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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

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

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

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

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

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

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

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

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

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

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

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