Yes Securities Broker Research reports

and revival in the ULIP business. It continues to focus on extracting more from its bancassurance and agency channels. Limited presence on the online platforms, however, is a dampener. The stock trades at FY22E P/EV of 2.1x, which we find...

DIXON Technologies (DIXON), India's largest EMS player is currently in a sweet spot given a confluence of rising demand,importsubstitution andfavorableregulatorysupportatthesame time.Thecompanyispreparingforaggressivescaleupacrossproductsegmentsbyinvestingin increasing management bandwidth, adding export markets as a key growth engine and continuouslyincreasingthevalue additioninproductslikelighting,washingmachinesandnow televisions. Fungible capacities, backward integration, focus on ODM solutions vs OEM and continuedadditionofMNCclientshavebeenkeygrowthenablersbehinddrivinga30%revenue and 56% PAT growth over FY1520. Further, an assetlight balance sheet, low WC cycle,...

during Q1 FY21 (considering covid19 related impact). Its revenue declined 31.5% yoy (to Rs.9.1bn) on standalone basis, largely impactedbyoperationalshutdownduringinitial20daysofArp'20....

Significant NIM expansion and lower opex drove a small beat over our higherthanstreet PPOP estimate. PrecautionarycovidrelatedprovisionsofRs360mn(totalat...

With fasterthanexpected rampup in operations and entire order book (current) coming under execution during H2 FY21, we have marginally increased our revenue estimates for FY21/FY22....

At the end of Jun'20, HG Infra's order book stood healthy at ~Rs.68bn(3.5xTTMrevenues).Thecompanyhasnotwonanymajor projects during YTD FY21. However, the management seems...

It has healthy shipbuilding order book of Rs139bn (5.5x TTM sales).Orderpipelineof~Rs150bnincludes,i)NewGeneration MissileVessels,ii)MultipurposeVessels&iii)OffshorePatrol Vessels. Large shiprepair order of INS Vikramaditya (aircraft...

Additional covidrelated prov. of Rs9.6bn weighed on earnings, while asset quality was stable due to standstill. CumulativecovidbufferatRs18.7bn(1.7%ofonbookAUM). Conservativebuiltupofprov.alsoreflectedinECLcoverof...