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Equity Fundamental Research Reports

Equity Fundamental Research Reports

Tyre Sector : 16/09/2014
Sector Updates CMP : Target Price : Recommendation : -
The tyre industry is poised to grow in double digits over the next two years. Recovery in the OEM segment (contributing about 30% of the demand) due to positive consumer sentiment, and better replac....
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Relaxo Footwears Ltd : 15/09/2014
Result Updates CMP : 464 Target Price : 510 Recommendation : Accumulate
Relaxo Footwears (Relaxo), predominantly a low value mass-product (Hawaii) company, has over the years gained a respectable market share in the mid-market segment by successfully establishing specia....
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Sterling Tools Ltd : 12/09/2014
Initiating Coverage CMP : 332 Target Price : 397 Recommendation : Buy
Going ahead, we expect STL to report net sales CAGR of ~14% over FY2014-16 to ~`394cr owing to recovery in automobile sales volumes in both domestic as well as export markets. This will lead to recu....
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Automobile Sector : 04/09/2014
Sector Updates CMP : Target Price : Recommendation : -
Strong momentum continues in passenger space; CVs subdued: The passenger vehicle (PV) segment and two wheelers (2Ws) maintained their strong growth momentum, reporting a double digit volume growth d....
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TVS Srichakra Ltd : 03/09/2014
Company Updates CMP : 890 Target Price : 1040 Recommendation : Buy
For 1QFY2015, TVS Srichakra (TVSSL) reported an excellent set of numbers. The revenue for the quarter improved by 17.3% yoy to Rs447cr, above our expectation of Rs440cr. The EBITDA margin expanded b....
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Tide Water Oil Co (I) Ltd : 02/09/2014
Initiating Coverage CMP : 12076 Target Price : 14704 Recommendation : Buy
Going ahead, we expect TWOIL to report standalone net sales CAGR of ~9% over FY2014-16E to ~Rs1,196cr owing to some improvement in sales volume and possible price hikes (the company would be able to....
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L G Balakrishnan & Bros Ltd : 20/08/2014
Initiating Coverage CMP : 497 Target Price : 605 Recommendation : Buy
LGBL is a market leader in two-wheeler automotive chains with ~70% market share in the OEM segment. The two-wheeler industry is showing signs of recovery, both in terms of domestic sales as well as ....
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Dishman Pharmaceuticals and Chemicals Ltd : 18/08/2014
Result Updates CMP : 147 Target Price : 177 Recommendation : Buy
For 1QFY2015, Dishman Pharmaceuticals and Chemicals (Dishman) announced better-than-expected numbers on the sales front, but lower-than-expected OPM and net profit. The company posted a revenue of R....
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Cipla Ltd : 18/08/2014
Result Updates CMP : 448 Target Price : 480 Recommendation : Accumulate
Ciplas 1QFY2015 results came in below our expectations. For the quarter, the company posted consolidated sales of Rs2,647cr V/s an expected Rs2,720cr and V/s Rs2,331cr in 1QFY2014 (a yoy growth of 1....
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Sadbhav Engineering Ltd : 14/08/2014
Result Updates CMP : 196 Target Price : 233 Recommendation : Accumulate
For 1QFY2015, Sadbhav Engineering (SEL) reported a stable set of numbers. The operating performance improved on back of improvement in efficiency with bottom-line further improving with better finan....
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Sun Pharmaceuticals Industries Ltd : 14/08/2014
Result Updates CMP : 784 Target Price : Recommendation : Neutral
For 1QFY2015, Sun Pharmaceuticals Industries (Sun Pharma) posted results lower than our expectations on the sales and net profit fronts, while the OPM came in higher than our expectations. Sales dur....
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GlaxoSmithKline Pharma : 13/08/2014
Result Updates CMP : 2450 Target Price : Recommendation : Neutral
Glaxo SmithKline Pharmaceuticals (Glaxo) announced its 2QCY2014 numbers, which are below our expectations on the OPM and net profit front. On the other hand the revenue for the quarter came in in li....
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Honeywell Automation India Ltd : 12/08/2014
Others CMP : Target Price : Recommendation : -
The stock price of Honeywell Automation India Ltd (HAIL) has run up substantially in the past one year, ie by ~109%. Despite assuming a PAT of Rs140cr for FY2016E (bottom-line CAGR of 27.5% for FY20....
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State Bank of India : 11/08/2014
Result Updates CMP : 2415 Target Price : 2988 Recommendation : Buy
State Bank of India (SBI) reported a good set of numbers for 1QFY2015 with a 15.1% yoy growth in net interest income and stable asset quality. Slippages came down from Rs13,766cr (annualized ratio o....
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Tree House Education & Accessories Ltd : 09/08/2014
Result Updates CMP : 376 Target Price : 425 Recommendation : Accumulate
Tree House Education & Accessories Ltd (THEAL) reported in-line numbers for 1QFY2015. Its top-line surged by 31.9% yoy to Rs54cr, in line with our estimate of Rs52cr, owing to addition of 15 pre-sch....
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