever’s (HUL) Q3FY17 revenue (down 1.2% year-on-year) surpassed estimate as volumes (4% year-on-year dip versus 7% forecast) were better despite demonetisation and calibrated price hikes.

Industry News

Edelweiss puts ‘Hold’ rating on United Spirits; target price Rs 2,403

United Spirits (USL) posted superior revenue and EBITDA growth of 2.9% and 9.8% y-o-y, respectively, as impact of demonetisation was lower than our expectation. Overall, volumes dipped 4.3% y-o-y on the 10.6% y-o-y decline in

Industry News

Edelweiss rates NTPC as ‘Buy’; target price Rs 190

We interacted with key officials of Rajasthan Rajya Vidyut Udpadan Nigam (RRVUNL) on the proposed takeover of its 2,320MW (4x250MW and 2x660MW) Chabra power plant by NTPC.

Edelweiss rates NTPC as ‘Buy’; target price Rs 190

Edelweisis maintains ‘Buy’ on Deewan Housing Finance; target price Rs 374

Dewan Housing Finance’s (DHFL) Q3FY17 PAT, at R2.45 billion (up 32% Year-on-Year), was marginally better than our estimates owing to better NIMs (broadly stable Quarter-on-Quarter versus expectation of decline).

Edelweisis maintains ‘Buy’ on Deewan Housing Finance; target price Rs 374

Hold/SU on Bajaj Corp with TP of Rs 436

Bajaj Corp’s Q3FY17 revenue and EBITDA came in slightly above our estimates, while PAT stood higher following the spike in other income.

Markets News

Demonetisation a 2-qtr blip, Budget 2017 stimuli to spur demand

We maintain that demonetisation will largely be a 2-quarter blip as easing of cash crunch, good monsoon, rate cuts and seventh pay commission will revive consumer demand gradually.

Budget 2018 News

Media industry: Demonetisation hinders ad growth; should revive in Q4

The recent demonetisation move is expected to impact on Q3FY17 performance. We estimate our media universe to report tepid revenue growth of 2.2% y-o-y (15.0% in Q2FY17) and subdued 0.9% y-o-y Ebitda growth (24.1% in Q2FY17).

Industry News
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