Research Reports published by SPA RESEARCH

Name: Latest research reports of Federal Bank Ltd. authored by SPA Research and published by - Trendlyne research reports.
Item: Federal Bank Ltd.
Rating: 5
Author: SPA Research

Latest research reports published by SPA Research

Federal Bank Ltd.

21 Oct 2020

208.39

-0.78%

Federal Bank

Buy: Federal Bank Ltd.

SPA Research

Federal Bank Ltd. is trading above all available SMAs

Ashok Leyland Ltd.

19 Aug 2020

249.73

0.33%

Ashok Leyland

Buy: Ashok Leyland Ltd.

Target

SPA Research

Ashok Leyland (AL) Standalone revenue declined 89% YoY at INR 6.5 bn. Realizations improved ~19% YoY at INR 1.7 mn led by higher spare sales. Volume declined ~90% YoY/ 85% QoQ to 3.8k units. Share of MHCV sales declined to 27% (v/s 67.5% in Q1FY20). Better gross margins at 35.9% (+580 bps YoY) were offset by higher other cost at INR 2.1 bn resulting in higher EBITDA loss at INR 3.3 bn (INR +5.4 bn in Q1FY20). Adjusted loss for the quarter came higher at INR 3.9 bn (+INR 2.4 bn in Q1FY20) led by higher interest cost at INR 768 mn. The domestic MHCV industry has been in a downturn since Nov'18, and FY20 has been the worst year in the past 20 years. M&HCV; sub-segment, in particular, continued to remain subdued during last couple of months. With manufacturing and economic activity still muted in the 'unlock' phase, freight movement remains well below previous levels (fleet utilisation at ~50-55%)...

Ashok Leyland Ltd. has an average target of 250.20 from 11 brokers.

TVS Motor Company Ltd.

30 Jul 2020

2939.30

0.36%

TVS Motor

Hold: TVS Motor Company Ltd.

SPA Research

operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 towards lower priced 2Ws, where TVS presence is minimal. Sales expectations from its most is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers profitable segments (3W & exports) also remain blurry. This, along with frequent local level for margin improvement. However, we believe current valuations already discount most of the lockdowns is creating supply side issues. We believe, in FY21e, TVS would grow lower than the...

TVS Motor Company Ltd. has gained 21.00% in the last 3 Months

Maruti Suzuki India Ltd.

30 Jul 2020

12642.00

-0.57%

Maruti Suzuki

Sell: Maruti Suzuki India Ltd.

SPA Research

performance on all fronts during 2QFY20. The reported profit jumped by 21% YoY to Rs2,550mn levels and could be considered as a one-off. The management claims demand recovery, but looks on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better unsustainable as discretionary spends majorly depend on how Covid situation evolves, which...

Maruti Suzuki India .. has an average target of 13773.50 from 13 brokers.

Escorts Kubota Ltd.

29 Jul 2020

3341.60

-0.49%

Escorts

Hold: Escorts Kubota Ltd.

Recommendation Target

SPA Research

Escorts Ltd. (EL) reported net sales of INR 10.6 bn in 1Q FY21 (~25.4% decline over INR 14.2 bn YoY) and a PAT of INR 922 mn (up 5.3% YoY). Escorts Farm Equipment (EFE) segment volume declined 13.8% while Escorts Construction Equipment (ECE) segment volume a declined 78.1%. EBITDAM (excluding other income) improved by 126 bps YoY (-282 bps QoQ) on the back of improving product mix, benign commodity prices and various cost cutting measures despite negative operating leverage and no price increases taken during the quarter. RM cost as % of sales decreased 185 bps while Operating & Manufacturing Expenses decreased 268 bps while employee expenses as % of sales increased 327 bps. Nationwide lockdown due to pandemic of Covid19 dragged volumes in both ECE and EFE divisions led de-growth....

Escorts Kubota Ltd. has an average target of 3693.57 from 8 brokers.

Dixon Technologies (India) Ltd.

18 Jun 2020

14473.00

1.10%

Dixon Technolog

Buy: Dixon Technologies (India)...

SPA Research

On the back of COVID impact, Revenue remained flat YoY at INR 8,574mn. But for COVID impact, revenue would have grown 19%. During Q1FY21, Dixon got approved by ICMR for manufacturing testing devices for 27 diseases including COVID & TB marking its entry into medical electronics segment. However, EBITDA jumped 50% to INR 561mn despite absorbing INR 100mn impact of COVID as well as INR 45mn impact of Forex loss. Gross margins rose by an impressive 340bps to 15.8%. PAT registered a steep increase of 68% to INR 275mn despite COVID impact of INR 70mn during the quarter....

Dixon Technologies (India) Ltd. is trading at high day volume of 1.3M.

DCB Bank Ltd.

11 Jun 2020

144.78

0.97%

DCB Bank

Buy: DCB Bank Ltd.

Target

SPA Research

DCB reported advance degrowth of 0.37% for Q4FY20 on a QOQ basis while deposits registered a QOQ growth of 2.14%, even though Q4 usually has historically been the strongest quarter for the bank. NIMS for the quarter stood at 3.64% against 3.71% in Q3FY20. GNPA's stood at 2.46% against 2.20% in Q3FY20 while NNPA stood at 1.16% against 1.03% in Q3FY20. The provision coverage ratio was at 70.81% against 76.99% in Q3FY20. Advances growth to pick up pace from Q3FY21 as COVID induced pain eases and the economy returns to normalcy. GNPA's increase - upgrades delayed On a QOQ basis GNPA'S registered an increase of INR 795 mn as upgrades were affected by the lockdown. Within GNPA's the highest...

Number of FII/FPI investors decreased from 144 to 133 in Mar 2025 qtr

Parag Milk Foods Ltd.

14 May 2019

222.69

-0.81%

Parag Milk Food

Buy: Parag Milk Foods Ltd.

SPA Research

Parag Milk Foods (PMF) reported net sales of INR 6,722mn in 4Q FY19 (29.8% jump over INR 5,178mnYoY) and a PAT of INR 313mn (20% jump over INR 262mnYoY).Revenue from Value Added Products (VAPs) rose 25% YoY to INR 4227mn.Gross margins fell236 bps YoYled by increase in contribution of Skimmed Milk Powder (SMP) by 500 bps to 19.3% as well as lag effect in passing milk price increase to consumers. In April'19 Company has taken price hike of 1%.EBITDAM (excluding...

Parag Milk Foods Ltd. has an average target of 255.00 from 1 broker.

DCB Bank Ltd.

22 Apr 2019

144.78

0.97%

DCB Bank

Buy: DCB Bank Ltd.

SPA Research

DCB Bank reported NII of INR 3.0bn (14% y-o-y & 2% q-o-q) led by loan book growth of (16% y-o-y & 3% q-o-q) to INR 236bn. Margin for the quarter remained stable at 3.78% (-38bps y-o-y & -5bps q-o-q). Higher Other Income (17% y-o-y & 5% q-oq) and moderation in opex (4% y-o-y & 0% q-o-q) resulted in 31% y-o-y & 7% q-o-q growth in PPOP to INR 1.85bn. GNPA / NNPA declined marginally to 1.8% / 0.65% (-8bps / -6bps q-o-q) respectively. We continue to believe that RoA expansion for DCB Bank will depend upon opex moderation going ahead....

DCB Bank Ltd. is trading above all available SMAs

Apar Industries Ltd.

01 Jan 2019

8438.00

-2.70%

Apar Ind

Buy: Apar Industries Ltd.

SPA Research

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,...

Apar Industries Ltd. has an average target of 7825.00 from 1 broker.