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Friday, January 10, 2020 BUY
CMP : 4
Target Price : 4

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 …

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 …

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