Investor
Bank’s valuation is very expensive
Company has filed a writ for PNCPS issuance satisfying RBI norms; irrespective of outcome, HDFC Bank’s a better bet
Hindustan Unilever rated ‘buy;’ SKB deal a shot in the arm for company
EPS boost of 4.5% likely in FY20e; expected to rise further in subsequent years; TP revised to Rs 2,030; one of top picks in sector
Arvind: 12% revenue CAGR likely for demerged unit
It’s expected to post FY19 revenue/PAT of Rs 74/3.2 bn; target price pegged at Rs 157
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
How external-benchmark impacts loan pricing
NBFCs/ HFCs will need to follow banks to offer floating rate loans linked to external benchmarks
CG Power and Industrial rated ‘buy’; Company has enough levers to drive growth
FY19-21 estimates raised by 1-4%, factoring in growth prospects, end of non-compete clause and enhanced ordering from Indian Railways.
Supreme Industries rated ‘Buy’; Focus on value growth rather than volumes
One of best plays on building material industry with bright prospects; ‘Buy’ maintained.
Vodafone Idea Rating ‘hold’ : Keeping resources and spend balanced
We attended the maiden analyst meet of Vodafone Idea Ltd (VIL) and we would have liked to hear about big capex and ambitious plans on home broadband.
Whirlpool of India Rating ‘Buy’ : One of the best plays on the sector
We view WHIRLpool as one of the best plays in Indian home appliances, given its assorted product mix aiding growth across cycles, formidable market share, sturdy product pipeline, strong parentage and
Gail (India) rating ‘buy’: Facing challenges in short term
Adverse situation may be reversed; outlook remains strong over the medium term; ‘Buy’ maintained
Ujjivan Financial Services rating ‘buy’: Q2 earnings were better than expected
Regulatory overhang is a concern; ‘Buy’ retained with TP cut to Rs 280 from Rs 320
Bharti Airtel rating ‘buy’: Revenues to grow from Q3, says company
Company is looking to expand data capacity multiple times through refarming of 900MHz and 2100MHz spectrum to 4G services and splitting of sectors
Mahindra & Mahindra Rating Q2: Revenue beat, margins under pressure
Mahindra & Mahindra’s (M&M’s) Q2FY19 Ebitda of Rs 18.5 bn (down 4% y-o-y) missed estimate by 4% due to cost pressure, which we expect to be passed on gradually.
Sun Pharmaceutical Industries Rating: Showing in second quarter weak
We believe the market is underestimating the upfront costs of building US specialty and overestimating the pace of pick-up in US generic business. Rich valuation also keeps us Underweight.
Titan Company rated ‘hold’; Revenue ahead of estimates, margins slipped
While execution is strong, volatile jewellery topline and regulatory risks leave little upside; ‘Hold’ maintained.
KEC International rated ‘add’; Debt up owing to working capital stress
Showing in Q2 was healthy; earnings revised with a downgrade to ‘Add’; TP cut to Rs 309 from Rs 367.
Britannia Industries rating ‘buy’: Yet another healthy performance in Q2
Raise EPS estimates by 1-2% and retain Buy with TP of Rs 6,400 based on target P/E of 48x Sept-20 (due to higher value creation optionality from portfolio expansion).
Materials (Steel) Gril/Heg ‘buy/buy’: Quarter results were strong
Earnings up 10-13% to factor in higher utilisation and rupee fall; GRIL/HEG TPs raised to Rs 1,450/5,500.
Canara Bank rating ‘Hold’: Quarter results were a mixed bag
Q2FY19 PAT at Rs 3 bn (up 15.1% y-o-y) was higher than expected primarily due to tax reversal (`8.1 bn); else, the bank would have reported a loss. NII growth was healthy at 17.9% y-o-y (on favourable
Gujarat Pipavav Port rating ‘Hold’: Average realisation took a hit in Q2FY19
Hopes of strong volume growth belied; sharp cut in EPS; downgraded to ‘Hold’ with TP cut to Rs 105.
DLF rated ‘buy’; Showing underlines change across verticals
Sales momentum picking up and debt levels are likely to come down further; ‘Buy’ maintained with TP revised to Rs 280 from Rs 306.
GlaxoSmithKline Consumer Healthcare rated ‘hold’; Q2 FY19 results surpassed expectations
FY19/20e EPS raised by 9.1/10.5%; TP up to `7,297; ‘Hold’ retained owing to the overhang of Horlicks review.
Gateway Distriparks ‘rated’ buy; Disappointing performance in the quarter
Estimates see a sharp fall; medium term is strong; ‘Buy’ retained with TP cut to Rs 310.
Torrent Pharmaceuticals rating ‘NR’: Q2 margins continued to impress
Results reflected further synergy gains from Unichem acquisition; EPS estimates for FY19-21 trimmed 1-4%.
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