Edelweiss

Inflection point? Edelweiss maintains ‘Buy’ on Apollo Hospitals with TP of Rs 1540

Apollo Hospitals’ (APHS) past 5 years’ declining margin trajectory is set for an inflection point in FY18 riding strong ramp up—70% utilisation of 100 beds—of its Navi Mumbai facility.

India News

Edelweiss maintains ‘Buy’ on Arvind, revises TP to Rs 493

Arvind’s Q4FY17 revenue, at Rs 24.7 billion (up 10% y-o-y), came in line with estimate driven by 8% and 22% growth in Textiles and Brand & Retail (B&R), respectively.

Markets News

Maintain ‘buy’ on Aditya Birla Fashion; TP of Rs 200

Aditya Birla Fashion and Retail’s (ABFRL) 12.5% y-o-y revenue growth came in line with estimate, while Ebitda spurt of 30.7% and PAT at Rs 21.8 crore surpassed estimates.

Industry News

Edelweiss rates NMDC as ‘Hold’ says headwinds on horizon

Sharp fall in global iron ore prices likely to pressure volumes and realisation; while stock’s valued in line with global peers, it is at higher end of trading range.

Economy News

Edelweiss rates Hero MotorCorp as ‘Hold’, pegs TP at Rs 3,585

Hero MotoCorp’s (HMCL) Q4FY17 EBITDA at Rs 9.6 billion (down 20% y-o-y) came 9% below estimate due to gross margin miss (higher-than-expected commodity pressure).

Automobiles_NOT_IN_USE News

Edelweiss maintains ‘Buy’ on J Kumar Infraprojects; TP at Rs 416

We visited J Kumar Infraprojects’ (JKIL) JNPT and Mumbai Metro projects’ work sites to gain insights into the pace of execution.

Markets News

Edelweiss rates Shriram City Union finance as ‘Buy’, says trends encouraging

While NPL transition cast its shadow, growth recovered after note ban low; trends encouraging

Markets News

Edelweiss downgrades Godrej Properties to ‘Hold’; TP at Rs 520

We see robust operations for Godrej Properties going ahead given its new project pipeline, ability to leverage its brand name to augment its project portfolio and geographic diversification.

Markets News

Edelweiss rates Dabur as ‘Buy’ says domestic business is on road to recovery

Dabur India’s Q4FY17 revenue came in line, while Ebitda and PAT surpassed estimates led by better than expected margin.

Money News

UltraTech rated ‘Buy’, Edelweiss says ‘Q4 numbers spring surprise

Management is cautiously optimistic on the affordable house segment and believes it entails significant potential to drive the nascent demand recovery well into the medium term.

UltraTech, UltraTech’s Q4 FY17, Edelweiss, UltraTech rated Buy, UTCL, MNC subsidiaries, EBITDA, EPS CAGR News

Indiabulls Housing Finance rated ‘Buy’ by Edelweiss on yet another strong performance

Though asset quality remained benign, provisions seem optically higher as IHFL used the DTA benefit to make prudent provisions. Cut in lending rates weighed on NIMs which restricted NII growth to sub-20%.

Indiabulls Housing Finance, DTA benefit, growth momentum, home loan, GNPAs, NII growth, CRISIL, Smart City Home Loans, eHome Loans News

Mahindra and Mahindra Financial Services rated ‘Hold’ by Edelweiss, says healthy revenues was the silver lining

Mahindra & Mahindra Financial Services’ Q4FY17 PAT at `2.3 bn came lower than estimate on higher provisions.

Industry News

‘Hold’ on Hexaware with a revised TP of Rs 212

Hexaware Technologies’ (Hexaware) Q1CY17 revenue, at $144.7million, grew 4.2% q-o-q (up 4.0% CC) and surpassed Street’s 1.0% growth forecast.

Markets News

‘Buy’ on Hindustan Zinc with taget price of Rs 337

EBITDA exceeded consensus estimates owing to better than expected zinc and lead sales volumes.

Markets News

‘Buy’ on Cyient with a revised TP of Rs 605

Cyient's Q4FY17 revenue, at $141.0 million (up 3.8% q-o-q), was ahead of Street's 3.2% growth estimate.

Markets News

Edelweiss rates Bajaj Corp as ‘Hold’ says mixed results in aftermath of note ban

Bajaj Corp reported in-line Q4FY17 revenue and Ebitda, while PAT came below estimates (down 2.9% y-o-y) impacted by lower than expected other income.

Industry News

Edelweiss puts ‘Buy’ on IndusInd Bank, target price at Rs 1560

IndusInd Bank’s (IIB) Q4FY17 operating performance held it in good stead,with core operating profit moving up >30% y-o-y.

Markets News

Edelweiss puts ‘Buy’ rating on Ashok Leyland, says handling BS-IV well

This, along with focus on widening product basket and distribution reach, will propel high margin/RoE.

Industry News

Infrastructure: Railways clocked best-ever numbers in some segments; road projects too, says Edelweiss

Broad Gauge (BG) line commissioning at 2,855 km in FY17 was the highest ever; so was electrification of 2,013 km of lines in FY17 (up 16% y-o-y).

Economy News

Edelweiss rates Unilever as ‘Hold’ with target price of Rs 935

Akin to its parent, HUL has initiated a Zero Based Budgeting (ZBB) cost saving programme, which is bound to sharpen cost focus.

Unilever, Paul Polman, Kraft Heinz, United Kingdom, Theresa May News

‘Buy’ rating on Power Finance Corp, TP at Rs 190

We had been skeptical of the risks to Power Finance Corporation’s (PFC) near- to medium-term earnings following implementation of UDAY.

Markets News

Valuations, EPS growth are concerns for investors comforted by long-term investments

Economic Activity saw small improvement in February led by foreign trade and consumer indicators — especially Autos. Activity Index growth 3m m.a. improved to 0.8% vs 0.3% in Jan.

Economic Activity, consumer indicators, Activity Index growth, Electricity, Oil, 2W, Coal offtake, Oil consumption, FII News

Mahindra and Mahindra rated ‘Buy’; Edelweiss says UV launches to be make-or-break event

At its recent analyst meet, Mahindra & Mahindra (M&M) Managing Director, Dr Pawan Goenka and senior management enunciated the group’s long-term strategy.

Mahindra & Mahindra, Pawan Goenka, Emission norm changes, digitisation, consumer preferences, UV product portfolio, globalisation, farm equipment business, Automotive, Electric vehicles, tractors, drones, IOT News

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
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