MAINTAIN HOLD, TARGET `2500
Revenue/ EBITDA 3%/6% below forecasts, PAT 2% higher due to higher other income
Overall inline results; management indicated lukewarm festive demand
Domestic business market-share & mix improving, exports remain under pressure
MS ON COLGATE: ET NOW
MAINTAIN UNDERWEIGHT, TARGET `830
2QF17 was a steady quarter for Co. in a weak demand environment
Domestic volume growth for the quarter was 4% below estimate of 5%
Key positive surprise for quarter was gross margin expansion of ~90bps YoY
Shifting preference towards 'natural' products may crimp valuation multiples on stock
CITI ON NTPC: ET NOW
MAINTAIN BUY, TARGET `174
Delivered another steady quarter, PAT came in 6% ahead of estimate
Added 575MW of capacity in 1HFY17 including 250MW of solar & acquired 325MW
Solar PLF 2Q at ~14%, mgmt. confident of increasing to 18-19% for FY17E; hydro PLF was ~93%
CITI ON UPL: ET NOW
MAINTAIN BUY, TARGET `860
Another strong showing with strong, above industry volume growth & margins
Developed markets US & Europe weak as expected, offset by strong growth in India & LatAm
23% volume growth, one of strongest quarters & also well ahead of most peers
Seeds business grew 23% YoY in 2Q after a 10% YoY decline in 1Q
Demonstrates ability to deliver above industry growth & improve margins despite tough times
MS ON BHARAT FINANCIALS: ET NOW
MAINTAIN OVERWEIGHT, TARGET `1125
Good Numbers with Better Risk Metrics, PAT 3% below MS estimates
NII below estimates, operating costs were higher, partially offset by lower provisions
Operating efficiency was good & Asset quality was stable
Non-AP AUM growth strong at 66% YoY, 7% QoQ Disbursements growth strong at 51% YoY
MACQUARIE ON EICHER MOTORS: ET NOW
MAINTAIN OUTPERFORM TARGET RAISED FROM `25,000 TO `28,500
Strong performance, with Royal Enfield EBITDA growth 3.0% ahead of estimates
VECV saw mixed performance, Co. gained significant market share, operating margin declined
Order intake for RE continues to be ahead of supplies despite ~31% growth in production
RE has maintained production guidance at 675k units for FY17E
MS ON GRASIM: ET NOW
MAINTAIN OVERWIEGHT, TARGET `1196
Good quarter with business momentum remaining strong
Key surprise was higher-than-expected volumes in chemicals businesses
PAT 11% ahead of estimate, helped by higher-than-expected other income
Margin below estimate of 22.3% from lower-than-expected margins in both VSF & chemical business
Co. to benefit from ongoing expansion in chemical business on volume side
Operating at 100% utilization on VSF side, looking grow capacity through debottlenecking
IDFC ON MARICO: ET NOW
MAINTAN NEUTRAL, TARGET `275
Predictive pricing model backfires, volumes dropping sharply in Parachute
Expect franchise to stabilize in the quarters to come
Earnings growth is likely to slow in 2HFY17 from the 17% levels of 1HFY17.
Valuations of 37x FY18E implies premium to peers like GCPL & Dabur, giving downside risks
IDFC ON NESTLE: ET NOW
MAINTAIN UNDERPERFORM, TARGET `6150
Results ahead of estimates, Maggi rebound & new launch pipeline drives revenues
Domestic up 38% on low base which had negligible Maggi sales on account of ban
Reduce CY16E and CY17E earnings by 6%/2% factoring lower revenue growth for core business
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