Macquarie on L&T
* Maintain outperform, 12-month target price at '1469
* Positive surprise on order inflow front, mgmt's revenue guidance to help bounce back
* Strong growth from Middle East revenues is positive, but risks remain on low crude price
* Q4 results with pick up in domestic revenue remains key catalyst for upside
Credit Suisse on L&T
* Maintain Outperform, Target cut to `1425 from `1475
* Overall results weaker than anticipated, order inflows positive surprise
* Order inflows positive surprise on back of strong domestic order book
* Cut in order inflow guidance already priced in
* Retain revenue guidance, implies pick up to be seen in 4Q
* Margins weakened in large projects pending threshold level of execution
CLSA on Marico
* Raise target to `245 from `230, Maintain Outperform
* Strong volume growth and impressive margin expansion
* 10% volume growth makes it the fastest growing consumer firm in 3QFY16
* Management targets 8-10% YoY volume growth in the medium term
* Volume growth of Saffola and VAHO should be 10% and 12-15%
* Focus would continue on distribution expansion and new products
Macquarie on TVS Motors
* Maintain outperform, 12-month target price at '345
* Stable margins despite adverse export conditions helped by low commodity costs
* Two thirds of biz exposed to fast growing segments, strong product action
* Expect tripled earnings over FY15-18 unpinned by strong EPS growth over 5 years
Macquarie on JSW Steel
* Maintain Neutral, 12-month target price at 948
* Weak steel prices to lower margins until govt delivers protection using MIP
* Expect 25% increase in capacity making it well-poised for strong volume performance
* Expect earnings downside of 15-20% on back of delayed MIP, weak international sales
Macquarie on Yes Bank
* Maintain Outperform, 12-month target price at '900
* Expect strong earnings growth, stable asset quality to guide growth
* Believe current valuations offer significant comfort even with unforeseen mgmt risks
* Mgmt's indication of recognition of 75% of RBI accounts projects strong asset quality for Q4
Deutsche Bank on JSW Steel
* Maintains Buy, TP cut to `1200 from `1215
* Weak quarter as expected; expect recovery in ensuing quarters
* Miss at consolidated level attributable primarily to weak subsidiary performance
* Higher fixed costs caused by Furnace shutdowns, affecting profitability
* Lower iron ore & coking costs & improved product mix to support recovery
Deutsche Bank on NTPC
* Maintains Buy, TP cut to `165 from `167
* Profits flat, interest income down due to higher capex & bonus debentures
* Core ROE down due to higher full fixed cost recovery in base quarter
* Generation was lower due to weak demand
* To be driven by strong capacity growth addition of 15-18GW over next 3 yrs
Deutsche Bank on TVS Motor
* Maintains Hold, Target `260
* In-line results, mgmt guides for aggressive market share gains
* PAT surprised positively due to higher other income & lower tax rate
* Building in strong earnings growth, FY16-18E CAGR of 25%
Inventory remains stable at 28-32 days
* Exports to see near-term hit due to currency depreciation & lack of USD in African markets
Deutsche Bank on UPL
* Maintains Buy, TP cut to `575 from `595
* Delivers consistent growth & Margin expansion surprises positively
* Volume growth on high base, tough operating conditions & volatility in EM currencies
* Expect 17% EPS CAGR over FY16-18E driven by robust volume growth
* Reasonable valuation at FY17 P/E of 12x, 25-30% discount to global peers
Deutsche Bank on Yes Bank
* Maintains Buy, Target `900
* Strong quarter on all counts: growth, CASA, NIM & asset quality
* Asset quality remains stable, slippages rise, but strong in current context
* Strong loan growth of +27% YoY, driven by both corporate (+24%) and retail (+33%)
* About 76% of portfolio is rated A or better & >97.7% is BBB and above
* NIMs improved as funding costs down 20bps & yields on advances down 10bps QoQ
CLSA on PVR
* Maintain Buy, target price at `1080
* High employee costs, low EBITDA margins, high entertainment tax were major negatives
* ATP growth of 8%, high advertising revenue remain positives for firm
* High gross margin F&B, ad sales coupled with GST to expand EBITDA margin in future
CLSA on Pidilite Industries
* Raise target to `463 from `455, Maintain Sell
* Recent crude correction caused short term windfall gains expanding EBITDA margins
* Competitive pressure is high, demand is muted, high EBITDA margins are unsustainable
* Expect downside on back of weak risk-reward, long-term EPS downgrade risk
BofA ML on Shriram Transport
* Maintain Buy, target price at `1175
* High new truck demand on back of BS fitting in trucks, implementation of BS-4
* Expect pick-up in growth on parent level, rising margins, unwinding of credit costs
* Asset quality remains comfortable, much lower against competition
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment