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
Gross margins pressure to abate given sharp decline in commodities Nestle has sustained strong sales momentum given strong show by Maggi and Chocolates and also pantry stocking in key categories. Our channel checks suggest sustained growth in 2Q21 also given that lockdown is forcing consumers to undertake pantry stocking in Maggi, tetrapack Milk, Coffee and Dairy whitener in particular. Our sales mix analysis suggested that Nestle is...
Shree Cement (SRCM) EBITDA for Q4FY20 was 15% / 8% higher than our / consensus estimate. Beat is led by a) higher subsidy income, and b) lower opex/t. SRCM has booked subsidy income of Rs1.2bn in 4Q vs Rs1bn subsidy booked over 9MFY20. Opex/t was flat QoQ, and was led by lower raw material cost and other expenses. SRCM has resumed production starting 20th April but we expect it to witness volume growth only post monsoon. We have modeled volume to decline by 14% YoY and EBITDA/t to reduce to Rs1,398 vs Rs1,487 YoY in FY21E. We maintain estimate and retain TP of Rs16,418 (valued at 15x FY22E EBITDA). Stock trades at a premium...
Dr Reddy's Labs (DRRD) announced that it has received an EIR (establishment inspection report) from the USFDA for its Srikakulam (CTO-VI) API facility.
Results inline, Deal Wins supports confident commentary NITEC reported 3% QoQ CC revenue growth (our estm: 2%) largely driven by traction in Insurance (up 6% QoQ) and Others Vertical (up 11% QoQ) that covered up for decline in Travel vertical (-3.8% QoQ). OPM was in-line with our estimates at 14%. PAT stood at ` 1.1Bn below estm due to provisioning related exceptional loss of ` 128mn. It has added $180mn in TCV including 3 large deals (2 in BFSI) during the quarter. Deal TCV on TTM basis is up 16% at $749mn. The 12M...
Varun Beverages (VBL) reported 23.3% revenue growth in Q1CY20E led by 26.2% volume growth. The volume growth is largely attributable to consolidation of south & west geographies after acquisition in 2019. However, on a like-to-like basis, the company saw 9.3% volume decline in the quarter. India business saw 13.7% volume decline largely due to loss of sales in last 10 days of March. Despite January-February seeing double digit volume growth, 31% decline in March severely impacted the quarter. Gross margins improved 280 bps largely due to a sharp decline in PET chip prices....
