* Maintain BUY; target at `2850
* Mgmt says that growth challenges TCS and industry face are largely cyclical
* Industry consolidation towards scale vendors, rising tech intensity across biz most imp
* Increasing participation across geographical, vertical markets remain cornerstones of long-term strategy
* Margin of 26-28% remains defensible in medium term; may be missed in FY17
* Believe capital allocation could be reassessed this year in favour of regular and higher dividend payouts
UBS ON BHARAT FINANCIAL: ET NOW
* Upgrade to buy from Neutral, raise target to `1000 from `525
* Strong presence in under-penetrated rural India to support 42% CAGR in loans
* Co best placed among listed MFIs given leadership in rural market
* Asset quality to remain stable; political and regulatory intervention key risks
* Expect regulatory, political envt to remain benign given govt/RBI focus on financial inclusion
* ROEs to stay at 24%+; Operating profit growth at 48% CAGR over FY16-19E
DB ON FEDERAL BANK: ET NOW
* MAintain buy, raise target to `85 from `70
* Co on the right track; valuations remain comfortable despite recent run-up
* Expect improving growth trajectory coupled with steady NIMs, stable asset quality
* Lower slippages, improving NIMs will result in RoAs at 1%, RoEs beyond 12% in FY18
* Growth picking up which should result in better utilization of resources
* Asset quality has peaked; cost leverage should also benefit
DB ON IDEA: CONCALL TAKEAWAYS: ET NOW
* Maintain buy, target at `131
* Sector Outlook: market will partition into a 2G/3G and a 4G market
* Around 400m subscriber additions are likely over the next 3-4 years
* Data yield is likely to decline 50% (from $4/GB) over 2-3 years
* Idea has low renewal risk in its specturm holdings
* Co's Strategy: Focusing to become a close #2; rapid scale-up on 4G
* Co expects to defend margins; ROCE would improve to mid-teens in medium term
* Reliance Jio: Idea well-prepared for the competitive impact
UBS ON JUST DIAL: ET NOW
* Downgrade to sell from Neutral, cut target to `450 from `710
* Core 'Search' biz deteriorating as information becomes increasingly commoditised
* JDL's app downloads/ranking continues to decline
* Heavy reliance on Google for web traffic implies app is critical source of direct traffic
* Believe JDL needs to take immediate steps to augment branding and digital traffic
* Believe increase in ad expenses is likely and can be higher than mgmt's guidance
JPM ON L&T FINANCE: ET NOW
* Maintain overweight, raise target to `103 from `87
* Biz undergoing strategic reorientation as co prioritizes ROE over growth
* Slew of initiatives for cost/asset sales/portfolio reorientation are active in biz
* Fruits of transition to become visible by FY17-end, with consistent ROE improvement
* As market becomes more convinced about growth, share price may continue to re-rate
* Infra Fin: Worst seems to be behind us; Asset sale can accelerate ROE progression
CS ON LUPIN: ET NOW
* Maintain underperform, target at `1350
* Minastrin may not have extended exclusivity which shows 4% risk to FY18 estimates
* Risks exist from AG during exclusivity & Amneal or Mylan entering post exclusivity in FY18
* Reiterate Minastrin profit should get lower multiple as profits from Minastrin will decline 50% in FY19
* Overall top-three products for Lupin in FY18 still contribute >40% of the profits
CITI ON RIL: ET NOW
* Maintain buy, target at `1235
* Jio launch very eventful; see potentially favourable implications for future marketing spend
* Conversion ratio to be key; forecast 60-70m subs by FY20-21E at an ARPU of ~`360
* In preoccupation with Jio, investors should not lose sight of core business
* Refining margins have staged smart recovery, 3Q should see first benefits of core expansions
* Forecast EBITDA CAGR of 15% over FY16-19E, 3-yr EBITDA break even for Jio
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