BUY Bank of Baroda at CMP Rs. 175 and add on dips to Rs. 175-160 for the Target of Rs. 220
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|Summary||Date||Stock||Broker||CMP||Target||Change since reco(%)||Upside(%)||Type||Report||Discuss|
|2017-04-24||Bank of Baroda||HDFC Securities||177.40||220.00||1.20||24.01||Buy|
|2017-04-24||Gujarat Alkalies and Chemica..||HDFC Securities||467.80||519.00||4.81||10.94||Buy|
|2017-04-21||IndusInd Bank Limited||Nirmal Bang Institutional||1436.00||1700.00||0.09||18.38||Buy|
IndusInd Bank- BUY- 4QFY17 Result Update- Adjusting For One-off, Performance In Line With Expectations
Nirmal Bang Institutional
Adjusting For One-off, Performance In Line With Expectations IndusInd Bank's 4QFY17 operating performance was broadly in line with our expectations. Net interest income or NII grew 35%, driven by credit growth of 28% and steady net interest margin or NIM of 4.0%. Corporate loan book grew 30%, whereas growth in vehicle loan book was slower at 20%. Non-vehicle retail loans, on a low base, grew 39%. NIM improved 6bps YoY, which can be largely attributed to 170bps accretion in the CASA deposit ratio to 36.9%. Non-interest income grew 33%, driven by healthy fee income growth of 29% and decent treasury gains. Credit costs stood at 22bps for...
|2017-04-21||Yes Bank Limited||Chola Wealth Direct||1553.00||1692.00||0.62||8.95||Buy|
Chola Wealth Direct
Asset Quality declined sharply as GNPA increased by 67bps QoQ to 1.52% and NNPA remained increased by 52bps to 0.81% in 4QFY17. The bank had to recognize one large account in cement sector worth INR 9.1bn as NPA based on the RBI audit which pushed the credit cost higher to 19bps for the quarter as against 8bps in 3QFY17. However, the bank expects to recover the same in 1HFY18. The bank sold assets (3 accounts) worth INR 8.7bn (INR 7bn received as SR) to ARCs...
|2017-04-21||Essel Propack Limited||CD Equisearch||240.50||283.00||1.09||17.67||Buy|
Income from operations (net of excise) witnessed a increase of 17.9% y-o-y to Rs 588.09 crore ($87.2m) largely on account of 53.7% & 8.7% y-o-y increase in revenue of Europe and Americas regions respectively. However, revenues from AMESA & EAP region grew by just 3.7% & 1.8% on y-o-y basis. EDG Germany became a fully owned subsidiary (associate earlier) of the company with effect from 30th September, 2016. After gaining market share of 34% in oral care segment, Essel has started focusing on huge untapped opportunity in non-oral care segment which is relatively more profitable; however its...
|2017-04-21||Hindustan Zinc Limited||ICICI Securities Limited||270.30||300.00||-1.15||10.99||Buy|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research For Q4FY17, Hindustan Zinc (HZL) reported a better-than-expected performance on the back of higher-than-expected sales volumes The company reported a gross operating income from operations of | 6756.2 crore. After adjusting for excise duty, net operating income for the quarter was at | 6260.2 crore (up ~99.9% YoY, ~25.7% QoQ, higher than our estimate of | 5778.2 crore). Zinc sales volume for the quarter was at ~217000 tonnes (up 37.3% YoY, 2.8% QoQ, higher...
|2017-04-20||FORCE MOTORS LTD.||HDFC Securities||4707.00||5350.00||5.38||13.66||Buy|
Recent interactions with dealers across the country have convinced us that the luxury car market in India has great scope for growth. Sales of luxury cars account for less than 1.3% of the Indian car market, reflecting a huge untapped space. Aspirational demand from India?s middle class has led to proliferation of dealerships of luxury car brands (like Audi, BMW, Mercedes, Bentley, Bugatti, Rolls Royce and Porsche) into Tier II cities.
|2017-04-20||IndusInd Bank Limited||HDFC Securities||1436.00||1550.00||0.93||7.94||Buy|
IndusInd Banks (IIB 4Q results were a mixed bag. Core performance was healthy, led by continued business momentum ( 28% loans growth), SA growth of 56%, strong fee growth (29%), superior NIM (4%) and an opex growth of 27% (despite adding 200 branches in FY17). However, key negatives include elevated slippages (Rs 6.3bn; 2.4% annu.) led by corporate segment and higher provisions (Rs 4.3bn, 2% QoQ).
|2017-04-20||Cyient Limited||Reliance Securities||539.85||565.00||7.37||4.66||Buy|
Commendable Show on All Counts; FY18 Looks Encouraging Cyient has delivered a strong show in 4QFY17 - on expected lines - with its USD revenue growing by a healthy 3.8% QoQ (3.6% in CC terms) to US$141mn. A healthy 3.3% sequential growth in Core Services business is a positive factor, in our view. While the DNO business grew by a good pace of 3% QoQ, the ENGG business clocked a solid 3.5% QoQ growth. DLM segment grew by 8% QoQ vs. our expectation of double-digit growth. The Management looks forward to an encouraging FY18 with double-digit growth in the Core Services business, 20% growth in DLM, 50bps expansion in EBITDA margin (led by Core Services) and double-digit growth in earnings....
|2017-04-20||IndusInd Bank Limited||Reliance Securities||1436.00||1716.00||0.64||19.50||Buy|
IndusInd Bank (IIB) has delivered a healthy performance on operating front in 4QFY17. Its operating profit grew by 36.6% YoY and 15.3% QoQto Rs15.7bn led by robust growth in balance sheet and healthy improvement in NII and fee-based income. Its NII grew by strong 31.5% YoY & 5.6% QoQ to Rs16.8bn. Led by robust growth in advances and stable NIMs of 4%, IIB's NII grew by strong 31.5% YoY & 5.6% QoQ to Rs16.8bn. However, on the back of 101.3% YoY and 98.3% QoQ rise in provisioning expenses to Rs4.3bn, the Bank's net profit grew relatively lower by 21.2% YoY and 0.1% QoQ to Rs7.5bn. Sharp rise in provisioning expenses is attributable to divergences referred by the RBI on alarge loan exposure to one cement company. Management...
|2017-04-20||ITD Cementation India Limited||Emkay||177.25||203.00||0.48||14.53||Buy|
revenue while EBITDA margin expanded by 60bps YoY to 6.8% and adjusted for cost overruns, ITCE's EBITDA margin was 8.6%. Net debt reduced further to Rs2.7bn (net D/E of 0.4x) as working capital reduced to 49 not be consolidated in revenue/EBITDA and will directly flow to consolidated profits. We introduce CY19E estimates and upgrade the stock to Buy with a revised TP of Rs203 based on 18x Jun-19 EPS of Rs11.3. ITCE delivered a stable performance in CY16 with flat YoY revenue primarily driven by the marine segment which contributed 56% of revenue while EBITDA grew by 10% YoY as...
|2017-04-20||DCB BANK LIMITED||Nirmal Bang||183.25||220.00||1.44||20.05||Buy|
DCB Bank reported another healthy quarter witnessing growth both on Balance sheet and profitability. As on Q4FY17 advances stood at Rs. 15,818 Cr vs Rs. 12,921 Cr in Q4FY16 a growth of 22.4% YoY. NII grew at Rs. 220.3 Cr in Q4FY17 vs Rs. 168.7 Cr in Q4FY16 (+30.6%) and Rs. 209.5 Cr in Q3FY17 (+5.1%). Total Income grew 23.3% YoY from Rs. 230.1 Cr to Rs. 283.9 Cr led by flattish growth in other income of 3.5% (Rs. 63.6 Cr vs Rs. 61.5 Cr last year). Pre-provisioning profit was at Rs. 115.3 Cr vs Rs. 97 Cr (+19% YoY) due to higher operating expenses on account of branch expansion. Cost to income ratio went up 152...
|2017-04-20||IndusInd Bank Limited||Prabhudas Lilladhar||1436.00||1595.00||0.64||11.07||Buy|
growth with controlled opex, but RBI's directive to make additional standard asset provisioning pertaining to one account dented earnings trajectory. Bank expects repayment of loan to happen in Q1FY18, while could use the provisions to make buffer in view with RBI's circular on higher standard asset provisioning. Bank continues to deliver strongly on most parameters and has charted itself a new planning strategy for FY17FY20 to double itself along with focus on customer experienceanddigitalization.WebelieveIIBwillcontinuetodeliverearningsof26% over FY18FY20E on back of loan growth CAGR of 25%, controlled credit cost and...
|2017-04-20||Bharat Electronics Limited||ICICI Securities Limited||181.75||204.00||1.96||12.24||Buy|
ICICI Securities Limited
Order inflows for Bharat Electronics (BEL) have moved to a new growth trajectory with FY17 order inflows at ~| 15000 crore (our estimate: | 12000 crore for the year). We believe it is likely to continue in FY18E and FY19E also. We estimate order inflows in the range of | 12000-15000 crore in FY18E, FY19E. This is on the back of large orders like tactical communication systems | 10000 crore, Akash missile systems | 5000 crore, electronic warfare systems ~| 7000 crore, LRSAM & QRSAM | 5000-10000 crore, battlefield management system ~| 30000 crore,...
|2017-04-20||PNC Infratech Limited||ICICI Securities Limited||156.30||165.00||5.57||5.57||Buy|
ICICI Securities Limited
PNC has been recently declared lowest bidder (L1) in two big-ticket hybrid annuity (HAM) projects from NHAI worth | 2720 crore. It consists of four laning of two sections of Jhansi-Khajuraho highway in Madhya Pradesh and Uttar Pradesh. With this, the company has won four HAM projects in FY17 worth | 5031 crore, thereby boosting its orderbook to ~| 9200 crore, providing strong revenue visibility over the next few years. It has also achieved financial closure for Dausa-Kauthun project worth | 881 crore. The company foresees strong opportunities in the road sector and...
|2017-04-20||IndusInd Bank Limited||ICICI Securities Limited||1436.00||1570.00||0.64||9.33||Buy|
ICICI Securities Limited
ICICI Securities Ltd | Retail Equity Research IndusInd Bank's Q4FY17 operational performance was healthy and above estimates. NII increased 31.5% YoY to | 1667 crore led by strong loan growth of 27.9% YoY to | 113081 crore. PPP was higher than estimate at 15% YoY to | 1572 crore led by higher-thanexpected other income of | 1211 crore Profit continued to increase at a healthy 21% YoY to | 752 crore. However, this traction is lower than the previous trajectory. This was largely due to the ~| 122 crore extra provision made. Excluding...
|2017-04-19||Reliance Power Limited||Emkay||49.40||59.00||4.99||19.43||Buy|
PAT at Rs2.2bn (+251% YoY) was below our estimates of Rs3.1bn, primarily due to lower than anticipated realization and higher other expenses during the quarter. Lower generation across Rosa and Butibori also impacted blended realization during Q4FY17. Sasan's PLF in Q4FY17 declined to 91.0% vs 94.2% YoY, while its PAF was also down to 86% vs 101% YoY. Rosa's PLF increased to 57.3% vs 52.5% YoY, while PLF of...
|2017-04-19||Infosys Limited||Axis Direct||916.50||1092.00||-0.25||19.15||Buy|
|2017-04-19||Infosys Limited||Chola Wealth Direct||916.50||1128.00||-0.25||23.08||Buy|
Chola Wealth Direct
Background: Infosys is a pioneered in consulting, technology, and outsourcing. In 4QFY17; Geography Split: North America: 62.3%, Europe: 22.1%, India: 3.2% and ROW: 12.4%. Services Mix: ADM: 32.1%, IMS: 8.5%, Testing Services: 9.0%, Product Engineering Services: 3.9%, BPM: 4.9%, Consulting, Package Implementation & others: 32.6%, Product, Platform and Solutions: 5.5% and others: 3.5%. Verticals mix: BFSI: 33.5%, Manufacturing: 22.4%, Retail & Life Sciences and Transport: 22.7%...
|2017-04-19||Bharat Financial Inclusion L..||Dynamic Levels||761.05||910.00||1.80||19.57||Buy|
Microfinance has become an effective tool that can help bringing economic equilibrium and reduce poverty. Bharat Financial ltd is one company that spread economic opportunity by giving poor people access to financial services, such as credit and insurance. Bharat Financial Inclusion is the largest microfinance company in India in terms of gross loan portfolio. The company's core business is providing small value loans and other basic financial services to its customers, who are predominantly located in rural areas. The company provides loans mainly for use in small businesses or for other income generating activities and not for personal consumption. BHARAT FINANCE has an AUM of over INR8500....