Latest broker research reports from BP Wealth buy, sell, hold, neutral recommendations along with target prices forecast and upside.
|Summary||Date||Stock||Broker||LTP||Target||Price at reco|
Change since reco(%)
|2019-06-10||Automobiles & Auto C..||BP Wealth||Sector Update|
|2019-06-03||GMM Pfaudler Ltd.||BP Wealth||1344.15||1489.00||1285.00 (4.60%)||Target met||Buy|
GMM Pfaudler Ltd (GMM), for Q4FY19, reported a decent set of numbers. Revenue grew at 37.4% YoY to INR 1,207mn (est INR 1,155mn). EBITDA showed growth of 17.9% YoY to INR170mn (est INR191mn) with 231bps YoY contraction in margin from 16.4% in Q4FY18 to 14.1% in Q4FY19, due to adverse product mix mainly led by Heavy engineering business ,which grew by 116% YoY with only 2.1% EBIT margin compared to 15.2% in Q4FY18. As per the management, the decline in margin was due to a single large order taken by the company for strategic reasons and is expected not to repeat going forward. Net profit surged by 27.9% to INR 108mn (est. INR112mn) due to operationally weak performance and lower tax expense (33.5% vs 39.7%). During the quarter, export share in revenue remained at 10%. Most of the export orders were mainly lead by Pfaudler Inc( Parent) network. Capacity Expansion in Glass lined Equipment business to tap increasing demand...
|2019-05-28||I G Petrochemicals L..||BP Wealth||275.70||512.00||292.95 (-5.89%)||85.71||Buy|
IG Petrochemicals Ltd (IGPL), for Q4FY19, reported depressed performance. Revenue growth remains flat at 0.1% YoY to INR 3,131mn (est INR 3,221mn). EBITDA decline by 42.5% YoY to INR 367mn (est INR440mn) with 866bps YoY contraction in margin from 20.4% in Q4FY18 to 11.7% in Q4FY19 (est.13.6%) mainly due to decline in gross margins led by reduction in PAN/OX spread due to extreme volatility in raw material prices. During Q4FY19, production of PAN volume has grew by 11.6% on a sequential basis from 37,296MTn in Q3FY19 to 41,617MTn in Q4. However, on yearly basis, PAN volume grew by 7.3% due to customers resume buying which they had postponed during Q3 as stabilization in commodity prices. As we noticed stabilization in crude oil in recent months, we expect better volume uptick in going forward with improvement in margins on the back of increasing...
|2019-05-27||Infrastructure||BP Wealth||Sector Update|
|2019-05-24||Politics||BP Wealth||Economy Update|
We expect M&M; financial services to be a beneficiary of the gradual recovery in the auto sector to be witnessed in the 2nd half of this year, which would translate into better festive sales compared to a tepid performance last year. This would be driven by a normal expected monsoon and completion of election overhang leading to improved sentiment, especially in the rural areas. Implementation of BS 6 norms in April 2020 would also play a role on account of pre-buying .The Government's increased rural spending and infra push would also further accelerate the rural economy. The management has guided for a loan growth of ~15% and the CV segment would continue to show high levels of growth owing to a low base. Increasing focus on the used vehicle business would lead to higher yields going ahead. Better recoveries and operating leverage would result in improving NIMs, making us believe that ROA target of 3% as indicated by the management...
|2019-05-23||Aarti Industries Ltd.||BP Wealth||1724.00||1881.00||1730.50 (-0.38%)||Target met||Hold|
Aarti Industries Ltd (AIL), for Q4FY19, reported strong set of numbers. Revenue has grown by 17.7% mainly due to healthy performance across all segments. EBITDA grew by 31.4%YoY to INR2,369mn with 205bps improvement in margins to 19.6% on account of increasing share of value added and high margin products. Net profit grew at a higher pace of 46.9% to INR 1245mn, due to slower growth in depreciation and interest expenses bolstered by operationally strong performance. Overall volumes in the specialty chemical segment grew by 3% YoY in Q4FY19 (FY19: 8%); For FY20, the management has guided for midteen volume growth. Moreover, they have alluded an increase in realization in many of the products leading to a better margin profile, which would aid in supporting growth going...
|2019-05-17||Dishman Carbogen Amc..||BP Wealth||221.35||313.00||205.00 (7.98%)||41.41||Buy|
DCAL Q4FY19 revenue came substantially above our estimate at INR 6,497mn (est. INR4,515mn) Up 43.9% YoY lead by strong revenue growth from CRAMS (India) and Vitamin D business. CRAMS India revenues grew by 49% YoY and accounted for 21% of the revenue. Carbogen Amcis revenues grew by 31% with 51% contribution in Q4 revenue. Carbogen Amcis BV revenues increased by 65.7% YoY on account of strong sales of Vitamin D analogues and cholesterol. EBITDA margins declined from 26.8% to 26.1% (est.28.3%) on a YoY basis led by higher other expenses mainly due to the impact of foreign currency translation (INR200mn) and higher repairs & maintenance cost. PAT...
|2019-05-13||Granules India Ltd.||BP Wealth||93.90||155.00||110.40 (-14.95%)||65.07||Buy|
Granules (GIL) earnings came above our estimate mainly led by higher profits from JV's . The company posted revenues of INR 6,133mn with 21.7% YoY increase which was slightly below our estimate of INR 6,355mn. Revenue growth was mainly driven by the Formulation (FD) (58.9% YoY growth) segments, led by gMethergine along with new product launches and better pricing in existing products like Ibuprofen. Despite higher contribution from FD (47% vs 36% in Q4FY18) EBITDA margin contracted to15.9% level, was 136bps lower than our estimate due expensing out R&D; cost and higher provision for non moving inventories. Adj. PAT came above our estimate at INR640mn (est INR571mn) supported by higher profits from the JVs (INR 190mn vs INR 32mn( YoY) vs INR 21mn (QoQ) due to cyclical nature of the business. Tax expense for the quarter stands at 30.9% compared to 35.6% same quarter last year....
|2019-05-13||Hikal Ltd.||BP Wealth||168.70||218.00||171.40 (-1.58%)||29.22||Buy|
in gross margin due to change in product mix, EBITDA margin manage to remain at 18.4% level, was 121bps lower than our estimate. Adj. PAT came above our estimate at INR333mn (est INR298mn) Sector Outlook supported by lower tax expense (30.8% vs 35.3%) and decline in interest cost....
|2019-05-02||Ratnamani Metals & T..||BP Wealth||966.80||1280.00||887.00 (9.00%)||32.40||Buy|
Ratnamani Metals and Tubes was incorporated in 1983. It is the market leader in manufacturing Tubes & Pipes in Stainless Steel/Exotic and also a significant player in manufacturing Carbon Steel Welded Pipes. The company is multi location and multi product enterprise. It caters to more than 16 industries and has 37 countries export presence. The company is headquartered in Ahmedabad and its manufacturing facilities are at Chhatral, Indrad and Kutch in Gujarat and its business offices are situated in Mumbai, Delhi, Hyderabad and Chennai. The products are widely accepted by its end user...
|2019-03-28||Rail Vikas Nigam Ltd.||BP Wealth||26.25||IPO Note|
Rail Vikas Nigam limited (RVNL) incorporated in 2003 by Ministry of Railways (MoR) , is a wholly owned government company, a Miniratna (Category 1) Schedule A' Central Public sector Enterprise. The company focuses on executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. The company operates at all stages of project management which includes designing ,estimating and contract management etc. The company has undertaken projects across different states spanning Maharashtra, Orissa, Madhya Pradesh, Punjab,...
|2019-03-19||Dishman Carbogen Amc..||BP Wealth||221.35||291.00||207.35 (6.75%)||31.47||Buy|
|2019-02-11||I G Petrochemicals L..||BP Wealth||275.70||512.00||220.90 (24.81%)||85.71||Buy|
|2019-02-07||MOIL Ltd.||BP Wealth||151.15||238.00||162.00 (-6.70%)||57.46||Buy|
|2019-02-05||Automobiles & Auto C..||BP Wealth||Sector Update|
|2019-02-05||Aarti Industries Ltd.||BP Wealth||1724.00||1866.00||1677.00 (2.80%)||Target met||Hold|
|2019-02-01||GMM Pfaudler Ltd.||BP Wealth||1344.15||1273.00||1124.95 (19.49%)||Target met||Buy|
|2019-01-31||Granules India Ltd.||BP Wealth||93.90||146.00||91.10 (3.07%)||55.48||Buy|
|2019-01-30||Piramal Enterprises ..||BP Wealth||1880.40||2784.00||2067.00 (-9.03%)||Target met||Buy|
|2019-01-28||Chalet Hotels Ltd.||BP Wealth||313.85||IPO Avoid|