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Articles By Jefferies
Bharti Airtel Rating: Buy — Q4 results came as a positive surprise
Growth in data subscribers should raise market share; FY21-23 estimates up 3-6%. TP revised to Rs 660 from Rs 585; ‘Buy’ retained
May 23, 2020
Govt bailout lowers NPL risk from SME loans
Pick-up in demand will be key; aid for NBFCs indequate; PSUs have higher SME and IIB & SHTF, CV/SME loans.
May 18, 2020
Havells India Rating: Buy; a subdued showing in the final quarter
Covid-19 pain was visible in results; balance sheet is robust; ‘Buy’ maintained with target price of Rs 660
May 16, 2020
Analyst Corner| Blue Star: Target price revised down to Rs 630
Lockdown 1.0 in India began on 25 March 2020. AC demand slowed down from March 15, i.e. 17 days (19% of the quarter) and projects business (MEP) impact for 10-12 days (12%).
May 15, 2020
Adani Ports Rating: Buy — Cash flow has improved, volumes expected to go up as operations normalise
Margins impacted due to cargo mix; FY20 volume up 8% y-o-y; traffic likely to rise gradually; FY21-22 EPS down 5-7%; ‘Buy’ retained
May 11, 2020
Analyst Corner: Property sector – initiate ‘buy’; Godrej Properties top pick
The bright spot in the Indian real estate market viz leasing is likely to see an abrupt end to its rental uptick cycle.
May 08, 2020
Analyst Corner: VBL – retain ‘buy’; may stay range-bound in near term
Varun Beverages (VBL) reported a strong growth in volumes, Ebitda and earnings during Q1CY20. This was, however, led by the acquired territories of south & west not there in the base.
May 07, 2020
Marico Rating: ‘Buy’, risk-reward attractive
Marico's Q4FY20 was expectedly weak on topline but margin beat (lower RM & A&P) drove a positive earning surprise.
May 06, 2020
Gas Utilities – Industrial PNG, CNG volumes likely to be hit
FY21/22e EPS lowered by 22-33/9-13%; softer LNG prices a positive; GUJGA and MGL are to be preferred.
May 04, 2020
Axis Bank Rating: ‘Buy’ — Provisions against Covid-19 cast shadow
Showing of moratorium book will be key; outlook for earnings in FY21 is weak; ‘Buy’ maintained with TP of Rs 530
May 02, 2020
Havells rating: Buy; Structural growth story by aided market share
Industry participants are alluding to an existing inventory stock, which could clear once demand resumes (strong summer in India).
Apr 25, 2020
Equity Strategy: Lockdown waivers, IMD offer relief
But states, companies may be slow to resume activity; forecast of normal rainfall augurs well for inflation
Apr 20, 2020
Computer Services & IT Consulting Q4 preview: Covid-19 effect on results to be limited
It will dominate discussions though; sharply lower and wider range guidance for FY21/Q1 is expected.
Apr 13, 2020
Analyst Corner: Pharmaceuticals sector – FDA delays remain a key uncertainty after logistics
While production is on, logistics is the key challenge both for raw material and finished goods. FDA delays remain a key uncertainty after logistics.
Mar 30, 2020
Coronavirus crisis to impact FY21e revenues by 5.5-7.5%
Infosys & TCS remain our preferred picks as we expect better earnings & multiple defence given high quality franchise.
Mar 28, 2020
Analyst Corner: IT services and consulting firms face COVID-19 impact
With Covid-19 situation escalating, Indian IT services cos could be impacted in multiple ways in the near-term, cuts in client spend, travel restrictions, closures of offices, INR depreciation.
Mar 14, 2020
Infosys, TechM led $500mn+ deals in FY20: Digital, ERS capabilities key driver of acquisition
There have been a greater number of smaller deals (<$25 mn) than in the past. We estimate inorganic contribution to FY21e revenue to be 2%/ 1.7%/0.7% for TechM/HCL Tech/Infosys.
Mar 10, 2020
Analysis: TechMahindra ahead of Infy, Wipro in growth, margin deviations
Two metrics in particular are key: (1) q-o-q growth (US dollar or constant currency) and (2) Ebit margin.
Mar 05, 2020
India’s GDP numbers: Power demand growth a silver lining
With most other indicators still weak, earnings outlook is challenging; cause for caution
Mar 03, 2020
India’s domestic natural gas prices set to nearly halve to 10-year lows of $2
SOE E&Ps will suffer while IGL, MGL and GAIL stand to gain; may see govt fixing APM price framework
Feb 25, 2020
Analyst Corner: ‘Hold’ on BPCL; keep faith in refining turnaround
Volume performance was mixed too, with share in LPG & ATF up and petrol steady but diesel down ~60bps q/q that management indicated has since reversed in Jan as discounts by competitors have ebbed.
Feb 22, 2020
Analyst Corner: ‘Hold’ on Apollo Hospitals Enterprise; PT at Rs 1,575
AHLL also reported strong growth. We expect growth to moderate and margin improvement to be limited from current levels.
Feb 18, 2020
Sun Pharma Rating ‘buy’: Q3 results were in line with expectations
India revenue growth of 13% key positive; adjusting for Q3 and lower Taro sales, FY20/21/22e EPS down 4/7/1%; ‘Buy’ maintained
Feb 11, 2020
Bharti Airtel rating: Hold — A strong quarter for the company
FY20/21/22e Ebitda up 5/9/9% to factor in results and higher-than-expected price rise; TP revised to Rs 468; ‘Hold’ maintained
Feb 10, 2020
State Bank of India Rating: Buy; Results were largely in line with estimates
FY20e EPS up 12% to factor in recovery from IBC account; valuations are attractive; ‘Buy’ retained
Feb 04, 2020
Analyst Corner: Retain ‘buy’ on JLR with target price of Rs 220
Standalone performance remained weak with CV margins additionally impacted by `2.4 billion one-off related to prior periods.
Feb 01, 2020
Havells India Rating | Buy — Weak showing by company in third quarter
Almost 70% of HAVL’s biz mix is B2C and the remainder B2B. Weak macros, liquidity challenges and slowdown in infra segment sharply impacted demand for industrial cables and switchgears as well as professional lighting.
Jan 27, 2020
Xiaomi’s first Redmi PC monitor has a stunning near edge-to-edge design, costs only Rs 6,500
Coronavirus Highlights (May 29): Maharashtra COVID-19 tally rises to 62,228
Final year college exams: HRD Minister's big statement amid lockdown 5 reports
IAF chief exclusive: Rafales arriving July-end; Air Force prepared to counter any threat including two-front war
SBI EMI Moratorium calculation: Additional Rs 4.5 lakh interest on 15-year Home Loan of Rs 30 lakh
ITR filing date extended: Will you end up paying more as penal interest? Explained with calculation
IRCTC Special Trains: Indian Railways passengers, your ticket booking request may get declined; here's why
PMVVY scheme modified! Senior citizens can get Rs 18,500 per month pension for 10 years
Lockdown in West Bengal: CM Mamata announces relaxations from June 1
LIC launches pension plan, offers Rs 10,000/month for senior citizens
Torrent: Cut to ‘reduce’, revise fair value to Rs 2,350 a share
Budget 2020 hasn't violated fiscal discipline: FM Sitharaman
Budget 2020 was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC-PM member Ashima Goyal
Budget 2020: FM Nirmala Sitharaman says govt willing to do more beyond Union Budget to boost growth
Budget 2020: FM says green shoots of recovery visible, points at worse macro-economic fundamentals under UPA
Budget and the economy: What can we expect after this Budget?
Budget 2020: FM Sitharaman takes on P Chidambaram over defence budget allocation
Budget 2020 proposals on DDT, personal tax not to impact MF industry: Franklin Templeton
Budget 2020: Chidambaram slams Modi govt; says economy close to collapse, unemployment making India poorer
Budget 2020: How ESOP tax changes will benefit start-up employees
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