Research Reports published by YES SECURITIES

40826.95
-0.32%
Yes Securities
est.). However, lower tax expenses (19% yoy) negated the impactofdecreaseinotherincomepartially.Taxratestoodat 25.7% vs 27.8% in Q2FY20. PAT marginal beat (+4% vs our...
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Honeywell Automation.. has an average target of 40311.00 from 2 brokers.
PSP Projects Ltd.    
09 Nov 2020
436.25
-1.90%
buy
Yes Securities
Surat Diamond project (SDB) revenues were soft in Q2 FY21 due to low labor availability(whichimprovedonlyinAugust).SDBrevenuesareexpectedtopick upfromQ3FY21onwards.TheQ2FY21monthlyexecutionrateofRs.220mnis expectedtoriseto500600mnonmonthlybasisinQ3forSDB.TheCompany...
PSP Projects Ltd.'s price crossed below SMA100 today
30.80
-2.84%
Yes Securities
A large PPOP/earnings beat in Q2; improved cost metric alleviating creditcostimpactonRoARateBUYwith12mPTofRs40 UjjivanSmallFinanceBank(USFB)deliveredalargebeatonearningsinQ2FY21led byastrongerNIIperformance,highernoninterestincome,controlledopexgrowthand lowerthanestimatedprovisioning.Sequentialdeclineingrossadvancesat3.4%(yoy growth decelerated sharply to 8%) was caused by 6% contraction of Micro Banking portfolio(sharedeclinedto76%)wherethebankhasbeencautiousondisbursements and has tightened credit policy. Qoq growth in affordable housing and MSE lending...
Ujjivan Small Financ.. has an average target of 40.50 from 5 brokers.
Manappuram Finance Ltd.    
06 Nov 2020
160.20
-1.96%
buy
Yes Securities
and lowerthanexpected provisions (management's expectation of sustained improvement in collection efficiency in nongold businesses). However, we see the billingcollectiontrends(w/oarrearsandforeclosures)inMFIandCVportfolioasbeing weakerthanpeercompaniesinthesesegments.Thus,weretainourconservativeloan loss outcomes in microfinance (7.5%), vehicle finance (6%) and housing finance (4%) businesses.Notwithstandingthis,weestimateMGFLtodeliver5%RoAinthecurrent yearonthebackofsolidprofitabilityingoldloans.Ascreditcostwouldbemuchlower in nongold segments during FY22, the consol. RoA could climb above 5.5%. RoE...
Manappuram Finance Ltd. is trading above it's 50 day SMA of 155.5
Greenlam Industries Ltd.    
03 Nov 2020
1141.75
-1.38%
buy
Yes Securities
Relief in national and regional lockdowns led to restoration of demand during Q2 but sales were below pre-COVID levels. During the quarter domestic / international...
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Greenlam Industries Ltd. is trading above it's 200 day SMA of 885.5
CreditAccess Grameen Ltd.    
03 Nov 2020
744.55
-1.94%
Yes Securities
Relief in national and regional lockdowns led to restoration of demand during Q2 but sales were below pre-COVID levels. During the quarter domestic / international...
CreditAccess Grameen Ltd. is trading above all available SMAs
AIA Engineering Ltd.    
02 Nov 2020
1983.20
0.12%
buy
Yes Securities
Growing share via value added offerings; Retain 'BUY': We retain FY22 volumeestimatesat296kMTassumingi)Increaseinannualgrindingmediavolumes by2025kMTonanormalizedbaseofFY20,ii)Approx.10kMTcontributionfrommill lining solutions & ~70bps margin expansion over FY2022 led by benefits of INR depreciation (~75% exports), launch of relatively high margin value added mill lining solutions & operating leverage play. The stock is currently trading at 24x FY22E earnings. It deserves premium multiple due to strong business MOAT. We remain optimisticonthebusinessprospectswithadjustedROE(excash)of28%byFY22E,...
AIA Engineering Ltd. has an average target of 2110.75 from 4 brokers.
Axis Bank Ltd.    
29 Oct 2020
736.30
-0.31%
buy
Yes Securities
We retain BUY on Axis Bank and increase price target to Rs586 (Rs550 before) underpinnedbyearnings/BVupgrade.Earningshavebeenrevisedupwardsbylifting NIM and core fee growth assumptions. Considering management's assessment of probablerestructuringpoolandencouragingcollectiontrends(demandresolutionat 97%inOct),webelievethatdownsideriskstoourprevailingcreditcostestimateshas diminished.Hence,bank'sreturnratioswillmostlikelyrecoversharplyinFY22.The...
Axis Bank Ltd. has an average target of 771.08 from 14 brokers.
Can Fin Homes Ltd.    
29 Oct 2020
513.35
-0.23%
buy
Yes Securities
Can Fin's Q2 FY21 result was exceptionally strong on the back of sharp NIM improvementandmodestprovisions(backedbymanagementassessmentofpotential stressandextanthealthyprovisioningbuffer).WeconcurwithmanagementthatNPL increaseandrestructuringquantumwouldnotbesignificantconsideringencouraging collectiontrends(93%inSeptand9697%inOct)andcustomerprofileofthebook. CreditcostfromH2FY21isexpectedtolargenormalize(1520bpsannualized). WhiletheNIMcouldstayaroundthecurrentelevatedlevel(3.94%)foracoupleof quarters (1020 bps incremental decline in cost of fundspossible), it will most likely...
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Can Fin Homes Ltd. has an average target of 596.71 from 7 brokers.
RBL Bank Ltd.    
28 Oct 2020
206.75
-1.41%
buy
Yes Securities
The decline in NIM weighed on NII growth (10% qoq and 7% yoy). There was strongrecoveryincorefeeincome(up52%qoqandstoodat93%ofQ2FY20 level)withrevivedtractionincardfeesandprocessingincome.Treasuryincome waselevated,andstoodsimilartoQ1FY21atRs950mn. Notwithstanding higher business activity levels in nonwholesale products on sequentialbasis,theabsoluteopexcameoffinQ2FY21andexhibitednogrowth onyoybasis.Cost/incomeremainedbelow50%. AdvancesstoodatRs562bn(1%qoqand4%yoy);nonwholesalegrew7%qoq...
RBL Bank Ltd. is trading above it's 50 day SMA of 200.1