IndusInd Bank. Earnings momentum remains strong. Source: Company Data; PL Research
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- Elaine Underwood
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1 Earnings momentum remains strong April 21, 2016 Nitin Kumar / Pritesh Bumb / Vidhi Shah / Rating Accumulate Price Rs972 Target Price Rs1,050 Implied Upside 8.0% Sensex 25,880 Nifty 7,912 (Prices as on April 21, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 14.98% Foreign 42.78% Domestic Inst % Public & Other 31.22% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: INBK.BO, BB: IIB IN) (Rs) 1,200 1, Apr 15 Jun 15 Source: Bloomberg Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 IIB reported a steady quarter with Q4FY16 PAT growing by 25% YoY to Rs6.2bn (PLe: Rs6.22 bn). Other income continues to remain buoyant, while NII improved 37% YoY to Rs12.68bn, ~2% ahead of our estimates. Margins improved by 3bps QoQ led by continued momentum in CASA mix and retail loan growth. IIB is now targeting NIMs of 4% over the medium term. GNPLs increased 38% QoQ led by slippages in consumer portfolio, while IIB sold assets worth Rs400 mn to ARC, while recovered Rs300mn. We fine tune our earnings estimates and retain our PT at Rs1,050 based on 2.1x Sep 2017 ABV. We maintain Accumulate. Revenue growth on track: IIB delivered 36% YoY growth in core revenues led by 37.1% YoY growth in NII and 38.6% YoY growth in other income. Margins expanded by 3bps QoQ to 3.94% aided by pick up in retail loan growth and strong accretion in CASA deposits. The bank aspires to achieve ~40% CASA mix and ~4% NIM over the medium term as it increases its branch network to 1,200 (from 1,000 currently), benefits from the revival in high yielding CV loans and maintain its SA growth momentum. Loan growth accelerates; retail mix stays at ~41% (48% incl. business banking): IIB reported 28.5% YoY growth in the loan portfolio led by 6.7% QoQ growth in its retail portfolio. This was aided by continued traction in CV/car loans, credit card, LAP and personal loans portfolio. Share of consumer loan portfolio remained at 41% (48% incl. biz banking) and helped boost margins. Corporate portfolio grew 8.2% QoQ led by 14.7% QoQ growth in large corporate portfolio. Management sounded positive on the economic outlook and guided for 25 30% loan growth for FY17E with retail share to contribute equally. Asset quality broadly stable; maintain IIB as one of our top picks: IIB reported 38% QoQ rise in GNPL led by 21% QoQ growth in slippages in consumer portfolio. IIB also sold loans worth Rs400mn to ARC, while also recovered Rs300mn. Provisions stood slightly higher than estimated and enabled IIB to maintain relatively stable coverage ratio at 59% (126bps QoQ decline) while restructured portfolio declined 5bp to 0.53% of loans. The Bank did not witness any AQR related slippages (in Q3FY16 had recognized 1 a/c). We maintain our PT at Rs1,050 based on 2.9x Sep 2017E ABV and retain our Accumulate rating. Key financials ( Y/e March) E 2017E 2018E Net interest income 34,203 45,166 57,490 72,848 Growth (%) Operating profit 30,982 41,414 53,276 69,674 PAT 17,937 22,865 30,067 39,726 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2017E 2018E NIM (%) RoAE (%) RoAA (%) P / BV (x) P / ABV (x) PE (x) Net dividend yield (%) Source: Company Data; PL Research Q4FY16 Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 NII growth beat estimates with robust growth of ~37% YoY on back of margin improvement Core fee income growth continues to be strong at 27% YoY mainly from loan processing fees from all product lines, while except for general banking fees and TPD fees all items contributed to growth Opex was slightly up as the bank opened 95 branches sequentially Credit cost remained stable at 17bps (68bps annualized) on slight asset quality spike Loan growth continues to remain robust at ~29% YoY & ~7% QoQ. IIB continues to see good traction in both corporate book & consumer finance book. Within CF book non vehicle retail is catching with higher growth. Margins continue to improve on back of reducing cost of funds and despite some reduction in yield especially in consumer book Asset quality saw slight deterioration mainly contributed from consumer book. The Bank also sold loans worth Rs400mn to ARC, while also recovered Rs300mn on the same Exhibit 1: Q4FY16 Results Buoyed performance continues, minor issues in asset quality P&L Q4FY16 Q4FY15 YoY gr. (%) Q3FY16 QoQ gr.%) Interest Income 31,317 25, , Interest Expense 18,635 16, , Net interest income (NII) 12,682 9, , Treasury income 1, , Fee income 7,742 5, , Other income 9,128 6, , Total income 21,810 15, , Operating expenses 10,298 7, , Staff expenses 3,364 2, , Other expenses 6,934 4, , Operating profit 11,512 8, , Core operating profit 10,126 7, , Total provisions 2,137 1, , Profit before tax 9,375 7, , Tax 3,172 2, , Profit after tax 6,204 4, , Deposits 930, , , Advances 884, , , Gross NPL (Rs m) 7,768 5, , Net NPL (Rs m) 3,218 2, , Restructured adv. (Rs m) 4,686 3, ,766 (1.7) Profitability ratios RoAA (1) 1.9 (2) RoAE (523) NIM Yield on Advances (73) 12.1 (3) Cost of Deposits (62) 7.2 (9) Asset Quality ratios Gross NPL ratio Net NPL ratio Coverage ratio (403) 59.9 (129) % restructured adv (5) Business & Other Ratios Low cost deposit mix Cost income ratio (6) Non int. inc / total income Credit deposit ratio (0) CAR (93) Tier I (72) April 21,
3 Q4FY16 Analyst Meet Takeaways Balance sheet growth and Outlook: Loan book Outlook: Loan book will continue to grow at 25 30% of which ~50% will be contributed by consumer book Retail loan book Vehicle book continues to grow strong mainly contributed from CV & passenger cars. Disbursed Rs27.5bn in CV segment v/s Rs20bn in Q4FY15 mainly from strong growth in M&HCV segment. Core retail (non vehicle) continues to show case high growth mainly in credit cards, LAP & PL and now share has further inched up to 10% of loan book Large corporate book Have seen some increase in exposure to metal (govt companies) & infra EPC segments. Lending is opportunity based mainly on working capital, while witnessing strong throughput and hence have sold off Rs10bn of loans (v/s Rs7bn in Q3FY16). Gems & Jewellery business (acquired book) Remains an EPS accretive book. Margins in this business are ~5 5.5%, while ROAs from the business are ~4%. CASA Overall CASA share has been maintained at 35.2%, while growth continues to be robust mainly from the SA side. Margins: Margins continue to move upwards with 3bps QoQ increase to 3.94% as capital raising benefit & CASA traction has lowered cost of funds. Outlook Bank continues to target NIMs of 4% in the medium term, going ahead. MCLR regime will have lower impact on margins on flexibility in pricing to customers. Fees, Opex and Branch expansion: Fee income continues to be strong mainly from loan processing fees as loan growth remains strong, while remittances/fx & IB fees continue as well. Bank witnessed some slowdown in growth in third party distribution fees as MF business was robust in Q4FY15. Outlook Management expects fee income growth will remain above balance sheet growth, while insurance tie up with TATA AIA has started to give expected results and could see adding to TPD fees. Asset quality: Slippages Bank saw Rs2.74bn of slippages which was slightly higher sequentially. Increase was mainly from some slippages from the consumer finance book. The Bank did not witness any AQR related slippages in Q4FY16. Credit cost was stable at 17bps (68bps annualized) in Q4FY16 and ~58bps in FY16 which was within indicated guidance. Outlook Continue to remain comfortable on credit cost guidance of 60bps for FY16. April 21,
4 Exhibit 2: Both corporate and consumer book showcasing strong growth; core retail share inching up to 10% of total loans Loan Book mix Q4FY16 Q4FY15 YoY gr. (%) Q3FY16 QoQ gr. (%) CV Loans 141, , , UV Loans 20,580 20, , W/Small CV 20,450 18, , W Loans 30,450 28, , Car Loans 39,170 31, , Equipment Financing 32,440 28, , Credit Card 12,040 6, , Others/LAP 69,350 44, , Consumer Finance 365, , , Corporate Finance 518, , , Reported NIMs continue to move up by 3bps QoQ to 3.94% to clock highest ever margins as reducing cost of funds benefit from stable CASA growth & re financing of deposits. Management continues to target 4% NIMs, going ahead Exhibit 3: Margins reach highest ever mark, inch up further towards 4% Yield on Advances (%) Cost of Funds (%) NIM RHS (%) 16.0% 4.00% 14.0% 3.80% 12.0% 3.60% 10.0% 8.0% 3.40% 6.0% 3.20% 4.0% 3.00% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Exhibit 4: Core fees: All fees lines except TPD & general banking fees contribute to strong fee income especially from loan processing fees 6,000 5,000 4,000 Trade & Remittance Fx Income TPP Distribution Income General banking fees Invt banking Loan processing fees 3,000 2,000 1, Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 (Rs m) April 21,
5 Exhibit 5: Asset quality see marginal deterioration mainly from consumer book GNPA (%) NNPA (%) PCR (%) RHS 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q % 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% Exhibit 6: Credit cost remained stable at 68bps annualized (57bps in FY16) well within guidance Credit Cost (bps) 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Exhibit 7: Change in estimates We increase our core performance estimates on back of improving NIMs & sustained credit growth, while tweak our credit cost assumptions slightly Rs (m) Old Revised % Change FY17E FY18E FY17E FY18E FY17E FY18E Net interest income 57,084 72,369 57,490 72, Operating profit 53,204 69,525 53,276 69, Net profit 30,155 39,766 30,067 39,726 (0) (0) EPS, Rs (0.5) (0.3) ABV per share, Rs Price target, Rs. 1,050 1,050 Recommendation Accumulate Accumulate Exhibit 8: We maintain our TP of Rs1,050 based on Sep 17 adj. book PT calculation and upside Fair price EVA, Rs 1,063 Fair price P/ABV, Rs 1,037 Average of the two, Rs 1,050 Target P/ABV (x) 2.9 Target P/E (x) 17.9 Current price, Rs 972 Upside (%) 8% Dividend yield (%) 0% Total return (%) 8% April 21,
6 Exhibit 9: ROAs to move above to ~2% in FY18 RoA decomposition (%) FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Interest income Interest expenses Net interest income Treasury income Other Inc. from operations Total income Employee expenses Other operating expenses Operating profit Tax Loan loss provisions Net profit Exhibit 10: Valuations have narrowed down in last few months 4.5 P/ABV 3 yr avg. avg. + 1 SD avg. 1 SD Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 April 21,
7 Income Statement (Rs m) Int. Earned from Adv. 77,169 92, , ,170 Int. Earned from Invt. 15,877 17,806 23,330 26,028 Others 3,874 5,555 3,272 4,262 Total Interest Income 96, , , ,460 Interest expense 62,717 70,641 88, ,612 NII 34,203 45,166 57,490 72,848 Growth (%) Treasury Income 1, NTNII 22,881 32,220 41,847 54,455 Non Interest Income 24,039 32,970 42,597 55,205 Total Income 120, , , ,665 Growth (%) Operating Expense 27,259 36,721 46,811 58,379 Operating Profit 30,982 41,414 53,276 69,674 Growth (%) NPA Provisions 3,389 4,716 6,214 7,636 Investment Provisions (664) Total Provisions 3,891 6,722 7,720 9,483 PBT 27,092 34,693 45,556 60,191 Tax Provisions 9,155 11,828 15,489 20,465 Effective Tax Rate (%) PAT 17,937 22,865 30,067 39,726 Growth (%) Balance Sheet (Rs m) Par Value No. of equity shares Equity 5,295 5,950 5,950 5,950 Networth 106, , , ,080 Adj. Networth 104, , , ,492 Deposits 741, ,000 1,160,640 1,457,764 Growth (%) Low Cost deposits 252, , , ,661 % of total deposits Total Liabilities 1,117,870 1,400,432 1,720,145 2,145,866 Net Advances 687, ,190 1,120,269 1,424,982 Growth (%) Investments 228, , , ,181 Total Assets 1,117,869 1,400,570 1,720,145 2,145,866. Quarterly Financials (Rs m) Y/e March Q1FY16 Q2FY16 Q3FY16 Q4FY16 Interest Income 27,235 27,977 29,277 31,317 Interest Expense 17,428 17,035 17,543 18,635 Net Interest Income 9,807 10,942 11,734 12,682 Non Interest Income 7,243 7,835 8,390 9,128 CEB 5,989 6,733 7,259 7,742 Treasury 1,254 1,102 1,131 1,386 Net Total Income 17,050 18,778 20,124 21,810 Operating Expenses 7,823 8,713 9,514 10,298 Employee Expenses 2,723 3,007 3,267 3,364 Other Expenses 5,100 5,706 6,247 6,934 Operating Profit 9,227 10,065 10,610 11,512 Core Operating Profit 7,973 8,962 9,479 10,126 Provisions 1,233 1,581 1,771 2,137 Loan loss provisions 912 1,204 1,414 1,485 Investment Depreciation Profit before tax 7,994 8,484 8,839 9,375 Tax 2,744 2,884 3,029 3,172 PAT before EO 5,250 5,600 5,810 6,204 Extraordinary item PAT 5,250 5,600 5,810 6,204 Key Ratios CMP (Rs) Equity Shrs. Os. (m) Market Cap (Rs m) 514, , , ,390 M/Cap to AUM (%) EPS (Rs) Book Value (Rs) Adj. BV (100%) (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Profitability (%) NIM RoAA RoAE Efficiency Cost Income Ratio (%) C D Ratio (%) Business per Emp. (Rs m) Profit per Emp. (Rs lacs) Business per Branch (Rs m) 2,042 2,134 2,281 2,883 Profit per Branch (Rs m) Asset Quality Gross NPAs (Rs m) 5,629 7,768 8,469 10,607 Net NPAs (Rs m) 2,104 3,217 3,187 3,588 Gr. NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) April 21,
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Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 48.2% 38.4% 13.4% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Nitin Kumar (B.E, PGDM, CFA), Mr. Pritesh Bumb (MBA, M.com), Ms. Vidhi Shah (CA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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Steady quarter; return ratios to improve July 25, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91
More informationPunjab National Bank
Some sanity in asset quality November 08, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationBank of Baroda. Source: Company Data; PL Research
Fresh impairment lower but guidance maintained November 15, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationKotak Mahindra Bank. Core performance on track. Source: Company Data; PL Research
Core performance on track January 19, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs667 Target Price Rs725 Implied
More informationKotak Mahindra Bank. A lean quarter. Source: Company Data; PL Research
A lean quarter July 31, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs717 Target Price Rs715 Implied Upside.3% Sensex
More informationState Bank of India. Source: Company Data; PL Research
Asset quality divergence disappoint earnings February 09, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationBank of Baroda. On right track; no quick fix though. Source: Company Data; PL Research
On right track; no quick fix though May 15, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationShriram Transport Finance
Slower business growth and transition impacts earning April 27, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationFederal Bank. Source: Company Data; PL Research
Continues to improve quarter after quarter October 16, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationMaruti Suzuki. Source: Company Data; PL Research
Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277
More informationHDFC.BO HDFC IN. IND-AS transition dampens performance. Q1FY19 Result Update. Rating: BUY CMP: Rs2,029 TP: Rs2,287. July 30, 2018.
( IN) Rating: BUY CMP: Rs2,029 TP: Rs2,287 July 30, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 2,287
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
More informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationand continue to build the same in future. Source: Company Data; PL Research
Muted performance; balance sheet transition continues January 30, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs172
More informationBank of Baroda. Source: Company Data; PL Research
In line performance with stable asset quality February 12, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More informationKotak Mahindra Bank. Opportunity on a platter, focused on where and how to grow. Management Meet Update
Opportunity on a platter, focused on where and how to grow June 10, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCoal India. Source: Company Data; PL Research
Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
More informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
More informationSiemens. Railways and T&D driving inflows. Source: Company Data; PL Research
Railways and T&D driving inflows November 23, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,055 Target Price Rs1,230
More informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationCoal India. Source: Company Data; PL Research
Realisations drive the beat; E auction to surprise positively in H2 November 13, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationKotak Mahindra Bank. Healthy performance but limited upside. Source: Company Data; PL Research
Healthy performance but limited upside April 30, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com
More informationThermax. Source: Company Data; PL Research
Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
More informationShriram Transport Finance (SHTF IN)
(SHTF IN) Rating: BUY CMP: Rs1,411 TP: Rs1,787 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationJK Lakshmi Cement. Source: Company Data; PL Research
Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationAllcargo Logistics. Source: Company Data; PL Research
Slow capex continue to impact PES, weak show continues May 24, 2018 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating Accumulate Price Rs120 Target
More informationState Bank of India (SBIN IN)
(SBIN IN) Rating: BUY CMP: Rs295 TP: Rs355 November 5, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationCoal India. Source: Company Data; PL Research
Earnings marred by weak realisations; Downgrade to Accumulate September 14, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate
More informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,189 TP: Rs2,492 July 22, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationAxis Bank. Source: Company Data; PL Research
Gradual strengthening of balance sheet continues January 23, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationAxis Bank. Shocker on asset quality. Source: Company Data; PL Research
Shocker on asset quality October 17, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationAxis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681.
(AXSB IN) Rating: ACCUMULATE CMP: Rs611 TP: Rs681 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationState Bank of India. Strong operating performance. Source: Company Data; PL Research
Strong operating performance January 24, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs2,597 Target Price
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationInsurance. Bajaj Allianz. Birla Sunlife
Dec 2015 APE sales: Private players further gain market share January 21, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 India life insurance:
More informationKotak Mahindra Bank (KMB IN)
(KMB IN) Rating: HOLD CMP: Rs1,177 TP: Rs1,291 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating HOLD HOLD Target
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationIndusInd Bank (IIB IN)
(IIB IN) Rating: BUY CMP: Rs1,602 TP: Rs1,765 January 9, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationICICI Bank. Source: Company Data; PL Research
Steady quarter, margin outlook seems more than cautious January 25, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,084
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationSBI Life Insurance. Source: Company Data; PL Research
Recent correction gives further reason to enter March 15, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,130 TP: Rs2,371 January 19, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationL&T Finance Holdings
Structural story playing out well but long way ahead May 06, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More information