Monthly archives for October, 2023
| Engineers India is a High Conviction Buy Idea for target price of Rs 160 (25% upside): Strong growth available at attractive valuations: ICICI Direct | |
| Company: | Engineers India Ltd |
| Brokerage: | ICICI-Direct |
| Date of report: | October 30, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 25% |
| Summary: | With strong order inflows in FY23-Q1FY24, better segment mix, focus on new export markets we believe company’s financial performance to improve significantly over FY23-25E as compared to FY20-23. Revenue and PAT are expected to register 15.5% and 23.1% CAGR over FY23-FY25E, respectively. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Engineers India Ltd, ICICI-Direct |
| We are strongly convinced on Gabriel India’s competitive position, key clients, market share. Buy for target price of Rs 409 (27% upside) | |
| Company: | Gabriel India Ltd |
| Brokerage: | SMIFS |
| Date of report: | October 23, 2023 |
| Type of Report: | Initiating Coverage |
| Recommendation: | Buy |
| Upside Potential: | 27% |
| Summary: | We trust Gabriel has a very promising future on account of 1) benefits due to sustained demand recovery in the coming years across automobile segments, 2) well-diversified product portfolio, 3) key customers gaining share, 4) winning new orders from electric vehicle OEMs, 5) steady revenue growth visibility into the aftermarket sales, 6) entering into high growth, better margin products viz. automotive sunroof, and we anticipate further introduction of new technology agnostic products to drive growth higher than the industry |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | gabriel india, SMIFS |
| LTFH is well on track in line with Lakshya 2026. Buy for target price of Rs 155 (17% upside) | |
| Company: | L&T Finance |
| Brokerage: | Sharekhan |
| Date of report: | October 23, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 17% |
| Summary: | At the CMP, the stock trades at 1.2x/1.1x FY2025E/FY2026E BV estimates. LTFH is well on track in line with Lakshya 2026 to transform into the retail franchise. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | L&T Finance, Sharekhan |
| Action Construction Equipment (ACE) is well positioned to benefit from strong industry tailwinds. Buy for target price of Rs 910 (23% upside) | |
| Company: | Action Construction Equipment (ACE) |
| Brokerage: | ICICI-Direct |
| Date of report: | October 23, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 23% |
| Summary: | ACE is well positioned to ride the strong demand cycle in its product segments in both domestic & exports market, new product developments. We believe company’s operational and financial performance to improve significantly in the coming period |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Action Construction Equipment (ACE), ICICI-Direct |
| Elecon Engineering’s strong margin trend continues. It is a ‘tactical BUY’ for target price of Rs 874: Nuvama | |
| Company: | Elecon Engineering |
| Brokerage: | Nuvama |
| Date of report: | October 23, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 12% |
| Summary: | We reaffirm our ‘tactical BUY’ rating, but raise the TP to INR874 (from INR777), valuing the stock at 25x FY25E P/E (from 24x FY25E P/E). We have tweaked our FY24 and FY25 estimates to account for a better margin performance. The stock is trading at 26x/22x FY24E/FY25E P/E |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Elecon Engineering, Nuvama |
| VSSL’s aim is to make it big in the special steel domain with backing of Aichi Steel Corp. Buy for target price of ₹260 (30% upside): ICICI-Direct | |
| Company: | Vardhman Special Steel |
| Brokerage: | ICICI-Direct |
| Date of report: | October 19, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 30% |
| Summary: | We assign BUY rating to the stock gaining confidence from VSSL’s aim to make it big in the special steel domain amidst backing of Aichi Steel Corporation. We value VSSL at ₹260 i.e., 18x PE on FY25E-26E average EPS of ₹14.3/share |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI-Direct, Vardhman Special Steel |
| Coal India has plenty of steam left. Buy for target price of Rs 395 (25% upside): ICICI Securities | |
| Company: | Coal India |
| Brokerage: | ICICI Securities |
| Date of report: | October 20, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 25% |
| Summary: | Despite the impressive run-up (~37% in the past 3months), we believe that there is still room for a 25% upside for CIL’s stock price performance |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Coal India, ICICI Securities |
| State Bank of India: New moats emerge as game changers. Buy for target price of Rs 790 (37% upside) | |
| Company: | SBI |
| Brokerage: | HDFC Sec |
| Date of report: | October 14, 2023 |
| Type of Report: | Result Update |
| Recommendation: | Buy |
| Upside Potential: | 37% |
| Summary: | While SBI always had the natural advantage of brand recognition and scale, the bank has gradually added other competitive moats in the form of a prolific sourcing edge, a YONO-powered digital stack, an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | HDFC Sec, SBI |
| Gati is turning over a new leaf. Buy for target price of Rs 234 (58% upside): Nuvama | |
| Company: | gati |
| Brokerage: | Nuvama |
| Date of report: | October 13, 2023 |
| Type of Report: | Initiating Coverage |
| Recommendation: | Buy |
| Upside Potential: | 58% |
| Summary: | Gati (GTIC) has emerged as one of India’s leading multi-modal express logistics players. It operates in two segments — express logistics and fuel stations, which contribute 85% and 15% to total revenue, respectively. We initiate coverage with a ‘BUY’ rating and a DCF-based fair value of INR234, implying an upside of 58% from its CMP |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | gati, Nuvama |
| Specialty Chemical stocks – Cyclical pain may aggravate: I-Sec | |
| Company: | Specialty Chemicals |
| Brokerage: | ICICI Securities |
| Date of report: | October 9, 2023 |
| Type of Report: | Sector Report |
| Recommendation: | Buy |
| Upside Potential: | 100% |
| Summary: | I-Sec estimates its specialty chemical coverage universe’s revenue may dip 12% YoY in Q2FY24E due to destocking and weak demand. EBITDA is likely to decline 16.7% YoY on weaker spreads and operating deleveraging |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Top 8 Specialty Chemical Stocks |