Re: {LONGTERMINVESTORS} Research Reports extracts & summaries - Thread

 

Special Reports

Initiating Coverage

Dr Lal Pathlabs: Well-diagnosed

l Strong brand supported by self-sustaining business model l Robust underlying growth to be supported by expansion in eastern India l Financials: 18% PAT CAGR over FY2016-19E, healthy margins l Key risks: successful rollout in the East crucial for sustained growth

Daily Alerts

Change in Reco

Tata Communications: The messy Neotel transaction comes to an unceremonious termination

l The event - agreement with Vodacom to sell parts of Neotel lapses l The nub/impact - SoTP value goes down and Street confidence takes a modest hit

Sector alerts

Automobiles: Diesel to lose favor in sales mix

l Running cost benefit of a diesel vehicle has significantly come off l Capital cost of a diesel vehicle will likely increase more than that of a petrol vehicle l There could be significant shift back towards petrol vehicles over the next few years

Automobiles: MHCV industry volumes remain strong, PV volume growth muted

l Maruti Suzuki domestic volumes flattish yoy while Hyundai reports modest growth l M&M UV sales grow 26% yoy led by new models; tractor volumes up 19% yoy on low base l MHCV industry volumes increase ~28% yoy in February l Two-wheelers: Hero MotoCorp volumes up 14% yoy in February

Banks/Financial Institutions: Quality deteriorating but boosts reported ratios

l Three key changes allowed for inclusion in Basel-3 capital calculations for banks l We expect tier-1 ratio to improve by at least 50-60 bps for public banks l Strengthening of balance sheets takes precedence over quality of capital l New debate in the making: despite loss absorption capacity, these are less accessible capital

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