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Articles By HSBC

142 Articles

Maintain ‘buy’ on Tata Chemicals, target Rs 423

Tata Chemicals’ stock is up c16% from its recent low in February 2016 and we believe the market continues to see value.

Maintain ‘buy’ on Tata Chemicals, target Rs 423

Lowering target price on Emami to Rs 1,330: HSBC

Consolidated revenue/EBITDA grew by c21% and c30% y-o-y respectively which was slightly better than Bloomberg consensus expectations.

Lowering target price on Emami to Rs 1,330: HSBC

Hold rating on Dabur India; Dabur puts up a strong performance

However, health supplement biz continues to be a drag due to competition from Patanjali

Hold rating on Dabur India; Dabur puts up a strong performance

Greater provisioning takes its toll on Q4 profit

Higher stress guidance is likely to negatively affect the stock, particularly after the company’s positive Q3 guidance

Greater provisioning takes its toll on Q4 profit

Q4: A good quarter

Maruti reported a good Q4 with a realisation increase of 5% q-o-q and an Ebitda (earnings before interest taxes depreciation and amortisation) margin of 15.7%.

Q4: A good quarter

Reduce rating on Info Edge: Not the right way to enact the script

India has an exciting e-commerce story, with online retail growing 4.5x in the last three years. This has been fuelled by a mixture of structural factors (growth in data subscribers and smartphone penetration) and strong vent

Reduce rating on Info Edge: Not the right way to enact the script

We expect Grasim’s strong VSF earnings to continue

Grasim Industries is the flagship company of Aditya Birla Group with cement (75% of FY16e EBITDA), VSF (12%), and chemicals (11%) being its core businesses.

We expect Grasim’s strong VSF earnings to continue

Indian Diversified Financials: HFCs will continue to stand out

Established players like HDFC and LICHF are likely to gain from the steady growth in housing demand

Indian Diversified Financials: HFCs will continue to stand out

Maintain ‘reduce’ on Sobha Limited: HSBC

Sobha reported FY16 sales at 3.4msf, which were broadly in line with our estimate.

Maintain ‘reduce’ on Sobha Limited: HSBC

5% target by early 2017 within reach; 4% a year later not a trivial task

As expected the RBI delivered a 25bps rate cut on Tuesday and stuck to its "accommodative" forward guidance.

5% target by early 2017 within reach; 4% a year later not a trivial task

India Banks: Q4FY16 preview; Shift of market share to private banks to continue

Key things to watch out for in Q4 earnings: Higher stresses for banks which reported lower than peer AQR (asset quality review) related stress in Q3; higher treasury gains which could be used to buffer higher credit costs—

India Banks: Q4FY16 preview; Shift of market share to private banks to continue

Downgrade Sobha to ‘reduce’, TP Rs 220

Sobha’s key market, Bangalore, is in a difficult position. The city is facing pressure on absorption, which is down 16% YTD on a y-o-y basis.

Downgrade Sobha to ‘reduce’, TP Rs 220

Hold rating on Thermax: Hope for Thermax in times of despair

Thermax’s (TMX) primary product portfolio comprising Boilers, Heaters, Chillers and Captive Power Plants is heavily dependent on energy intensive manufacturing industries.

Hold rating on Thermax: Hope for Thermax in times of despair

‘Cautious’ on Reliance Comm, target price Rs 49: HSBC

Share price decline in our view has been driven by slower progress on tower monetization.

‘Cautious’ on Reliance Comm, target price Rs 49: HSBC

Recent jump in share price limits upside

Corporate actions will continue to be an overhang on Cairn’s stock

Recent jump in share price limits upside

Will US be the next China for JLR?—Part II

While a slowdown in the US is certain, the deceleration will be controlled in extent and not a hard landing

Will US be the next China for JLR?—Part II

Not as cheap as it appears

Deal with Jaiprakash Associates should enable Ultratech to further solidify its position in cement market though

Not as cheap as it appears

Buy rating on Tata Motors: Will the US be the next China for JLR?

China slowdown in 2015 and now US in 2016; shouldn’t be that bad this time round: US slowdown is key risk for JLR in the coming quarters.

Buy rating on Tata Motors: Will the US be the next China for JLR?

Buy rating on Hindalco: Q3; Better standalone, Novelis a tad short

Hindalco standalone Q3FY16 Ebitda (earnings before interest taxes depreciation and amortisation) of R6.2 bn (down c33% y-o-y, but flat q-o-q) was ahead of our and consensus expectations. Aluminium volumes improved 36% y-o-y a

Buy rating on Hindalco: Q3; Better standalone, Novelis a tad short

Sobha fair value target price Rs 310

Revenues were down 42% y-o-y largely as sales from existing projects remained weak and only part of Dream Acres reaching revenue recognition during the quarter.

Sobha fair value target price Rs 310

Maintain ‘buy’ on JSW Energy, target Rs 105: HSBC

EBITDA for Q3 increased by 22% y-o-y to Rs 11.9 billion while revenue was up by 11% y-o-y to Rs 26.5 billion. Higher revenue was supported by higher-than-expected realisation...

Maintain ‘buy’ on JSW Energy, target Rs 105: HSBC

Hold rating on Kotak Mahindra Bank; Integration on track in Q3

With a strong balance sheet and ample capital, KMB’s prospects are good

Hold rating on Kotak Mahindra Bank; Integration on track in Q3

Maintain ‘hold’ on Kotak bank, target Rs 666: HSBC

Kotak Mahindra Bank (KMB) is now in the final stages of fully integrating the operations of e-IVB (erstwhile ING Vysya Bank) with itself with the final pieces...

Maintain ‘hold’ on Kotak bank, target Rs 666: HSBC

Maintain ‘reduce’ on Zee Entertainment, target Rs 380: HSBC

Despite strong ad growth and margin expansion, we remain sceptical about the potential upside to the current share price as we believe markets have already priced...

Maintain ‘reduce’ on Zee Entertainment, target Rs 380: HSBC

Buy rating on Bharat Forge: 2016 to be year of consolidation

The year that was: Bharat Forge (BFL) made a strong start to 2015 with solid revenue growth coming from strong Class 8 truck orders and a robust order book from the oil and gas business.

Buy rating on Bharat Forge: 2016 to be year of consolidation

IT companies like TCS, Wipro, HCL Tech to see weak third quarter on Chennai floods

More important than the third quarter performance will be commentary on 2016 IT budgets and FY17 growth outlook based on contract signings (TCV) in the third quarter.

Fundamnetal picks by Sharekhan: TCS, Infosys among top picsk in IT sector News

Hold rating on Sun Pharma; Halol warning could delay recovery

Post issuance of the warning letter, approvals from Halol will continue to be withheld, which will impact future launches from the facility

Hold rating on Sun Pharma; Halol warning could delay recovery