New Research Reports

In our opinion, GESCO is one of the best capital allocators in the industry. The proof of the pudding lies in the eating and GESCO has demonstrated uncommon alacrity in timing the shipping cycles.

Recovery playing out as asset quality pressure eases SBI is the largest commercial bank in India with over 1/5th market share of the Indian banking sector. It has a strong domestic presence with more than 22,413...

Rich dividend yield on depressed earnings: Impacted by grade slippages, wage revision and elevated capex, COAL's FCFE grew at a tepid CAGR of 2.5% over FY14-FY18 less than half of growth in volumes. We expect FCFE growth to languish between 2.0-2.2% in FY19e-FY21e due to stable earnings...

According to International Gas Union (IGU), ~92mmtpa of liquefaction capacity was under construction as of Mar???18, almost 31% of total trade in 2017. Consumption in Japan, the largest importer of LNG, is likely to decline. China and India are expected to be the major drivers of consumption. Higher incremental supply is likely to result in increasing glut, keeping LNG prices favorable.

ICICI Securities Ltd | Retail Equity Research We recently met the management of Aditya Birla Fashion & Retail (ABFRL). The key takeaways are: -i) festive period sales have been strong across all formats, ii) anticipates Pantaloons to report healthier revenue growth in H2FY19 owing to a shift in the festive season, iii) lifestyle brands are expected to maintain healthy growth momentum with early double digit SSSG in FY19E, iv) innerwear business growing at a rapid pace and currently has ~10,000 point of sales and v) would go slow in...

The financial sector has come off from the turbulence in previous months led by the NBFC crisis, particularly housing finance companies. The market has clearly differentiated to favour NBFCs with strong parentage and robust business model. Banks with high CASA like HDFC Bank, Axis Bank and SBI have clearly outperformed. Being corporate banks and...

ICICI Securities Ltd | Retail Equity Research Astral Poly came out with a strong set of numbers in H1FY19 wherein revenue, PAT increased 20%, 30% YoY, respectively, led by impressive growth in the adhesive segment (revenue up 25% YoY). The piping segment revenue growth at ~12% YoY was lower-than-expected mainly due to trucker's strike, floods in Kerala and fall in PVC prices, which led to sales deferral by dealers. Despite this, EBITDA margins increased ~200 bps YoY to 15.6% due to price hike (mainly in the adhesive segment),...

ICICI Securities Ltd | Retail Equity Research JLL launched 100% natural and chemicals free incense stick - Maxo Agarbatti in Q2FY19. The mosquito repellent incense stick category has posted 101% revenue CAGR in last three years with a size of | 385 crores (YTD CY18). The market currently consists of hundreds of local brands of which many are illegal/unorganised and use harmful pesticides. With high growth and huge popularity being witnessed in this segment, we believe JLL has made the right move to capture the opportunity by foraying into...

Brigade Enterprises (BRGD) is an established real estate developer based in south India, with a presence in housing (standalone apartments and integrated lifestyle enclaves), leasing of office and retail spaces, and hospitality. Since its inception, BRGD has focused more on expanding its residential real estate arm. However, it is now reinventing itself by increasing its focus on expanding its leasing and hospitality portfolios.

By the end of FY 18, the CV industry grew at a growth rate of 19.4%, while by 7M YTD FY19, it has grown by 42%, and is expected to end the year with at least 15-20% growth. Despite the short term trend of slight weakening of CV sales on the back of liquidity crunch, rising interest rates and fuel costs, we believe the long term trend is intact...