Reports in category Result Update
| AXIS Bank is on track to deliver steady performance. Buy for target price of Rs 1195 (35% upside): HDFC Securities | |
| Company: | Axis Bank |
| Brokerage: | HDFC Sec |
| Date of report: | November 25, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 35% |
| Summary: | AXSB finally seems to be on track to deliver steady performance with lower shocks. While the bank is on track to deliver ~14-15% RoE over the next couple of years, we argue that enhanced productivity and gradual exercising of pricing power in chosen segments could drive sustained medium-term RoEs. We argue for a gradual convergence in valuation multiples with ICICIBC |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Axis Bank, HDFC Sec |
| Home First Finance is trading at attractive valuations. Buy for target price of Rs 900 (34% upside): Motilal Oswal | |
| Company: | Home First Finance |
| Brokerage: | Motilal Oswal |
| Date of report: | November 16, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 34% |
| Summary: | Home First Finance (HomeFirst), in our view, is among the few high-quality and transparent franchises in the listed Affordable Housing Finance (AHFC) sector. Particularly, the company has demonstrated consistent execution on its guided metrics, across AUM growth, margins/spreads, asset quality, and credit costs. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Home First Finance, Motilal Oswal |
| PNC is likely to be one of the major beneficiaries of the Jal Jeevan Mission. Buy for target price of Rs 350 (34% upside): ICICI Direct | |
| Company: | PNC Infratech |
| Brokerage: | ICICI-Direct |
| Date of report: | November 16, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 34% |
| Summary: | PNC Infratech has established itself as a strong executor in the roads, water infra and airport runway segments. Additionally, superior execution capabilities via ownership of modern equipment and in-house teams enables PNC to deliver projects on time. PNC has executed 70 major infrastructure projects till date. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI-Direct, PNC Infratech |
| Globus Spirits is valued at Rs 1000 i.e. 11x P/E on FY24E EPS (34% upside from CMP of Rs 747): ICICI Direct | |
| Company: | Globus Spirits |
| Brokerage: | ICICI-Direct |
| Date of report: | November 17, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 34% |
| Summary: | Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 250 million litre. The company is also a supplier of Indian made Indian liquor (IMIL) and premium IMFL in India. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Globus Spirits, ICICI-Direct |
| HAL has strong growth visibility on healthy orders flow. Buy for target price of Rs 3300 (28% upside): ICICI Direct | |
| Company: | Hindustan Aeronautics |
| Brokerage: | ICICI-Direct |
| Date of report: | November 16, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 28% |
| Summary: | We expect HAL to deliver revenue and EBITDA CAGR of 10.3% and 14.7%, respectively, over FY22-25E. PAT is likely to grow at 14.2% CAGR (FY21-25E). Increase in profitability with strong asset turnover is expected to result in healthy return ratios over FY23-25E |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Hindustan Aeronautics, ICICI-Direct |
| Lux Industries Ltd is well-poised for growth on the back of increasing share of premium products. Buy for target price of Rs 1802: SMIFS | |
| Company: | Lux Industries |
| Brokerage: | SMIFS |
| Date of report: | November 15, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 6% |
| Summary: | Lux Industries Ltd. Brands like Lux Cozi, Lyra & ONN are doing well Lux Industries Ltd. (LUX), reported weak performance in Q2FY23 in a challenging business environment of volatile raw material prices. Revenues in Q2FY23 increased by ~1.4% YoY, however volumes declined by ~8% YoY (volumes in H1FY23 grew by ~3% YoY). Growth in volumes […] |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | lux industries, SMIFS |
| Dollar Industries’ growth pillars are in place driven by project Lakshya. Buy for target price of Rs 708 (56% Gain): SMIFS | |
| Company: | Dollar Industries |
| Brokerage: | SMIFS |
| Date of report: | November 13, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 56% |
| Summary: | DIL’s strong brand recall coupled with deeper penetration and consumers shifting towards affordable branded quality products are strong macro tailwinds for the company. Currently the innerwear industry is witnessing a structural shift from unorganised to the organised sector. We expect DIL to benefit from this trend. |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | Dollar Industries Ltd, SMIFS |
| 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: | |
| 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 |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, Piramal Pharma |
| Buy HG Infra for target price of Rs 1013. Execution pick-up will drive further rerating: HDFC Sec | |
| Company: | HG Infra |
| Brokerage: | HDFC Sec |
| Date of report: | November 11, 2022 |
| Type of Report: | |
| Recommendation: | Buy |
| Upside Potential: | 87% |
| Summary: | The company plans to monetise four HAM projects at a ~40% premium to book value of INR 3.5bn invested equity by Mar’23. Given robust order inflow and strong execution, we maintain BUY, with an increased TP of INR 1,013 (14x Sep-24E EPS) to factor in a higher level of execution and better EBITDA margin |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | HDFC Sec, HG Infra |
| 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: | |
| 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) |
| Full Report: | Click here to view full post with link to download pdf file |
| Tags: | ICICI Securities, SBI |