and continue to build the same in future. Source: Company Data; PL Research
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1 Muted performance; balance sheet transition continues January 30, 2015 Nitin Kumar Pritesh Bumb Rating Accumulate Price Rs172 Target Price Rs175 Implied Upside 1.7% Sensex 29,183 Nifty 8,809 (Prices as on January 30, 2015) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 0.00% Foreign 47.66% Domestic Inst % Public & Other 21.24% Stock Performance (%) 1M 6M 12M Absolute Relative 2.4 (1.8) 45.3 How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC:.BO, BB: IN) (Rs) Jan 14 Mar 14 May 14 Source: Bloomberg Jul 14 Sep 14 Nov 14 continues to report muted performance in Q3FY15 with PAT de growth of 16% YoY at Rs4.2bn (PLe of Rs4.0bn) but was aided by higher interest income from treasury and healthy non interest income. continues to build its provision cushion (3.9% of loans) and has been building on its investment book (added Rs72.8bn investments sequentially) as its endeavours to smoothly transform itself into a bank. RBI clarified that long term infra bonds (LTIB) can be issued only to fund 30% of loan book against expectation of 100%, which we see as partly negative. However we remain positive on the aspects of its transformation to bank and maintain Accumulate with TP of Rs175. Core performance muted and was mainly led by treasury: Core performance remained muted for and was supported by treasury gains of Rs1.37bn & higher investment income, while interest on loans was lower as margins came off by 10bps sequentially on de growth in loans by 3% YoY. PPOP growth of 8% YoY was subdued on higher opex as it continues to add employees and one off issue related expenses at its AMC subsidiary. The company remains adequately above the requirements of SLR and the LCR requirement of 60% of HQLA in FY15 and continue to build the same in future. Improvement in sanctions & disbursements: Sanctions picked up for second consecutive quarter led by transport/road & other infra segments, while disbursements growth also improved, mainly from telecom segment. Clarification from RBI comes in as negative: got clarification on its eligibility to transfer 30% of loans lent to infrastructure by LTIB and was in line with forbearance given to banks for CRR/SLR/PSL exemption against an expectation of complete transfer of 100% of eligible loan book which would have been beneficial to the transformed Bank. We estimate only 18 20% of loan book will be eligible for such exemption. This clarification is slight negative for as cost of funds will remain high and will challenge the bank s ability to address competition as benefits remained restricted. Key Financials (Y/e March) E 2016E 2017E Net interest income (Rs m) 27,040 26,434 27,949 28,411 Growth (%) 6.7 (2.2) Non interest income (Rs m) 10,310 12,125 12,121 13,405 Operating Profit (Rs m) 31,912 31,920 31,822 31,975 PAT (Rs m) 18,022 17,259 19,884 20,032 EPS (Rs) Growth (%) (2.0) (10.5) Net DPS (Rs) Profitability & valuation E 2016E 2017E Spreads / Margins (%) RoAE (%) RoAA (%) P/E (x) P/BV (x) P/ABV (x) Net dividend yield (%) Source: Company Data; PL Research Q1FY15 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 remained flattish YoY but has been from investment income Opex remains high as continues to add capacity in transition to Bank, while its subsidiary AMC booked now issue related expenses continues to make counter cyclical buffer provisions on specific loans. CCB now stands at 3.3% o loans Exhibit 1: Q3FY15 results Muted performance as treasury gains support PAT (Rs m) YoY QoQ Net interest income 6,640 6,490 6,620 0% 2% Non interest income 1,900 4,530 3,180 67% 30% Operating income 8,540 11,020 9,800 15% 11% Operating expense 1,290 1,970 1,980 53% 1% Pre provision profits 7,250 9,050 7,820 8% 14% Provisions and losses 370 2,810 1, % 46% Profit before tax 6,880 6,240 6,290 9% 1% Tax 1,860 2,010 2,090 12% 4% PAT 5,010 4,230 4,200 16% 1% Spreads (12 mnth rolling) (0.30) (0.10) Prov/PPOP 4.1% 3.8% 3.7% 0.4% 0.1% Cost/Income 5.1% 31.0% 19.6% 14.5% 11.5% Tax rate 15.1% 17.9% 20.2% 5.1% 2.3% Loans (Rs m) 535, , , % 1.9% Borrowings (Rs m) 516, , ,740 28% 11% Disbursals (Rs m) 20,090 68,540 70, % 3% Sanctions (Rs m) 54, , , % 50% Incremental disbursements continues to remains from telecom infra related segment Fee income growth remained decent especially from the AMC business. Q2FY15 saw one off income booked for two road projects sold and was not there in Q3FY15. While the company booked higher treasury gains on lower yields as it was building on higher investments assets from few quarters O/s Disbursements Power 240, , ,790 1% 4% Transportation 143, , ,660 7% 4% Telecom 117, , ,120 5% 8% Others 83,510 83,020 79,480 5% 4% Total 585, , ,050 2% 2% Non Interest Income 1,870 4,490 3,170 70% 29% Principal Investment 760 2, % 80% Asset management 1,010 1,070 1,150 14% 7% IB & Broking % 46% Fixed Income (300) 50 1, % 2460% Loan related & other fees % 85% January 30,
3 Conference call Highlights: Loan book, Investments & Funding: Loan book Rs60bn raised through infra bonds (raising Rs20bn per month). Management will appropriately match ALM requirements with asset maturity. Investments Treasury gains were Rs1.37bn on proactive treasury and build up done earlier have benefitted treasury. Have been above the required LCR of 60% and will continue to stay so going ahead. To neutralise cost of replacing bonds have temporarily lent in the Repo window. Break up Gsec portfolio at Rs16bn (approx). Regulatory Clarification: 30% of the outstanding infrastructure loans eligible (60% of loans is project based) for availing SLR/CRR/PSL benefit on loans funded through long term bond funding raised only post 15 th Jul 14 and the benefit would be applicable from the date of demerger of. This clarification is in line with what Banks have got as benefit and not as per the expectation of complete movement of eligible loan book. Asset Quality: Restructured Loans & NPA 6.1% of loans. 87% of restructured from energy sector of which 30% is Gas based projects. NPA currently based on 180 day recognition. Provisions Continues to make additional provisions as counter cyclical buffer. Provisioning levels will increase till Bank is operational (upto 30 th Sept 15). Net SRs 0.3% of loans Subsidiaries IDF subsidiary In dialogue with RBI & GOI for the IDF sub which will be infra related lending. Others Non staff related expenses increase was in the AMC business on new issue expenses De merger: Have got impending approvals from RBI & Shareholders for de merging into Bank. Are consequently applying to Madras High Court for the required approvals. January 30,
4 Exhibit 2: Sanctions have picked up but incrementally has been from transport and other infra (Rs bn) Sanctions Exhibit 3: Loan growth remains sluggish as disbursements remain sluggish while repayments remain high 60% 40% 20% 0% Loan Book growth YoY 0 20% Exhibit 4: Disbursements trends have improved but has been from Telecom segment Disbursements (Rs bn) Exhibit 5: Rolling spreads has come off further Spreads January 30,
5 Exhibit 6: We expect ROEs to come off to high single teens FY11 FY12 FY13 FY14 FY15E FY16E FY17E We expect FY15E & FY16E ROEs to remain towards ~10% as bank makes higher floating provisions & builds in capacity which will increase Opex. Also slower loan growth will impact margins. We are yet to build in transition to Bank in our financials which will happen in Q1FY15. Net Interest Margin 3.92% 4.06% 4.12% 4.00% 3.78% 3.68% 3.31% Core Fees 1.60% 0.92% 1.10% 1.01% 1.30% 1.19% 1.18% Capital gains Infra 0.69% 0.81% 0.36% 0.51% 0.43% 0.41% 0.38% Treasury 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Net revenues 6.21% 5.79% 5.59% 5.52% 5.51% 5.28% 4.87% Operating costs 1.30% 1.02% 0.86% 0.80% 0.95% 1.09% 1.15% Provisions 0.57% 0.56% 0.57% 0.93% 1.16% 0.58% 0.55% Taxes 1.22% 1.17% 1.18% 1.12% 0.94% 0.99% 0.84% Costs 3.09% 2.75% 2.61% 2.86% 3.04% 2.66% 2.54% ROA 3.12% 3.04% 2.98% 2.66% 2.47% 2.62% 2.33% Equity/Assets 21.2% 22.2% 21.0% 21.24% 23.42% 24.32% 23.19% ROE 14.7% 13.7% 14.1% 12.5% 10.5% 10.8% 10.1% Exhibit 7: We retain our Sep 16 TP of Rs175 as transitioning to bank remains on track, while the company continues to build capacity, provision buffer and investments assets which would allow smooth transition. Risk free rate 8.0% Equity Risk Premium 6.0% Beta 1.17 Cost of Equity 15.0% Terminal growth 5.0% Stage 2 growth 12.5% Normalised ROE 14.5% Sep 16 PT 175 Implied Sep 16 P/E 1.43 Implied Sep 16 P/B January 30,
6 Income Statement (Rs m) Int. Inc. / Opt. Inc. 77,592 78,668 82,332 90,049 Interest Expenses 50,552 52,233 54,383 61,639 Net interest income 27,040 26,434 27,949 28,411 Growth (%) 6.7 (2.2) Non interest income 10,310 12,125 12,121 13,405 Growth (%) Net operating income 37,350 38,559 40,069 41,816 Expenditure Employees 2,883 3,604 4,504 5,405 Other expenses 2,555 3,035 3,743 4,435 Depreciation Total expenditure 5,438 6,639 8,247 9,841 PPP 31,912 31,920 31,822 31,975 Growth (%) 9.4 (0.3) 0.5 Provision 6,290 8,114 4,396 4,721 Other income Exchange Gain / (Loss) Profit before tax 25,622 23,806 27,426 27,254 Tax 7,600 6,547 7,542 7,222 Effective tax rate (%) PAT 18,022 17,259 19,884 20,032 Growth (%) (1.9) (4.2) Quarterly Financials (Rs m) Y/e March Q4FY14 Q1FY15 Q2FY15 Q3FY15 Int. Inc. / Operating Inc. Income from securitization Interest Expenses Net Interest Income 6,680 6,820 6,490 6,620 Growth 3.9 (0.6) (5.4) (0.3) Non interest income 3,040 2,050 4,530 3,180 Net operating income 9,720 8,870 11,020 9,800 Growth (3.7) (13.1) Operating expenditure 1, ,970 1,980 PPP 8,340 8,320 9,050 7,820 Growth (2.8) (5.7) Provision 4,830 2,040 2,810 1,530 Exchange Gain / (Loss) Profit before tax 3,510 6,280 6,240 6,290 Tax 930 1,460 2,010 2,090 Prov. for deferred tax liability Effective tax rate (%) PAT 2,580 4,820 4,230 4,200 Growth (51.0) (13.5) (13.3) (16.2) Balance Sheet (Rs m) Sources of funds Equity 15,163 16,224 16,224 16,224 Reserves & Surplus 135, , , ,244 Networth 150, , , ,468 Growth (%) Loan funds 559, , , ,360 Growth (%) Others Minority Interest Deferred Tax Liability 35,397 38,676 42,321 46,317 Total 751, , , ,646 Application of funds Net fixed assets 3,286 3,245 3,171 3,077 Advances 565, , , ,928 Growth (%) Net current assets 3,904 4,685 5,528 6,523 Investments 113, , , ,592 Growth (%) Other Assets 65,404 66,570 67,809 69,127 Total 751, , , ,133. Key Ratios CMP (Rs) Eq. Shrs. O/s. (m) 1,516 1,622 1,622 1,622 Market Cap (Rs m) 260, , , ,139 Market Cap to AUM (%) EPS (Rs) Book Value (Rs) Adjusted Book Value (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Asset Quality Gross NPAs (Rs m) 3,396 7,074 10,805 14,834 Net NPAs (Rs m) 2,342 3,891 5,619 7,417 Gross NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) Profitability (%) NIM RoAA RoAE January 30,
7 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 42.4% 37.6% 18.8% 1.2% 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), 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. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & conditions and other disclosures: Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as PL ) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking, investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. 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PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. PL or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months PL or its associates might have received any compensation or other benefits from the subject company or third party in connection with the research report. PL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. PL or its analysts did not receive any compensation or other benefits from the subject Company or third party in connection with the preparation of the research report. PL or its Research Analysts do not have any material conflict of interest at the time of publication of this report. It is confirmed that Mr. Nitin Kumar (B.E, PGDM, CFA), Mr. Pritesh Bumb (MBA, M.com), Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. The Research analysts for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. 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PL and its associates, their directors and employees may (a) from time to time, have a long or short position in, and buy or sell the securities of the subject company or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company or act as an advisor or lender/borrower to the subject company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. January 30,
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Performance on track, Strong guidance for the second half October 26, 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
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 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 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 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 informationSouth Indian Bank. Set for a rebound, set to scale up in retail. Source: Company Data; PL Research
Set for a rebound, set to scale up in retail July 06, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 informationYES Bank. Another quarter of strong performance. Source: Company Data; PL Research
Another quarter of strong performance January 20, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91
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 informationICICI Bank. Source: Company Data; PL Research
Better late than never, but guidance remains grim January 28, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs233 Target
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
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 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 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 informationHDFC Bank. Remains strong in all areas. Source: Company Data; PL Research
Remains strong in all areas January 20, 2018 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 informationIndusInd Bank. Earnings momentum remains strong. Source: Company Data; PL Research
Earnings momentum remains strong April 21, 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 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 informationSouth Indian Bank. Source: Company Data; PL Research
On track; one off provisions impact earnings October 11, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
More informationIndusInd Bank. Source: Company Data; PL Research
Strong performance despite challenging environment January 10, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 informationYES Bank. Strong on all counts. Source: Company Data; PL Research
Strong on all counts April 26, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com / +91 22 66322245
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationHDFC Bank. Source: Company Data; PL Research
Enviable performance in challenging environment April 21, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com
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 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 informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
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 informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
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 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 informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
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 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 informationKotak Mahindra Bank. Merger Concall Highlights Synergies: been keen to build. Source: Company Data; PL Research
Right fit Right price; significant synergies in long term! November 21, 2014 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price
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 information