Investor Corner | Ultratech Cement rating – Reduce: Earnings were higher than estimated
Margins under pressure q-q due to higher costs; demand outlook is bright; TP raised to Rs 7,400 from Rs 6,950; ‘Reduce’ retained
Analyst Corner: ‘Add’ on Brookfield REIT with fair value of Rs 290
Near-term earnings growth comes largely from contractual escalations as well as build-out of new assets, the former makes Brookfield’s earnings less vulnerable to a Covid-induced weakness in the leasing market.
Brookfield REIT: Initiate coverage with ‘add’ rating and FV of Rs 290
Near-term earnings growth comes largely from contractual escalations as well as build-out of new assets, the former makes Brookfield’s earnings less vulnerable to a Covid-induced weakness in the leasing market.
Analyst Corner: ‘Sell’ with fair value of Rs 3,080 for Avenue Supermarts
Store additions will continue to gather pace as construction activity recovers. We believe the stock is pricing in aggressive revenue growth with no margin dilution
HCL Technologies Rating: But for products biz, an excellent quarter
HCLT: The stock is inexpensive and trades at a sharp discount to peers
Oil & Gas: Operating environment has got better
Valuations are reasonable for OMCs; any weakness in the stocks may be seen as a buying opportunity
Analyst Corner: ‘Sell’ on NMDC with fair value of Rs 155
NMDC, despite inexpensive valuations, should remain under pressure amid declining margins and limited growth visibility. SELL.
JK Cement rating – Reduce: A strong first quarter for company
Central India project offers growth visibility; TP up to Rs 2,700; ‘Reduce’ maintained
Grasim Industries Rating ‘add’; Ebitda was in line with estimate in Q1
Standalone Ebitda for FY22/23e raised by 10/5% on stronger VSF margins; debt-free B/S in offing; TP up to Rs 1675; ‘Add’ retained
Power Grid rating – Buy: Performance in Q1FY21 met estimates
Visibility on earnings growth trajectory is a positive; valuations are attractive; TP up to Rs 205 from Rs 195; ‘Buy’ retained
Mahindra & Mahindra rating – Buy: Q1 performance was below expectations
FY22-24e standalone EPS down 1-6%; turnaround in global subsidiaries is a positive; ‘Buy’ retained on inexpensive valuations
Sunteck Realty rating – Buy: Operationally strong Q4FY21 for company
More affordable projects and low leverage are positives; TP up to Rs 360; ‘Buy’ retained
Analyst Corner: Reiterate ‘buy’ on Hindalco with unchanged FV of Rs 500
At Novelis, strong demand, record scrap spreads and ramp-up in auto volumes create upside risks to management margin guidance.
ONGC Rating ‘Sell’: Operating numbers in line with estimates
Weak volumes persisted; FY22-23 EPS raised due to higher O&G prices; TP up to Rs 110; ‘Sell’ maintained given production profile
Indraprastha Gas: Retain ‘add’ with unchanged FV of Rs 575
We see limited risk to margins for CNG from expected rise in domestic gas price, given its significant differential versus liquid auto fuels.
Oil India rating – Sell: Firm’s results were muted yet again
FY22-23e EPS up to factor in higher O&G prices; TP up to Rs 125; ‘Sell’ retained given track record, weak cash flow
JK Cement rating – Reduce: Realisations impacted Q4 performance
FY22/23e EPS cut by 4/2%; medium-term prospects are strong but positives factored in; downgraded to ‘Reduce’
Jubilant Foodworks: ‘Buy’ with revised FV of Rs 3,400
Store expansion gathers pace: JUBI’s 4Q print was in line with expectations. Store openings were higher than expected and ahead of guidance: 50 new Domino’s stores (gross) in 4Q (134 in FY2021 versus guidance of 100). JUB
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
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