VA Tech Wabag (Wabag) bagged a mammoth order of INR 27bn (equivalent to its FY24 revenue) from the Middle East for a desalination plant – the entire order is for EPC. As a result, Wabag’s EPC order book (OB) is now close to INR 79bn or >3x book to bill ratio. Order inflow (OI) has been a concern for the last 18 months – FY24/Q1FY25 OI undershot Street’s expectations (lower than revenues)
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Va Tech Wabag Ltd is ‘RIDING THE WAVE’. It is well-placed to serve the growing water security/conservation market. Buy for target price of ₹1700 (30% upside): Axis Securities
Headquartered in Chennai, WABAG Group has a history spanning more than 90 years. With a presence in four continents, WABAG is a pure-play water technology multinational offering a wide range of solutions focused on conservation, optimization, recycling, and reuse of resources, addressing global water challenges. The group currently has a workforce of over 2,000 employees across more than 25 countries.
Bajaj Housing Finance is an HFC to Own. It is the second largest, fast growing, most diversified and profitable HFC: Yes Securities
With an AUM of Rs971bn as of June 30th 2024, Bajaj Housing Finance (BHFL) is the second largest HFC in the country and is owned 100% by Bajaj Finance. BHFL’s AUM has witnessed a CAGR of 33% in past three fiscals with stable underwriting metrics. Notably, franchise diversity has increased reflected in a) significant increase in contribution of LRD and Developer Finance, 2) increase in share of SENP customers within Home Loan and LAP portfolios, and 3) broadening of borrowing mix with improved share of NHB refinance and NCDs
High Conviction Stocks Portfolio by InCred Equities with up to 72% upside potential. Nifty 50 target is 26,736
InCred Equities has released its much awaited list of high-conviction stocks for September 2024. TCS, Bajaj Finance, Lupin and Hero MotoCorp have been to its high-conviction stock list while removing Ajanta Pharma and others. The research house has projected a maintains a target of 26,736 for the Nifty 50
‘Amrit Kaal’ basket of 16 stocks with up to 47% upside potential in 12 months recommended by Rahul Sharma of JMFICS
Rahul Sharma of JMFICS has recommended an ‘Amrit Kaal’ basket of 16 stocks with up to 47% upside potential in 12 months. 14 stocks are large-cap Blue-Chips while 2 are ‘Dark Horses’.
IPO: Bajaj Housing Finance Ltd is the second largest housing finance company (HFC) in India with an AUM of Rs 97,071 cr as of 1QFY25: SBI Securities
Bajaj Housing Finance Ltd (BHFL) is the second largest housing finance company (HFC) in India with an AUM of Rs 97,071 cr as of 1QFY25. The company was registered as a non-deposit taking HFC with the National Housing Bank (NHB) since 24th Sep, 2015 and is engaged in mortgage lending since FY18. BHFL offers financial solutions to individuals and corporate entities for the purchase & renovation of homes and commercial spaces
Awfis Space Solutions is combining aggression with capital efficiency. Buy for target price of ₹1013 (31% upside): Nuvama
AWFIS sees demand for flexible office space clocking 25–27% CAGR in the coming years on: i) return-to office and hybrid mode of working, ii) higher influx of GCCs, iii) decentralisation by larger firms, iv) need for managed offices, and v) a shift to opex from a capex model by corporates. It expects average seat rental to grow by 5–6% annually.
H. G. Infra Engineering Ltd is an adept player; timely diversification to foster growth. Buy for target price of ₹1827 (17% upside): SMIFS
HG Infra has showcased an impressive 24.2% revenue CAGR during FY18-24, thanks to its strengthened order book position and enhanced project execution capabilities. Ahead, the momentum is set to continue, as the company is projected to achieve a 16.1% revenue CAGR over FY24-27E.
Top Stock Picks, 9 Large-Cap, 5 Mid-Cap & 2 Small-Cap stocks for up to 26% upside by Axis Securities
Based on the above themes, we recommend the following stocks: HDFC Bank, ICICI Bank, Dalmia Bharat, Nestle India, State Bank of India, HCL Tech, Lupin ltd, Aurobindo Pharma, Federal Bank, Varun Beverages, TVS Motors, Bharti Airtel, J Kumar Infra, Prestige Estates, Sansera Engineering, and Cholamandalam Invest and Finance
Hotel Sector’s structural Tailwinds are Intact; Up-cycle Expected to Continue. Buy Juniper Hotel Ltd and Chalet Hotels Ltd: Axis Securities
Long-Term Drivers Intact The total hospitality industry in India currently comprises 212,000 rooms, translating to an industry size of ~Rs 82,000 Cr. The industry is projected to experience a CAGR of 10.5% over the next three financial years. This growth is expected to generate an annual incremental demand of Rs 8,200 Cr.
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