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

 DB ON IDFC BANK : Distribution build-up gradual; loan book to remain corporate-heavy for now

DB ON IDFC BANK : Distribution build-up is gradual; loan book to remain corporate-heavy for now
DB ON IDFC BANK : Downgrades to Sell from Hold, raises target to ₹65 from ₹55
DB ON IDFC BANK : Impact of building priority sector loans on existing infra-heavy book challenging
DB ON IDFC BANK : Improvement in retail/CASA will only be gradual, as it lacks distribution
DB ON IDFC BANK : PSL will likely be a drag; on NPLs, provisions made
DB ON IDFC BANK : Valuations at 1.8x book for 7-9% RoE look very expensive

DB ON OIL & GAS : Govt has cut domestic gas price by 18% to $2.5/mmBtu from October
DB ON OIL & GAS : Maintains Buy on Gujarat Gas, target of ₹770
DB ON OIL & GAS : Maintains Buy on ONGC, raises target to ₹285 from ₹260
DB ON OIL & GAS : Maintains Buy on RIL, target of ₹1,235
DB ON OIL & GAS : Maintains Buy On RIL, target of ₹1,235
DB ON OIL & GAS : Maintains Hold on GAIL, target of ₹595
DB ON OIL & GAS : Maintains Hold on IGL, target of ₹595
DB ON OIL & GAS : Maintains Sell on GAIL, target of ₹350
DB ON OIL & GAS : ONGC and Oil India to be adversely impacted, city Gas companies to benefit
DB ON OIL & GAS : Sees only marginal impact on RIL and GAIL

MS ON CEMENT : Believes demand recovery is underway and estimate 6% demand growth in FY17
MS ON CEMENT : Cement prodn grew 3% YoY on Aug 16; On 2-yr CAGR basis, implies 4.2% growth
MS ON CEMENT : Improvement over muted production/demand growth seen in last few months (ex-June)
MS ON CEMENT : Maintains attractive industry view; Sees demand gradually picking up
MS ON CEMENT : While monthly vol tends to be volatile, expect gradual improvement in demand

MS ON KOTAK BANK : Acquisition will give access to priority sector eligible assets
MS ON KOTAK BANK : BSS extends microfinance to poor rural and semi-urban women via JLG mechanism
MS ON KOTAK BANK : BSS Microfinance acquisition to be completed in 3-4 mths for ₹140 cr cash
MS ON KOTAK BANK : Maintains Overweight, target of ₹810
MS ON KOTAK BANK : Objective is to directly enter fast growing & highly profitable MFI segment
MS ON KOTAK BANK : With AUM of ₹480 cr, BSS MFI is the 25th largest NBFC-MFI in India

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