Tata Motors Rating: Neutral; Miss for Jaguar Land Rover in August volumes
The comprehensively re-engineered Land Rover Discovery Sport will be launched in China later this year further solidifying its position as a best-selling model.
Motilal Oswal: PI Industries to derive synergies from Isagro Asia acquisition
The proposed transaction is expected to be completed in 3QFY20, subject to finalisation of definitive agreements, customary closing conditions and regulatory approvals.
Lemon Tree Hotels rating | Buy — Execution of strategy will be key
LEMONTRE had a debt of Rs 12.66 bn; of this, 55% can be attributed to adult hotels, which have the capability of generating enough cash to service the debt themselves.
Motilal Oswal: Maintain ‘buy’ on Trent; target price at Rs 515
Standalone revenue increased 23% to Rs 25.3 bn in FY19, primarily led by Westside (+18%) and Zudio (newly started fast fashion value format; +42% to Rs 2 bn).
MCX: Clarification on whistleblower allegations
Malpractice in cotton trade from November 2018 to June 2019 by two international customers, which delivered stock of sub-standard quality. MCX passed it off to investors who bought on the exchange platform.
Dabur Rating: Neutral; Company to get back to Ayurveda roots
Execution of the strategy will be key; fair valuations, moderate growth prospects behind ‘Neutral’ rating.
Bajaj Finance: Maintain ‘Neutral’with TP of Rs 3,550
The share of new loans booked from consumer durables (CD) declined meaningfully from 71% in FY17 to 54% in FY19.
Motilal Oswal: ‘Buy’ on Bajaj Auto; exports register marginal growth
The company has reported improved walk-ins, inquiries and retail sales since the last week of Aug'19.
Petronet LNG rating | Buy — Growth in demand augurs well
Higher utilisations likely to continue owing to steps to boost gas usage and weaker competition; ‘Buy’ retained
Motilal Oswal: Realty sector bets on government steps to resolve problems
As far as the real estate sector is concerned, the FM had met key stakeholders such as developers, home buyers and lenders on 11th Aug’19. In this note, we highlight the key wish list put forth by the sector.
ICICI Bank Rating: Buy; Comfort in a difficult environment
Operating metrics are getting better steadily; core RoA/RoE expected to improve to 1.5/15.5% by FY21e; ‘Buy’ maintained
Motilal Oswal: Page Ind’s topline growth target hard to achieve
The management is targeting 20% topline growth (led by 10% volume growth) for FY20. But, we believe this target is difficult to achieve, particularly as trade liquidity concerns have persisted for the first few months in FY20
Sun Pharma’s transactions evoke concern: Motilal Oswal
Contingent liability stood high at Rs 66.4 bn, 16% of NW due to income tax disputes (at Rs 58.9 bn).
Analyst Corner: Maintain ‘neutral’ on P&G Hygiene and Healthcare
While the structural growth opportunity in the feminine hygiene segment (~70% of sales) remains very promising, valuations of 52.1x FY21E EPS do not leave much room for an upside. Maintain Neutral.
Britania Industries Rating: Buy; Results were below expectations
Consolidated gross margin expanded 40bp y-o-y to 40.4%. Higher other expenses as percentage of sales (up 90bp y-o-y to 21.3%) and increase in staff costs as percentage of sales (up 20bp y-o-y to 4.5%), meant that Ebitda margi
Analyst corner: FY 20/FY 21 EPS estimates reduced by 7-9 pct for Bosch
The company provided for expenses (~INR821m) towards restruct-uring, reskilling and redeployment in preparation for potential structural slowdown in the auto industry.
Divi’s Lab’s: FY20/FY 21 earnings estimate lowered
Divi’s Labs is working on backward integration to ensure key starting material availability, the benefit of which would accrue from 2HFY20.
GSK consumer: Maintain ‘neutral’ with TP at Rs 7,670
Gross margin expanded 40 bps y-o-y to 70%, while EBITDA margin was up 270 bps y-o-y to 23.5% (against estimate of 20.3%). Volume growth for 1QFY20 was broad-based; domestic volume growth for both Horlicks/Boost stood at 4% ag
Bajaj Finance Rating: Neutral; Strong AUM growth drove quarter results
Outlook is bright though asset quality issues in some products might slow loan growth; ‘Neutral’ retained.
Dabur rating: Neutral; First quarter results were ahead of expectations
Guidance for year has been cautious; FY20/21e EPS up 1/0.4%; valuations are fair; ‘Neutral’ maintained
Tata Chemicals: India business delivered revenue growth
Tata Chemicals Magadi (TCML) revenue was down 4% to $73.8 million on account of a 15% decline in volume, partly offset by a 13% improvement in realisation.
ICICI Prudential Life: Maintain ‘buy’ with TP of Rs 475
During FY19, ULIP APE fell 2.7% y-o-y v/s an average 18% growth over FY17-19. Protection business, though, has grown at 62% y-o-y and its share in the total APE improved to 9.3%.
Stock corner: ‘Buy’ Shriram Transport Finance, company saw momentum loss in FY19
After nearly doubling in FY18, slippages were largely stable YoY at Rs 66 bn in FY19. However, there has been a sharp increase in bad debt write-offs in FY19 – up 60% YoY to Rs 23.4 bn.
Delta Corp Rating | Buy — Flat showing in Q1 but the ship is stable
Consequently, revenue growth is likely to bounce back from Q2FY20, and we estimate 18% growth in the Casino biz in 9MFY20.
Titan: Maintain ‘buy’ with a target price of Rs 1,500
However, gold prices increased toward the second half, which, in our view, led to demand postponement, impacting segmental growth for the quarter.
Marico: ‘Buy’, TP at rs 435; growth momentum remains strong
Management had stated in its previous quarterly results conference call that new products are likely to double as a percentage of sales over the next two years.
Analyst corner: ‘Neutral’ on Bajaj Auto over expected BS VI turbulence
The company believes the domestic market will get more competitive across various segments, as it expects segmental quasi-monopolistic control to end.
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