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
Shree cement (SRCM) reported Q2FY21 EBITDA above our/consensus estimates (CE) by 7%/20% at Rs9.9bn, up 17% YoY. The beat was largely led by better than expected realisations. SRCM has evolved as a mature player over last couple of years with discipline on both volumes and prices in its North markets (constitutes 2/3rd of its volumes). This is reflected in highest ever margins since FY09. However,...
Berger Paints (BRGR) result was above expectations. BRGR outperformed competition (APNT, KNPL) on volume growth in decorative coating business by 200-600bp. General and industrial coating business improved sequentially driven by gradual unlocking and improvement in industrial activity. Demand from tier2-3-4 cities outperformed metro. Benign raw material cost, control over discretionary expenses and operating leverage supported gross/EBITDA margin expansion. Positively, BRGR has ramped up overall investments by 66% (to Rs 4.5bn) for capacity expansion in Lucknow plant which will be operational by Dec'21. Management expects 2HFY21 to be stronger driven by festivity...
Guided announcement of ICHNOS Sciences fund raising plan by Dec-CY20. We increase our earnings estimate by 13% for FY22E with situational benefits from Favipiravir (Brand: FabiFlu) in Indian market and lower overhead spend...
We revise our Revenue/PAT estimates for FY21E/22E. Maintain SELL with revised TP of Rs. 190 (earlier Rs. 165). Key upside risks to our estimate faster than expected recovery in demand, vaccine for COVID, a strong marriage season in Q3
United Breweries (UBBL)'s 2Q results were weak with 48%/42.9% YoY volume/sales decline and 79%/96.5% YoY EBITDA/PAT decline although better than our expectations. These numbers are also starkly below the ~3%/6% volume/sales decline reported by Alcobev peer United Spirits (UNSP) last week. This once again highlights that the more in-home consumption dominates, spirits consumption would do better. This trend is likely to continue over the next few quarters as well. The stock has been a significant underperformer in the past six months (v/s...
In 2QFY21, TVS motor's revenue increased by 5.9% YoY (221% QoQ) to 46bn despite a 2% YoY decline in volume. The decline in volumes was largely compensated by higher realizations up 8.1% YoY The Company undertook a blended price hike of 1.5% to pass on the higher costs of BS-VI which led to realization growth. The volume recovered to last year's levels on account of pent-up demand, strong rural economy, availability of retail financing and rise in preference of personal mobility. For 2HFY21E management remains cautiously optimistic as sustainability of...
Bharat Heavy Electricals (BHEL)'s 2QFY21 earnings were disappointing as revenue came in 27% below our estimates. Higher fixed cost dented operating performance, with operating level loss attributable to underabsorption of costs. The company is yet to show any significant improvement in pending receivables, with total debtors at INR349b in 1HFY21 (v/s ~INR360b at end-FY20). In spite of the company's ongoing efforts, we expect the receivables position to remain elevated in the near future. Order inflows remained weak, with 50% YoY decline in 2QFY21. We now expect BHEL to report operating-level loss in FY21E. While orders...
