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Articles By UBS

26 Articles

Market Strategy: Politics to be key over next 3 quarters

IN the week starting July 30, 2018, we sent our clients a survey on the Nifty Index: the UBS Market Thinking Game.

Oil and Gas: Prospects of govt control are slim

However, we believe that continued retail price hikes alleviate the risks of a rollback of pricing reforms while equality of upstream crude production with subsidised product volume makes the maths easier for the govt to keep

OMC, oil price, oil price hike

Investing in IPOs of life insurance companies? 7 top risks identified; what you must beware of

With life insurance companies looking at raising money from the primary market, here are some risks investors should look at before writing the IPO cheque.

IPO, Investing in IPO, Financial market risk, life insurance

Industrial companies: Investment cycle could remain weak

Aggregate revenue of 74 industrial companies grew 2% y-o-y – a positive print after two quarters of decline.

Investment cycle, Industrial companies, Industrial companies growth, Industrial companies investments, engineering companies

Execution-focused companies overcame disruptions in FY17

Given the disruptions in FY17 — dry summer in H1FY17, demonetisation and run-up to the GST in H2FY17 — companies achieved volume growth by extending credit to the trade.

companies, gst, goods and services, disruptions fy 17

InterGlobe pricing weaker than warranted, UBS quotes management

Operating leases will remain the mainstay for now, although a company continuously evaluate benefit of owned (financial lease) vs operating lease.

India Steel: Disrupted recovery calls for caution

Risk/reward balance in the steel sector is unfavourable in the short/medium-term

Bharat Financial Inclusion gets ‘Buy’ rating; UBS explains why

While competitive intensity for Microfinance loans in Urban India is rising, our analysis indicates that rural India is still under-penetrated and less competitive.

Initiate Hindalco coverage with sell rating due to downside risk

Completion of capacity expansion at Hindalco (India) and Novelis' (the US) units in FY16 and F17, falling raw material costs (especially coal), and commodity prices underpin an expected sharp uptick in FY17E earnings and the

Despite herbal storm, UBS rates Dabur India ‘Neutral’; check out key risk

However, the market is overlooking the potential risks to the company’s earnings given that competition is intensifying in the herbal space

Marico, Dabur, Godrej Consumer Products Ltd

Buy on Emami, Britannia and Colgate: UBS

Q4 results season was full of surprises, with key companies surprising on either volume or profit delivery.

Buy on Emami, Britannia and Colgate: UBS

Remain positive on the new product cycle for Maruti

Maruti domestic sales grew by 11% y-o-y driven by new launches like Baleno, Vitara Brezza and S-Cross. Co. clarified that shipments for month of May were not impacted due to fire at a vendor factory which impacted production

Remain positive on the new product cycle for Maruti

Rental asset ownership restructuring to change fortunes

Sale of co-founders’ 40% stake in DLF Cyber City Developers via institutional investors will improve corporate governance standards

Rental asset ownership restructuring to change fortunes

Target for HCL based on 15.5x FY18E EPS

HCL Technologies (HCL Tech) has announced that it will acquire India-listed Geometric Limited, except for the 58% stake that the latter owns in 3DPLM Software Solutions, a JV with Dassault Systems.

Target for HCL based on 15.5x FY18E EPS

Sell rating on BHEL; Ebitda break-even unlikely by FY20

Q3 reconfirms low gross margin trajectory; BHEL likely to report losses till FY18

Sell rating on BHEL; Ebitda break-even unlikely by FY20

India Market Strategy: A disappointing quarter

Autos: volume performance mixed; declining commodity prices drove margin surprise for 2-wheelers

India Market Strategy: A disappointing quarter

Retain ‘buy’ on LIC Housing, target R600

LIC HF’s net interest income (NII) growth of 35% y-o-y was higher than UBS and consensus estimates (UBSe – 28% y-o-y) for the second consecutive quarter supported by 15 bps q-o-q improvement in margins (to 2.56%).

Retain ‘buy’ on LIC Housing, target R600

Retain ‘buy’ on Motherson, target Rs 340: UBS

Maintain ‘buy’ Motherson Sumi Systems, but reduce target price to Rs 340 (earlier Rs 355).

Retain ‘buy’ on Motherson, target Rs 340: UBS

Neutral rating on Tata Motors: Facing pricing heat

We downgrade Tata Motors to Neutral from Buy as JLR margin in Q1FY16 came inline with our previous bear case assumption of 15.2% (adjusting for one-off annual incentive) versus our estimate of 16.9%, driven likely by pricing

Neutral rating on Tata Motors: Facing pricing heat

Buy rating on Maruti Suzuki; In top gear

Current high margins are sustainable on improving product mix and declining commodity prices

Maruti suzuki

Neutral rating on TCS; What next?

Perhaps, TCS can grow BPO revenue from new digital business models faster than it cannibalises its legacy

Neutral rating on TCS; What next?

Maintain buy on PFC as asset quality risks have stabilised: UBS

PFC reported mixed Q4FY15 results. Loan growth was healthy at 15.0% y-o-y and margins were strong at 4.9% and remained close to peak

Maintain buy on PFC as asset quality risks have stabilised: UBS

ITC Rating: Buy; Only smoke, not fire

Excise duty hike is not that negative for the cigarette major

ITC Rating: Buy; Only smoke, not fire

State Bank of India Rating: Buy; Top pick among PSBs

Bank to be biggest beneficiary of lower rates, easing liquidity and economic growth

State Bank of India Rating: Buy; Top pick among PSBs

Buy Larsen & Toubro, best positioned for infra uptick

Initiate coverage with ‘buy’ rating on L&T with a price target of Rs 2,107.83 per share.

Buy Larsen & Toubro, best positioned for infra uptick

Downgrade Emami to neutral but raise target price to Rs 1,200

Downgrade Emami to neutral but increase our price target to Rs 1,200 on the basis of the upgraded earnings estimates.

Downgrade Emami to neutral but raise target price to Rs 1,200
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