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Articles By Nomura

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Downgrade Dr Lal PathLabs to ‘reduce’ with TP at Rs 2,333

DLPL stock has significantly outperformed its peers and the broader market since the start of the pandemic. Since mid-Feb 2020 (when fear pandemic started), the stock is up 106% against a Nifty return of 18%.

dr lal path labs

PNC Infratech Rating: Buy; Nomura says GAEPL deal will unlock value for firm

Stock is the top pick in the mid-cap EPC space; ‘Buy’ retained with TP of Rs 364

We believe the re-opening of the economy and subsequent improvement in toll collections have revived the interest in the deal from Cube Highways.

Initiate coverage on GCPL with ‘neutral’; TP at Rs 770

While Godrej Consumer (GCPL) has underperformed Nifty by c.26%/11%/ 14% over the past 1/2/3 years, we remain cautious, as we believe two of its three core growth drivers (India household insecticides, Indonesia) are still not

GCPL

AIA Engineering Rating: buy- Correction in stock price is overdone

Logistics costs starting to moderate; upgrade to ‘Buy; with unchanged TP of Rs 2230

With this, we expect Ebitda margins to gradually normalise in H2FY22F, further driven by the pass-through of raw material costs.

Gland Pharma: Initiate coverage with ‘neutral’, set 12-month price target at Rs 2,637

Given solid track record thus far, the stock is adequately factoring in strength of the business model.

We believe that demand for such consolidated high-volume lower-cost manufacturing will remain as long as competitive pressures in generics remain high.

Analyst Corner: Maintain ‘buy’ on BPCL with target price of ₹550

Divestment, delays and lukewarm interest, still looks likely to complete in FY22F; BPCL’s divestment, initially planned for FY20, has been delayed. Investor interest has also been lukewarm. We believe the current environmen

Still, the government appears to be keen, and we expect divestment in FY22F.

Indian Oil Rating: Buy – Retail hikes allay concerns for company

Refining outlook remains weak; FY21e EPS up 56% on inventory gain, petchem prospects; upgraded to Buy with TP going up to Rs 130

Analyst Corner: Maintain ‘buy’ on Dilip Buildcon with TP of Rs 810

Diversification into coal MDO and rail appears synergistic; significantly de-risking future sales mix; new Rs 810 TP DBL’s diversification into related sectors leads to semi-annuity type revenue stream over the next five ye

dilip buildcon

Voltas Rating: Buy; results were well ahead of estimates

Growth visibility high for ACs; FY21-23 EPS up 9-10%; TP up to Rs 1274; ‘Buy’ retained

Overall, we raise revenue estimates by +4%/9%/13% and EPS by ~9-10% for FY21-23F.

Happiest Minds Technologies: Initiate with ‘buy’; TP Rs 480

Presence in fast-growing digital space plus partnerships with AWS/Azure and backed by credible management. Action.

Happiest Minds Technologies

Motherson Sumi Systems: Maintain ‘buy’; raise TP to Rs 252

Margins to enter a new orbit with cost reduction and premiumization. Action, maintain ‘buy’; raise target price to Rs 252, implying close to 28% upside.

MSS management has utilised the lockdown well to structurally reduce costs, which should also benefit medium-term margins.

Analyst Corner| Adani Ports: Downgrade to ‘neutral’; TP higher at Rs 630

Volume outlook robust into FY22F and the COVID-19 linked impact now behind us; stock fairly valued Raise our EBITDA forecasts by 8%/9% for FY22/23F factoring in higher volume estimates

Adani Group, adani port

Cadila Healthcare: Give ‘buy’ rating with TP of Rs 481

The q-q decline was owing to inventory correction for some of the products, according to the management

US recorded revenues at $217million, a decline of 13 million q-q and $16million below our estimate. (Representative image)

Apollo Tyres Rating ‘Buy’; A robust showing in the third quarter

Firm to be key beneficiary of CV recovery; FY21/22/23 EPS up 59/48/44%; TP up to `307; upgraded to ‘Buy’

Nomura maintains neutral on Hero MotoCorp, raises TP to Rs 3,561

Execution on premium, scooters and exports — key deliverables for upside.

Tata Motors Rating ‘Reduce’; JLR results beat consensus estimates

JLR Ebitda for FY22/23e up 28/11%; for domestic biz, up 21-22%; TP raised to Rs 244; ‘Reduce’ retained given dear valuations

Q3FY21 FCF at Rs 79 bn (JLR: GBP562 mn, India: Rs 22 bn) was helped by working capital reversals (GBP264mn+Rs 22 bn).

JSW Steel rating: Neutral; rise in steel prices led to strong numbers

Spread levels unsustainable; FY21/22/23e Ebitda raised by 46/5/7%; TP up to Rs 404 from Rs 321; Neutral retained

JSTL targets to commission 5mntpa capacity at Dolvi by Q1FY22 which, coupled with recent cost-saving initiatives, should support growth into FY22F.

L&T: Maintain ‘buy’ with an increased TP of Rs 1,616, implying 19% upside

Improving cash flows and strong order inflows momentum place L&T favourably; we raise target price (TP) to Rs1,616.

Key risks are delay in economic recovery, a sharp increase in commodity costs like steel and cement and a rise in working capital.

Reliance Industries rating – Buy: Weak O2C behind miss on earnings

Covid-19 impact is still visible; FY21e EPS up 25% on interest income, lower tax; TP revised to Rs 2,400; prospects remain bright

Refining margins remain weak, but petchem is seeing a recovery.

Ceat rating – Neutral: Q3 results were ahead of estimates

55/36/29% rise in EPS for FY21-23e; TP up to Rs 1,491; upgraded to ‘Neutral’ rating

Management expects the healthy trends to sustain as inventory levels are still below normal levels.

Target price for Ashok Leyland revised to Rs 134

As a stronger MHCV recovery looks likely Ashok Leyland may benefit more due to its higher share in higher tonnage trucks and the new LCV range offer an added upside.

ashok leyland

Larsen & Toubro Rating ‘Buy’; valuations cheap given the outlook

Rise in share of multilateral-funded projects bodes well; FY22/23e EPS up 3%; TP raised to Rs 1,510; ‘Buy’ retained

Maintain ‘buy’ on M&M as our top pick in the sector

We estimate the carrying value of SYMC on M&M books to be ~Rs 12.6 billion, thus a write-off of this amount may also need to be taken in case SYMC files for bankruptcy and the stake sale does not take place. But this will not

M&M india share price, investment in M&M shares

Analyst Corner: Maintain ‘buy’ on Adani Ports with target price of Rs 530

ADSEZ has turned around its Krishnapatnam (KPCL) acquisition significantly ahead of our previous estimates, leading to earnings upgrade: ADSEZ has turned around the operations more efficiently than anticipated.

Based on the strong turnaround of new acquisitions (KPCL and Dhamra) and volume momentum, we continue to be positive.

Asian Paints rating- Buy: Robust demand trends have continued in Q3

Company should gain share in bottom-of-pyramid segment; could emerge stronger after Covid-19; ‘Buy’ rating maintained

Shree Cement rating – ‘Buy’: Robust second quarter for the company

New capacities to drive growth; EPS raised by 36% for FY21e and 13-15% for FY22-23e; upgraded to Buy with TP up to Rs 27,500

Analyst corner: Maintain ‘neutral’ on Exide Industries, raise TP to Rs 193

While current lead cost, at ~Rs 140k/kg, is largely similar to last year’s average level, product mix is likely to worsen, with a higher mix of OEs. Hence, gross margins might come under pressure, in our view.

In our view, EXID has likely lost share in the auto replacement segment, with single-digit volume growth in Q2.
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