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Wednesday, May 27, 2020 Buy
CMP : 2220
Target Price : 2564

For 4QFY2020, Avenue Supermarts Ltd (ASL) posted mixed results. On the top-line front result was in-line, however EBITDA was below our estimates. Consolidated revenue grew by ~24% yoy; reported operating margins contracted by 68bps yoy. On the bottom-line front, ASL reported PAT growth of ~42% yoy due to lower taxes. We forecast ASL to …

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Saturday, May 23, 2020 BUY
CMP : 1
Target Price : 1588

For 4QFY20, Colgate Palmolive India Ltd (CPIL) posted results that were below our expectations on both top-line and bottom-line fronts. Revenue de-grew by ~7% yoy; reported operating margins contracted by 206bps yoy. On the bottom-line front, CPIL reported adj. PAT growth of ~2% yoy to `204cr due to lower taxes. Outlook and Valuation: We believe …

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Friday, May 22, 2020 0
CMP : -
Target Price : -

Size of economic stimulus announced is below market expectations The Finance minister has announced an economic stimulus package of Rs.11 lakh cr. between the 13th and the 17th of Mar’20. Including various measures announced by the RBI & government earlier total size of the economic package works out to Rs.21 lakh cr. Markets have however …

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Friday, May 22, 2020 0
CMP : -
Target Price : -

Focus on agriculture and MSME sector along expected lines The Finance minister has announced the first two tranches of the second part of the Rs.20 lakh cr. economic package. The focus of the economic package so far has been on ensuring credit flow to essential sectors like agriculture, MSME and Power in order to ensure …

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Wednesday, May 20, 2020 SUBSCRIBE
CMP : 1422
Target Price : 1748

Outlook & Recommendation: The Company is offering shares to existing investors in the ratio of 1:15 at a price of ` 1,257 per share out of which 25% needs to be paid on application while 25% would need to be paid in May 2021 and balance 50% in November 2021. We are positive on the …

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Thursday, May 14, 2020 Buy
CMP : 16370
Target Price : 19100

For 1QCY20, Nestle India Ltd (NIL) posted healthy set of numbers, exceeding our expectations on top-line and bottom-line fronts. Revenue grew by ~11% yoy. However, reported operating margins contracted by 121bps yoy. On the bottomline front, NIL reported growth of ~14% yoy to `525cr on the back of healthy revenue growth and lower taxes. …

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Wednesday, February 12, 2020 Accumulate
CMP : 3241
Target Price : 3437

Outlook and Valuation: We expect GMM Pfaudler to post CAGR of ~23%/39% in revenue/ earnings over FY19-22E. Management has indicated that the company is going to add two more gas based furnace from Q2FY21 which will help drive the GL business. Management also sounded positive on the heavy engineering business which is expected to scale …

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Wednesday, February 12, 2020 BUY
CMP : 1220
Target Price : 1410

Outlook & Valuation: We expect STFC’s AUM to grow at moderate CAGR of 11% over FY2019-22E, however, we expect operating parameter to improve at healthy rate owing to improvement in NIM, asset quality. We expect STFC to report RoA/RoE of 2.8%/17.3% in FY2021E. At CMP, the stock is trading at 1.6x FY2021E ABV and 8x …

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Wednesday, February 5, 2020 BUY
CMP : 1535
Target Price : 1830

Outlook and Valuation: We expect Amber to report consolidated net profit (reported) CAGR of ~40% to ~`258cr over FY2019-22E on the back of top-line growth of ~25% over the same period. Considering the pick-up in AC demand and deriving synergy benefits from its new acquisitions, we maintain BUY on the stock with a revised target …

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Wednesday, February 5, 2020 BUY
CMP : 4489
Target Price : 5232

Outlook and Valuation: We forecast HCL to report healthy top-line CAGR of ~13% to `954cr over FY2019-22E on the back of government initiatives, new product launches, strong brand name and wide distribution network. On the bottom-line front (reported PAT), we estimate ~24% CAGR to `102cr due to strong revenue and operating margin improvement (on the …

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Thursday, January 30, 2020 BUY
CMP : 4486
Target Price : 5373

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. We maintain our “Buy” recommendation on UltraTech by valuing it at 13x FY22E EV/EBIDTA to arrive at a target price of Rs.5373.

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Wednesday, January 29, 2020 BUY
CMP : 1347
Target Price : 1689

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 6 years. We maintain “Buy” on L&T with a SOTP based target price of Rs1689.

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