JP Morgan

Articles By JP Morgan

41 Articles

SBI: Expect 40% return on stock over one-year period

We see upside across DuPont metrics for SBI that should see the bank's ROEs reflate back to 13% by FY20E and 16% by FY21E.

Markets News

JP Morgan: Bajaj Finance well placed to deliver on strategy

As portfolio performance improves over time,they will again look to re-accelerate the growth there.

Economy News

Reliance Industries rated ‘Neutral’ by J P Morgan; here’s why

In our view, it is still too early to crystalise a value for the R1,500 bn (and likely to increase further) investment into the telecom business.

BSE, Oil india, OMC, BSE Oil, ONGC, Reliance News

JP Morgan overweight on JSW Steel with target price of Rs 1,500

JSW reported Ebitda and PAT beat in Q4 driven essentially by lower costs even as ASP/t increase was muted at ~2%. We expect Ebitda/t to improve further from Q4 levels of c.R5,400/t as the benefits of recent steel price hikes

Markets News

India Financials: Muted Q4 for pvt banks cause for caution

Despite some positives in recent months, a turnaround in the economy is unlikely before FY18

India Financials: Muted Q4 for pvt banks cause for caution

Remain underweight on Seimens India

Siemens India reported March quarter order inflows of Rs 29.4 billion (+10% y-o-y, -15% q-o-q). Implied order book as of March quarter of Rs 109 billion is at similar levels seen in 2009.

Remain underweight on Seimens India

Overweight rating on ICICI Bank; Core earnings’ momentum steady despite provisioning

However, net interest margin was down 16bp q-o-q and is likely to fall 20bp further in FY17

Overweight rating on ICICI Bank; Core earnings’ momentum steady despite provisioning

Market share growth likely to continue

Strong volume growth and lower energy costs see Q4 earnings beat expectations

Market share growth likely to continue

Overweight rating on Tata Steel; Sale of long products business a very positive development

It should see TATA’s reported Ebitda improve by ~$150-250 mn

Overweight rating on Tata Steel; Sale of long products business a very positive development

Overweight rating on Tata Motors: JLR, recovery in CV sales drive growth for company

Tata Motors is benefitting from healthy sales growth at JLR, driven by new product launches. The F Pace crossover from Jaguar will be launched shortly and along with the XE is expected to drive growth.

Overweight rating on Tata Motors: JLR, recovery in CV sales drive growth for company

PSU banks: Asset quality continues to be under stress

We remain cautious on PSU banks, as we see continued asset quality stress. We think the macro turnaround is not imminent, and this should drive further worsening of the asset quality cycle, with credit costs remaining elevate

PSU banks: Asset quality continues to be under stress

Asset quality headwinds to persist

The stress in key sectors like power and steel is too acute for credit costs to be delayed to FY18

Asset quality headwinds to persist

Neutral rating on Maruti Suzuki; Headwinds to cap stock performance

Volume growth for FY17e is likely to come in lower than earlier estimated due to the infra cess announced in the Budget

Neutral rating on Maruti Suzuki; Headwinds to cap stock performance

‘Neutral’ on Maruti Suzuki, concerns over margins remain: JP Morgan

Maruti’s sales are lower by 1% y-o-y at 117,451 units in February. Dispatches were impacted due to production shortage (state of Haryana witnessed disruption due to protests, which impacted production of OEMs).

‘Neutral’ on Maruti Suzuki, concerns over margins remain: JP Morgan

Capital Goods: Growing at a snail’s pace

Share of imports in the domestic market has gone up to 40%

Capital Goods: Growing at a snail’s pace

Overweight rating on ICICI Bank: Q3FY16; Poor show

ICICI Bank reported 8.3% incremental asset stress in third quarter of fiscal 2016, largely driven by a lumpy steel account.

Overweight rating on ICICI Bank: Q3FY16; Poor show

Underweight rating on Reliance Communications: Fighting hard for its relevance

Reliance Communication (RCom, UW) has announced several newsworthy corporate actions in the recent past.

Underweight rating on Reliance Communications: Fighting hard for its relevance

‘Overweight’ on Sobha, target Rs 550: J P Morgan

Sobha’s 3Q presales (+12% Y/Y) and 9M (Flat Y/Y) highlight challenging on-ground conditions and impact of launch delays in high-value NCR/ Kochi due to approval issues.

sobha ltd News

Maintain ‘OW’ on R-Infra, target Rs 580: JPMorgan

We maintain 'overweight' rating on Reliance Infrastructure with a revised March 2017 target price of Rs 580 per share. We factor in no value for defence...

reliance infra News

Maintain ‘overweight’ on Prestige Estate: JP Morgan

Prestige recently announced buyout of Red Fort’s 62.5% stake in Exora Business Park – which holds Exora Business Park and completed residential inventory in Silver Oak project.

Markets News

Maintain ‘overweight’ on HDIL, price target Rs 140

Maintain ‘overweight’ on HDIL with a March-2016 price target of R140 per share based on 8x cash ebitda and inline with the multiple used for other residential property developers.

Maintain ‘overweight’ on HDIL, price target Rs 140

JP Morgan gives ‘underweight’ rating to Eicher Motors; says company unlikely to sustain high growth in its motorbike biz

Valuation multiples will moderate as growth rates ease and competition increases

Eicher motors Q4 net profit News

Indian IT services: IT Services spending a different ball game

Its strength is determined not only by capacity to spend but a host of other key factors, with the outlook on growth having become the more limiting one

Indian IT services: IT Services spending a different ball game

India Infrastructure: Spurt in road project awards

Market gets more fragmented in EPC category which has bagged most orders

India Infrastructure: Spurt in road project awards

India—Asian Year Ahead 2016: Stock ideas for Year of Monkey

The macro narrative in the current calendar year (CY2015) was one of softening inflation and weak growth.

stocks market News

Overweight rating on Tata Motors: Tata Motors posts loss of Rs 4.1 bn

Tata Motors outlook is improving in second half, India business is poised for recovery

Overweight rating on Tata Motors: Tata Motors posts loss of Rs 4.1 bn

Overweight rating on Tata Steel; European operations prove a dampener

But Tata Steel has scored key positives in its pension schemes in Europe, and its India operations remain relatively robust

Overweight rating on Tata Steel; European operations prove a dampener