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|Summary||Date||Stock||Broker||CMP||Target||Change since reco(%)||Upside(%)||Type||Report||Discuss|
|2018-01-18||Hindustan Unilever L..||HDFC Securities||1362.55||1514.00||0.36||11.12||Buy|
We value HUL based on 43x P/E on Dec-19EPS to arrive at a TP of Rs 1,514. We maintain BUY. HULs net revenue grew by 10.8% to Rs 83bn. Like-to-like growth was at 17%, better than our expectation of 11%. Fiscal refunds contributed 2% to revenue. UVG was at 11% (4% in 2QFY18 and -4% in 3QFY17), vs. our expectation of 8.5%. EBITDA and APAT increased by stellar 24% and 30% respectively.
|2018-01-18||Infosys Limited||Axis Direct||1143.25||1345.00||-0.82||17.65||Buy|
Infosys reported in-line revenue but stronger-than-expected margin. Revenue growth at 1% QoQ (USD term) and margin at 24.3% were maintained despite wage hikes and higher variable payout. Growth was driven by Retail and Energy segments.
|2018-01-18||Jubilant Life Scienc..||Prabhudas Lilladhar||879.30||861.00||-2.27||-2.08||Accumulate|
ExEthanol Sales, EBITDA, PAT in line: JUBL sales, EBITDA and PAT after adjustingoneoffEthanolsalesaremoreorlessinlinewithourestimates.Ex ethanolsaleswerebelowestimatesby4%YoYwhileEBITDAandPATwereup 4%and2%aboveestimates.Triadsales(postacquisition)ofUS$47.5mwith5% operating loss were on expected lines. EBITDA margin was 16.5% vs our estimates of 15.2% as there was improvement in margin in core LSI business. WithincreaseindemandandfavourablepriceinVitamins,pyridineandacetyls, JUBL's EBITDA margin in LSI business grew to 19% in Q3FY18 from 17.7% in...
|2018-01-18||Zee Entertainment En..||ICICI Securities Limited||599.65||640.00||1.10||6.73||Hold|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research Revenues came in at | 1838.1 crore (vs. our estimate of | 1767.6 crore). Beat on the topline was led by advertisement revenues that on a lower base of demonetisation, witnessed 25.8% YoY growth to | 1202 crore and was higher than our estimate of 18% YoY growth. Adjusting for sports (now exited) and RBNL channels (acquired recently), domestic ad revenue growth was 25.7% YoY. Subscription revenues came in at | 501.7 crore, down 15.5% YoY mainly due to...
|2018-01-18||Shree Pushkar Chemic..||ICICI Securities Limited||296.30||360.00||0.44||21.50||Buy|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research Shree Pushkar Chemicals (SPCL) reported a strong H1FY18 with sales coming in at | 174.4 crore (up 20.9% YoY), EBITDA at | 30.8 crore (up 20.3% YoY) with corresponding EBITDA margins at 17.7%. PAT in H1FY18 was at | 17.4 crore, up 15.2% YoY SPCL has successfully moved up the value chain post commissioning its Phase 1 (3000 MT) fully integrated dyestuff capacity in March 2016. Through impressive client acquisitions, this...
|2018-01-18||MindTree Limited||ICICI Securities Limited||701.70||600.00||2.34||-14.49||Hold|
|2018-01-18||Sterlite Technologie..||ICICI Securities Limited||376.45||440.00||-3.23||16.88||Buy|
|2018-01-18||Oriental Hotels Limi..||ICICI Securities Limited||59.70||85.00||10.56||42.38||Buy|
|2018-01-18||Jubilant Life Scienc..||ICICI Securities Limited||879.30||1090.00||-2.27||23.96||Buy|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research Revenues grew 39% YoY to | 2068 crore (I-direct estimate: | 1950 crore). Revenues in the pharmaceutical business grew 40% YoY to | 1101 crore (I-direct estimate: | 1078 crore) while life science ingredients (LSI) revenues grew 40% YoY to | 926 crore (I-direct estimate: | 799 crore). The beat vis--vis I-direct estimates in LSI was mainly on account of a favourable pricing environment EBITDA margins declined 209 bps YoY to 20.2% but came in above Idirect estimate of 18.3% mainly due to higher margins in the LSI...
|2018-01-18||Hindustan Unilever L..||ICICI Securities Limited||1362.55||1360.00||0.36||-0.19||Hold|
ICICI Securities Limited
We remain confident on HUL's commitment towards volume led growth backed by new launches, premiumisation. We introduce FY20E numbers and estimate revenue, PAT CAGR of 8.3%, 17.1%, respectively, in FY1720E. However, on account of sharp price movement, we maintain HOLD...
|2018-01-18||DCB BANK LIMITED||ICICI Securities Limited||190.05||200.00||3.18||5.24||Hold|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research DCB Bank's Q3FY18 performance remained steady with healthy traction in business growth and profitability Led by healthy credit growth, NIM expansion of 17 bps and | 4.5 crore of income tax refund, NII growth remained healthy at 20% YoY to | 250 crore. Other income growth remained strong despite lower treasury gains, due to robust traction of 41% YoY in core fee income Bottomline growth was healthy at | 57 crore (up 11% YoY), below...
|2018-01-17||Jubilant Life Scienc..||HDFC Securities||879.30||1020.00||-4.55||16.00||Buy|
Maintain BUY with a revised TP of Rs 1,020 (SOTP FY20E EV/EBITDA 11x for pharma + 5.5x for LSI). Jubilant Life Sciences (JUBILANT) top-line grew 42% YoY in 3QFY18, fueled by the continued traction in the LSI segment (up 40% YoY) and the addition of the Triad inorganic component. Adjusted for Triad, the top-line grew ~20%YoY. EBITDA came in at ~Rs 4.2bn, in-line with expectations. The margins contracted optically due to the dilutive Triad acquisition. The gross margin was ~62% (down ~450bps YoY), and the EBITDA margin 20.2% (down ~260bps YoY).
|2018-01-17||MindTree Limited||HDFC Securities||701.70||735.00||12.55||4.75||Buy|
Maintain BUY with a TP of Rs735, 17x Dec-19E EPS (16x earlier). Mindtree posted strong revenue growth and operating performance in 3Q. Revenue stood at USD 214mn, 4% QoQ CC supported by realisation increase of 5.9% QoQ. EBITDA% came at 15.1%, +348bps QoQ supported by multiple large projects transitioning into steady-state (+180 bps impact), and SG&A; leverage. APAT stood at Rs1.2bn, adjusted for (1) Rs65mn write-back of earn-out from prior acquisition (BlueFin, magnet360), and (2) Lower ETR% of 15.2% (24.9% in 2Q) impacting by ~Rs165mn.
|2018-01-17||Zee Entertainment En..||HDFC Securities||599.65||618.00||1.13||3.06||Neutral|
Reiterate Neutral with TP of Rs 618 @ 32x Dec19E EPS. Zee Entertainment (Zee) reported revenue growth of 23% YoY (like-to-like) led by healthy advertising revenues (+28%). Subscription revenue growth was muted at 7.5% YoY. EBITDA grew by 17% YoY owing to higher opex on 25 years completion celebration and brand refresh. Zee is trading at 34/30x FY19/20E EPS. Valuations are rich but tenable given Zees focused strategy, superior execution, constant investments and profitable growth.
|2018-01-17||Zee Learn Limited||Rudra Ltd||45.75||62.00||35.52||Buy|
Rudra recommends a positional call on Zee Learn with a target of Rs 62
PAN India presence with aggressive expansion in footprint, enrolment growth in its institutes, asset light business model, increasing capacity utilization and increase share of wallet makes ZLL a perfect play to participate in the growing opportunities of Indian education industry.
Company has entered into a new strategic line of manpower recruitment and training business through the newly incorporated subsidiary Liberium Global. This segment generated ` 14.33 Crore revenues in Q3 FY18 . The margins for manpower verticals are on the lower side. However, company see tremendous opportunities for growth. The business being a high ROI and low margin one, company looks to differentiate its offering through value added services and the management is confident that this business will provide robust growth in the future.
|2018-01-17||Newgen Software Tech..||Rudra Ltd||Neutral|
Newgen Software Technologies is a software products company that offers a platform enabling organizations to rapidly develop powerful applications addressing their strategic business needs.
Its platform comprises of :-
The company is increasing its geographical footprint by adding more verticals beyond the core five verticals (banking, government, insurance, healthcare and business process outsourcing), which the company has and also by going deeper into existing verticals by offering new products to the clients.
|2018-01-17||Multi Commodity Exch..||HDFC Securities||837.10||1165.00||-1.59||39.17||Buy|
Maintain BUY with a TP of Rs 1,165 implying a P/E of 35x Dec-19E EPS. MCX delivered bad set of numbers in 3QFY18, revenue was down 9.4% QoQ to Rs 610mn (our est. was Rs 615mn), led by 7.9% fall in ADTV. Options trading started in Oct-17 but the volume pick-up is very slow vs. expectation. Options ADTV stood at Rs 1.40bn (only 0.7% of futures ADTV, target is to reach 20-30% in the next six months). MCX is planning to launch four to five additional options contract in the next few months.
|2018-01-17||Delta Corp Limited||Motilal Oswal||336.80||382.00||1.28||13.42||Buy|
DELTA's revenue increased 56.6% YoY to INR1,622m (est. INR1,502m) in 3QFY18. EBITDA margin expanded 1,220bp YoY to 42.4% (est. of 45%), but was still slightly off from the sustainable high, as the quarter witnessed one-off advertisement expense of ~INR80m on account of World Poker Tour and World Gaming Festival organized by the company. EBITDA grew 119.5% YoY to INR687m (est. INR676m). Consequently, adjusted PAT rose 327.8% YoY to INR447m (est. INR433m) in 3QFY18. Casino gaming revenue grew 73% YoY to INR1,560m, whereas Hospitality revenue rose 28% YoY to INR233m. Online gaming revenue stood at INR284m.
|2018-01-17||Hindustan Unilever L..||Motilal Oswal||1362.55||1585.00||-0.68||16.33||Buy|
HUVR's 3QFY18 net sales rose 11.5% YoY to INR85.9b. Domestic consumer business grew 17% YoY, with 11% underlying volume growth. EBITDA increased by 23.9% YoY to INR16.8b (est. of INR16b) and PAT (bei) by 30.2% YoY to INR12b (est. of INR10.9b). Segmental performance: Home care and Personal care revenues were up 1.9% and 2.8% YoY, respectively. Sales of Foods and Refreshments- the relatively small segments - were up 7.5% and 7.2% YoY, respectively. EBIT margin expanded by 420bp YoY for Home care and 150bp for Personal care, while it contracted by 570bp for Foods and 110bp for Refreshment.
|2018-01-17||Jubilant Life Scienc..||Motilal Oswal||879.30||1110.00||-4.55||26.24||Buy|
Jubilant Life Sciences (JLS) delivered strong 3QFY18 results, with sales, EBITDA and PAT coming in above estimates. JLS recorded sales of INR20.7b (our estimate: INR19.9b), EBITDA of INR4.2b (our estimate: INR3.8b) and PAT of INR2.1b (our estimate: INR1.7b). Performance was led by improved business from the Life Science Ingredients (LSI) segment, full-quarter impact of Triad acquisition, and a lower tax rate. Strong show in LSI segment: LSI sales grew 39.6% YoY to INR9.3b, led by higher demand for JLS??? products. In addition, better pricing helped JLS to achieve highest-ever quarterly segment EBITDA of INR2b (margin of 22.3%).