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

Daily Alerts

Results

Siemens: Strong order inflows

l 3QFY16 earnings below estimate l Strong order inflow growth in the quarter and 9MFY16 l Stock remains very expensive; retain SELL

Results, Change in Reco

PC Jeweller: Strong quarter operationally; downgrade a notch to ADD

l Sharp GM expansion in domestic business drives EBITDA/PAT outperformance; exports in line l Proposes to raise Rs2.57 bn from Fidelity l Raise EPS estimates by 1-3%; downgrade a notch to ADD with revised TP of Rs450

Carborundum Universal: Bright outlook, all factored in

l Start of a sweet two-year period l Would caution against using liberal valuations and factoring in a repeat of FY2009-12 period l 1QFY17: Good start to the year, as expected

Company alerts

HDFC Bank: Just a few negligible pressure points

l Impairments rising steadily in select retail portfolios l Stable NIM but sharp rise in interest income from the investment portfolio l Deposits only get granular over time; 80% of deposits are retail l Rating unchanged though upsides limited; prefer ICICI Bank at current levels

Oberoi Realty: Annual report analysis: FY2016

l Highlights from annual report l View: Strong brand equity, stronger balance sheet; needs to be capitalized   Sector alerts Energy: Downgrade OMCs a notch l Lessons from recent past - (1) earnings upgrade from refining and (2) FCF from working capital l Marketing segment can grow, but may only cover rising costs and fund returns-dilutive capex l Growth multiples may be difficult to justify given cyclical nature and low FCF conversion l Fine tune estimates; raise TPs by 5-15% aligning with reasonable 5.5-6X EV/EBITDA multiples

 

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