Latest broker research reports from Nirmal Bang buy, sell, hold, neutral recommendations along with target prices forecast and upside.
|Summary||Date||Stock||Broker||LTP||Target||Price at reco|
Change since reco(%)
|2019-03-05||Brokerage Research R..||Nirmal Bang||Economy Update|
|2019-02-25||Karur Vysya Bank Ltd.||Nirmal Bang||70.00||90.00||68.50 (2.19%)||28.57||Buy|
KVB reported a muted quarter on the asset quality front; with profits plummeting on the back of significantly higher provisions Advances stood at Rs. 47,766 Cr vs Rs. 44,836 Cr in Q3FY18 a growth of 7% YoY. Retail loans exhibited a robust growth of 25% YoY contributing 19% to the overall advances. The bank chose to grow the Agri, SME and corporate book cautiously, with each contributing 17%, 35% and 28% resp. We expect loan growth of 14% CAGR over FY19-21E. NIMs were higher 3 bps QoQ at 3.60%. They were at 3.76% YoY resulting in...
|2019-02-18||Uflex Ltd.||Nirmal Bang||218.10||292.00||187.85 (16.10%)||33.88||Buy|
Uflex Ltd. reported a muted Q3FY19 as it faced headwinds given the volatility in the crude oil prices during the quarter. Though consolidated sales for the quarter increased by 18.2% YoY to Rs 1979.3 cr, the volume growth was mere 3.1% YoY, with packaging business volumes de-growing 7.5% and film volumes growing at 6.3% YoY. The key reason for low volume growth is delay in purchases by customers in declining pricing phenomena. Consolidated EBITDA margins remained flat YoY at 11.4% in Q3FY19 vs 11.6% in Q3FY18 however declined QoQ from 12.9%, due to declining prices. The management reiterated that EBITDA/ton...
|2019-02-12||Minda Corporation Ltd.||Nirmal Bang||134.35||132.00||131.00 (2.56%)||Target met||Accumulate|
Healthy topline growth marred by steep decline in gross margins; expect margin pressure to persist Revenue from operations for the company grew by 21% YoY to Rs. 769 Cr vs Rs. 636 Cr YoY and Rs. 773 Cr QoQ. EBITDA stood at Rs. 54.8 Cr as against Rs. 71.7 Cr same time last year (degrowth of 24%) and Rs. 82.3 Cr sequentially. MCL witnessed 410 bps EBITDA margin contraction YoY at 7.1% for the quarter, led by a 520 bps decline in gross margins. Adjusted net profit came at Rs. 34.0 Cr vs Rs. 37.9 Cr same time last year, degrowth of 10%....
|2019-02-06||Vaibhav Global Ltd.||Nirmal Bang||632.00||819.00||639.55 (-1.18%)||29.59||Buy|
Vaibhav Global Ltd (VGL) is progressing well on the charted path. The company reported 18.4% volume growth in retail segment, ahead of the management's guidance. However, the reported sales growth is 11%, due to lower B2B, which is an opportunistic business for the company. Gross margins continued to show improvement yoy as well as qoq on account of higher retail sales. Gross margins for the quarter were 64% vs 57%/62% in Q3FY18/Q2FY19 respectively. This resulted in ~100 bps yoy improvement in EBITDA margins as well at 13.3% vs 12.4%/11.7% in Q3FY18/Q2FY19 respectively....
|2019-02-05||Equitas Holdings Ltd.||Nirmal Bang||133.75||186.00||121.00 (10.54%)||39.07||Buy|
Equitas Holdings reported an all-round healthy quarter. AUMs stood at Rs. 10,861 Cr, a growth of 41% YoY and 9% QoQ. Growth was mainly driven by Micro LAP which grew by 61% YoY (32% mix) while Vehicle Finance grew by 26% YoY (25% mix) and Microfinance grew by 20% YoY (27% mix). Among the new businesses, Corporate grew by 244% (4% mix) while Agri grew by 121% (4% mix). We expect the company to maintain its loan growth momentum and grow its AUM at 35% CAGR over FY18-21E. Key highlight during the quarter was the expansion in NIMs to 8.98%, +121...
|2019-02-04||Brokerage Research R..||Nirmal Bang||Economy Update|
|2019-01-17||Equitas Holdings Ltd.||Nirmal Bang||133.75||181.00||119.10 (12.30%)||35.33||Buy|
Best of both worlds: yield of NBFCs, cost of banks Equitas offers a unique opportunity to participate in a business model that offers nimbleness and pricing power of an NBFC on one hand and the deposit generating ability of a bank on the other. Equitas has successfully diversified across 9 products with its core focus on self-employed individuals and micro...
|2019-01-17||DCB Bank Ltd.||Nirmal Bang||196.50||244.00||186.30 (5.48%)||24.17||Buy|
Efficiencies drive robust profit growth; Thesis unfolding DCB reported another healthy quarter on the balance sheet front; profits surprise positively on the back of significant decline in cost/income. Advances stood at Rs. 22,888 Cr vs Rs. 18,595 Cr in Q3FY18 a growth of 23% YoY. Mortgages, Agri, Corporate and SME+MSME contributed 40%, 19%, 15% and 12% resp. We expect loan growth of 22% CAGR over FY18-20E. NIMs were flat at 3.83% QoQ. They were at 4.12% YoY resulting in NII growth of 17% YoY. NIMs are expected to inch higher in coming quarters. Other...
|2019-01-14||Brokerage Research R..||Nirmal Bang||Mgmt Note|
|2019-01-07||Monte Carlo Fashions..||Nirmal Bang||369.00||381.20 (-3.20%)||Results Update|
Extended winter will support near term RESULT!!! Monte Carlo Fashions Ltd, established in 1984, has a comprehensive product portfolio of garment & winter wears across woolen, cotton & cotton blended, home furnishing and kids segments. Company sells its product under umbrella brand of Monte Carlo. As on Sep 18, the company has 2500+ MBO, 242 EBO...
|2019-01-01||Vaibhav Global Ltd.||Nirmal Bang||632.00||887.00||725.00 (-12.83%)||40.35||Buy|
Vaibhav Global Ltd's (VGL) journey has been a roller coaster ride since its inception. After having a decade or so smooth and growth phase at the start, it faced huge losses during the global turmoil which pushed the company into CDR. However, the management took corrective steps in terms of restructuring the business (like converting the business model from pure jewellery company to retail company, shutting down of loss making subsidiaries etc). Post this, the company not only came out of the process but had its most profitable years. However, this attracted PE funded new players with much more aggressiveness...
|2018-12-31||Brokerage Research R..||Nirmal Bang||Results Update|
|2018-12-04||Karur Vysya Bank Ltd.||Nirmal Bang||70.00||110.00||79.95 (-12.45%)||57.14||Buy|
Karur Vysya Bank (KVB) is an old generation regional private bank skewed towards SME lending, having a strong presence in Southern India (TN). New management with extensive track record in Retail banking: Mr. P R Seshadri, joined KVB in Sep 2017 as the MD & CEO. He is a seasoned banker with SME and Retail banking experience of over 25 years spanning multiple geographies, mainly with Citibank. He has a proven track record of building & leading large teams as well as executing complex business objectives. Mr. Seshad i s e te si e e pe ie e & expertise in Retail & SME shall aid KVB in...
|2018-12-03||Brokerage Research R..||Nirmal Bang||Results Update|
|2018-11-15||Uflex Ltd.||Nirmal Bang||218.10||476.00||318.00 (-31.42%)||118.25||Buy|
Uflex Ltd. reported a good set of numbers in Q2FY19. Sales for the quarter increase by 26.5% YoY to Rs 2015.8 cr. During the quarter, the company witnessed an overall sales volume growth of 10.6% YoY, with packaging business volumes growing 11.6% and film volumes growing at 10.4% YoY. The management has maintained its guidance for double digit volumes growth in FY19, on the back of additional focus to develop high-margin value added products. EBITDA margins saw a dip from 14.4% in Q2FY18 to 12.9% in Q2FY19 and remained flat on a QoQ basis. Due to a sharp spike in crude oil prices squeezing the packaging business...
|2018-11-15||Shemaroo Entertainme..||Nirmal Bang||396.00||644.00||457.50 (-13.44%)||62.63||Buy|
Shemaroo reported improved set of numbers for the quarter. Net sales came in at Rs 163.3cr (+32.4% QoQ, +21.6% YoY) in Q2FY19 vs QoQ Rs. 123.4 Cr, YoY Rs. 134.4 Cr. Improvement in revenue was led by both Traditional & New media business which grew by 39.3 % QoQ/17.5% YoY & 17.2% QoQ / 33.3% YoY respectively. Although sales increased Ebitda margins depressed by 542bps QoQ mainly due to rebranding expense which is one off. In Q1FY19 the company has rebranded its corporate identity after 55 years by a new logo and announces India Khush Hua' as its new tagline. Lower Ebitda margin led to lower PAT...
|2018-11-09||Minda Industries Ltd.||Nirmal Bang||343.55||336.00||346.00 (-0.71%)||Target met||Hold|
Minda industries Ltd. (MIL) had another healthy quarterly performance. Revenue from operations for the company grew by 39% YoY to Rs. 1,522 Cr vs Rs. 1,098 in Q2FY18 and Rs. 1,430 Cr in Q1FY19 (up 6% sequentially). EBITDA stood at Rs. 189 Cr as against Rs. 137 Cr same time last year (growth of 39%) and Rs. 170 Cr sequentially. EBITDA margins were flat YoY at 12.4% and higher by 50 bps sequentially. Adj. net profit post minority interest came...
|2018-11-02||Minda Corporation Ltd.||Nirmal Bang||134.35||198.00||134.70 (-0.26%)||47.38||Buy|
Revenue from operations for the company grew by 18% YoY to Rs. 773 Cr vs Rs. 655 Cr YoY and Rs. 778 Cr QoQ. EBITDA stood at Rs. 82.3 Cr as against Rs. 75.0 Cr same time last year (growth of 65%) and Rs. 73.1 Cr sequentially. MCL witnessed 80 bps EBITDA margin contraction YoY at 10.6% for the quarter, however it improved by 120 bps on sequential basis on the back of a improvement in gross...
|2018-10-31||Brokerage Research R..||Nirmal Bang||Top Picks|