MRF rating – Sell: RM headwinds took a toll on performance
Margins are likely to remain under pressure; FY22-23e EPS down 11-16%; TP cut to Rs 69,150; ‘Sell’ retained
Divi’s Laboratories rating – Reduce: Growth momentum was maintained
FY22-23e EPS up 5%; TP raised to Rs 3,750 from Rs 3,300; valuations factor in prospects for growth; ‘Reduce’ rating retained
Vedanta rating – Reduce: A buoyant quarter for the company
FY22/23e Ebitda up 28/15% on strong commodity prices; TP raised to Rs 270 from Rs 180; ‘Reduce’ maintained
Bharti Airtel rating – Buy: Healthy numbers across key segments
Strong performance in FY21; FY22-23e Ebitda cut by 1-3%; outlook for medium term bright; ‘Buy’ retained with TP of Rs 700
Analyst Corner: ‘Reduce’ on Gland Pharma, revised FV at Rs 2,550
Gland Pharma posted revenue growth of 40% yoy in 4QFY21, largely in line with our estimates. The US grew 26% yoy (in line vs KIE) led by ramp-up in micafungin, daptomycin and dexmedetomidine supplies.
Analyst Corner: UltraTech Cement – Maintain ‘reduce’, revise FV to Rs 6,300
With a strong balance sheet and management’s focus on RoE expansion, dividend payout has upside risk.
Reliance Industries rating – Add: Final quarter results were a mixed bag
Operating performance improved across segments barring Jio, but concerns remain; FY22-23e EPS cut by 2-5%; ‘Add’ retained
Revise United Breweries fair value to Rs 1,365
UBBL reported 8% yoy growth in revenues to Rs 15.4 bn (3% above estimate) and 9% growth in volumes. On a 2-yr CAGR basis, volumes declined 7% (versus 11% decline in 3Q), and revenues declined 3% (versus 6% decline in 3Q).
Analyst Corner: Initiate CAMS coverage with ‘add’; DCF-based FV of Rs 1,850
We initiate coverage on CAMS with an ADD rating and Fair Value of Rs 1,850 (5% upside). CAMS has a dominant position in India’s registrar and transfer agent (RTA) market duopoly, which reduces risks of market share movement
CAMS: Start with ‘add’ and DCF-based FV of Rs 1,850
CAMS has a dominant position in India’s registrar and transfer agent (RTA) market duopoly, which reduces risks of market share movements.
Jubilant Foodworks Rating: Buy, execution to be key to pact with Popeyes
It will allow firm to tap into fast-growing QSR chicken segment; new aggression and portfolio approach is impressive; ‘Buy’ retained
Analyst Corner: ‘Buy’ on Hindalco, Novelis margins to be above guidance
Scrap spreads hit new highs, Novelis margins to follow. The scrap market remains tight due to seasonal collection issues in the West; however, scrap prices continue to underperform strong primary aluminium prices in 4QFY21.
ONGC Rating: Sell; Kotak Institutional Equities says lacklustre output trajectory a dampener
Dividend payout the only takeaway; EPS raised to reflect higher crude price and TP revised to Rs 90; ‘Sell’ rating maintained
Analyst Corner: ‘Buy’ on Tech Mahindra as it acquires Irish BPO firm
Tech Mahindra (TechM) has announced acquisition of Perigord, which provides niche packaging supply-chain BPO services for global clients in the life sciences vertical. Specifically, the firm offers digital workflow and artwor
Analyst Corner: Initiate with ‘add’ on Aditya Birla Capital
We initiate coverage on Aditya Birla Capital (ABCL) with ADD rating and SoTP-based FV of Rs 145.
Analyst Corner| InterGlobe Aviation: Domestic growth driven by non-metros
Opportunity beckons. We hosted Mr Ronojoy Dutta, CEO of Interglobe Aviation for investor meetings.
Analyst Corner| Wipro bets big on Capco; reduce fair value to Rs 450
Wipro announced a fairly large acquisition of Capco, a financial services-focused management and technology consulting firm for US$1.4 bn.
Analyst Corner: ‘Buy’ on Max Financial with fair value of Rs 1,000
Max-Axis transaction approved by IRDA; reinitiate with buy. IRDA has approved the much-awaited (12%) stake sale in Max Life to Axis Bank.
Maintain ‘buy’ on Infosys; deal pipeline reasonably strong
Infosys’s key digital bets — experience, data and cloud — have all benefited from this trend, leading to strong growth in digital revenues even during the pandemic.
Maintain ‘buy’ on Sobha, revised fair value at Rs 480
Planned launches of 10 mn sq ft in the next three quarters will help maintain the sales momentum even as contractual business is expected to recover fully by March 2022.
CIL: Maintain ‘buy’ with revised FV of Rs 185/share
Weak realisations. Coal India (CIL) reported weak performance as realisation for raw coal (contributing 80% by volumes) declined to Coal India1,354/tonne (-4% yoy) leading to flat revenues of Rs 217 billion despite 8.7% y-o-y
Coal India: Maintain ‘buy’ with revised FV of Rs 185/share
CIL reported revenues of Rs217 billion (+1% yoy, +11% qoq), ebitda of Rs32 billion (-5% yoy, +38% qoq) and PAT of Rs30.8 billion (-21% yoy, +4% qoq) against our estimates of Rs223.8 billion, Rs32.5 billion and Rs36 billion, r
Muthoot Finance: Retain ‘reduce’ with FV of Rs 1,250
High growth phase behind us. Muthoot Finance’s 3QFY21 performance was supported by strong gold price rally during 9MCY20, improving funding environment and efficient cost controls at the company.
Phoenix Mills: Initiate coverage with ‘buy’ and FV of Rs 960/share
In our view, retail malls cater to the rising aspirations of an increasingly urbanised India.
Hindustan Unilever Rating: add- Focus on volumes showed in results
Investing in business despite margin pressure likely to pay off; estimates tweaked; ‘Add’ retained with TP of Rs 2,625
Analyst Corner: Retain ‘add’ on HDFC Life with fair value of Rs 705
VNB growth was strong at 27% year on-year (YoY) in 3QFY21 led by 18% YoY growth in APE and 180 bps yoy expansion in VNB margin to 26.5% (up 110 bps QoQ ).
Downgrade Bajaj Finance to ‘sell’, fair value Rs 4,000
We raise our FV to Rs 4,000 (4.5X book) from Rs 3,000 to reflect higher estimate, rollover to March 2023E and marginal reduction in cost of equity.
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