Investor
Metals & Mining: Q3FY21 Preview- Margins likely to rise to new highs
Strong FCF will accelerate deleveraging; uptrend likely to persist; valuations benign; TATA, HNDL & JSPL top picks
Auto & Components: Prospects are strong for tyre makers
Volume estimates up; rise in rubber prices a worry; Apollo Tyres downgraded to Reduce; TP raised for MRF and CEAT
Westlife Development Rating: Neutral- Stock offers great opening for investment
However, valuations limit upside; coverage initiated with Neutral and TP of Rs 440
Gujarat Gas Rating: Buy; volumes at an all-time high in November
Long term margin guidance up to Rs 5/SCM; growth prospects are bright; ‘Buy’ retained with TP of Rs 373
Siemens India Rating: Neutral; strong operational showing in quarter
Results indicate demand recovery is faster than expected; FY21/22 EPS up 10/3%; TP raised to Rs 1,420; ‘Neutral’ maintained
General Insurance Corp Rating: Buy; recovery is slower than expected
Fire segment still a worry; estimates lowered to factor in Q2 showing; TP down to Rs 188; ‘Buy’ maintained
Astral Poly Technik Rating: Add; Deal with SPPL can be very rewarding
FY22e PAT up 1.5%; given recent spurt, downgraded to ‘Add’ with TP up to Rs 1,530
IndusInd Bank Rating: buy; Sustenance of book quality augurs well
Provisions expected to be high in H2FY21; FY22-23e EPS up 3-5%; valuations are attractive; Buy retained with TP rising to Rs 1,030
JSW Steel Rating: Reduce- Great performance at the standalone level
FY21/22e Ebitda up 19/3%; potentially high leverage and valuation are concerns; TP revised to Rs 260 from Rs 250
Kotak Mahindra Bank Rating: Buy- A strong second quarter for company
Asset quality remained resilient; FY21/22e EPS up 27/20% given outlook; upgraded to ‘Buy’ with TP rising to Rs 1,650
Hindustan Zinc Rating: Hold- Q2 indicates company’s on steady course
Integrated silver output key surprise in results; firm paid interim dividend of Rs 21.3; ‘Hold’ rating maintained
Hindustan Unilever Rating: Buy- Q2FY21 performance marks an inflection point
Quarter sales were ahead of expectations; several catalysts are at work; HUL’s valuation remains very appealing; ‘Buy’ retained
Equity Strategy: Activity at 90%+ of pre-crisis level
Improvement in 1H Sept was broad-based; urban indicators up consistently; economy holding up well
Coal India rating: Buy — Muted power demand hit quarter results
COAL’s management has noted that the company’s receivables have increased to Rs 230 bn in Q1FY21 from Rs 178 bn at end-FY20. However, these decreased to Rs 210 bn at end-Aug’20. COAL expects the
Page Industries rating: Hold — Covid cast a shadow on performance in Q1
Page reported 66% y-o-y contraction in revenue (volumes down 69% y-o-y), primarily due to its metro city focus, where the lockdown impact was sharper. Gross margin plunged to 48% (Q4FY20: 59%, Q1FY20:
Gold outlook: Decline in gold price a temporary correction
Gold’s near-term movement will no longer be linear in direction. But the macroeconomic tailwinds that instigated the bull market in gold in the first place, are very much intact, and are expected to
United Spirits rating: Hold — Worst is over for the liquor company
Manufacturing and sale of alcoholic beverages was banned from 24th March to 4th May, which dragged USL’s volumes 49.2% y-o-y. By the end of June, all manufacturing units had become operational; by m
ONGC rating: Reduce – Lower other costs behind Ebitda beat
OVL’s oil production at 2.2mmt fell 5% q-o-q and 10% y-o-y, while gas production at 1.2bcm declined 6% q-o-q and 10% y-o-y. OVL reported a Q1 loss of Rs 3 bn due to lower production and subdued oil/
Automobiles August dispatches are sign of early festive kick-off
As per media reports, Tata Motors saw highest sales since Mar’18 at ~18.6k units, up 154% y-o-y to become 3rd largest player for two straight months as incremental market share gains are driven by r
Reliance Industries rating ‘hold’; Deal for Future Group highly synergistic
While costs are modest, deal likely to dilute RoCE in near term; RIL valuation bakes in too much optimism; ‘Hold’ retained
Info Edge rating ‘hold’; Zomato critical to future valuations
TP raised to Rs 2,810 due to rise in Zomato valuation; need for caution; ‘Hold’ retained
Suprajit Engineering rating ‘buy’; resilient show by subsidiaries is the highlight
Despite near term weakness, growth story is intact; ‘Buy’ retained with TP of Rs 219.
Maruti Suzuki rating: Sell – Slump in volumes marred Q1 Ebidta
17% fall in volumes expected in FY21e; TP revised to Rs 4,500 due to rollover to Sept ’22; ‘Sell’ maintained.
Lupin rating: ‘Buy’; Performance in the quarter was weak
Despite 14.5/5% cut in FY21/22e EPS, outlook for earnings is good; ‘Buy’ retained with TP of Rs 1,000.
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