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Jefferies

Articles By Jefferies

547 Articles

Infosys, TCS enjoy best prospects to deliver growth outperformance

Overall our price targets for 5 top-tier companies rise by 2-10%, as a result of the changes.

Infosys, TCS, growth outperformance, INR-USD depreciation, BFSI, revenue growth, Ebit margin

Jeffries: Maintain ‘buy’ on UPLL with revised PT of Rs 745

UPLL has dipped 17% from its Jul'19 highs, post a sharp uptick of 70%+ from Oct'18 lows. Q1FY20, first full quarter post Arysta, was erratic as it factored PPA* effect (inventory, depreciation).

Albeit, UPL management retains its FY20e outlook of 8-10% sales, 16-20% EBITDA growth & deleveraging of Rs 31.5-35bn

Car sales slump: No let-up in pain across segments

Auto stimulus fell short of providing a material boost; retails in the festive season are key in the near term.

Despite a sharp pick-up in the monsoon and an improved outlook for sowing, tractor wholesales continued to fall 16% y-o-y at least in August

Mega bank mergers serve no immediate purpose, could have been implemented in phases

Despite long-term vision, this can’t be good at a time liquidity flow is severely constrained

loan growth, SBIN & BOB merger, Indian Bank, Union Bank of India,  Punjab & Sindh Bank, banks merger

Consumer finance: Growth at NBFC/HFCs still decelerating

Risk aversion may take time to ease; HDFC/LICHF among HFCs and BAF/MMFS among NBFCs are preferable

Banking job, PSU bank, private banks, recruitment in banks

Jeffries: Retain ‘buy’ on SBI with price target of Rs 370

Our FY20E EPS is well above consensus (factoring IBC recovery of ~ Rs 15,000 crore).

Jeffries, SBI, SBI target price, SBIN, MCLR, Gross NPL

Fiscal constraints preclude any meaningful stimulus, says Jeffries

They may help little in the near-term but it is still encouraging to see the government engage on issues with more steps likely too, especially in housing.

Analyst Corner: Reiterate ‘buy’ on LIC Housing Finance

With LICHF's GNPA's rising 80 bps to 1.98% over last year in Q1FY10 led by a sharp increase in developer GNPA, a key concern is around potential further rise in developer GNPA given broader stress in the real estate sector.

No medical check-up required for LIC Jeevan Shanti plan.

ONGC Rating: Buy; Higher costs impacted Q1 numbers

ONGC’s standalone Q1FY20 net fell 4% y-o-y (+46% q-o-q) to Rs 59.04 bn. Lower other income and higher interest, survey expenses (Rs 8.8 bn) & dry-well write-offs (Rs 14.5 bn) were reasons but Ebitda (Rs 146 bn) was also 7%

ONGC Rating, ONGC Q1, ONGC share, ONGC news, ONGC videsh

Sun Pharma rating | Buy — A strong showing in first quarter

EPS for FY20/21e down 4/3% owing to FX change; risk reward is favourable; ‘Buy’ retained with TP of Rs 520

Sun Pharma, Sun Pharma rating, Sun Pharma share,  Sun Pharma news,  Sun Pharma bse  

Petronet LNG Rating: Buy; Net slipped but volumes at a high

Volumes were well ahead, though, with 4.21mt at Dahej and imports in July trending even higher, boding well for the near term.

Petronet, Petronet LNG Rating, LNG ships, Dahej volume, Jefferies

SBI rating: buy; Not much to cheer about in results

FY20/21/22e EPS down 7.8/3.2/5.5% due to slower loan growth; valuations below historical average;‘Buy’retained.

SBI rating, State bank of india, IBC recovery, fee income growth, Net stress, NBFC exposure

Axis Bank rating | Buy — Asset quality cast shadow on results

Credit cost trajectory is intact; capital raising should aid NIMs; FY21-22e EPS cut by 6-8%; TP revised to `885

Axis Bank, Axis Bank share, Axis Bank news, market news,  qualified institutional placement, QIP

Maruti Suzuki Rating ‘Buy’: Weak Q1 was largely in line with estimates

The near-term remains challenging; ‘Buy’ retained owing to more advanced PV down-cycle, lower BS-6 risks and strong franchise.

L&T rating | Performance was ahead of estimates

Given strong visibility for FY20-21e, company should stand out; risk-reward is favourable; ‘Buy’ maintained

L&T, NCD, Larsen and Toubro, l&t share, l&t infotech, l&t  mutual fund

Analyst Corner: Maintain ‘hold’ on TVS Motor with a target price of Rs 460

Even as we expect TVS to continue outperforming the industry on both volume & Ebitda growth, we maintain Hold given our concerns that consensus expectations are too high given the ongoing challenges in the industry.

Avenue Supermarts Rating Hold: Margins bottoming out for company

FY20/21e Ebitda up 3/6%; risk-reward balanced post-correction; upgraded to ‘Hold’ with TP up to Rs 1,430.

Analyst corner: ‘Hold’ on Colgate-Palmolive, price target Rs 1,365

Cibaca franchise has also done well during Q1.

Analyst corner | Pharma: Expect growth to remain below 10%

Pricing contribution remained steady at 5%, as did new product contribution at 2%. A majority of the corporates saw a y-o-y decline in volumes, as did 12 of the 20 therapies.

Analyst corner, Pharma, growth, market news, pharma industry, DRRD, IPCA, Alembic, Eris, SUNP, NTCPH

Analyst corner: Proposed 20% tax bane for IT companies using buybacks

In the Budget, the finance minister has announced a levy of 20% tax on buybacks effective immediately (5th July, 2019).

Going forward, IT services cos will need to decide whether they still want to opt for buy-back route given limited tax advantages (Representational image)

Stock corner: ‘Hold’ Whirlpool of India, risks remain despite good Q1 prospects

In terms of consumer usage, most appliance categories in India are under-penetrated, leaving notable headroom for growth. However, the competitive landscape in durables is characterised by high organised penetration (75%+).

whirlpool shares, mutual fund, whirlpool stocks, axis bank, whirlpool shares, whirlpool profit, whirlpool revenue

Consumer diary: Demand was tepid in first quarter of FY20

Overall cautious stance on staples maintained, with ‘Buy’ rating on APNT, NEST DABUR and ITC

consumer, consumer in india, food inflation, inflation, wpi index, inflation up, food inflation up, indian, Indian economy, industry quarterly earnings, India Inc, India, consumer demand news, industry

Energy: Yet another month of soft demand, refining remains a challenge for OMCs

Refining remains a challenge for OMCs; ONGC, PLNG and GAIL offer best prospects

energy, oil sector, ptrolium sector, petrolium industry, india economy

Analyst corner | Maintain ‘buy’ on HDFC with price target of Rs 2,310

HDFC’s buying out Apollo's stake in Apollo Munich (fourth largest private health insurer) is expected to scale up its general insurance business, making it second largest private health insurer (post merger with HDFC ERGO).

Voltas Limited Rating: Buy; FY20 begins on a good note

Negative impact of weak Q1 and Q4 AC demand, Voltbek JV expenses and lower than expected engineering margins all hit Voltas in FY19.

Havells Rating | Buy — Steady quarter for the core business

Company poised for multi-year growth trajectory, justifying valuations; ‘Buy’ retained

At 42x/35x PE on FY20/21e, HAVL valuations are at a premium.

ONGC Rating | Buy — Operational performance was resilient in Q4

FY19 consolidated EPS was up 38%, with high likely to be sustained in FY20e; TP raised to Rs 205; valuations are modest; ‘Buy’ retained

ONGC, ONGC 4QFY19 earnings, EBITDA, JEFe, ONGC Videsh, HPCL earnings, Oil production
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