Reports in category Result Update
| JB Chem is the preferred pick due to aggressive growth focus & high return ratios: Nirmal Bang | |
| Company: | J.B. Chemicals & Pharmaceuticals Ltd |
| Brokerage: | Nirmal Bang |
| Date of report: | September 15, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 16% |
| Summary: | JB Pharma remains our preferred pick, mainly underpinned by aggressive growth focus in the Domestic+CDMO business, high return ratios, lean B/S and healthy FCF |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | J.B. Chemicals & Pharmaceuticals Ltd, Nirmal Bang |
| KEC International is on the cusp of a major turnaround driven by stellar growth. Buy for target price of Rs 816: Yes Securities | |
| Company: | KEC International |
| Brokerage: | Yes Securities |
| Date of report: | August 31, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 21% |
| Summary: | The company is on the cusp of a major turnaround driven by stellar growth in its TAM, sequential margin recovery, and reduction of working capital to normalized levels |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | KEC International, Yes Securities |
| Astra Microwave Products is well poised for strong growth ahead. Buy for target price of Rs 510 (27% upside): ICICI Direct | |
| Company: | Astra Microwave Products ( |
| Brokerage: | ICICI-Direct |
| Date of report: | September 12, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 27% |
| Summary: | Astra Microwave Products (AMPL), incorporated in 1991, is engaged in design, development and manufacture of sub-systems for Radio Frequency and microwave systems, primarily used in defence, space & meteorology |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Astra Microwave Products (, ICICI-Direct |
| Five Star Business Finance has huge untapped opportunity of INR 22trn. Buy for target price of Rs 860 (19% upside): ICICI Sec | |
| Company: | Five Star Business Finance |
| Brokerage: | ICICI Securities |
| Date of report: | September 6, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 19% |
| Summary: | Five Star Business Finance’s FY23 annual report provides an insight on how it is progressing towards its vision of “reaching the unreached through suitable credit solution” and capturing the INR 22trn MSME lending opportunity. AUM growth reviving to 37% in FY23 vs 14% CAGR between FY20-22 (covid impact) is a testimony to its agility and business resiliency. In a high human touch model, adherence to standard-operating-process (SOPs) becomes a prerequisite, and negligible frauds / mishandling of cash in FY23 (and even in previous years) reflects its tight control on processes and staff quality. Notably, gross stage 3 increased marginally to 1.36% in FY23 vs 1.06% in FY22 despite the implementation of daily DPD recognition from Oct’22. Maintain BUY with an unchanged target price of INR 860, valuing the stock at 4.5x on Sep’24 BVPS |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Five Star Business Finance, ICICI Securities |
| Atarco acquisition is a win-win deal for Gokaldas Exports. Buy for target price of Rs 884: Nuvama | |
| Company: | Gokaldas Exports |
| Brokerage: | Nuvama |
| Date of report: | August 29, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 20% |
| Summary: | Atarco acquisition a win-win deal Gokaldas Exports (GEXP) has announced the complete acquisition of the Atraco Group (Atraco) for USD55mn. Through this deal, it will gain duty free access to the US and European markets (duties on Indian imports range from 11% to 28%). Atraco has five production units: four/ one in Kenya/Ethiopia, with a […] |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Gokaldas Exports, Nuvama |
| BSE is getting a boost from Derivatives. Buy for target price of Rs 1230 (35% upside): ICICI Direct | |
| Company: | BSE Ltd |
| Brokerage: | ICICI-Direct |
| Date of report: | August 30, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 35% |
| Summary: | The bull case assumes a 10% derivatives market share (similar to the base case) but higher options pricing, resulting in a 23% revenue CAGR and 30x multiple, indicating a ~70% upside. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | BSE, ICICI-Direct |
| CanFin Homes is the best in class HFC player with a robust business model & underwriting practices: ICICI Direct | |
| Company: | Can Fin Homes |
| Brokerage: | ICICI-Direct |
| Date of report: | August 15, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 25% |
| Summary: | CFHL has been best in class HFC player with a robust business model & underwriting practices, which resulted in healthy earnings growth with GNPA <1% across cycles. Strategy adopted by new management to strengthen processes & IT infrastructure to further aid business growth and RoA. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Can Fin Homes, ICICI-Direct |
| Indo Count is poised for a healthy volume recovery in FY24E. Buy for target price of Rs 295 (25% upside) | |
| Company: | Indo Count Industries |
| Brokerage: | ICICI-Direct |
| Date of report: | August 21, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 25% |
| Summary: | Government initiatives like signing of FTAs with multiple countries & stability in export incentive policy to provide robust opportunities for Indian exporters. ICIL through its sizeable capacity is well poised to capture the export opportunity in global home textile trade |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI-Direct, Indo Count |
| ITC’s valuation is inexpensive at ~24x FY25E EPS given the double-digit earnings CAGR: Nirmal Bang | |
| Company: | ITC Ltd |
| Brokerage: | Nirmal Bang |
| Date of report: | August 15, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 16% |
| Summary: | We view the value unlocking from the Hotel business demerger as a welcome move, especially if it is eventually followed by the demerger of the Other FMCG and IT Services businesses as well. If the same fructifies, re-rating will be sharper going forward. Maintain BUY |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ITC, Nirmal Bang |
| Divi’s Laboratories Ltd is strategically poised to capitalize on emerging opportunities. Buy for target price Rs 4041: SMIFS | |
| Company: | Divi's Lab |
| Brokerage: | SMIFS |
| Date of report: | August 14, 2023 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 8.3% |
| Summary: | Divi is strategically poised to capitalize on emerging opportunities presented by recently off-patent molecules. Company is seeing softening of RM and logistics costs which will improve the margins further. We forecast Revenue / EBITDA / PAT CAGR during FY23- 25E at 16.7%/31.5%/27.5%. We value the stock based on SOTP valuation strategy and arrive at a target price of INR 4,041. Accumulate |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Divi's Labs, SMIFS |