Research Reports published by HDFC SECURITIES

Eicher Motors Ltd.    
16 Aug 2022, 10:58AM
3338.05
3.98%
HDFC Securities
Further, VECV is likely to be amongst a key beneficiary of the CV uptrend and is confident of gradually gaining share in some of its key segments as their technically superior products are gradually gaining customer mind share. Reiterate Add with a revised PT of INR3,333 (from INR 3,118 earlier). Given its dominant position in the >250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in India. It targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customers. Also, given the sharp price increase in RE over the last few years, it now targets to secure a balance between growth and profitability. The recent launch of the Hunter is a case in point, wherein incremental capital employed would be negligible and, hence, the RoCE on the product would be impressive, despite its aggressive pricing. On exports, RE is seeing a strong demand pull from its key markets. Management believes that, in exports, it is at a stage where they were in the domestic market in FY11, and expect to see sustained growth in the coming years.
Eicher Motors Ltd. has gained 23.34% in the last 6 Months
Hero MotoCorp Ltd.    
16 Aug 2022, 07:01AM
2817.00
2.00%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
HDFC Securities increased Buy price target of Hero MotoCorp Ltd. to 3347.0 on 16 Aug, 2022.
Info Edge (India) Ltd.    
16 Aug 2022, 07:01AM
4428.75
-0.10%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
Info Edge (India) Ltd. has gained 24.85% in the last 3 Months
TCNS Clothing Co. Ltd.    
16 Aug 2022, 07:01AM
600.30
-6.79%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
TCNS Clothing Co. Ltd. average weekly volume is high.
Dilip Buildcon Ltd.    
16 Aug 2022, 07:01AM
242.90
-2.92%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
Dilip Buildcon Ltd. has gained 21.85% in the last 1 Month
Astral Ltd.    
16 Aug 2022, 07:01AM
2000.00
0.73%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
Astral Ltd. has an average target of 2177.29 from 7 brokers.
Bata India Ltd.    
16 Aug 2022, 07:01AM
1971.25
3.12%
HDFC Securities
Bata India: Bata's Q1 performance recovers pre-pandemic sales. Alas! It falls short on expectations (INR9.4bn; vs HSIE: INR9.6bn). On a relative basis too, Bata continues to disappoint. Its three-year CAGR, at 2%, falls meaningfully short vs immediate peer Metro's 18%. EBITDAM missed estimate despite a GM beat as normalisation in cost of retailing outpaced sales recovery. We've highlighted in our IC note too that treading the growth-margin equation across Bata's volume drivers is likely to be tough to execute. We maintain our SELL recommendation with an unchanged DCF-based TP of INR1,400/sh, implying 38x Jun-24 P/E. (FY24/25 EPS estimates change: -3/-1% respectively). TCNS Clothing: TCNS' journey to pre-pandemic sales remains underwhelming, partly due to category-specific idiosyncrasies. Q1 was better than expected but lagged peers (Trent/Madura clocked 29/14% three-yr CAGR). Revenue, at INR2.76bn (HSIE: INR2.51bn), just about hit pre-pandemic sales level. However, offline channels' performance (esp. their sales densities) remains sub-par, unlike peers. TCNS Clothing seems to have taken refuge in higher GM to partly cushion the impact of increasing channel incentives on profitability. We revise down our FY24/25 EBITDA estimates by ~10/9% respectively to account for higher S&D expenses. Maintain our SELL recommendation with a revised DCF-based TP of INR510/sh, implying 20x Jun-24 EV/EBITDA. Dilip Buildcon: Dilip Buildcon (DBL) reported revenue/EBITDA/PAT of INR 26.2/2.1/0.07bnEBITDA a miss, while revenue/APAT beat our estimates. EBITDA margina tad low at 7.8%continues to remain under pressure on account of higher raw material prices/time and cost overruns on legacy projects (impacted by COVID-19 delays). The order book (OB), as of Jun'22, stood at...
Number of MF schemes increased from 111 to 117 in Jun 2022 qtr.
KNR Constructions Ltd.    
13 Aug 2022
260.75
0.23%
HDFC Securities
Fine Organic Industries: Our ADD recommendation on Fine Organics with a TP of INR 6,580 is premised (1) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base, (2) unique business model with high entry barriers, (3) diversified product portfolio, and (4) pricing power. Q1 EBITDA/APAT were 83/98% above our estimates, owing to a 29% rise in revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo, but were offset by higher-than-expected other expense. KNR Constructions: KNR delivered a strong quarter, with revenue/EBITDA/APAT of INR 8.9/1.6/1bn beating our estimates by 12/6/20%. FY23 revenue guidance remained unchanged at INR 35bn, with EBITDA margin pegged at 13-15%. At the standalone level, the gross/net debt stood at INR 1.3/0.8bn, with net D/E at 0.03x, as of Jun'22. KNR has an equity infusion requirement of INR 3.1/1.6/1.1 in balance part of FY23/FY24/25. It expects to receive INR 2-2.2bn as residual payment from transfer of HAM projects to Cube Highways. KNR incurred a Capex of INR 500mn in Q1 vs. FY23 guidance of INR 1.2-1.5bn. The NWC days stood at 60, as of Jun'22 (vs. 63 as of Mar'22). The irrigation receivables as of Jun'22 stood at INR 8.5bn (vs. INR 6.5bn as of Mar'22). We maintain BUY with TP of INR 350/sh (18x Mar-24E EPS, HAM 1x P/BV). Kolte Patil Developers: KPDL reported presales of 0.6msf (+53%/-21% YoY/QoQ), valued at INR 4.5bn (+79%/-11% YoY/QoQ), with average realisation of INR 7,260 per sq. ft. (+16%/+13% YoY/QoQ. The sequential higher realisation is attributable to...
KNR Constructions Ltd. has an average target of 331.00 from 8 brokers.
6201.85
-0.13%
HDFC Securities
Fine Organic Industries: Our ADD recommendation on Fine Organics with a TP of INR 6,580 is premised (1) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base, (2) unique business model with high entry barriers, (3) diversified product portfolio, and (4) pricing power. Q1 EBITDA/APAT were 83/98% above our estimates, owing to a 29% rise in revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo, but were offset by higher-than-expected other expense. KNR Constructions: KNR delivered a strong quarter, with revenue/EBITDA/APAT of INR 8.9/1.6/1bn beating our estimates by 12/6/20%. FY23 revenue guidance remained unchanged at INR 35bn, with EBITDA margin pegged at 13-15%. At the standalone level, the gross/net debt stood at INR 1.3/0.8bn, with net D/E at 0.03x, as of Jun'22. KNR has an equity infusion requirement of INR 3.1/1.6/1.1 in balance part of FY23/FY24/25. It expects to receive INR 2-2.2bn as residual payment from transfer of HAM projects to Cube Highways. KNR incurred a Capex of INR 500mn in Q1 vs. FY23 guidance of INR 1.2-1.5bn. The NWC days stood at 60, as of Jun'22 (vs. 63 as of Mar'22). The irrigation receivables as of Jun'22 stood at INR 8.5bn (vs. INR 6.5bn as of Mar'22). We maintain BUY with TP of INR 350/sh (18x Mar-24E EPS, HAM 1x P/BV). Kolte Patil Developers: KPDL reported presales of 0.6msf (+53%/-21% YoY/QoQ), valued at INR 4.5bn (+79%/-11% YoY/QoQ), with average realisation of INR 7,260 per sq. ft. (+16%/+13% YoY/QoQ. The sequential higher realisation is attributable to...
HDFC Securities increased Accumulate price target of Fine Organic Industries Ltd. to 6580.0 on 13 Aug, 2022.
Kolte-Patil Developers Ltd.    
13 Aug 2022
281.00
5.64%
HDFC Securities
Fine Organic Industries: Our ADD recommendation on Fine Organics with a TP of INR 6,580 is premised (1) leadership in oleo-chemical based additives in the domestic and global markets with a loyal customer base, (2) unique business model with high entry barriers, (3) diversified product portfolio, and (4) pricing power. Q1 EBITDA/APAT were 83/98% above our estimates, owing to a 29% rise in revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo, but were offset by higher-than-expected other expense. KNR Constructions: KNR delivered a strong quarter, with revenue/EBITDA/APAT of INR 8.9/1.6/1bn beating our estimates by 12/6/20%. FY23 revenue guidance remained unchanged at INR 35bn, with EBITDA margin pegged at 13-15%. At the standalone level, the gross/net debt stood at INR 1.3/0.8bn, with net D/E at 0.03x, as of Jun'22. KNR has an equity infusion requirement of INR 3.1/1.6/1.1 in balance part of FY23/FY24/25. It expects to receive INR 2-2.2bn as residual payment from transfer of HAM projects to Cube Highways. KNR incurred a Capex of INR 500mn in Q1 vs. FY23 guidance of INR 1.2-1.5bn. The NWC days stood at 60, as of Jun'22 (vs. 63 as of Mar'22). The irrigation receivables as of Jun'22 stood at INR 8.5bn (vs. INR 6.5bn as of Mar'22). We maintain BUY with TP of INR 350/sh (18x Mar-24E EPS, HAM 1x P/BV). Kolte Patil Developers: KPDL reported presales of 0.6msf (+53%/-21% YoY/QoQ), valued at INR 4.5bn (+79%/-11% YoY/QoQ), with average realisation of INR 7,260 per sq. ft. (+16%/+13% YoY/QoQ. The sequential higher realisation is attributable to...
Kolte-Patil Developers Ltd. is trading above it's 150 day SMA of 271.9