Thursday, 27 October 2016

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

 BOFAML ON GLENMARK

* Believes strong margin improvement is on account of superior mix
* Maintains Neutral, target of ₹975
* Strong margin improvement from higher realisations on Mupriocin in US
* US, RoW 4-5% beat; Europe very weak; rest inline

CITI ON EMAMI
* Believes co is managing well at a portfolio level
* Biz has reasonable momentum; Believes earnings growth should remain healthy
* Continues to do better than peers in a soft market
* Co's superior pricing, pdt innovation renovation should buoy growth
* Maintains Buy, target of ₹1,320

CITI ON IOC
* GRMs declined from $10.0 to $4.3 QoQ; largely along expected lines
* Inventory losses in marketing, lower petchem profits led to below est nos
* Maintains Buy, raises target to ₹374 from ₹325
* QoQ decline in throughput was unexpected given ongoing ramp-up at Paradip
* Sees improved visibility of segmental earnings driven by fuel deregulation

CITI ON TECH MAHINDRA
* Concerns on profitable growth for sector remains; Sustainability is key
* Maintains Sell, cut target to ₹405 from ₹460
* Model in ~9% rev , flat margin in FY18E- expect downward pressure on consensus
* Organic revenue growth remains well below peers
* While Q2 is decent, low YoY growth highlights volatility, challenges

CLSA ON TVS MOTOR
* Expect volume growth and margins to soften in H2
* Maintains Sell, raises target to ₹260 from ₹240
* Remains skeptical on the company's target of double-digit margins
* Stock is trading at an expensive 24x FY19CL PE
* Strong Q2 performance was partly led by earlier festival season this year
* Upgrades FY17-19CL EPS by 7-10%, factoring in higher ASPs/margins

CLSA ON UNITED SPIRITS
* Co expects outcome to be better than past expectations
* Cuts FY17-19CL EPS by 19-24%
* Maintains Buy, cuts target to ₹2,800 from ₹3,100
* Recurring nature of one-off factors almost every quarter is a concern now
* Recurring nature of One-off factors almost every quarter is a concern now
* Some one-offs (LBT impact, severance costs) largely behind

IDFC ON TECH MAHINDRA
* Maintains Outperform, target of ₹540
* Telecom momentum to improve, enterprise growth to sustain

UBS ON ABB
* Believe earnings will continue to witness downgrades
* Maintains Sell, target of ₹870
* Revenues & margins below estimates; orders aided by lumpy inflows
* See moderate order inflow growth on continued weakness in traditional biz
* Think bulk of margin expansion is behind us given challenging demand conditions

DB ON MARUTI
* Upgrade to buy from hold, raise target to `6700 from `4350
* Results beat reflects strengthening of franchise
* Model momentum and higher pricing power to sustain stock re-rating
* Ability to offset currency risks through pricing is a structural positive
* Market-share tailwind to sustain in the medium term
* 2QFY17 results - strong beat on margins suggests FX impact was nullified

CLSA ON MARUTI
* maintain buy, raise target to `7300 from `6350
* Key positive: strong 220bps QoQ expansion in Ebitda margin driven by operating leverage
* Believe 2Q nos will raise market expectations for FY17-18 margins; complementing volume story
* believe that the ongoing rerating of Maruti's stock has more legs
* upgrade FY17-19CLEPS by 9-15% factoring in higher margins

--
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