ICICI Securities

Articles By ICICI Securities

311 Articles

Analyst corner: ‘Add’ on Thermax with a target price of Rs 1,333

Overseas subsidiary performance is expected to turn around which coupled with gradual improvement in domestic margins will enable improvement in the overall margins.

ANALYST CORNER: Maintain ‘buy’ on Ceat with target price of Rs 1,364

Gross margin improved 170 bps q-o-q to 40.1% (still lower by 110 bps y-o-y) helped by price hikes taken in the last few quarters.

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Analyst Corner: Maintain ‘buy’ on RBL Bank with revised TP of Rs 700

Loan growth remained healthy at 35% driven by non-wholesale lending which now constitutes 43% of the book, growing at 47% y-o-y.

Analyst Corner: Maintain ‘buy’ on Mphasis with target price of Rs 1,110

As a reminder, deal intake from the Blackstone channel was strong at $158 million in FY18, which is helping revenue accretion in FY19.

Quarter results were a tad below estimates

FY19e earnings moderated to reflect 9MFY19 showing; ‘Hold’ maintained with TP revised to Rs 259 from Rs 273

Quarter results, Hindustan Zinc, Rampura Agucha shaft, Capex

Analyst Corner: ICICI Prudential is trying earnestly to resurrect itself

A closer look into the broader life insurance sector suggests that not much has changed in terms of the interplay between the private life insurers and the public behemoth LIC of India.

ICICI Prudential, ICICI Prudential news

Kajaria Cements: Maintain ‘Buy’ with a target price of Rs 625

KJC reported impressive Q3 numbers – strong volume growth and firm margins q-o-q – despite a tough economic environment. The numbers were in-line with our estimates but demonstrated a significant beat over consensus.

Analyst Corner: ‘Buy’ on HDFC Bank, target price at Rs 2,458

Growth in advances was led by both corporate and retail, each growing 24% y-o-y. The bank has received the divergence report from RBI, which is below the reporting threshold.

Analyst Corner: ‘Buy’ on IndusInd Bank with Target Price of Rs 2,023

As per management, the bank now only awaits for NCLT approval for their merger with BHAFIN. The merger will be effective from January 1, 2018.

Siemens Rating Buy: New avenues likely to propel growth

‘Buy’ retained owing to benign valuation, balance sheet strength and short-cycle prospects; TP revised to Rs 1,238

Rise in PVC prices was unexpected

Amidst expectation of a decline, PVC prices have seen an unexpected rise of 3.3% led by recent consecutive price hikes.

High single-digit earnings growth likely for paint cos

Paint companies under our coverage are expected to report robust high double- digit decorative paints volume growth (ex-AKZO) in Q3FY19 driven by strong festive season sales.

Analyst Corner: Jyothy Lab’s long-term growth story remains intact

JLL launched 100% natural and chemicals free incense stick Maxo Agarbatti in Q2FY19.

JK Lakshmi Cement Rating ‘Buy’: Company to outdo its mid-cap peers

Cost-saving initiatives and fall in input costs boost prospects; valuations are attractive; ‘Buy’ retained.

Slippery path: Car sales have de-grown in 4 out of last 5 months

PV sales have de-grown in 4 out of last 5 months, with incremental demand (ID) slipping to a 38-month low.

Passenger vehicle sales, gst rollout, Domestic PV sales, SIAM, Hero MotoCorp, honda two wheelers, Bajaj Auto, gst

Metals: Reiterate ‘hold’ for Tata Steel, JSW

As prospects of Chinese steel demand decline for CY19 become more and more acute, Indian steel players are rediscovering the perils of high leverage in a deep cyclical sector.

CreditAccess Grameen: ‘Buy’ with TP of Rs 480

Notably, CAGL is one of the most cost efficient players in the industry with operating cost/AAum at 5.0% as at H1FY19-end, one of the lowest in the industry.

Crompton: Competition will keep earnings under pressure

Consumer electrical space in India is amidst high competitive intensity which will keep near term earnings for player like Crompton Greaves Consumer Electricals (Crompton) under pressure.

TEECL balance sheet offers comfort in hard times

EPC segment growth and margin concerns warrant a cautious stance; earnings revised; TP cut to `231

TEECL balance sheet offers comfort in hard times

Analyst corner: TCS; Double digit growth sustainable in FY20

Though revenue growth in FY19 will be aided by bunching up of platform centric deal wins, TCS believes double digit growth is sustainable in FY20

‘Add’ on Bharti Infratel with revised TP of Rs 290

We see incremental pressure on earnings as Vodafone Idea (VIL) has guided for exit of an additional 22,000 tenancies that have overlapping coverage.

Vodafone Idea Rating ‘hold’ : Keeping resources and spend balanced

We attended the maiden analyst meet of Vodafone Idea Ltd (VIL) and we would have liked to hear about big capex and ambitious plans on home broadband.

Analyst Corner: Maintain ‘Buy’ on HEG; target price at Rs 5,750

The board of HEG has approved a proposal to buy back up to 13,63,636 equity shares comprising 3.41% of the total paid-up equity share capital for an aggregate amount not exceeding Rs 750 crore.

M&M Financial Services: ‘Buy’ with a TP of Rs 645

We hosted the senior management of Mahindra & Mahindra Financial Services (MMFS) at the Mahindra Finance Day on November 21, 2018, at Mumbai.

Analyst corner: ‘Hold’ on GE T&D India with a revised TP of Rs 241

GE T&D’s current orderbook at Rs 62 bn (1.4 x TTM sales) indicates stress in terms of growth and lack of any large order is also expected to impact overall revenue traction.

Bharti Airtel rating ‘buy’: Revenues to grow from Q3, says company

Company is looking to expand data capacity multiple times through refarming of 900MHz and 2100MHz spectrum to 4G services and splitting of sectors

Grasim Industries rating ‘buy’: Performance in core businesses strong

Grasim is likely to invest in the equity raise plan of Vodafone Idea Ltd (VIL) and Aditya Birla Capital Ltd (ABCL) as the management mentioned that it would likely maintain its stake in VIL and is unlikely to dilute its stak

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