Raise FV on L&T by 8% to Rs 1,410 on order buoyancy
With support from several large orders finalised over the past three years and benefits of share gains for L&T in FY 2021, we note prospects of FY2022 ordering hovering around FY2020 levels.
Analyst Corner – United Breweries: Beer volume recovery tracking well; FV raised to Rs 1,260
We expect UBBL’s new CEO to step up focus on market share defence in value segment and gain share in the premium segment.
Analyst corner: Initiate with ‘add’ on SBI Cards with fair value of Rs 900
In this report, we discuss trends on retail payment behaviour across time periods and different geographies, stakeholders' perspectives on credit cards and the earnings model of the credit card business.
Auto & Components: Prospects are strong for tyre makers
Volume estimates up; rise in rubber prices a worry; Apollo Tyres downgraded to Reduce; TP raised for MRF and CEAT
Analyst Corner: Reiterate ‘buy’ on GAIL with revised FV of Rs 140
The recent increase in crude-linked, as well as spot LNG prices, will augur well for the gas marketing segment, as the respective differential with the US LNG price has reduced considerably in the past few months
Wipro Rating: Add Deal with Metro reinforces credentials
Firm likely to gain from strong momentum in digital foundation deals; valuations inexpensive; ‘Add’ retained
Analyst Corner: ‘Buy’ on InterGlobe Aviation with unchanged FV of Rs 1,870
We expect Indigo to report healthy and durable spreads from FY2023 given benign medium-term outlook for crude and competitive intensity.
Analyst Corner: Double-digit revenue growth seen for Infosys in FY22 & beyond
Infosys is on track to report double-digit revenue growth in FY2022 and beyond. Even after the run-up, the stock offers reasonable upside.
Analyst Corner: Maintain ‘add’ on GCPL; firm gaining share in soaps space
GCPL expects HI portfolio to deliver high single-digit to low double-digit growth on normalised basis.
Oberoi Realty Rating ‘Add’; deal value’s small in overall NAV
While showing could be soft in near term, outlook is positive; TP up to Rs 570 from Rs 450
Reiterate ‘buy’ on Tata Steel with fair value at Rs 800
After a potential exit from Europe, India business would generate Rs 130-140 billion FCF before growth capex in FY2022E/23E. With ~20% FCF yield, growth plans would not increase leverage.
Varun Beverages Rating: Buy; poised for strong growth in earnings
Volumes have recovered steadily; margins likely to rise; CY21/22e EPS up 10-11%; TP raised to Rs 1,000; ‘Buy’ maintained
Analyst corner: PVR fundamentals intact despite near-term hiccups
PVR’s gross/net debt is about Rs 15 billion/Rs 10 billion as of date; equity fund raise would reduce leverage enabling PVR to invest in organic and inorganic growth opportunities post-Covid.
‘Buy’ TechM as outlook for biz is healthy post Covid
TM has a presence in other areas of manufacturing, rail transportation and medical devices. Service capabilities are comprehensive and include mechanical, embedded, chip design, digital and device engineering.
Analyst corner: ICICI Bank our top idea in banks, revised FV at Rs 600
ICICI Bank’s analyst meet gave yet another glimpse of the efforts it is taking to rebuild itself as a bank which would enable it come closer to the current best-in-class peers.
Analyst Corner: Indigo exits Nov at closer to 65% of pre-Covid levels
Load factors for air travel have also likely crossed 80% levels recently, suggesting return of business travellers
Analyst Corner: Indigo exits Nov at closer to 65% of pre-Covid levels
Our assessment of the change in number of domestic air travellers per flight suggests that daily average load factors for air travel as a whole have potentially crossed 80% levels in the exit week of November
Analyst Corner: Laurus Labs’ strength is adding new revenue streams
Laurus has announced acquisition of 72.55% stake in Richcore Lifesciences, a Bangalore-based company for a consideration of Rs 2.5 bn, valuing Richcore at Rs 3.4 bn.
Cochin Shipyard’s FV at Rs 520 on weakness in execution
An MoU with Italian shipbuilder brings some assurance while the wait for new orders for the under-construction dry dock continues.
Petronet LNG Rating: Buy- A robust showing by the company
Higher dividend payout was comforting; FY21e EPS up 7%; valuation is attractive; Buy retained with TP of Rs 300
Initiate ‘reduce’ on Divi’s Labs with FV of Rs 3,000
At ~35X FY2023E EPS, we believe the stock fully captures the generics growth, while ignoring the emerging headwinds to the higher valued synthesis business.
IRB Infrastructure rating – ‘Buy’: Jump in toll collection the highlight
Higher debt, SPVs’ losses hit earnings; FY22/23 estimates down 9/3%; ‘Buy’ retained
Retain ‘sell’ on ONGC with unchanged FV of Rs 60
Reported net income was lower at Rs 28.8 billion including an impairment loss of Rs 12.4 billion recognised on producing fields on factoring lower natural gas price.
Retain ‘add’ on Grasim with revised fair value at Rs 875
Margins should expand in 2HFY21 further led by higher prices. Chemical sales volumes increased to 236 kt (-2% yo-y, +71% q-o-q) on improved demand.
Coal India rating – Buy: A much improved earnings performance
FY21/22 EPS down 11/3% on weak e-auction prices & revision in coal prices in FY22; TP cut to Rs 180 from Rs 195; ‘Buy’ maintained
Analyst Corner: ‘Add’ rating on LIC Housing Finance with FV of Rs 400
Niitailwnds: Provisions,remain low. Improving growth in retail home loans coupled with falling funding costs will support LICHF’s NII
Analyst Corner: Retain ‘sell’ on Bharat Forge with revised FV of Rs 320
Retain SELL rating as valuations are too expensive with revised FV of Rs 320 (from Rs 340 earlier) based on 20X September 2022E EPS for the standalone business.
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