{LONGTERMINVESTORS} India Daily: Strategy - GameChanger Perspectives; Theme Report - Infrastructure; Results; Results, Change in Reco - Mahindra & Mahindra Financial; Change in Reco - Minda Corp; Updates

 

 

 

Special Reports

Strategy

GameChanger Perspectives: Rajasthan - readying for growth

l A two-day visit to Rajasthan l Welcoming bureaucrats hopeful of change l Patanjali is making its presence felt, Rajasthan Patrika expects significant ad growth l Agriculture and tractor segment waiting for the rain gods l Education and women's liberation will continue to drive consumption l The huge opportunity in addressing the 'private cost of public failure'

Theme Report

Infrastructure: Overloading - no more a free ride

l Stringent infrastructure to curb overloading in the process of getting installed l Ease of enforcement: a host of hurdles and a few offbeat solutions l The extent of overloading is high and so is the inadvertent business benefit

Daily Alerts

Results

Reliance Industries: Strong FY2016 sets stage for FY2017-18

l 4QFY16 results in line with our ahead-of-consensus estimates l Moderate increase in 'reported' net debt despite significant capital expenditure l Fine tune estimates and retain target price at Rs1,130

HDFC Bank: Another quarter of stable performance

l Strong revenue growth drives another quarter of healthy and stable earnings growth l Gaining share in a subdued lending environment l Maintain BUY; limited near-term risks to high return ratios

Results, Change in Reco

Mahindra & Mahindra Financial: A sigh of relief

l Strong performance in 4QFY16, finally! l MMFS sailing through rural challenges l ADD; target price of Rs305

Change in Reco

Minda Corp.: Positives priced in; downgrade to REDUCE

l Minda Furukawa and Stoneridge JVs are key medium-term growth drivers for the company l Aggressive competition from Yazaki India could impact Furukawa's profitability l Current valuations offer limited upside; downgrade to REDUCE with revised TP of Rs115

Company alerts

Bajaj Finserv: Speculation on economic stake ends, finally!

l The overhang ends, finally! l Large holding company discount at Bajaj Finserv l 16% upside to our September 2017E-based target price

Sector alerts

Banks/Financial Institutions: Retail trends unchanged; public banks gain a bit more share

l Retail loans continue to gain share in the overall loan pie l A relatively better year for public banks as they have gained a bit of the share in retail segment l Limited concern on the book at this stage l Banks are likely to grow unsecured loans a lot more aggressively

Utilities: Rajasthan - on the mend

l Targeting cash break-even by FY2017, compared to losses of Rs159 bn in FY2014 l UDAY program to spur new demand; set to issue tenders for the long-term soon l Revival of SEBs good for power sector, private utilities have more to gain than regulated entities

 

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