Analyst Corner: Maintain ‘neutral’ on Havells India with TP of Rs 1,290
Key operating parameters confirm our thesis of margin normalization from highs of FY21 even amid a strong demand environment.
Infosys rating – Buy: Results were an all-round beat on estimates
Guidance revision a positive surprise; growth likely to be in top quartile in FY22; EPS for FY22e up 2%; ‘Buy’ retained with TP of Rs 1,960
Analyst Corner: Star Health outperforms industry in premium growth during FY18–21
During FY18–21, STAR outperformed the industry in premium growth, with 31.4%/ 32.4%/ 35.3%/ 8.5% growth in Total Premium / Retail Health / Group Health / Personal Accident.
TCS Rating: neutral — Q2 growth met estimate in cc terms
Growth outlook is intact but near-term issues limit upside; FY22/23 EPS down 2/4%; ‘Neutral’ retained with TP of Rs 3,770
Analyst Corner| Tata Motors: Maintain ‘Buy’ with target price of Rs 400
Tata Motors (TTMT) is a leading global automobile manufacturer with a wide range of PVs, SUVs, buses, trucks, pick-ups and defence vehicles.
Cummins India Rating: sell — Draft Bill poses risk to long-term prospects
No material impact is likely in near term; better power supply a structural risk; Sell retained with TP of Rs 695
Piramal Enterprises rating – Buy: Completion of DHFL buy a positive event
~28% loan CAGR estimated over FY21-24e; firm likely to see strong retail growth; ‘Buy’ retained with TP of Rs 3,150
Analyst Corner: Maintain ‘buy’ on ICICI Securities with TP of Rs 915
In 1QFY22, nearly 60% of the clients acquired were below 30 years of age, and ~80% were from tier 2 and tier 3 towns.
Maintain ‘buy’ on LIC Housing Finance with TP of Rs 525
By segmenting borrowers based on their CIBIL score, irrespective of the category of employment, LICHF aims to cater to a larger borrower base.
Analyst Corner: Maintain ‘buy’ on HDFC Bank, target price Rs 1,800
Lifting of RBI restrictions on new credit card sourcing before festive season augurs well: The RBI has partially lifted the restrictions placed on HDFCB in Dec’20 and allowed the bank to source new credit cards.
Maintain ‘buy’ on Petronet with a fair value of Rs 310
The company’s return profile remains strong, with ROE/ROCE at 25–26%/21–23% over FY21–24E. We maintain 'buy'. As highlighted in its annual report, the company is embarking on a major diversification journey, which we
Hindustan Unilever Rating: Buy – Long-term drivers of growth are strong
Demand outlook healthy; earnings could compound at 14-15% over the next 10 years; ‘Buy’ retained with TP of `3,280
APL Apollo Tubes rating – Buy: Higher utilisation likely to boost bottomline
PAT CAGR of 35% expected over FY21-24e; initiated coverage with ‘Buy’ rating and target price of Rs 2,065
Analyst Corner| Exide Industries: Maintain ‘buy’ with TP of Rs 235
The said consideration would be paid through a) 87m shares in HDFC Life at a price of Rs 685/sh and b) the balance in the form of cash of rs 7.26b.
Analyst Corner: ‘Buy’ on L&T Technology with TP of Rs 4,530 per share
The management has increased its focus on scaling up large accounts along with large deals, which will drive growth. It sees scope for margin improvement, led by a further offshore shift.
Analyst Corner: ‘Buy’ on Godrej Consumer with target price of Rs 1,250
The sales momentum is also leading to increased asset turns. Consequently, ROCE seems poised to cross 20% levels for the first time in a decade, after languishing in the mid-teens for most of this period.
Expect Muthoot Fin to deliver 15% loan growth
Post this equity infusion, MUTH's stake in Belstar Microfinance will reduce to 57.9%, and MAJ Invest, Augusta Investments, and Arum Holdings will hold 10%, 4.6%, and 13.8% stake, respectively.
Larsen & Toubro Rating: Buy – Preferred pick to play any capex upcycle
Fundamentals are sound; firm is poised for strong earnings momentum once order inflows pick up; ‘Buy’ retained with TP of `1,950
State Bank of India rating – Buy: Asset quality boosts earnings outlook
GNPAs down 43% over past 3 years; 14% CAGR in PPOP estimated over FY21-23e; ‘Buy’ retained with TP of Rs 600
Analyst Corner – Cadila Healthcare: ‘Buy’ with combined TP of Rs 670/share
We arrive at an NPV of ~Rs 12/share for the opportunity arising from the Covid-19 vaccine. We continue to value CDH’s base business at 25x its 12-month forward earnings to arrive at our TP of Rs 658.
Vodafone Idea Rating ‘Neutral’; net debt at Rs 1.9 lakh crore
Highlights from the management commentary: VIL is focusing on investments in 16 priority circles, which contribute 94% of revenue. Focus on high ARPU subscribers: It aims to scale up higher ARPU subscriber programmes in partn
Analyst Corner – ONGC: Maintain ‘buy’, capex guidance for FY22 at Rs 295bn
The management has guided for gas production potentially at 24.7bcm for FY22, while gas production would be lower than earlier guided at 27bcm for FY23.
Tata Steel Rating: neutral – Pricing boosted Ebitda to record high
Profitability in Europe is likely to improve; Ebitda for FY22/23e up 16%; TP raised to Rs 1,565; ‘Neutral’ retained given valuations
Analyst Corner: Upgrade BoB rating to ‘buy’ with revised TP of Rs 100
Asset quality trends were stable sequentially in a challenging environment, with fresh slippage at Rs 51.3 billion (annualized slippage rate of 3.1%).
Analyst Corner – Bandhan Bank: Maintain ‘neutral’ with TP of Rs 330
Overall, asset quality remains uncertain, and we estimate credit costs to remain elevated at 5.5% of loans for FY22 (similar to FY21 levels).
Maintain ‘neutral’ on Bandhan Bank with revised TP of ₹330
The restructured book increased sharply to ~₹53b (6.6% of total AUM). SMA loans surged to 21%, while a large portion of the SMA overdue in Assam was eligible for a relief package. As a result, LGDs would remain controlled.
Maintain ‘buy’ on LIC Housing Finance with Rs 525 TP
It delivered a healthy loan growth in Home loans. However, LAP and developer book growth has slowed down. Collection efficiency improved to 98% in Jun’21.
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