KVB
ANTIQUE ON KARUR VYSYA BANK : 30.06.2021
* Antique interacts with Karur Vysya Bank's MD & CEO Ramesh Babu along with other senior management.
* Mgmt Endeavour Is To Improve ROA To 1% By FY23 & Sustain It On Ongoing Basis
* Near-term Slippages/Restructuring Pressure (Especially In SME) Could Stay
* Bk Hopeful Of Reigning In Stress In Other Segments & Recoveries From Legacy Assets
* We Factor Employee Cost/Opex To Average Assets To Decline 20/30 bps Over FY21-23
INFOSYS
13.01.2022 - CS on Infy Maintain Outperform Cmp 1875.80 Target 2350
13.01.2022 - MS on Infy Maintain Overweight Cmp 1875.80 Target 2250(PREVTGT 2110)
13.01.2022 - GS on Infy Maintain Buy CMP 1875.80 Target 2415
13.01.2022 - UBS on Infy Maintain Neutral CMP 1875.80 Target 1820
13.01.2022 - CLSA on Infy Maintain Buy CMP 1875.80 Target 2280
13.01.2022 - CITI on Infy Maintain Overweight CMP 1875.80 Target 2180(Prevtgt 2340)
CITI ON INFOSYS : 15.07.2021
* Citi says Infosys reported a good Q1, maintains BUY on the stock with target at Rs 1,785/sh
* Co Reported A Good Q1 - Revenue Beat; EBIT & Guidance Raise Are In-line
* Increase In Attrition Will Have Implications For Margin
* TCV Of New Deals Lower Than Recent Trends, They Can Be Volatile QoQ
* Tweak EPS Estimates Marginally For FY22-24
* MAINTAIN BUY TARGET: 1,785
CREDIT SUISSE ON INFOSYS : 15.07.2021
* Infosys Q1 results a mixed bag - strong revenue performance offset by weaker margin,
* Q1 A Mixed Bag - Strong Revenue Performance Offset By Weaker Margin
* Upward Revision In Revenue Guidance Is Positive
* Revise FY22/23 EPS By - 5%/-3% & FY24 EPS By 1%
* MAINTAIN OUTPERFORM TARGET: 1,890
GOLDMAN SACHS ON INFOSYS : 15.07.2021
* Goldman Sachs cut EPS estimates for Infosys by 2-3% but reiterates buy given best-in-class digital capability & seamless management execution
* Believe Co's Strategy To Capture Demand At The Cost Of Margin Is An Apt One
* Post Q1, Increase Our Revenue Growth Forecasts But Cut Down Margin Forecast
• Cut EPS Estimates By 2-3%
* Reiterate Buy Given Best-in-class Digital Capability & Seamless Mgmt Execution
* MAINTAIN BUY TARGET: 1,781
CLSA ON INFOSYS : 15.07.2021
* Infosys remains preferred play on growing digital spending & market share gains, CLSA says, adding that the IT major is also a part of its India Focus
* Expected Upgrade In FY22 Rev Growth Guidance Indicates Strength Of Demand Drivers
* While We Cut FY22 EPS By 2%, FY23/24 EPS Estimates Remain Broadly Unchanged
• Co Remains Preferred Play On Growing Digital Spending & Market Share Gains
• Co Is Also Part Of Our India's Focus Buy List
* MAINTAIN BUY TARGET: 1,900
BERNSTEIN ON INFOSYS : 15.07.2021
* Bernstein increases its FY23 constant currency revenue/EPS estimates on Infosys after the co's Q1 results yesterday
* Q1FY22 Saw Strong Revenue Growth But Margin Was A Miss
* Increase Our FY23 Constant Currency Revenue/EPS Estimates
* Value Infosys At 28 Times Jun 2023 EPS Vs 27 Times Earlier
* MAINTAIN OUTPERFORM TARGET: 1,760
CLSA ON INFOSYS : 15.07.2021
* Rising fulfilment costs mar an otherwise buoyant outlook
* Infosys reported a sharp rebound in revenue growth
• Concurrent higher and expected upgrade in FY22 revenue growth
• Cut FY22 EPS estimates 2%
Morgan Stanley View : 30.06.2021
* Maintains Overweight, Target At Rs 1,800/Share
• Believe Share Price Will Rise Relative To Country Index Over Next 60 Day
• Lead On Revenue Growth Versus Its Peers In Fy22
* Expect It To Raise Its Revenue Guidance Over The Coming Quarters
* Infosys' Strong Deal Wins And Good Commentary Estimate That There Is About An 80%+
GRAPHITE INDIA
Jefferies on Graphite India : 30.06.2021
* Buy, TP Rs 875
* Q4FY21 beat JEFe & marked an EBITDA turnaround, posting an op margin of 13.8%, after 5 qtr of op losses
* Capacity utilization rose from 36% in Q1 to 75% in Q4 (41% YoY), suggesting better demand
* Jefferies maintains BUY on Graphite India after upbeat Q4 performance, says decarbonisation is a structural tailwind
JEFFERIES ON GRAPHITE INDIA : 30.06.2021
* MAINTAIN BUY TARGET: 875
* Q4FY21 Beat & Marked An EBITDA Turnaround, Posting An Op Margin
* Capacity Utilisation Rose To 75% In Q4, Suggesting Better Demand
* Key Operational Metrics (Sales, Profitability) Improved QoQ In FY21
• Decarbonisation Is A Structural Tailwind
CUMMINSIND
11.02.2022 - Nomura CUMMINSIND Maintain Reduce CMP 930 Target 666
Kotak Inst Eqt on Cummins : 30.06.2021
* Buy, TP Rs 1030
* Increase Fair Value by 10% to a/c for modest biz benefits of CPCB-IV norms for domestic & export markets & acceleration envisaged in data center market
KOTAK INSTL EQUITIES ON CUMMINS : 30.06.2021
* MAINTAIN BUY TARGET: 1,030
* Kotak Institutional Equities shares its view on Cummins India after the announcement and the co's transition to new CPC-IV emission norms
* Increase Fair Value By 10% To Account For Modest Biz Benefits Of CPCB-IV Norms
* Transition To CPCB-IV Is Much Steeper Than The Transition To CPCB-11
* Peers To Co Don't Have Margin To Cede This Time, Would Boost Co's Pricing Power
Hindpetro
GS ON HPCL : 05.08.2021
* Goldman Sachs maintains BUY call on HPCL, target at Rs 425/sh
* Q1 Core EBITDA 70% Ahead Of Our Expectations
* Earnings Driven By Better-than expected Fuel Retailing Margin
* Raise FY22 Core EBITDA Estimate By 14% Driven By Stronger Fuel Retailing Print
* Forecast FY21-23 Core EBITDA CAGR Of 24%
* Raise FY22 EPS Estimate By 16% To Reflect Q1 Beat
* MAINTAIN BUY TARGET: 425
CITI ON HPCL : 05.08.2021
* Citi maintains BUY call on HPCL, target at Rs 335/sh
* Q1 EBITDA Expectedly Weaker Sequentially, But Much Better Than Our Forecasts
* Healthy Performance Driven By Stronger Performance In Marketing
* Higher-than-expected Inventory Gains & Cost Normalisation Aid Earnings As Well
* MAINTAIN BUY TARGET: 335
CS on HPCL : 30.06.2021
* Neutral, TP Raised to Rs 280 from Rs 242
* Increase FY22E EPS by 26% to Reflect higher marketing margins
* Volumes are hit currently due to lockdown but with improvement in mobility indicators, volumes should recover from 2Q22
CREDIT SUISSE ON HPCL : 30.06.2021
* MAINTAIN NEUTRAL TARGET: 280 (PREVTGT:242)
* Credit Suisse increases FY22 EPS for HPCL by 26% to reflect higher marketing margin
* Increase FY22 EPS By 26% To Reflect Higher
* Marketing Margin With Improvement In Mobility Indicators, Volume Should Recover From Q2TV10
Marico
31.01.2022 - MS on Marico Maintain Overweight CMP 471 Target 651(PREVTGT 670)
04.01.2022 - CITI on Marico - Maintain Buy Target 640
04.01.2022 - Macquarie on Marico - Maintain Outperform CMP 514 Target 600
CLSA ON MARICO: 04.01.2022
* CLSA on Marico: Low-teen topline growth, but the weak margin to drive 4% earnings growth. Volume in India is likely to be flat YOY, with muted performance in parachute
* Low-teen Topline Growth, But Weak Margin To Drive 4% Earnings Growth
* Co Expects Low-teen Q3 Rev Growth - India In Double Digits & Intl Biz In High-teens
* Volume In India Is Likely To Be Flat YoY, With Muted Performance In Parachute
* See Gross Margin At 45%, Up 250 bps QoQ But Down 200bps YoY
* See Operating Margin At 17.9%, Up 40 bps QoQ & Down 160bps YoY
CLSA ON MARICO : 01.09.2021
• Maintain Underperform, Target at Rs 550/share
* Management's aspiration looks aggressive; maintain Underperform
• After success in flavoured oats (94% share), Saffola foods looking for expansion
• Valuation captures new initiatives
• Maintain Underperform on limited upside
CLSA ON MARICO : 01.09.2021
* Management's Aspiration Looks Aggressive
* Focus Now On Scaling Up Foods & Digital-first Brand Portfolio
* Like Its Strategy To Grow Through Multiple Smaller Sub-categories
* Of 10 Launches In In Pre-pandemic Period, 7 Have Not Fared Well
* Expectations Running High On 5 New Initiatives Taken During Pandemic
* Valuation Gap Vs Peers Has Also Been Bridged
* See Downside Risks To Management's Growth Guidance of 13-15%
* MAINTAIN UNDERPERFORM TARGET: 550
JPM on Marico Over Weight, Target Price Rs 600 -26.08.2021
Offers good combination of healthy double digit rev growth, potential MT upside from successful portfolio diversification, moderating COGS inflation & attractive relative vals (43x F23 P/E vs most peers at 47-57x)
UBS ON MARICO : 03.08.2021
• Maintain BUY, Target at Rs 600/share
* Driving growth on multiple fronts
• Raw material inflation to stabilize in H2FY22
* Scale benefit partially offset the impact on profits
CITI ON MARICO : 03.08.2021
* Citi maintains buy call on Marico after an in-line Q1
* Revenue Growth Of 31% Driven By 35% India Growth & 20% International Growth
* Gross & EBITDA Margins Dipped Given The Cost Push
* MAINTAIN BUY TARGET: 595
UBS ON MARICO : 03.08.2021
* UBS maintains Buy call on Marico
* Driving Growth On Multiple Fronts
• Raw Material Inflation To Stabilise In H2
* Gross Margin To Improve Hereon
* Scale Benefits Partially Offset Impact On Profitability
* MAINTAIN BUY TARGET: 600
JPMORGAN ON MARICO : 15.07.2021
* JPMorgan shares its view on Marico's investment in Just Herbs that was announced yesterday, says it is a step towards building at least three Rs 100 cr+ digital brands in 3 years
• Co Building On Digital-first, Mid-premium Ayurvedic BPC Portfolio Via Just Herbs Acquisition
• Just Herbs Acquisition A Step Towards Building At Least Three 100 Cr+ Digital Brands In 3 Years
* MAINTAIN OVERWEIGHT TARGET: 570
CITI ON MARICO : 15.07.2021
• Business momentum remains healthy with tailwinds for key brands
* Tailwinds of key brands including Parachute/Saffola
• New launches and go-to-market initiatives are mid-term positives
* Recent softening of input costs should aid profitability near-term
CITI ON MARICO : 15.07.2021
* All digital brands could contribute low-to-mid single digits to Marico's earnings by FY24, Citi says
* All Digital Brands Could Contribute Low-to-mid Single Digits To Earnings By FY24
* After Beardo & Just Herbs, Probability Of A Food D2C Brand Under Marico May Be High
* MAINTAIN OVERWEIGHT TARGET: 595
CITI ON MARICO : 05.07.2021
* Maintain BUY, Target at Rs 595/share
• See no material surprises from Marico's 1Q trading update
* Revenue growth will be healthy
* Margins will contract on last year's abnormally high base
• EBITDA growth will be in mid-single digits YoY in Q1
* Medium-term expect a steady business outlook
CITI ON MARICO : 05.07.2021
* MAINTAIN BUY TARGET: 595
* Citi continues to have a Buy call on Marico
* No Material Surprises From Q1 Trading Update
* Rev Growth Will Be Healthy & Margin Will Contract On Last Year's High Base
* 8% 2-yr CAGR Should Be One Of The Highest In Staples Coverage
GOLDMAN SACHS ON MARICO : 05.07.2021
* GS maintains Neutral stance on Marico after Q1 business update
* MAINTAIN NEUTRAL TARGET: 475
• Q1 Trading Update: Input Cost Inflation Offsetting Revenue Growth
* Co Expects To Deliver Muted Bottom Line Growth In The Quarter
CREDIT SUISSE ON MARICO : 29.06.2021
* Maintain Outperform, Target at Rs 600/share
* Marico to achieve its revenue target for Saffola Foods by FY24
* Saffola scores strongly on the two key factors for TAM expansion
* Marginally lower our FY22E EPS (~2%) due to near term margin pressures
* Raise Target price to Rs 600/share from Rs 490/share
CS ON MARICO : 29.06.2021
* It would be amongst most successful TAM expansion in FMCG space in this decade if Marico achieves FY24 rev tgt for Saffola Foods, says Credit Suisse. It believes, Saffola Foods expansion can drive a re-rating in co, target raised to Rs 600/sh
* Amongst Most Successful TAM Expansions If FY24 Rev Tgt For Saffola Is Achieved
* In Our Base Case, We See Saffola Foods Reaching *740 Cr Of Revenue In FY24
* 850 Cr Tgt In Foods Will Be Achieved Via One More Category Entry
* Need Faster Ramp-up In Honey & Soya Chunks To achieve The Revenue Target
* Lower Our FY22 EPS Estimate By 2% Due To Near-term Margin Pressures
* Saffola Foods Expansion Can Drive A Re-rating In Co
* Raise Target Price To 600 From $490/Sh
Nationalum
21.12.2021 - Antique on Nalco - Maintain Buy - Target Rs.126
MOTILAL OSWAL ON NALCO : 29.06.2021
* Maintain BUY, Target at Rs 93/share
• Retain Buy on strong earnings outlook
• Raise FY22E/FY23E EBITDA estimate by 43%/27%
* This factors in higher aluminum prices
* High prices should support strong cash flows
Ashokley
15.02.2022 - Nomura on Ashokley on Maintain Buy CMP 124 Target 167
CITI ON ASHOK LEYLAND : 29.07.2021
• Maintain BUY, Target at Rs 155/share
• Ashok Leyland management discussed its EV strategy
• Company's EV foray would be driven by its subsidiary
• Ashok Leyland would not put significant investment
* Increasing market share in LCVs and ICVS
UBS ON ASHOK LEYLAND : 28.06.2021
• Maintain BUY, Target at Rs 155/share
• Q4FY21 beat; cut FY22, but retain FY23 estimates
* Maintain Buy on strong truck cycle recovery in FY22-23
• All round beat; all ICDs repaid back
• Cut our FY22 India truck volume forecasts to 70% from 80%
JSWENERGY
CLSA ON JSW ENERGY : 29.06.2021
* Downgrade JSW Energy to SELL from BUY
* Target for JSW Energy at Rs 146/share
* Downgrade to SELL after a stellar run
* Weak 4Q and FY21 but improved energy transition visibility
* Many positive initiatives and regulatory wins
CITI ON JSW ENERGY : 28.06.2021
* MAINTAIN BUY TARGET: 178
* Citi maintains Buy call on JSW Energy as it believes co is embarking on next leg of growth through creation of 2.5 GW of renewable capacity
* Embarking On Next Leg Of Growth Through Creation Of 2.5 GW Of Renewable Capacity
* Renewable Capacity Has Reasonably Healthy Visibility Of Fructifying Over 2-2.5 Years
* Growth Through Reasonably Priced Green Projects Should improve ESG Scores
CITI ON JSW ENERGY : 28.06.2021
* Maintain BUY, Target at Rs 178/share
• Growth through renewables; healthy cash flows
• JSW Energy also has done value-accretive acquisitions
* Refrained from participating in cutthroat bidding for renewable projects
• This has left balance sheet in a very strong shape
• JSW Energy embarking on next leg of growth
* Valuations are no longer cheap
IGL
09.02.2022 - GS on IGL Maintain Sell CMP 393 Target 380
09.02.2022 - CLSA on IGL Maintain Outperform CMP 393 Target 450(PREVTGT 540)
09.02.2022 - Jefferies on IGL Maintain Buy CMP 393 Target 620
CREDIT SUISSE ON IGL : 09.07.2021
• Maintain Neutral, Target at Rs 550/share
* Price increase in CNG and residential PNG to add 5% to EBITDA
• Market is ignoring increasing capex at IGL for new regions
* Increase our target price to Rs 550 from Rs 500
* Increase FY22/23/24E EPS by 8%/10%/10% due to price increase
* Higher volume growth from new regions
NOMURA ON IGL : 28.06.2021
* MAINTAIN BUY TARGET: 650
* Nomura maintains Buy call on IGL with an expectation of upside risks to FY22-23 earnings
* Q4 Miss, But Overall Good Numbers
* Margin Likely To Be Ore Than Rs 8/scm In H1FY22
* Expect City Gas Cos To Pass Bulk Of Sharp Domestic Gas Price Hike In H2FY22
* See Upside Risks To FY22 23 Earnings
MACQUARIE ON IGL : 28.06.2021
* Macquarie maintains Outperform rating on IGL, but raises target to Rs 600 and FY23 EPS by 6% on a better margin outlook
* MAINTAIN OUTPERFORM TARGET: 600
* FY21 EBITDA Stood Largely Flat, Despite A 17% YoY Drop In Volumes
* Raise FY23 EPS Estimate By 6% On A Better Margin Outlook
* Faster Recovery Expected Post Second COVID Wave
CLSA ON IGL : 28.06.2021
* CLSA upgrades IGL to Buy as it finds co a good re opening play with rebound in mobility
* It's the Steadiest Volume growth Story In City Gas Space
* Recent Underperformance To MGL & Guj Gas Provides A Good Entry Point
* It Is Also A Good Post COVID-19 Re-opening Play With Rebound In Mobility,
* UPGRADE BUY TARGET: 630
CITI ON IGL : 28.06.2021
* Citi continues to have Buy call on IGL
• Underlying
* Performance Better, With Volumes Ahead Of Estimates
• Volumes Are Back Above Pre-COVID Levels
* MAINTAIN BUY TARGET: 640
CLSA ON IGL : 28.06.2021
* Upgrade to BUY from Outperform, Target at Rs 630/share
* Upgrade to BUY after recent underperformance of peers
* Inline net profit but Ebitda was a small 2% miss due to a lower gross margin
• Volume in Q4 was a clear beat with a positive surprise across segments
• Rising domestic gas prices should easily be digestible and not hurt margins
MORGAN STANLEY ON IGL : 28.06.2021
* Morgan Stanley sees upside risks to earnings growth for IGL
* MAINTAIN OVERWEIGHT TARGET: 650
• Reported An Earnings Beat On Better Volume Growth & Cost Control
* See Upside Risks To Earnings Growth Ahead
ONGC
14.01.2022 - CITI on ONGC Maintain Sell CMP 168 Target 150
14.01.2022 - JpMorgan on ONGC Maintain Buy CMP 168 Target 235
11.01.2022 - JpMorgan on ONGC Maintain Overweight Target 235
CLSA ON ONGC : 28.06.2021
* UPGRADE BUY TARGET: 165
* CLSA upgrades ONGC to Buy as it believes using spot rate would take up the fair value to Rs 260/sh
* Using Spot Rate Would Take Up Fair Value To *260/Sh
* Stock Is Pricing In Brent Of Only $51/bbl
* May See 145% Rise In formula-based Domestic Gas Price Over Next 9 Mths
* FY22-23 EPS By Increased By 32%
JPMORGAN ON ONGC : 28.06.2021
* Maintain Overweight, Target at Rs 190/share
* Strong Q4 but expect further improvement on higher prices
* Believe the markets lack of conviction on the oil price rally
* H1FY22 should be even stronger given sharply
• Consensus earnings estimate upgrades are coming through
Apollohosp
14.02.2022 - GS on Apollohosp Maintain Buy CMP 4515 Target 4970
14.02.2022 - Kotak Instel EQ on Apollohosp Maintain Add CMP 4515 Target 5257
14.02.2022 - CLSA on Apollohosp Maintain Buy CMP 4515 Target 5250
14.02.2022 - CITI on Apollohosp Maintain Buy CMP 4515 Target 5800
20.01.2022 - Jefferies on Apollohosp Maintain Buy CMP 4516 Target 6060
18.01.2022 - CS on Apollohosp Maintain Outperform CMP 4617 Target 5800
UBS ON APOLLO HOSPITAL : 28.06.2021
• Maintain BUY, Target at Rs 3,850/share
* Apollo setting runway for digital flight
* Getting in position to create potentially digital healthcare platform
* Steady growth/profitability outlook
• Continued strong performance during Q4
MACQUARIE ON APOLLO HOSPITAL : 24.06.2021
* Sharper omni-channel focus post restructuring
* Existing hospitals EBITDA margin touches high of 23%
• Apollo has diversified presence, improved execution
* Companies focused on cost holds it in good stead
• Slower than expected normalisation in footfall is a risk
BIOCON
JPMORGAN ON BIOCON : 26.07.2021
* JPMorgan sees limited scope for meaningfully higher revenue from current launches in the case of Biocon, maintains NEUTRAL on the stock
* Limited Scope For Meaningfully Higher Revenues From Current Launches
* IC Status For Glargine, Facility Inspection For Aspart & Beva Crucial For Step-up In Revenue
• Incremental Earnings From Upcoming Launches Are More Than Factored At Current Levels
* MAINTAIN NEUTRAL TARGET: 355
MORGAN STANLEY ON BIOCON : 26.07.2021
* MS shares its view on Biocon, says current portfolio of biosimilars is taking time to gain market share. The brokerage maintains an EQUAL-WEIGHT rating on the stock
* MAINTAIN EQUAL-WEIGHT TARGET: 371
* Current Portfolio of Biosimilars Is Taking Time To Gain Market Share
• New Products Are Stalled In The Regulatory Process
* R&D Spending Could Rise As New Drugs Enter Clinical Trials
* Capex Intensity Should Remain Elevated
CLSA ON BIOCON : 06.07.2021
* MAINTAIN SELL TARGET: 260
* CLSA maintains SELL call on Biocon, target at Rs 260/sh
* Cash Flow Remained Negative For An Eighth Consecutive Year In FY21
* Operating Cash Flow Fell 24% YoY & Capex Intensity Remained High
* $2,200 Cr FY22 Capex Guidance Suggests Capex Intensity Will Remain High.
* A Slump In The Margin in Biologics Hurt Overall Profitability
* FY21 Report Lacks Mention Of Listing Plans For The Biologics Biz
JPMORGAN ON BIOCON : 24.06.2021
• Maintain Overweight, Target at Rs 415/share
* Flattish Fulphila share but Ogivri improving even as market volumes moderate MoM
* Fulphila volume trend in-line with the market in May
* Initial trends in Ogivri despite a tough market
* Biocon's market share improved in both segments
BEL
CS ON BEL : 24.06.2021
* MAINTAIN NEUTRAL TARGET: 165
* Credit Suisse maintains NEUTRAL call on BEL, target at Rs 165/sh
* Strong Near-term Outlook
* Flattish Inflows & Modest Growth In Defence Budget Can Cap Long-term CAGR
* Revise Earnings Ests By 22 %/18% For FY22/23 On Execution & Profitability Outlook
* Dependence On Govt Remains High For Large Contracts
* Order Inflows Have Been Flattish For Last Six Years
SOBHA
15.02.2022 - MS on Sobha Maintain Overweight CMP 841 Target 1095
MACQUARIE ON SOBHA : 24.06.2021
* Macquarie downgrades Sobha to NEUTRAL, target raised to Rs 480/sh
* Highest-ever Pre-sales & Robust Collections Led To Further Deleveraging
* Management Targets A Net Debt/Equity Of 1.1x By Mid FY23
* Improved Realisation, Lower Land Payments Are Positives
* DOWNGRADE NEUTRAL TARGET: 480
JEFFERIES ON SOBHA : 24.06.2021
* MAINTAIN BUY TARGET: 592
* Jefferies maintains BUY call on Sobha, target at Rs 592/sh
* Q4 Operationally Strong; Pre sales At A Record
* Cash Collections & Disciplined Spending, Drove A 4% Debt Reduction
* Contract Business Recovery Delays Drive Earnings Cuts
* Debt Reduction & Sales Uptick Remain Key For Re-rating
CLSA ON SOBHA : 24.06.2021
* CLSA maintains OUTPERFORM call on Sobha, target cut to Rs 550 from Rs 565/sh
* MAINTAIN OUTPERFORM TARGET: 550 (PREV TGT: 565)
* Near-term Outlook Cautious Due To The Lockdown
* Cut Our Presale Estimates For FY22-23; Reduces EPS Ests
* Continue To Like Co Which Is The No.1 Brand In Bengaluru
NMDC
11.02.2022 - Jefferies on NMDC Maintain Neutral CMP 159 Target 175
12.01.2022 - JpMorgan on NMDC Maintain Overweight Target 210
JPMORGAN ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan has a Neutral rating on NMDC. Its target of Rs 210 reflects Rs 36/sh of steel plant value (50% discount to invested value)
* Start Of Steel Plant De-merger Positive As It Limits Liability To Co From Steel Plant Losses
* Our Current Tgt Of *210 Reflects 36/sh Of NISP value, At A 50% Discount To Invested Value
* Stock Price Is Likely Reflecting Zero Equity Value For The Steel Plant
CITI ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Citi maintains Neutral call on NMDC after co's board approved demerger of steel plant. It says, demerger could help unlock value for iron ore biz
* Proposed Demerger Of Steel Plant Could Help Unlock Value For Iron Ore Biz
• Would Stay On Sidelines As Domestic Ore Prices May Not Rise Further In Near Term
• At 4x 1-yr fwd EV/EBITDA On Consensus, Co Trades In line With Global Peers
NMDC OFS floor price at Rs 165/share; govt selling ~7.5% stake : 06.07.2021
Total OFS Size, Including Greenshoe, At 7.49% Eq
* Govt announces OFS of 11.72 cr shares or 4% eq with greenshoe option of 10.22 cr shares
• Total OFS size, including greenshoe, at 7.49% eq
* OFS open for non retail investors on 6th July, retail investors on 7th July
* Alert: Govt currently owns 68.29% stake in company
CITI on NMDC : 02.07.2021
* Further mgmt expects iron ore prices to correct during monsoon, but rebound & stabilize post.
* At 5x 1-yr fwd EV/EBITDA on consensus, trades in-line with its 1-yr fwd mean since 2012 & a premium to global peers (4x)
CITI ON NMDC : 01.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Prices may not rise further as it's at only 4% discount to import parity, NMDC expects iron ore prices to correct during the monsoon, Citi says, maintains NEUTRAL on the stock
* Prices May Not Rise Further As It's At Only 4% Discount To Import Parity
* Domestic Ore Supply Should Likely Improve
* Co Expects Iron Ore Prices To Correct During The Monsoon
* It's Trading At A Premium To Global Peers
JPMORGAN ON NMDC : 24.06.2021
• Maintain Neutral, Target at Rs 210/share
* Strong near-term earnings, but likely the peak
* Cash usage, steel plant de-merger key to re rating
* Stock is admittedly cheap at 8x FY23E (Normalized) P/E
JPMORGAN ON NMDC : 24.06.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan maintains NEUTRAL call on NMDC, target at Rs 210/sh
* Strong Near-Term Earnings, But Likely the Peak
* Cash Usage, Steel Plant De Merger Key To Re-rating
* Believe Earnings Will Peak In H1FY22
* Forecast EBITDA To Fall 30% In FY23
CS ON NMDC : 24.06.2021
* DOWNGRADE NEUTRAL TARGET: 200
* Credit Suisse downgrades NMDC to NEUTRAL, target raised to Rs 200/sh
* Fairly Valued As Peak Ore Prices Behind Us
* Expect Domestic Ore Prices To Fall Through FY22
* Raise FY22 Fines Price To *5,100/t; FY22e EPS Rises 22%
* Cut Multiple To 4.5x From 5x EV/EBITDA On Peak Earnings
* Steel Plant Commissioning Remains A Key Catalyst
CREDIT SUISSE ON EMBASSY OFFICE
CREDIT SUISSE ON EMBASSY OFFICE : 24.06.2021
* Maintain Outperform, Target at Rs 420/share
• AIT REIT has delivered strong outperformance over long term
• Even Embassy has kept pace, utilities have not
* Embassy is a play on accelerating tech growth spend
* Premium positioning in best office market
* FY23E yield of 6.1% and growing at 10-11%
* Benefit from lower borrowing cost on refinance
BITCOIN
BITCOIN, TRUE VALE NO HIGHER THAN ZERO
* Bitcoin 's true value is no higher than zero, says Nassim Nicholas Taleb.
• Bitcoin failed to satisfy the notion of 'currency without government'
• Bitcoin can neither be a short-term or long-term store of value
• Cannot operate as a reliable hedge against inflation
• True value of a Bitcoin is no higher than zero
* Cryptocurrencies require a sustained amount of interest in them
* Nassim Nicholas Taleb Scholar & Risk Expert
Media Sector
CLSA ON ZEE ENT & SUN TV : 23.06.2021
* CLSA has a Buy rating on both Zee Ent & Sun TV, but finds Zee Ent better placed on growth parameters
* Zee Ent Is Better Placed Vs Sun TV
* Zee's Ad Revenue Is 3.5x & Subscriptions 2x Of Sun TV
* Both Will Be Beneficiaries Of A Strong Rebound
* Zee Will Surpass The Pre-COVID-19 Peak In FY23
* Zee Offers 34% Earnings CAGR While Sun's Valn Is At A 15% Premium
* Zee Ent Is Top Pick In The Space With A Traget Of *306/Sh
* Have A Buy Call On Sun TV With A Target Of *550/Sh
OILINDIA
CLSA ON OIL INDIA : 23.06.2021
* UPGRADE BUY TARGET: 180
* CLSA upgrades Oil India to Buy as it finds co the only midcap to offer positive leverage to crude
• Pricing In $55/bbl; Only Midcap Offering Positive Leverage To Crude
* Can See 120% Rise In Formula-based Domestic Gas Price Over Next 9 Mths
* FY22-23 EPS estimates By 29-38%
CLSA ON OIL INDIA : 23.06.2021
* Upgrade to BUY, Target at Rs 180/share
• Pricing-in US$55/bbl; the only midcap offering positive leverage to crude
* 23% miss on Ebitda but higher other income drives big net profit beat
* Inline crude production but gas production disappointed in 4QFY21
UBL
UBS ON UNITED BREWERIES : 23.06.2021
* UBS maintains its Neutral stance on UBL with Heineken looking to consolidate it stake
* MAINTAIN NEUTRAL TARGET: 1,500
* Heineken Likely To Consolidate Stake
* Heineken's Stake Could Potentially Increase To 62%
• Benign Regulatory Environment To Aid Volumes In H2
DRREDDY
CLSA ON DR REDDY'S : 15.07.2021
* Dr Reddy's annual report provides a roadmap to scale up key market operations, including stronger US FDA compliance, CLSA says, maintains BUY
* Annual Rpt Gives Roadmap To Scale Up Key Mkt Ops, Incl Stronger US FDA Compliance
* Continued Margin Improvement Should Drive Mid-teens YoY Earnings Growth
* MAINTAIN BUY TARGET: 6,210
MORGAN STANLEY ON DR REDDY'S : 23.06.2021
* Maintain Overweight, Target at Rs 5,859/share
* gVascepa launch a good earnings catalyst
* Expect an earnings up-cycle for DRL, driven by India/EM markets
• Niche US launches & continuing productivity gains expected
* gVascepa is an important US launch playing into this thesis
* gKuvan 500mg powder, gRevlimid, and Sputnik V are other upcoming catalysts
MS ON DR REDDY'S : 23.06.2021
* MS has an Overweight call on Dr Reddy's with an expectation of earnings upcycle, led by India/EM markets
* MAINTAIN OVERWEIGHT TARGET: 5,859
* Expect An Earnings Upcycle, Driven By India/EM Markets
* Niche US Launches & Productivity Gains Will Support Growth
* Vascepa Generic Is An Important US Launch
• Kuvan, Revlimid Generics & Sputnik V Are Other Catalysts
FINANCIALS SECTOR
CREDIT SUISSE ON NBFCs : 18.06.2021
Credit Suisse cuts FY22 estimate for NBFCs by 10-16% on higher provisions & lower loan growth
* Survey Of Truck Owners Reveals Impending EMI Defaults & Slower Demand
• Cut FY22 Estimate By 10-16% On Higher Provisions & Lower Loan Growth
* Shriram Transport With A Target Of 1,675/Sh Is Our Top Pick
* Cautious On M&M Fin; Have A Neutral Call With Target Of 165/Sh
* Maintain Outperform On Chola With A Traget Of *610/Sh
JPMORGAN ON FINANCIALS : 23.06.2021
* SBI, HDFC Bank and ICICI look best positioned
• FY21 performance benchmarking: large banks did better
* Large bank performance remains better in FY21
* Corporate sector asset quality normalization is bullish for public sector banks
• Risk of higher restructuring by end-Sep remains
• Post F22/23 Street EPS estimates have been revised up
10.02.2022 - Macquarie on BHARTIARTL Maintain Outperform CMP 721.50 Target 846
09.02.2022 - Gs on BHARTIARTL Maintain Buy CMP 706.95 Target 8850
09.02.2022 - Nomura on BHARTIARTL Maintain Buy CMP 706.95 Target 855
09.02.2022 - CLSA on BHARTIARTL Maintain Buy CMP 706.95 Target 915
09.02.2022 - Jefferies on BHARTIARTL Maintain Buy CMP 706.95 Target 910
25.01.2022 - Jefferies on BHARTIARTL Maintain Buy CMP 687 Target 925
BofA Securities upgrades Bharti Airtel to BUY -30.08.2021
Jefferies on Bharti Airtel - 30.08.2021
*Buy, TP Rs 685 To raise Rs210bn through rights issue at Rs535 bodes well as it allays concerns around promoters' intentMACQUARIE ON BHARTI AIRTEL - 20.08.2021
• Maintain Outperform, Target at Rs 867/shareJPMORGAN ON BHARTI AIRTEL : 04.08.2021
• Q1 print shows tide is turning with strong wireless ARPU; Solid traction in 1Q Home/DTH
• Raise India wireless revenues by 1% & Ebitda by 1-4% as we bake in increased ARPUS
• BHARTI remains reasonably priced at 8x 1yr fwd EV/EBITDA
GOLDMAN SACHS ON BHARTI AIRTEL : 04.08.2021
* Marginally raise estimates and target price
* Expect Bharti's India Biz to be FCF positive starting FY22
• Raise our FY2022E-24E EBITDA estimates for Bharti by up to 2%
CITI ON BHARTI AIRTEL : 04.08.2021
* Citi maintains BUY call on Bharti Airtel, target at Rs 660/sh
* Q1 Expectedly Soft Quarter, But Pick-Up Ahead
* Q1 Revenue & EBITDA Ahead Of Estimates
* India Mobile Revenue In-line, Mobile EBITDA Growth Stronger At +5% QOQ
* Mobile Revenue Growth Should Show An Uptick In Q2
* MAINTAIN BUY TARGET: 660
GS ON BHARTI AIRTEL : 04.08.2021
* Goldman Sachs has a BUY call on Bharti Airtel, target at Rs 675/sh
* Forecast Wireless Segment To Deliver 20% + Revenue & EBITDA Growth For Next Two Years
* Expect Co's India Business To Be FCF Positive Starting FY22
* Marginally Raise FY22-24 EBITDA Estimates By Up To 2%
* See Upside Risks To Our Estimates On Accelerated Mkt Share Gains From Vodafone Ideal
* MAINTAIN BUY TARGET: 675
CLSA ON BHARTI AIRTEL : 04.08.2021
* CLSA maintains OUTPERFORM call on Bharti Airtel, target at Rs 730/sh
* MAINTAIN OUTPERFORM TARGET: 730
* 4G Penetration At 57% Of Its Own India Mobile Subscribers & Tariff Hikes Assure Growth
* Forecast A 17% CAGR In Consolidated EBITDA By FY23
BHARTI AIRTEL : 29.07.2021
* Have Announced 4 Changes In Tariff Plans In Last Month
* Discontinues entry level pre-paid of Rs 49
* Tariff changes in last 1 month
• Removal of SMS benefits for entry 2G. Need to extra to get SMS benefit
• Removal of lower end plans for post paid for enterprise
• Discontinued lower end family plans
• Discontinues entry level Pre-paid of Rs 49 yesterday
Moves will help in improving ARPUS; last reported ARPU stood at Rs 145
CLSA ON DALMIA BHARAT : 29.07.2021
* Downgrade from BUY to Outperfrom, Target at Rs 2,225/share
* 1Q Ebitda largely in-line; target 15% capacity Cagr over ten years
• 1Q Ebitda largely in-line with consensus
* Capital allocation plan focuses on growth and green initiatives
CITI ON BHARTI AIRTEL : 29.07.2021
* Yesterday's hike could provide a further 2% benefit to Bharti Airtel's mobile revenue
* Another Targetted Hike In The Low-end 2G Segment
• This Could Provide A Further 2% Benefit To Mobile Revenues
* Estimate This Segment Contributes 5% To Co's Overall Mobile Revenues
* MAINTAIN BUY TARGET: 660
GS ON BHARTI AIRTEL : 29.07.2021
* Bharti Airtel's plan tweaks will lead to +3%/ +6% wireless revenue/EBITDA, Goldman Sachs says, maintains BUY on the stock
* Tariff Hike: The Most Significant Catalyst Since 2019
* Plan Tweaks Will Lead To +3%/ +6% Wireless Revenue/EBITDA For Co
* High Likelihood Of Vodafone Idea Following Bharti's Actions Over The Next Few Days
* MAINTAIN BUY TARGET: 665
UBS ON BHARTI AIRTEL : 29.07.2021
* UBS shares its view on Bharti Airtel after the telco raised prices for its prepaid plans yesterday, says plan tweaks to increase average revenue per user continue, expect Vi to follow co's in tweaking plans
* Plan Tweaks To Increase ARPU Continue
* 4% Upside To Revenues In An Optimistic Scenario
* EBIDTA Acceleration Likely Of 6% Due To Plan Tweaking
* Expect Voda Idea To Follow Bharti In Tweaking Plans
* MAINTAIN BUY TARGET: 655
JPMORGAN ON BHARTI AIRTEL : 28.06.2021
* JPMorgan expects continued share gains supported by superior network quality to drive re-rating for Bharti Airtel
* MAINTAIN OVERWEIGHT TARGET: 760
* Share Gains Supported By Superior Network Quality Should Drive Re-rating
• Market Polarisation & Impressive Digital Metrics Should Drive A Change In Narrative
UBS ON BHARTI AIRTEL : 22.06.2021
* MAINTAIN BUY TARGET: 655
* UBS maintains BUY call on Bharti Airtel, target at Rs 655/sh
* Ties Up With Tata Group For Indigenous 5G Solutions
* 5G Solutions To Be Piloted In Jan 2022
* Spectrum Auctions & Commercial Rollouts Still Some Time Away
* Agreement Positive For The Overall 5G Ecosystem
NAUKRI
MACQUARIE ON INFO EDGE : 22.06.2021
* MAINTAIN UNDERPERFORM TARGET: 4,220
* Macquarie maintains UNDERPERFORM call on Info Edge, target at Rs 4,220/sh
* Sequential Improvement In Core Business Continued
* Cash Balances Piles Up With Co Evaluating Investment Opportunities
* FY22-23 EPS Estimates See A revision of Less Than 1%
GS ON INFO EDGE : 22.06.2021
* MAINTAIN SELL TARGET: 2,760
* Goldman Sachs maintains SELL call on Info Edge, target at Rs 2,760/sh
* Raise FY22-24 Revenue Estimates By Up To 4%
* Have A Strong Outlook For Recruitment Biz
* Well Placed To Capture Upside From B2B Spends In India Moving To Digital
* See A Mismatch Between Growth Outlook & Valuations
* Co Trades At 88x 12m-fwd EV/EBITDA Vs Global Classifieds Median Of 24x
CLSA ON INFOEDGE : 22.06.2021
• Maintain Outperform, Target at Rs 5,740/share
* Stronger-than-expected billings indicate demand recovery is on track
• Info Edge reported headline financials below estimates in Q4'21
* Management indicating a limited impact of Wave-2 in Q1'22
* Expect revenue growth to bounce back sharply by Q2'22
* Operating leverage in the business model should ensure its flow-through into margins
* 2 larger investee companies - Zomato and Policybazaar
CLSA ON INFO EDGE : 22.06.2021
* MAINTAIN OUTPERFORM TARGET: 5,470
* CLSA maintains OUTPERFORM call on Info Edge, expects co's revenue growth to bounce back sharply by Q2
* Expect Revenue Growth To Bounce Back Sharply By Q2
* Operating Leverage In Biz Model Should Ensure Its Flow-through Into Margin
* Zomato & Policybazaar Are Actively Working On Public Listing
* Management Remains On Lookout For Consolidation Or Expansion
Hindunilvr
21.01.2022 - UBS on Hindunilvr Maintain Buy CMP 2262 Target 3250
21.01.2022 - MS on Hindunilvr Maintain Equal Weight CMP 2262 Target 2766
21.01.2022 - CS on Hindunilvr Maintain Outperform CMP 2262 Target 2800
21.01.2022 - CLSA on Hindunilvr Maintain Outperform CMP 2262 Target 2725
21.01.2022 - Jefferies on Hindunilvr Maintain Buy CMP 2262 Target 2900
22.12.2021 - Macquare On Hindunilvr - Maintain Buy CMP 2272 Target 3300
22.12.2021 - Nomura On Hindunilvr - Maintain Buy - CMP 2272 - Target 2950
22.12.2021 - CITI On Hindunilvr - Maintain Buy CMP 2272 - Target Rs.3065
22.12.2021 - CITI On Hindunilvr - Maintain Buy - Target Rs.3065
JEFFERIES ON HUL : 21.06.2021
* Maintain BUY, Target at Rs 2,850/share
* HUL witnessed good demand momentum in March
* Demand momentum sustained in April
* Covid induced lockdowns impacted May, but there a sequential recovery
• Rural saw higher disruption versus wave one
• Rural still performed better than urban
* Input price inflation continued in Q1 and HUL has take price hike
* GSK portfolio should see de-stocking in Q1
NTPC
21.02.2022 - CLSA on NTPC Maintain Buy CMP 132 Target 180
31.01.2022 - Jefferies on NTPC Maintain Buy CMP 140 Target 165
CS ON NTPC : 21.06.2021
* High Renewable Expectations Have Several Challenges
• Revise Earnings Higher By 1/3%
• Regulated Return Cut Is A Sizeable Risk & Is Coming Closer
* MAINTAIN OUTPERFORM TARGET: 135
BANDHANBNK
24.01.2022 - CLSA on Bandhan Bank Maintain Outperform CMP 296 Target 340
24.01.2022 - Jefferies on Bandhan Bank Mantain Buy CMP 296 Target 380
05.01.2022 - CLSA Bandhan BK Maintain Sell CMP 254 Target 225
05.01.2022 - GS Bandhan BK Maintain Buy CMP 254 Target 440
05.01.2022 - GS Bandhan BK Maintain Buy Target 440
CS on Bandhan Bank : 30.08.2021
GS ON BANDHAN BANK : 03.08.2021
* GS maintains Buy rating on Bandhan Bank but removes it from the conviction list on near-term macro uncertainty
* Reported An Operationally Strong Quarter With PPOP 4% Ahead Of Estimates
* Growth & Most Importantly, Asset Quality Majorly Impacted Due To Strict Local Lockdowns
* Remain Buy, But Remove It From The Conviction List
* Near-term Macro Uncertainty Can Weigh On Stock Outperformance
* MAINTAIN BUY TARGET: 447
CLSA ON BANDHAN BANK : 16.07.2021
* CLSA shares its view on Bandhan Bank's Q1 update, says overdues in West Bengal have been high in spite of negligible political interference, maintains UNDERPERFORM rating on the stock
* Q1 Update Indicates Collection Efficiency Of 72% In Microfinance Biz Vs 95% Collections In March
* MFI Collections Drop Has Been High In COVID 2nd
* In West Bengal, Overdues High In Spite Of Negligible Political Interference
* MAINTAIN UNDERPERFORM TARGET: 300
JEFFERIES ON BANDHAN BANK : 21.06.2021
* MAINTAIN BUY TARGET: 400
* Jefferies maintains BUY call on Bandhan Bank, target at Rs 400/sh
* Assam govt Package Positive For Lenders
* Co Will Benefit As State Forms 12% Of MFI Loan & Faced Higher Stress
* FY22 May Still See 7% Negative Impact From Weaker Topline Due To Repayment
* Valuations Attractive At Current Levels
CLSA ON BANDHAN BANK : 21.06.2021
* MAINTAIN UNDERPERFORM TARGET: 300
* CLSA maintains UNDERPERFORM call on Bandhan Bank, target at Rs 300/sh
* Asaam Govt's MFI Pckg Should Provide Significant Relief
• This Package Will Be Credit Positive For Co's Assam Portfolio
• Impact Of The Second Wave Of COVID-19 Could Be Large
* Bengal Faced Collection Challenges Even Before The Second Wave
JEFFERIES ON BANDHAN BANK : 21.06.2021
* Maintain BUY, Target at Rs 400/share
• Assam's proposed MFI grant may clear overhang with small one-time impact
• Bandhan's valuation at 2.8x 12m forward ABV is attractive
• Assam is second largest state for Bandhan Bank
• State grant can address asset quality concern, but drag topline
* Large outgo for Assam may make other states desist in future
Ceatltd
MACQUARIE ON CEAT : 18.06.2021
• Maintain Neutral, Target at Rs 1,280/share
• CEAT hosted its annual investor day
* Targeting market-share gains across segments
• Volume and margin pressures likely in 1Q FY22
* FCF likely to remain constrained over next few year
NAZARA
CLSA ON NAZARA TECH : 18.06.2021
• Initiates on Nazara Tech with SELL Rating
* Target at Rs 1,095/share
* eSports a niche nascent market; competition to intensify
* eSports is niche in Indian mobile gaming
• Nazara's key growth focus is eSports
• Indian gaming competition would intensify
Powergrid
15.02.2022 - MS on Powergrid Maintian Overweight CMP 201 Target 239
10.02.2022 - CLSA on Powergrid Maintain Buy CMP 209.95 Target 250
MACQUARIE ON POWER GRID : 22.06.2021
* Downgrade to Neutral, raise EPS estimates by ~3% for FY22/23E
* Target for Power Grid at Rs 240/share
* Management expects Rs 10,000 cr capex & capitalization run-rate from FY23 onwards
• This implying ~4-5% sustainable growth rate
• Expect dividends to stay elevated at Rs13-14/share
CITI ON POWER GRID : 21.06.2021
• Maintain BUY, Target at Rs 284/share
• Meets FY21 targets; More asset monetization ahead
• PGCIL capitalized assets worth Rs 215bn in FY21
• PGCIL will further monetize Rs 5,000cr worth of TBCB projects
• Capex has expectedly slowed down
• PGCIL has ample scope to monetize assets at competitive cost of capital
CLSA ON POWER GRID : 18.06.2021
* MAINTAIN BUY TARGET: 275
* CLSA raises FY22/23 EPS estimate for Power Grid by5%.
* It's An Attractive Dividend Yield Stock; A Good Play On Green Corridors
• Valuation Inexpensive At Current Levels
• Raise FY22/23 EPS Estimate By 5%
CLSA ON POWER GRID : 18.06.2021
• Maintain BUY, Target at Rs 275/share
• Start of a large high-voltage direct current line improves visibility
• Backlog growth starts; PAT up 13% in a tough year
• Strong capitalisation, but peaked in FY21
* Balance sheet gets better - debtors fall, InviT upside in 1QFY22
• Power Grid is growth plus high-dividend-yield play
MORGAN STANLEY ON GUJARAT GAS : 22.06.2021
• Maintain Overweight, Target at Rs 733/share
* Believe share price to rise in absolute terms over next 45 days
* Gujarat Gas is the best play on rising domestic gas production
* This coincides with its expansion in new cities & network expansion
* Estimate a 22% volume CAGR F21-24E
* Should drive earnings to double in the next three years
• Stock trades at 23x F23E PER, which is compelling
MS ON GUJARAT GAS : 18.06.2021
* Morgan Stanley has to say about Gujarat Gas
• See Better Pricing Power For Industrial Sales, Higher Penetration Should Help Margin
• Upside From Improving Domestic Gas Supplies Should Stabilise Margin Volatility
* MAINTAIN OVERWEIGHT TARGET: 733
Sunpharma
01.02.2022 - CITI on Sunpharma Maintain Buy CMP 834 Target 1070
01.02.2022 - CLSA on Sunpharma Maintain Buy CMP 834 Target 1100
01.02.2022 - Jefferies on Sunpharma Maintain Underperform CMP 834 Target 745
17.01.2022 - CLSA on Sunpharma Maintain Buy CMP 860 Target 1100
12.01.2022 - CITI on Sunpharma Maintain Buy CMP 831.65 Target 1000
16.12.2021 - Citi on Sunpharma - Maintain Buy - CMP 777 - Target 1000
16.12.2021 - MS on Sunpharma - Maintain Overweight Cmp - 777 - Target 895
CLSA ON SUN PHARMA - Maintain Buy, Target at Rs 960/share - 18.08.2021
* Ramping up existing specialty products, stronger R&D pipelineSUN PHARMA : 03.08.2021
* Sun Pharma was up 10% in Friday's trading session. Brokerage upgrades pour in for the stock.
* Stock up 10% on July 30
* Market Cap at 1.85 lakh cr, trading at 27x 1-year forward
• Delivery at 88 lakh
• Ol sheds 8 lakh shares, indicating short covering
UPGRADES POUR IN
• CLSA upgrades target to Rs 960/share, Maintains top pick
* Credit Suisse upgrades EPS by 19-13% but maintains Underperform
• JPMorgan upgrades target to Rs 850/share, Maintains Overweight
• Motilal Oswal upgrades stock with target at Rs 900/share
GOLDMAN SACHS ON SUN PHARMA : 03.08.2021
• Maintain SELL, Target at Rs 600/share
• 1Q above as COVID sales drove large part of beat
• On going price erosion will impact Sun/Taro US business
* Covid driven sales in India will decline
CITI ON SUN PHARMA : 0308.2021
* Citi has a Buy rating on Sun Pharma with target being raised to Rs 910
* Raise FY22/23/24 EPS Estimates By 7-10%
* Maintain Co As Top Pharma Pick In India
* Specialty Biz Is Picking Up & Has Potential To Drive Operating Leverage
* Generic Business Contribution Is At Historic Lows
* Generic Biz Pipeline Has Potential To Surprise Positively
* MAINTAIN BUY TARGET: 910
CS ON SUN PHARMA : 03.08.2021
* Credit Suisse maintains Underperform call on Sun Pharma, but raises FY22/FY23/FY24 EPS estimates by 19%/11% / 13%
* MAINTAIN UNDERPERFORM TARGET: 640
* Q1 Boosted By COVID; Expect Moderation In Ilumya Ramp-up In H2
* See Moderation In Ilumya Ramp-up After UCB's Bimekizumab & BMS' Deucravacitinib Launch
* Raise FY22/FY23/FY24 EPS Estimates By 19% / 11% / 13%
MS ON SUN PHARMA : 03.08.2021
* Morgan Stanley has an Overweight rating on Sun Pharma with target being raised to Rs 895/Sh
* MAINTAIN OVERWEIGHT TARGET: 895
* Positive Stance Driven By Steady Earnings Growth
* Valuation re-rating On Positive Op Leverage, Specialty Ramp-up, Judicious Capital Allocation
* Seeing A Strength In Balancesheet As Well
CLSA ON SUN PHARMA : 03.08.2021
* CLSA believes Sun Pharma is well placed to boost specialty sales & achieve EBITDA breakeven in FY23
• Specialty Ramp-up On Track With PE Rerating To Follow
* Well Placed To Boost Specialty Sales & Achieve EBITDA Breakeven In FY23
* MAINTAIN BUY TARGET: 960
JPMORGAN ON SUN PHARMA : 03.08.2021
* JPMorgan has an Overweight rating on Sun Pharma with co being its top pick in the sector
* MAINTAIN OVERWEIGHT TARGET: 850
* More Than Just An India Driven Beat; Specialty Momentum Better Than Expected
* Growth Is Specialty Is Likely To Continue
* Operating Costs/R&D Will Increase To Support The Specialty Effort
* Co Remains Our Top Pick In The Sector
CLSA ON SUN PHARMA : 18.06.2021
* MAINTAIN BUY TARGET: 850
* Sun Pharma should maintain double-digit YoY India growth in FY21-24, CLSA says
* IQVIA Data Suggest That Sun Co Leads In Key Therapies
* Field Force Productivity Remains High Despite Rising Competition
* Co Should Maintain Double digit YoY India Growth In FY21-24
* Maintain Buy On India Strength & Global Specialty Ramp-up
CLSA ON SUN PHARMA : 18.06.2021
• Maintain BUY, Target at Rs 850/share
• Reiterate BUY on solid India operations, specialty ramp up
* India growth prospects improving after 3-4 years of underperformance
* High field force productivity, despite rising competition
* Positioned to continue a 10% revenue CAGR in India with strong margins
* Strong India and global specialty ramp-up; reiterate BUY
HCLTECH
17.01.2022 - CITI On Hcltech Maintain Neutral CMP 1337 Target 1385
17.01.2022 - UBS On Hcltech Maintain Sell CMP 1337 Target 925
17.01.2022 - JpMorgan On Hcltech Maintain Overweight CMP 1337 Target 1500
17.01.2022 - Nomura on Hcltech Maintain Buy CMP 1337 Target 1580
17.01.2022 - MS On Hcltech Maintain Buy Equal Weight CMP 1337 Target 1450
17.01.2022 - Cs On Hcltech Maintain Buy Outerperform CMP 1337 Target 1650
CLSA ON HCL TECH : 20.07.2021
• Maintain BUY, Target at Rs 1,180/share
• Second wave affects 1022; Healthy deal wins & pipeline keep hopes alive
• HCL Tech's problems appear transient not structural
• Cut our FY22/FY23 EPS forecasts 2%/1%
MACQUARIE ON HCL TECH : 20.07.2021
• Maintain Outperform, Target at Rs 1,220/share
* Growth to pick up in coming quarters
* Soft start to FY22E, growth to pick up in coming qtrs
* Products and platforms business hit by seasonal weakness
CLSA ON HCL TECH : 17.06.2021
* Maintain BUY, Target at Rs 1,160/share
* Deep dive into HCL's US$1.6bn ER&D business
• ERS growth acceleration could give a 2ppt uplift to FY22 revenue growth
* HCL is positioning itself to play the digital engineering opportunity
* Reiterate BUY on attractive risk-reward
CLSA ON HCL TECH : 17.06.2021
* MAINTAIN BUY TARGET: 1,160
* CLSA maintains Buy call on HCL Tech. It expects co to sustain high growth over next 2-3 years with an increased investment digital engineering capabilities
* Have Been Investing in Building Its Digital Engineering Capabilities
* Digital Engg Investment Should Help Sustain High Growth Over Next 2-3 Yrs
* Adjust FY22/23CL Estimates For Revised INR/USD Assumptions & Wave-2 Impact
KEC
MACQUARIE ON KEC : 17.06.2021
• Maintain Outperform, Target at Rs 490/share
• Virtuous cycle of returns and growth deserves overweight allocation
* Entry into various EPC segments, efficient execution
* Capex indicates strong growth prospects for KEC over the next three years
* Strong backlog and asset-light model ensures bidding discipline
* Strong return ratios, low debt, disciplined capital allocation
LEMONTREE
CLSA ON LEMON TREE : 17.06.2021
* MAINTAIN BUY TARGET: 50
* CLSA retains Buy call on Lemon Tree as it finds co well positioned due to its strong midmarket brand
* Cut FY22-23 Earnings Estimates Due To Extended ADR Recovery
* Well Positioned Due To Its Strong Midmarket Brand
* Have A Strong Presence In Tier-1 Cities
INDIGO
07.02.2022 - GS on INDIGO Maintain Neutral CMP 2161 Target 2150
07.02.2022 - Kotak Inst Eqt on INDIGO Maintain Buy CMP 2161 Target 3000
HSBC ON INTERGLOBE AVIATION : 17.06.2021
• Maintain Reduce, Target at Rs 1,315/share
• Aggressive growth without support
* Q4FY21 loss more than double consensus expectation
* Liquidity and working capital worsen
• Weak demand, rising fuel price, unfavourable forex
Glenmark
15.02.2022 - MS on Glenmark Maintain Underweight CMP 478 Target 489 (PREV TGT 554)
NOMURA ON GLENMARK : 17.06.2021
* MAINTAIN BUY TARGET: 762
* Nomura raises target for Glenmark to Rs 762 with stance being retained at Buy. It finds valuation attractive at current levels
* Expect A Strong FY22; Prudent Cap Allocation Key To Drive Re-rating
* Co Is Pursuing Fundraising At Ichnos & Its API Business
* Limited Clinical Success & Exit Of CEO Makes Us Unenthusiastic About Ichnos
* Expect No Material Value Unlocking
* Through These Corporate Actions
* Valuation Attractive At Current Levels
RELIANCE HOME FIN
RELIANCE HOME FIN IN FOCUS : 16.06.2021
BANKING SOURCES SAY
* Banking sources say voting on bids for Reliance Home Finance extended up to June 19.
* Context: Voting to select the highest bidder started on May 31, was expected to end today. Rel Home Finance has a debt of Rs 11,200 cr; Yes Bank, BOB, SBI among key lenders.
• Voting on bids for Rel Home Finance extended upto June 19
• Authum Invest & Infra seen in the lead, may be voted highest bidder
• Authum's proposal likely to have already secured required votes to be passed
* Ares SSG-Acre ARC, Arcil along with Avenue Capital, & Capri Global are other suitors
* Authum's bid value at Rs 2,887 cr incl upfront cash and deferred payment via NCDs
* Cash balance on RHF's books to be distributed among lenders as per plan
* BOB Caps, EY & Bank of Baroda as Lead Bank running process under RBI's June 7 circular
LICHSGFIN
28.01.2022 - MS on Lichsgfin Maintain Underweight CMP 346.70 Target 345
CITI ON LIC HOUSING : 30.07.2021
* Citi maintains Buy call on LIC Hsg
* PAT Below Est Due To Higher Provisions & Opex
* Requirement of Any Further Wage Revision Provisions Is A Key Question
* Classification Of Restructured Loans, Non core Factors Dragging NIM Is A Key Question
* MAINTAIN BUY TARGET: 565
MACQUARIE ON LIC HOUSING : 30.07.2021
* Macquarie maintains Outperform call on LIC Hsg even after a weak set of earnings
* MAINTAIN OUTPERFORM TARGET: 600
* Weak Quarter; Asset Quality Disappoints
* PAT Below Est Due To Lower Int Income, Elevated Staff Costs & Provisions
• Margin Declined 12 bps YOY Mainly Due To Interest Reversals
NOMURA ON LIC HOUSING : 17.06.2021
* MAINTAIN BUY TARGET: 625
* Nomura maintains Buy call on LIC Hsg with target being raised to Rs 625/sh
• Mixed Quarter; Asset Quality Disappoints Again
* Further Re-rating Contingent On Asset Quality Delivery
* Valuation Not Expensive For 14% ROE Profile
CLSA ON LIC HOUSING : 16.06.2021
* MAINTAIN BUY TARGET: 700
* LIC Housing's asset quality a key negative surprise, CLSA maintains BUY on inexpensive valuations
• Asset Quality A Key Negative Surprise
• Preferential Allotment To LIC Would Lower Leverage To 9x From 10x
* Maintain Buy On Inexpensive Valuations
MACQUARIE ON LIC HOUSING : 16.06.2021
* MAINTAIN OUTPERFORM TARGET: 600
* Capital raise is a welcome move for LIC Housing; growth seems to be making a comeback, Macquarie
* Highest Ever Disbursement; NPLs Sour Mood
* Preferential Allotment of 2,300 Cr Of Equity To Promoter LIC
*Capital Raise A Welcome Move With Growth Seems To Be Making A Comeback
03.02.2022 - CS on Jublfood Maintain Neutral CMP 3301 Target 3500(PREVTGT 3800)
03.02.2022 - CITI on Jublfood Maintain Buy CMP 3301 Target 4350 (PREVTGT 4750)
03.02.2022 - CLSA on Jublfood Maintain Downgrade Sell CMP 3301 Target 3190(PREVTGT 3920)
03.02.2022 - ICICI SEC on Jublfood Maintain Add CMP 3301 Target 3600
28.01.2022 - MS on Jublfood Maintain Overweight CMP 3399 Target 5000
13.01.2022 - JpMorgan on Jublfood Maintain Overweight CMP 3915.50 Target 4350
11.01.2022 - Citi On Jublfood Maintain Buy Target 4750
CLSA ON JUBILANT FOOD -30.08.2021
MS ON JUBILANT FOOD : 22.07.2021
* MS maintains Overweight rating on Jubilant Food and remains constructive on medium-term strategy of physical & digital scaling
* MAINTAIN OVERWEIGHT TARGET: 3,236
* Q1 Earnings Beat Our & Consensus Estimates
* Management Is Optimistic On Near-term Outlook
* Accelerated Its Store Addition Target Of 150-175 Stores In FY22
* Remain Constructive On Medium-term Strategy Of Physical & Digital Scaling
* Citi maintains BUY on #JubilantFoodworks; Target at Rs 3,315/share
BROKERAGE RADAR CITI ON JUBILANT FOODWORKS : 22.07.2021
• Maintain BUY, Target at Rs 3,315/share
* Q1FY22 beats expectations; accelerated growth ahead
• Jubilant did well in a quarter marred by the second Covid wave
* Management seems to be accelerating store expansion
HSBC ON JUBILANT FOOD : 22.07.2021
* HSBC maintains BUY call on Jubilant Food, target at Rs 3,650/sh
* Q1 Sales Growth Of 131% YOY, Led By Delivery, Was Impressive In A Disrupted Quarter
* June Sales Back To Pre-COVID Level
* Superior Delivery Economics, Cost Efficiencies & Delivery Fee Led To High Margin
* With New Formats & Domino's Growth, Co Now Appears Structural Winner In QSR
* MAINTAIN BUY TARGET: 3,650
GS ON JUBILANT FOOD : 22.07.2021
* GS has a Sell call on Jubilant Food given headwinds to earnings growth
* System Sales Have Almost Recovered
• Dine-in Revenue Likely To Pick Up With Re opening
• Remain Sell Rated Given Headwinds To Earnings Growth
MAINTAIN SELL TARGET: 1,293
JEFFERIES ON JUBILANT FOODWORKS : 16.06.2021
• Maintain BUY, Target at Rs 3,700/share
* Jubilant Food remains our preferred pick in consumer discretionary space
• Jubilant Foods reported an in-line quarter although YoY growth looks strong
* Focus continued on Domino's store additions with 50 in 4Q and 134 for FY21
* Input price inflation (mainly cheese) showed up slightly on GMs
* Management expects to hold-on to margins in coming quarters
MORGAN STANLEY ON JUBILANT FOODWORKS : 16.06.2021
• Maintain Overweight, Target at Rs 3,236/share
* Q4 earnings missed our & consensus expectations
* Q4 management commentary was positive on scale up potential
* Remain constructive on Jubilant's medium term scaling strategy
* Trim our FY23 forecast by 2% and introduce F24 estimates
MS ON JUBILANT FOOD : 16.06.2021
* MAINTAIN OVERWEIGHT TARGET: 3,236
* MS has to say about Jubilant Food's earnings
* Management Commentary Positive On Scale-up Potential
• Constructive On Co's Medium-term Scaling Strategy
UBS ON JUBILANT FOOD : 16.06.2021
* MAINTAIN NEUTRAL TARGET: 3,000
* Growth drivers in place for Jubilant Food, execution will be key, UBS maintains NEUTRAL with target at Rs 3,000/sh
• Growth Drivers In Place, Execution Will Be Key
• Revenue Grows YoY In Q4; Impacted Again In April/May
• Portfolio Expansion To Drive Growth
CLSA ON JUBILANT FOOD : 16.06.2021
* MAINTAIN OUTPERFORM TARGET: 3,300
* CLSA sees an earnings growth of 6-9% for Jubilant Food over FY22-23, says co is geared to leverage market opportunity.
* Earnings Growth Of 6%-9% Seen Over FY22-23
* Revamped Management Team To Address Growing Business Needs
* Geared To Leverage Market Opportunity
* Bold Approach To Capture Food Svcs Opportunity Makes Co A Structural Play
JPMORGAN ON JUBILANT FOOD : 16.06.2021
* MAINTAIN OVERWEIGHT TARGET: 3,425 (PREVIOUS TARGET: 3.030)
* Positive growth supports premium multiples for Jubilant Food, JPMorgan says, raises target for the stock
* Positive Growth Supports Premium Multiples
* April/May 2021 Rev Recovery Rate At 94.4%/87.7% YoY With June To Be Better
* Like Its Strong On-ground Execution Capabilities Supported By Digital Invsts
* Popeyes To Be A Promising Addition To The Portfolio Mix
* Stay Overweight Given Medium term Growth Prospects
CS ON JUBILANT FOOD : 16.06.2021
* MAINTAIN NEUTRAL TARGET: 2,900
* Margin upsides for Jubilant Food unlikely hereon, new format success a key deliverable, Credit Suisse says after the QSR major reported its Q4 earnings yesterday
• Cut FY22 EPS Estimate By 3% Due To COVID-19 Impact In Q1
• Margin Upsides Unlikely Hereon, New Format Success A Key Deliverable
* Maintain Neutral Due To Stretched Valuations
Indian Economy
GOLDMAN SACHS-INDIA STRATEGY : 21.02.2022
* Q3FY22: Profit growth slowed; Rising input costs impact margins
• Profit growth primarily led by banks, commodities
• Banks, energy and Infotech saw the largest positive surprises
• Metals, autos, staples and cement saw the largest misses
• Banks and autos have seen pickup in rural activity, consumer companies continue to see weak demand
• Prefer banks, energy and investment cyclicals - industrials, real estate & cement
• Like themes of pricing power and positive earnings momentum
MORGAN STANLEY-BANKING OUTLOOK : 14.01.2022
* Maintain Overweight on banks
* Target: ICICI Bank - Rs 1025; HDFC Bank - Rs 2050; Axis Bank - Rs 1000; SBI - Rs 680
* 2022 is a confluence of PPOP growth acceleration and lower credit costs
* This will be helped by higher loan growth and a turn in the rate cycle Indian banks have underperformed the Sensex over the past two years
• Balance sheets and profitability are much better than they have been
• Another big catalyst is the turn in the interest rate cycle particularly for large banks
NOMURA - INDIA OUTLOOK 2022 : 12.01.2022
• Dec-2022F Nifty target is 18,150
• Top picks are Infosys, Axis Bank, L&T, SBI Life, Lupin, Bharti Airtel
• Liquidity tightening is largely expected
• Consumption and services are below pre-pandemic growth trend
• Corporate earnings are recording a strong revival
• Market will increasingly focus on earnings growth beyond FY24
• Continue to be selective with a defensive bias, given our cautious view
• Overweight on IT, pharma, telecom and infra/construction
CLSA ON MARKET STRATEGY : 13.01.2022
* About 70% Of Economic Indicators Worse In November 21; Some Pickup In Dec
* Almost Half Of Consumption And Macro Indicators Also Weakened MoM
* Recent Spike In Cases Leading To Restrictions Could Hinder Eco Activity In Jan
Jefferies Mahesh Nandurkar
• Believe that India has entered a period of an economic supercycle
• This is driven by a decisive housing cycle turnaround
* Corporate earnings cycle also reversed with rising RoEs & positive earnings revisions
• Estimate 7% + GDP growth & 15%+ earnings growth in FY23
• Rate hikes unlikely to come in the way of 7%+ GDP growth
* Nifty should hit a new high in 2022
* Overweight on financials, property, industrials, auto & IT
Credit Suisse INDIA OUTLOOK H1 2022 : 23.12.2021
• Remain neutral on Indian equities
• Resilience of Indian equities has improved
* Indian equity market should continue to command a higher valuation premium
• Indian equities might experience some near-term de-rating
* Bottom-up analysis of Nifty constituents paints a resilient picture
* India's corporate fundamentals have improved and may become even better
* Domestic cyclicals such as private banks & large banks are preferred segments
CLSA INDIA STRATEGY : 15.12.2021
* Fll outflows continue in India; domestic inflows continue to gallop. CLSA says in its market strategy
* FII Outflows Continue in India; Domestic Inflows Continue To Gallop
* Fils Sold Banks Aggressively Which Funded The Rise In OW Of Discretionary
• Most Equity Schemes" Flows Improved; Value & ELSS Flows Turned Positive
CLSA ON HDFC AMC : 19.07.2021
* CLSA maintains an outperform call on HDFC AMC after Q1 earnings
* MAINTAIN OUTPERFORM TARGET: 3,150
* Marginal Miss In Q1; 13% Earnings Growth Over FY21-24
* Strong Equity Markets Are Aiding Earnings
* Earnings Buoyancy Much Lower Than Other Capital Market Plays
CLSA INDIA EQ STRATEGY : 06.07.2021
* CLSA adds ONGC & removes Bharti Airtel from India focus portfolio
* Add ONGC & Remove Bharti From India Focus Portfolio
* Investor Sentiment Elevated But Lower Than Jan 2021 Peak
* Sideways Move In The Last 3 Weeks Cooled Off Bullish Reading To 85% Bullish Level
* Elevated Bull Bear Index Reading Is A Cause Of Concern
* Gradual Relaxation Of Lockdown By States Should Complete By August-September
* Commentary After Q1 Results May Keep Investor Optimism High
* ONGC Is Factoring In A Crude Price Of Only $50/bbl
* Using Spot Prices May Drive Over 115% Upside In ONGC Stock Price
* Launch Of Jiophone In Sep Near-term Overhang For Bharti
Moody on Indian Economy : 23.06.2021
* Currently expect #India's real #GDP to grow at 9.6% in 2021 and 7.0% in 2022: Moody's (Agencies)
• Currently expect India's real GDP to grow at 9.6% in 2021 and 7.0% in 2022
* Economic shocks from second Covid wave in india will not be as severe as last year's
* Economic impact of virus resurgence in india likely to be concentrated in current quarter
* Stringent lockdowns in economically significant states will mar April-June economic activity
* Faster vaccination progress in India will be paramount in restricting economic losses to current qtr
• Mobility, eco activity in India will likely accelerate in H2 as pace of vaccinations pick up
• Lessons on economy were well learnt from last time
• Monetary policy has been extraordinarily accommodative
• Fiscal pedal remained in acceleration mode
• Strong vaccine stimulus can help India to get back on a steady path to recovery
• Markets are forward looking and are surely running faster than the economic recovery
• Strong momentum is aided by easy liquidity and heightened participation of retail investors
AffleIndia
NOMURA ON AFFLE INDIA : 15.06.2021
• Downgrade Affle to Neutral, Target at Rs 5,000/share
• Risks from changes in privacy policy coupled with expensive valuations
• Capitalization of expenses, which continue to be elevated as a % of PAT
* Expansion into multiple emerging markets with leadership in none outside India
Tatasteel
08.02.2022 - CLSA on Tatasteel Maintain Buy CMP 1194.95 Target 1750(PREVTGT 1820)
08.02.2022 - Jefferies on Tatasteel Maintain Hold CMP 1194.95 Target 1240
08.02.2022 - BOFA on Tatasteel Maintain Buy CMP 1194.95 Target 1430
07.2.2022 - CLSA on Tatasteel Maintain Buy CMP 1184.95 Target 1820
07.02.2022 - Investec on Tatasteel Maintain Buy CMP 1184.95 Target 2000
07.02.2022 - JpMorgan on Tatasteel Maintian Overweight CMP 1184.95 Target 1850
CLSA ON TATA STEEL : 05.08.2021
* CLSA maintains BUY call on Tata Steel, target at Rs 1,750/sh
* BSL Results indicate Further Upgrades
* EBITDA/T Above Estimates, Similar To JSW Steel
* Tata Steel BSL Reported EBITDA/T OF €27,648 Vs Our Estimate Of 24,700/T
* The Beat Is Driven By Higher Realisations
* See Upside Risks To Our & Consensus Estimates
* Maintain Our Positive Stance On The Sector
* China's Efforts To Reduce Steel Prodn Could Help Improve India Utilisations
* Co Is On Our India Focus Buy List
* MAINTAIN BUY TARGET: 1,750
JPMORGAN ON TATA STEEL : 09.07.2021
* Maintain Overweight, Target at Rs 1,610/share
• Substantial upgrades to European steel estimates
• See material upside risk to Tata Europe business over FY22-23
* European steel environment remains very strong
• JPM's Europe steel analyst has increased estimates sharply
• Positive read-through for Tata Steel Europe
JPMORGAN ON TATA STEEL : 07.07.2021
• Maintain Overweight, Target at Rs 1,610/share
* Leverage and sustainability a positive for shareholders
• Continue to see TATA as a re-rating candidate
* Company uses the current super cycle cash flows to repair its balance sheet
* Detailed Strategy Day was broadly positive for equity shareholders
• See a continued earnings upgrade cycle for the company
• India Capacity roadmap to 40MT by 2030, 25MT by 2025
* ESG Focus on CO2 reduction across operations
TATA STEEL Investor Day Highlights : 07.07.2021
* 2020-30 to be about govt spending-led demand for Steel
• Laid out strategic and financial roadmap
• Targeting 40 mn tn capacity by 2030
* Share from long pdts to increase, India to account for 73% vs 57%
• Reducing dependence on iron ore, focus on recycling
• Debt reduction plan intact; target net debt to EBITDA at 2x
• Make EU business self sustaining
• Restructure EU business-to seperate Netherlands and UK biz
• Strong ESG focus
CLSA ON TATA STEEL : 05.07.2021
• Maintain BUY, Target at Rs 1,362/share
* Q1FY22 sales impacted by Covid-19
* Tata Steel reported 1QFY22 India production of 4.6mt, down 3% QoQ
• Driven by strong steel prices expect margins to improve further
• Believe Tata Steel is likely to benefit from higher steel prices
CLSA ON TATA STEEL : 05.07.2021
* MAINTAIN BUY TARGET: 1,462
* CLSA expects margin for Tata Steel to improve further from the decadal high of Q4, maintains Buy rating on the stock
* Reported Q1 India Production Of 4.6 mt, Down 3% QoQ
* Sales Volume Declined 11 % QoQ To 4.2 mt
* Adjusted For Higher Exports, Domestic Sales Fell 16% QoQ
* Expect Margin To Improve Further From The Decadal High Of Q4
* Europe Volume Fell 5% QoQ, But Spreads Higher $300/t QoQ
* Co Will Benefit From Higher Steel Prices In India & Strong Spreads In Europe
CLSA ON TATA STEEL : 17.06.2021
* MAINTAIN BUY TARGET: 1,362
* CLSA maintains Buy rating on Tata Steel with an expectation of Europe being self-sufficient in cashflows in the near term
* Focus On Cash Generation, Cost Savings & Growth
* Europe Should Be Self Sufficient In Cashflows In The Near Term
* Rising Carbon Costs Are A Medium-term Risk
* With A Stronger Balance Sheet & Improving Returns, Reiterate Buy
CLSA ON TATA STEEL : 17.06.2021
• Maintain BUY, Target at Rs 1,362/share
• Focus on cash generation, cost savings and growth
* Strong FCF generation drove down leverage; return ratios improved
* Cashflow pressures eased; rising carbon costs a medium-term concern
* India focus back on growth as balance sheet concerns allayed
* Well-positioned in the current cycle; reiterate BUY
JEFFERIES ON TATA STEEL : 17.06.2021
* Jefferies has a Buy call on Tata Steel with a target of Rs1,500/sh. It says, FY21 annual report shows a rising focus on sustainability & sets out specific targets for 2025/2030
* FY21 Annual Report Shows A Rising Focus On Sustainability
* Annual Report Sets Out Specific Targets For 2025/2030
* India Capacity Expansion Is A Key Strategic Focus
* Co Is Working On Separating The UK & Netherlands Businesses
* UK Defined-benefit Pension Plan Remains In A Large Actg Surplus, Albeit Lower YoY
* MAINTAIN BUY TARGET: 1,500
JPMORGAN ON TATA STEEL : 15.06.2021
* JPMorgan finds Tata Steel to be a perfect candidate for re-rating.
* EU Safeguard Proposals Better Than Expected; Co Well Placed in This Upcycle
* Operating Environment Remains Strong Especially in Europe
• Any Extension In EU Safeguards Will Provide Extended Visibility In Europe's Earnings
• EBITDA Over Next 3 Yrs May Settle At Higher Level Vs Average Of Last Few Years
• Co Is An Ideal Candidate For A Re rating
* MAINTAIN OVERWEIGHT TARGET: 1,610
JPMORGAN TATA STEEL : 15.06.2021
• Maintain Overweight, Target at Rs 1,610/share
• EU safeguard proposals better than expected
* TSE well placed in this upcycle
* Tata Steel focused on debt reduction
* Likelihood of TSE EBITDA over the next 3 years settling
• Believe TATA is an ideal candidate for a re-rating
• Estimate TATA's FY22 net debt will be at a nine-year low
GCPL
MACQUARIE ON GCPL : 15.06.2021
* Maintain Outperform, Target at Rs 1,040/share
• New CEO's experience with focused approach to help GCPL growth
* FY23/24 EPS up 3%/8% to factor in these tailwinds
* GCPL is among our top picks in the consumer space
• GCPL is in Macquarie India's Opportunities portfolio
* Leadership change to drive turnaround
COALINDIA
CITI ON COAL INDIA : 15.06.2021
* MAINTAIN BUY TARGET: 160
* For Coal India, next wage revision due in July is key to watch out for, Citi says.
* e-Auction Prices Will Trade At Discount Unless Demand Rises Sharply
* Next Wage Revision Due In July Is Key To Watch Out For
* Co Trades Well Below Its Historical Mean But In-line With Regional Players
JPMORGAN ON COAL INDIA : 15.06.2021
* MAINTAIN OVERWEIGHT TARGET: 200
* e-auction price increase offsets higher costs for Coal India, JPMorgan
* e-Auction Price Increase Offsets Higher Costs
* Final Dividend Per Share At 80% Is Positive
* On 1-yr Basis, Co Is The Biggest Laggard Among Indian Commodity Stocks
* It's Amongst Cheapest Stocks Within Our Coverage Universe
SAIL
11.01.2022 - Kotak Inst Eqt on SAIL Downgrade to reduce from Buy, TP Rs 110
BROKERAGE RADAR JPMORGAN ON SAIL : 09.08.2021
* JPMorgan on SAIL: Maintain Neutral, Target at Rs 150/share
• Strong Q1, but near-term impact from coking coal
• Upside risks to H2 from China production cuts
• Steel prices holding out at higher levels
* SAIL's net debt/EBITDA at -2x allows balance sheet flexibility
JPMORGAN ON SAIL : 09.08.2021
* JPMorgan maintains NEUTRAL call on SAIL, target at Rs 150/sh
* Reported À Strong Q1. But Higher Coking Coal Would Impact Q2 Sharply
* With Steel Prices Holding Out At Higher Levels, There Is Upside Risk To Our FY22/23 Est
* Chinese Steel Production Cuts Continue And Steel Prices Rebound In H2
* Co's Net Debt/EBITDA At 2x Allows B/S Flexibility To Pursue Growth Capex
* Actual Spending Is Unlikely To Start in A Material Way Before FY23-24
* MAINTAIN NEUTRAL TARGET: 150
MOTILAL OSWAL ON SAIL : 14.06.2021
• Maintain BUY, Target at Rs 185/share
• SAIL is biggest beneficiary of improved pricing
* Deleveraging to remain strong
* EBITDA up 21% QoQ despite a wage revision hit
• Profitability to improve on higher NSR
* Value the stock at 5x FY23E EV/EBITDA
CITI ON SAIL : 14.06.2021
* MAINTAIN BUY TARGET: 185(PREVIOUS TARGET: 110)
* Citi raises FY22-23 EBITDA estimates for SAIL on higher volume & prices.
• Valuations Supportive, Trades At 1x 1-yr Fwd P/B
• Estimate FY22 RoE At 19%, Highest Since FY11
• Raise FY22-23 EBITDA Estimates On Higher Volumes & Prices
JPMORGAN ON SAIL : 14.06.2021
* MAINTAIN NEUTRAL TARGET: 135
* Strong Q4 for SAIL, but margin should ease given coking coal spike, JPMorgan
* Strong Q4, But Margin Should Ease Given Coking Coal Spike
* Net Debt Should Reduce Further
* Like SAIL's Deleveraging Story
* Neutral Call As Stock Had Sharp Run-up & There's Seasonal Weakness In Steel
LUPIN
07.02.2022 - Jefferies on LUPIN Maintain Underweight CMP 804 Target 737
07.02.2022 - Kotak Inst Eqt on LUPIN Maintain Downgrade to Add from Buy CMP 804 Target 980(PREVTGT 1120)
15.12.2021 - CLSA on Lupin - Maintain Outperform - Cmp 946 Target 950
JPMORGAN ON LUPIN : 15.06.2021
* MAINTAIN UNDERWEIGHT TARGET: 965
* US FDA's warning letter to Lupin's Somerset unit brings risk to the forefront, JPMorgan cautious on the stock due to risk of earnings disappointment
* Warning Letter To Its Somerset Facility Brings The Risk To The Forefront
* There Is Visibility On The Pipeline That Is Factored Into Consensus Numbers
• Flawless Execution Has Become Imperative But Tough In The US Generic Mkt
* Risk Of Earnings Disappointment Keeps Us Cautious On The Stock
CLSA ON LUPIN : 14.06.2021
* MAINTAIN SELL TARGET: 1,080
* CLSA shares its view on Lupin after the co was issued a warnings letter by US FDA post its September-November 2020 inspection
• US FDA Issues Warning Letter After Inspection In Sep-Nov 2020
• The Facility Makes Up 5% Of Its Overall Sales
* Co Is Confident It Can Limit The Impact On Revenue & Resolve The Observations
* Do Not Build In Approvals For This Plant In FY22
• Delay In The Resolution Of This Plant Poses Downside Risk To FY23 Earnings Ests
SUNTV
MACQUARIE ON SUN TV : 14.06.2021
• Maintain Outperform, Target at Rs 612/share
• Low dividend payout is disappointing
• Sun TV posted healthy 7% yoy growth in subscription revenues
* Marginal change of 0-3% for FY22-23E EPS
• Resilient performance in Q4 FY21, COVID wave 2 to impact in near term
CLSA ON SUN TV : 14.06.2021
* MAINTAIN BUY TARGET: 645
* Sun TV's ad revenue revival is likely in Q2FY22, CLSA says
* Ad Revenue & Subscriptions Surprise; Disappointing Dividend Payout
* Management Expects Subscriptions To Again Grow In Double Digits In FY22
* Ad Revenue Revival Is Likely In Q2FY22
* Dividend Disappointed Despite $3,800 Cr Balancesheet Cash Swell
* Over-the top/Sun NXT Ramp-up Bodes Well In The Long Term
MACQUARIE ON SUN TV : 14.06.2021
* MAINTAIN OUTPERFORM TARGET: 612
* Sun TV posted healthy 7% YoY growth in subscription revenue in Q4, Macquarie says
• Posted Healthy 7% YoY Growth In Subscription Revenues In Q4
• Low Dividend Payout A Key Disappointment
* Change FY22-23 EPS Estimates By 0-3%
NOMURA ON SUN TV : 14.06.2021
* DOWNGRADE NEUTRAL TARGET: 601
* Sun TV's Q4 largely in-line but Nomura sees a lack of catalysts.
* Q4 Largely In-line; A Lack Of Catalysts
* Advertising Recovery Slower, Success Of New TV Genres, OTT Critical
• Valuation Not Expensive, Considering Co Has Net Cash Of 4,100 Cr
DLF
12.01.2022 - JpMorgan on DLF Maintain Overweight CMP 408.90 Target 445
11.01.2022 - MS on DLF Maintain Overweight CMP 407.90 Target 470
UBS ON DLF : 27.07.2021
* DLF's development business did very well; UBS expecting the co's development business to generate compound annual growth rate of 30-35% gross pre-sales
* Development Business Did Very Well; Challenges Continued in Annuity Biz
* Expect Development Business To Generate 30-35% Gross Pre-sales CAGR
* See Substantial Free Cash Generation Over Medium Term
* Expect Annuity Income To Grow At 13% CAGR Over FY21-24 (9% Over FY20-24)
* MAINTAIN BUY TARGET: 370
JEFFERIES ON DLF : 27.07.2021
* DLF's residential performance strong with pre-sales up 6 times YoY & down only 4% QoQ, Jefferies says, maintains BUY on the stock
* Profit Above Estimates, Revenue Decline Less Than Expected
* EBITDA Margin At 34.7% Is At A 14 quarter High
* Residential Performance Strong With Pre-sales Up 6x YoY & Down Only 4% QOQ
* New Independent Floor Launches In Gurgaon Sold Well
* Camellias Maintained Traction Despite The 2nd Wave
* MAINTAIN BUY TARGET: 358
UBS ON DLF : 27.07.2021
* Maintain BUY, Target at Rs 370/share
* Strong performance given circumstances
* Development business did very well
* Challenges continued in annuity business
* Despite second wave, development business delivers on pre-sales
JPMORGAN ON DLF : 14.06.2021
• Maintain Overweight, Target at Rs 360/share
* Rising pre-sales with positive free cash
• Office vacancy rise offset against retail comeback
* Rising pre sales & positive free cash flow
* F21 pre sales increased 24% y/y aided
MS ON DLF : 14.06.2021
* MAINTAIN OVERWEIGHT TARGET: 299
* Here's what MS has to say about DLF post Q4 results
• Co Is Focussed On A New Asset Creation Cycle
* It's Monetising Its Inventory & Stabilising Balancesheet
• Q4's Strong New Sales & Lower Net Debt Underlined These Trends
CLSA ON DLF : 14.06.2021
* UPGRADE BUY FROM OUTPERFORM TARGET: 350
* DLF maintained its exit rental guidance of 4,300-4,400 cr by March 2023, CLSA upgrades rating on the stock
* Management Maintains Its Pre lockdown Guidance of $4,000 Cr For FY22
* Co Expects Vacancies To Rise Further By 1%-2% In FY22
* It Expects New Leasing To Pick Up In FY23
* Co Maintained Its Exit Rental Guidance Of 4,300-4,400 Cr By Mar 2023
JPMORGAN ON DLF : 14.06.2021
* MAINTAIN BUY TARGET: 350
* JPMorgan takes DLF's guidance of a 30% growth in pre-sales in FY22 as a positive, says co's FY21 results re-inforce the view that the residential cycle has turned a corner
* Rising Pre-sales With Positive Free Cash
• Office Vacancy Rise Offset Against Retail Comeback
* F21 Results Re-inforce Our View That Residential Cycle Has Turned A Corner
* Take Guidance Of A 30% Growth In Pre-sales In FY22 As A Positive
BHEL
GOLDMAN SACHS ON BHEL : 01.09.2021
• Maintain SELL, Target at Rs 23/share
Steps towards diversification may not be enough
* BHEL has had a disappointing last few years driven by weak execution
• High fixed costs & COVID driven disruptions
* Focus on cost rationalization and cash collection is generating results
CLSA ON BHEL : 14.06.2021
• Maintain SELL, Target at Rs 40/share
• Terrible 4Q: backlog fell 6% YoY and large liquidated damages provided
• Weak discoms and lower thermal PLFs delay capex
* Divestment: nice story but difficult to execute
CLSA ON BHEL : 14.06.2021
* MAINTAIN SELL TARGET: 40
* CLSA maintains SELL rating on BHEL after Q4 results, says the quarter was weak given co's execution, cuts FY22 EPS by 7%
* Q4 Weak With Its Execution
* Cleaned Up Its Balance Sheet With 1,800 Cr In Provisions
* Whether This Is A Precursor To Divestment Remains To Be Seen
* Backlog Fell 6% YoY As Award Of Its Largest Contract From NTPC Slipped To FY22
* Cut FY22 EPS Estimate By 7% To Factor In Weak Discom Financials
GOLDMAN SACHS ON BHEL : 14.06.2021
* MAINTAIN SELL TARGET: 23
* BHEL delivered a disappointing quarter, co does not warrant current high multiple, GS says, maintains SELL on the stock
* Delivered A Disappointing Quarter
• Reported Losses Were Significant At ₹1,000 Cr
• Even Adjusting For One Time Provisions, PAT Would Have Been At ₹400 Cr
* Expect Even FY22 To Generate No Profit
* Co Does Not Warrant Current High Multiple
KOTAK INSTL EQUITIES ON BHEL : 14.06.2021
* MAINTAIN SELL TARGET: 34
* BHEL reported weak results on execution, gross margin & working capital, Kotak Institutional Equities says
* Reported Weak Results On Execution, Gross Margin & Working Capital
* Provisions/Write-off Taken, Cast Doubts On Ability To Release Remaining Working Cap
* Weak Gross Margin Casts Doubts On Its Ability To Report Topline High Enough To Cover Fixed Costs
DHFL
DHFL INSOLVENCY CASE ; 14.06.2021
* Piramal Capital & Housing Finance to be reverse merged into DHFL. Overall implementation to be completed in 90 days excluding any litigation
• No additional monetary obligation for Piramal over and above Rs 37,250 cr committee
• Suggest CoC to reconsider inter se distribution of resolution money among various creditors
* Suggest ARMY Group's investment be treated as a separate class, suggest CoC to reconsider & pay full admitted claim of Rs 39 cr
• NCLT directs CoC to consider redistribution of funds within 2 weeks from order
• Piramal to infuse Rs 1 cr equity in DHFL to subscribe to equity shares, Delist DHFL from BSE/NSE entirely
* Some highlights from the DHFL case, after depositories suspended trading of the insolvent housing finance company
• NCLT pproves Piramal Capital & Housing Finance's Rs 37,250 cr resolution plan (RP) for DHFL
* Names Ashok Kacker as an Observer Cum Permanent Invitee in Monitoring Committee
▪ Monitoring Committee to have 3 reps of CoC, 2 reps of Piramal Group, Administrator, Ashok Kakkar
• Adjudicating Authority is not expected to substitute its view on findings reach at/or conclusion of the CoC
• FD holders' request is to increase payment to same level as secured FCs, at over 40% recovery
OIL Sector
MS ON OIL EARNINGS CYCLE : 19.01.2022
* Deficit in global oil markets, rising domestic production, higher gas prices
• See a triple boost to ONGC/OIL's earnings
• Both, earning quality and growth, will improve
• Portfolio restructuring to lead to steep increase in ROCE
* Investor conviction still fragile, offering room to outperform
• Maintain Overweight on ONGC, Target upped at Rs 263/share
* Maintain Overweight on Gail & HPCL
GOLDMAN SACHS ON OIL : 18.01.2022
* Target for Brent spot forecast at $105/bbl in 2023
* Target for Brent oil at $96/bbl in 2022
* Long-term shortages require near-term surpluses
* Robust fundamentals have reversed last year's oil price meltdown
• Chinese demand will be large due to its zero-Covid policy
* Expect inventory draws to narrow but persist through Q122
• At $85/bbl market would remain at such critical levels
MORGAN STANLEY ON OIL : 06.01.2022
• Oil market could see simultaneously low inventories
• Risks to oil prices remains skewed to upside
• See low spare capacity and low investment levels by H2
* Reiterate our $90/bbl Brent forecast for Q3
* . Spare capacity likely to fall below 2 mb/d by H2
• Expect prices will need to rise to levels where some demand erosion takes place
CLSA ON Oil & GAS : 06.01.2022
* CLSA on Oil & Gas: demand back below pre-COVID levels; OPEC output still below target
• Demand Back Below Pre-COVID Levels; OPEC Output Still Below Target
• QoQ Gains In GRM & Improvements In Mktg Margin Should Augur Well For OMCs In Q3
* ONGC & Oil India Remain Our Top Buys
MORGAN STANLEY ON GAS : 30.12.2021
* Gas demand was 3% above pre-COVID run rate, here's what MS has to say about it
* Gas Demand Was 3% Above Pre COVID Run Rate- +ve For Gujarat Gas
• Gas Demand 3% Above Pre-COVID Run Rate Neutral For GAIL & Petronet LNG
• Key Positive Was Steady LNG Demand From All Sectors (Ex-power) Despite High Spot Prices
CITI ON OIL & GAS : 20.12.2021
• 2022 outlook Mixed'; Being selective
• Year ahead for OMCS should be marked by a recovery in marketing margins
* Getting closure on the much-delayed BPCL privatisation
* RIL earnings should see a revival across the board
• HPCL & Gujarat Gas are our preferred sector picks
CLSA on Oil and gas : 14.07.2021
* India’s gas consumption rose 11% YoY in May
* LNG demand grew just 2% YoY
* domestic gas output jumped 19% YoY to a two-year high
* Asian spot LNG price gained 10% to US$13/mmbtu
* Spot LNG futures suggest elevated prices (US$13-16) until Mar-22
MACQUARIE ON OMCS : 13.07.2021
* Macquarie continues to expect a cyclical improvement in refining margins on OMCs
• Continue To Expect A Cyclical Improvement In Refining Margins
* Core Refining Margin May Improve To $4 From An Avg Of $1.50/bbl
• Every $1 Rise Adding 9-15% To Earnings
* HPCL Has Bottom-up Capacity Growth Drivers
• Have Buy Call On HPCL, Target At 516/Sh
CREDIT SUISSE ON OMC : 18.06.2021
* Marketing margins now normalised
• Time to focus on post-divestment changes in sector
• Prefer BPCL among OMCS
• Believe new buyer has substantial room to increase
* Volumes shifts should negatively impact EBITDA for IOC and HPCL
CREDIT SUISSE ON OIL MKTG COS : 18.06.2021
* Time to focus on post-divestment changes in oil marketing sector, Credit Suisse says
• Marketing Margin Now Normalised; Prefer BPCL Among OMCS
* Time To Focus On Post-divestment Changes In Sector
* Believe New Buyer Has Substantial Room To Increase EBITDA Via Mkt Shr Gains
* New Buyer Will Have Headroom To Reduce Refinery Costs & Increase Non-fuel Rev
• Marketing Volume Shifts Should Negatively Impact EBITDA For IOC & HPCL
INTERNATIONAL ENERGY AGENCY : 11.06.2021
* Global #oil demand to reach pre-#virus levels next year: IEA (Agencies)
• Global oil demand to reach pre-virus levels next year
• Non-OPEC+ oil output is set to rise 710,000 bpd in 2021
• Jet & kerosene demand will see largest increase followed by gasoline & diesel
• Recovery will be uneven not only amongst regions but across sectors and products
• OPEC+ needs to open the taps to keep world oil markets adequately supplied
• Room in 2022 for OPEC+ to boost production by 1.4 mn bpd above its July-March target
HDFCBANK(HDFC Bank Limited)
09.02.2022 - Macquarie on Hdfcbank Maintain Outperform CMP 1498.40 Target 2005
17.01.2022 - Nomura On Hdfcbank Maintain Buy CMP 1545 Target 1955
17.01.2022 - JPMORGAN On Hdfcbank Maintain Overweight CMP 1545 Target 2100
17.01.2022 - CLSA On Hdfcbank Maintain Buy CMP 1545 Target 2025
17.01.2022 - Macquarie On Hdfcbank Maintain Outerperform CMP 1545 Target 2005
17.01.2022 - Cs On Hdfcbank Maintain Outerperform CMP 1545 Target 1950
06.01.2022 - Jefferies On HDFCBANK Maintain Outperform Target 2070
05.01.2022 - MS on HDFCBANK Maintain Overweight Target 2050
05.01.2022 - MS on HDFCBANK Maintain Overweight CMP 1526 Target 2050
20.12.2021 - Antique on HDFCBANK - Maintain Buy - Target Rs.1900
Co Will Need To Raise Technology Spends Materially
CLSA ON HDFC BANK : 19.07.2021
* Maintain BUY, Target at Rs 1,850/share
* Manageable asset quality but weak NII trends
• NPA spike manageable and commentary strong
• Near-term growth and NIM balance key to watch
MOTILAL OSWAL ON HDFC BANK : 19.07.2021
• Maintain BUY, Target at Rs 1,800/share
* Earnings/PPOP in line; margin remains under pressure
• HDFCB continues to deliver better growth in advances
• Asset quality deteriorated marginally due to disruptions
* Project 18% PAT CAGR over FY21-23E
MS ON HDFC BANK : 19.07.2021
* Morgan Stanley is OVERWEIGHT on HDFC Bank, target at Rs 2,000/sh
* Q1FY22 EPS Was 1% Below Our Estimate
* NIM Missed Our Estimate But Was Offset By Higher Fees
* Bad Loan Formation Was Elevated Given Second COVID Wave
* Provisions Broadly In-line Adjusted For Contingency Provisions
* Reduce EPS Estimates By 2%
* MAINTAIN OVERWEIGHT TARGET: 2,000
GS ON HDFC BANK : 19.07.2021
* Goldman Sachs maintains BUY call on HDFC Bank, target at Rs 1,803/sh
* Better-than-expected Operating Performance With Core PPOP 5% Ahead
* Higher-than-expected Provisions Led To A PAT Miss
* MAINTAIN BUY TARGET: 1,803
JPMORGAN ON HDFC BANK : 19.07.2021
• Maintain Overweight, Target at Rs 1800/share
• Asset quality bump on safety first approach
• Normalization seen in June
* Slippages rise on account of impact to collections
* HDB asset quality shows higher stress
CLSA ON HDFC BANK : 19.07.2021
* CLSA maintains BUY call on HDFC Bank, target at Rs 1,850/sh
* Manageable Asset Quality But Weak NII Trends
* NII Growth Of <10% YOY Was Weak & Reflects A Big Loan Mix Shift
* Commentary On Retail & SME Asset Quality Is Comforting
* Loan & NII Growth Trends Will Be Key To Watch
* No Update On Credit Card Ban Which Will Remain A Near-term Overhang
* MAINTAIN BUY TARGET: 1,850
CLSA ON HDFC BANK : 13.07.2021
* MAINTAIN BUY TARGET: 1,825
* CLSA shares its view on HDFC Bank after the bank released its first annual report after Aditya Puri's exit. Here's what the brokerage has to say
* 1st Annual Rpt Post-CEO Change Starts With Acknowledgment Of Past Issues
* Customer Addition Pace Strong With Leadership In Payment/Retail Biz
* Increasing Focus On Alternative Distribution/Servicing Channels
* Senior Staff Exits Moderate & Tick Up In ESOP Programme
* HDF Financials Have Had Tough Two Years Due To COVID-19
CLSA ON HDFC BANK : 06.07.2021
* Maintain BUY, Target at Rs 1,825/share
• Loan growth of 1.3% QoQ and 14.4% YoY
* Lifting of card ban will be a near-term catalyst
* Lifting the lockdowns retail growth should pick up going forward
MS ON HDFC BANK : 06.07.2021
* MAINTAIN OVERWEIGHT TARGET: 2,000
* Morgan Stanley maintains OVERWEIGHT call on HDFC Bank, target at Rs 2,000/sh
• Initial Update Points To Strong Growth In Loans & Retail Deposits
• Q1 Updates Imply Continued Market Share Gains
JPMORGAN ON HDFC BANK : 29.06.2021
* Maintain Overweight, Target at Rs 1,800/share
• Tech transformation getting serious
* HDFC Bank's FY21 annual report emphasizes a focus on technology
* Architecture to take care of the next leg of growth
* "Project Future Ready" has outlined a number of initiatives across the bank
* Tech audit report is now with RBI and a lifting of ban on new customer sourcing
CREDIT SUISSE ON HDFC BANK : 16.06.2021
• Maintain Outperform, Target at Rs 1,700/share
• Tech upheaval planned to boost market share
• Bank is now upgrading its enterprise infrastructure
• This will help scalability which had led to recent technology challenges
JEFFERIES ON HDFC BANK : 11.06.2021
* MAINTAIN BUY TARGET: 1,860
* Jefferies maintains Buy call on HDFC Bank with an expectation of 19% profit CAGR over FY21-24. Banks expects SME loans to be fastest-growing segment over next 3-5 yrs for which, it has provided talent & branch/digital platforms
* Business is Picking Up With Outbound Activity On Sales & Recoveries
* Co Expects SME Loans To Be Fastest growing Segment Over Next 3-5 Yrs
* Co Has Provided Talent & Branch/Digital Platforms For This
* Clarity On Tech Issues Is Awaited
* Bank To Build Partnership With Fintechs
* We See 19% CAGR In Profit Over FY21-24