Nomura

ICICI Prudential Life Insurance rating ‘Buy’: New business trend stabilising for company

‘Buy’ maintained as valuations lend stock value; however, as insurer is in a transitory phase, its growth is likely to lag private peers

Industry News

Fall in North America orders a cause of concern for Bharat Forge

Decline in North America Class 8 truck orders in November the first in two years; expensive valuation; ‘Neutral’ retained

Industry News

GAIL (INDIA) rated buy; Impending tariff hike will aid earnings

A hike of 40-50% in HVJ tariff looks likely; it will provide an upside of 7-11% to FY20F EPS and fair value

Industry News

Analyst corner: ‘Buy’ on Zee Entertainment Enterprises with TP of Rs 627

The stock is trading at 25x/21x FY20/21F PE, which we find quite attractive, given our forecast of 18% EPS CAGR (FY19-21F) and potential upside from Zee5.

Industry News

Glenmark Pharmaceuticals rating ‘buy’: Domestic growth to stand out

FY19 EPS up 22% even as FY20F EPS is cut 14.9% due to expenses; TP raised to Rs 850

Industry News

Axis Bank rated ‘Buy’; improvement in RoEs could spring a surprise

Stock rerating is possible due to better asset/liability mix and normalisation of RoEs; ‘Buy’ retained; one of the preferred picks.

Markets News

Union Bank of India rated ‘Buy’; performance in the quarter was decent

Q2FY19 core PPOP was in line, and it reported PAT of Rs 1.4 bn vs our forecast of a loss of Rs 1.6 bn, due mainly to lower provisioning (coverage was flat q-o-q).

Banking & Finance News

Wipro rating ‘Neutral’: An improvement in performance

Results were marginally ahead on growth, but materially ahead on margins. Growth was broad-based across verticals (ex. Healthcare) and geos (ex of EU) and guidance of 1-3% q-o-q (1% inorganic) was in line with expectations.

Markets News

Infosys Rating ‘Reduce’: Growth cheer even as margins slipped

Margin outlook for H2 is weaker; earnings likely to lag revenue growth after transitory INR gains in FY19F; ‘Reduce’ retained

Infosys Rating, Infosys stock, Infosys Rating revenue growth, Infosys Rating q2, TCS News

Cummins India rated ‘buy’; stage is set for recovery in earnings

FY19-21F EPS up 1-2%; valuation inexpensive; ‘Buy’ maintained with TP of Rs 890

Markets News

Coal India Rating ‘Buy’: Share buyback plan in the works

Outlay for share buyback in FY19 would be capped at Rs 29.2 bn; healthy interim dividend likely in Q4FY19F; ‘Buy’ retained.

Markets News

Reliance Nippon Life Asset Management rated ‘neutral’; TER cut mars prospects for profitability

10-15% impact expected on earnings; downgraded to ‘Neutral’ with TP cut to Rs 210

Markets News

Analyst Corner: Maintain ‘Buy’ on JSW Steel with TP of Rs 484

Steel capacity expansion in FY18-21F likely to be limited, which will likely saturate capacity in next three-four years, in our view. Already in FY19 we are seeing steel demand growing faster than GDP.

Markets News

IT Services: Tier-1 players lagging across segments

Indian Tier-1 IT, after progressively showing lower market share gains over the past three years, has lost market share to MNCs (ACN/CAP) on an LTM basis.

Industry News

JLR US sales the silver lining in August

Risk to estimates if weak demand persists in major markets; stock trading at lowest end of historical band; ‘Buy’ retained

Markets News

Nomura gives Coal India Rating as buy; August numbers were subdued

5MFY19 production/offtake rose 12/9.5% y-o-y; implied run-rate for meeting FY19F targets seems achievable

coal, coal industry, coal sector News

Larsen and Toubro’s working capital levels may shrink

Over the past decade, L&T has experienced significant growth in its core E&C business’ working capital. Our analysis suggests that in the core E&C business, working capital has increased by  Rs 148 billion for L&T over FY1

larsen and toubro, industry News

August auto volume growth likely to remain subdued

August-18 automotive volume growth is likely to remain subdued across segments due to a delayed festive season in FY19.

Industry News

AIA Engineering Rating: Neutral, first quarter reflected a turnaround

AIAE reported Q1FY19 15% y-o-y volume growth coupled with record production levels.

Industry News

Larsen & Toubro Rating ‘Buy’: Share buyback move will be value-accretive

"We estimate that while the buyback will lead to a loss of other income of Rs 4.0 bn in FY19F we estimate ROE will improve by 100-150bp over FY19-21F, thus implying the buyback would be value accretive"

Industry News

Execution issues cloud near-term outlook

FY19/20F EPS cut 34/37% to account for delay in projects; downgraded to ‘Neutral’ with TP reduced to Rs 82 from Rs 129.

Execution issues cloud near-term outlook

AIA Engg: Strong outlook for H2; TP at Rs 1,955

AIAE reported 15% y-o-y volume growth in Q1FY19 coupled with record production levels. Thus, the H2FY19 volume outlook looks strong to us, says Nomura.

AIA Engg, AIA Engg target price, Q1FY19, H2FY19 News

Indian Oil Corporation Rating: Like peers, strong quarter for company

Reported Ebitda of Rs 126 bn (+14% q-o-q, +57% y-o-y) was sharply 66% ahead of our estimates and 20% ahead of Bloomberg consensus forecasts.

Indian Oil Corporation, Indian Oil Corporation rating, IOC, market News

Amara Raja: Ebitda margins to improve, TP at Rs 960

Amara Raja's (AMRJ) Q1FY19 revenue grew ~19% year-on-year, ~2%-4% ahead of our/consensus estimate.

Markets News

Indraprastha Gas: Ebitda, PAT ahead of our estimates

We expected Q1 to be relatively muted for Indraprastha Gas (IGL) as typically, volume growth is muted (summer holidays). Also, we expected a negative impact of sharp rupee weakness.

Indraprastha Gas, Ebitda, PAT,  CNG News

Analyst Corner: Dr Lal PathLabs valuations boosted by growth prospects

Dr Lal pathlabs’ (DLPL) 1FY19 results were below our estimates. Sales recorded 17% growth y-o-y and were 3.4% lower than our estimates.

Markets News

Apollo Hospitals: Ebitda growth is strong, TP at Rs 1,307

APHS’s Q1FY19 results are ahead of our estimates. Standalone sales and Ebitda were 6%/3% ahead of our estimates. Existing or old hospital standalone/consolidated revenue growth was 9.7%/8.8%, respectively.

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