Latest broker research reports with buy, hold and sell recommendations along with target prices forecast and upside.
Browse thousands of reports and search by company or broker.
HUL's high valuation is natural, considering consistent market share gain with margin expansion and strong RoCE. We expect HUL to be a key beneficiary of GST and premiumisation. We value HUL based on 42x P/E on Sep-19 EPS. Our TP is Rs 1,363. We maintain BUY. We interacted with the management of HUL, and covered points like (1) GST implementation update, (2) Progress in channel restocking, (3) Trends in consumer off-takes and (4) Change in cost elements.
Dilip Buildcon Limited (DBL) is an India-based company engaged in the business of infrastructure facilities on engineering procurement and construction (EPC) basis. The Company undertakes contracts from various government and other parties and special purpose vehicles promoted by the Company. It operates through construction and engineering contracts segment. Its business of construction and development of real estate is at nascent-stage and no operations have commenced. Its subsidiaries include DBL Ashoknagar-Vidisha Tollways Limited, DBL Bankhlafata Dongawa Tollways Limited, DBL Jaora Sailana Tollways Limited, DBL Mundi-Sanawad Tollway Limited, DBL Nadiad...
Prataap Snacks Ltd. (PSL) is one of the top six Indian snack food companies in terms of revenues in 2016, and among the fastest growing companies in the Indian organized snack market. Of the net proceeds from fresh issue, around Rs. 130mn will be utilized to repayment/pre-payment in full or part of certain borrowings availed by it; Rs. 670mn will be used to fund the capital expenditure requirements; around 294mn would be invested in the fully owned subsidiary company and Rs. 400mn will be utilized for...
We attendedBEL's analystmeet and returned confident of maintaining our bullish stanceonthecompanyastheprospectsremainfirminthenear/mediumterm.The company expects order inflow to remain healthy at ~Rs150bn for next 23 years, giventhehealthypipelineoforders.BELisinvestingincapextosupportexecutionof strongorderbook.ItisalsolookingatsteppingupR&D;spendfurther,from8.8%in FY17to~10%ofsalesinFY18tomaintaintechnologicaledgeandretainleadership position in strategic electronics. BEL is targeting sales of Rs100bn and restricts margindiptoonly100bpsdespiteincreasedwageprovisionandhighernondefence...
We maintain our cautious stance on most large caps, given rich valuations. Remain constructive on Birla Corp and Sanghi Industries. Cement prices are largely flattish YoY, and declines are seasonal in nature. However, continued sand shortages in states which contribute ~20% of cement demand may weigh on the volumes of cement companies in 2QFY18. Any delay in restoration of pet-coke supplies from US Gulf Coast would weigh on cement stocks.
View: Significant derisking event for Tata Steel, which has long struggled with its European operations. With lowering of external debt, it can explore both organic and inorganic opportunities domestically. We remain positive. Tata Steel Europe (TSE) and thyssenkrupp Steel Europe (TKA-SE) will merge their assets into a 50:50 JV. The resultant entity will be the 2nd largest European steelmaker with vertically integrated operations in Port Talbot (UK), Ijmuiden (Netherlands) and Duisburg (Germany), driving significant consolidation. Synergies of EUR 400-600mn are expected by FY20, driven mainly from the optimization of duplicate functions like admin, sales, and procurement, in addition to efficiencies in logistics and bundling of R&D; functions.
Q1FY18 consolidated EBITDA was below consensus and our estimates due to higher-than-expected impact of GST implementation on aftermarket revenue. The next leg of growth is likely to be driven by (1) gaining share in global auto and non-auto cables (including inorganic)
Vedanta has submitted to the stock exchange that a total of 1,605 MW captive power capacity (out of total capacity of 3,615 MW) has been temporarily closed down as per the direction of OSPCB.
Voltas held an analyst meet earlier today. Key takeaways: While there was massive destocking in Q1FY18 due to lack of clarity on deemed GST credit, sale in secondary trade channel was strong at 17% YoY.
We believe that the JV is structurally positive for TATA as its debt (based on 50% economicinterest)exposureforEuropeanoperationswouldcomedownby~30%to 3.25bn from the current 4.7bn with higher EBITDA base of 783mn, 12% above thecurrentEBITDA.HighdividendpayoutsfromJVwouldhelpservicetheresidual debt.TheJVwouldhelpthecompanytostrengthenitsfocusonIndia.Management guidedtodoublethecapacityofIndianoperationsto26mtinthenextfiveyears. We reiterate BUY with a revised TP of Rs750 (earlier Rs675) to factor in debt...
SBI Life Insurance Company Ltd. (SBI Life) was formed as a Joint Venture between the State Bank of India and BNPPC in 2001. State Bank of India was India's largest commercial Bank in terms of deposits, advances and number of branches, as of March 31, 2017. BNPPC, an Insurance subsidiary of BNP Paribas, with operations across 36 jurisdictions internationally, is among the leading credit life insurance businesses globally. SBI Life is India's largest private life insurer, in terms of New Business Premium generated in each fiscal year, since FY10. Between FY15 and FY17, its New Business Premium increased at a CAGR of ~35%, which is the highest...
KNR Constructions Limited is an India-based holding company. The Company is a multidomain infrastructure project development company. The Company undertakes engineering, procurement and construction (EPC) contracts, as well as build-operatetransfer (BOT) projects across various sectors, such as construction and maintenance of roads, highways, flyovers and bridges. Its range of verticals also include irrigation projects, water management, agriculture and trading business. It has completed approximately 5,890 kilometers of projects across over 10 states in India. Its urban water infrastructure management project is Challaghatta Main Valley Project, which involves the remodeling of primary and secondary storm drains, bridges/culverts and related works in Challaghatta Main Valley in Bangalore City. The Company's irrigation...
SBI Life Insurance Company Ltd (SBI Life) is India's largest private life insurer, in terms of New Business Premium generated in each fiscal year, since Fiscal 2010. SBI Life was established as a joint venture between the State Bank and BNPPC in 2001. As of March 31, 2017, State Bank was India's largest commercial bank in terms of deposits, advances and number of branches. Following its recent merger with certain of its associate banks and a non-affiliate bank, with effect from April 1, 2017, State Bank had 24,017 branches and 195 international offices in 36 countries and more than 420 million customers. As of July 31, 2017, SBI Life had a comprehensive product portfolio of 37 individual and group products (of which eight products are group products), including a range of...
The competitive intensity in flyovers and urban roads is limited. Earthworks and other low-value added work could be sub-contracted. Adding to that, higher share of fast moving bitumen projects can be a catalyst. Winning Hybrid Annuity Model...
We attended the annual general meeting (AGM) of Whirlpool of India (WIL) held on 18 September 2017. With the consumer durable market in India expanding, the management was optimistic about strong revenue growth aided by increasing distribution network as well as plugging of portfolio gaps. WIL intends to strengthen its position in refrigerators and washing machines, launch new models/variants regularly every two to three months, double the sales of other product categories as well as focus more on the premium range. WIL also aims to expand its capacity in all segments to meet...
SBI Life Insurance is the largest private insurer in terms of NBP generated with 20.04%marketshareandhasanAUMofRs977bn.ThecompanyisridingonULIP business(71%APEmix)whichhaslowerregulatoryrisk,lowercapitalrequirement andlongtermopexbenefit,butalsohaslowermarginsandishighlydependenton capitalmarketperformance.SBILifeisincreasinglyfocusingtoimproveprotection business share which is high margin and have moderate opex. Hence,we believe Operating RoEV to remain stable at 23% currently and improve post overrun margins to ~18% by FY19 from currently 15%. At the upper band of Rs700, the...
towns and low unit packs. The company is among top six players in the Rs220bn organizedsnackssegmentwithYELLOWDIAMONDbrandandmarketleadership in Rings and Puff segment which has competition from PepsiCo, ITC, Parle, Haldiram's and DFM foods. PSL has immense growth potential as it has market...
MGL witnessed an improvement in its margins in the last quarter (OPM and NPM of 38.3% and 23.4% as against 31.5% and 19.2% in the corresponding quarter of previous year) mainly on account of better price...
At the higher price band of Rs. 661 per share, SLIC's share is valued at a FY17 Price/Indian Embedded Value (P/IEV) multiple of 4.2x, which is at a premium to its only listed peer ICICI Prudential Life Insurance Company Ltd. (trading at a P/IEV of 3.8x). Below are few key observations of the issue: As per Swiss Re report, the protection gap in India stood at 92% (i.e. USD 8.5tn) in 2014, which was much higher compared to other Asian countries. This means that for USD 100 of insurance protection...
