JM Financials

Articles By JM Financials

33 Articles

Mahindra Logistics eyes stellar growth in consumer, e-commerce, says sectors major beneficiaries of GST

MLL employs about 1,200 people on an average (1,400 at peak), including 800 involved in the operations. We also visited its JIT/JIS facility (caters to Volkswagen and other customers) and warehousing facility (for a large mul

Mahindra Logistics, Mahindra Vehicle Manufacturers, JM Financial, market news

Analyst Corner: Infy sees healthy deal wins, TP unchanged at Rs 810

The upward revision in FY19 CC revenue growth guidance – translates to 0.1%-1.9% (JMFe) QoQ growth in 4QFY19 should give a good exit momentum.

Sobha rating ‘Buy’: Subdued sales cast a shadow over quarter

Sobha reported contracted sales at Rs 6 bn, 2% decline y-o-y (-3% q-o-q), as sales were muted on delayed launches in Bangalore. Two of three projects launched during the quarter were opened for sale in Dec’18. Bangalore rep

Zensar Technologies Rating: Lead indicators are turning positive

16% EPS CAGR estimated over FY19-21 owing to ramp-up in large deals and strong pipeline; initiated with ‘Buy’ and TP of Rs 290.

rating, zensar, zensar rating

Zensar Technologies: ‘Buy’ rating for a 20% upside

ZENT is positioning itself as a challenger to the scale players in clients with significant IT spend (7/15 of the Top 20/Top40 clients are Fortune500 companies).

Analyst Corner: ‘Buy’on Asian Paints, target price Rs 1,380

We move Asian Paints to ‘buy’ from ‘hold’ as we now find valuation to be in a reasonable zone after two years of near-zero return.

Q2: Strong fee growth springs a surprise

FY19e PAT down 3.4% due to slippages of `15.4 bn for fiscal; ‘Buy’ maintained.

federal bank, bamking sector, banking industry

Analyst corner: ‘Buy’on Hero MotoCorp; FY19/20 EPS cut by 4/7%

In 2QFY19, Hero Motocorp (HMCL) reported an EBITDA margin of 15.2%, lower by 40bps QoQ, owing to higher other expenses.

hero, hero motors

‘Buy’ on Cummins India with target price of Rs 835

Cummins India (KKC)’s balance sheet has seen a stark change in the past five years, with increased allocation to investment properties and current investments, leading to a 150% rise in interest and rental income versus a 1

Zee entertainment: JM Financial expects its growth rate to surge in FY19

ZEEL flagship Zee TV further extends its lead in pay GEC space; regional portfolio also on an uptrend: Based on viewership data from the BARC website, Zee TV further strengthened its position among pay Hindi GECs in May 2018.

Phoenix Mills acquires LDA mall for Rs 453 cr

Phoenix Mills announced acquisition of under-construction mall (Shan-E-Awadh Mall) in Lucknow from Lucknow Development Authority (LDA).

Torrent Pharma sees strong growth; revenues up 20%

In 4QFY18, Torrent’s revenues grew 20% YoY to Rs 17,22 crore beating estimates by 5 %. Growth was mainly driven by strong growth across India.

Torrent Pharma, Torrent revenues, MR productivity, Deferred Tax assets

Maintain ‘buy’ on Tata Motors with TP of Rs 400

In 4QFY18, Tata Motors reported consolidated EBITDA margin of 13.1% (-220bps YoY), impacted by subdued performance at JLR lead by higher marketing expense, and one-time charges for projects de-prioritised under “Fit for Fut

Maintain ‘buy’ on Bajaj Auto with TP of Rs 3,450

The demand pipeline looks promising with states such as Telangana, Karnataka and Delhi expected to follow suit.

Media: Zee TV extends lead in the pay GEC space

In Hindi movies genre (urban + rural), Sony Max surged ahead of Rishtey Cineplex to take the lead, whereas Zee Cinema didn’t feature in top 5 in two out of four weeks in April.

zee tv, GEC space, hindi GEC category, colors

JM Financials says Target Price for Federal Bank revised to Rs 120

Gross slippages for the quarter were at 4.3% annualised as Federal Bank was impacted by the new stressed asset resolution guidelines.

federal bank, federal bank growth, federal bank stock

CPPIB fund infusion in Island Star Mall implies deal closure

Overall investment in Island Star Mall by CPPIB has been Rs 1,660 crore higher than initially guided at the time of first infusion (Rs 1,600 crore).

CPPIB fund, island star mall, equity

JM Financial rates Galaxy Surfactants ‘buy’, says prospects of growth bright

The Indian surfactants market is estimated to post a CAGR of 6% over FY15-24 and oleochemical-based surfactants could continue to gain market share. Galaxy is well-positioned to take advantage of this.

galaxy surfactants, JM financial rating, Galaxy Surfactants growth, Galaxy Surfactants stock

Domestic air passenger traffic sees 24% growth

Domestic passenger growth stood at c.24% YoY in Feb’18 vs c.17% growth over the last eleven months. Domestic capacity (ASK) growth stood at c.18 %, in-tandem with c.20% increase in industry fleet.

Domestic air passenger traffic, Domestic air passenger traffic growth, Indigo, PAX, GoAir , axs growth

Ambuja Cement gets ‘hold’ rating from JM Financial; TP at Rs 260

The arrangement between Holcim group companies could be positive for Ambuja if the clinker availability is improved through supply chain optimisation.

ambuja cement. ACC, ambuja cement stock, ambuja cement shares, ACC ambuja merger

India’s share in home textile exports to US remains flat

In CY17, India’s market share in home textile exports to the US (sum of all products) remained flat YoY at 33%. India’s market share (in dollar terms) in cotton sheets increased 1ppt YoY to 50% in CY17.

home textile exports, US, China market share, exports of cotton sheets, Cotton Association of India

Maintain ‘buy’ for HZL; zinc outlook to remain strong

We met Navin Agarwal – chairman, Vedanta and HZL team led by Sunil Duggal – CEO & MD. The interaction addressed the core operational issues of a) volume growth and b) cost of production (CoP).

HZL, hindustan zinc, Navin Agarwal, Vedanta, Sunil Duggal, volume growth, cost of production, Silver production, Zinc outlook

Maintain ‘buy’ on Power Grid with TP of Rs 230

PGCIL reported an adjusted net profit of Rs 2,200 crore, adjusted for provisions for employee wage revision. Employee cost revision is a pass-through under CERC norms and hence we do not find it to be a cause of concern.

Power Grid, PGCIL, EBIT, factor capitalisation

Havells gets hold rating by JM Financial

Havells reported 3QFY18 result broadly in line with expectations. Havells’ base revenue was up 14% y-o-y (adjusted for GST impact) led by Consumer Durables (+33%, especially Water Heaters), Lighting (+21%) and switch gears

havells, jm financial, havells business, havells gets hold, havells share, havells prices, havells market

S Chand and Co gets buy rating from JM Financial

S Chand is a leading education content and services provider across the education lifecycle, with a commanding share in the CBSE/ICSE K-12 segment.

S Chand, CBSE results, ICSE results

Central Depository Services gets buy rating by JM Financial

CDSL’s stable revenue base driven by repeat business in multiple offerings across DP’s, corporates, capital market intermediaries, insurance companies and others has enabled the company to clock 18%+ CAGR top-line growth


Sobha to benefit from GST with higher input credit

Sobha reported fresh sales at Rs 6.1 billion, +3/64% q-o-q/y-o-y respectively, as sales witnessed improvement across regions with 14% sales contributed by 3QFY18 launches.

gst, gst impact on market in new year, gst impact on credit market
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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