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..J. KUMAR INFRAPROJECTS, In-line performance Call & Research Report by HDFC Securities Sector: Construction – Infrastructure CMP Rs. 273, Target Rs. 387 (41% upside potential) Target Period: 12 Months JKIL reported an in-line quarter, with revenue/EBITDA/APAT at 10.6/1.5/0.7bn, marginally beating our estimates by 1.9/2/2.6%. JKIL FY23 revenue guidance now stands at the higher end of […]
Read more..NAVIN FLUORINE INTERNATIONAL, Strong growth with a healthy margin Call & Research Report by HDFC Securities Sector: Speciality Chemicals CMP Rs. 4185, Target Rs. 5174 (23% upside potential) Target Period: 12 Months We retain our BUY rating on NFIL, with a target price of INR 5,174 on the back of (1) earnings visibility, given long-term […]
Read more..SOBHA, Launch momentum to drive growth Call & Research Report by HDFC Securities Sector: Construction – Residential & Commercial Complexes CMP Rs. 578, Target Rs. 935 (62% upside potential) Target Period: 12 Months Sobha’s (SDL) reported revenue/EBITDA/PAT of INR 8.7/0.9/0.3bn (miss)/beat our estimates by 16/(26)/(25)%. It recorded the highest-ever quarterly presales, both in value and […]
Read more..AMI ORGANICS, Margin improvement continues Call & Research Report by HDFC Securities Sector: Speciality Chemicals CMP Rs. 872, Target Rs. 1143 (31% upside potential) Target Period: 12 Months We retain our BUY rating on Ami organics, with a target price of INR 1,143 on the back of (1) expansion of its speciality chemicals portfolio, (2) […]
Read more..GREENLAM INDUSTRIES, Muted demand; improvement in margin Call & Research Report by HDFC Securities Sector: Laminates/Decoratives CMP Rs. 308, Target Rs. 360 (17% upside potential) Target Period: 12 Months We maintain our ADD rating on Greenlam Industries, with an unchanged target price of INR 360/share (16/35x its Mar’25E consolidated EBITDA/APAT). We like Greenlam for its […]
Read more..MAHINDRA LIFESPACES, Well-placed for robust growth Call & Research Report by HDFC Securities Sector: Construction – Residential & Commercial Complexes CMP Rs. 380, Target Rs. 521 (37% upside potential) Target Period: 12 Months Mahindra Lifespaces Developers Ltd (MLDL) reported stable presales of INR 4.5bn (+80/+30% YoY/QoQ, a tad below our estimate of INR 5bn), with […]
Read more..STATE BANK OF INDIA, Need for equity buffers as the credit cycle normalises Call & Research Report by HDFC Securities Sector: Bank – Public CMP Rs. 544, Target Rs. 740 (36% upside potential) Target Period: 12 Months SBIN posted its highest-ever quarterly profit, led by healthy loan growth (+19% YoY), marginal reflation in NIM, and […]
Read more..