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Articles By HSBC

203 Articles

Bajaj Finance rating ‘buy; Correction the sharpest in the past decade

Despite near-term impact, growth story remains intact; FY21-22 EPS cut by average 20%; TP down to Rs 3,750.

We believe this macro event will likely further strengthen BAF’s dominance in the retail loan segment.

Analyst Corner: Apollo Hospitals rating ‘buy’; performance to be hit in the near term

FY20/21/22e Ebitda down 4.1/15.1/4.5%; TP cut to Rs 1,550; ‘Buy’ maintained.

Mahindra & Mahindra Rating: Buy, Market is undervaluing the business, says HSBC

Multiple potential triggers could yield substantial returns; given challenges, TP reduced to Rs 500 from Rs 770; ‘Buy’ maintained.

Analyst Corner: HCL Technologies rating – ‘buy’; Core business likely to normalise in near term

While some effect of COVID-19 is expected in Q4, Q1FY21 may face material impact; ‘Buy’ retained with TP of Rs 650.

Analyst Corner, HCL Technologies rating, HCLT management, COVID-19, P&P business, HCLT’s balance sheet

Reliance Industries Rating: ‘Buy’; Underperformance a buying opportunity

Fears of a large change in estimates are overdone; FY21/22e EPS down 8/5% due to lower downstream margins; TP cut to Rs 1,740

RIL’s chemical product portfolio is well diversified with feedstock flexibility placing it on the lower end of the global cost curve.

Analyst Corner: Phoenix Mills rating ‘buy’; Company has moved ahead on all fronts

Prospects for existing and under-construction malls is bright; TP raised to Rs 1,110.

Analyst Corner, Phoenix Mills, DCF methodology, Pre leasing momentum, Investment

Analyst Corner: Cipla rating ‘hold’; FDA move on Goa plant a dampener

While we earlier liked Cipla for its stable outlook in focus markets, India and South Africa, we now believe it will be a tall order for Cipla to turn around US sales that are required to improve profitability

Goa is Cipla’s key plant for the US market that attributed 25-30% of its US sales in FY19 and accounts for c33% of pending 87 ANDAs.

Analyst Corner: LTI Deal win momentum remains strong; TP at Rs 2,100

L&T InfoTech’s Q2FY19 revenues came in below street expectation with constant currency growth of 3.5% and reported revenues of 2.7% (versus street expectation of 4.0% in cc terms).

Market seeking more clarity on method for valuing Fortis, Manipal

On 27 March 2018 the Board of Fortis Healthcare (FHL) approved the demerger from and sale of its hospital business to Manipal Hospitals, a private hospital group.

Fortis, Manipal, Fortis Manipal merger, markets, Religare Health Trust

Goa Form483 is not a serious event

Cipla the preferred pick in challenging environment, on a comfortable India and EM base and strong US growth outlook

CIPLA, US market, ANDA, FDA, Cipla, FDA audit, US sales, US growth

Avenue supermarts rated buy by HSBC

Earnings estimates for FY18-20 raised 15-30%; Upgraded to ‘Buy’; TP rises to Rs 1,600 from Rs 900 with rollover to Jan, 2018

Avenue supermarts, HSBC, economy, india

Dalmia Bharat rated buy as its growth momentum is still intact

DBEL reported volumes of 7.6mt for 1HFY18, up 6.3% y-o-y. Although volume growth was significantly lower compared with c20% y-o-y growth in FY16 and FY17, industry outperformance continued.

Dalmia Bharat, DBEL rated buy, Ebitda ratio, Murli Industries, Binani Cement,ACC, ACEM, CAGR, DBEL assets

HSBC rates Jubilant Foodworks stock as ‘Hold’, pegs TP at Rs 1640

Jubilant stock has had an impressive run this year, with the stock price nearly doubling year-to-date in 2017.

Jubilant stocks, HSBC, Foodworks

Wipro stock: HSBC has this to say after IT major underperforms peers

Wipro has outperformed peers within the BFSI vertical with double-digit revenue growth (14% y-o-y in 2Q18) and strong deal wins. The recovery in IT spending by some of its banking clients (for which Wipro has a larger presen

Wipro stock, HSBC, Wipro, IT major, HSBC Asia Investor Conference

Motherson Sumi stock tagged as Buy by HSBC, price target Rs 365; key risk is slowdown in global car market

Discussions on Motherson Sumi are often focused on the domestic wiring harness business, its larger subsidiaries SMP, SMR and now PKC. But it has a total of 134 subsidiaries and 6 joint ventures (JV).

motherson sumi, motherson sumi stock rating, hsbc stock ratings 

HSBC rates TCS stock as Hold, flags rupee as a concern

Company confident of demand picking up; while it has ability to drive through tech cycles, high base and valuations limit upside.

TCS, HSBC, TCS CFO V Ramakrishnan

Phoenix Mills rated Buy; HSBC says ready for next leg of growth

Business momentum on the retail side remained strong for Phoenix Mills’ main malls with overall consumption growing by 19% (partly benefiting from pre-GST sales) and rental income by 17%.

Business, Phoenix Mills, GST sales, rental income

Ultratech Cement stock rated Reduce; HSBC says valuation too high vis a vis past record

FY18/19 Ebitda estimates down 11/7%; valuation too high vis-a-vis past record

Ultratech Cement, Ultratech, HSBC

Car industry set to enter strong long-term growth: HSBC

India’s car industry appears to be at an inflection point. Car sales tend to accelerate after the penetration rate passes 20-25 cars per 1,000 people – the point where India is now.

car industry, car industry india, Maruti, HSBC, CAGR, car industry Japan, car industry Korea, China

HSBC rates Idea Cellular as ‘Reduce’, says leveraged balance sheet is a dampener

The Aditya Birla Group will hold the rights to acquire an additional 9.5% stake from Vodafone within 3 years post completion.

HSBC retains ‘Buy’ on Dhanuka Agritech; target price of Rs 857

In a recent earnings call, the company’s management indicated that its working capital will look stretched at FY18-end.

Maintain reduce on Zee Entertainment, target price Rs 436

The media regulator has is- sued draft tariff guidelines that will be applicable from April 2017 onwards.

Maintain reduce on Zee Entertainment, target price Rs 436

Maruti Suzuki gets ‘Hold’ rating; HSBC expects a strong Q2 preview

We expect Maruti to report a strong Q2, reporting margin expansion of 90-100 bps q-o-q. While YEN is adverse, the impact will not be significant and more than offset by operating-leverage, pricing increase and better mix. (i)

Maruti Suzuki gets ‘Hold’ rating; HSBC expects a strong Q2 preview

Here’s what will likely result in a better quarter for Indian banks

Q2FY17 is likely to be a better quarter for banks compared to the past three quarters, given two main drivers—the rally in bonds and slower monetary transmission.

Here’s what will likely result in a better quarter for Indian banks

IDFC Bank gets ‘Buy’ rating; HSBC says new bank should be able to create profitable biz

New banks are a rare breed in India. IDFC Bank (IDFCBK), carved out of its parent, infrastructure lender IDFC Ltd, a year ago, starts life with a distinct set of advantages and disadvantages.

IDFC Bank gets ‘Buy’ rating; HSBC says new bank should be able to create profitable biz

Tata Motors gets ‘Buy’ rating from HSBC; 4 reasons why

What the implications of growing acceptance/prospects of EVs (Electric vehicles) on JLR are is one of the most frequent questions we hear from investors.

HSBC says stay cautious on Bharti Infratel; target price Rs 315

In our view the market seems to be pricing an accelerated deployment of 4G by incumbent telcos post Jio 4G rollout early this month.

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