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Jefferies

Articles By Jefferies

497 Articles

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

Markets News

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.

Government's first bailout package can abate NPL risk from SME loans—12-14% of credit and weaker profile.Rs 3 trn of goverment guaranteed loans are 15-20% of this credit and will be easier to execute. News

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

Havells India Rating, havells consumer products, HAVL Q4 sales,COVID contagion, HAVL FY20 sales News

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%).

Analyst Corner,Blue Star, blue star target price, Ebitda, MEP segment impact, market news

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

Industry News

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.

Godrej Consumer Products (GCPL) posted weak numbers for Q4FY20 results. News

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.

Markets News

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.

Industry News

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.

Natural gas prices cut by steep 26 pc; likely to translate into lower CNG and piped cooking gas prices, huge dent in ONGC revenues News

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

Markets News

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).

Havells' key moat is a diversified product mix with market leadership across most categories (Exh 2,3). News

Equity Strategy: Lockdown waivers, IMD offer relief

But states, companies may be slow to resume activity; forecast of normal rainfall augurs well for inflation

Economy News

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.

Markets News

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.

Markets News

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.

Markets News

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.

news coronavirus covid 19 latest updates in hindi first death in Karnataka- india due to covid 19 News

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.

Markets News

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.

Markets News

India’s GDP numbers: Power demand growth a silver lining

With most other indicators still weak, earnings outlook is challenging; cause for caution

With valuations also rich, we stay defensive, therefore, with a bias for large-caps and Financials. News

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

Sharply lower EU prices on softer LNG are largely to blame but prices are subdued in gas surplus US, Canada & Russia too. News

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.

bpcl,petroleum sector News

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.

Markets News

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

Markets News

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

Bharti Airtel, Bharti Airtel rating, Mobile ARPU, Ebitda, Africa business, Bharti Airtel market share News

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

Markets News

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.

jlr, jlr ebit News

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.

Markets News
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