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
For MSIL we build sales, PAT CAGR of 16.3% & 27.1% respectively in FY21E23E. In our view, lack of sufficient margin expansion triggers puts already stretched valuations under further strain (trades at ~33x FY23E EPS). We also await decisive commentary from MSIL on the EV front. We maintain our cautious stance on MSIL and value it at | 7,000 i.e., 30x P/E on FY23E EPS...
TVSL's Q3FY21 results were in line with record EBITDA margins of 9.5% (+70bp YoY, in line) driven by tight cost control especially on A&P; spends. Adj PAT grew 35% YoY to Rs2.65bn (in-line) driven by healthy operating performance. With declining retails in domestic 2W segment, we believe cost savings related to A&P; are short lived. Further, sharp increase in RM cost too will act as a headwind since series of price hikes over past 18 months have already impacted buying sentiments significantly. Near term tailwinds such...
Slower growth in retail term business comes as negative surprise ICICI Pru Life's APE growth rate improved to -18% YoY/13% QoQ and -27% YoY on 9MFY21 basis. Volumes have recovered gradually but ticket sizes have been on lower side. Protection share dipped to 18% from 19.5% in H2 on back of drop in retail protection & recovery in ULIP and strong non-par savings. Management was cautious on retail protection in view with risk management due to pandemic and saw strong group protection growth. Margins have largely held up at 26%, while VNB has flattish. New products,...
Stress is Showing Up, Valuations are Stretched Kotak Mahindra Bank, (KMB) reported NII growth of 17%/2.4% YoY/QoQ primarily driven by lower cost of funds aided by declining SA costs and higher liquidity available at bank due to recent capital infusion.
We have taken a non-consensus call on the steel industry and recommend SELL on all Indian steel players with more than 25% downside from current levels.
