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

 

Special Reports

Theme Report

Automobiles: MHCV industry volumes below our modest expectations

l Strong volume growth in passenger vehicle industry in August 2016 l M&M UV sales grow 29% yoy in August 2016; tractor volumes up 16% yoy l MHCV industry volumes decline by 10-11% yoy in August 2016 l Two-wheelers: Inventory build-up leads to stronger-than-expected volume growth

Daily Alerts

Results

Mahanagar Gas: A strong start

l Strong results driven by robust growth in volumes and higher margins l Raise EPS estimates by 5-6% and DCF-based TP to Rs650

Company alerts

Reliance Industries: AGM - all about Jio, and others

l Jio - the official launch, tariff structures and other announcements l Delay in petcoke gasification and lower refining margins drive 3-5% cut in FY2017-18 EPS

ICICI Bank: Rebuilding business

l Macro challenges persist; need change of hands for resolutions to kick start l A few green shoots of growth l Wholesale banking in transition l Remain positive as risk-reward looks attractive

Sector alerts

Banks: Arbitrage addressed

l Mandated: Pre-defined policy to manage NPLs l Looking towards wider participation and possibly higher cash sales on loans sold by banks l Regulation a bit uncertain on whether it is prospective or retrospective l Loans sold to ARCs similar to FY2015; few banks have sold standard assets l On balance, a positive move

Infrastructure/Banks: Big thrust to gain back trust

l Immediate relief from 75% realization of settled claims l Pending claims to shift to the new arbitration act; would get decided over 12 months l Banking sector to benefit; mostly public banks and ICICI Bank l One-time scheme for stressed loans and proposal for loss-sharing are other key enablers

Infrastructure: Railways in a fix; container rate hike not the way out

l Revenues down 5% yoy in 4MFY17 l Costs up 3% yoy in 4MFY17; net earnings down in double digits l Further rate cuts unlikely; IR may hike bulk freight rates but would likely spare container rates

Telecom: Big paradigm shift on wireless pricing; all bets are off, for now

l The event: R-Jio announces commercial launch and discloses tariff plans l The impact - tough to gauge the extent of near-term damage; neutral to positive long term

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