Edelweiss

Essel Propack performance to bounce back: Edelweiss

Essel Propack’s (EPL) consolidated Q1FY18 revenue at `560 crore rose 6% with 12.3% y-o-y constant currency growth. AMESA growth was muted despite strong performance in Egypt.

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DLF stock rated HOLD by Edelweiss as operational issues cast shadow on Q1

DLF’s Q1FY18 residential new sales were severely impacted as beginning May 2017 it had halted sales across projects citing RERA compliance.

Markets News

Buy on Deepak Fertilizers shares retained by Edelweiss, TP hiked to Rs 43

Deepak Fertiliser’s Q1FY18 consolidated sales, at Rs 12.8 billion, 20% plus y-o-y, surpassed estimates, but PAT of Rs 374 million, -17% y-o-y, disappointed owing to decline in chemical profitability.

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Cipla stock rated ‘Hold’ by Edelweiss, says macro environment challenging

Cipla’s Q1FY18 revenue fell 3% y-o-y due to 13% dip in India business, where GST-led inventory destocking impacted revenue.

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Sun TV shares: Edelweiss maintains ‘Buy’ rating with Rs 1,024 target price

Key positives: ~29.7% y-o-y spurt in cable subscription aided by catch-up revenue; 9.4% y-o-y jump in DTH subscription; and IPL losses were stable at Rs 224, Rs 241 million in FY17, even though Sun TV lost the IPL series in F

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Whirlpool rated ‘Buy’, passes GST hurdle

Whirlpool of India posted in-line Q1FY18 numbers with 15% and 11% revenue and Ebitda spurt.

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SRF stock: Edelweiss rates ‘hold’ as chemical business is slower; TP Rs 1598

SRF posted another disappointing quarter with Q1FY18 revenue/ EBITDA/ PAT declining 6%/32%/37% y-o-y to Rs 12.9/2/1 billion on poor performance by chemical segment.

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ICRA’s Q1 revenue dips 20 pct due to sale of IT business: Edelweiss

ICRA’s Q1FY18 revenue dipped 20% due to sale of IT business; excluding which, revenue grew 5%. Ratings segment jumped a strong 9%, led by robust 17% surge in the profitable debt segment and negligible exposure to the SME se

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Thermax stock: Edelweiss recommends ‘reduce’ with target price of Rs 600

Thermax (TMX) posted tepid Q1FY18 numbers due to top line disruption and weak operating margin.

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Nagarjuna Construction rated BUY by Edelweiss

Nagarjuna Construction (NCC) reported 6% y-o-y top-line growth for Q1FY18 to Rs 20.1 billion against estimated Rs 19.8 billion. With EBITDA margin declining ~20bps y-o-y, adjusted PAT at Rs 510 million dipped 2.5% y-o-y.

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Fortis gets BUY rating by Edelweiss

Fortis Healthcare rebounded with good Q1FY18 numbers post being impacted by demonetisation in previous quarter.

Industry News

Resilient showing: Siemens reported 22% revenue growth for Q3FY17

For 9MFY17, SIEM’s order intake grew 25% led by certain big ticket size contracts.

Industry News

Bharat Electronics gets BUY rating by Edelweiss due to high growth trajectory

BEL expected to post ~19% revenue CAGR over FY17/19; earnings estimates for FY18/19e up ~2.5/4% owing to execution surprise.

Industry News

Edelweiss on PNB: Maintain ‘buy’ with target price of Rs 180

Punjab National Bank’s (PNB) Q1FY18 PAT at Rs 3.4 billion surpassed estimate due to higher treasury income.

Banking & Finance News

Retain ‘buy’ on Tech Mahindra with revised TP of Rs 546

Tech Mahindra’s Q1FY18 revenue at $1,138 million, up 0.6% q-o-q, down 0.6% CC and margin at 12.7% were ahead of Street’s estimates on account of improvement in efficiency and LCC.

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Hero Motocorp stock gets HOLD rating from Edelweiss, says price hikes boost margins

While Hero should gain from rural demand revival, structural concerns persist due to demand shifting to scooters and premium bikes

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ITC shares rated ‘Hold’ by Edelweiss with Rs 304 target price

ITC’s Q1FY18 revenue dip of 1% y-o-y and EBITDA & PAT growth of 6.2% and 7.4% y-o-y, respectively, came in line with our estimates. Amidst GST-related destocking, cigarette and FMCG businesses clocked decent growth.

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Just Dial stock rated ‘Reduce’ by Edelweiss, says Google rivalry will be costly

Just Dial’s reported revenue of Rs 1.9 bn for Q1FY18 moved up 7.8% y-o-y versus Street’s 6.6% estimate, as JD hiked prices in certain cities. Ebitda margin fell by 60 bps q-o-q to 17.1%, but surpassed Street’s 15.7% est

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Maintain ‘hold’ on Crisil with target price of Rs 2,068

Crisil’s 8.6% y-o-y revenue and 13.4% EBITDA growth in Q2CY17 came below estimates due to miss in research segment.

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MCX of India stock rating: Edelweiss says ‘Buy’ as signs of green shoots augur well

Initial signs of operating leverage benefits were visible in Q1FY18 and benefits will be more prominent when volumes see an uptick in FY19. Volumes can possibly grow upwards of 30% in FY19, leading to a spurt in earnings

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Indraprastha Gas stock rated ‘Buy’ by Edelweiss, says Gurugram foray promising

Sustainable high-growth outlook; EPS CAGR of 14% estimated over FY17-20

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Edelweiss maintains ‘Buy’ on Havells India, pegs target price at Rs 564

Havells India missed Q1FY18 sales/ebitda by a huge margin— 22%/35% — due to multiple factors.

Edelweiss , Havells India News

ACC stock gets rated ‘Buy’ by Edelweiss, says target price revised to Rs 1914

Investors in ACC have reason to cheer as volume posted double digit growth in Q2CY17, up 10% y-o-y, after a gap of >5 years and is set for ~10% jump in CY17, on low base of ~9% dip in H2CY16.

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‘Hold’ on HDFC; target price at Rs 1,593

To capitalise on government’s thrust on affordable housing, HDFC has positioned itself well in the market through “HDFC Reach” home loans, targeting customers from the middle-income group (MIG) category. Consequently, i

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GST impact on pharma: India sales will face the brunt, says Edelweiss

Pharma sector’s Q1FY18 revenue is expected to remain flat y-o-y on last year’s high base consisting gGleevec and gGlumetza in US. However, EBITDA and PAT are expected to decline 16% and 26%, respectively, as sharp rupee a

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Titan stock rated ‘Buy’ by Edelweiss, says prospects are bright

Our recent interaction with Titan Company’s (Titan) management and visit to Taneira store (saree venture) in Bengaluru reinforce our confidence in the company’s bright prospects.

Titan stock rated 'Buy' by Edelweiss, says prospects are bright News

GST impact on consumer goods: Edelweiss says businesses will be back to normal in Q2

The Edelweiss consumer goods pack’s revenue, EBITDA and PAT growth is likely to slow down to 2.2%, 2.2% and 2.0% y-o-y, respectively, in Q1FY18.

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