Latest broker research reports
with sell recommendations along with share price targets forecast and upside.
Browse thousands of reports and search by company.
Broker Research reports: Sell reports
for all stocks
The 20% volume surge reported by UltraTech Cement in Q1FY24 failed to drive EBITDA growth (down 1.5% YoY). EBITDA/te dipped 3% QoQ (~7% below consensus and in line with our estimate) due to: a) realisation decline of 0.4% QoQ, b) variable cost/te being flat QoQ despite low fuel prices, and c) fixed cost/te rising 10% QoQ.
RBL Bank (RBL) reported a mixed Q1FY24 with strong loan growth, contained opex and steady 1% RoA though deposit growth was flattish and NIM declined QoQ. Asset quality was broadly stable with overall reduction in gross slippages though credit card slippages inched up.
Mphasis reported a miss in revenue, which fell -3.5% QoQ CC, -3.4% QoQ USD (I-Sec: -0.9%, cons: 0.01% USD) and -8.4% YoY CC. The revenue decline was due to weakness in banking and capital markets (BCM, -8.8% QoQ, -14.8% YoY). BCM ex-mortgage was down 8.7% QoQ given delayed decision-making across large banks and weakness in regional banks.
Given the company's medium-term challenges on demand and uncertain supply-side constraints, we expect Infosys to report moderate growth in FY24. We recommend investors SELL on the stock until uncertainties settle down.
Wipro IT services’ revenue declined 2.8% QoQ CC (-1.6% QoQ USD) lower than I-Sec and BBG consensus estimates of -1.3% QoQ USD and -1.8% QoQ USD, respectively. YoY CC growth in IT Services revenue was also soft at 1.1%.
