Buy UltraTech Cement Ltd For Target Rs.4,750.00 - Reliance Se

Sound Performance amid Challenging Environment

UltraTech Cement (UCL) has reported a better-than-estimated operating performance in 1QFY18 with its reported EBITDA coming in at Rs14.7bn marginally topping our estimate of Rs14.4bn. EBITDA/tonne stood at Rs1,113 compared to Rs1,039 and Rs841 in 1QFY17 and 4QFY17, respectively. While average realization h

24/07/2017 4:01:46 PM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Wipro Ltd For Target Rs.270.00 - Motilal Oswal

Revenue beat offset by 2Q guidance Announces INR110b buyback

* Revenue exceeds estimate and guidance: 1QFY18 CC revenue growth stood at 0.3% QoQ, ahead of our estimate of -1% QoQ and also marginally exceeded the company’s guidance of -2% to 0% QoQ. However, growth was lopsided and came from India/ME/APAC/Emerging markets, while

24/07/2017 3:57:52 PM | Posted in Broking Firm Views - Long Term Report read full news
Update On Aarti Industries Ltd - Emkay

* Tighter environment compliance norms in China and MNC's strategy of de-risking  reliance for sourcing from China bodes well for the Indian chemical industry

* Ramp up in expanded capacities for NCB, pharma and hydrogenation to lead to volume led growth of 15-20% CAGR over the next three to four years. New capex commitment of Rs 2.3bn over the next 12-18 months to provide ea

24/07/2017 3:28:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Reduce KPIT Technologies Ltd For Target Rs.120.00 - Arihant Capital

* Weak Performance:

* Dollar revenue for the quarter stood at $134.4 Million, a Q-o-Q growth of 4.8% and Y-o-Y growth of 12.2%. In ₹ terms revenue grew by 1.4% Q-o-Q and 8.4% Y-o-Y to ₹ 870.4cr. During the quarter, it had around $2 million worth technology license revenues which will not repeat in Q2. Amongst SBUs the growth across most of the SBU

24/07/2017 3:22:30 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold Bajaj Auto Ltd For Target Rs.2,900.00 - Sharekhan

Key points

* Weak operating performance as expected, but higher other income led to better-thanexpected PAT:

As anticipated, Bajaj Auto Limited (BAL) reported weak operating performance for Q1FY2018. The topline for the quarter at Rs.5,442 crore declined by 5% YoY, driven by a 10.7% YoY drop in volumes due t

24/07/2017 3:11:23 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Music Broadcast Ltd For Target Rs.434.00 - Angel Broking

Rhythm of profitable investment

Music Broadcast Limited (MBL) owns and operates FM radio stations under the brand names Radio City and Radio Mantra. MBL has 39 radio stations and operates in 37 Indian cities. The company has a strong listenership base in cities like Mumbai, Delhi and Bengaluru.

 

Long term barrie

24/07/2017 3:01:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kotak Mahindra Bank Ltd For Target Rs.1,153.00 - Motilal Oswal

Strong all-around performance; Merger synergies yielding results

* Standalone results: PAT grew 30% YoY to INR9.1b (in-line). Core operating profit grew strongly by 30% YoY, led by healthy NII growth (17% YoY; NIMs strong at 4.5%), acceleration in fee income (+43% YoY) and pristine asset quality (stable GNPAs at 2.6%). KMB holds more t

24/07/2017 12:32:14 PM | Posted in Broking Firm Views - Long Term Report read full news
Hold DB Corp Ltd For Target Rs.403.00 - Emkay

In-line quarter

* DB Corp delivered a decent performance, which was in line with estimates. Advertising revenue growth was driven by volume increase while Circulation revenue was underpinned by yield growth. Print Ad/circulation recorded growth of 4.5%/4.9% yoy.

* Radio revenue grew by 11% yoy, with EBITDA of Rs56mn while Digital revenue decl

24/07/2017 12:26:58 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Kansai Nerolac Paints Ltd For Target Rs.515.00 - Kotak Sec

Strong Outlook

Double digit volume growth in the decorative paint segment as well as the auto segment has translated into revenue of Rs 11.74 bn (+12% YoY and +24% QoQ) for KNPL for the quarter. Lower crude prices kept the raw material situation benign with the company reporting healthy EBIDTA of Rs 2.06 bn (highest ever) and EBIDTA margin of 17.5 % (

24/07/2017 12:21:33 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Hindustan Media Ventures Ltd For Target Rs.350.00 - Motilal Oswal

GST-led pain impacts ad growth

* EBITDA misses estimate led by unfavorable operating leverage: HMVL’s 1QFY18 EBITDA declined 10% YoY to INR510m (est. of INR651m) due to GSTled ad pain. The base quarter does not include charges pertaining to HTDSL (HTML’s multimedia digital content arm) carve-out, and thus, financials are st

24/07/2017 12:18:13 PM | Posted in Broking Firm Views - Long Term Report read full news
Accumulate MPS Ltd For Target Rs.700.00 - Emkay

Think Subscription adds to platform business traction

* Strong growth in non-top 10 clients (up 75% YoY aided by consolidation of MagPlus from Sep’16 quarter and Think Subscription from Jun’17 quarter) continue to support overall revenues while performance of company’s top 10 clients continued to be muted for yet another quarter.

22/07/2017 12:03:38 PM | Posted in Broking Firm Views - Long Term Report read full news
Positive Bajaj Auto Ltd For Target Rs.3,120.00 - LKP Sec

One off quarter, fate to revive soon on exports and 3W growth

Q1 FY18 margins at a seven year low, driven by multiple levers

Bajaj Auto posted better than expected numbers at the topline as 11% decline in volumes were somewhat offset by a 6% realizations improvement yoy. This was on the back of price hikes tak

22/07/2017 11:58:49 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Mahindra and Mahindra Ltd For Target Rs.1,625.00 - Motilal Oswal

Getting future ready

UV segment needs push; tractor segment healthy

* Mahindra & Mahindra’s (MM) FY17 annual report highlights the company’s focus on technologically advanced new products in the farm segment, continuous improvement in the UV segment to comply with the new emission/regulatory norms, and market

22/07/2017 11:52:10 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Sanofi India Ltd For Target Rs.4,454.00 - Arihant Capital

Sanofi India Ltd. reported a 23% increase in PAT qoq but a fall of 14% yoy.

Sanofi India Ltd. posted a marginal decline in revenue of 1% yoy but an increase of 9% qoq. Gross sales and Profit before tax for the quarter were impacted due to down stocking in trade channels in anticipation of the GST regime.

 

EBITD

22/07/2017 11:46:35 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Persistent Systems Ltd For Target Rs.600.00 - Emkay

Persistent focus on building a futuristic organisation

* Revenues for the quarter were impacted largely by weaker currency realizations and were below estimates. Growth was driven by Services/Alliance business in the quarter while decline in the Digital/Accelerite business came as a surprise.

* However, the Management retained its commentary

22/07/2017 11:39:10 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Hindustan Zinc Ltd For Target Rs.301.00 - Reliance Se

Subdued Quarterly Show; Reiterate HOLD

Hindustan Zinc has delivered a muted performance in 1QFY18 with its EBITDA declining by 36.4% QoQ to Rs23.84bn vs. our estimate of Rs25.61bn largely due to higher than expected input cost. Further, lower mined metal production, lower LME prices and appreciation of the INR against the Greenback dragged its operati

22/07/2017 11:32:38 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Bajaj Finserv Ltd For Target Rs.5,500.00 - Sharekhan

Key points

* Impressive overall performance:

Bajaj Finserv (BFS) reported strong results for Q1FY2018. The company’s general insurance and financing businesses posted healthy growth, while life insurance business reported decent numbers, with good growth in gross written premiums (GWP) and renewal premi

22/07/2017 11:28:01 AM | Posted in Broking Firm Views - Long Term Report read full news
Buy Zensar Technologies Ltd For Target Rs.1,020.00 - Motilal Oswal

Miss led by top client weakness

Quarterly performance misses estimates

* ZENT’s 1QFY18 revenue grew 2.5% QoQ CC, below our estimate of +5.3% QoQ. In USD terms, revenue grew 2.2% QoQ to USD114m, indicating a crosscurrency impact of -30bp.

* We estimate contribution of 3.9% from the full integra

22/07/2017 11:23:10 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral Bajaj Auto Ltd For Target Rs.2,820.00 - Arihant Capital

* Q1 Net Revenues stood at Rs 5,328 cr, decreased by 6% on YoY basis. Volume was down by 11% yoy and realizations were up by 6% YoY to Rs 59,976 per unit. Total Export volume was up by 10% on Y-o-Y basis.

* Q1 Operating EBITDA: The Company has delivered lowest operating margin in many years. EBITDA Margin was lower mainly due to Increase in raw materi

22/07/2017 11:17:33 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Reliance Industries Ltd For Target Rs.1,517.00 - Emkay

Core business surprises positively

* Results marginally beat our estimates with EBITDA at Rs115bn up by 2% qoq (our esti. of Rs110bn) due to higher than expected GRM and Petchem volumes. Consequently, PAT came in at Rs81.9bn, marginal growth of 0.6% (our esti. of Rs79bn).

* GRM came in at $11.9/bbl against our estimate of $11.2/bbl. EBIT came

22/07/2017 11:11:19 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral HT Media Ltd For Target Rs.90.00 - Motilal Oswal

GST impacts ad growth, cost efficiencies lead to margin beat

Maintain EPS estimates and TP

* EBITDA up 24%, above estimate; PAT nearly doubles: EBITDA rose 24% YoY to INR799m, 21% above our estimate of INR657m, despite the revenue disappointment, as HT Media’s cost-efficiency efforts bore fruit. Opex

22/07/2017 11:06:58 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Hindustan Zinc Ltd For Target Rs.285.00 - Kotak Sec

Hindustan Zinc’s (HZ) reported in-line numbers with PAT of Rs18.76bn, up 80.9% YoY (down 38.6% QoQ), backed by the strong realisation across the products and higher volumes. EBITDA during the quarter grew 110.8% YoY to Rs23.84 bn (down 36.4% QoQ) and margin during the quarter stood at 47.6%, which was below estimates on account of higher costs. Sequential decline in operating performance

22/07/2017 11:00:11 AM | Posted in Broking Firm Views - Long Term Report read full news
Hold Canara Bank Ltd For Target Rs.319.00 - SPA Sec

Canara bank reported better NIMs at 2.56% vs 2.39% in Q4 FY17 largely due to improvement in spreads. Non-interest income grew 33% y-o-y, INR 1.3 bn of PSLC sales income. However, GNPA stood at 10.56% (+85bps y-o-y) resulting in higher provision (+ 48% y-o-y) and lower PAT of Rs 2.5bn (-10% y-o-y). We maintain our hold rating with an SOTP based TP of INR 319 (1x FY19E ABVPS). Investment in Canfi

22/07/2017 10:53:43 AM | Posted in Broking Firm Views - Long Term Report read full news
Neutral KPIT Technologies Ltd For Target Rs.140.00 - Motilal Oswal

Profitability resurrection pushed further ahead

* Revenue beat driven by license sale: KPIT’s 1QFY18 revenue growth of 3.5% QoQ CC beat our estimate of 1.3%. Growth was primarily driven by ~50% growth in Products & Platforms, which included a one-time license sale of USD2m. Excluding this, revenue growth was largely in-line.

22/07/2017 10:27:24 AM | Posted in Broking Firm Views - Long Term Report read full news
Reduce Mindtree Ltd For Target Rs.480.00 - Reliance Se

Subsidiaries Drag Revenue, Margins; Order Book Healthy

Mindtree delivered an underwhelming performance in 1QFY18. USD revenue rose by 2.3% QoQ (1.2% QoQ in CC terms) to US$200mn (vs. our estimate US$204.6mn). The lower-than-expected revenue is attributable to poor performance of subsidiaries i.e. Bluefin (US$7.3mn, -20% QoQ) and Magnet 360 (US$6.5mn,

22/07/2017 10:20:44 AM | Posted in Broking Firm Views - Long Term Report read full news