CLSA ON TATA MOTORS: ET NOW
* Raise target to `635 from `545, Maintain Buy
* FX losses impact JLR's margins but should bounce back
* Expect JLR's margins to climb to about 16% over FY18-19
* India business continued to improve; 2nd quarter of profit
* Volume growth outlook remains strong given a robust product pipeline
* Expect a strong 21% EPS Cagr over FY16-19; Up EPS by 4-6%
KOTAK ON TATA MOTORS: ET NOW
* Raise target to `580 from `520, Maintain Buy
* JLR reported a slightly weaker quarter due to higher FX losses
* JLR EBITDA margin will steadily improve as FX hedges move close to spot rates
* JLR volume growth outlook remains strong led by F-Pace and Discovery Sport
* Increased our consolidated earnings estimates by 10-11% over FY2017-19
* Build in currency benefits in JLR and change our GBP:USD rates to spot rates
AXIS CAPITAL ON TATA MOTORS: ET NOW
* Maintain Buy, Target `580
* Profit share of China JV remains strong at GBP 51 mn which is key positive
* Maintain view that rising share of Jaguar will not be margin dilutive
* Management expects JLR's volume growth to remain robust driven by new launches
* Factor in 20%/14% growth for FY17E/18 mainly driven by Jaguar
JP MORGAN ON TATA MOTORS: ET NOW
* Maintain Overweight, Target `485
* JLR demand outlook remains encouraging; India CV sales to pick up in 2H
* Overweight as new model launches are expected to drive growth at JLR
* As the hedges roll, benefit from the weaker GBP should reflect in margins from 2H
MACQUARIE ON TATA MOTORS: ET NOW
* Raise target to `600 from `535, Maintain Outperform
* JLR adjusted EBITDA margin of 13.8% despite weaker geographical mix
* Expect JLR to register strong volume growth over FY16-18 led by new models
* Our FY17-18 EPS estimate is ~15% higher than Bloomberg consensus
* India business is expected to report growth across segments in FY17
* Raise our TP by 12% on higher JLR valuation multiple to 3.5x FY18E EV/EBITDA from 3.2x
DB ON TATA MOTORS: ET NOW
* Raise target to `500 from `380, Maintain Hold
* Positive outlook on new models and FX, but risk-reward is balanced
* Gains from new models/FX should step up in coming quarters
* Currency could more than offset any negative volume impact in the near term
* Our target price of `500 is based on 4x FY18E EV/EBITDA
CS ON LUPIN: ET NOW
* Cut target to `1290 from `1450, Maintain Underperform
* Believe high contribution of Fortamet & Glumetza is underappreciated
* 3Q17 should be the first quarter of full impact of Mylan launch of Fortamet
* Expect 3Q17 to fully reflect weakness of base profit
* Expect further cut in consensus estimates; We are 8% lower than consensus
* Cut target as base business is only 40- 50% of total profits
DB ON HINDALCO: ET NOW
* Raise target to `185 from `176, Maintain Buy
* Supply side discipline better than expected so risk reward favourable
* Deleveraging on track; consolidated net debt falls for first time in seven years
* Upward revision of consensus earnings continues; sensitivity to LME high
MACQUARIE ON JUBLANT LIFE: ET NOW
* Raise target to `590 from `440, Maintain Outperform
* Speciality sales (CMO / Radiopharma) are the biggest margin lever
* Pharma business provides much-needed stability to margins
* Catalysts: Rubifill launch, FCF generation & deleveraging
MS ON INFOSYS: ET NOW
* Cut target to `1150 from `1231, Maintain Overweight
* Risks to F17 revenue guidance but largely priced in
* Macro uncertainty is affecting near-term business, but the deal pipeline is healthy
* After the recent correction, the stock is pricing in lower guidance
* We find the P/E multiple reasonable and downside potential limited
* Internal execution issues sorted out but external challenges have increased uncertainty
* Guidance to be revisited; likely cut in Oct-16 is already priced in
* Raise target to `635 from `545, Maintain Buy
* FX losses impact JLR's margins but should bounce back
* Expect JLR's margins to climb to about 16% over FY18-19
* India business continued to improve; 2nd quarter of profit
* Volume growth outlook remains strong given a robust product pipeline
* Expect a strong 21% EPS Cagr over FY16-19; Up EPS by 4-6%
KOTAK ON TATA MOTORS: ET NOW
* Raise target to `580 from `520, Maintain Buy
* JLR reported a slightly weaker quarter due to higher FX losses
* JLR EBITDA margin will steadily improve as FX hedges move close to spot rates
* JLR volume growth outlook remains strong led by F-Pace and Discovery Sport
* Increased our consolidated earnings estimates by 10-11% over FY2017-19
* Build in currency benefits in JLR and change our GBP:USD rates to spot rates
AXIS CAPITAL ON TATA MOTORS: ET NOW
* Maintain Buy, Target `580
* Profit share of China JV remains strong at GBP 51 mn which is key positive
* Maintain view that rising share of Jaguar will not be margin dilutive
* Management expects JLR's volume growth to remain robust driven by new launches
* Factor in 20%/14% growth for FY17E/18 mainly driven by Jaguar
JP MORGAN ON TATA MOTORS: ET NOW
* Maintain Overweight, Target `485
* JLR demand outlook remains encouraging; India CV sales to pick up in 2H
* Overweight as new model launches are expected to drive growth at JLR
* As the hedges roll, benefit from the weaker GBP should reflect in margins from 2H
MACQUARIE ON TATA MOTORS: ET NOW
* Raise target to `600 from `535, Maintain Outperform
* JLR adjusted EBITDA margin of 13.8% despite weaker geographical mix
* Expect JLR to register strong volume growth over FY16-18 led by new models
* Our FY17-18 EPS estimate is ~15% higher than Bloomberg consensus
* India business is expected to report growth across segments in FY17
* Raise our TP by 12% on higher JLR valuation multiple to 3.5x FY18E EV/EBITDA from 3.2x
DB ON TATA MOTORS: ET NOW
* Raise target to `500 from `380, Maintain Hold
* Positive outlook on new models and FX, but risk-reward is balanced
* Gains from new models/FX should step up in coming quarters
* Currency could more than offset any negative volume impact in the near term
* Our target price of `500 is based on 4x FY18E EV/EBITDA
CS ON LUPIN: ET NOW
* Cut target to `1290 from `1450, Maintain Underperform
* Believe high contribution of Fortamet & Glumetza is underappreciated
* 3Q17 should be the first quarter of full impact of Mylan launch of Fortamet
* Expect 3Q17 to fully reflect weakness of base profit
* Expect further cut in consensus estimates; We are 8% lower than consensus
* Cut target as base business is only 40- 50% of total profits
DB ON HINDALCO: ET NOW
* Raise target to `185 from `176, Maintain Buy
* Supply side discipline better than expected so risk reward favourable
* Deleveraging on track; consolidated net debt falls for first time in seven years
* Upward revision of consensus earnings continues; sensitivity to LME high
MACQUARIE ON JUBLANT LIFE: ET NOW
* Raise target to `590 from `440, Maintain Outperform
* Speciality sales (CMO / Radiopharma) are the biggest margin lever
* Pharma business provides much-needed stability to margins
* Catalysts: Rubifill launch, FCF generation & deleveraging
MS ON INFOSYS: ET NOW
* Cut target to `1150 from `1231, Maintain Overweight
* Risks to F17 revenue guidance but largely priced in
* Macro uncertainty is affecting near-term business, but the deal pipeline is healthy
* After the recent correction, the stock is pricing in lower guidance
* We find the P/E multiple reasonable and downside potential limited
* Internal execution issues sorted out but external challenges have increased uncertainty
* Guidance to be revisited; likely cut in Oct-16 is already priced in
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment