HDFC Life Rating: Buy-Rebound in premiums was impressive
Recovery was led by Par business; EPS estimates up given better trajectory on premiums; ‘Buy’ rating retained with TP of Rs 760
Retain ‘buy’ on Colgate with price target of Rs 1,700
Colgate's GM & Ebitda margins climbed to all-time highs, contributing most to the 2QFY21 earnings beat.
HDFC Bank Rating ‘Buy’; a healthy performance in the quarter
Key positive was collection of 97% of Sept dues; EPS up to factor in better asset quality and retail revival; TP raised to Rs 1,450
Analyst Corner: Retain ‘buy’ on Hindustan Unilever with PT at Rs 2,650
While the company has been able to offset some part of revenue pressure due to strong growth in hygiene portfolio, the impact has been higher on margins.
Motherson Sumi Rating ‘hold’; restructuring exercise has promise
Merger with SAMIL will enhance potential for global growth; TP up to Rs 120 from Rs 105
TCS Rating buy; Quarter results saw a beat on all counts
Recovery was broad-based; deal TCV, up 25% q-o-q, was very strong; mgmt commentary’s positive; ‘Buy’ retained
Autos & auto parts: September wholesales a cause for optimism
PVs up 28-30% y-o-y; 2Ws, 11-13%; tractors, 15-17%; and M&HCVs fell 16-20%; numbers boost Q2 prospects
Insurance: Retail health the driver for general sector
Claims are manageable with Covid-19 rise offset by lower normal costs; ICICI Lombard to be key beneficiary of trend
Finolex Cables Rating’ buy’; company priming for next phase of growth
B/S is strong; the focus on margin-accretive electrical cables a positive; valuation’s inexpensive; ‘Buy’ retained
Equity Strategy: Activity at 90%+ of pre-crisis level
Improvement in 1H Sept was broad-based; urban indicators up consistently; economy holding up well
ICICI Lombard rating: Buy — Poised to tap industry’s growth prospects
Pick-up in motor segment is better than expected; health can be key growth driver; coverage assumed with Buy and TP of Rs 1,570
IndusInd Bank rating: Buy — The focus on deposits will aid re-rating
FY20 AR shows slippages were high; EPS upgraded to factor in capital raise; ‘Buy’ maintained with TP of Rs 760
Analyst Corner: Potential privatisation can be additional upside for Concor
Concor's volume spurt has been driven by shift to rail from road. Rail is more cost-efficient than road over 330 km at current fuel prices.
Analyst Corner: Initiate ‘Buy’ on Crompton, product mix to aid growth
Further, secular industry opportunity aided by demand traction from unbranded segment, higher penetration and up-trading, augurs well for Crompton’s long-term prospects.
Emphasis on digital likely to keep spending on IT services robust over the next five years
Recovery is expected from FY22; despite premium valuations, further re-rating possible; Infosys is top pick.
HDFC Bank rating: Buy — New leadership looks to double market share
Quality of moratorium loans holding up, limiting risk of slippages; retail is expected to revive from Q3FY21; ‘Buy’ maintained
Retain ‘buy’ on Eicher Motors with target price of Rs 25,000
Royal Enfield's 1Q volumes fell 69% y-o-y while Ebitda came in at just Rs 12 million as the Covid-related lockdown took a big toll on operations.
Analyst Corner: ‘Buy’ on Ashok Leyland with price target of Rs 75
Stock is trading at 2.4x FY22E PB, which is in-line with long-term average and attractive in context of an impending up-cycle; past peaks were 5.7x/2.7x/3.7x in 2018/2010/2006.
Analyst Corner: Maintain ‘buy’ on Voltas with target price at Rs 687
Company has embarked on cost reduction with fixed costs in other expenses at 3.9% of sales in FY20 vs 5.1% in FY17 and 4.7% y-o-y.
Kotak Mahindra Bank rating: Buy — Conservative lending in the face of odds
Fall in moratorium loans encouraging; while FY21e earnings may be weaker, asset quality is likely to hold up; ‘Buy’ maintained
Analyst Corner: Maintain ‘buy’ on IndusInd Bank with target price of Rs 680
Our current estimates factor 3%/2% of credit cost in FY21-22, a 20 bps lower credit cost will lift FY21 estimates by 21% (on low base) and FY22 estimates by 8%; or the bank may use this to improve coverage.
HDFC Bank rating: Buy — Weathering the Covid storm well
Corporate growth offset weak retail; risk to asset quality likely to go down; estimates raised; ‘Buy’ retained with TP of Rs 1,350
Analyst Corner: ‘Buy’ rating on Axis Bank with a target price of Rs 530
Will de-risking of corporate book pay off? Axis Bank has been de-risking its corporate loan book for over the past two-three years, and this is evident from loans rated ‘A-‘and above forming 90-95% of incremental loans.
Analyst Corner | ICICI Bank among top picks in financials with target price of Rs 460
Monetisation of gains on stake in subsidiaries helped mobilise Rs31bn — that may abate risk of dilution. Valuations are attractive at 1.4x FY21 adj. PB and it is among our top-picks in sector.
Analyst Corner: Narayana Hrudayalaya – retain ‘buy’ with Rs 330 TP
Gross debt rose by Rs 30 crore in Q4. Dharmshila was Ebidta positive. Ahmedabad, Jamshedpur and Guwahati had Ebitdar margins of 9% in FY20.
Eicher Motors rating: Buy — A weak performance by the company
Sharp rebound in retail demand; FY21e EPS cut by 4%; outlook over long term bright; ‘Buy’ retained with TP of Rs 20,000
Hero Moto Corp rating: Buy — Numbers in final quarter were weak
While FY21 outlook is dull, FY22-23 should see rebound; valuations reasonable; ‘Buy’ retained with TP of Rs 2,725
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