ICICI Bank Rating: buy-Healthy operating profit growth in Q4
Buffer provisions were a drag; estimates tweaked to factor in results and Covid surge; poised for re-rating in valuations; Buy retained
Nestle India Rating ‘Hold’; Results were in line with expectations
Domestic revenues grew 10%; sharp rise in input prices a concern; Covid not expected to disrupt business
Materials (Steel): Cyclical revival for electrode makers
Higher ASPs and utilisations likely to boost Ebitda; TP for GRIL/HEG up to Rs 810/2,855
Energy: Q4 preview-Steep q-o-q decline likely for OMCs
RIL expected to see 11% q-q Ebitda growth; GAIL to clock q-q PAT growth; valuations are attractive for P-LNG
Tata Consultancy Services Rating: Buy- A strong performance in the last quarter
Margins at a 5-year high; deal TCV of $9.2 bn augurs well for growth; FY22-23e EPS up 1-2%; TP revised to Rs 3,740; ‘Buy’ retained
India financials: Credit growth at 5.6%; profits to rise sharply
4QFY21 results of financials will benefit from low base driving 108% rise in profit for banks, 30% VNB growth for life insurers & 68% rise in AMCs' profit.
Equity Strategy: Covid wave likely to affect the recovery
Activity levels felt limited impact in March; OW on IT firms, UW on Fin; RIL, PGRD, Tata Steel among top picks
ICICI Bank rating – Buy: Earnings are likely to turn less volatile
This will reduce discount to HDFC Bank; performance to improve from FY22 onwards; TP up to Rs 780; Buy retained
JSW Steel rating – Buy: BPSL deal to have minimal impact on earnings
But BPSL acquisition will up net debt by ~9%; deal provides firm footprint in eastern India; ‘Buy’ rating retained with TP of Rs 510
HDFC Rating ‘Buy’; Growth prospects for company remain healthy
Spike in Covid cases may not disrupt business; asset quality is holding up; valuations attractive; ‘Buy’ retained with TP of Rs 3,380
Analyst Corner: ‘Buy’ on RIL; company to gain from lower leverage
An investment in RIL’s O2C subsidiary could give Aramco an India footprint
Bandhan Bank can take heart from election manifestos
Our channel checks had indicated that BJP is a strong contender to remain in power and the mention of waivers by BJP had a bigger negative impact on collections than the mention by Congress.
HDFC Bank Rating: Buy
RBI’s review of digital platforms is in progress; valuations are reasonable; TP raised to Rs 1,860 from Rs 1,800; ‘Buy’ maintained
Analyst Corner: Initiate ‘buy’ on Bandhan Bank with Rs 470 target price
We initiate coverage with a Buy rating and a price target of Rs 470 based on 3x Mar-23 adjusted PB.
Dr Reddy’s Laboratories rating – Buy: API supplies for Vascepa are an issue
Gradual ramp-up of drug expected through FY22, with US revenues of $25 m; FY22e EPS down 1%; ‘Buy’ retained with TP of Rs 5,533
Equity Strategy: Mid-caps have led rebound since June
A bottom-up stock selection approach recommended in SMID; FY22/23e PAT growth estimated at 50+/23% y-o-y
Hindustan Unilever rating – Buy: Input price inflation’s a headwind for firm
Offsetting factors likely to limit impact on margins; FY22/23e EPS down 4-5%; TP revised to Rs 2,650 from Rs 2,780; ‘Buy’ maintained
Two-wheelers witnessing revival in urban demand
State-wise two-wheeler (2W) registrations show that the urban-centric states have started to witness relatively better demand trends than the rural-centric ones.
‘Buy’ on Concor; additional upside is privatisation
We were positively surprised at Tughlakabad (TKD) seeing limited volume loss, despite the 10-12% realisation hike effective 6 Dec 2020.
SBI Life Rating: buy- New partnerships offer growth opportunities
Mgmt is optimistic about a rebound in premiums; overlap with LIC’s base needs to be watched; Buy retained with revised TP of Rs 1,110
Telecom: Prospects of hikes in tariff recede
Jio may sell capacity given spectrum deals; Bharti eyes share gain; ‘Hold’ retained on Bharti with TP of Rs 590
HDFC Life: Maintain ‘buy’, roll forward target price to Rs 850 from Rs 820
HDFC Life has been looking to expand its agency force and also increase their contribution to premiums from 12-13% in 9MFY21 to a more balanced level of 25% by going beyond top 25-30 cities.
Analyst Corner: Jubilant Foodworks now looking beyond Domino’s
The recent quarters have seen a series of initiatives beyond 'Domino's', including FMCG, Biryani, Hong's Kitchen ramp-up and 10.8% stake in Barbeque Nation.
Finolex Cables: Maintain ‘buy’ as volumes grow
After four qtrs of YoY sales decline, FNXC saw a sharp recovery (+18%) in Q3. Volumes across most categories improved, both YoY and QoQ.
Tata Steel Rating: buy- Ebitda in Q3FY21 beat estimates
Net debt was down 11% q-o-q; outlook is strong; FY22e EPS up 18%; TP raised to Rs 900 from Rs 850; ‘Buy’ retained
Analyst Corner: Maintain ‘buy’ on SBI with revised TP of Rs 480
SBI's 3QFY21 profit of Rs52bn (-7% YoY) was ahead of estimates, led by lower credit costs.
Analyst Corner| HDFC: Maintain ‘buy’ with target price of Rs 3,340
The two key positives were strong disbursement growth of 26% and largely stable asset quality - collections 98%, restructuring 1%, stage-3 2.3%, buffer provision at 1.2%.
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