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Articles By HSBC

251 Articles

Analyst Corner — DLF: Maintain ‘hold’, increase TP to Rs 280

We expect this to be a medium-term drag on the stock as new net leasing will likely be slow in the medium term.

With new launches planned again, we will need to monitor positive cash flow generation. However, the elevation of the Group CFO to the CEO role gives us more confidence on the cash flow focus.

Analyst Corner | HCL Tech: Maintain ‘hold’ with SOTP of Rs 150

GAIL's EBITDA came in 10% below JEFe on a large miss in the trading segment even as the petrochemical segment came in ahead of JEFe. Lower than expected depreciation and higher other income helped PAT beat JEFe by 4%.

HCL Technologies

Sun Pharmaceuticals rating – Buy: One-offs impacted the bottomline in Q4

Steady progress in sales of specialty products; the momentum is likely to be sustained; ‘Buy’ retained with TP raised to Rs 815

Shree Cement rating – Hold: Results were in line with expectations

Margin pressure is likely to continue; FY22/23e Ebitda down c3%; ‘Hold’ retained as valuations are rich; TP revised to Rs 27,500

Indeed, as evident in FY21, Shree reported volume growth of 10% vs a decline for industry while its Ebitda/tonne growth of 1% y-o-y was subpar.

Titan: Retain ‘buy’ with TP of Rs 1,800; stock up 79% last year

The Bureau of Indian Standards (BIS) has been running a hallmarking scheme since 2000 and nearly 40% of jewellery sold in India is currently hallmarked.

Analyst Corner: Maintain ‘buy’ on Tata Motors with TP at Rs 380

Considering the uncertainty in 1H FY22 given semiconductor availability plus the commodity and currency headwinds, the guidance was encouraging.

tata motors

Analyst Corner: Retain ‘Reduce’ InterGlobe Aviation with Rs 1,200 TP

April-June is usually the busiest quarter when the industry earns 45-50% of full-year profit, which will be wiped out this year.

Analyst Corner: Maintain ‘buy’ on Cipla, raise TP to Rs 1,065

US on a steady growth path; sizeable launches lined up in FY23: Cipla continues to see strong traction for its gProventil (albuterol inhaler) launch in the US where it has garnered 13.2% volume share. 4Q US sales at $138 m de

Shares of Cipla closed at Rs 946.40 per scrip on BSE, down 0.29 per cent from its previous close.

Avenue Supermarts rating – Buy: Earnings were ahead of estimates by wide margin

Business model remains formidable; growth likely to rebound once Covid recedes; estimates cut; TP revised to Rs 3,430; ‘Buy’ maintained

Overall a strong performance, one that again highlights DMART’s business model has remained formidable despite the disruptions of FY21.

Analyst Corner: Voltas – Medium-term forecasts remain unchanged, so is TP

Room AC segment revenue grew 20% y-o-y and Voltas's market share in the segment at multi brand outlets improved to 25.6% (year to date Feb 2021) from 24.2% in same period last year.

We expect swift and reasonably robust demand recovery for the room AC industry once lockdown restrictions ease, considering low penetration and demand composition.

Ultratech Cement rating – Buy: A strong performance by firm in Q4FY21

Volume growth of 5% y-y in FY21 well ahead of the industry; FY22/23e Ebitda up 1/2%; TP raised to Rs 7,900; ‘Buy’ maintained

UltraTech is on track to add 19MTPA capacity over the next two years and has a strong balance sheet– enabling it to consolidate share further.

Dabur India: Downgrade to ‘hold’ with new TP of Rs 580

We continue to see Dabur as the key beneficiary of the wave of naturals and Ayurveda and Dabur is also driving growth by improving its distribution, direct reach and strengthening its business in regions where its presence is

HDFC rating – Buy: Healthy showing by the company in Q4

Asset quality remained largely stable; FY22/23e EPS down 7% given Covid challenge; TP revised to Rs 2,900; ‘Buy’ maintained

Kotak Mahindra Bank Rating: Reduce- Treasury gains offset impact of provisions

Stress on B/S moderated; RoEs are likely to remain subdued over FY22-23e; ‘Reduce’ retained with unchanged TP of Rs 1,450

While mortgage loans (up 13% y-o-y; 24% of loans) and Agri loans (up 15% y-o-y; 15% of loans) increased, corporate loans (flat y-o-y; 35% of loans) and retail (down 5% y-o-y; 16% of loans) dragged loan book growth.

Hindustan Unilever rating – Buy: Q4 performance was ahead of expectations

Strong growth phase seems in the offing; valuations are appealing; TP up to Rs 3,000 from Rs 2,900; ‘Buy’ retained

Bajaj Finance rating – Buy: Balance sheet is back in good shape

Results missed expectations, but firm ready to weather uncertainties; FY22/23e EPS down 4%; TP cut to Rs 6,375

Embassy REIT: Maintain ‘buy’, lower TP to Rs 380

EOP has simplified the holding structure of Manyata (MPPL) SPV, which has resulted in an improved share of distribution in the form of dividends, resulting in 78% of the distribution now being tax-free for unitholders vs 55%

TVS Motors TP raised to Rs 650 on margin performance

Scaling new heights. TVS's margin performance has surprised the Street positively for the fourth consecutive quarter, with EBITDA margins of 10.1% in 4Q FY21 (vs Street expectation of 8.5%). The double-digit milestone was ach

Positively, strong FCF generation in FY21 resulted in a net debt reduction of Rs 14.5bn.

Glenmark Pharma Rating ‘Hold’; subsidiary’s IPO could unlock value for company

However, many unknowns remain for API biz; IPO proceeds could help cut debt; ‘Hold’ retained given need for better execution

However, many unknowns remain for the API business given the recent strong performance was driven by COVID-19-led higher demand and customer stocking to a large extent, in our view.

Infosys Rating: Buy – A weak quarter for company in relative terms

Strong growth expectation of 14-15% for FY22e stays intact; FY22e EPS up 1% to factor in INR fall; ‘Buy’ retained with TP of Rs 1,590

Consequently, we think the Q1FY22e results will be the key trigger and provide some visibility on the sustainability of the recent upcycle.

Analyst Corner: Downgrade Eicher Motors to ‘hold’ with TP at Rs 2,600

Eicher stock has performed well in the past one year, up 90% since its Covid-19 trough (April 2020). This has been driven by a creditworthy business performance.

eicher

Maruti Suzuki Rating: Buy; HSBC says market share loss in FY21 was contained

Margins likely to remain weak in Q4; FY22 is expected to be strong; new launches will be key; ‘Buy’ maintained

A positive for Maruti is that competition has peaked of late and we think it is unlikely to increase further materially.

Avenue Supermarts rating – Buy: Pricing edge over online players is intact

Q4 expected to be better than Q3; business model remains a winning one; ‘Buy’ rating retained with target price of Rs 3,500

DMart, Radhakishan Damani

Voltas Rating ‘Buy’; Firm’s the best play on room AC industry

FY22-23 earnings cut by 1-4%; TP revised to Rs 1,185; upgraded to ‘Buy’ rating

With a strong recovery in secondary sales in recent months, an early onset of the summer season and considering the composition of room AC demand, we expect the room AC industry to grow ~53% in CY21e (2-year CAGR = ~7%).

Titan company rating – Buy: Very strong growth likely in near term

Momentum in jewellery sales expected to be maintained; valuations are within reasonable bounds; ‘Buy’ retained

While the stock has corrected from its recent peak, we retain Buy rating on Titan.

BPCL divestment making progress; ‘Buy’ retained on OMCs given low valuations

Oil & Gas: Healthy retail margins augur well

The winter storm has caused power blackouts and brought many refiners and petrochemicals plants offline.

APSEZ Rating: buy: Deals boost prospects of mkt dominance

Buy of Gangavaram port and rail asset likely to be accretive; FY22/23 PAT up 7%; TP raised to Rs 810 from Rs 660; ‘Buy’ maintained

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