Reports in category Result Update
| GREENPANEL INDUSTRIES has leadership position in the MDF market, improving balance sheet: BobCaps | |
| Company: | GREENPANEL INDUSTRIES |
| Brokerage: | BOB Capital |
| Date of report: | September 8, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 35% |
| Summary: | Despite a strong Q1FY23, stock performance has remained lacklustre owing to management’s “over-cautious” guidance. GREENP is trading at 17x FY24E EPS. We continue to value the stock at 23x FY24E EPS, a 34% discount to peer CPBI, and retain our TP of Rs 595 with a BUY rating. We like the company for its a leadership position in the MDF market, improving balance sheet and commendable improvement in working capital discipline and return ratios |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | BOB Capital Markets, GREENPANEL INDUSTRIES |
| 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: | |
| 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 |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, Repco Home Finance |
| Buy Grasim for target price of Rs. 1715 (19% gain): Motilal Oswal | |
| Company: | Grasim |
| Brokerage: | Motilal Oswal |
| Date of report: | July 20, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 19% |
| Summary: | We remain positive on GRASIM’s entry into the Paints business, and believe its brand equity as well as its ability to leverage the distribution network of Birla White will help it achieve a reasonable scale in this business |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Grasim, Motilal Oswal |
| Buy Asian Paints for Target Price of Rs 3,707: Powerful execution is driving volume and profits: Centrum | |
| Company: | Asian Paints |
| Brokerage: | Centrum |
| Date of report: | July 26, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 19% |
| Summary: | APNT’s Q1FY23 print was in‐line with our estimates. Consolidated revenue/EBITDA/PAT grew 54.1%/70.3%/85.9% driven by robust volume growth of 37% in domestic decorative segment (4‐year CAGR value and volume 20% each). The management alluded the growth was fueled by (1) faster growth in T1/T2 markets, (2) project/institutional business, (3) premium luxury emulsions, and (4) increase in […] |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Asian Paints, Centrum |
| PCBL Ltd is good proxy to play upon recovery in volumes in the tyre and broader auto space: ICICI Direct | |
| Company: | Phillips Carbon Black |
| Brokerage: | ICICI-Direct |
| Date of report: | July 22, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 33% |
| Summary: | We maintain our positive view and retain BUY rating on the stock. PCBL with organic growth prospects, much heathier B/S and return ratios is a good proxy to play upon recovery in volumes in the tyre and broader auto space |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, Phillips Carbon Black |
| 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: | |
| 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 |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Century Ply, 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: | |
| 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. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | HDFC Bank, 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: | |
| 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. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, IT Sector |
| ICICI Bank is top pick in the banking space: Buy for target price of Rs. 1065 (55% Gain) | |
| Company: | ICICI Bank |
| Brokerage: | Nirmal Bang |
| Date of report: | June 20, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 55% |
| Summary: | We reiterate ICICI Bank as our top pick in the banking space given the visibility of 2% ROA by FY24E on the back of 21% CAGR in net profit over FY22-24E. Given the current increasing interest rate environment, the bank seems one of the best placed from ROA accretion perspective given its higher share of EBLR linkage, enabling faster transmission of rate increases on the asset side. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Bank, Nirmal Bang |
| SBI has set new standard in banking excellence. Buy for Target Price of Rs. 673 (45% Upside) | |
| Company: | SBI |
| Brokerage: | ICICI Securities |
| Date of report: | June 11, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 45% |
| Summary: | SBI has set new standard in banking excellence: SBI exited FY22 with 13.9% RoE and 0.67% RoA aided by growth build-up, GNPAs at a decadal low, slippages at <1%, credit cost at 55bps and steady margin profile. Improved visibility on asset quality with ‘new normal’ credit cost of 1%, credit growth of 13%/15% for FY23E/FY24E, asset resolution and stable NIMs will drive RoE to >16% by FY23E/FY24E and valuations to 1.5x Sep’23E book. Maintain BUY with an unchanged target price of Rs673. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, SBI |