BNP Paribas on Shree Cement
* Low pet coke prices & new grinding units to keep power & freight costs low* Maintains Reduce, target of ₹8500
* PAT missed estimates by 23% due to high depreciation & lower other income
* Richly valued, trading at a 48% premium to its historical EV/tonne
* Volume growth seen but earnings hurt by lower pricing
BofA ML on Aurobindo
* Celecoxib approval from Unit 7 allays investor concerns
* Do not expect future approvals from Unit 7 to be affected
* ED filing charge sheet is an old case; minor impact in worst case
* Product approval from Unit 7 shows observations are minor
BofA ML on Shree Cement
* EBITDA growth driven by 24% vol growth & savings in power & transportation cost
* Maintains Buy, target of ₹12,318
* Margin expansion despite decline in avg cem price by 1.7% YoY, 3.4% QoQ
* Strong performance despite weak overall pricing trends
* Weak pricing trends to be negated by high vol & extended power cost benefits
Citi on Cummins
* Headline numbers weak but adjusting for provision numbers much better
* Maintains Buy, target of ₹1,082
* Operating results negatively impacted by onetime charge
CLSA on GAIL
* Add stock to Asian utility conviction Sell list
* Downgrades to Sell from Underperform, raises target to ₹315 from ₹310
* Have estimate of 11-26% below FY16-18 consensus EPS
* Stock is pricing in $60/bbl Brent, nearly double the spot crude price
* Weak results over next few quarters should drive downgrades
Goldman Sachs on Amaraja
* Double digit growth implies market shr gains from Exide and unorganized players
* Increase in distribution network, better product quality key reasons for growth
* New capacity for mfg variety of ind batteries with in-built fungible option
* Strong growth in automotive replacement mkt despite slowdown in overall demand
* Topline growth helped by forging new OEM relationships
Morgan Stanley on Crompton
* EBITDA losses in international business persist and losses worsened
* Sale of international power may not be on immediate agenda of company
* Standalone earnings affected by weak revenue momentum
* Weakness primarily due to delays at customer end in power segment
Morgan Stanley on Tata Comm
* Data seg performance above est driven by 252 bps sequential margin expansion
* Key factors are turnaround of loss making new biz & focus on high-ROCE biz
* Maintains Overweight, target of ₹555
* Margin step-up led by basket of new well doing svcs, bkg arm turning EBITDA +ve
* Voice seg laggard on volume and pricing pressures, rising network costs
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