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Saturday, May 25, 2019 BUY
CMP : 1106
Target Price : 1470

Outlook & Valuation: We expect STFC’s AUM to grow at CAGR of 16% 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%/17.6% …

Friday, May 24, 2019 BUY
CMP : 152
Target Price : 250

Given the ongoing global trade concerns, we expect steel prices to remain volatile along with increasing iron ore prices due to Vale incidence. However, we project that domestic demand will continue to remain positive for steel and power sectors on long term basis, and expect JSPL to perform well in coming years along with the …

Tuesday, May 21, 2019 BUY
CMP : 60
Target Price : 100

Outlook and Valuation: Considering the changing dynamics of renewable energy consumption and government’s thrust to auction 10 GW wind capacity by year 2028, we are bullish on the sector, and hence, have a positive outlook on IWL. At the CMP of `60, the stock is available at PE multiple of 5.5x its FY2021E EPS of …

Saturday, May 18, 2019 BUY
CMP : 1402
Target Price : 2000

Outlook and Valuation: Near term outlook looks tough for the industry, however considering the long term perspective, LIL is a good bet to play on auto growth and increasing LED penetration, which will help Lumax to grow above the industry rate going forward. At the CMP of `1,402 stock is available at 12x of FY21E …

Monday, May 6, 2019 Buy
CMP : 698
Target Price : 867

For 4QFY2019, Blue Star posted results above our expectations on both top-line & bottomline front. The company reported 18.5% yoy top-line growth and PAT was up ~199% yoy due to strong operating performance and one-time deferred tax credit recognized by the Company’s subsidiary Blue Star Engineering & Electronics Ltd. Outlook & Valuation: We forecast …

Friday, May 3, 2019 BUY
CMP : 762
Target Price : 864

Outlook & Valuation: Axis Bank currently trades at 2.2x 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) limited stressed loan pool, and (3) improvement in return ratios (ROA/ROE – 1.23%/114.7% by FY2020E). We recommend Buy on the stock with …

Tuesday, April 30, 2019 NEUTRAL
CMP : 168
Target Price : -

Outlook & Valuation: We have neutral view on YES Bank considering (a) low CET of 8.4%, for growth, bank will have to raise capital at current low valuation, (b) uncertainty related to newly identified stressed asset, (c) new MD strategy to move towards building a strong retail franchise and corporate governance/transparency, which will moderate balance …

Friday, April 26, 2019 BUY
CMP : 6832
Target Price : 8552

For 4QFY2019, Maruti Suzuki India (MSIL) posted below expectation results both on top-line and bottom-line fronts. MSIL reported ~1% yoy top-line growth to `21,459cr on the back of price hikes (up ~2% yoy). Moreover, the company’s operating margins contracted by 370bps yoy. On the bottom-line front, MSIL reported de-growth of ~5% yoy to `1,796cr on …

Monday, April 22, 2019 BUY
CMP : 2268
Target Price : 2500

HDFC Bank delivered steady performance for Q4FY2019, with PAT growth of 22.6% yoy. Pre-provision profit grew at healthy rate of 22.7% yoy, however it was lesser than previous quarter (27.6% yoy) largely owing to moderation in fee income. NIM improved 10bps yoy (4.4%), led by change in loan mix. The bank managed to reduce …

Saturday, April 20, 2019 BUY
CMP : 677
Target Price : 775

RBL Bank delivered healthy set of numbers for Q4FY2019, with PAT growth of 39% yoy. On the operating front, the bank reported 48% yoy growth in NII. The NIM qoq/yoy increased by 11/25 bps, respectively, driven by a higher yield on advances. The bank managed to reduce its expenses and brought down the cost/income ratio …

Friday, February 8, 2019
CMP : 761
Target Price : 890

For 3QFY2019, Aurobindo Pharma (APL), the company posted sales of `5,175cr v/s. `4,269cr in 3QFY2018, a yoy growth of 21.2%. On the operating front, the EBITDA margin came in at 19.2% v/s. 22.5% in 3QFY2018. YoY decline is on the back of sales of certain high margin products in 3QFY18. Sequentially EBDITA margins expanded by …

Wednesday, March 27, 2019 Hold
CMP : 2580
Target Price : 2870

Hero Motors, one of the largest player in the Industry in the two-wheeler industry (38% market share as on FY2018); has been facing strong headwinds after its breakup with Honda. The company has been underperforming the industry growth; in spite of strong business fundamentals- like product basket, branding & strong distribution network. The key reason …

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