Strong Ebitda growth of 22% y-o-y expected; upside risk to consensus estimates; SRCM and UTCEM top picks

We expect a floor price of US$4.2/mmbtu, or that linked to JKM spot LNG (US$4.2-4.6/mmbtu in FY22-FY26E if US$1/mmbtu discount…

Alumina production costs in aluminium dropped by ~$54/te q-o-q, power costs fell by ~$100/te q-o-q while other hot metal and…

The Embassy Office Parks REIT (Embassy REIT) continues to deliver a resilient performance with office rental collections of 98.5% in…

FY21/22 EPS up 15.6/7.8% given Q2 showing; rerating on cards; TP revised to Rs 552; stock’s a compelling ‘Buy’

Company has witnessed that most of its key brands have outpaced their respective industries and gained market share.

TP raised to Rs 66 from Rs 60; downgraded to ‘Add’ given the recent run-up in stock price

Expectation hurdle is steep though; upgraded to Reduce with target price of Rs 412

Upside trigger is gold price correction or volatility leading to surge in volumes (recall the 67% volume growth in Q1FY14).

Focus on the plan is expected to help the company improve its ESG scores and bring it at par with…

Volume boost expected from demand revival post monsoons; risk-reward is favourable after recent correction; ‘Buy’ retained

Higher mix of O&M orders in order book does not aid near-term growth, O&M orders’ proportion in the overall book…

Overall, revenues declined 15.6% YoY to Rs 21.7 billion due to 41.2% fall in the hospital business, although pharmacy business…

In-line with industry, collections for Spandana also improved from lows of 2% in April to 23%/75%/95% in June/July/August, respectively.

FY22 EPS cut by 10% given muted outlook; downgraded to ‘Sell’ with revised TP of Rs 24

Restructuring likely to be limited; disbursal of loans normalising; FY21/22 EPS up 10/1% due to capital raise; TP revised to…