Articles By Macquarie

14 Articles

Analyst Corner: SBI Cards and Payment Services rating ‘outperform’ – poised to capitalise on opportunities

32% EPS CAGR expected over FY20-23e; market share should rise; initiated with 'Outperform' and target price of Rs 1,025.

We believe being India’s only notable standalone credit card company and having growth visibility should ensure premium valuations can be sustained.

Quality private banks continue to outperform; HDFC Bank and ICICI Bank are top picks

The single biggest takeaway from RBI’s FSR is that they are expecting NPLs to increase by 60bp from 9.3% in Sep-2019 to 9.9% by Sep-2020. To put this in context, our NPL forecast for our coverage universe is a 130bp decline

private bank, Quality private bank, HDFC Bank, ICICI Bank, market news

Analyst Corner| Jyothi Labs — Product launches to boost volume growth

Dishwashing has been one of fastest-growing categories for JYL and we expect strong growth to continue on account of market share gains and lower overall penetration in the category.

Analyst Corner: Nestle India is best play on fast growing packaged food space

Nestle is winning back market share in its core categories on the back of increasing focus on distribution, product launches and strong media campaigns.

Dr Reddy’s: FDA move could lower Suboxone opportunity

The US FDA has granted approval for a new dosage strength (16mg/4mg) of the buprenorphine and naloxone sub-lingual film to Teva under the 505 (b) (2) pathway.

Dr Reddy,  FDA, US FDA,  DRRD, New Jersey, Teva, ANDA

Macquarie rates Sun Pharma ‘neutral’; US sales showing signs of stability

With signs of bottoming out of non-Taro US sales (up from $139 m to $193 m over Q2 to Q4), further material downside earnings risk seems unlikely.

sun pharma, sun pharma stock

Infosys Technologies stock rated Outperform by Macquarie as Q2 results present mixed bag

Strong execution in the quarter, with PAT beating estimate by 11%, stole the show; guidance cut for FY18 is a concern; FY18 EPS estimate up 2.2%

Infosys, Infosys stock, Macquarie, Q2 results, Q2 FY18 results 

Sobha Limited rated ‘Outperform’; operational performance key factor

We attended the conference call hosted by Sobha to discuss its Q1FY18 results. Recall, it had reported decent results for Q1 earlier on August 7 with net debt reduction of Rs 500 m driven by positive operating cash flows.

shobha, shobha developers, shobha developers rating, Shobha Developers rated outperform, operational performance shobha, market, investor, investor news, financial express

Macquarie maintains ‘Outperform’ rating on ITC Ltd; target price Rs 304

Over the weekend, ITC made price hikes in Gold Flake Regular and Premium (69mm) and Navy Cut (74mm) brands.

Adani Ports rated ‘Outperform’; balance sheet concerns key for re-rating

We met Adani Ports’ CEO Karan Adani recently. Having taken note of investor concerns about loans and advances (L&As), management is looking to reverse some of the L&As.

adani ports

‘Outperform’ rating for Yes Bank, target price Rs 1,325

Yes Bank has gained shareholder approval to raise up to $1 billion of equity capital.

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Yes Bank top pick in sector, fund raising to be positive

Retain ‘outperform’ on YES Bank given the strong growth and improving profitability.

Yes Bank top pick in sector, fund raising to be positive

Banks rating: A choppy year ahead

Expect earnings downgrades, poor returns

Banks, sbi bank, icici bank, rbi rate cut

Outperform on Wockhardt, target of Rs 1,700

Retain ‘outperform’ on Wockhardt (WPL) with a 12-month price target of Rs 1,700.

Outperform on Wockhardt, target of Rs 1,700
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