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Thursday, November 14, 2019 BUY
CMP : 560
Target Price : 717

For 2QFY2020, Safari Industries (SIL) posted Strong Result top-line and bottom-line growth. Revenue grew ~31% yoy to `170cr. On the margin front, the company reported operating margin improvement by 98bps yoy. On the bottom-line front, SIL reported de-growth of ~30% yoy to ~`8cr due to Strong top-line and operating performance. Outlook and Valuation: Going ahead, …

Thursday, November 14, 2019 Hold
CMP : 550
Target Price : 661

For 2QFY2020, KEI Industries (KEI) posted good set of results, which are largely inline with our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~23% yoy, while the company reported a slight marginal contraction on operating level. On the bottom-line front, KEI reported growth of ~84% yoy to `76cr on the …

Tuesday, November 12, 2019 BUY
CMP : 1417
Target Price : 1809

Outlook and Valuation: We are positive on the prospects of the Company given the Government’s thrust on infrastructure with over `100lakh cr of investments lined up over the next 5 years. We maintain “Buy” on L&T with a SOTP based target price of `1809.

Saturday, November 2, 2019 BUY
CMP : 4177
Target Price : 4984

Outlook and Valuation: We are positive on the long term prospects of the Company given ramp up from acquired capacities, pricing discipline in the industry and benign energy & freight costs. Synergy benefit is yet to play out for the inorganic expansion of JP associates, Binani & Century cement. We maintain our “Buy” recommendation on …

Thursday, October 31, 2019 BUY
CMP : 312
Target Price : 410

Outlook & Valuation: RBL Bank’s fresh set of stressed pool would push back ROA of 1.5% to Q2FY2021. We expect RBL Bank to grow its advances at CAGR of 27% over FY2019-21E. Improvement in CASA, higher share of retail book and inhouse priority sector lending will support NIM going forward. At CMP, RBL trades at …

Wednesday, October 30, 2019 BUY
CMP : 1156
Target Price : 1410

Outlook & Valuation: We expect STFC’s AUM to grow at CAGR of 11% over FY2019-21E primarily owing to (1) post-election government to increase spending on infra project (macro recovery), and (2) pre-buying of CV before the BS VI and consequently improvement in pricing of older vehicles to improve asset quality. We expect STFC to report …

Tuesday, October 29, 2019 BUY
CMP : 477
Target Price : 532

Outlook & Valuation: At the current market price, the bank’s core banking business (after adjusting the value of subsidiaries) is trading at 1.9x FY2021E ABV. We believe strength of liability franchise (CASA – 46.7%), shift in loan mix towards retail assets & better rated companies, strong capitalization (tier I of 14.62%), steady improvement in stressed …

Friday, October 25, 2019 BUY
CMP : 149
Target Price : 250

For 2QFY2020, Parag Milk Foods (PMFL) posted healthy numbers on top-line front, however bottom-line was below expectation. The company’s revenue grew by ~12% yoy, while the operating margins contracted by 146bps yoy. On the bottom-line front, PMFL reported de-growth of ~6% yoy to `29cr on the back of poor operating performance. Outlook and Valuation: Parag …

Thursday, October 24, 2019 BUY
CMP : 714
Target Price : 860

Outlook & Valuation: Axis Bank currently trades at 2x its FY2021E price to book value (after adjusting value of subsidiaries). We expect the stock to get re-rated owing to (1) new leadership, (2) receding stressed loan pool, and (3) improvement in return ratios (ROA/ROE – 1.5%/15% by FY2021E). We recommend Buy on the stock with …

Wednesday, October 23, 2019 BUY
CMP : 1241
Target Price : 1390

Outlook & Valuation: Credit growth beat the industry growth rate driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method, valuing standalone banking business at 3.7x of FY2021 ABV and its two subsidiaries at Rs.78/share. We recommend a Buy on the stock, with …

Tuesday, October 22, 2019 BUY
CMP : 224
Target Price : 333

For 2QFY2020, Siyaram Silk Mills (SSML) posted results in-line with our expectations on both top-line and bottom-line fronts. Revenue grew ~6% yoy. On the margin front, the companys operating margin contracted by 217bps yoy. On the bottom-line front, SSML reported PAT growth of ~23% yoy to ~`30cr due to lower taxes. Outlook and Valuation: Going …

Monday, August 19, 2019 BUY
CMP : 553
Target Price : 646

For 1QFY2020, Safari Industries (SIL) posted Strong Result top-line growth, though it disappointed on bottom-line front. Revenue grew ~29% yoy to `203cr. On the margin front, the company reported operating margin contracted by 364bps yoy. On the bottom-line front, SIL reported de-growth of ~29% yoy to ~`9cr due to cost pressures. Outlook and Valuation: Going …

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