Edelweiss

Exide Industries stock rating: Buy says Edelweiss; Strong showing despite cost pressure in Q4

Post a demonetisation and GST hit Q1FY18, Exide’s business momentum has perked up significantly—net sales jumped a strong 26% y-o-y in Q4FY18 (up 33% in Q3FY18, 22% in Q2FY18) driven by volume improvement in automotive, m

exide industries, exide industries stock, exide industries revenue growth News

Edelweiss says Maintain ‘buy’ on PVR with target price of Rs 1,695

Though PVR had guided for 67 new screens in FY18, delays in mall completion and regulatory approvals resulted in only 49 additions.

PVR, PVR share, edelweiss News

Tejas Networks rating ‘buy’: Edelweiss predicts a weak final quarter for the company

While outlook’s better for FY19, FY19/20e revenue and earnings estimates cut 17.2/14.6% and 20.7/15.7%; TP revised to Rs 396 from Rs 530.

Tejas Networks, tejas News

Maintain ‘hold’ on Idea Cellular with TP at Rs 78

Idea Cellular (Idea) reported weak revenue, but better profitability. We believe, Idea and Vodafone’s data capacity utilisation at 78% is high and they will have to accelerate capacity expansion.

idea, idea volte, idea 4g News

Bharat Electronics: A good bet post recent price plunge

Medium- to long-term growth/competitive profile intact despite investor worries; TP revised to Rs 185.

In our view, post the recent 30% plunge in stock price, Bharat Electronics (BHE) offers a long-term investment opportunity notwithstanding growing investor discomfort regards falling margins and new order delays. News

Maintain ‘buy’ on Ashok Leyland with TP of Rs 175

Given the decisive shift in the industry’s product mix and AL, margin can surprise on the upside once the heightened competitive intensity and commodity cost headwinds subside. Maintain ‘BUY’.

Management reiterated focus on profitable market share and key performance matrix of market share, margin and working capital. News

Maintain ‘buy’ on HDFC Bank with TP of Rs 2,454

HDFC Bank’s Q4FY18 earnings sustained 20% YoY growth momentum but core operating profit growth was softer—up <25% versus 30% plus over the past couple of quarters.

HDFC Bank, HDFC Bank q4, YoY growth, NII growth, CAGR, gst News

Maintain ‘buy’ on Vedanta with target price of Rs 425

We view Vedanta’s (VEDL) acquisition of Electrosteel Steels (ELSS) as value accretive in the near term as: i) EV/t of $546 is significantly lower compared to recent transactions; ii) EBITDA/t accretion potential via captive

Vedanta, VEDL, EBITDA, ELSS,  Vedanta Resources, Jharkhand News

Finolex Cables Rating ‘Buy’: Edelweiss says reasonable growth lies ahead

Notwithstanding the real estate slow-down, we expect 15/20% earnings/OCF growth over FY17-20 on strong growth in non-housing segments.

finolex cables, finolex cables stock, finolex cables growth News

Banks with corporate focus likely to see muted Q4

As the VUCA phase will weigh on valuations of corporate-focused banks, we cut valuation multiple across corporate lenders by 10-20% and, consequently, revise down TPs in similar range. Prefer HDFC Bank and Yes Bank.

Banks, VUCA, HDFC Bank, Yes Bank, RBI, NBFC, NCLT  News

Initiate ‘buy’ on Future Consumer with TP of Rs 77

FCL has its finger on the pulse of evolving trends in consumer tastes and preferences. To play these themes, the company is not only expanding existing categories via differentiated offerings, but also launching innovative pr

Initiate, buy, Future Consumer, EBITDA, FMCG market, BUY, FCL News

Softer refining may prove a drag in final quarter

As the VUCA phase will weigh on valuations of corporate-focused banks, we cut valuation multiple across corporate lenders by 10-20% and, consequently, revise down TPs in similar range. Prefer HDFC Bank and Yes Bank.

NCLT, Softer refining, VUCA, RBI, HDFC Bank, Yes Bank News

Initiate with ‘buy’ on Future Consumer with TP of Rs 77

Factoring these, we estimate FCL to clock revenue CAGR of 42.5% and EBITDA margin to expand by 379bps over FY17-20. Initiate coverage with ‘BUY’ and DCF-based TP of Rs 77.

Future Consumer, FCL, FMCG market, Future Retail, EBITDA  News

SpiceJet rating: Prospects of growth are robust

Soaring crude price notwithstanding, the company has maintained healthy earnings momentum as yields rose 7% YTD and traffic surged a robust 22%.

spicejet, spice jet, spicejet prices, Kiran Koteshwar,  News

Marico rating ‘buy’: Edelweiss says prospects bright for company

Domestic growth to be steered by several catalysts; margin pressures are likely to ebb from H2FY19; ‘Buy’ retained with TP at Rs 373

Edelweiss, marico rating News

NBCC Rating hold: Monetisation of real estate will be key

NBCC management, during our recent interaction, reiterated its focus on execution of its Rs 800 bn order book (13x TTM revenue). The company has tendered out Rs 100 bn projects in the past six months and expects to maintain s

NBCC, PMC EBIT margins, CAGR, irrigation project, Uttarakhand, Uttar Pradesh, Maharashtra News

Ashok Leyland stocks: Edelweiss rates ‘buy’, says most headwinds are a thing of the past

Ashok Leyland (AL) has been our top pick since Jan 2017 driven by a combination of company-specific drivers and top-down demand view. M&HCV demand remains stronger than expected warranting an upgrade in FY19e volumes.

Ashok Leyland stocks, Ashok Leyland, Edelweiss, demand, GST, investment, capex News

Ready for the future with new strategies

Hindustan Unilever is getting future·ready by inculcating a growth mind·set and enriching capabilities.

sanjiv mehta, hul india, sanjiv mehta hul, takeaways hul News

Investment alert: Edelweiss rates DLF ‘buy’ as improvement in operations continues

Company is on an upward trajectory; restart of sales is likely to aid cash flows; deleveraging process to ease access to and cost of capital.

dlf, real estate sector, economy, NCR residential segment News

Maintain ‘buy’ on Adani Ports and SEZ with TP at Rs 490

Our recent visit to Adani Ports SEZ’s (APSEZ) flagship ‘Mundra’ port where we interacted with top management left us enthused about the company’s long-term growth prospects.

Adani Ports SEZ, Mundra port, Private Freight terminals, Railway transportation, PSA terminal, EBITDA News

Edelwiess gives Welspun India ‘Buy’ Rating: Headwinds stymie growth again

WLSI’S product category remains relatively insulated from this shift. Ergo, they remain confident of double digit revenue growth in FY19.

welspun india, welspun india revenue, welspun india rating, welspun india stock News

Edelwiss rates Tata Steel ‘Buy’, says asset buys will not be a drag

Numero uno position comes at seemingly expensive valuation… We perceive high probability of TSL doubling its capacity by FY22 if it is successful in acquiring Bhushan Steel and Bhushan Power & Steel, enabling it to become t

tata steel, tata steel rating, tata steel stock, bhusan steel, bhusan power and steel News

Edelwiss rates Zuari Agro Chemicals as ‘buy’, says quarter saw yet another strong performance

ZAC’s (standalone) performance continued to remain strong with revenue jumping 46% y-o-y to Rs 14.3 bn (29% above estimate) driven by 49% spurt in sale volume (production volumes up 9% y-o-y).

zuari agro chemicals, ZAC stocks, ZAC performance, ebitda, ZAC stock rating News

‘Buy’ on Carborundum Universal with TP of Rs 426

Carborundum Universal’s (CUMI) Q3FY18 consolidated revenue grew 16% y-o-y led by volume growth across segments.

Carborundum Universal, NTK Cylinders, Japan, South African entities, PAT CAGR, electro minerals, electrominerals sales growth, ceramics, Metz Cylinders News

Q3 results broadly met estimates

Company’s focus on retail penetration and sales network augurs well; FY18e PAT cut 8%; ‘Buy’ retained

Asian Granito, Ebitda margin, domestic tile industry, PAT CAGR, Asian Granito India, GSPC, Ebitda growth News

Maintain ‘buy’ on Dhanuka Agritech with TP of `861

Dhanuka Agritech’s (DAL) Q3FY18 revenue at `2.2 billion (up 5% YoY; 7% volume growth) came 5% below estimate as low crop prices, erratic monsoon and GST impacted performance.

Industry News

Punjab National Bank gets ‘buy’ tag from Edelweiss, TP down to Rs 236 from Rs 256

Fresh slippages curtailed even as business momentum improved; FY18/19e EPS cut 40/8% due to Q3 showing; TP down to Rs 236 from Rs 256.

Punjab National Bank, Punjab National Bank gets buy, PNB buy tag, Punjab National Bank buy tag, Edelweiss News
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