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Express Idea: Dishman Pharmaceuticals – BUY
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Strides Arcolab – Call Success We had raised our 9-12mth target price on Strides Arcolab to Rs1,075 in our Q3 FY15 result update dated February 03, 2015. The stock has hit our target delivering a cumulative ~57% return since our BUY reco given in Q2 result update. We advise investors to book profit in the stock as upsides appear limited in th near term. |
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Idea Cellular – Call Success and Update We had recommended a BUY on Idea Cellular with a target of Rs175 in our sector update report dated December 09, 2014. The stock has hit our target delivering a return of 18.6%. We expect Idea to renew a majority of its upcoming license expiries in 900MHz and advise investors to hold onto the stock for revised 9-12mth target of Rs195. |
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Express Idea: Sintex – Store for future! – BUY The recent pattern of higher top and higher bottom is seen irrespective of volatility in broader markets. This exhibits enormous strength in the counter. Moreover, it is on the verge of breaking out from a bullish head & shoulders pattern after consolidating for almost 30 months. The longer the consolidation, larger the sustainability of a breakout and lower the probability of a false move. With all bullish implications in place, we expect stock to move higher in the near term. We recommend BUY for target of Rs150 (3-6 months) with stop loss of Rs99. |
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IPCA Laboratories – Call Success We had upgraded IPCA Labs to BUY in our Q3 FY15 result update dated February 10, 2015 with a target of Rs760. The stock has surpassed our target in today’s trading session translating in to 18.8% return in 1 month and we close our recommendation. Following our meeting with the company, we believe that except US (due to US FDA import alert on Ratlam API facility), other businesses would recover gradually from the next fiscal. We would shortly review our target and reco in a detailed report based on our management meeting. |
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Yes Bank – BUY
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Larsen & Toubro Limited – Call Success We had recommended a buy on Larsen & Toubro Limited in a detailed technical report dated 27th May, 2014 with a target price of Rs1,864. The stock has hit a high of Rs1,893.8. The total return delivered since recommendation price of Rs1,548 stands at ~20.4%. We recommend traders to book profit at current levels. |
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MM Forgings – Call Success and Update We had recommended a BUY on MM Forgings in our strategy report “2015: Six midcaps for Success” released on January 02, 2015 with a price target of Rs710. The stock surpassed our target in today’s trading session yielding 30% return in two months. We remain positive on the stock as CV demand in US and India continues to rise. MMFL’s low capacity utilization entails further margin expansion scope leading to 42% earnings CAGR expectation for FY14-17E. Valuations are at substantial discount to the larger peer Bharat Forge, which we believe should narrow down. We advise investors to hold on to the stock for a new target of Rs800. |
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Marico Ltd – Call Success and Update We had revised our target on Marico to Rs329 in a call update dated September 09, 2014. We extended our target to Rs365 in Q2 FY15 Result Update released on November 10, 2014 and then to Rs402 in a call update dated January 14, 2015. The stock has touched the target in today’s trading session registering 10.1% returns. We remain positive on the growth prospects of the company and advise investors to hold on to the stock for a revised target of Rs455. |
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Orient Cement Ltd – BUY
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IndusInd Bank – Call Success & Update We had extended price target on Indusind Bank to Rs939 in Call Updated dated 1st January, 2015. The stock has surpassed our target in yesterday’s trading session thus delivering a return of 16% in the aforesaid period. Nothwithstanding the significant rally in the stock, we believe that valuation has room for further augemtation given that bank would deliver the best earnings growth of 30% pa over FY14‐17 within our coverage universe. The key earnings growth drivers would be acceleration in loan growth, expansion in NIM, improvement in cost metric and moderation in credit cost. We therefore extend our price target to Rs1,035. |
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Britannia Industries – Call Success & Update We had extended our target on Britannia to Rs1,754 in a call update released on November 13, 2014, then revised it to Rs1,870 in Q2 FY15 Result Update released on November 17, 2014, then extended it to Rs2,059 in a call update released on January 05, 2015 and revised it to Rs2,141 in Q3 FY15 Result Update released on February 05, 2015. The stock surpassed the target in today’s trading session. We remain positive on the growth prospects of the company and advise investors to continue to hold the investment for a revised target of Rs2,357. |
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Glenmark Pharmaceuticals: Poised for recovery – BUY Glenmark Pharmaceuticals’ US business is set to accelerate on the back of key upcoming launches like Tarka, Desmopressin and Welchol as well as large FTF opportunity in Zetia; we forecast ~19% revenue cagr over FY15-17 and believe impact of channel consolidation have largely played out in current year’s performance. Russia (9% of revenues, ~19% PAT margin) has been buffeted by currency depreciation in H2 FY15 but would benefit from Seretide MDI launch and other large approvals; we factor in 15.5% sales cagr over the next 2 years for Rest of World (ROW) business largely driven by Russia. On the domestic front, company reaffirmed its capability to grow at ~1.5x industry run rate on the back of new product launches, translating in to an estimated 16.5% cagr. In Latin America, Brazil growth has been impacted by lack of approvals (an industry wide issue) but even so company remains confident of strong underlying growth to overcome potential currency depreciation. Overall w! e project 17.7%/28.5% revenue/EPS cagr and initiate coverage with BUY and 9-12mth target of Rs930 based on 20x FY17E earnings. Lack of US approvals and large currency depreciation in Russia remain key risks. |
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Relaxo Footwear – Call Success We had recommended a buy on Relaxo Footwear in an Express Idea report dated February 02, 2015 with a target price of Rs760. The stock has hit a high of Rs764 in today’s trading session. The total return delivered since recommendation price of Rs658 stands at ~15.5%. We recommend investors to book profit. |
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