* Maintain buy, target at `532
* At 67.3% holding, expect co to get $288mn from sale
* See this deal as deleveraging catalyst for Tcom
* Believe FY17E Net Debt/EBITDA will improve to 2.2x from 3.3x
* Upon completion, proposed sale should add `10 per share to SOTP value
* See proposed sale improving growth prospects of company
* Deal should remove overhang on the stock price
* Deal to enable mgmt to concentrate bandwidth on Indian core biz
Morgan Stanley on Tata Comm
* Maintain overweight, target at `570
* In FY16, Neotel's biz performance disappointed
* Expect deal to be marginally EV/EBITDA accretive
* Deal aligns well with TCOM's objective to focus on core biz
* Cash coming in would help deleveraging EV/EBITDA to 3x in F2017
* Believe net gain to TCOM from deal is ~`16/share
CLSA on Larsen & Toubro
* Raise target to `1750 from `1600, Maintain Buy
* New Ind AS norms would optically reduce gearing from 1.8x to 1.5x
* New Ind AS norms would reduce reported debt by `16,000 cr; Hikes net worth
* New provisions, FCCB interest will hurt recurring EPS by ~2%
* Ind AS would also eliminate treasury gains via sale of subs stakes
BofA ML on Zee (Annual report analysis)
* Maintain buy, target at `465
* Mgmt concentrated on increasing broadcasting share
* Mgmt launched seamless advertising platform, OTT platform
* Mgmt pruned distribution costs, fortified international presence
* Co increased its capex mainly led by Sarthak acquisition
* Price not reflecting full benefits accruing from content monetization
* Expect co's ad revenues to be boosted by pickup in economy
IDFC on Carborundum Uni
* Upgrade to outperform, target at `258
* Co focussed on regaining market share in abrasives segment
* Continued backward integration, entry into new products are enabling growth
* Mgmt expects margins to improve to ~18% in the next 2-3 years
* Headwinds such as limited capex and demand exist
* Restructuring of South African entities will improve cost structure, boost profitability
Deutsche on HDFC Bank
* Maintain buy, raise target to `1370 from `1285
* Market share gain and lower cost could drive 20% EPS growth
* Investment in branches, employees is fastest among peer banks
* Slight shift in loan mix to lead to lower NIMs but also lower costs
* Incremental market share growth is 15% and improving constantly
* Expect ~1.9-2% RoA and ~20% RoE in 2 years
* Valuation is rich at 17x FY18E P/E, but growth to remain steady
JP Morgan on Marico
* Maintain neutral, raise target to `270 from `250
* Near term EPS growth will be supported by lower copra prices
* Premiumisation & Penetration is the way forward
* Product innovation in Non-CNO portfolio is key positive
* In International portfolio, Inorganic opportunities being explored
* See significant improvement in demand trends for domestic/overseas operations
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