M&M FINANCIAL

M&M FINANCIAL

MS ON M&M FINANCIAL : 27.07.2021

* Potential for reversal of provisions in rest of FY22 is key to focus for M&M Fin, Morgan Stanley in its report on the NBFC after Q1 results reported yesterday
* Saw A Large QoQ Increase In Stage 2 & 3 Loans Of 13.3 ppts Of Loans
* It Maintained High Provisioning Coverage On These Loans
* Key To Focus Is Potential For Reversal Of Provisions In Rest Of FY22
* MAINTAIN BUY TARGET: 240

CLSA ON M&M FINANCIAL : 27.07.2021

* M&M Financial's growth remained muted with disbursements at half of pre-COVID run-rate levels; the only silver lining is the large provision buffer of 11.3% of loans,
* Growth Remained Muted With Disbursements At Half Of Pre COVID Run-rate Levels
* Yields Down More Than 200 bps QoQ Due To Sharp Interest Reversals
* The Only Silver Lining Is The Large Provision Buffer Of 11.3% Of Loans
* MAINTAIN BUY TARGET: 180

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SBILIFE

SBILIFE

CLSA ON SBI LIFE INSURANCE : 27.07.2021

* CLSA increases VNB margin estimates for SBI Life by 3 7%, co is one of the preferred picks for the brokerage
* Increase VNB Margin Estimates By 3-7%
• Expect Long-term VNB Margin At 26% Vs 24.5% Earlier
• Co Is One Of Our Preferred Picks
* MAINTAIN BUY TARGET: 1,385


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ZOMATO

ZOMATO

UBS ON ZOMATO : 27.07.2021

• Initiates on Zomato, Rated BUY, Target at Rs 165/share
* Long runway for growth in Indian food delivery
* Improving unit economics with contribution margin turning positive in FY21
• Expect Zomato to deliver >40% revenue CAGR
• Secular factors such as smaller family sizes, lesser time and willingness to cook
* Valuations are not cheap at FY24e EV to sales of 17x SELL

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ITC

ITC

MORGAN STANLEY ON ITC : 26.07.2021

* Maintain Overweight, Target at Rs 251/share
* Cigarette volumes surprise positively
* Earnings beat led by performance in all businesses, except FMCG
* Other expenses fell 15% QoQ, aided by ITC's cost control initiatives

CLSA ON ITC : 26.07.2021

* ITC's cigarette margin aided by positive operating leverage & holds potential for further expansion; other FMCG revenue growth in-line at 10%; FMCG margin at 8%, expanded 40 bps YoY. Here's more by CLSA on the tobacco major
* Cigarette EBIT Margin Expanded 210 bps YoY
* Cigarette Margin Aided By Positive Operating Leverage & Holds Potential For Further Expansion
* Other FMCG Revenue Growth In-line At 10%; FMCG Margin At 8%, Expanded 40 bps YOY
* With Expected Normalcy, See A Recovery In Its Overall Business & Margin Profile
* With Steady Expansion In Its Margin & A Reduction In Capex, K-shaped Trend
* MAINTAIN BUY TARGET: 265

JEFFERIES ON ITC : 26.07.2021

• Maintain BUY, Target at Rs 275/share
Pandemic-related disruption impacted most consumer companies
• Management showed agility during times of disruption
• Raise EPS by 2-4% and view ITC as a high conviction Buy with Rs 275

MORGAN STANLEY ON ITC : 26.07.2021

* Q1 earnings beat by ITC led by better-than expected performance in all businesses except FMCG, MS maintains OVERWEIGHT on the stock
* Revenue & Profits Ahead Of Estimates
* Cigarette Volumes Up 33% YOY, Ahead Of Consensus Of 24-28%
* Earnings Beat Led By Better-than Expected Performance In All Biz, Except FMCG
* Other Expenses Fell 15% QOQ, Aided By ITC's Cost Control Initiatives
* MAINTAIN BUY TARGET: 251

CLSA ON ITC : 26.07.2021

• Maintain BUY, Target at Rs 265/share
* Recovery momentum to accelerate with normalcy, maintain BUY
* Cigarette volume grew 33% and its margin was at 73.7%
• Other FMCG revenue grew 10% (2-year CAGR of 10%)

CITI ON ITC : 26.07.2021

* No major surprises in ITC's Q1 results across various segments, Citi says, maintains NEUTRAL rating on the stock
* Operationally, No Major Surprises In Q1 Results Across Various Segments
* Revenue & EBITDA Grew 37% & 51% Respectively On Very Low Base Of Last Year
* Lower Other Income Led To A Weaker-than-expected Profit Of 3,010 Cr Vs Estimate Olf 3,230 Cr
* Remain On Sidelines
* MAINTAIN NEUTRAL TARGET: 210

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UNITED SPIRITS

UNITED SPIRITS

MACQUARIE ON UNITED SPIRITS : 26.07.2021

* Broadly Maintain FY22-24 EPS Estimates Post An In line Q1
• See Risks From Input Cost . Inflation
• Co Is Among Our Least Preferred Names
* MAINTAIN UNDERPERFORM TARGET: 480


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Ambuja cements

Ambuja cements 

JPMORGAN ON AMBUJA CEMENTS 26.07.2021

* JPMorgan increases EBITDA estimates for Ambuja Cements by 3%, given a strong H1CY21, believes co could announce more expansions over next 12 months
* Strong Operating Performance; 1.5mt Expansion Announced; Cost Should Increase
* Increase EBITDA Estimates By 3%, Given The Strong H1CY21
* Believe Co Could Announce More Expansions Over Next 12 Months
* MAINTAIN NEUTRAL TARGET: 350

NOMURA ON AMBUJA CEMENTS : 26.07.2021

* Good Q2 by Ambuja Cements, but margin likely to compress in H2; recent outperformance prices in cost efficiency benefits co,
* Downgrade After Recent Outperformance
• Good Q2, But Margin Likely To Compress In H2
• Recent Outperformance Prices In Cost Efficiency Benefits
* DOWNGRADE REDUCE TARGET: 360

 GS ON AMBUJA CEMENTS : 26.07.2021

* Goldman Sachs sees the valuation gap between Ambuja Cements & its peers narrowing going forward
* Continue To Like Exposure To North & West Markets
* Expect Its Grinding & Clinker Expansion In Rajasthan To Free Up Its West Capacity
* See The Valuation Gap Narrowing Vs Larger Peers Going Forward
* Risk-reward Is Attractive At Current Levels
* MAINTAIN BUY TARGET: 423 (PREVTGT:370)

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Havells

Havells

HSBC ON HAVELLS : 22.07.2021

* HSBC maintains BUY call on Havells, target at Rs 1,215/sh
* Delivers Strong Results in Q1 With Rev & Profit Above Consensus Expectation
• Demand Recovery Continues To Surprise Positively
• See Gross Margin Pressure Due To Rising Commodity Costs As Transient Headwind
* MAINTAIN BUY TARGET: 1,215

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ICICIPRULI

ICICIPRULI

UBS ON ICICI PRU : 22.07.2021

* UBS has a Buy call on ICICI Pru, expects VNB margin to normalise with evolving product mix
* Strong Core Business Performance To Overshadow Weak Accounting Profits
* Elevated Claims & Higher COVID Reserving Dents Profitability
* Expect VNB Margin To Normalise With Evolving Product Mix
* Co Maintained Its Guidance To Double Its FY19 VNB By FY23, In-line With Estimates
* MAINTAIN BUY TARGET: 690

GS ON ICICI PRU : 22.07.2021

* GS maintains Neutral stance on ICICI Pru but revises FY22-FY24 VNB estimates higher by up to 2%
* MAINTAIN NEUTRAL TARGET: 570
* Q1 Beat Driven By Group Term, Tops Up COVID Provisions
* Revise FY22E-FY24 VNB Estimates Higher By Up To 2%
* FY23 VNB Guidance Implies A 28% CAGR Over Next 2 Yrs, A Tough Act To Achieve

CLSA ON ICICI PRU : 22.07.2021

* CLSA maintains Buy call on ICICI Pru and lifts VNB estimates by 13-14%
* Q1 Performance Beat Estimates Notably With Its VNB Margin At 29.4%
• Expect A VNB CAGR OF 25% Over FY21-23
* Lift VNB Estimates By 13-14%
* MAINTAIN BUY TARGET: 725

MS ON ICICI PRU : 22.07.2021

* MS has an Overweight rating on ICICI Pru, expects VNB growth pick-up after recent sluggish years to help rerate the stock
• In A Tough Q1, Delivered A 20%+ VNB Beat
• VNB Growth Pick-up After Recent Sluggish Years Should Help
* Rerate Stock
* MAINTAIN BUY TARGET: 700

CITI ON ICICI PRU : 22.07.2021

* Citi has a Buy call on ICICI Pru. It raises FY22/FY23 VNB estimates by 6%/3%
• Favourable Product Mix Is Driving VNB Margin Expansion
* Raise FY22/FY23 VNB Estimates By 6%/3% As We Factor Higher VNB Margin
* Lower FY22/FY23 Profit Estimates By 18%/13% As We Factor Higher Claims & Opex
* MAINTAIN BUY TARGET: 750

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HDFCLIFE

HDFCLIFE

NOMURA ON HDFC LIFE : 20.07.2021

* Nomura maintains NEUTRAL call on HDFC Life
* Wave-2-Impacts Q1; KEEP NEUTRAL ON VALUATIONS
* It Remains A Compounder But Await A Better Entry Point
• We Build In 16% / 18% FY21-24 CAGR In APE/VNB
* Recent Underperformance is Gradually Closing Valuation Gaps Vs Peers
* MAINTAIN NEUTRAL TARGET: 750 (PREV TGT: 725)

JPMORGAN ON HDFC LIFE : 20.07.2021

• Maintain Overweight on HDFC Life, Target at Rs 770/share
* Growth and product mix to sustain 20%+ VNB growth
• Distribution momentum more evident in proprietary channel
• Prefer SBI Life/IPRU trading at 2.3x FY23E P/EV over HDFC Life

JEFFERIES ON HDFC LIFE : 20.07.2021

* Jefferies maintains BUY call on HDFC Life, target cut to Rs 800 from Rs 880/sh
* Front Ended Spike in Mortality Reserves
* Reserves Should Be Adequate To Meet 2nd Wave Claims
* VNB Grew 40% YOY, Largely In line With Estimates
* We See A 19% VNB CAGR Over FY21-24
* Persistency Was Stable/ Better Across Buckets Over Q4
* MAINTAIN BUY TARGET: 800(PREV TGT: 880)

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NIPPON AMC

NIPPON AMC

NOMURA ON NIPPON AMC : 20.07.2021

* Nomura maintains NEUTRAL call on Nippon AMC, target raised to Rs 400/sh
* Q1 Results Largely In-line With Our Expectations On Both Profit/ Core EBIT
* Overall MF Revenues Flat QoQ Despite 5/2% QOQ Growth In Equity/Debt AUMS
* Overall Compressing Yields, Stagnant Market Share & SIP Market Share Decline Concerns Us
* Fy22-24 EPS Estimates Raised By 5-6%, valuation Multiple Increased To 32x
* Market Share Trends Across Segments Do Not Yet Reflect Any Signs Of Improvement
* MAINTAIN NEUTRAL TARGET: 400 (PREV TGT: 350)

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ACC

ACC

CLSA ON ACC : 20.07.2021

* Upgrade ACC to BUY from Outperform, Target at Rs 2,600/share
• Q221 above estimates on better volume and cost discipline
• Strong volume growth drives top-line beat
* Raise EBITDA 8-9% given strong fundamentals

CS ON ACC : 20.07.2021

* Credit Suisse remains NEUTRAL on ACC, target at Rs 2,450/sh
* Firing On All Cylinders; Reflection Of Sector Strength
* Increase Volumes & Realisation Estimates
• Now Factor In Cement EBITDA/t Of 1,050 Vs *916/1,044 In CY20/Q1
* MAINTAIN NEUTRAL TARGET: 2,450

CLSA ON ACC : 20.07.2021

* CLSA upgrades ACC to BUY, target raised to Rs 2,600/sh from Rs 2,190
* Reported Its Best-ever EBITDA/t Of ₹1,279
• EV/EBITDA It Is Trading At The Higher End Of Its Historical Discount To Sector
* Raise FY21-23 EBITDA Estimate By 8-9%
* UPGRADE BUY TARGET: 2,600 (PREV TGT: 2,190)

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LTI

LTI 

MACQUARIE ON L&T INFO : 19.07.2021

* Macquarie has an outperform rating on L&T Info with co as a top pick in midcap Indian IT space
* MAINTAIN OUTPERFORM TARGET: 4,700
* Strong Pipeline & New Client Hunting Position Co Well For FY22
* Expect SG&A To Increase In FY22 For Investment Needs In Cloud & Data Practices
* Raise FY22-24 EPS Estimates By 1-3%
* Co Is Top Pick In Midcap Indian IT Space

GOLDMAN SACHS ON L&T INFO : 19.07.2021

* GS has a Sell call on L&T Info as its finds valuations expensive
* Increase Revenue Growth Forecasts By Up To 3% On Back Of Q1 Beat
* Lower Our Margin Assumptions Due To Tight Labour Market
• Valuations Expensive At Current Levels
* MAINTAIN SELL TARGET: 3,587

CITI ON L&T INFO : 19.07.2021

* Citi maintains Sell rating on L&T Info
* Delivered An In-line Quarter
* Attrition Spike, Sharp Decline In Margin & No Large Deals Key Challenges
* Continue To Like Co For Its Mgmt Team & Growth Track Record
* Expectations & Valuations Are Elevated
* MAINTAIN SELL TARGET: 3,870

KOTAK INSTL EQ ON L&T INFO : 19.07.2021

* Kotak Instl Eq retains its Sell stance on L&T Info
* Good Quarter With QoQ Growth Of 4.8% In CC, Powered By Volume Growth Of 8.8%
* EBIT Margin Declined Sharply Due To Wage Revisions, S&M Investments
* Deal Wins Were Soft But Compensated By Discretionary Spending By Clients
* Well Positioned To Capture Market Opportunities
* Poised For Another Strong Year After Industry Leading Growth In FY21
* MAINTAIN REDUCE TARGET: 4,100

MS ON L&T INFO : 19.07.2021

* MS has an Equal-weight call on L&T Info, expects stock to be range-bound
* MAINTAIN EQUAL-WEIGHT TARGET: 4,250
* Risk-reward Not As Favorable As That Of Other Midcaps/ Large Caps
• Turn In Insurance & Energy Verticals Offset By Lack Of Large Deals & Weak Margin
* Expect Stock To Be Range-bound

GS ON L&T FIN HOLDINGS : 19.07.2021

* GS maintains Buy call on L&T Fin. It expects co to diversify towards higher return generating retail biz over long term
* Marginal Operating Miss; Disbursements Bounced Back In June
* View Diversification Towards Higher Return Generating etail Biz Over Long Term
* Key Risks Are Lack Of Clarity On Strategic Direction, Asset Quality Challenges
* MAINTAIN BUY TARGET: 128

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CYIENT

CYIENT

21.01.2022 - MS on CYIENT Maintain Underweight CMP 976 Target 900

MORGAN STANLEY ON CYIENT : 16.07.2021

* Cyient's performance appears lackluster relative to most industry peers, MS says, adding that, margin performance was good but there are unknowns
* MAINTAIN EQUAL-WEIGHT TARGET: 700
* Performance Appears Lackluster Relative To Most Industry Peers
* Margin Performance Was Good, But There Are Unknowns
* Management Commentary Is Strong, But It Needs To Translate Into Better Execution

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PAYTM

PAYTM 

21.02.2022 - Icici Sec on Paytm Maintain Buy CMP 833 Target 1352
21.02.2022 - GS on Paytm Maintain Buy CMP 833 Target 1460
07.02.2022 - GS on Paytm Maintain Buy CMP 955 Target 1460
07.02.2022 - JpMorgan on Paytm Maintain Overweight CMP 955 Target 1850
07.01.2022 - Macquarie on Paytm Maintain UnderPerformance Target 900 from 1200
04.01.2022 - JpMorgan on Paytm - Maintain Overweight Target Ra.1850
22.12.2021 - GS On PAYTM - Maintain Netural CMP 1311 - Target Rs.1875
22.12.2021 - Morgan Stanley On PAYTM - Maintain Overweight - Target Rs.1875

PAYTM IPO : 16.07.2021

* One97 Communications Files For IPO Of Up To Rs 16,600 Cr
• One97 IPO comprises of fresh issue of up to Rs 8,300 cr, OFS of up to Rs 8,300 cr
• JPMorgan, Morgan Stanley, Goldman Sachs among lead book-running managers for IPO
• Axis Capital, Citi among lead book-running managers for One97 IPO
• ICICI Securities, HDFC Bank, Link Intime among lead book-running managers for IPO
• One97 IPO proceeds to be used to strengthen the Paytm ecosystem
* IPO proceeds to be used to invest in new business initiatives, acquisitions

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L&T Tech

L&T Tech

19.01.2022 - CITI on L&T TECH Maintain Sell CMP 5421 Target 4430
19.01.2022 - CLSA on L&T Tech Maintain Outperform CMP 5421 Target 6150

CLSA ON L&T TECH : 15.07.2021

• Strong margin defence, healthy deal activity, improved FY22 growth outlook
• High confidence on margin defence
• Engineering services are relatively more vulnerable
• Expect execution impact to be transient

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MINDTREE

MINDTREE

14.01.2022 - MS on Mindtree - Maintain Equal-Weight CMP 4760 Target 5100
14.01.2022 - CITI on Mindtree - Maintain Sell CMP 4760 Target 3650
14.01.2022 - GS on Mindtree - Maintain Sell CMP 4760 Target 4117
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4640(Prev Target 4480)
14.01.2022 - Nomura on Mindtree - Maintain Neutral CMP 4760 Target 4744

CITI ON MINDTREE : 14.07.2021

* MAINTAIN SELL TARGET: 2,215
* Citi maintains Sell call on Mindtree due to rich valuations
* Reported Good Q1, Revenue Ahead, EBITDA In-line & Bookings Healthy
* Cashflow Generation Was Weak In Q1
* Revise Estimates By 2-3% & Raise Multiple To 27x
* Client Concentration & Risk To Margins Are Key
* Valuations Appear Rich at Current Levels

GS ON MINDTREE : 14.07.2021

* MAINTAIN BUY TARGET: 2,863
* GS has a Buy rating on Mindtree with an expectation of 20.5% CC revenue growth in FY22
* Strong $ Revenue Growth Of 7.7% Led By Broad based Growth Across Verticals
• Orderbook Is At The Highest Ever
* Expect 20.5% CC Revenue Growth For Co In FY22

MS ON MINDTREE (CMP: 2,505) : 14.07.2021

* MS has an Overweight rating on Mindtree, but it says high multiples & limited EPS estimate upgrades limit absolute upside
* MAINTAIN OVERWEIGHT TARGET: 2,800
* Revenue Growth & Margin Stronger Than Expected
• Broadening Growth Profile & Improving Revenue Visibility Augur Well
* High Multiples & Limited EPS Estimate Upgrades Limit Absolute Upside

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AUROPHARMA

AUROPHARMA 

11.02.2022 - CS on Auropharma Maintain Outperform CMP 684 Target 855

CREDIT SUISSE ON AUROBINDO : 14.07.2021

• Higher growth trajectory and improving RoCE to drive re-rating
• Increase FY22/23E EPS by 7%/8% and introduce FY24E
• High growth in FY24 reflects benefits of multiple growth drivers
* Generic injectables is now a large segment for Aurobindo

CS ON AUROBINDO PHARMA : 14.07.2021

* CS maintains Outperform call on Aurobindo Pharma with target being raised to rs 1,230/sh
* MAINTAIN OUTPERFORM TARGET: 1,230
• Increase FY22/23 EPS Estimates By 7%/8%
* High Growth In FY24 Reflects Benefits Of Multiple Growth Drivers

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UJJIVAN

UJJIVAN

Mac on Ujjivan : 14.07.2021

* O-P, TP Rs 265
* Holding co merger could be a big +ve
* Note currently this is an approval to apply for merger of promoter/hold co with bank & not an approval for merger
* RBI will do its due diligence before giving an approval for merger

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L&T

L&T

31.01.2022 - JpMorgan on L&T Maintain Overweight CMP 1897 Target 2160(PREVTGT 2300)
31.01.2022 - Kotakinstel on L&T Maintain Buy CMP 1897 Target 2450
31.01.2022 - CS on L&T Maintain Outperform CMP 1897 Target 2450
20.01.2022 - MS on L&T Maintain Underweight CMP 6697 Target 6600
17.01.2022 - Jefferies On L&T Maintain Buy CMP 2045 Target 2845
13.01.2022 - CS On L&T Maintain Outperform CMP 2023 Target 2450
11.01.2022 - Jpmorgan on L&T Maintain Overweight CMP 1953 Target 2300

JEFFERIES ON L&T : 27.07.2021

* L&T's Q1 order flow was up 13% YoY (FY22 guidance at 13-17%); Jefferies believes Oct-Dec 2021 should see upside triggers of order flow, maintains BUY on the infra major
* Q1 EBITDA 12% Below Expectations As E&C Sales Missed By 12%
* Pandemic-induced Delays, Including Fatalities & Local Lockdowns, Impacted Execution
* Order Flow Was Up 13% YoY (FY22 Guidance At 13-17%)
* Prospect Pipeline Is Up 42% YoY & Management Is Optimistic On Outlook
* Believe Oct-Dec 2021 Should See Upside Triggers Of Order Flow
* MAINTAIN BUY TARGET: 1,900

CITI ON L&T : 27.07.2021

* Solid margin performance by L&T in Q1, expectedly soft execution; co remains one of Citi's top picks
* Solid Margin Performance, Expectedly Soft Execution
* Margin Performance Should Alleviate Concerns About Co's Ability To Maintain Margin
* Should Be Able To Make Up For A Slight Miss On Order Inflow & Revenue In Rest Of The Yr
* Co Remains One Of Our Top Picks
* MAINTAIN BUY TARGET: 1,785

MORGAN STANLEY ON L&T : 27.07.2021

* L&T's IT business surprised positively while financial services & Hyderabad metro are drags, MS says.
* Core Rev A Tad Weak, But Strong Core Margin Despite Commodity Price Rise A Big Plus
* IT Business Also Surprised Positively While Financial Services & Hyderabad Metro Are Drags
* Improving Labour Availability, Strong Orderbook, Healthy Prospect List Should Drive Core Earnings
* MAINTAIN OVERWEIGHT TARGET: 1,894

GOLDMAN SACHS ON L&T : 27.07.2021

• Maintain BUY, Target at Rs 2,000/share
* Good performance, core business remains undervalued
• See improvement for next leg of capex uptick in India
• Continued thrust of infrastructure by the government

JEFFERIES ON L&T : 13.07.2021

• L&T's AR is more optimistic on India's capex cycle compared to recent ARS
* Government creating room for infra spend by postponing fiscal consolidation to FY25
• Reassessing businesses like L&T Finance, which require periodic capital infusion Buy the leader

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SUNTECK

SUNTECK 

CLSA ON SUNTECK REALTY : 13.07.2021

• Presales down QoQ but up YoY in 1Q
• Targets 40% -50% growth in FY22
• Targeting 2x sales by FY24 led by strong mid-income
• Mumbai market seeing a sharper recovery

CLSA ON SUNTECK REALTY : 13.07.2021

* MAINTAIN BUY TARGET: 440 (PREVTGT:425)
* Sunteck Realty's collection efficiency continues to improve, CLSA increases pre-sales estimates by 12% & 9% for FY22 & FY23
* Presales Down QoQ But Up YoY In Q1, Targets 40%-50% Growth In FY22
* Co Confident Of Achieving 1,40-1,500 Cr In Presales In FY22
* Collection Efficiency Continues To Improve
* We Increase Our Presale Estimates By 12% & 9% For FY22 & FY23
* Like The Stock On Ramp-up Of Its Mid income & Affordable Hsg Portfolio

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INVESTEC ON EQUITAS HOLDING : 12.07.2021

INVESTEC ON EQUITAS HOLDING : 12.07.2021

* Investec has a Buy call on Equitas Holding with target being raised to Rs 170 after RBI has permitted SFBs to apply for a reverse merger
* 40% Holding Co Discount Now Seems Excessive
* RBI Has Permitted SFBs To Apply For A Reverse Merger
* This Improves Chances Of A Reverse Merger With Bank & Holdco
* SEBI Regulations On Promoter Lock-in Could Be A Hindrance
* MAINTAIN BUY TARGET: 170

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ICICIBANK

ICICIBANK

24.01.2022 - JpMorgan on ICICIBANK Maintain Overweight CMP 805 Target 930
24.01.2022 - CLSA on ICICIBANK Maintain Buy CMP 805 Target 1125
05.01.2022 - Jefferies on ICICIBANK Maintain CMP 772 Buy Target 1000
05.01.2022 - Jefferies on ICICIBANK Maintain Buy Target 1000

Nomura on ICICI BK  Buy, TP Rs 825 -17.08.2021
*Stronger b/s, Better earnings growth
*Substantial provision buffer to tide over COVID related stress, & deliver 15% RoE by FY23F 
*Core bk valued at 2.6x P/B on 2QFY22F book (long-term avg: 2.1x)

MORGAN STANLEY ON ICICI BANK : 26.07.2021

* ICICI Bank's Q1 slippages elevated, above MS estimate, but net slippages in-line given strong recoveries, the brokerage says, maintains OVERWEIGHT on the stock
* Co Remains Top Pick In The Banking Sector
• Slippages Elevated, Above Our Estimate, But Net Slippages In-line Given Strong Recoveries
* Provision Write-backs Helped Manage Credit Cost
* MAINTAIN OVERWEIGHT TARGET: 900

BERNSTEIN ON ICICI BANK : 26.07.2021

• Maintain Outperform, Target at Rs 790/share
* Digital focus leading to granular loan growth
• Margins were at an all-time high aided by a low cost of funds
* Loan growth and margin expansion led to a 23% YoY growth in operating profit

NOMURA ON ICICI BANK : 26.07.2021

*Nomura expecting RoE normalisation for ICICI Bank to 15% by FY23.
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET:790

BERNSTEIN ON ICICI BANK : 26.07.2021

* ICICI Bank's focus on digital leading to granular loan growth, Bernstein says.
* Digital Focus Leading To Granular Loan Growth
* Guided Lower Incremental NPAs In Coming Quarters
* Margin At An All-time High Aided By A Low Cost Of Funds
* Loan Growth & Margin Expansion Led To A 23% YoY Growth In Operating Profit
* MAINTAIN OUTPERFORM TARGET: 790

CLSA ON ICICI BANK : 26.07.2021

* ICICI Bank is now consistently delivering sector-best growth in loans/core PPOP, CLSA says after the bank's Q1 results on Saturday
* Bank Is Now Consistently Delivering Sector-best Growth In Loans/Core PPOP
• With Normalisation Of Retail Credit Costs In H2, Expect Credit Costs To Settle 90 bps Over FY23/24
* With 1% -6% Higher Earnings Ests, Expect RORWA Of 2.7%, Which Is 30% Higher Than Last Upcycle
* MAINTAIN BUY TARGET: 940

CLSA ON ICICI BANK : 26.07.2021

• Maintain BUY, Target upped at Rs 940/share vs 825 earlier
* Expect its rerating to continue
• 1% slippage in 1QFY22 and 87bps of buffer provisioning still available
* Clearly a growth leader: core PPOP growth sustained at 20% YoY

CREDIT SUISSE ON ICICI BANK : 26.07.2021

• Maintain Outperform, Target upped at Rs 740/share
* Slippages spike in 1Q partly offset by stronger recoveries
• Continue to expect credit costs moderation of ~50 bp over FY21
* Tweak our FY22 numbers (EPS-3%) for provisions

JEFFERIES ON ICICI BANK : 26.07.2021

* Maintain BUY, Target upped at Rs 830/share
* ICICI bank hitting the right notes
* Healthy operating performance led by retail/SME lending
* Slippages higher, but can be recovered

JPMORGAN ON ICICI BANK : 26.07.2021

* Believe coming quarters should be better for growth & asset quality, for ICICI Bank, JPMorgan says in its report on the bank's Q1 results
* MAINTAIN OVERWEIGHT TARGET:675
* Retail Slippages Increase Driven By Second Wave; Core PPOP Growth Remains Robust
* Bank Expects Moderation In Slippages In Coming Quarters
* Believe Coming Quarters Should Be Better For Growth & Asset Quality

NOMURA ON ICICI BANK : 26.07.2021

* Reliance Industries Q1 EBITDA in-line as weaker retail offset by better stanalone/Jio; after pandemic impact in q1, expect most segments to improve
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET: 790

MACQUARIE ON ICICI BANK : 09.07.2021

• Maintain Outperform, Target upped at Rs 820/share
• ICICI Bank is gaining market share and growing the book profitably
• ROA convergence to drive a re-rating
* ICICI Bank is a 'Marquee idea and top pick'
• See strong earnings CAGR over the next three years

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TCS

TCS

13.01.2022 - CITI on TCS Maintain SELL  CMP 3857 Target 3580
13.01.2022 - MS on TCS Maintain Overweight CMP 3857 Target 4400
13.01.2022 - GS on TCS Maintain Buy CMP 3857 Target 4747

GOLDMAN SACHS ON TCS : 09.07.2021

* MAINTAIN BUY TARGET: 3,703
* GS maintains Buy rating on TCS, but target is cut to Rs 3,703. It believes co's strong domain expertise to help maintain double-digit rev growth over FY22-24
* EPS Estimates Cut By 2-5% To Factor In Loss In India Biz & Lower Margin
* Few Discretionary Expenses Expected To Return By End Of FY22
* Strong Domain Expertise To Help Maintain Double-digit Rev Growth Over FY22-24

UBS ON TCS : 09.07.2021

* UBS has a Neutral stance on TCS after Q1 earnings
* MAINTAIN NEUTRAL TARGET: 3,345
• Q1 Revenue & Margin Miss Forecasts
* Expect Consensus Earnings Cuts Post Q1 Numbers
• Broader Market Concerns Could Keep The Stock Defensive

JPMORGAN ON TCS : 09.07.2021

* JPMorgan maintains Overweight rating on TCS as deal wins remain strong
* MAINTAIN OVERWEIGHT TARGET: 3,680
* Misses Across Revenues/EPS Led By India/EU
* Deal Wins Remain Strong
• Co's Exposure To India Is Higher Than Peers
* Primary Takeaways From Its Strong Deal Wins & Key Verticals Positive For Infosys, HCL

CITI ON TCS : 09.07.2021

* MAINTAIN SELL TARGET: 3,080
* Citi has a Sell rating on TCS as it finds valuations high for a FY20-23 EPS CAGR estimate of 7%
* Q1 Slightly Below Our Expectations On Revenues
* As Expected, India Business Was Weak QoQ
* Trim EPS Estimates By 1 2%
* Find Valuations High For A FY20-23 EPS CAGR Estimate Of 7%

MACQUARIE ON TCS : 09.07.2021

* Macquarie maintains Outperform call on TCS but cuts FY22-23 EPS estimates by 1%
* MAINTAIN OUTPERFORM TARGET: 3,640
* Strong Constant Currency Revenue Growth Partly Offset By Weakness In India
• Well Positioned To Benefit From Strong Demand Environment
* FY22-23 EPS Estimates Cut By 1%

CLSA ON TCS: 09.07.2021

* Maintain Outperform, Target at Rs 3,770/share
* Soft domestic business, strong margin defence, healthy order book
* FY22 and beyond strategic priorities are changing
* Margin defence should keep cash conversion healthy

CITI ON TCS : 09.07.2021

* Maintain SELL on TCS
* Q1 slightly below expectations; India business was weak QoQ
* LTM attrition went up to 8.6% (vs 7.2% qoq)
* Trim EPS by ~1-2%; target price of Rs 3,080

MACQUARIE ON TCS : 09.07.2021

* Maintain Outperform, Target at Rs 3,640/share
* Strong growth in core markets partly offset by India weakness
* TCS remains well positioned to benefit from strong demand
* <1% change in FY22-23 EPS; Growth pick-up to aid stability

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INDIAN HOTELS

INDIAN HOTELS

UBS ON INDIAN HOTEL : 15.07.2021

• New initiatives bearing fruit
• Transforming from legacy hotelier to new  age hospitality company
• More upside from cost rationalization and margin expansion
• Recovery and consolidation

INDIAN HOTELS Investor Meet Highlights Aspiration 2022 : 08.07.2021

* Indian Hotels at its investor meet announced a target of 800 bps margin expansion for FY22. Here are other highlights from the meet!
• Aim for 800 bps Margin Expansion
• 15 New Projects Every Year
• 50-50 Portfolio - Owned vs Managed
• Cost Reduction:
* Operating - 45%
• Fixed - 28%
* Corporate Exp - 40%
• To cut debt from Rs 3,110 Cr to Rs 1,857 Cr

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TECHM

TECHM

02.02.2022 - UBS on TECHM Maintain Sell CMP 1505.80 Target 1260
02.02.2022 - Nomura on Techm Maintain Buy CMP 1505.80 Target 2220
18.01.2022 - Motilal Oswal on Techm Maintain Neutral CMP 1722 Target 1910
18.01.2022 - Jefferies On Techm Maintain Buy CMP 1722 Target 2030
18.01.2022 - Nomura on Techm Maintain Buy CMP 1722 Target 2220
10.01.2022 - MS on Techm Maintain Overweight  Target 2100
30.12.2021 - Edelweiss On Techm Mahindra Maintain Tactical buy Target Rs.2050

GS ON TECH MAHINDRA : 30.07.2021

* GS maintains Neutral stance on Tech Mahindra with target being below the CMP
* MAINTAIN NEUTRAL TARGET: 1,059
• Co Has Done Better Than Expectations In This Quarter
* Increase EPS Est & Tgt But Remain On Sidelines Given Lack Of Broad-based Digital Capabilities

CITI ON TECH MAHINDRA : 30.07.2021

* Citi maintains Buy rating on Tech Mahindra after better-than-expected Q1, raises FY22/23 EPS estimates by 3-4%
* Co Reported A Good Q1; Rev/EBIT Are Above Expectations
* Deal TCVs Strong At $185 m For 2nd Quarter In A Row
* Supply Side Challenges Are Visible Across The Sector
* Co's Attrition Increases To 17% LTM; Co Sees High Subcontractor Costs in Q1
* Raise FY22/23 EPS Est By 3-4%; Co Is One Of Our Top Picks
* MAINTAIN BUY TARGET: 1,380

JPMORGAN ON TECH MAHINDRA : 30.07.2021

* JPMorgan has an Overweight rating on Tech Mahindra
* Co Reported A Strong Q1 Print With A Beat Across Revenues, Margins & Profits
* Net New Deal Wins Were Healthy At $815 m
* Revenue Grew 3.9% CC QoQ, 130 bps/160 bps Beat Vs Consensus
• EBIT Margin At 15.2%, 85 bps/75 bps Beat Vs Consensus
* CEO Guided For Q1 Revenue Growth Trajectory To Continue, For The Rest Of FY22
* MAINTAIN BUY TARGET: 1,250

CLSA ON TECH MAHINDRA : 12.07.2021

* MAINTAIN BUY TARGET: 1,300
* CLSA maintains Buy call on Tech Mahindra, estimates restructuring legacy acquisitions to provide 70-80 bps margin leverage over medium term
* Its Approach To M&As Has Become More Structured Over Past 3 Yrs
* Financial Discipline Should Lead To A More Predictable Capital Allocation Policy
* Concurrent Work On Restructuring Legacy Acquisitions Is Also Complete
* Estimate It To Provide 70-80 bps Margin Leverage Over Medium Term

CLSA ON TECH MAHINDRA : 12.07.2021

• Acquisitions have been integral to Tech Mahindra's business model
• Tech Mahindra is among more acquisitive Indian IT companies
• Spent 25% of its FCF over FY13-21 on 26 transactions
• M&As has become more structured over the past three years


CITI ON TECH MAHINDRA : 08.07.2021

* Opening Positive Catalyst Watch
* See growth acceleration post Q1'22
* Deal flow was strong in Q4'21
* Strength is expected to continue in 1Q22/2Q22 note
* Stock has underperformed ~10% vs sector YTD
* See increasing 5G component in pipeline
* Valuations look attractive relatively given its ~32% discount
* TechM is also one of our top sector picks

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METALS

METALS

CLSA ON METAL & MINING : 20.01.2022

* Valuations adequately factoring in risks
• Believe CY22 is likely to be a year of uncertainties
• Believe base metals are better placed than ferrous
* Hindalco, Tata Steel & JSPL are our preferred picks
* Target for Hindalco at Rs 620/share, Tata Steel at Rs 1,820/share
* Target for JSPL at Rs 590/share
* Metals are with attractive risk-reward

JPMORGAN ON METALS 14.01.2022

* Maintain BUY on Tata Steel, Target at Rs 1850/share
• Maintain BUY on SAIL, Target at Rs 165/share
• Indian steel stocks have underperformed global steel stocks
* Underperformed by an average of 11% to 15% over the last one to six months
• EBITDA/T for the

JPMORGAN ON METALS : 14.01.2022

* Risk-reward attractive in Indian metals/steel stocks; JPMorgan remains overweight on Tata Steel, SAIL, Hindalco & NMDC
* Risk-reward Attractive In Indian Metals/Steel Stocks
* Remain Overweight On Tata Steel, SAIL, Hindalco & NMDC
* Continue To See Consensus Earnings Upgrade Risk For The Sector
* Regional HRC Steel Prices Did Not Go Below $800/t Even In The Low Point Of CY21
* With Demand Set To Improve Further, Steel Prices Should Move Higher

JEFFERIES ON METALS : 11.01.2022

* Jefferies lowers optimism on India metals as we enter 2022, downgrades Tata Steel & JSW Steel.
* DOWNGRADE TATASTEEL HOLD TGT: 1,240 (CMP. 168)
* DOWNGRADE JSW STEEL
* UNDERPERFORM TARGET:600 (CMP.672.50)
* Lower Optimism On India Metals As We Enter 2022
RETAIN HINDALCO BUY TGT: 660 (CMP, 49220)
* Like Novelis' Downstream Biz, Retain Buy On Hindalco, Target At 3660/Sh Cut FY23 EPS Estimates For Tata Steel, JSW By 18% / 26%
* Weak Macro & Demand Concerns in China Are Weighing On Metal Prices

JEFFERIES DOWNGRADES METALS : 11.01.2022

* Downgrade Tata Steel from Buy to Hold
* Tata Steel target at Rs 1240/share
• Downgrade JSW Steel from Buy to Underperform, Target at Rs 600/share
• Lower optimism on India metals as we enter 2022
* Weak macro and demand concerns in China are weighing on metal prices
• Although easing policy could lift Chinese demand, still find risk-reward much inferior to a year ago
• Cut FY23 EPS for TATA/JSTL by 18% / 26%
• Prefer aluminum, Hindalco is top pick

JPMORGAN ON METALS : 05.01.2022

* Stocks have diverged from commodity prices
* Top Overweights are Tata Steel, SAIL, Hindalco
• China demand was very weak in the December quarter
• Indian demand was weak, too
• Post-CNY China demand trend is crucial, especially for steel
• Demand important given recent domestic steel price cut
*. Earnings are plateauing at sharply higher levels
*. Q3 demand was weak, impacting realizations; earnings should be flattish RISE


CLSA ON METALS : 08.07.2021

* For Steel, record margins likely in Q1 but spreads to soften in H2
• Ferrous margins likely peaked, but consensus upgrades still possible
* Hindalco: Strong metal prices, but auto sheet outlook in focus
• Vedanta: Strong aluminium prices to drive earnings
• Coal India: Realisation trajectory key

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TITAN

TITAN

04.02.2022 - MS on TITAN Maintain Overweight CMP 2475 Target 2720(PREVTGT 2501)
07.01.2022 - CS on TITAN Maintain Neutral Target 2700 from 2500
07.01.2022 - CITI on Titan Maintain Buy Target 2975

MACQUARIE ON TITAN : 02.09.2021

* MAINTAIN OUTPERFORM TARGET: 2,150
• Limited Disruption In Operating Environment of Unorganised Peers
• Building Blocks Are In Place To Drive Up Regulatory Compliance
* Maintain Our FY23/24 EPS Estimates

MACQUARIE ON TITAN : 02.09.2021

• Maintain Outperform, Target at Rs 2150/share
* Hallmarking norms diluted See limited disruption in operating environment of unorganised peers
* Building blocks are in place to drive up regulatory compliance across industry
* Largely maintain our FY23/24E EPS

MS ON TITAN : 05.08.2021

* Morgan Stanley maintains EQUALWEIGHT call on Titan, target at Rs 1,358/sh
* Jewellery Segment Performance In-line With Our Estimates
* Losses In Non-jewellery Segments Higher Than Our Expectations
* Management Expects H2 To Be Much Better
* Margin Improvement In Jewellery Segment Remains Key
* MAINTAIN EQUALWEIGHT TARGET: 1,358

CLSA ON TITAN : 07.07.2021

* MAINTAIN SELL TARGET: 1,370
* CLSA maintains SELL call on Titan, target at Rs 1,370/sh
* Hindered By 2nd Wave Of COVID 19, Co Had Muted Topline Recovery YOY
* Adjusted For Bullion Sales, Overall Sales Are Expected To Grow 51%
* Jewellery Sales Up 37% YoY; Adjusted For Bullion, It's Up 107% YOY

MACQUARIE ON TITAN : 07.07.2021

• Maintain Outperform, Target at Rs 1,750/share
• Second wave hurts 1Q performance
• Jewellery sales impacted by second wave
• Weak sales commentary and continued restrictions on store operations
• Believe Titan is well placed to move back to healthy growth trajectory

MS ON TITAN : 07.07.2021

* Morgan Stanley maintains EQUAL-WEIGHT call on Titan, target at Rs 1,358/sh
* MAINTAIN EQUAL-WEIGHT TARGET: 1,358
* Jewellery Sales Up 37% (Adj. For Bullion Sale, It's Up 107% YoY) Vs 1st Wave
* Non-jewellery Biz Saw A Rapid Recovery In Walk ins On Re-opening

CLSA on Titan : 07.07.2021

* Sell, TP Rs 1370
* Hindered by 2nd wave, co had muted top-line recovery YoY
* Adjusted for bullion sales of Rs6bn in 1QFY21, overall sales are expected to grow 51%
* Jewellery sales grew 37% YoY; adjusted for bullion, 1QFY21 sales grew 107% YoY

MS on Titan : 07.07.2021

* EW, TP Rs 1358
* Jewellery sales rose 37%YoY (adj. for bullion sale of Rs6bn in base, sales rose 107% YoY). Vs. 1st wave:
1) co did not undertake customer outreach initiative given higher humanitarian impact,
2) non-jewellery biz saw a rapid recovery in walk-ins

IIFL on Titan : 06.07.2021

* Continues to focus on omni-channel capabilities, regionalisation, & plugging portfolio gaps
* While next 5-yr growth is likely to be robust, stk seems to be pricing-in 30% market share over 20 yrs, which is ambitious
* ADD, TP Rs 1950

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GCPL

GCPL

07.01.2022 - CLSA on GCPL Maintain Outperform Target 1130
21.12.2021 - Jefferies on GCPL Maintain Buy - Target Rs.1190

CLSA ON GCPL : 06.07.2021

• Maintain Outperform, Target at Rs 950/share
• High teen growth in India & strategic actions in Africa frutifying
• Healthy recovery in fragrance & laundry, while hygiene (ex-soap) sales is likely to see moderation YoY

CLSA on GCPL : 06.07.2021

* OP, TP Rs 950
* 1QFY22 biz update: High teen growth in India &strategic actions in Africa fructifying well
* India revenue est: 18% sales growth with 11% branded volume growth
* International business revenue growth of 29% aided by strong growth in GAUM

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AU Small Fin Bank

AU Small Fin Bank

05.01.2022 - MS on AU Small Fin Bk Maintain Overweight CMP 1095 Target 1500

CITI ON AU SMALL FIN BANK : 02.09.2021

* Buy Due To Its Long Growth Runaway, Improving Biz Environment
* Asset Quality Trends Are Also Positive With Gradual NIM Expansion
* Stock Trading At 4.3x FY23e For Likely RoE Of 19%
* Recent Exits Are Entirely Driven By Personal Reasons
* MAINTAIN BUY TARGET: 1,500

CITI ON AU SMALL BANK : 02.09.2021

• Maintain BUY, target at Rs 1500/share
• AU Bank hosted a conference call to allay concerns on reduce employee exit
* Bank reiterated that some challenges remain around head office location (Jaipur)
* Maintain our Buy on AU Bank due to its long growth runaway
* See Improving business environment and asset quality trends

NOMURA ON AU SMALL FIN BANK : 02.09.2021

* Three Exits In Three Months Largely From The Audit/Risk Departments
* The 10-15% Fall In Stock Price Highlights A Much Larger Concern
* Recent Exits Largely Biz-as-usual In Nature & We Prefer Not To Dwell Much Into
* Stock Reaction Highlights Concerns Over Stretched Valns & Asset Quality Risks
* Some Divergences In Asset Quality Are Difficult To Comprehend
* Positive On Its Long-term Story But Less Comfort In The Near-term Outlook
* MAINTAIN NEUTRAL TARGET: 1,200

MORGAN STANLEY ON AU BANK : 01.09.2021

• Maintain Overweight, Target at Rs 1500/share
* AU Bank has clarified recent management changes
• Stock been under pressure because of news flow around these changes

MS ON AU SMALL FIN BANK : 06.07.2021

* MAINTAIN OVERWEIGHT TARGET: 1,150
* Morgan Stanley is OVERWEIGHT on AU Small Fin Bank, target at Rs 1,031/sh
* GNPLs Flat Sequentially But The Bank Restructured 2% Of Loans In Q1
* Total Impaired Loans Now At 8.2%
* ECLGS Lending Was $300 Cr In Q1 Vs 20 Cr YoY
* AUM Growth Stable On A YOY Basis & Down 3% QoQ

MS on AU Small Bk : 06.07.2021

* OW, TP Rs 1150
* Bk provided an initial update on key metrics for F1Q22
* GNPLs flat sequentially but bk restructured 2% of loans – total impaired loans now at 8.2%
* ECLGS lending was Rs3.0bn (0.9% of loans) vs. Rs0.2bn in F1Q21
* AUM growth stable YoY & down 3% QoQ

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TELECOM Sector

TELECOM Sector

JEFFERIES ON TELECOM : 12.01.2022

* Jefferies positive on telcos, says 2022 should be a good year for growth & margin
* Bharti Airtel Is Top Pick, Also Like Indus Tower
* 2022 Should Be A Good Year For Growth & Margin For Indian Telcos
• Don't Expect 5G Spectrum Auctions In 2022
• Telcos Should More Than Double Their FCF In FY23
* Big update on telecom  : 11.01.2022


* Voda Idea approves availing 4 yr moratorium off AGR & spectrum instalment dues
* Bd approves conversion of Interest On Spectrum Installments, AGR Dues, Into Equity
* Equity Shares Will Be Issued To Govt At `10/Sh, After Confirmation By The DoT

CLSA ON TELECOM : 06.01.2022

* CLSA reiterates buy on Bharti, raise the target to Rs910/sh from Rs 863/sh. factor in 20% tariff hikes for Bharti, VI & Jio from H2FY22 TO FY24
* 2022 Will Have Three Key Trends In India Mobile
* Sector Revenue Would Grow Again, After Growing 15% YoY In 2021
* AGR Dues Would Likely Be

JEFFERIES ON TELECOM : 13.07.2021

* During Apr-21, sector's subscriber additions moderated to 2m due to lockdown
• Jio led the field with 4.8m net adds due to l JioPhone offer
• Bharti's subscriber additions moderated to 0.5m due to 4.5m urban subscriber
• High rural subscriber share will be targeted by Bharti and Jio
• Maintain Hold on Bharti Airtel

CLSA ON TELECOM

* CLSA continues to have Bharti Airtel as preferred pick in telecom space
* Bharti Remains Our Top Pick With 4G Penetration At 56% Of Its 321 m Subscribers
* Bharti Airtel Is Leading In 4G Additions, While Jio's Q4 Adds Boosted By JioPhones
* Mobile Data Traffic Increased 7% QOQ & 32% YOY Led By Bharti
* Voda Idea Reeling Under $24 Bn Debt Yet Co Is Confident Of Fund Raising

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DMART

DMART

10.01.2022 - CS on Dmart Maintain Underpreform Target 3600
03.01.2022 - MS on Avenue Supermart UnderWeight TP Rs 4338

CITI ON AVENUE SUPER : 12.07.2021

* Citi has a Sell call on Avenue Super. It trims consensus estimates by another 8% for full year
* MAINTAIN SELL TARGET: 2,210
* Weak Q1 Results Lead To Trimming Of Estimates
• Trim Consensus Estimates By Another 8% For Full Year

JEFFERIES ON AVENUE SUPER : 12.07.2021

* Jefferies has an underperform rating on Avenue Supermart with a target of Rs 2,300/sh
* MAINTAIN UNDERPERFORM TARGET: 2,300
* Surprised Negatively With A 22-quarter Low Gross Margin Of 12.4%
* Revenue Growth Benefited From A Low Base
* Store Needs 45 Days Of Unhindered Operational Time To Get Back To Pre COVID Lvl

MS ON AVENUE SUPER : 12.07.2021

* MS downgrades Avenue Supermart to Equal-weight. It says, will await a better entry point due to lack of near-term triggers
* MAINTAIN SELL TARGET: 3,268
* Q1 Earnings Missed Our & Consensus Estimates
* Will Await A Better Entry Point Due To Lack Of Near-term Triggers

GS ON AVENUE SUPER : 12.07.2021

* MAINTAIN BUY TARGET: 3,690
* GS maintains Buy call on Avenue Supermart, but lowers FY22 EPS estimates by 7.9% to reflect lower margin in Q1
* Below Expectations On
* Lower Gross Margin
* Lower FY22 EPS Estimates By 7.9% To Reflect Lower Margin In Q1
* Margin Impact To Be One off As A Consequence Of COVID Restrictions

GOLDMAN SACHS ON DMART : 12.07.2021

• Q1 below expectations on lower gross margins
• Strong subsidiary growth
• Lower our FY22E EPS estimates by 7.9% to reflect lower margins in 1QFY22

MS on Avenue Supermart : 06.07.2021

* OW, TP Rs 3218
* 1QF22 Post-Qtr Update: Revenues up 31% YoY
* DMart was one of best reopening plays in our coverage last yr
* Store footfall recovered to 96% of the previous year's level by Dec, & stock outperformed the Sensex between Oct & mid-Mar

CITI ON DMART : 05.07.2021

• Maintain SELL, Target at Rs 2,210/share
• A much slower than expected start to FY22
* Further downside risks to earnings likely
• Revenue at Rs 5,030cr grew 31% YOY, 20% below what we had penciled in
* Given last year's base, Q1 was perhaps a key driver of the sharp rebound forecast

MACQUARIE ON AVENUE SUPER : 05.07.2021

* Macquarie upgrades FY23/24 EPS estimates for Avenue Super by 4% / 6% factoring in sales/ sq ft moving back to FY19 levels in FY23
* Quick Recovery Helped Drive *5,030 Cr Sales In Q1, Down 31% QoQ
* Inflation Should Increase Attractiveness Of Value Retailers Like DMart
* Upgrade FY23/24 EPS By 4%/ 6%
* Factor In Sales/ sq ft Moving Back To FY19 Levels In FY23
* MAINTAIN OUTPERFORM TARGET: 3,700

MS ON AVENUE SUPER : 05.07.2021

* MS has an Overweight rating on Avenue Super, but target is below the CMP
* MAINTAIN OVERWEIGHT TARGET: 3,218
* DMart Was One Of The Best Reopening Plays In Our Coverage Last Year
* Store Footfall Recovered To 96% Of The Previous Year's Level By Dec
* Co Is Now Also Better Positioned In The Online Delivery Platform

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HDFC

HDFC(Housing Development Finance Corporation Limited)

15.02.2022 - CLSA on HDFC Maintain Buy from Outperform CMP 2296 Target 3050
03.02.2022 - CLSA on HDFC Maintain Outperform CMP 2612 Target 3050
03.02.2022 - CS on HDFC Maintain Outperform CMP 2612 Target 3350
03.02.2022 - CITI on HDFC Maintain Buy CMP 2612 Target 3300
03.02.2022 - Jefferies on HDFC Maintain Buy CMP 2612 Target 3480
03.02.2022 - MS on HDFC Maintain Outperform CMP 2612 Target 3340

JEFFERIES ON HDFC : 03.08.2021

• Quality holds-up; Better growth outlook
* Benefiting from strong rebound in housing demand
* Corporate growth weak, but can pick-up; clarity on regulations key
* Stress manageable & provision buffers reasonable

MACQUARIE ON HDFC : 03.08.2021

* Macquarie has a target of Rs 2,960 on HDFC, maintains OUTPERFORM call
* Asset Quality Remains The Biggest Plus Point
* Weaker Loan Growth Is Due To A Decline In The Non individual Book
* Stock Is Cheap At Current Levels
* MAINTAIN OUTPERFORM TARGET: 2,960

MS ON HDFC : 03.08.2021

* Morgan Stanley maintains OVERWEIGHT call on HDFC, target at Rs 3,160/sh
* NII & Core PPOP Growth Strong; Individual AUM Growth Picked Up
* Non-individual AUM Growth Is Likely To Be Subdued For Longer
* Stage 2+3 Loans Appear To Have Peaked
* Trim FY 22/23 EPS Estimates By 6%/5%
* MAINTAIN OVERWEIGHT TARGET: 3,160

JEFFERIES ON HDFC : 05.07.2021

* Maintain BUY, Target at Rs 3,300/share
* HDFC's annual report for FY21 shows 67% of new stage-3 loans
* Besides stage-3 loans of 2.3%, 0.4% of loan were in debt-asset swap
* Retail approvals rose by 10% led by 9% rise in ticket size
* Rise in equity/asset from 9% to 15% over FY17-21 is drag on core ROE even as core ROA rose

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KOTAKBANK

KOTAKBANK

31.01.2022 - CLSA on Kotakbank Maintain Buy CMP 1857 Target 2300

CITI ON KOTAK MAHINDRA BANK : 27.07.2021

* Strong net interest margin for Kotak Mahindra in Q1,slow growth; slippages decline QoQ, Citi lowers FY22 net profit estimate by 3% to incorporate higher operational expenditure
* Strong NIM, Slow Growth; Slippages Decline QoQ
* Low Cost Of Funds Should Support NIM
* Slower Credit Growth Could Drag NII & PPOP
* Lower FY22 Net Profit Estimate By 3% To Incorporate Higher Opex
* MAINTAIN NEUTRAL TARGET: 1,930

CLSA on Kotak BK : 02.07.2021

* Upgrade to O-P, TP Rs 1900
* BK underperformed peers by 35-75ppts & Nifty by more than 25% over past 6 mths
* Incrementally, risk-reward getting favourable
* Kotak has built a formidable banking franchise with lowest cost of funds, low Opex & impeccable asset quality

CLSA ON KOTAK MAHINDRA BANK

* UPGRADE OUTPERFORM FROM UNDERPERFORM TARGET: 1,900 (PREVTGT:1,850)
* Incrementally Kotak Mahindra Bank's risk-reward getting favourable, according to CLSA, brokerage upgrades stock to OUTPERFORM & raises target
* Bank Has Underperformed Peers By 35-75 ppts & Nifty By More Than 25% Over The Past 6 Months
* Incrementally, Risk-Reward Is Getting Favourable, Hence An Upgrade
* Bk Has Built A Formidable Franchise With Lowest Cost Of Funds, Good Asset Quality


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STLTECH

STLTECH

CLSA ON STERLITE TECH : 02.07.2021

* MAINTAIN BUY TARGET: 340
* Sterlite Tech's management details out acceleration strategy for digital networks post COVID-19.
* Mgmt Detailed Acceleration In Digital Networks Worldwide Post COVID
* Management's Target Is A 70% Increase In Revenue By Q4FY23
* Mgmt Commentary On Opportunities, Key Deals Add Upside Risks To Forecast

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FMCG

FMCG

JPMORGAN ON CONSUMER STAPLES : 22.02.2022

• Volume weakness and inflation challenges have reset the earnings
• Market share shifts remain favorable for larger players
• Cost inflation and rural demand remain key monitorables over next 3-6 months
• Preferred picks include Marico, Nestle, Godrej Consumer and United Breweries
• Britannia: Downgrade to Neutral from Overweight; Cut target price to Rs 3800 from Rs 4000


CS ON CONSUMER STAPLES - 13.01.2022

* High divergence in performance within the cons staples sector makes stock-picking critical, Credit Suisse says
* High Divergence In Performance Within Sector Makes Stock Picking Critical
* Continue With Godrej Cons, Dabur & Marico As Top Picks
• HUL's Growth & Margin May Improve As COVID Impact On Personal Care Categories Fades

CLSA ON CONSUMER STAPLES : 02.07.2021

* CLSA seeing sharp gross margin pressure on consumer staples in Q1 as cos have passed on 30-50% of inflation but adds that the easing of supply-strained commodity prices in H1 will be an apt setting to further drive market share & gross margin
* See Sharp Gross Margin Pressure In Q1 As Cos Have Passed On 30-50% Of Inflation
* Easing In Prices Of Supply-strained Commodities In H2 Is An Apt Setting To Drive Share
* HUL, In Our View, Is Well Placed To Capitalise From This Setting
* Marico Likely To Report Healthy Growth In Edible Oil, On A High Base
* On A High Volume Base, Britannia Effected Limited Price Action To Sustain Market Share

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Dish TV

Dish TV

CLSA on Dish TV : 02.07.2021

* Buy, TP Rs 17
* In FY21 co repaid loans of Rs10bn
* Debt at Rs8bn is down 70% since FY19
* Rs10bn rights issue coming
* Co has been in an share pledging crisis & promoter ownership is down to c.7% from 55%, but a resolution is likely & will be key trigger

CLSA ON DISH TV : 01.07.2021

* MAINTAIN BUY TARGET: 17
* Dish TV has repaid Rs 1,000 cr debt in FY21, CLSA has a BUY call on the stock
* In FY21 Co Repaid Loans Of *1,000 Cr
* Debt At *800 Cr, Down 70% Since FY19
* It Has Been In A Shr Pledging Crisis & Promoter Ownership Is Down To 7%
* Resolution Is Likely & It Will Be Key Trigger For Stock

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IDEA

IDEA

CREDIT SUISSE ON VODAFONE IDEA : 05.07.2021

* Maintain Underweight, Target at Rs 6/share
* Improvement in pricing a necessary condition for fund raise
* Looking at government for support
* Miss on revenues, beat on reported EBITDA; subscriber loss continues
* Needs a combination of factors to work

GS ON VODAFONE IDEA : 01.07.2021

* MAINTAIN SELL TARGET: 3
* Vi has large repayments due starting December 2021; co may have a Rs 23,400 cr cash shortfall until April 2022, Goldman Sachs says & maintains SELL
* Lost Another 130 bps Of Revenue
* Market Share In March Quarter
* Cumulative Rev Mkt Shr Loss At 630 bps In Last 12 Months
* Have Large Repayments Due Starting Dec 2021
* Co May Have A 23,400 Cr Cash Shortfall Until April 2022
* Capex To Remain Under Pressure Resulting In Continued Mkt Share Loss

CLSA ON VODAFONE IDEA : 01.07.2021

* MAINTAIN UNDERPERFORM TARGET: 10(PREVTGT:9)
* CLSA raises target for Vi to Rs 10/sh from Rs 9, says decline in subscribers in-line & 4G additions encouraging
* Revenue & EBITDA Below Estimates.
* Decline in Subscribers In-line & 4G Additions Encouraging At 40 Lakh
* Its AGR Is Headed For Financial Crisis When Annual Payments Come Due
* Review Of AGR & Tariff Hikes Inevitable, Else Sector is Headed Toward A Duopoly

VODAFONE IDEA : 01.07.2021

Credit Suisse View

• Maintain Underperform, Target At Rs 7.5/Share
• Operationally Largely In-Line But Market Share Loss Continues
* Miss On Revenues, Beat On Reported EBITDA
* Leverage Remains Unsustainable At 21X; Underinvestment Continues 

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Lodha

Lodha 

29.12.2021 - Morgan Stanley On Macrotech Developers - Maintain Equal Weight - Target Rs.1312
29.12.2021 - Morgan Stanley On Macrotech Developers - Maintain Equal Weight CMP 1206.45 - Target Rs.1312
20.12.2021 - CLSA On MACROTECH(Lodha) - Maintain Sell - CMP 1185 - Target 1000
JPMorgan : 01.07.2021 - Maintain Overweight, Target At Rs 720/share


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WIPRO

WIPRO

22.02.2022 - CLSA on Wipro Maintain Outperform CMP 564.15 Target (650)
13.01.2022 - CITI on Wipro Maintian Buy Cmp 691 Target 820(Previous TG 830)
13.01.2022 - JpMorgan on Wipro Maintain Neutral CMP 691 Target 680
13.01.2022 - UBS on Wipro Maintain Neutral CMP 691 Target 660
13.01.2022 - BOFA on WIPRO Maintain Underperform CMP 650.05 Target 700
13.01.2022 - MS on WIPRO Maintain Equal Weight CMP 650.05 Target 775
21.12.2021 - Morgan Stanley On Wipro - Maintain Equal Weight CMP 665 - Target Rs.700

UBS ON WIPRO : 16.07.2021

* Recent run in stock could cap near-term upsides for Wipro, UBS says, maintains NEUTRAL rating on the stock
* Should See Some Upgrade To Consensus Earnings
* Recent Run In Stock Could Cap Near-term Upsides
* Lower TCV Addition Could Cause Some Concern
* MAINTAIN NEUTRAL TARGET: 470

MS ON WIPRO : 16.07.2021

* Execution on revenue growth by Wipro has improved meaningfully, positive surprise drives higher EPS estimates, Morgan Stanley says
* Execution On Revenue Growth Has Improved Meaningfully
• Positive Surprise Drives Higher EPS Estimates
• Consistent Strong Execution Will Be Needed Before Multiples Match The Peer Group
* MAINTAIN UNDERWEIGHT TARGET: 560 (PREVTGT:520)

CLSA ON WIPRO : 16.07.2021

* CLSA has to say about Wipro after the co reported its Q1 earnings yesterday
* Constant Currency Revenue Growth Well Above Its Guidance & Our Estimate
• It Will Normalise As 5 7% QOQ Q2 Rev Growth Guidance Implies 1.8 3.8% Organic Growth
* MAINTAIN UNDERPERFORM TARGET: 560 (PREVTGT:540)

CITI ON WIPRO : 16.07.2021

* Citi raises target multiple for Wipro to 28 times from 26 for FY23 after the IT major's Q1 earnings yesterday
* Q1 Revenue & Guidance Surprised While Margin, Attrition Trend & TCV Were Weak
* Growth A Combination Of 4.9% QoQ Organic Growth & Significantly Better Nos. At Capco
* Our New Estimates For Revenue Growth Are 27%/11% for FY22/23; EPS Growth Of 15%/6%
* Raise Target Multiple To 28x From 26x For FY23
* MAINTAIN BUY TARGET: 655 (PREVTGT: 615)

CITI ON WIPRO : 16.07.2021

• Wipro's 1Q revenue & guidance surprised while margins
• Attrition trend & TCV were weaker
• Growth was a combination of 4.9% qoq organic growth
* Wipro is executing well under the new leadership
* Expect the rerating to continue despite supply challenges
• Raise our target multiple to 28x FY23E (earlier 26x)
* Maintain Neutral, Target at Rs 575/share
* Beat on revenue but adjusted for one-offs operating profit
• 2QFY22 guidance of 5-7% cc QoQ growth
* Change FY22E-24E EPS by 5-7%

 Credit Suisse View Wipro : 01.07.2021

* Wipro To Outperform Peers On Revenue Growth Led By Acquisition
* Expect Sequential Revenue Growth Of 2.4-3.3%
* In Constant Currency Profitability Better For Other Companies
* Believe IT Services Sector Has Entered A Technology Upcycle
* Infosys, HCLT and TCS Are Our Preferred Picks In The Sector

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TATAMOTORS

TATAMOTORS

17.02.2022 - JpMorgan on Tatamotors Maintain Buy Overweight CMP 498 Target 630
20.01.2022 - Macquarie on Tatamotors Maintain Buy CMP 521 Target 567
20.01.2022 - CLSA on Tatamotors Maintain Sell CMP 521 Target 408
20.01.2022 - Jefferies on Tatamotors Maintain Buy CMP 521 Target 625
13.01.2022 - CLSA On Tatamotors Maintain Sell CMP 512.55 Target 408
13.01.2022 - BOFA on Tatamotors Maintain Neutral CMP 650.05 Target 525
04.01.2022 - CLSA On Tatamotors Maintain Downgrade Sell from Buy Target 408
04.01.2022 - CLSA on Tatamotors Maintain Downgrade Sell Target 408
27.07.2021-  JEFFERIES ON TATA MOTORS MAINTAIN BUY TARGET: 435
27.07.2021-  UBS ON TATA MOTORS  Maintain Neutral, Target at Rs 320 from Rs 350/share
09.07.2021- MS ON TATA MOTORS : MAINTAINEQUAL-WEIGHT TARGET: 298
09.07.2021 -HSBC ON TATA MOTORS : Maintain BUY, Target at Rs 340/share
08.07.2021-  NOMURA ON TATA MOTORS  MAINTAIN NEUTRAL TARGET: 353
08.07.2021- JEFFERIES ON TATA MOTORS MAINTAIN BUY TARGET: 435
07.07.2021 - NOMURA ON TATA MOTORS MAINTAIN NEUTRAL TARGET: 353
07.07.2021- MS on Tata Motors EW, TP Rs 300
01.07.2021 Jefferies Maintain Buy, Target At Rs 455/Share


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