Marico Stock Research Report by ICICI Securities Sector: Household & Personal Products CMP Rs. 494, Target Rs. 560 (13% upside potential) Target Period: 12 Months Marico Stock Research Report: Good. Ingredients to be great exist Positives in the 4QFY23 results are (1) continued volume growth in Parachute led by market share gains, (2) strong recovery […]
Read more..Britannia Industries Stock Research Report by ICICI Securities Sector: Consumer Food CMP Rs. 4626, Target Rs. 5300 (15% upside potential) Target Period: 12 Months Britannia Industries Stock Research Report: Trending well with eye on diversification opportunity. Retain preferred pick status Britannia’s revenue growth of 13% YoY was above our estimates. Gross margin and EBITDA margin […]
Read more..Tatva Chintan Pharma Chem Stock Research Report by ICICI Securities Sector: Speciality Chemicals CMP Rs. 1829, Target Rs. 2110 (15% upside potential) Target Period: 12 Months Tatva Chintan Pharma Chem Stock Research Report: Near-term weakness weighs on FY25 guidance Tatva Chintan’s Q4FY23 revenue rose 26.4% YoY to Rs1.2bn as SDA revenue recovered to Rs0.5bn, up […]
Read more..Go Fashion India Stock Research Report by ICICI Securities Sector: Retailing CMP Rs. 1123, Target Rs. 1450 (29% upside potential) Target Period: 12 Months Go Fashion India Stock Research Report: EBOs scaling up well. LFS faces one-off challenges In EBO channel (~74% revenue saliency) we liked the strong value (at 38%), volume (at 25%) and […]
Read more..GUJARAT FLUOROCHEMICALS Stock Research Report by ICICI Securities Sector: Speciality Chemicals CMP Rs. 3393, Target Rs. 3950 (16% upside potential) Target Period: 12 Months GUJARAT FLUOROCHEMICALS Stock Research Report: New-age industries to drive growth Gujarat Fluorochemicals’ (GFL) Q4FY23 EBITDA at Rs5.3bn, up 60% YoY, was broadly in line with our estimates and was impacted by […]
Read more..CEAT Stock Research Report by ICICI Securities Sector: Auto Ancillaries – Tyres & Rubber Products CMP Rs. 1717, Target Rs. 1546 (10% downside potential) Target Period: 12 Months CEAT Stock Research Report: Strong beat in margin largely priced in valuation CEAT’s Q4FY23 EBITDA margin at 12.8% (up ~410bps QoQ) beats consensus estimate of 10.2%, mainly […]
Read more..BHARAT FORGE Stock Research Report by ICICI Securities Sector: Metals – Castings/Forgings CMP Rs. 760, Target Rs. 773 (2% upside potential) Target Period: 12 Months BHARAT FORGE Stock Research Report: Getting closer to the peak of business cycle Bharat Forge’s (BHFC) Q4FY23 standalone EBITDA margin at 26.2% was largely in line with consensus estimates, with […]
Read more..MINDSPACE BUSINESS PARKS REIT Stock Research Report by ICICI Securities Sector: Construction – Real Estate CMP Rs. 325, Target Rs. 364 (12% upside potential) Target Period: 12 Months MINDSPACE BUSINESS PARKS REIT Stock Research Report: Steady quarter, expiries the key monitorable Mindspace Business Parks REIT (MREIT) delivered a steady performance in Q4FY23 with both revenue […]
Read more..HERO MOTOCORP Stock Research Report by ICICI Securities Sector: Automobile – 2 & 3 Wheelers CMP Rs. 2547, Target Rs. 2912 (14% upside potential) Target Period: 12 Months HERO MOTOCORP Stock Research Report: Limited downside risks across key parameters Hero MotoCorp’s (HMCL) Q4FY23 EBITDA margin was up 153bps QoQ at 13% (consensus: 11.9%). The beat […]
Read more..AAVAS FINANCIERS Stock Research Report by ICICI Securities Sector: Finance – Housing CMP Rs. 1399, Target Rs. 1410 (1% upside potential) Target Period: 12 Months AAVAS FINANCIERS Stock Research Report: Top management change; focus to remain on scale and profitability Q4FY23 was a mixed quarter for Aavas Financiers (Aavas). While financial performance remained robust, resignation […]
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