TITAN COMPANY, Competition chipping away Tanishq’s gold ratepremium (~20% of Titan’s fair value at risk) Call & Research Report by ICICI Securities Sector: Diamond & Jewellery CMP Rs. 2368, Target Rs. 2600 (10% upside potential) Target Period: 12 Months The rise in (relative) competitive intensity in jewellery retailing led to melting-away of gold-rate premium charged […]
Read more..ARVIND FASHIONS LTD, Impressive strong headline numbers Call & Research Report by ICICI Securities Sector: Retailing CMP Rs. 291, Target Rs. 320 (10% upside potential) Target Period: 12 Months Arvind Fashions (ARVINDFA) reported strong set of headline numbers. Revenue from power brands (~80% of revenue) grew 13% 3Y CAGR (similar to Madura brands of ABFRL) […]
Read more..SHYAM METALICS AND ENERGY, Earnings likely to have bottomed out Call & Research Report by ICICI Securities Sector: Iron & Steel CMP Rs. 296, Target Rs. 425 (44% upside potential) Target Period: 12 Months Shyam Metalics and Energy’s (SMEL) Q3FY23 performance met our estimates. Key points: 1) Lower contribution from pellets and ferroalloys impacted profitability. […]
Read more..ONGC, Production growth to pick up in FY24E Call & Research Report by ICICI Securities Sector: Oil Exploration and Production CMP Rs. 148, Target Rs. 187 (26% upside potential) Target Period: 12 Months ONGC has reported a strong 22% YoY improvement in standalone EBITDA and 26% YoY rise in PAT of Rs191.8bn (I-Sec estimate of […]
Read more..POWER FINANCE CORPORATION, Resolutions aiding asset quality improvement; AUM growth key for further rerating Call & Research Report by ICICI Securities Sector: Finance Term Lending CMP Rs. 148, Target Rs. 191 (29% upside potential) Target Period: 12 Months Power Finance Corporation’s (PFC) Q3FY23 earnings surpassed I-Sec estimates – buoyed by provisioning write-back of Rs1.3bn. Flow […]
Read more..SIEMENS LTD, Execution momentum sustains; structurally positive Call & Research Report by ICICI Securities Sector: Electric Equipment CMP Rs. 3125, Target Rs. 3462 (11% upside potential) Target Period: 12 Months Similar to its closest peer, ABB (which posted strong EBITDA margin of 15% in the latest quarter), Siemens (SIEM) has reported standalone EBITDA of Rs5.5bn […]
Read more..FINOLEX INDUSTRIES, Expect margin tailwinds from Q4FY23 Call & Research Report by ICICI Securities Sector: Plastics – Tubes/Pipes/Hoses & Fittings CMP Rs. 167, Target Rs. 196 (17% upside potential) Target Period: 12 Months We recently interacted with the management of Finolex Industries (Finolex) and following are the key takeaways: 1) Demand from agriculture pipes is […]
Read more..AXIS BANK, Citi deal completed; integration to play out in 18 months Call & Research Report by ICICI Securities Sector: Bank – Private CMP Rs. 846, Target Rs. 1100 (30% upside potential) Target Period: 12 Months Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 12.2 […]
Read more..LIFE INSURANCE CORPORATION OF INDIA (LIC), Valuations remain attractive; VNB margin growth remains on track, less impacted by Budget 2023 Call & Research Report by ICICI Securities Sector: Life & Health Insurance CMP Rs. 627, Target Rs. 917 (46% upside potential) Target Period: 12 Months LIC is treading well towards increasing VNB by pushing product […]
Read more..NATCO PHARMA, US drives growth Call & Research Report by ICICI Securities Sector: Pharmaceuticals & Drugs CMP Rs. 525, Target Rs. 816 (55% upside potential) Target Period: 12 Months Natco Pharma’s (Natco) Q3FY23 performance was above our estimates on revenue front. Revenue grew 14% QoQ to Rs4.9bn (I-sec:4.7bn). YoY numbers are not comparable due to […]
Read more..