Sell

TVS Motor's (TVSL) adj. Q4 EBITDA beat estimates by ~20% led by a healthy jump in ASP and impressive opex control.

Wonderla Holidays reported a subdued set of Q4FY20 numbers. Revenues declined 30% YoY to | 42.4 crore led by a 31% drop in overall footfalls. Park wise, the Bengaluru park witnessed a 38% drop in footfalls to 1.37 lakh, Kochi Park saw a decline of 31% YoY to 1.33 lakh footfalls and Hyderabad park saw footfalls decline 22% YoY to 1.35 lakh during the quarter. Kochi park was closed from March 11 while the Bengaluru Park (along with the resort) and Hyderabad Park were shut from March 14 and March 15, respectively. Average revenues per footfall increased marginally by 1.2%...

Tepid Revenues, Near Term Outlook Uncertain: Revenues for the quarter increased by 5% to Rs19.5 bn due to tepid performance in Europe, Brazil and US.

Weekly Wrap: Global data shows world economy improving. ASTRA: Volumes hit due to lockdown, maintain REDUCE

Sun Pharma (SUNP) posted a 6% EBITDA miss on in-line sales, driven by higher staff cost (+7% QoQ), lower gross margins (115bps QoQ) and lower R&D; cost (6.4% of sales).

Reported lowest ever EBIT margin for diagnostic segment at 25% We reduce our earnings estimate by 56% and 42% for FY21-22E and downgrade THYROCARE to SELL (earlier HOLD) with a new TP of Rs307 (earlier Rs523) 18x PE on FY22E.We believe THYROCARE earnings to be significantly impacted due to 1) loss of core business due to COVID lockdown and low footfall till 1HFY21E 2) post lockdown to struggle for competitive market share 3) high operating expenses (to comply with COVID guidelines).Despite having a track record on asset optimization, EBITDA...

We recommend a SELL on TITAN due to reduced consumer spending on discretionary items which could sharply affect its profitability in H1FY21.

We recommend a SELL on BAJAJ FINANCE with a Target Price of Rs 1,636, a downside of 9% from CMP of Rs.1,798 and Stop Loss Rs 1,888

While India continue to lead growth (pre-buying in March aided growth, in-line), exports were a drag. Gross margin at 72.4% was a function of strong growth in India, leading to impressive EBITDA margin of 28.2% (our estimate: 25.4%). Though company remains confident of outperforming IPM growth, we remain wary of the exports (US 2 key facilities under WL and OAI, Brazil adverse currency and batch traceability regulations in Germany) given the weaker outlook....

Astral Poly Technik's (ASTRA) Q4FY20 performance was disappointing, with consolidated revenue dropping 19% YoY and pipe volumes down 13%.