{LONGTERMINVESTORS} India Daily - Strategy; Results - HCL Technologies, Titan Company, Voltas, Orient Cement

 

 

 

Special Reports

Strategy

Strategy: Earth and moon

l Revisiting the earnings outlook over the next 2-3 years l Top-down valuations of the market are flattered by the composition of earnings l 'Low' P/E of incremental earnings over FY2016-18E l How and when will earnings and valuations meet? Hopefully better than last time

Strategy: GST is a good and sensible taxation policy

l Cooperative federalism and bipartisanship visible in RS; key suggestions taken into account l Significant amount of work still left l Sector impact: positive for automobiles, consumer durables and media and entertainment

Daily Alerts

Results

HCL Technologies: Impressive show

l Excellent EBIT margin defense; solid revenue growth l Familiar failings but an equally impressive show of strength in IMS l The US$350 mn question l Raise EPS estimate and target price. REDUCE rating stays

Titan Company: Narratives way too strong for performance (weak again in 1QFY17) to matter

l 1QFY17 - strong growth comps on EBITDA and PAT misleading; it was a weak quarter l Do quarters matter to the 'already strong and getting stronger' narratives? No, it looks like

Voltas: Strong quarter and outlook

l 1QFY17: cooling products shine again l Outlook: UCP stronghold to be maintained; MEP margin improvement to be gradual l Revise estimates; maintain ADD

Orient Cement: Right place, wrong time

l Volume growth holds on expanded capacity base, realizations very weak in South l Improving dynamics in key markets of West and South will aid earnings from here l Maintain BUY rating with revised target price of Rs175/share (from Rs170 previously)

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