Surprised positively on the operating front. Results beat our / consensus estimates by 18% / 20%. Earnings were driven by better than expected realisations (+9%). 8 We are yet to see volumes recovering; 11% lower than estimated.Despite absence of volume growth and higher?than?expected costs, MGC surprised positively driven by realisations. Lower clinker production helped keep opex/tonne lower by 13% yoy. However, it went up by 3% qoq. Power and fuel was a key driver for savings. We revise our realisation estimates incrementally by ~2% and hence upgrade our estimates. We also marginally revise by our target multiple to 9x EV/EBITDA vs. 8x earlier. We see upgrade potential to our estimates if there are no negative surprises in terms of cost efficiencies; revival of volume growth is also essential.For now, Phillip Capital maintain Neutral (unchanged) with a price target of Rs 360. They maintain Neutral stand with a revised price target of Rs 360 (vs. 250 earlier). At target, the stock will trade at ~60 USD/tonne on FY18 earnings.
Trendlyne has 11 reports on MANGLMCEM updated in the last year from 4 brokers with an average target of Rs 1433.8. Brokers have a rating for MANGLMCEM with 2 price downgrades,2 upgrades,3 price upgrades in past 6 months and 2 downgrades,6 price downgrades in past 1 Year.
auction of all seven spectrum bands starting from 29 September 2016. The spectrum bands include 700MHz, 800MHz, 900MHz, 1800MHz, 2100MHz, 2300MHz and 2500MHz constituting a total of 2356 MHz spectrum with the largest chunk in the 700MHz band....
Domestic volume growth at 8% yoy was above our estimates and that of most FMCG peers; value growth was lower than our/street estimates due to price cuts in Parachute. International business grew 6% yoy led by MENA, South East Asia, and South Africa; Bangladesh growth declined, thereby impacting overall international growth. Gross margins expanded further on lower input cost (Copra/ HDPE down 41%/9% yoy).Phillip Capital value the stock at 38x our FY18 earnings (35x earlier) at Rs 300 (vs. Rs 260 earlier) and maintain Neutral.
Trendlyne has 9 reports on MARICO updated in the last year from 5 brokers with an average target of Rs 267.6. Brokers have a rating for MARICO with 4 price upgrades in past 6 months and 1 price downgrades in past 1 Year.
Key highlights: Strong numbers with positive operating leverage and lower promotions aided an unanticipated margin improvement. Management remains optimistic on demand outlook in Q2FY17, as normal monsoons should lead revival in otherwise languishing rural sales.They increase their estimates by 4%/7% for FY17/18 on better margin performance and retain our Buy rating with a revised target price of Rs 3,750 (Rs 3,260 earlier);Phillip Capital now value Hero at 17x our FY18 EPS (16x earlier) – have upped the target multiple on strong volume outlook and decent margin performance.They retain their Buy rating with a revised target price of Rs 3,750.
Top takeaways from Q1FY17: Revenue growth at 12.5% yoy was ahead of our/street estimates.Volume growth at 6% yoy with domestic volume growth of 5% yoy was in line; pricing growth continued to be robust at 6% yoy. Market share in Tooth paste recovered 60bps qoq to 55.9%; Tooth brush share improved 100 bps qoq to 46.8%.Gross margins rose 240bps yoy and surprised positively. EBIDTA margins shrunk 160bps yoy on higher ad spends and EBITDA growth missed estimates.Phillip Capital value the company at 40x, FY18E earnings (35x earlier) at Rs 1110 (earlier Rs 960) and maintain Buy.
Trendlyne has 11 reports on COLPAL updated in the last year from 4 brokers with an average target of Rs 995.5. Brokers have a rating for COLPAL with 2 price downgrades,1 price upgrade in past 6 months and 1 upgrade,2 price upgrades in past 1 Year.
8 Core performance continued to remain weak as NII declined due to weak growth in advancescoupledwithpersistingpressureonNIMowingtointerestreversals. 8 Asset quality suffered as slippages continued to remain high at Rs 36bn (Rs 61.7bn in...
Gross revenue fell by 2% yoy due to slowdown in exports and Foods We believe that severe slowdown in South India has impacted the company more than peers as South is its dominant market HFD domestic consumption was flat and was driven by 2% growth in Horlicks We estimate volume decline of 2% yoy and price growth of 4% yoy in Horlicks Health Foods division gained value market share by 100bps yoy and Horlicks base/Horlicks extensions gained value market share by 60/60bps yoy. Business auxiliary income rose 13% yoy....
9 For FY17, management nowexpectsdomestic revenues to grow by1012% vs. earlier guidance of 812%; sees growth in the domestic business driven by the industrial segment,notsomuchbythepowergensegment. Maintained its guidance for exports at flat yoy with a negative bias despite strong sequential improvement (+28% qoq), which it attributed to lumpy demand from the parent(maynotsustainfortherestoftheyear). ManagementwillaimtomaintainFY17EBITDAmarginsatFY16levelsof16.4%. 8 ClarifiedthatCumminsInc(parent)willmanufacturetheQSK19rangeofenginesina...
