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Jefferies

Articles By Jefferies

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ICICI Prudential rating – Buy: Big beat on margins the highlight of Q1

Spike in Covid claims and provision; VNB CAGR of 21% estimated over FY21-24; Buy retained with TP of Rs 750

Annuity APE grew 164% y-o-y with ICICI Bank pushing it aggressively, and non-linked savings were up 66% y-o-y.

Analyst Corner – ICICI Bank: ‘Buy’ with TP of Rs 780 & ADR TP of $20

Its discount to HDFCB's vals has narrowed to 35-40%, but val at 2.1x is attractive & disc. could narrow to 25-30%. ‘buy’.

ICICI Bank

HDFC Life Insurance rating – Buy: Mortality reserves spike affected Q1

VNB CAGR of 19% estimated over FY21-24; ‘Buy’ retained with TP lowered to Rs 800

Other Saving products (ULIP/Par) saw moderate growth, while retail protection expectedly weakened (-10% y-o-y) as HDFC Life adopted stringent underwriting.

Analyst Corner: Reiterate ‘buy’ on Crompton Greaves with TP of Rs 530

CROMPTON further streamlined its Go-To-Market, and doubled retailers reach. 80% of its secondary sales can now be tracked, New launches are largely premium in nature, which could drive the next leg of growth.

Crompton greaves

HDFC Bank Rating ‘Buy’; Covid wave impacts operating numbers

Slippages likely to fall from Q2; biz trends from July close to normal/pre-Covid levels; ‘Buy’ retained with a target price of Rs 1,900

Infosys rating – Buy: Results in the first quarter were a mixed bag

Margins slipped in Q1; FY22 growth guidance up given outlook; TP raised to Rs 1,800; FY22/23/24e EPS tweaked by -1/2/2%; ‘Buy’ retained

However, Ebit margin of 23.7%, down 80bps q-o-q, and profit of Rs 52 bn, up 2% q-o-q, missed estimates, mainly due to higher-than-expected subcontracting costs and higher pass-through costs.

Analyst Corner: Retain ‘hold’ on Cadila with revised TP of Rs 570

ZyCoV-D filed in India for EUA: CDH has filed for emergency use authorisation (EUA) for ZyCoV-D, its plasmid DNA vaccine for Covid-19 (the world’s first plasmid DNA based Covid-19 vaccine), in India on 1 July 2021.

zydus cadila

GAIL rating – ‘Hold’: Oil at $70 level could boost Ebitda by 15%

InvIT listing could yield Rs 30 to TP if of proper size; ‘Hold’ retained, as risk-reward is balanced, with TP of Rs 150

SOTP rises Rs 20/share for every $10 rise in average crude price: Our fair value estimate increases 14% applying the same multiples that we use in our base case to value the enhanced nat gas trading and LPG business profits. Our Fair Value estimates at $70 is Rs 170 and at $80 is Rs 193.

Analyst Corner: Adani Ports & SEZ: ‘Buy’ with DCF-based TP of Rs 910

Adani Ports has underperformed the Nifty by 14% since questions were raised about the sharp appreciation of three FPIs holding mainly Adani Group shares.

adani port

HDFC: ‘Buy’ call stays with price target of Rs 3,300

Mr Parekh raises pointers on restructuring & asset-mix norms. Rise in equity/asset from 9% to 15% over FY17-21 is a drag on core ROE even as core ROA rose; releveraging would lift ROE. ‘buy’.

Other income of the bank grew 54.3% y-o-y at Rs 6,288.5 crore. The four components of other income were fees and commissions of Rs 3,885.4 crore, foreign exchange and derivatives revenue of Rs 1,198.7 crore, gain on sale or revaluation of investments of Rs 601.0 crore.

Graphite India rating – Buy: Quarter saw a turnaround on Ebitda

Consistent improvement on metrics in FY21; TP raised to Rs 875 given showing, industry outlook; ‘Buy’ maintained

Finolex Industries Rating ‘Buy’; Results were well ahead of estimates

FY21 a stellar year for firm; FY22-24e EPS up 15%+; TP raised to Rs 198; ‘Buy’ retained

Ashok Leyland Rating ‘Buy’: A good final quarter for the company

Returns likely to moderate after recent rally; FY22e EPS down 57%; ‘Buy’ rating retained with TP of Rs 150

Jubilant Foodworks rating – Buy: Resilient showing in face of Covid-19

Store additions in FY21 beat guidance; TP up to Rs 3,700; preferred pick in discretionary space; ‘Buy’ maintained

Q4 saw 50 additions for Domino’s, with gross adds for FY21 at 134 cf. the earlier guidance of 100. The company will look to add at least as many in FY22 as well.

Analyst Corner: Retain ‘buy’ on Havells India with TP of Rs 1,190

We stay optimistic on HAVL's growth prospects beyond near term hiccups (Q1FY22). Buy. PTRs 1,190.

havells india

HDFC Bank: Maintain ‘buy’ with price target of Rs 1,860

Getting back to business: Mr. Jagdishan highlighted that, while the bank had taken a cautious view over the past 1-1.5 months in the light of Covid & its impact on staff & clients, the falling infection rates and vaccination

HDFC Securities Ltd (HSL) has benefitted from the surge in retail trading volumes and its strong presence. It is expanding its reach and is scaling up its institutional platform.

Max Financial Services Rating: buy: Strong showing in the final quarter of fiscal

Banca tie-up & Covid reserve offer growth visibility: VNB estimates for FY22-23 up 2-4%; TP raised to Rs 1,200

Petronet LNG rating – Buy: Volumes were steady amidst industry decline

H1FY22 to be impacted due to Covid curbs; FY22-23 EPS down 6-6.5%; valuations are attractive; ‘Buy’ retained

Maintain Buy with new Rs 320 PT amid attractive valuation at 11x FY22E P/E (~20% disc to hist avg).

ITC rating – Buy: Recovery process was sustained

Covid curbs cloud near-term outlook though revival is expected in H2; FY22e EPS down c.4%; ‘Buy’ retained

Agri revenues grew strongly, up 79% y-o-y. Ebit margin declined 90bps y-o-y, with Ebit up 54% y-o-y.

Bharat Petroleum rating – Buy: Q4FY21 results were well ahead of expectations

Inventory gains led to beat; debt fell sharply; dividend payout a surprise; FY22/23e Ebitda down 8/5%; ‘Buy’ retained with TP of Rs 520

Concor Rating – Buy: LLF resolution key re-rating trigger

Q4 Ebitda 7% below estimates; FY23e EPS up 19%; TP raised to Rs 850; ‘Buy’ maintained

We upgrade our FY23E EPS by 19% and retain Buy with a revised PT of Rs 850 (from Rs 700).

Analyst Corner| ICICI Prudential Life: Maintain ‘buy’ with target price of Rs 700

A combination of focus on retailisation of deposits with higher rates than peers (150-200bps premium over larger banks), slower asset growth and client servicing helped improve their deposit profile.

ICICI Prudential Life, APE growth, Positive investment variance, maintain buy, ULIP growth

Alkem Lab: Maintain ‘buy’, revise price target to Rs 3,361

India sales were healthy in the quarter and were up 17% YoY. As per management, Alkem could get good traction in 1QFY22 for Vitamins/Minerals, Antacids and Antibiotics business, which is now back to normal levels.

Price target changes from Rs 3,392 to Rs 3,361. Maintain ‘buy’.

Analyst Corner| HPCL: Maintain ‘buy’ with unchanged TP of Rs 370

Marketing volume growth was sharply ahead of industry growth. Marketing profitability is likely to be restored as crude cools and retail price hikes continue.

HPCIL

JSW Steel rating – Buy: A stellar performance in quarter

Margins to rise further in Q1; FY22-23e EPS up 44-68%; TP raised to Rs 820 from Rs 600

Larsen & Toubro rating – Buy: Q4 performance was below estimates

Growth guidance for FY22 expects recovery in H2; FY22-23e EPS down 3-8% due to Covid wave; ‘Buy’ retained with TP of Rs 1,800

Siemens rating – Buy: An all-round beat on expectations

FY21-23e EPS up 8-16% on better revenues & margins; TP raised to Rs 2,500 from Rs 1,320; upgraded to ‘Buy’

We upgrade our FY21e-23e EPS (Sept. Y/E) by 8-16% reflecting better revenues and margins and the stock to Buy from Underperform with Rs 2,500 PT (v/s Rs 1,320).
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