POWER FINANCE CORPORATION, Resolutions aiding asset quality improvement; AUM growth key for further rerating Call & Research Report by ICICI Securities Sector: Finance Term Lending CMP Rs. 148, Target Rs. 191 (29% upside potential) Target Period: 12 Months Power Finance Corporation’s (PFC) Q3FY23 earnings surpassed I-Sec estimates – buoyed by provisioning write-back of Rs1.3bn. Flow […]
Read more..SIEMENS LTD, Execution momentum sustains; structurally positive Call & Research Report by ICICI Securities Sector: Electric Equipment CMP Rs. 3125, Target Rs. 3462 (11% upside potential) Target Period: 12 Months Similar to its closest peer, ABB (which posted strong EBITDA margin of 15% in the latest quarter), Siemens (SIEM) has reported standalone EBITDA of Rs5.5bn […]
Read more..TECH MAHINDRA, Catching up Call & Research Report by HDFC Securities Sector: IT Services & Consulting CMP Rs. 1085, Target Rs. 1140 (5% upside potential) Target Period: 12 Months We attended Tech Mahindra’s (TECHM) investor day, where the company reiterated its strategy with some added elements. There’s an apparent continuity in organic growth focus (vs. […]
Read more..Aditya Birla Capital, Emergence of a behemoth Call & Research Report by Emkay Global Sector: Finance – Investment CMP Rs. 155, Target Rs. 200 (29% upside potential) Target Period: 12 Months We initiate coverage on Aditya Birla Capital (ABCAP) with a BUY recommendation and Mar-24E TP of Rs200/share (+29% upside), based on SOTP-based valuation methodology. […]
Read more..FINOLEX INDUSTRIES, Expect margin tailwinds from Q4FY23 Call & Research Report by ICICI Securities Sector: Plastics – Tubes/Pipes/Hoses & Fittings CMP Rs. 167, Target Rs. 196 (17% upside potential) Target Period: 12 Months We recently interacted with the management of Finolex Industries (Finolex) and following are the key takeaways: 1) Demand from agriculture pipes is […]
Read more..AXIS BANK, Citi deal completed; integration to play out in 18 months Call & Research Report by ICICI Securities Sector: Bank – Private CMP Rs. 846, Target Rs. 1100 (30% upside potential) Target Period: 12 Months Axis Bank is the third largest private sector bank in India with a balance sheet size of Rs 12.2 […]
Read more..GODREJ CONSUMER, Lower RM cost, GAUM turnaround to boost growth Call & Research Report by Motilal Oswal Sector: Consumer CMP Rs. 926, Target Rs. 1080 (17% upside potential) Target Period: 12 Months Godrej Consumer (GCPL) is one of our top pick from our Staples Coverage Universe over a one-year horizon. We present here our investment […]
Read more..LIFE INSURANCE CORPORATION OF INDIA (LIC), Valuations remain attractive; VNB margin growth remains on track, less impacted by Budget 2023 Call & Research Report by ICICI Securities Sector: Life & Health Insurance CMP Rs. 627, Target Rs. 917 (46% upside potential) Target Period: 12 Months LIC is treading well towards increasing VNB by pushing product […]
Read more..NATCO PHARMA, US drives growth Call & Research Report by ICICI Securities Sector: Pharmaceuticals & Drugs CMP Rs. 525, Target Rs. 816 (55% upside potential) Target Period: 12 Months Natco Pharma’s (Natco) Q3FY23 performance was above our estimates on revenue front. Revenue grew 14% QoQ to Rs4.9bn (I-sec:4.7bn). YoY numbers are not comparable due to […]
Read more..ALKEM LABORATORIES, ‘Flu-aid’(fluid) quarter; margins improve Call & Research Report by ICICI Securities Sector: Pharmaceuticals & Drugs CMP Rs. 3293, Target Rs. 3844 (17% upside potential) Target Period: 12 Months Alkem Laboratories’ (Alkem) Q3FY23 performance beats our estimates on all fronts. Revenue grew 16.1% YoY to Rs30.4bn (I-Sec: Rs28.6bn) driven by US business. US revenue […]
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March 9, 2023
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