Motilal Oswal

Stock corner: ‘Neutral’ on HCL Technologies, a miss on margins even as revenue was strong

FY20e EPS down 4.4% due to lower margin guidance and extra costs; ‘Neutral’ retained with TP of Rs 1,200

Stock corner: 'Neutral' on HCL Technologies, a miss on margins even as revenue was strong News

Stock corner: Maintain ‘buy’ on Prism Johnson with a target price of Rs 104

Q4FY19 revenue increased 4% y-o-y (+17% q-o-q) to Rs 16.8b (v/s est. of Rs 16.5b). Cement volumes stood at 1.75mt (+5% y-o-y) implying 100% utilisation, while cement realisations increased 0.5% y-o-y, led by stronger prices i

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Bharti Airtel Rating: Buy; results bucked downtrend of last several quarters

India wireless business made a strong comeback; outlook is favourable given multiple levers; ‘Buy’ retained with TP of Rs 410.

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Stock corner: ‘Neutral on Kotak Mahindra Bank, stable showing across businesses in Q4

SA deposits continued growing strongly by 22% y-o-y (SA cost of 5.66%). Core deposit mix (CASA + TD < Rs 50 m) stood at 81% of total deposits. CASA mix improved to 52.5% (+180bp q-o-q) . 

Kotak Mahindra bank, कोटक महिंद्रा बैंक, Kotak Bank Q4, Kotak Mahindra Bank Profit, Kotak Bank NPA, Provisioning News

HDFC Life Rating | Buy — Performance in the quarter was stable

For FY19, total premium/PAT grew 23.8/13.1% y-o-y to Rs 289/12.5 bn. For FY19, the share of the protection business increased to 16.7% of total APE (7% on an individual APE basis).

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Stock corner: ‘Buy’ on HDFC Life; return ratios to remain strong

We expect return ratios to remain strong on healthy new business margins, quality underwriting, and strong cost control.

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Stock corner: ‘Buy’ on IPCA Laboratories; price target at Rs 1,145

The share of the Pain segment within DF has increased from 30% in FY12 to 45% at end-M9FY19.

ipca, ipca laboratories, motilal iswal News

Stock corner: ‘Buy’ Mahindra & Mahindra, challenges factored in due to valuation fall

Risk to estimate of Ebitda margin rising to 13.9% in FY20; re-rating catalysts are missing; ‘Buy’ maintained.

mahindra and mahindra , suv, automobile sector, automobile industry News

Titan Rating | Buy — Jewellery led high sales growth of 21% in FY19

Management’s expectation, in pre-quarterly update for Q4FY19 (and FY19), of further 20% sales growth in FY20 shows that all segments are doing well; ‘Buy’ retained.

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Gujarat Gas Ratings | Buy — Outlook for volume growth is strong

NGT order for Morbi would be a catalyst if it stands; FY20/21 volume estimates raised; TP revised to Rs 183.

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Stock corner: Resume ‘buy’ on Laurus Labs, target price of Rs 470

Laurus has completed the expansion for Lamivudine with its offtake expected to increase over the near term.

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Ambuja Cement profitability hit by costlier raw material, fuel

Implementation of the Real Estate (Regulation and Development) Act (RERA), 2016, also brought about a paradigm shift in the construction sector, making it transparent.

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Godrej Agrovert Rating| Buy — On way to becoming agri giant

The strength of the ‘Godrej’ brand and its association with trust, quality and reliability helps the company across segments, particularly in those involving direct sales to retail consumers.

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JSW Energy: Maintain ‘neutral’ with TP of Rs 77

We value JSWE on an SOTP basis; the long-term PPA capacities on DCF and merchant capacities at `0.4 crore/MW. The target price is raised to `77/share, on lower net debt. Maintain ‘neutral’.

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‘Buy’ ONGC shares, OPaL’s prospects make for a positive

The company is in process of converting its INR loans to USD, as it can provide a natural hedge against its exports, resulting in savings of Rs 2 bn.

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Analyst Corner| Maintain ‘Buy’ on Alkem with target price of Rs 2170

ALKEM has ramped up its US sales to 6x over FY13-18 on new launches, reasonable market share gains in existing products, and partly on low base.

Alkem, CAGR,  Alkem Labs, US generics segment, US business News

Mindtree Ratings| Under review — Little logic for continuance as a separate entity

At 17x FY20e, and with L&T market purchase/open offer at Rs 980/share, upside seems capped; ‘Buy’ under review after recent run

mindtree share, mindtree ltd, mindtree ltd share price, mindtree rating, l&t mindtree merger News

Dealing in HUL shares? Here’s an important advise for you

A small short-term blip was seen in the Q4FY19 demand. But, we had already built in an 8% volume growth for Q4FY19 v/s a double-digit growth of the preceding five quarters.

Analyst Corner: Maintain ‘Buy’ on HUL with target price of Rs 2,125 News

Indraprastha Gas Rating: Buy — Impact of Electric Vehicles may be felt only in long term

Standalone EPS CAGR of 16% likely over FY18-21e; multiple triggers exist for medium-term growth; TP revised to Rs 389 from Rs 381.

indraprastha gas, indraprastha gas rating, indraprastha gas rating buy News

Analyst Corner: Delta Corp’s 15.52% stake in Halaplay positive move – Motilal Oswal

Delta Corp has made another strategic investment with the acquisition of 15.52% stake in Halaplay (a fantasy sports platform) for Rs 155m

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Stock call: UPLL in winning seat as US acreage shifts to maize, cotton from soybean

The North America — a key market for UPLL – is the third largest agrochemical market after LatAm and Europe.

north america, sensex, bse, nse, soyabean News

Analyst corner: Sadbhav Engineering expects road project execution to pick up – Motilal Oswal

SIPL has already entered into an exclusivity contract with potential buyer

road, road sector, stocks stock markets News

Bharti Airtel: Fund-raising plan is a welcome move

Rs 320-bn raise would allow Bharti to be self-sufficient without a rise in ARPU; cash burn is likely to come down; ‘Buy’ retained.

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Fiscal deficit of 19 states worst in past eight years; indirect taxes hit revenue collection

This was a result of weak tax receipts and higher spending; indirect taxes hit revenue collection the most.

Economy News

Analyst Corner: Maintain ‘buy’ on Bharti airtel, target price Rs 380

However, post the INR250b fund raise, FY19 net debt/EBITDA would come down sharply to 3.5x with net debt of INR898b.

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Maintain ‘buy on Sanofi India, price target Rs 7,000: Motilal Oswal

Growth in Chronic segment (contributed around half of sales) exceeded that in Acute segment.

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Maintain ‘buy’ on Infosys, target price at Rs 865

Traditionally, revenue growth has been a key lever for margin expansion in the industry.

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