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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 …

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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 …

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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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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 …

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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 …

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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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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 …

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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 …

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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 …

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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 …

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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.

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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 …

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