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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 …

Friday, August 16, 2019 BUY
CMP : 5800
Target Price : 6638

TTK Prestige (TTKP) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~4% yoy to `434cr due to subdued performance in cookers and cookware segment. On the operating front, margins contracted by 27bps yoy. Moreover, PAT grew ~2% yoy to `36cr. Outlook and Valuation: During the quarter the …

Friday, August 16, 2019 BUY
CMP : 235
Target Price : 333

For 1QFY2020, Siyaram Silk Mills (SSML) posted subdued results, which were below our expectations on both top-line and bottom-line fronts. Revenue grew ~1% yoy. On the margin front, the company reported operating margin improvement by 109bps yoy (positive impact mainly due to change in account policy as per Ind AS-116). On the bottom-line front, SSML …

Wednesday, August 14, 2019 BUY
CMP : 820
Target Price : 1061

For 1QFY2020, Amber Enterprises Ltd (Amber) posted strong set of numbers given both on top-line and bottom-line front. Revenue grew by ~65% yoy to `996cr. On the bottom-line front, Amber reported PAT growth of ~68% on back of strong volume growth and improvement in operating performance. Outlook and Valuation: We expect Amber Ltd. to report …

Tuesday, August 13, 2019 BUY
CMP : 313
Target Price : 456

For 1QFY2020, TV Today Network Ltd (TTNL) posted results above our expectations on both top-line as well as bottom-line fronts. Revenue grew by ~30% yoy to `245cr due to strong ad revenue growth. On the operating front, margins contracted by 279bps yoy. However, PAT grew ~27% yoy to `51cr. Outlook and Valuation: Going forward, we …

Friday, August 9, 2019 BUY
CMP : 550
Target Price : 724

For 1QFY2020, M&M registered revenue decline of ~4% yoy to `12,923cr. Operating margin declined by 129bps. On the bottom-line front, M&M reported PAT growth of ~90% yoy to `2,314cr on the back of one time exceptional gain ~`1,367cr . Outlook and Valuation: Over the last few quarters, the company’s volume growth has remained subdued mainly …

Friday, August 9, 2019 BUY
CMP : 1
Target Price : 1669

For 1QFY2020, Lumax Industries Ltd. (LIL) registered ~17% de-growth on yoy basis on the consolidated revenue front to `402cr as compared to `482cr. Operating margin improved by 112bps to 9.5%. On the bottom-line front, the company has reported de-growth of ~17% due to poor sales performance. Outlook and Valuation: Near term outlook looks tough for …

Friday, August 9, 2019 BUY
CMP : 89
Target Price : 118

Outlook & Valuation: We believe broad based and integrated financial offerings will enable ABCL to benefit from financialisation of savings. We expect ABCL’s PAT to register CAGR of 42% over FY2019-21E, largely driven by lending segment and AMC. We recommend a Buy on the stock with a target price of `118.

Wednesday, August 7, 2019 BUY
CMP : 190
Target Price : 306

For 1QFY2019, Parag Milk Foods (PMFL) posted healthy numbers on top-line front, however bottom-line was below expectation. The company’s revenue grew by ~15% yoy, while the operating margins contracted by 182bps yoy. On the bottom-line front, PMFL reported de-growth of ~3% yoy to `28cr on the back of poor operating performance. Outlook and Valuation: Parag …

Wednesday, August 7, 2019 BUY
CMP : 464
Target Price : 556

For 1QFY2020, 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 ~22% yoy, while the company reported a marginal improvement on operating margins front. On the bottom-line front, KEI reported growth of ~42% yoy to `46cr on the …

Wednesday, August 7, 2019 BUY
CMP : 1000
Target Price : 1385

Outlook & Valuation: We expect STFC’s AUM to grow at CAGR of 13% 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 will also improve the pricing of older vehicles. We expect STFC to report RoA/RoE to 2.7%/17.1% in …

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