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NIM witnessed marginal compression of ~20 bps from 4.3% in Q2FY18 to 4.1% in Q2FY19 due to faster decline in yields. CASA ratio of KMB improved by 240bps to 50.2% against 47.8% YoY. GNPA/NNPA ratios improved to 1.91%/0.73% against 2.14%/1.08 % on YoY. Earnings are expected to sustain a healthy growth of 23% CAGR on the back of robust loan growth at 19% CAGR. With a stable earnings outlook, we value KMB at 3.9x and maintain our...
Slippages moderated to 3.9% of loans as compared to 5.0% in Q1FY19, of which 84% were from watch list. Consequently, Gross and Net non-performing asset (NPA) ratios improved by 68 and 54 bps sequentially to 11.8% and 4.9%, respectively. Provision coverage ratio (PCR) also improved by 164 bps QoQ to 70.8%. Though, management did not disclose amount/percentage exposure to IL&FS; group, however, the watch list of Rs8,500cr includes IL&FS; exposure towards parent company & financial service entity. BOB has an exposure of Rs21,980cr to NCLT accounts with PCR of 65%. Going forward, we believe that asset quality will improve as the incremental loan...
Zurich, Switzerland-based ABB Group will be selling its Global Power Grid business to Japan-based Hitachi at an enterprise value (EV) of ~USD11bn. The deal has been valued at an EV/EBITA of 11.2x. Press releases suggest that ABB Group plans to return cash proceeds of USD7.6-7.8bn from the transaction to shareholders through a share buyback, or a special dividend. We believe that the T&D; business has morphed into a mere converter of Raw Materials into Finished Goods from being a technology-driven business earlier. Given the intense competition and high dependence on a single group of buyers, i.e., Power Utilities, the...
We hosted the GOLIL management team Mr Ravi Chawla (MD) and Mr Manish Gangwal (CFO) in Mumbai for investor interaction. Our interaction has reinforced our belief in the management team. According to the management, lubricant business will continue to be driven by distribution,...
Dominant player across business lines at global scale Apar is 3rd largest manufacturer of Conductors and 4th largest manufacturer of transformer oil in the world. In conductors business, its market share stands at 23% in domestic market with installed capacities of 1.8lac MT. It is the largest manufacturer and exporter of conductors from India. In case of specialty oils, its market share stood at 45% with 5.4lac KL installed capacity (including 1lac KL capacity overseas at Sharjah). In FY'18,...
(19% of revenue), UPS (12%), C&W; ( 30%), Pumps (12%), Water Strong return ratios & Debt free BS to aid inorganic growth heaters (12%), and Fans (10%). Revenues are growing consistently V-Guard's return ratios are strong with ROE in 18-22% range driven at 15% annually very much in line with mgt. Guidance. In H1FY'19, by a combination of asset-light business model with it outsourcing due to exceptional event of heavy floods in Kerala, revenue growth ~ 60% of its production. At the same time, its gross margins are...
Asian markets are trading lower as investors remain cautious ahead of the speech by Chinese President Xi Jinping at 40th anniversary of the country's economic reforms. Nikkei is trading...
Atul Ltd manufactures value added chemicals by blending basic chemicals and natural resources for diverse industries -agriculture, construction, textiles, pharmaceuticals and automobiles - from its plants in Valsad, Bharuch...
