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Jeffries

Articles By Jeffries

42 Articles

Bajaj Auto: Retain ‘buy’ with unchanged TP of Rs 4,400

Bajaj's 1Q volumes fell 14% QoQ (19% below 1QFY20) as the second wave of Covid took a big toll on domestic demand.

Bajaj auto

Initiate GAIL coverage with ‘hold’; SOTP-based TP of Rs 145

GAIL's transmission and LPG production segments could claim ~Rs 3.5bn (calc) of input tax credit stranded today but are likely to pass these through to customers.

RIL rating: ‘Buy’; Jeffries says company to gain from lower leverage

Aramco’s IPO prospectus mentioned it's focus its downstream investments in high growth economies of China, India and Southeast Asia.

Analyst Corner| Concor: ‘Buy’ as lower land licence fee is a positive

Tughlakabad (TKD) seeing limited volume loss, despite the 10-12% realisation hike effective 6 Dec 2020.

Tighlakabad, TKD hike, 3Q commentary, concor, lower land licence fee, Dedicated Freight Corridor , Container corp

Analyst Corner: Maintain ‘buy’ on HDFC Bank with SOTP-based TP of Rs 1,620

While its emission levels are low (given it's a finance company), it still targets to reduce its emission levels/energy intensity by 3-10% by 2022.

After the implementation of the short-term strategy, the lender expected RBI to inspect its progress.

Bharti Infratel Rating: Hold; Merger with Indus to boost EPS/RoE

EPS accretion of 5-7% is likely; estimates revised; TP raised to Rs 220; limited upside from current levels; ‘Hold’ maintained

Buy Gateway Distriparks, revised target price Rs 250

Gateway Distriparks (Gateway), in the last 12 months, focused on debt reduction, which has reflected in the positive stock returns in this period.

PF interest rate 2019-20, provident fund balance, interest rate on employee provident fund, new PF interest rate 2020, Employees Provident Fund Organization (EPFO)

Bajaj Finance rating | Buy — A strong performance in the third quarter

Cost to income continues to fall (-93 bps y-o-y, 33.9%) and was lower than JEFe 34.3% in Q3.

bajaj, bajaj finance

Analyst Corner: Maintain ‘hold’ on PNB Housing, price target Rs 525

Proposed equity issuance could ease gearing issues, but we still see challenges to loan growth.

Analyst Corner: Maintain ‘hold’ on PNB Housing, price target Rs 525

HCL Technologies Rating: hold; Q3 results were ahead of estimates

HCL Tech raised the lower end of its growth guidance range for FY20e to 16.5% from 15% , but kept the upper end unchanged at 17%

hcl technologies, it sector, it industry

Metals and Mining: Numbers are expected to be soft, margins are likely to range-bound for steel firms

Margins are likely to be range-bound for steel firms; expected margin rise in Q4 priced in by recent rally.

Stock corner: ‘Buy’ on IndiaMART InterMesh; PT of Rs 2,500

Indiamart’s EBITDA margin has expanded sharply over the last few quarters from 11% in Jun-18 to 24% in 1HFY20

indiamart, indiamart intermesh

Telecom: Gain from floor price to hinge on data elasticity

TRAI states its preference for keeping tariffs in forbearance.

trai, jio

Stock corner: Sun Pharma trading at 20% discount, retain buy – Jefferies

Sun is trading at 16x FY21 PE, a 20% discount to peers. Risk reward in our view is favorable.

Sun pharma, sun pharma net profit, sun pharma shares, sun pharma stocks, sun pharma revenue, sun pharma listing, sun pharma buy shares

Stock corner: ‘Hold’ IndusInd Bank shares, muted performance in last quarter

Loans grew 28.6% y-o-y although there was about a 4% uplift from the assigned loans from BHAFIN. Retail grew 27% while corporate grew 29.6%.

indusind, indusind bank, indusind bank share, npa

Analyst corner| ‘Buy’ on NATCO; current stock price undervalues US pipeline

NATCO has been diversifying outside the US and investing ahead of peers in India and RoW for the past 3 years.

NATCO, US, INDIA

Buy’ Aditya Birla Fashion and Retail stock, target price Rs 250; Van Heusen brand expanding

With better execution on all key parameters, ABFRL is top pick in space; ‘Buy’ retained with TP of `250

fashion week, fashion, lotus fashion week, lakme fashion week, biodegradable fabrics, eco friendly, Rina Dhaka, Samant Chauhan, Shalini James, Sahil Kochhar, Rahul Mishra, Suket Dhir.

‘Buy’ on Yes Bank, nil NPL divergence is a major positive – Jefferies

Any contravention of/non-compliance with the above instructions would attract penalties under the Banking Regulation Act.

yes bank, namking sector, banking industry

‘Hold’ Mahindra and Mahindra despite weak showing in the third quarter

Tractor cycle, BS-6 remain headwinds; estimates cut over FY19-21 to factor in weaker volumes and lower margins; TP down to `780.

nahindra and mahindra, mahndra and mahindra hird quarter

ICICI Bank Rating ‘Buy’: The Bank shows promise as asset quality improves in Q3

Asset quality improved in Q3; FY19e EPS down 13.8% owing to higher credit costs in quarter; TP raised to Rs 450

Steel: Prices likely to witness further correction

Margins are expected to decline; valuations seem unattractive for JSW, SAIL; more reasonable for Tata.

steel, tata steel

Bank’s valuation is very expensive

Company has filed a writ for PNCPS issuance satisfying RBI norms; irrespective of outcome, HDFC Bank’s a better bet

kotak, banking sector, banking industry

Titan Company rated ‘hold’; Revenue ahead of estimates, margins slipped

While execution is strong, volatile jewellery topline and regulatory risks leave little upside; ‘Hold’ maintained.

Titan Company rated ‘hold’; Revenue ahead of estimates, margins slipped

Gateway Distriparks ‘rated’ buy; Disappointing performance in the quarter

Estimates see a sharp fall; medium term is strong; ‘Buy’ retained with TP cut to Rs 310.

Gateway Distriparks ‘rated’ buy; Disappointing performance in the quarter

Analyst Corner: ‘Hold’on PNB Housing Fin; asset quality is stable

Q2PAT rose 33.2% y-o-y to Rs 2.53bn, 8% miss vs. our estimate due to higher credit cost and tax

asset, pnb

Consumer Finance: Liquidity issues to cast shadow over growth

FY19-20e EPS for NBFCs cut 2-13%; despite correction, there’s need to be selective; MMFS, BAF are top picks.

liquidity, economy

Indian Energy Exchange: Stock is a good long-term holding; ‘buy’ retained with TP of Rs 2,050

CERC order removes pricing overhang; stock is a good long-term holding; ‘Buy’ retained with TP of Rs 2,050.

investments, stock
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