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
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’.
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
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.
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
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.
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
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.
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’.
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
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.
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
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
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
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
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.
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.
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.
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’
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