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TOP PICKS: LT, KNR, PNC Infra, Ashoka, NCC, Capacite Infra, ITD and KPTL. HDFC Securities Institutional Equities (HSIE) hosted the 4th Annual Infrastructure Investors Forum on 18/19th Feb 2021, though virtual this time. We had attendees from 12 large listed Industrials/Infrastructure companies represented by Promoters, CEO/CFO/IR teams. After almost a decade, there is strong/consensus optimism building up for the Indian Infrastructure story. Ordering has moved beyond roads with focus now on health, education, portable water, renewable energy, manufacturing expansion, uptick in real estate cycle and all this is coinciding with relatively lower crude prices, lowest interest rate and improving GDP/Tax collection. Companies remain bullish whilst valuation is still at 40-50% discount to cross cycle mean. We maintain constructive as envisaged in our thematic On Road to Rerating and Triggering a New Cycle.
Lowest tariffs, superb pipeline network and well-entrenched reach in the domestic LNG markets to help PLNG compete with new terminals. We increase our FY21E estimates by 7% to factor in strong 9M performance and FY22/23E by 3.5/3.4% as we increase spot margins. We believe PLNG 1) is a play on India's rising LNG imports supported by benign spot LNG prices 2) possess solid business model given high earnings visibility 3) has limited...
With major due diligence done and binding offers received, negotiations & documentation of SBI Macquarie stake sale expected to conclude by Mar'21. ASBL's 3Q performance was muted with revenues and margins coming below our and street estimates, mainly due to delayed commencement of 3 major projects. ASBL now received long-awaited AD in Kandi Ramsanpalle HAM...
TOP PICKS: LT, KNR, PNC Infra, Ashoka, NCC, Capacite Infra, ITD and KPTL. HDFC Securities Institutional Equities (HSIE) hosted the 4th Annual Infrastructure Investors Forum on 18/19th Feb 2021, though virtual this time. We had attendees from 12 large listed Industrials/Infrastructure companies represented by Promoters, CEO/CFO/IR teams. After almost a decade, there is strong/consensus optimism building up for the Indian Infrastructure story. Ordering has moved beyond roads with focus now on health, education, portable water, renewable energy, manufacturing expansion, uptick in real estate cycle and all this is coinciding with relatively lower crude prices, lowest interest rate and improving GDP/Tax collection. Companies remain bullish whilst valuation is still at 40-50% discount to cross cycle mean. We maintain constructive as envisaged in our thematic On Road to Rerating and Triggering a New Cycle.
Both boards approve merger of JSHL into JSL Key highlights of proposed scheme The board of directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) have accepted the recommendations of the respective board committees and approved the merger of JSHL into JSL. The transaction between Jindal Stainless (Hisar) and Jindal Stainless Ltd is an all-equity merger. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL. Furthermore, as per the...
Brigade Enterprises Ltd. (BEL) is a leading real estate developer based in south India with exposure across residential, office, retail and hospitality segments.
We are increasing our DCF based target price to Rs250 (Rs221 earlier) as we factor in 1) BK Caf launch by Jan-22 (75 cafs by FY23) and 2) superior margin delivery and upgraded guidance 3) success of BK App (200% growth) and 4) sustained innovations with launch of stunner Menu at price point of Rs50 and Rs70. We believe that 1Q would be impacted as Burger king as 55%...
includes Petrochemcial expansion of BPCL and HMEL, MRPL refinery Bina refinery expansion to be awarded in FY22. In the short term, we expect second wave of Covid 19 to impact the performance of company. However, given EIL's healthy order book, lean balance sheet, strong project pipeline and good growth visibility augurs well in the long run. Given healthy FY21 performance primarily led by turnkey segment, we have revised our earnings estimate by 11.3%/11.9% for FY22E/23E. The stock is currently trading at 10.2x/7.8x FY22E/23E. We...
We retain BUY on Manappuram Finance (MGFL) with SOTP based target price (TP) of Rs255. Superior risk management and credit underwriting have enabled MGFL avert severe shocks, as also seen in the FY21 results. This should also help overcome nearterm challenges posed by the second wave of COVID (in addition to the healthy provisioning buffer and respectable CE trends) and emerge stronger as normalcy is restored. MGFL offers a blend of a diversified balance sheet, healthy revenue/earnings growth, and superior return ratios. At 1.2x FY23E ABV, it remains grossly under-valued...
INDIA l Institutional Research l BFSI l 05 April 2021 Manappuram Finance l BUY l TP: 255 The Gold' that is set to glitter We initiate coverage on Manappuram Finance (MGFL) with a BUY and target price (TP) of Rs255. We believe, despite this thinly covered stock sporting an appealing combination of diversified product offerings, strong revenue/earnings growth, and respectable return ratios, it is grossly undervalued. Our concerted deep dive analysis reveals a business well-architected to combat external shocks, even as MGFL operates...
Mrs. Bectors Food Specialities Ltd is a specialist in manufacturing premium & mid-premium biscuits and breads having a strong market footprint in the North India Region. Over the years, the company has diversified its product portfolio to include all kinds of biscuits & cookies suitable for domestic as well as exports markets and forayed into different types of breads & bakery products. Mrs. Bectors Food is also the sole supplier to some of the major QSR players having pan India presence. The company has set up state of the art manufacturing facilities that manufactures 100% of its products in-house providing the company effective quality control over the production process ensuring consistent quality of products. Mrs. Bectors Food has shown a robust improvement in its financials...
Rising domestic supplies from RIL/ONGC are unlikely to impact PLNG but new LNG terminals without any LT contracts, in our view. We lower our FY22/23E estimates by 16%/4%to factor volume dip from high spot LNG prices and lockdown restrictions. PLNG is a play on India's rising LNG imports supported by soft spot LNG prices. We like PLNG's business model given high earnings visibility and see limited competition to its wellentrenched reach in the LNG business. However, recent change in their...
Q4FY21 revenue & profitability grew by 51% & 125% YoY led by strong volume uptick and improvement in realization. Overall volumes grew by 32% YoY led by strong demand from its key end user industries paints, Lubes and Food & FMCG segment. EBITDA margins expanded by 280bps YoY to 20.6% led by cost rationalisation and scale benefits. Though second Covid wave might impact overall growth in Q1FY22. However, overall demand situation is expected to bounce back in Q2FY22 as consumption spending picks-up and economy revives ....
