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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 …

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 …

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 …

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 …

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.

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.

Tuesday, January 28, 2020 HOLD
CMP : 539
Target Price : 590

Outlook & Valuation: At the current market price, the bank’s core banking business (after adjusting the value of subsidiaries) is trading at 2.1x FY2021E ABV. Key parameters to watch for the next few quarter are slippages from corporate book and addition to BB & Below book. We recommend a HOLD on the stock with a …

Tuesday, January 28, 2020 BUY
CMP : 339
Target Price : 410

Outlook & Valuation: RBL Bank’s fresh set of stressed pool would push back ROA of 1.5% to Q2FY2021. However, for the next couple of quarters key monitorable will be no further addition to stress book and BB & Below book. We expect RBL Bank to grow its advances at CAGR of 22% over FY2019-21E. Improvement …

Tuesday, January 21, 2020 HOLD
CMP : 1255
Target Price : 1390

For Q3FY2020, HDFC Banks PAT surged 33% yoy led by 20% yoy increase in preprovision profit and higher other income coupled with tax benefits, which supported profitability.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, …

Friday, January 10, 2020 BUY
CMP : 3591
Target Price : 4353

Hawkins Cookers Ltd (HCL), incorporated in 1959 by Mr. HD Vasudeva, operates in two segments i.e. Pressure Cookers and Cookware. The pressure cookers are marketed under the flagship brand Hawkins, Futura and Miss Mary; cookware is sold under the Futura brand name. Outlook and Valuation: We forecast HCL to report healthy top-line CAGR of …

Monday, December 9, 2019 Hold
CMP : 30
Target Price : 45

For 2QFY2020, Music Broadcast Limited (MBL) posted below expectation results both on top-line and bottom-line fronts. MBL’s top-line registered a decline of ~22% yoy to `63cr on the back of lower ad spends. Moreover, the company’s operating margins contracted by 354bps yoy. On the bottom-line front, MBL reported growth of ~38% yoy to `19cr on …

Friday, November 15, 2019 BUY
CMP : 810
Target Price : 980

Blue Stars results came in above our expectations for 2QFY2020 on both top-line and bottom-line fronts. The company reported 21% yoy top-line growth and PAT was up 94% yoy due to healthy sales and improvement in operating margin. Outlook & Valuation: We estimate Blue Star to report top-line CAGR of ~13% to `6,651cr over FY2019-21E …

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