Reports By Brokerage: ICICI Securities
GAIL’s Valuations remain overly pessimistic and ignore the solid business model and strong long-term prospects: ICICI Securities | |
Company: | GAIL |
Brokerage: | ICICI Securities |
Date of report: | December 20, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 30% |
Summary: | We value GAIL on the basis of FY24E EV/EBITDA multiples of 4-5.5x applied to various segments, leading to a target price of Rs127/sh (implying 30% upside). Current valuations of 6.3x FY24E EPS and 5.3x FY24E EV/EBITDA remain well below 5-year valuation bands. Even at our target price, P/E of 8.2x FY24E EPS, and |
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Reports By Brokerage: ICICI Securities
Best Defense stocks to buy, hold or sell: ICICI Securities | |
Company: | Defense Sector stocks |
Brokerage: | ICICI Securities |
Date of report: | November 24, 2022 |
Type of Report: | Model Portfolio |
Recommendation: | Buy |
Upside Potential: | 100% |
Summary: | Despite formidable stock returns of ~70% on average over a year, we believe there is further steam left in the sector on the back of robust orderbooks and improving earnings quality. We maintain HAL (BUY; TP: Rs3,170), BEL (BUY; TP: Rs125) and Astra Microwave (BUY; TP: Rs380) as our preferred picks in the space. We maintain SELL on MDSL (TP: Rs575) and GRSE (TP: Rs390) owing to earnings peaking out by FY25 |
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Reports By Brokerage: ICICI Securities
Buy Piramal Pharma for Target Price of Rs 200 (42% Upside): ICICI Securities | |
Company: | Piramal Pharma |
Brokerage: | ICICI Securities |
Date of report: | November 14, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 42% |
Summary: | We remain positive on Piramal Pharma considering the growing requirement for development services, especially with complex regulatory processes for newer drugs, high entry barriers, limited competition for the complex hospital generics (provides sustainable growth over the longer term) and the rising contribution from the fast growing consumer segment. We initiate coverage post demerger with a BUY rating and an SoTP-based target price of Rs200/share |
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Reports By Brokerage: ICICI Securities
State Bank of India is firing on all cylinders. Buy for Target Price of Rs 805: ICICI Securities | |
Company: | SBI |
Brokerage: | ICICI Securities |
Date of report: | November 6, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 32% |
Summary: | We expect NIM trajectory to sustain with repricing of lending book offsetting any deposit cost rise. Credit growth of 18% / 16%, stable NIMs, operating profit growth of 22% / 19% and credit cost of 0.8% / 0.9% will drive RoE to 18%/ 17% by FY23E/FY24E, respectively. This will help SBI command 1.7x FY24E core banking business book (earlier 1.5x Sep’23E). We revise our SoTPbased target price to Rs 805 (earlier: Rs 673) |
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Reports By Brokerage: ICICI Securities
Analysis of the prospects of 11 Specialty Chemicals companies by ICICI Securities | |
Company: | Model Portfolio, Specialty Chemicals |
Brokerage: | ICICI Securities |
Date of report: | October 11, 2022 |
Type of Report: | Model Portfolio |
Recommendation: | Buy |
Upside Potential: | 100% |
Summary: | We estimate our specialty chemical coverage universe revenue to grow 19.3% YoY (down 0.6% QoQ) in Q2FY23, partly on rise in prices due to input cost inflation. Gross profit to grow 22.7% YoY (down 1.4% QoQ, largely due to seasonality), which indicates strong underlying trend led by our expectation of 1) SRF’s robust growth (36.7% YoY) on continuous good show in ref-gas, offset by weakness in non-chemicals business |
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Reports By Brokerage: ICICI Securities
Buy Hindustan Aeronautics for Target Price of Rs 2655: ICICI Securities | |
Company: | Hindustan Aeronautics, ICICI Securities |
Brokerage: | ICICI Securities |
Date of report: | August 30, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 15% |
Summary: | HAL has hired BCG for consultation to identify areas of potential diversification, business strategy, internal restructuring and improving operational efficiency. Some of the areas of diversification are civil MRO, passenger-to-freight conversion of aircraft, UAV simulators, etc. for capturing additional revenues. |
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Reports By Brokerage: ICICI Securities
Repco Home Finance: Business franchise is currently undervalued: ICICI Securities | |
Company: | Repco Home Finance |
Brokerage: | ICICI Securities |
Date of report: | August 13, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 100% |
Summary: | Under the leadership of new MD & CEO, Mr. K. Swaminathan, growth strategy seems to be delivering the right results. Company’s business franchise is currently undervalued – the stock trades below its FY23E book and at 3.4x FY23E earnings, and is available at <0.1x AUM. Maintain BUY with an unchanged target price of Rs470, assigning 1.1x Sep’23E book value |
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Reports By Brokerage: ICICI Securities
Buy Century Plyboards For Target Price Of Rs. 747 (46% Gain): ICICI Securities | |
Company: | Century Ply |
Brokerage: | ICICI Securities |
Date of report: | June 28, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 46% |
Summary: | We continue to like CPBI for its strong growth prospects, high return ratios and healthy balance sheet and believe it will be a major beneficiary of the uptick in housing demand and higher spend on home improvement post the pandemic. Maintain estimates and Mar’23E target price of Rs747, set at unchanged 35x PER FY24E |
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Reports By Brokerage: ICICI Securities
HDFC Bank’s runway is huge; it can potentially add a new HDFC Bank every 5 years. Buy for 47% gain: ICICI Securities | |
Company: | HDFC Bank, ICICI Securities |
Brokerage: | ICICI Securities |
Date of report: | June 23, 2022 |
Type of Report: | Result Update |
Recommendation: | Buy |
Upside Potential: | 47% |
Summary: | Growth runway is huge; potentially add HDFC Bank every five years. Proposed merger adds an entirely different dimension to the future. There may not be any need to raise further funds to meet reserve requirements. Plans to nearly double its network in next 3-5 years by opening 1,500 to 2,000 branches every year. 4) Bank will continue to invest in modern technology and talent. |
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Reports By Brokerage: ICICI Securities
IT Sector is showing clear signs of moderation. Maintain underweight stance: ICICI Securities | |
Company: | IT Sector |
Brokerage: | ICICI Securities |
Date of report: | June 24, 2022 |
Type of Report: | Result Update |
Recommendation: | Hold |
Upside Potential: | 100% |
Summary: | We re-iterate our underweight stance on the Indian IT services and believe deployment in the sector should be very slow and gradual as we believe there would be many unknown risks (normalisation of tech spend, downside risk on FY24 revenue growth etc.) ahead, which might further degrade valuations. We suggest investor to stick with TCS in large cap; Coforge in mid cap. |
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