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ICICI Securities

Articles By ICICI Securities

311 Articles

Maintain ‘buy’ on Sunteck Realty; target price at Rs 541

Sunteck Realty’s (SRIN) Q2FY19 operating performance was boosted by the launch of the Westworld affordable housing project at Naigaon in Mumbai’s extended western suburbs during the quarter.

Maintain ‘buy’ on CESC with target price of Rs 881

Calcutta Electric Supply Corporation (CESC) reported better than expected numbers for Q2FY19, with revenues up 7.6% year-on-year to Rs 22.6 billion — 1.6% better than our estimate.

CESC, calcutta electric supply, electricity news, CESC news

KEC International rated ‘add’; Debt up owing to working capital stress

Showing in Q2 was healthy; earnings revised with a downgrade to ‘Add’; TP cut to Rs 309 from Rs 367.

kec, kec international

Analyst Corner: Retain ‘add’ on Prabhat Dairy, revised target price Rs 116

Though the value creation will be curtailed, 30% fall in stock price over past 3 months offers comfort on valuations. Hence, we retain ‘add’ rating on the stock with revised target price of Rs 116 (15x FY20E).

DLF rated ‘buy’; Showing underlines change across verticals

Sales momentum picking up and debt levels are likely to come down further; ‘Buy’ maintained with TP revised to Rs 280 from Rs 306.

dlf, qip

Analyst corner: Maintain ‘add’ on Future Lifestyle Fashions, target price at Rs 425

Future Lifestyle Fashion’s (FLFL) Q2FY19 Ebitda (adjusted for start-up expenses of Rs 15mn in Lee Cooper Footwear) increased 18% y-o-y to Rs 1.23bn led by strong growth in high-margin power brands and better operating lever

Tech Mahindra rated ‘Buy’; Q2 FY19 results were better than expected

FY20/21e Ebitda margins go up to 19.1/18.9%; TP revised to Rs 830 owing to global macro uncertainty; valuations very reasonable.

Analyst Corner: Solar Industries: Maintain ‘buy’ with target of Rs 1,241

Solar Industries (SOIL) reported an in-line print. Consolidated revenues grew 28% YoY to `5.21bn. Standalone revenues increased 42% YoY, while translation loss in overseas subsidiary lead to subdued growth.

Analyst corner: Maintain ‘add’on Supreme Industries; TP at Rs 1,093

Supreme Industries (SIL) reported muted Q2 operational performance largely led by sluggish performance of the packaging product segment.

Analyst Corner: Maintain ‘hold’ on TCS with revised TP of Rs 1,935

TCS reported an in-line Q2FY19 with revenue growth in constant currency (CC) terms being 3.7% quarter-on-quarter (I-Sec: 4% quarter-on-quarter) and EBIT margin expanding by 150 basis points quarter-on-quarter to 26.5% (I-Sec:

Analyst corner: Shree Cement, ACC, UltraTech, Ambuja top picks

Demand growth could surprise for second year in a row with 13% growth in H1FY19E after posting 9% growth in FY18.

Engineers India: ‘Buy’ with a target price of Rs 178

Engineers India (EIL) announced that it has bagged ~`50-billion order from HPCL Rajasthan Refinery, which includes `11 billion of consultancy work.

NIIT Technologies Rating: A better-than-expected first quarter

NIIT Technologies (NITEC) reported a better than expected Q1FY19 on revenue growth and order intake though margin execution was a bit lower than our expectations.

Stock has risen at a time of Singapore GRM fall

Reliance Industries’ (RIL’s) stock price is up 17% from lows in end-May’18 whereas Reuters’ Singapore gross refining margin (GRM) has plunged by 25% from May’18 level hit by both demand and supply factors.

Maintain ‘buy’ on SRF with target price of Rs 2,160

CPB EBITDA dipped 2.3% to Rs 4.8bn in FY18. The company has spent Rs 1bn in R&D (2.3% of revenue) in FY18.

SRF, target price, EBITDA, capex

‘Buy’ on UltraTech Cement with target price of Rs 4,700

Key takeaways from FY18 annual report analysis of UltraTech Cement (UTCEM)

Analyst corner: Maintain ‘add’ on Infosys with target price of Rs 1,405

Infosys reported a broadly in-line Q1FY19 on both revenues and margins.

Maintain ‘buy’ on Tata Steel with TP of Rs 830

Tata Steel (Tata) came out with it statement of integrated accounts for FY18 (Environmental Social and Governance report + Annual report).

Maintain ‘buy’ on Avanti Feeds with TP of Rs 1,901

Avanti’s moats include: 1) strong brands; 2) wide distribution network; 3) multiple manufacturing units to reduce freight costs, and 4) sub-segmentation strategy.

Maintain ‘buy’ on Crompton with a target price of Rs 260

Crompton Consumer (Crompton) has corrected 20% since January 2018 driven by two successive quarters of lower than expectations results. From an FY19-FY20 perspective, there are multiple positive levers available to the compan

Crompton, Crompton Consumer, construction segment, Crompton, target price

Zee Entertainment Enterprises Rating: Hitting a purple patch on market share

Market share gains should ensure industry-leading ad revenue growth; rating upgraded to ‘Buy’ with TP revised to Rs 638 from Rs 620.

zee tv, GEC space, hindi GEC category, colors

ICICI Securities says maintain ‘buy’ on Marico with target price of Rs 361

We believe Marico’s hair oil business is in a sweet spot as it continues to gain market share in the fast growing value-added hair oil segment.

marico, marico revenue and earnings, marico market share, marico tp

Maintain ‘add’ on Cadila Health; expect recovery in India growth

Cadila Healthcare reported Q4FY18 results in line with our estimates.

Cadila Healthcare, EBITDA, US, API , Lialda, EU

Godrej Agrovet rating ‘buy’: ICICI Securities says strong tailwinds make prospects bright

With the outlook positive in all its 4 segments, company estimated to log earnings CAGR of 32.9% over FY18-20; TP at Rs 710

We reiterate Buy on the stock with a TP of Rs 710.

Downgrade Jet Airways to ‘add’; FY19 loss to stand at Rs 1,500 crore

Domestic Revenue per passenger (pax) declined by 9.4% Y-Y while International revenue per pax increased by 5.6% Y-Y in Q4FY18. Overall consolidated fares declined by 1.1% Y-Y to Rs 6,849 per pax. While increase in fuel costs

Paint market to register 12.5% CAGR till FY20

We recently hosted S Mahesh Anand – vice president, the Indian Paint Association and president of Decorative Business, Nippon Paint (India) – for a discussion on the trends in the Indian paints industry.

paint, paint market, wall paint

ICICI Securities says maintain ‘add’ on ABB India with revised target of Rs 1,378

ABB India has received mandate to supply for multiple geographies and this will open-up the export market.

ICICI Securities, AAB india, ABB India revenue, AAB India growth, ABB India stock
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