|added date||update||company name||note|
|Monday, July 16, 2018 - 08:45||Top Picks||Aurobindo Pharma Ltd|
CMP: ₹603 TP: ₹780 Upside: 28.7%
We Expect Aurobindo To Report Net Revenue CAGR Of ~13% & Net Profit To Grow At ~5% CAGR During FY2018-20E, Due To Increased R&D Expenditure. However, Valuations Of The Company Are Cheap V/S Its Peers And Own Fair Multiples Of 17-18x. We Recommend BUY Rating.
|Monday, July 16, 2018 - 08:45||Top Picks||Safari Industries India Ltd|
CMP: ₹693 TP:₹800 Upside: 15.4%
We are increasing the target price of Safari Industries to 800 at 40x FY2020 earnings in view of continued demand momentum.
|Friday, July 6, 2018 - 09:00||Top Picks||RBL Bank Ltd|
CMP: ₹565 TP: ₹670 Upside: 18.5%
We believe advance to grow at a healthy CAGR of 35% over FY18-20E. Below peers level ROA (1.2% FY18) to expand led by margin expansion and lower credit cost.
|Friday, July 6, 2018 - 08:45||Top Picks||Yes Bank Ltd|
CMP: ₹348 TP: ₹418 Upside: 20.1%
Well planned strategy to grow small business loans and cross-selling would propel fees income. We expect YES to grow its advance much higher than industry and improvement in asset quality to support profitability.
|Saturday, June 30, 2018 - 13:15||Fundamental||Aurobindo Pharma Ltd|
CMP: ₹601 Target Price: ₹780 Upside: 29%
We expect Aurobindo to report net revenue CAGR of ~13% & net profit to grow at ~5% CAGR during FY2018-20E, due to increased R&D expenditure. However, valuations of the company are cheap V/s its peers and own fair multiples of 17-18x. We recommend BUY rating.
|Saturday, June 30, 2018 - 12:45||Top Picks||Jindal Steel & Power Ltd|
CMP: ₹222 Target Price: ₹350 Upside: 57%
We expect JSPL’s top line to grow at 27% CAGR over FY19-FY20 on the back of strong steel demand and capacity addition (mostly from real estate, automotive & infra sector). On the bottom line front, we expect JSPL to turn in to profit by FY19 on back of strong operating margin improvement (due to higher utilization in steel and power segment and simultaneous reduction in debt level). Along with that, The management intend to increase the shareholders value by either monetizing some the asset or building it to improve the profitability of JSPL. We recommend to BUY the stock with a target price of ₹350 based on peer comparison method, we value the Steel segment on EV/Tonne basis and Power business as per EW/MW basis.
|Saturday, June 30, 2018 - 11:45||Top Picks||Bata India Ltd|
CMP: ₹862 Target Price: ₹948 Upside: 10%
We have revised our Target Price from `896 to `948 on an anticipation of strong sales growth and better operating margin (increase in volume of premium products i.e. Hush Puppies, Naturalizer, Power, etc).
|Friday, June 29, 2018 - 10:30||Top Picks||GMM Pfaudler Ltd|
GMM Pfaudler Ltd. - CMP ₹775 Target Price - ₹1020
GMM is the Indian market leader in glass-lined steel equipment used in corrosive chemical processes of agrochemicals, specialty chemical and pharma sector. GMM has a strong and sticky clientele comprising global giants in chemicals and pharma space. Indian agrochemicals and specialty chemicals players are seeing a buoyant demand due to slowdown in Chinese competition. Most of these companies are expanding or upgrading their manufacturing facilities which will augur well for GMM. Strong order inflow from the user industries is likely to provide 20%+ growth outlook for next couple of years. Hence, we recommend a Buy on the stock with a target price of ₹1020 ( 24x FY2020 earnings).
|Monday, June 25, 2018 - 16:00||Top Picks||Navkar Corporation Ltd|
Exit from Navkar Corporation (NCL): CMP ₹133
In FY18, the company has reported subdued performance, both on top-line & bottom-line growth mainly to due increase in volume of direct port delivery (DPD), which is expected to increase further increase. Thus, we are advising client to exit from the stock.
|Wednesday, June 20, 2018 - 10:00||Top Picks||Shriram Transport Finance Company Ltd|
Shriram Transport Finance Company Ltd (BUY) - CMP: ₹1,466, Target Price: ₹1,764
SHTF is in the sweet spot with benefits from stronger CV volumes, NIMs unaffected by rising bond yields on the back of stronger pricing power and an enhancing ROE by 750bps over FY18-20E, supported by decline in credit cost.
|Monday, June 18, 2018 - 13:30||Top Picks||L T Foods Ltd|
Going forward, we are expecting LT Foods would get pressure on operating margin due to pricing constraint (higher production of rice). Further, newly opened European operation (Rotterdam) is expect to report operating losses which would create further pressure on profitability. Thus we are recommending exit on stocks at Rs.66
|Friday, June 15, 2018 - 10:45||Top Picks||Bata India Ltd|
Bata India (BUY) – CMP: ₹779, Target Price: ₹896
BIL Is The Largest Footwear Retailer In India, Offering Footwear, Accessories And Bags Across Brands. We Expect BIL To Report Net PAT CAGR Of ~16% To ~`3115cr Over FY2018-20E Mainly Due To New Product Launches, Higher Number Of Stores Addition And Focus On Women’s High Growth Segment And Margin Improvement
|Thursday, June 14, 2018 - 08:30||Top Picks||Amber Enterprises India Ltd|
Amber Enterprises (BUY)– CMP: ₹1026, Target price: ₹1230
Amber Enterprises (Amber) is the market leader in the room air conditioner (RAC) outsourced manufacturing space in India with a market share of ~55%. It has emerged as a one-stop solutions provider for the major brands in the RAC industry and currently serves eight out of the ten top RAC brands in India. Amber has posted a CAGR of 19%/26% in revenue/ net profit over FY13-18. It would continue to post robust growth of 20%+ over the next few years owing to its higher capacity utilization, buoyant demand in RACs/ consumer electronics and reduction in leverage. Hence we recommend a Buy on the stock.
|Monday, June 11, 2018 - 08:45||Top Picks||Mahindra & Mahindra Ltd|
We expect Mahindra & Mahindra (M&M) to report net revenue CAGR of ~15% to ~₹62,218cr over FY2018-20E mainly due to healthy growth in automobile segment like Utility Vehicles (on the back of new launches and facelift of some models) and strong growth in Tractors segment driven by strong brand recall and improvement in rural sentiment. Further on the bottom-line front, we expect CAGR of ~15% to ₹4771cr over the same period on the back of margin improvement. Thus, we recommend an Accumulate rating on the stock with target price of ₹1050.
|Thursday, May 31, 2018 - 08:45||Top Picks||Alkem Laboratories Ltd|
In 4QFY18, the company has reported de-growth of 51% yoy to `67cr on bottom-line front which is below our expectation. Hence we are advising to client to book the profit in Alkem Laboratories.
|Thursday, May 31, 2018 - 08:45||Top Picks||HSIL Ltd|
During the 4QFY18, the company reported growth of ~4% yoy to `661cr on top-line front which is below our expectation and on bottom-line front reported de-growth of ~22% yoy to `31cr on back of lower revenue and poor operating performance (mainly impacted due to increase in power and fuel costs). Considering below expectation in 4QFY18 results and increase in gas prices, which will further impact HSIL. Hence we are downgrading stock from buy to neutral rating.
|Tuesday, May 29, 2018 - 08:45||Fundamental||GMM Pfaudler Ltd|
GMM Pfaudler has given 31% returns since our coverage initiated on the stock, last month. In view of continued traction in its user industries like Pharma and Agrochemical, we are increasing our target price to ₹1020 ( revised target multiple of 24x on its FY2020 earnings). In view of limited upside, we maintain accumulate rating on the stock.
|Thursday, May 24, 2018 - 09:45||Top Picks||KEI Industries Ltd|
We expect KEI to report net revenue CAGR of ~16% to ~`4,646cr over FY2018-19E mainly due to (a) higher order book execution in EPC segment; (b) growth in EHV business; (c) higher B2C sales; and (d) higher exports. On the bottom-line front, we expect a CAGR of ~19% to `207cr over the same period on the back strong revenue and lower interest costs. At the CMP of `481, the stock trades at 18.0x its FY2020E EPS of `26.8. Thus, we maintain our Buy rating with the revised Target Price of `589.
|Thursday, May 17, 2018 - 08:45||Top Picks||T.V. Today Network Ltd|
The stock at CMP of ₹460 has given a return of 55%. Considering the recent past move in share price and valuation, we recommend to Book Profit at CMP.
|Thursday, May 17, 2018 - 08:30||Top Picks||Century Plyboards India Ltd|
We are downgrading Century Plyboards at CMP of ₹280 from Buy to Neutral as company posted weak 4QFY18 result and rupees has also depreciated by 10% from January 2018 as company imports 50% of raw material.
|Tuesday, May 15, 2018 - 10:30||Top Picks||Parag Milk Foods Ltd|
We have slightly upgraded our earnings estimates in view of new products pipeline, better off take in whey protein and the revised margin guidance from the management. We now expect PARAG to report a CAGR of ~18%/37% in revenue/ earnings over FY18-20E. The stock has given 35% return since our initiation in April. The stock is currently trading at 17.5x its FY2020 earnings, which still looks attractive looking at its evolving FMCG story. Hence we
|Monday, May 14, 2018 - 16:30||Fundamental||GMM Pfaudler Ltd|
GMM Pfaudler has given 16% returns since our coverage initiated on the stock, last month. In view of continued traction in its user industries like Pharma and Agrochemical, we are increasing our target price to ₹900 from ₹861 (Target multiple of 21x on its FY2020 earnings).
|Wednesday, May 9, 2018 - 16:15||Fundamental||Prism Cement Ltd|
Prism Johnson Ltd (PJL) is an Integrated Building Materials company and has a wide range of products from cement, ready-mixed concrete (RMC), tiles, bath products to kitchens (TBK). TBK contribute 43% of the revenue. Lately, jump in Natural gas price has impacted EBITDA margin of other listed ceramics company. TBK segment is reporting loss and jump in Natural gas price would impact margin and PJL revival process. Hence considering this we discontinue our coverage in PJL
|Monday, April 16, 2018 - 16:15||Top Picks||Safari Industries India Ltd|
We are upgrading target price of Safari Industries to ₹720 from ₹650 as we are upgrading target multiple from 36x to 40x in view of buoyancy.
|Monday, February 19, 2018 - 16:15||Top Picks||Asian Granito India Ltd|
We have stopped covering the Asain Granito India Ltd. stock from February 19, 2018.
|Monday, March 12, 2018 - 16:15||Top Picks||Karur Vysya Bank Ltd|
We have stopped covering the Karur Vysya stock from March 12, 2018.
|Friday, February 9, 2018 - 16:15||Top Picks||Ruchira Papers Ltd|
We have stopped covering the Ruchira Paper stock from February 09, 2018.