Axis Bank (AXSB IN) Embarking on renewed journey. Q3FY19 Result Update. Rating: ACCUMULATE CMP: Rs661 TP: Rs745. January 29, 2019.
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1 (AXSB IN) Rating: ACCUMULATE CMP: Rs661 TP: Rs745 January 29, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE ACCUMULATE Target Price NII (Rs. m) 256, , , ,884 % Chng. (0.5) 0.9 Op. Profit (Rs. m)209, , , ,462 % Chng EPS (Rs.) % Chng Key Financials FY18 FY19E FY20E FY21E NII (Rs bn) Op. Profit (Rs bn) PAT (Rs bn) EPS (Rs.) Gr. (%) (92.8) 1, DPS (Rs.) Yield (%) NIM (%) RoAE (%) RoAA (%) P/BV (x) P/ABV (x) PE (x) CAR (%) Key Data AXBK.BO AXSB IN 52-W High / Low Rs.680 / Rs.478 Sensex / Nifty 35,593 / 10,652 Market Cap Rs.1,698bn/ $ 23,878m Shares Outstanding 2,570m 3M Avg. Daily Value Rs m Shareholding Pattern (%) Promoter s Foreign Domestic Institution Public & Others Promoter Pledge (Rs bn) Stock Performance (%) 1M 6M 12M Absolute Relative Pritesh Bumb priteshbumb@plindia.com Prabal Gandhi prabalgandhi@plindia.com Embarking on renewed journey Quick Pointers Strong deposit traction mainly from TDs both retail and wholesale helping deposit growth faster than loan growth Loan mix was broadly stable with continued growth traction retail Axis bank s PAT of Rs16.8bn (PLe: Rs12.5bn) was better than expectations on back of better NII (partly on interest write back) and high recoveries in w.off a/c & sale of investments gain which were used for PCR enhancement and contingent provisions on risks pertaining in BB & Below book. Gradually stress on balance sheet is coming off with incrementally lower intensity of downgrades. Management articulated its new strategy till FY22 of reaching 18% ROEs with strong focus on business mix & RAROC, optimizing cost and bringing credit cost near below average levels, this coupled with operations strengthening and improving process/technology. We see gradual improvement in core operations as credit cost normalizes, NIMs improve and given the historically swift movement towards different business profiles should improve risk adjusted return. We retain Accumulate rating with revised TP to Rs745 (from Rs681) based on 2.5x (from 2.3x) Sep-20 ABV. Gradually improving core performance: NII growth improved to 18% YoY partly on better loan mix (move towards term), MCLR repricing and interest write back (4-5bps impact). As a result, NIMs improved by 11bps to 3.47% with management retaining guidance of NIMs close to % levels for FY19. Over and above, PPOP growth of 43% YoY was driven by better fees growth of 16.4% YoY and mainly Rs3.42bn of sale of gain in investments (Max Life and CDSL) & Rs9.98bn in recovery from w.off pool (large quantum from steel). Stress continues to downtrend: Gross slippages of Rs37.4bn (3.2% of loans) was sequentially higher on partly higher corporate slippages, which were mostly from BB & below pool and partly from rise in non-corporate as well. Key heartening trend has been lowering stress quantum with BB & below book down to 1.4% of customer assets/1.6% of loans down 30bps QoQ. Bank continues strengthen by creating contingent provisions of Rs6.6bn on BB & Below book (8% of book) and incremental provisions on NPAs improving the PCR, while is witnessing lower intensity of downgrades to BB & below book. Strategy unveiled to lead towards 18% ROEs by FY22: New MD & CEO at helm unveiled macro strategy of taking ROEs to 18% levels by FY22 from three core areas (i) improving business mix in segments especially on corporate growth but with high focus on Risk Adj. Return on Cap (RAROC) (ii) improve cost to assets to 2.0% (iii) credit cost below long term average levels of 1% and this should be enabled by strengthening core management team and improve operations/processes/technology. We believe, reaching 18% ROE will require multiple ratios to sweat but core operations are improving gradually with lowering stress, uptick in top line (NIM+Fees) and normalizing credit cost which should lead to comfortable 14-15% ROEs by FY21 in our estimate. January 29,
2 Robust NII growth on account of NIM improvement and loan growth Other income shoots up on NPA recovery (9.98bn) and investment sale gains (3.8bn) while core fee growth was better than loan growth Provisions saw write back in investment book, while bank used gains to make contingent provisions (Rs6.6bn) and improve PCR Q3FY19 Financials Strong top line help better earnings Financial Statement (Rs m) Q3FY19 Q3FY18 YoY gr. (%) Q2FY19 QoQ gr. (%) Interest Income 1,41,297 1,17, ,32, Interest Expenses 85,261 69, , Net interest income (NII) 56,037 47, , Other income 40,007 25, , Total income 96,044 73, , Operating expenses 40,797 34, , Staff expenses 12,026 10, , Other expenses 28,771 24, , Operating profit 55,247 38, , Core operating profit 51,457 36, , Total provisions 30,545 28, , Profit before tax 24,701 10, , Tax 7,893 3, , Profit after tax 16,809 7, , Balance sheet (Rs m) Deposits growth was quite strong led by robust traction in TDs both retail and wholesale NIM improved as yield turned better v/s 5bps rise in CoF Deposits 51,40,921 40,89, ,96, Advances 47,51,049 42,09, ,61, Ratios (%) Profitability ratios RoaA NIM Cost of Funds Asset Quality Gross NPL 3,08,547 2,50, ,09,383 (0.3) Asset quality overall improved on continued write-off policy and and lower slippage intensity. Bank continued to improve its PCR. Net NPL 1,22,333 1,17, ,27,157 (3.8) Gross NPL ratio (21) Net NPL ratio (20) 2.5 (18) Coverage ratio (Calc) Business & Other Ratios CASA mix has been coming off due to bank incremental focus on garnering TDs as well for better stability and cost perspective Low-cost deposit mix (300) 48.0 (200) Cost-income ratio (491) 48.2 (577) Non int. inc / total income Credit deposit ratio (1,051) 95.1 (267) CAR (160) 16.5 (5) Tier-I (106) Retail continues to drive with steady growth; domestic corporate growth has been better (Rs m) Q3FY19 Q3FY18 YoY gr. (%) Q2FY19 QoQ gr. (%) Large & mid-corporate 18,04,690 17,27, ,41, SME Advances 6,22,380 5,48, ,02, Retail 23,23,970 19,32, ,17, Housing Loans & LAP 9,06,348 8,11, ,64, Personal loans 2,55,637 1,93, ,43, Auto loans 2,55,637 1,93, ,43, January 29,
3 Key Q3FY19 Concall Highlights Business Outlook & Strategy Strategy Focusing on improving ROE to 18% with one key elements being focus on businesses with better RAROC metrics which help better margins and lower credit cost with optimizing cost to assets. Management s first metric of focus will be on improving C-D ratio by deposits growth and then focus on improving loan growth. Liabilities In Q3FY19, Retail TDs growth of 24% YoY is been driven as strategy from last one year with CASA+RDs as metric considering stability and rate environment. It has been possible on push from branches on change in KRAs. Non-retail TDs growth has been as corporates looking at diversifying from liquid funds which have mix tenure of 3m-1yr which helps in short term liquidity management. Loan assets Bank is incrementally sourcing 85% of loans in AA & above ratings and gradually shifting from higher share of term loans from working capital. Retail mix currently at 49% and will continue to drive growth as sourcing will continue from internal customers both bank and subs and should be at similar levels in medium term as corporate should pick up. Fees/Opex Fees growth has been driven from cards business in retail and transaction led fees from corporate which has been broadly flattish. Fees have been more granular from flow based business and hence sustainability of fee lines remains high going ahead. Opex will be managed in view of continued investment in process/technology/man power but will be contained in view to opex/assets Margins Margins saw uptick on back of MCLR repricing, 5bps help from interest income write back and improved loan mix. Bank retains NIMs guidance of similar NIMs in FY19 as compared to FY18 Asset Quality Slippages of Rs37.4bn were partly from corporate with mostly from BB & below book. Bank saw part of exposure in IL&FS mainly FB being recognized as NPA. BB & Below book New MD & CEO has reviewed book and sees risks are largely covered in BB & Below loan category. Book now stands at 1.4% of net customer assets with downgrades added to book of Rs5-6bn with power/infra contributing most. Largest a/c above Rs5.0bn is in 1 a/c of Rs8.0bn in power and rest exposures are of Rs bn. Bank has provided Rs6.6bn (8% of book) as contingent provisions to cover risks from the book. BB & Below book historically has been 2-3% over long term trends from current of 4.2% and management expects it to trend downwards to those levels in view on normal course of upgrades/downgrades Divergence were in 2 a/c of Rs2.25bn (0.4% of FY18 slippages) which was downgraded in H1FY19 and incorporated for Rs990mn of provisions in Q3FY19 on the same. January 29,
4 NIMs improve on back of better yields CASA slower on strong TD traction 4.1% 4.0% 3.9% 3.8% 3.7% 3.6% 3.5% 3.4% 3.3% NIM (%) 54% 52% 50% 48% 46% 44% 42% 40% Low Cost deposits(%) MCLR/fixed book mix continues to improve Base Rate MCLR Fixed LIBOR 15% 16% 14% 14% 14% 14% 13% 14% 12% 11% 17% 16% 15% 16% 17% 19% 20% 21% 21% 21% 18% 29% 36% 40% 43% 49% 50% 54% 56% 57% 50% 42% 34% 29% 24% 18% 15% 13% 12% Retail fees dominate with help of cards business Retail (non card) Retail (card) Transc. Bnking SME Treasry & DCM Corp Fees 20% 20% 20% 18% 21% 17% 18% 13% 11% 14% 5% 5% 5% 4% 4% 1% 1% 1% 4% 1% 2% 2% 1% 2% 3% 4% 6% 5% 4% 4% 20% 18% 22% 22% 22% 20% 19% 20% 20% 20% 20% 20% 20% 21% 21% 22% 20% 26% 34% 36% 31% 32% 33% 33% 34% 35% 34% 35% 22% 23% Source: Company Data, PL Research January 29,
5 C/I improves on higher other income gains 54% 52% 50% 48% 46% 44% 42% 40% 38% 36% 34% cost-income 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Overall asset quality helped by lower rate of slippages and w.offs 8.0% 80% 7.0% 70% 6.0% 60% 5.0% 50% 4.0% 40% 3.0% 30% 2.0% 20% 1.0% 10% 0.0% 0% 1Q15 61% 60% 62% 60% 61% 62% 62% 64% 63% 63% 66% 68% 70% 74% 77% 78% 79% 82% Gross NPA (%) Net NPA (%) Coverage Ratio (%) - RHS Continued shift towards higher ratings AAA/AA/A BBB <BB or unrated 9% 9% 9% 11% 11% 11% 12% 16% 15% 14% 12% 10% 11% 9% 5% 6% 5% 4% 30% 31% 29% 29% 28% 27% 26% 20% 22% 23% 22% 22% 19% 17% 18% 16% 16% 14% January 29,
6 SME book tilts towards risky assets but seasonality SME 1-3 SME 4 SME 5-8 8% 7% 7% 8% 7% 8% 8% 9% 8% 7% 7% 6% 5% 5% 6% 6% 5% 6% 12% 11% 9% 9% 8% 8% 8% 8% 8% 8% 9% 9% 8% 8% 6% 6% 6% 8% 80% 82% 84% 83% 85% 84% 84% 83% 84% 85% 84% 85% 86% 87% 88% 88% 89% 86% Net Stressed loan outside the NPA decreases to 1.8% of Net customer assets Stressed Loans (Rs Mn) Gross slippages 36,380 87,720 45,600 48,110 35,190 89,360 44, ,360 43,370 27,770 37,460 Recoveries+ Up gradations 1,400 10,730 3,500 28,040 3,060 10,480 40,080 34,010 29,170 21,860 16,220 Write-offs 320 8,730 1,220 11,940 24,620 25,170 28,220 38,870 30,070 23,150 22,070 Slippages (%) 4.26% 10.05% 5.21% 5.34% 3.71% 8.98% 4.26% 15.37% 3.94% 2.48% 3.22% BB & Below Book 274, , , , , , ,200 89, ,960 88,600 76,450 % of customer assets 7.4% 5.7% 5.5% 4.8% 4.6% 3.5% 3.5% 1.8% 2.2% 1.7% 1.4% Watch List 202, , ,910 94,360 79,410 60,520 53,090 4,280 Corp Restructured Advances 76,650 68,830 62,420 54,890 54,320 38,600 35,250 10,810 11,588 11,987 8,737 SDR / S4A / 5-25 Advances 52,630 51,580 43,510 46,090 49,720 52,770 52,880 10,890 16,882 15,573 14,823 Total Restructured Dispensation 124, , , ,200 96,450 73,900 69,850 20,650 28,470 27,560 % of loans 3.6% 3.3% 3.0% 2.7% 2.5% 1.8% 1.7% 0.5% 0.6% 0.5% 0.3% Total stress (adjusted for overlaps) 334, , , , , , ,260 91, , ,280 % of Customer Assets 9.7% 7.6% 6.8% 5.6% 4.5% 3.9% 3.5% 1.9% 2.5% 2.1% 1.8% Estimates change table We factor in change in deposit mix, loan growth and margins, while increase other income assumptions (Rs mn) Old Revised % Change FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY20E Net interest income 216, , , , , , (0.5) 0.9 Operating profit 173, , , , , , Net profit 47,527 91, ,723 45,960 94, ,026 (3.3) EPS (Rs) (3.3) ABVPS (Rs) (1.3) Price target (Rs) Recommendation ACCUMULATE ACCUMULATE January 29,
7 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 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 We revise our TP to Rs745 (from Rs681) based on 2.5x Sep-20 ABV (from 2.35x Sep-20 ABV) PT calculation and upside Terminal growth 5.0% Market risk premium 6.0% Risk-free rate 8.0% Adjusted beta 1.03 Cost of equity 14.2% Fair price - P/ABV 745 Target P/ABV 2.5 Target P/E 17.5 Current price, Rs 661 Upside (%) 13% Dividend yield (%) 1% Total return (%) 14% AXSB s historical P/ABV trends 3.6 P/ABV 3 yr avg. avg. + 1 SD avg. - 1 SD January 29,
8 Income Statement (Rs. m) Int. Earned from Adv. 341, , , ,039 Int. Earned from invt. 99, , , ,515 Others 16,595 21,882 22,953 22,031 Total Interest Income 457, , , ,585 Interest Expenses 271, , , ,864 Net Interest Income 186, , , ,721 Growth(%) (0.7) Non Interest Income 109, , , ,207 Net Total Income 295, , , ,928 Growth(%) Employee Expenses 43,130 48,305 53,860 60,323 Other Expenses 91, , , ,821 Operating Expenses 139, , , ,690 Operating Profit 155, , , ,237 Growth(%) (11.3) NPA Provision 165, ,198 64,956 56,904 Total Provisions 154, ,381 68,425 61,006 PBT 1,216 68, , ,232 Tax Provision (1,541) 22,637 46,154 62,206 Effective tax rate (%) (126.8) PAT 2,757 45,960 94, ,026 Growth(%) (92.5) 1, Balance Sheet (Rs. m) Face value No. of equity shares 2,567 2,612 2,612 2,612 Equity 5,133 5,224 5,224 5,224 Networth 634, , , ,938 Growth(%) Adj. Networth to NNPAs 165, ,921 77,266 52,911 Deposits 4,536,227 5,307,386 6,209,641 7,265,280 Growth(%) CASA Deposits 2,438,516 2,600,619 3,079,982 3,668,967 % of total deposits Total Liabilities 6,913,296 7,863,340 9,036,987 10,409,080 Net Advances 4,396,503 5,012,013 5,813,936 6,831,374 Growth(%) Investments 1,538,761 1,694,369 1,950,275 2,146,314 Total Assets 6,913,296 7,863,340 9,036,987 10,409,080 Growth (%) Asset Quality Gross NPAs (Rs m) 342, , , ,487 Net NPAs (Rs m) 165, ,921 77,266 52,911 Gr. NPAs to Gross Adv.(%) Net NPAs to Net Adv. (%) NPA Coverage % Profitability (%) NIM RoAA RoAE Tier I CRAR Source: Company Data, PL Research Quarterly Financials (Rs. m) Y/e Mar Q4FY18 Q1FY19 Q2FY19 Q3FY19 Interest Income 117, , , ,297 Interest Expenses 70,407 76,102 80,489 85,261 Net Interest Income 47,305 51,668 52,321 56,037 YoY growth (%) CEB 24,480 21,170 23,760 26,150 Treasury Non Interest Income 27,887 29,250 26,784 40,007 Total Income 145, , , ,304 Employee Expenses 10,789 12,278 11,747 12,026 Other expenses 27,680 24,920 26,418 28,771 Operating Expenses 38,469 37,198 38,165 40,797 Operating Profit 36,722 43,720 40,940 55,247 YoY growth (%) (16.1) Core Operating Profits 34,562 42,690 39,580 51,457 NPA Provision 81,280 30,690 26,860 33,520 Others Provisions 71,795 33,377 29,274 30,545 Total Provisions 71,795 33,377 29,274 30,545 Profit Before Tax (35,073) 10,343 11,666 24,701 Tax (13,186) 3,333 3,770 7,893 PAT (21,887) 7,011 7,896 16,809 YoY growth (%) (278.7) (46.3) Deposits 4,536,227 4,470,793 4,796,796 5,140,921 YoY growth (%) Advances 4,396,503 4,410,745 4,561,213 4,751,049 YoY growth (%) Key Ratios CMP (Rs) EPS (Rs) Book Value (Rs) Adj. BV (70%)(Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Payout Ratio (%) Dividend Yield (%) Efficiency Cost-Income Ratio (%) C-D Ratio (%) Business per Emp. (Rs m) Profit per Emp. (Rs lacs) Business per Branch (Rs m) 2,412 2,423 2,455 2,503 Profit per Branch (Rs m) Du-Pont NII Total Income Operating Expenses PPoP Total provisions RoAA RoAE Source: Company Data, PL Research January 29,
9 Price Chart Recommendation History (Rs) Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 No. Date Rating TP (Rs.) Share Price (Rs.) 1 12-Feb-18 BUY Mar-18 BUY Apr-18 BUY Apr-18 BUY Jul-18 BUY Jul-18 Accumulate Oct-18 Accumulate Nov-18 Accumulate Jan-19 Accumulate Analyst Coverage Universe Sr. No. CompanyName Rating TP (Rs) Share Price (Rs) 1 Accumulate Bank of Baroda BUY Bank of India Reduce Federal Bank BUY HDFC Bank BUY 2,371 2,130 6 HDFC Standard Life Insurance Company BUY ICICI Bank BUY ICICI Prudential Life Insurance Company BUY IndusInd Bank BUY 1,765 1, Jammu & Kashmir Bank BUY Kotak Mahindra Bank Hold 1,291 1, Max Financial Services BUY Punjab National Bank Hold SBI Life Insurance Company BUY South Indian Bank BUY State Bank of India BUY Union Bank of India Reduce YES Bank Accumulate PL s Recommendation Nomenclature (Absolute Performance) Buy : > 15% Accumulate : 5% to 15% Hold : +5% to -5% Reduce : -5% to -15% Sell : < -15% Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly January 29,
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Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 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 Rating
More informationJammu & Kashmir Bank (JKBK IN)
(JKBK IN) Rating: BUY CMP: Rs37 TP: Rs76 January 14, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price 76
More informationPunjab National Bank
Asset quality under acute stress February 09, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs88 Target Price Rs65 Implied
More informationHDFC Bank. In line results; loan growth holding nicely. Source: Company Data; PL Research
In line results; loan growth holding nicely February 14, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs1,066 Target Price
More informationPunjab National Bank
Asset quality worries intensifies May 08, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs146 Target Price Rs155 Implied
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 informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs620 TP: Rs779
(SBILIFE IN ) Rating: BUY CMP: Rs620 TP: Rs779 January 18, 2019 Q3FY19 Result Update Strong growth with steady metrics Quick Pointers Strong growth displayed in protection business with +4x growth YoY
More informationIDFC Bank. Source: Company Data; PL Research
Earnings led by large treasury gains; core performance weak July 28, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 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 (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 informationPunjab National Bank
May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Q4FY16 Result Update Asset quality showing no respite May 18, 2016 Nitin Kumar nitinkumar@plindia.com / +91-22-66322236 Pritesh Bumb priteshbumb@plindia.com
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 informationKotak Mahindra Bank. Performance on track, Strong guidance for the second half. Q2FY17 Result Update
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 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 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 informationFederal Bank (FB IN)
(FB IN) Rating: BUY CMP: Rs89 TP: Rs102 January 17, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price 102
More informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs1,968 TP: Rs2,310 October 21, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY19E FY20E Rating BUY BUY Target
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 informationHDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs359 TP: Rs500
HDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs359 TP: Rs500 October 24, 2018 Q2FY19 Result Update Margins on rise mainly led by protection biz Quick Pointers Protection share has
More informationHDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs385 TP: Rs438
HDFC Standard Life Insurance Company (HDFCLIFE IN ) Rating: BUY CMP: Rs385 TP: Rs438 January 22, 2019 Q3FY19 Result Update Moderate quarter but should pick up Quick Pointers Strong improvement in focus
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 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. 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 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 informationL&T Finance Holdings
Revenues broadly in line; asset quality impairment seasonal July 23, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs72 Target
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 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 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 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 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 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 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 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 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 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 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 informationL&T Finance Holdings
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 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 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 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 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 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 informationL&T Finance Holdings
Steady quarter; return ratios to improve from 2HFY17E May 03, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
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 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 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 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 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 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 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 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 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 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 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 informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
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 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 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 informationMaruti Suzuki (MSIL IN)
(MSIL IN) Rating: BUY CMP: Rs6,513 TP: Rs7,600 January 28, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationIndian Oil Corporation (IOCL IN)
(IOCL IN) Rating: ACCUMULATE CMP: Rs148 TP: Rs142 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationKEC International (KECI IN)
(KECI IN) Rating: BUY CMP: Rs370 TP: Rs425 June 15, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY - Target Price 425 -
More informationZee Media Corporation (ZEEN IN)
(ZEEN IN) Rating: BUY CMP: Rs26 TP: Rs39 October 17, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 39
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 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 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 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 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 informationMahanagar Gas (MAHGL IN)
(MAHGL IN) Rating: BUY CMP: Rs947 TP: Rs1,179 August 1, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
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 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 information