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..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 […]
Read more..CHOLAMANDALAM INVESTMENT AND FINANCE Stock Research Report by ICICI Securities Sector: Finance – NBFC CMP Rs. 950, Target Rs. 1022 (8% upside potential) Target Period: 12 Months CHOLAMANDALAM INVESTMENT AND FINANCE Stock Research Report: Industry-leading growth in CV upcycle yet again characterises company’s prowess Cholamandalam Investment and Finance (Chola) has in the past stood out […]
Read more..KEC INTERNATIONAL Stock Research Report by ICICI Securities Sector: Engineering – Construction CMP Rs. 514, Target Rs. 590 (15% upside potential) Target Period: 12 Months KEC INTERNATIONAL Stock Research Report: Execution robust; margins key monitorable KEC International’s (KECI) Q4FY23 performance was ahead of our estimates with revenues up 29%/26% YoY/QoQ to ~Rs55bn, led by a […]
Read more..TVS MOTOR COMPANY Stock Research Report by ICICI Securities Sector: Automobile – 2 & 3 Wheelers CMP Rs. 1169, Target Rs. 1363 (17% upside potential) Target Period: 12 Months TVS MOTOR COMPANY Stock Research Report: Profitability per unit continues to improve TVS Motor’s (TVSL) Q4FY23 EBITDA margin at 10.3% (up 22bps QoQ) was in line […]
Read more..SOLAR INDUSTRIES Stock Research Report by ICICI Securities Sector: Commodity Chemicals CMP Rs. 3848, Target Rs. 4700 (22% upside potential) Target Period: 12 Months SOLAR INDUSTRIES Stock Research Report: Volumes and defence lead growth Solar Industries’ (Solar) Q4FY23 consolidated EBITDA of Rs3.6bn (up 36% YoY) was 14% ahead of the street’s estimates. Key points: 1) […]
Read more..KANSAI NEROLAC PAINTS Stock Research Report by ICICI Securities Sector: Paints CMP Rs. 403, Target Rs. 375 (7% downside potential) Target Period: 12 Months KANSAI NEROLAC PAINTS Stock Research Report: Recovery in automotive paint profitability and early signs of benefits due to investments in decorative Kansai reported strong Q4FY23 led by (1) price hikes in […]
Read more..GREENPANEL INDUSTRIES Stock Research Report by ICICI Securities Sector: Wood & Wood Products CMP Rs. 309, Target Rs. 505 (63% upside potential) Target Period: 12 Months GREENPANEL INDUSTRIES Stock Research Report: Tepid quarter; structural outlook remains positive Greenpanel Industries (GREENP) has reported Q4FY23 blended MDF volume growth of 10.2% YoY (4-year CAGR of 20.4%) driven […]
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