Articles By Nomura

387 Articles

Kotak Bank Rating: Neutral — A marginally positive performance in Q4

Company is best placed across metrics though current cycle will impact it; ‘Neutral’ maintained as valuations are rich

Kotak Mahindra Bank, has comfortably pipped all lenders in the world to become the most expensive bank stock, a crown which until recently belonged to none other than HDFC Bank. News

Analysts Corner | IndusInd Bank rating ‘buy’; liability weakness comes to the fore

Deposit outflow post Yes Bank crisis a surprise; corrective steps raise hope; valuations offer comfort; ‘Buy’ retained.

Markets News

GAIL – Rating: Buy; Valuations factor in the worst

Since the disappointing Integrated HVJ tariff order on 4-June-19, GAIL’s share price has de-rated significantly (-57% since end-May vs. NIFTY -23%).

GAIL, OIL, PSU, AGR case, Supreme Court, telecom firms, RailTel, Vodafone Idea, airtel, AGR liabilities, bharti airtel News

Analyst corner: GAIL ‘buy’ rating maintained; Valuations factor in the worst

FY20e EPS down 3% and FY21/22e EPS cut by 33%; TP reduced to Rs 140 from Rs 190; ‘Buy’ maintained

Markets News

Analyst Corner: Maintain ‘buy’ on KEC International, Target Price Rs 412

Maintain buy with TP raised to Rs 412, implying 18% upside in KEC’s 3QFY20 sales at Rs 30.7bn (+16% y-o-y), marginally (~2%) below our estimates but in line with consensus.

KEC, working capital, rail segment, indian railways, kec international News

Adani Ports: Neutral — Miss on results, but volumes outlook better

Addition of 400kTEU pa of container lines and ramp-up of LNG & LPG volumes key positives; ‘Neutral’ retained

Adani Ports, Adani Logistics margins, Adani Harbour, LPG, LNG volumes, ADSEZ News

Torrent Pharma rating | Neutral — Higher other income, cost cuts aided profit

FY20/21/22 EPS up 4/5/1%; TP raised to `2,227; stock downgraded to ‘Neutral’

Markets News

L&T Rating | Buy — Execution issues impact numbers

We had noted in an earlier report that due to commodity price declines, we expect a 55-60bp y-o-y improvement in core Ebitda margin in 1HFY21, which we view as a key catalyst for the stock.

Markets News

Larsen & Toubro Rating ‘buy’: Execution issues impact numbers

Improvement in core Ebitda margin key positive; project deferrals expected to be resolved soon; ‘Buy’ maintained

Larsen & Toubro, Larsen & Toubro shares, Larsen & Toubro result News

Reliance Industries Rating: Buy; Quarter was in line with expectations

Weak petchem showing was offset by refining and retail; outlook for Jio stays bright; ‘Buy’ maintained with TP of Rs 2,020.

reliance, reliance industry News

Insurance: December witnessed some pick-up in growth

Barring HDFC Life, growth expected to be moderate for insurers in FY20; re-rating makes outlook less positive

december, december growth News

Mutual Funds: Equity inflows normalise after weak November

Debt/liquid flows showed no signs of recovery in Dec, leading to continued funding constraints for NBFCs and HFCs

Gratuity limit, Government Employees, Payment of Gratuity Act, 1972, gratuity received by employees, exempt up to Rs 20 lakh, News

Analyst Corner: Margin pressures to continue onrising onsite costs in IT services

Moderation in y-o-y growth is likely to be driven by weakness in BFSI/Retail (45-50% of revenues for Tier-1 IT), higher-than-usual furloughs and client-specific issues.

Analyst Corner, IT service, CTSH, market news, HCLT, TCS, BFSI, Retail News

Adani Ports & SEZ rating ‘neutral’: KPCL deal in likely to be value-accretive

The acquisition of KPCL significantly increases ADSEZ’s footprint on the East Coast and should increase access to the southern hinterland around Andhra Pradesh. Further, we assess that the likely change in industry concentr

Adani Ports, SEZ, rating, KPCL, ADSEZ, market news, capex News

Stock corner: ‘Buy’ on Sun Pharma with a target price of Rs 525

Sun Pharma now has an additional injectable site at Baska and, hence, to that extent, its dependence on Halol for injectable launches might be lower, in our view.

Markets News

Analyst corner | TechM well placed for high-single-digit growth

The three key mega trends are an increase in connected devices (~8bn), proliferation of new age technologies and a rise in video content consumption.

Tech Mahindra, CP Gurnani, davos 2020, WEF 2020, world economic forum News

Stock corner: ‘Neutral’ on Yes Bank, risk to status as a going concern has gone up

Given that fund raise plans have got fuzzier, there is a danger of the company breaching regulatory limits; ‘Neutral’ retained.

Markets News

Redemptions took heavy toll on Mutual Fund inflows in November

Redemptions in Nov-19 were at Rs 310 bn vs. Rs 220 bn of run-rate in CYTD19. Credit risk funds continued to see outflows, given increased risk aversion. AUM growth both in equities and overall has turned positive at 13-14% y-

mutual fund, mutual fund inflow, best mutual fund for 2020, mutual fund return, top mutual fund schemes for investment, invest in mutual fund  News

Stock corner: Initiate with ‘Buy’ with TP of Rs 388 for KEC International

Synergistic diversification into new verticals to drive growth in the near term: KEC has witnessed strong growth in Railways (sales doubling each year over FY16-19), and management expects a similar growth trajectory in th

Stock corner, KEC International, KEC International share, KEC International share price, market news, market today News

Stock corner: ‘Buy’ on Dr Reddy’s Laboratories, target price at Rs 3,200

China and Hospital Institutional sales are expected to scale up substantially over time, according to management. India is the key focus market, where the company expects to sustain growth ahead of the broader market.

Stock corner, Buy, Dr Reddy's Laboratories, target price, Dr Reddy share price, market news

Stock corner: ‘Neutral’ on Yes Bank, quality of investors remains an issue

While a successful $2-bn fund raise would address survival concerns, PPOP recovery is going to be gradual; ‘Neutral’ retained

Quality of investor, Yes Bank management, SPGP, Erwin Singh Braich, Citax Holding, NOMURA, SEBI formula News

Passenger vehicle volumes likely to be stable in November

2Ws estimated to see dip of 7% y-o-y; MHCVs likely to log fall of 44% due to weak demand, inventory clearance

automobile sales in november 2019: Hyundai Motor sales up 7 pc in November, Mahindra total sales down 9 pc News

Stock corner: Reiterate ‘buy’ on Glenmark with target price of Rs 663

We revise our SOTP-based TP to INR663: base business at INR818/sh based on 15x (unchanged) Nov-21F EPS ex innovation R&D spending; and INR155/sh for innovation R&D based on 8x innovation research EPS impact.

Strides Pharma, target price, market news, STR News

Stock corner: ‘Buy’ on Motherson Sumi, Q2 results were ahead of estimates

We maintain SMP’s revenue CAGR at ~5% for FY20-22F, as new plants ramp up. SMP’s margin (ex-SMRC and new plants) was at 9.8% in Q2FY20 (up 120bps q-o-q/50 bps y-o-y). Hence, as new plants turn around, we expect overall SM

Stock corner, Buy, Motherson Sumi, Q2 result, Motherson sumi, Motherson sumi system limited, Motherson sumi noida, Motherson company, Motherson share price, Motherson sumi infotech, Motherson sumi news, Motherson sumi systems News

Stock corner: ‘Neutral’ on Adani Ports & SEZ, target price at Rs 430

Trading at 11.1x FY21F Ebitda; maintain ‘neutral’ with a TP of Rs. 430.

Markets News

Stock corner: Upgrade Tata Motors to ‘neutral’, target price at Rs 153

The India business sharply underperformed, with the Ebitda margin at 3.8% (Nomura: 1.8%), impacted by a 230 bps of write-off in the PV business.

Markets News

Stock corner: Retain ‘neutral’ on Cognizant, cut revenue estimate by 2-3%

Despite the weakness, we retain a ‘neutral’ rating given CTSH is trading at an undemanding valuation of ~15x FY20F EPS.

cognizant, stock market News
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