TECH MAHINDRA, Catching up Call & Research Report by HDFC Securities Sector: IT Services & Consulting CMP Rs. 1085, Target Rs. 1140 (5% upside potential) Target Period: 12 Months We attended Tech Mahindra’s (TECHM) investor day, where the company reiterated its strategy with some added elements. There’s an apparent continuity in organic growth focus (vs. […]
Read more..SUDARSHAN CHEMICAL, All hopes on demand revival Call & Research Report by HDFC Securities Sector: Dyes & Pigments CMP Rs. 384, Target Rs. 435 (13% upside potential) Target Period: 12 Months We maintain ADD on Sudarshan Chemical (SCIL), with a price target of INR 435. The stock is trading at 28x FY24E EPS (RoE of […]
Read more..CITY UNION BANK, Divergence absorbed; but structural challenges remain Call & Research Report by HDFC Securities Sector: Bank – Private CMP Rs. 160, Target Rs. 230 (44% upside potential) Target Period: 12 Months Despite stable loan growth and higher recoveries from written-off accounts, City Union Bank’s (CUBK) Q3FY23 earnings missed estimates due to massive interest […]
Read more..MAHINDRA and MAHINDRA, Looking to up the ante Call & Research Report by HDFC Securities Sector: Automobile – Auto & Truck Manufacturers CMP Rs. 1365, Target Rs. 1554 (14% upside potential) Target Period: 12 Months M&M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher than-expected […]
Read more..KNR CONSTRUCTIONS, Muted performance Call & Research Report by HDFC Securities Sector: Construction – Infrastructure CMP Rs. 263, Target Rs. 335 (27% upside potential) Target Period: 12 Months KNR delivered a strong quarter, with revenue/EBITDA/APAT of INR 8.3/1.6/0.8bn beating our estimates by 1/(2)/(9)%. FY23 revenue guidance remained unchanged at INR 35bn, with the EBITDA margin pegged […]
Read more..ADITY BIRLA FASHION AND RETAIL, Profitability disappoints Call & Research Report by HDFC Securities Sector: Retailing CMP Rs. 256, Target Rs. 300 (17% upside potential) Target Period: 12 Months ABFRL’s Q3FY23 print disappointed in profitability. Q3 revenue grew 25% YoY to INR35.88bn (3-yr CAGR: 12%; HSIE: INR 34.03bn). The revenue beat was primarily Madura-driven. Pantaloons (value […]
Read more..ITD CEMENTATION, Strong inflows to aid growth Call & Research Report by HDFC Securities Sector: Construction – Infrastructure CMP Rs. 107, Target Rs. 149 (39% upside potential) Target Period: 12 Months ITD Cementation (ITD) Q3FY23 revenue/EBITDA/APAT stood at INR 10.3/1/0.4bn, beating/(missing) our estimates by 12/2.5/(11.6)%. The miss is largely on account of higher raw material prices. […]
Read more..GIC Reinsurance , 24 % Upside Call & Research Report by Institutional Research at HDFC Securities.Analysts : Mr. Madhukar Ladha & Mr. Krishnan ASVReport Date: 15 February 2021CMP Rs. 143 Target price Rs. 178 GIC Reinsurance (Q3FY21 Results Review) Weak CoRs yet again. BUY GICRE is India’s largest reinsurer, but it continues to make significant underwriting […]
Read more..Voltas, marginal Upside Call & Research Report by Institutional Research at HDFC Securities. Analyst : Mr. Naveen Trivedi Report Date: 15 February 2021 CMP Rs. 1059 Target price Rs. 1100 Voltas (Q3FY21 Results Review Report) | Market leading show; momentum sustaining. Downgrade to ADD Voltas reported a strong 3QFY21 with UCP and EMPS delivering a […]
Read more..Ahluwalia Contracts, 26 % Upside Call & Research Report by Institutional Research at HDFC Securities. Analyst : Mr. Parikshit D Kandpal Report Date: 16 February 2021 CMP Rs. 307 Target price Rs. 388 Ahluwalia Contracts (Q3FY21 Results Review Report) | Margin miss. Maintain BUY Ahluwalia (AHLU) reported revenue at Rs 5.4bn (8%/23% YoY/QoQ), beating our […]
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