BofA ML on Bharat Electronic
* Cuts FY16/17 order inflow estimates for BEL by 10%/5% on weak order flow* Defence procurement procedure not implemented yet leading to low orders
* Maintain Underperform, cuts target to ₹1,065 from ₹1,078
* Rich valuations given subdued earnings growth
CLSA on Bharti Infratel
* Bharti Infratel is best play on mobile data network ramp-ups
* Company missed earnings forecasts on low fuel margins
* Decline in tenancy addition was the key disappointment
* Lowers rev, EBIDTA & profit forecasts by 1-6% due to miss on tenancy
* Maintains Buy, cuts target to ₹467 from ₹493
CLSA on HDFC
* Consummation of stake sale in life, general ins businesses can boost profits
* Higher selldown of loans to HDFC Bank dragged down growth in loans
* Maintains Buy, cuts target to ₹1,440 from ₹1,510
* Trim estimates by 4% and see a 14% CAGR over FY15-18
Credit Suisse on Colgate
* Maintains Neutral, cuts target to ₹930 from ₹1,000
* Moderating ad spends drive EBITDA margin expansion
* Upside on Colgate will be capped as it potentially faces disruptive competition
* Volume growth dipped to 1% which is an all time low
* Volume growth grinds to halt as market share losses begin to show up
* Weak volume growth was direct impact of rapid growth of Patanjali in toothpaste
Credit Suisse on SKS Micro
* AUM growth of 93% YoY was largely driven driven by higher exposure to borrowers
* Beat was largely driven by operating leverage
* Continue to like SKS for strong earnings growth visibility
* Incorporate earnings beat leading to 5-7% earnings increase
* Maintains Outperform, raise target to ₹610 from ₹600
* Opex/assets fall below 7% for first time since the AP crisis
Goldman Sachs on HDFC
* Maintains Neutral, cuts target price to ₹1,190 from ₹1,210
* PAT remains in line with estimates but growth, profitability remain lower
* See lower volume growth, profitability due to sluggish pickup in non-retail loans
* See risk/reward to be balanced, lower spreads remain key risks
Goldman Sachs on IDFC Bank
* Bank mobilized ₹44 cr deposits which holds key to sustainable, profitable franchise
* Focus on diversification of revenue streams helped increase non-fund based income
* Has stable asset quality, no audits from RBI in Q3FY16
* Remain focused on how banking franchise pans out including retails ops
Nomura on Godrej Cons
* Expect continued expansion of margins
* Expect innovation & new launches to stimulate demand
* Maintains Buy, target of ₹1,460
* Margin expansion seen due to low commodity costs is encouraging
* Revenue below est, EBITDA beats est & PAT inline, overall in line
* Revenue below exp, EBITDA beats exp & PAT inline, overall in line
* Strong volume growth of 9% is positive in weak demand environment
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