Edelweiss

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

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
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