CANF reported ~17% loan book growth and NII at ~ Rs 138cr, up 5%YoY. Asset quality remained benign. Revival in fresh disbursements was witnessed during the quarter, up ~18%QoQ.
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|Summary||Date||Stock||Broker||LTP||Target||Price at reco|
Change since reco(%)
|2019-06-18||Can Fin Homes Ltd.||Axis Direct||343.90||368.00||344.40 (-0.15%)||7.01||Hold|
|2019-06-17||Coal India Ltd.||ICICI Securities Limited||258.30||275.00||255.50 (1.10%)||6.47||Hold|
|2019-06-14||Godrej Consumer Prod..||Motilal Oswal||662.55||700.00||663.50 (-0.14%)||5.65||Neutral|
Despite muted growth of the past three years, we believe GCPL's domestic business is of high quality with attractive long-term growth prospects. It should grow faster on expected recovery in demand environment, traction on new products (also significantly margin accretive), and better utilization of expanded distribution (now at ~6m outlets, direct reach of ~1.3m outlets).
|2019-06-14||Hexaware Technologie..||Motilal Oswal||360.60||370.00||345.05 (4.51%)||2.61||Neutral|
|2019-06-14||Persistent Systems L..||ICICI Securities Limited||630.90||650.00||630.30 (0.10%)||3.03||Hold|
ICICI Securities Limited
The company's FY19 dollar revenue growth was muted (at mere 2.2% YoY) mainly on the back of demand fulfilment issues. In this respect, the management has restructured its sales team by hiring sales people, market business leaders and aligning incentive structure. Further, the company is now focusing on a verticals led strategy to drive cross sell and up sell opportunities. The company will focus on healthcare & life sciences, BFSI and industrial to drive sales. It would also aim to increase opportunity in reseller business on the IP side. In addition, M&A; and partnerships would...
|2019-06-14||Info Edge (India) Ltd.||Sharekhan||1978.90||2350.00||2193.00 (-9.76%)||18.75||Hold|
but cautious on margins: Info Edge's recruitment business (Naukri) has returned to a higher growth trajectory in FY2019 after weak revenue growth over the past couple of years, with revenue growth of 17.5% y-o-y versus 12.5%/12.3% in FY2017/FY2018. Being the industry leader, almost all leading companies in India are listed in its platform. During FY2019, the number of...
|2019-06-14||Persistent Systems L..||Nirmal Bang Institutional||630.90||604.00||630.30 (0.10%)||Target met||Accumulate|
Nirmal Bang Institutional
Leadership changes at times tend to energise companies' operations and stock price. We came away from Persistent Systems' (PSL) analyst meet held on 13 June 2019 under the new CEO, Chris O' Connor, feeling a tad more positive and have therefore reduced the discount to TCS Target PE multiple to 35% from the earlier 40%. We felt many of his plans are executable. Some of the phrases that stay with us from the meet include (1) revenue stacking' adding adjacent revenue streams so as to extract more from an ISV or an IP relationship. In PSL these would mean Value added Reselling (VAR), professional services, bundling Persistent IP into solutions, using IBM engineering team from the...
|2019-06-13||Linc Pen & Plastics ..||ICICI Securities Limited||197.00||220.00||199.50 (-1.25%)||11.68||Hold|
ICICI Securities Limited
Digitisation takes toll, limited volume growth on offer Linc is a writing instrument player manufacturing pens and associated consumables domestically. It derives ~75% of its sales from the domestic market and the rest ~25% of sales from exports. With increasing penetration of digitisation, the core writing instrument market is not growing globally with growth limited to ~10% in the domestic market, the size of which is pegged at ~| 4,100 crore (FY17). Domestic growth is supported by rising literacy rates and higher share of school going population. Going forward,...
|2019-06-13||Bajaj Finance Ltd.||Dolat Capital||3515.00||3700.00||3545.00 (-0.85%)||5.26||Accumulate|
Robust results again; no visible hiccups. Maintain Accumulate With a PAT growth of 57% YoY, Bajaj Finance witnessed another highly commendable quarter. The AUM grew 41% YoY, with secular and granular growth in key businesses. It appears to have gained market share in autos, but remained steady in other segments. This is partly due to it being a dominant player in most other segments. While there is a risk of slowing consumption (and lower economic growth), we believe that 1) its market position; 2) inability of competitors to replicate its scale and model; 3) consolidation...
|2019-06-13||Petronet LNG Ltd.||Dolat Capital||235.95||249.00||236.75 (-0.34%)||5.53||Accumulate|
PLL Q4FY19 revenue and profitability were below our estimates, due to lower off-take from the Dahej terminal. The volume was 205 TBTU for Q4FY19, while profits were impacted by an inventory loss of ` 119 crore. Spot price of natural gas has fallen from $8.5 per mBtu at beginning of quarter to $4.3 per mBtu. This loss was a notional loss as per the IndAS valuation of inventory for the quarter. The Dahej terminal's capacity utilization continues to be 104%. The Kochi terminal's utilization remains low at 10% and is only expected to improve after the completion of the...
|2019-06-13||Bajaj Finance Ltd.||Axis Direct||3515.00||3592.00||3545.00 (-0.85%)||2.19||Hold|
Business momentum (AUM up 41% YoY) continued to be strong, driven by consumer/SME segments at 56/36%. Better pricing power, growth in high-yielding loans and controlled cost of funds led to sequential NIM improvement. Operating leverage has played a key role in achieving high profitability.
|2019-06-12||Avenue Supermarts Ltd.||Prabhudas Lilladhar||1324.45||1338.00||1310.00 (1.10%)||1.02||Hold|
D'Mart Analyst Meet reinforced our confidence in Everyday low Prices and Change in Estimates | Target | Reco cluster based expansion strategy of the company. FY19 has been a tepid year due to lower than expected store openings and strategic margin correction...
|2019-06-12||Tata Motors Ltd.||Motilal Oswal||153.00||190.00||169.30 (-9.63%)||24.18||Neutral|
|2019-06-10||Jammu & Kashmir Bank..||ICICI Securities Limited||33.55||53.00||51.85 (-35.29%)||57.97||Hold|
ICICI Securities Limited
Jammu and Kashmir Bank, in a filing to exchanges, has informed the bank's board of directors, pursuant to government order, has appointed RK Chhibber as interim Chairman and Managing Director (CMD) of the bank with effect from June 8, 2019 for a tenure of three months. Consequent to the above, Parvez Ahmed, current CMD, whose tenure was to end in October 2019, has been asked to vacate the office. This move has been undertaken citing concerns regarding governance and functioning of the...
|2019-06-10||Hindustan Unilever L..||ICICI Securities Limited||1794.05||1900.00||1848.00 (-2.92%)||5.91||Hold|
ICICI Securities Limited
HUL has been able to reshape the overall market towards premium side with mid-price range portfolio whose contribution has increased 400 bps to 25% in 2018 over last seven years. Similarly, premium brands contribution has increased 500 bps to 22% in 2018 over the period Over the last seven years, growth in laundry has been driven by premium segment (contribution increased from 17% to 22%) whereas mid-priced segment (Rin) contribution has dropped from 25% to 21%. Mass segment (Wheel) has witnessed a slight reduction of 100 bps drop...
|2019-06-10||Zydus Wellness Ltd.||Sharekhan||1327.35||1410.00||1362.20 (-2.56%)||6.23||Hold|
Comparable revenue grew by 7%, while margins stood at 14-15%: In Q4FY2019, consolidated net revenue (including revenue of Heinz for two months) of Zydus Wellness (Zydus) stood at Rs. 416 crore, while comparable revenue grew by 7% due to slowdown in domestic consumption affecting growth of categories such as Sugarfree and scrubs during the quarter. Aggregate revenue for Heinz...
|2019-06-10||Sun Pharmaceutical I..||Sharekhan||371.80||460.00||403.55 (-7.87%)||23.72||Hold|
Weak performance due to one-offs: Sales for the quarter grew by 2.3% to Rs 7163.9 crore (2% below estimate). Operating profit declined by 36.5% to Rs 1068.8 crore (34% below estimate). OPM declined by 921 bps to 14.9%. Adjusted profit de-grew by 51.1% to Rs 775.1 crore (18% below estimate). Weak performance was due to the one-time impact of ~Rs 1085 crores related...
|2019-06-07||Hindustan Unilever L..||Prabhudas Lilladhar||1794.05||1764.00||1831.10 (-2.02%)||-1.67||Hold|
HUL's Annual Investor Meet reinforced our positive stance on long term growth potential and business strategy of the company. HUL continues to ride on twin engines of new category creation and innovation in existing segments to remain ahead of the competition. We believe sustained investment in categories like Liquid Detergents, face wash, Hand wash,...
|2019-06-06||Siemens Ltd.||Geojit BNP Paribas||1255.05||1330.00||1241.25 (1.11%)||5.97||Hold|
|2019-06-06||KNR Constructions Ltd.||Geojit BNP Paribas||284.60||324.00||277.65 (2.50%)||13.84||Accumulate|
Geojit BNP Paribas
KNR Constructions Ltd (KNR) is a leading EPC player largely focusing on national and state highway projects. KNR has successfully executed ~6,000 lane km road projects across 12 states in India. Q4FY19 revenue grew by 15% YoY (above estimate) due pick up in road EPC & irrigation projects. EBITDA margin improved by 80bps YoY to 20.1% due to high margin from irrigation projects and reduction in sub-contracting expenses. Out of six HAM projects, KNR achieved Financial Closure for two HAM...