Ambuja Cement (ACEM IN)
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- Irene Gallagher
- 5 years ago
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1 (ACEM IN) Rating: HOLD CMP: Rs201 TP: Rs210 October 24, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous CY18E CY19E CY18E CY19E Rating HOLD ACCUMULATE Target Price Sales (Rs. m) 2,54,487 2,74,518 2,55,845 2,77,443 % Chng. (0.5) (1.1) EBITDA (Rs. m) 35,028 40,837 36,559 44,123 % Chng. (4.2) (7.4) EPS (Rs.) % Chng. (2.5) (9.5) Key Financials CY16 CY17 CY18E CY19E Sales (Rs. bn) EBITDA (Rs. bn) Margin (%) PAT (Rs. bn) EPS (Rs.) Gr. (%) DPS (Rs.) Yield (%) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) PE (x) P/BV (x) Key Data ABUJ.BO ACEM IN 52-W High / Low Rs.289 / Rs.189 Sensex / Nifty 33,847 / 10,147 Market Cap Rs.399bn/ $ 5,427m Shares Outstanding 1,986m 3M Avg. Daily Value Rs m Shareholding Pattern (%) Promoter s Foreign Domestic Institution Public & Others 7.39 Promoter Pledge (Rs bn) - Disappointing show; Valuations de-rating to gather momentum Ambuja Cement (ACEM) reported disappointing set of Q3CY18 earnings due to steeper than expected increase in costs. In our Q2CY18 post earnings note, we had highlighted that surprise beat in Q2 was led by unsustainable lower reported costs primarily the other expenses. Hence, we kept out estimates unchanged post Q2 earnings factoring weak margins in H2. However, Q3 margins fell steeper than our expectation. Investors argue that earnings would revive for the sector as the costs/prices have peaked-out/bottomed-out. However, we believe that pricing power is still couple of years away due to deep-rooted impact of demonetization and GST on private spending (having the pricing power). However, strong Govt spending helped to make-up for weak trade volume but at the cost of significantly lower margins. Even if costs come down, it would be passed on to customers due to rising share of non-trade demand. Cement producers have been blaming Ultratech (UTCEM) for lower prices to support high utilization at acquired units of JPA. On the contrary, we believe that weak quality of demand is not allowing UTCEM to increase prices despite sharp surge in costs. Given the weak outlook on prices, we cut our earnings estimates for by 9% for CY19e. With deteriorating fundamentals, we de-rate EV/EBITDA from 13x to 12x CY19e and downgrade our recommendation to HOLD with TP at Rs210 (earlier Rs251). Higher than expected costs led the miss in earnings: Volume rose 9% YoY to 5.5mn tonnes (t), in line with our estimate. Realisations rose marginally 0.6%/Rs28 QoQ (+1.2%/Rs53 YoY) to Rs4,594 (PLe:Rs4,588)/t. Impacted by 4%/9% YoY increase in Energy/Freight cost and higher packing and maintenance costs, Cost/t rose 2.8%/Rs113 YoY at Rs4,109 above our estimate of Rs3,911. Marred by higher costs, EBITDA/t missed our estimates by wide margin by 28% at Rs485 (PLe:Rs677), down 11% YoY. Hence, EBITDA fell 3% YoY to Rs2.66bn (PLe:Rs3.65bn). Led by 27% YoY fall in other income (on account of absence of dividend from ACC), Adj. PAT fell 25% YoY to Rs1.79bn (PLe:2.5bn). Stock Performance (%) 1M 6M 12M Absolute (10.8) (18.8) (28.6) Relative (2.9) (17.3) (31.4) Kamlesh Bagmar kamleshbagmar@plindia.com Amit Khimesra amitkhimesra@plindia.com October 24,
2 Q3CY18 Result Highlights Y/e December Q3CY18 Q3CY17 YoY gr. (%) Q2CY18 9MCY18 9MCY17 YoY gr. (%) Net Sales 25,220 23, ,270 82,120 76, Raw Material 3,080 2, ,113 7,310 7,363 (0.7) % of Net Sales Staff Costs 1,633 1, ,758 5,087 4, % of Net Sales Power & Fuel 5,498 4, ,547 18,396 15, % of Net Sales Freight 7,311 6, ,784 24,384 20, % of Net Sales Other Expenses 5,035 4, ,744 14,882 14, % of Net Sales Total Expenditure 22,558 20, ,946 70,059 63, EBITDA 2,662 3,102 (14.2) 5,324 12,062 12,886 (6.4) Margin (%) Depreciation 1,360 1,403 (3.1) 1,364 4,116 4,302 (4.3) Other income 1,402 1,908 (26.5) 2,810 5,715 4, EBIT 2,704 3,606 (25.0) 6,770 13,660 12, Interest (38.6) (25.0) PBT 2,512 3,293 (23.7) 6,578 13,019 11, Extraordinary income/(expense) PBT (After EO) 2,512 3,739 (32.8) 6,578 13,019 12, Tax ,586 3,840 2, % PBT Reported PAT 1,786 3,104 (42.5) 4,993 9,179 9,513 (3.5) Adjusted PAT 1,786 2,734 (34.7) 4,993 9,496 9, Source: Company, PL Operating Metrics Y/e December Q3CY18 Q3CY17 YoY gr. (%) Q2CY18 9MCY18 9MCY17 YoY gr. (%) Volume (mn te) Net Realisations/t (Rs) 4,619 4, ,566 4,538 4, EBITDA/t (Rs) (20.9) (11.3) Source: Company, PL October 24,
3 Financials Income Statement (Rs m) Net Revenues 1,98,371 2,30,864 2,54,487 2,74,518 YoY gr. (%) Cost of Goods Sold 23,311 27,760 32,301 34,963 Gross Profit 1,75,060 2,03,104 2,22,186 2,39,555 Margin (%) Employee Cost 13,701 15,112 15,411 16,045 Other Expenses 41,053 42,720 43,873 46,375 EBITDA 29,245 32,668 35,028 40,837 YoY gr. (%) Margin (%) Depreciation and Amortization 14,609 12,195 12,377 13,448 Balance Sheet Abstract (Rs m) Non-Current Assets Gross Block 2,28,688 2,35,669 2,48,303 2,61,953 Tangibles 2,28,688 2,35,669 2,48,303 2,61,953 Intangibles Acc: Dep / Amortization 14,585 26,687 39,064 52,513 Tangibles 14,585 26,687 39,064 52,513 Intangibles Net fixed assets 2,14,103 2,08,982 2,09,239 2,09,440 Tangibles 2,14,103 2,08,982 2,09,239 2,09,440 Intangibles EBIT 14,636 20,473 22,650 27,389 Margin (%) Net Interest 1,530 2,058 1,865 2,010 Other Income 7,245 8,346 11,801 13,134 Capital Work In Progress 10,098 13,469 15,860 16,975 Goodwill Non-Current Investments 4,765 4,826 5,246 5,666 Net Deferred tax assets (10,153) (11,392) (11,383) (11,373) Other Non-Current Assets 16,390 16,960 17,490 17,820 Profit Before Tax 19,965 27,549 32,586 38,513 Margin (%) Total Tax 5,738 8,229 9,834 11,964 Effective tax rate (%) Profit after tax 14,228 19,321 22,753 26,548 Minority interest 3,290 4,285 5,667 6,915 Share Profit from Associate Adjusted PAT 11,388 14,407 17,215 19,764 YoY gr. (%) Margin (%) Extra Ord. Income / (Exp) (252) Reported PAT 11,051 15,163 17,215 19,764 YoY gr. (%) Margin (%) Other Comprehensive Income Total Comprehensive Income 11,051 15,163 17,215 19,764 Equity Shares O/s (m) 1,986 1,986 1,986 1,986 EPS (Rs) Current Assets Investments Inventories 21,635 24,583 25,313 26,873 Trade receivables 9,241 9,315 8,930 8,814 Cash & Bank Balance 45,640 62,316 78,509 87,379 Other Current Assets 5,417 13,329 11,916 13,769 Total Assets 3,28,238 3,55,004 3,73,772 3,88,050 Equity Equity Share Capital 3,971 3,971 3,971 3,971 Other Equity 1,94,238 2,02,751 2,15,184 2,24,582 Total Networth 1,98,209 2,06,722 2,19,155 2,28,553 Non-Current Liabilities Long Term borrowings Provisions 1,856 1,803 1,803 1,803 Other non current liabilities Current Liabilities ST Debt / Current of LT Debt Trade payables 20,685 27,983 28,831 26,850 Other current liabilities 53,264 60,693 62,219 65,580 Total Equity & Liabilities 3,28,238 3,55,004 3,73,772 3,88,050 October 24,
4 Cash Flow (Rs m) Key Financial Metrics Year PBT 20,078 27,677 32,586 38,513 Per Share(Rs) Add. Depreciation 14,609 12,195 12,377 13,448 EPS Add. Interest 1,530 2,058 1,865 2,010 CEPS Less Financial Other Income 7,245 8,346 11,801 13,134 BVPS Add. Other (4,298) (3,873) (4,664) (5,636) FCF Op. profit before WC changes 31,920 38,056 42,164 48,335 DPS Net Changes-WC 2,143 1,599 2,576 (2,582) Return Ratio(%) Direct tax (5,959) (5,316) (9,843) (11,974) RoCE Net cash from Op. activities 28,103 34,339 34,897 33,779 ROIC Capital expenditures (43,991) (11,024) (15,025) (14,765) RoE Interest / Dividend Income Balance Sheet Others 2,342 3,236 4,664 5,636 Net Debt : Equity (x) (0.2) (0.3) (0.4) (0.4) Net Cash from Invt. activities (41,649) (7,788) (10,361) (9,129) Net Working Capital (Days) Issue of share cap. / premium (108) Valuation(x) Debt changes 41 (27) - - PER Dividend paid (8,722) (8,602) (6,478) (13,770) P/B Interest paid (870) (1,558) (1,865) (2,010) P/CEPS Others EV/EBITDA Net cash from Fin. activities (9,576) (10,137) (8,343) (15,780) EV/Sales Net change in cash (23,122) 16,414 16,193 8,870 Dividend Yield (%) Free Cash Flow 18,959 23,282 19,872 19,014 Quarterly Financials (Rs m) Y/e Dec Q4CY17 Q1CY18 Q2CY18 Q3CY18 Net Revenue 26,120 27,630 29,270 25,220 YoY gr. (%) Raw Material Expenses 1,102 2,118 2,113 3,080 Gross Profit 25,018 25,512 27,157 22,140 Margin (%) EBITDA 4,401 4,075 5,324 2,662 YoY gr. (%) 60.5 (7.4) 30.6 (50.0) Margin (%) Depreciation / Depletion 1,427 1,393 1,364 1,360 EBIT 2,974 2,683 3,960 1,303 Margin (%) Net Interest Other Income 1,156 1,503 2,810 1,402 Profit before Tax 3,912 3,928 6,578 2,512 Margin (%) Total Tax 859 1,211 1, Effective tax rate (%) Profit after Tax 3,054 2,718 4,993 1,786 Minority interest Share Profit from Associates Adjusted PAT 2,898 2,718 4,993 1,786 YoY gr. (%) (25.1) Margin (%) Extra Ord. Income / (Exp) Reported PAT 3,384 2,718 4,993 1,786 YoY gr. (%) (35.0) Margin (%) Other Comprehensive Income Total Comprehensive Income 3,384 2,718 4,993 1,786 Avg. Shares O/s (m) 1,986 1,986 1,986 1,986 EPS (Rs) Key Operating Metrics Stand. Volume Stand. Net Realisations (Rs/te) 4,231 4,457 4,501 4,546 Stand. EBITDA/ te (Rs/te) Stand. RM cost (Rs/ te) Stand. Power, Oil & Fuel (Rs/ te) ,023 1,056 Stand. Freight Charges (Rs/ te) 1,152 1,250 1,346 1,321 Cons. Volume Cons. Net Realisations (Rs/te) 4,462 4,693 4,845 4,932 Cons. EBITDA/ te (Rs/te) October 24,
5 Price Chart Recommendation History (Rs) Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 No. Date Rating TP (Rs.) Share Price (Rs.) 1 25-Oct-17 Accumulate Jan-18 Accumulate Apr-18 Accumulate May-18 Accumulate Jun-18 Accumulate Jul-18 Accumulate Jul-18 Accumulate Oct-18 Accumulate Analyst Coverage Universe Sr. No. CompanyName Rating TP (Rs) Share Price (Rs) 1 ACC BUY 1,710 1,540 2 Ambuja Cement Accumulate Coal India BUY Heidelberg Cement India BUY Hindalco Industries Accumulate Hindustan Zinc Accumulate Jindal Steel & Power BUY JK Lakshmi Cement Hold JSW Steel BUY NMDC Accumulate Shree Cement Hold 18,100 16, Steel Authority of India Hold Tata Steel BUY The Ramco Cements Hold Ultratech Cement Hold 3,820 3,610 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 October 24,
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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 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 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 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 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 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 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 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 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 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 informationCement. Realisations for the quarter hit by a weak demand. Sector Update
Realisations for the quarter hit by a weak demand March 26, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index 180
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 informationWipro (WPRO IN) Solid revenue beat, BFSI remains strong. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs309 TP: Rs350.
(WPRO IN) Rating: ACCUMULATE CMP: Rs309 TP: Rs350 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
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 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 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 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 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 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 informationAvenue Supermarts (DMART IN)
(DMART IN) Rating: REDUCE CMP: Rs1,572 TP: Rs1,270 January 14, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating REDUCE REDUCE
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationTitan Company (TTAN IN)
(TTAN IN) Rating: BUY CMP: Rs992 TP: Rs1,195 February 1, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E 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 informationVoltas (VOLT IN) Delicately poised ahead of summer season. Q3FY19 Reuslt Update. Rating: ACCUMULATE CMP: Rs522 TP: Rs600.
(VOLT IN) Rating: ACCUMULATE CMP: Rs522 TP: Rs600 February 15, 2019 Q3FY19 Reuslt Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE ACCUMULATE
More informationFY17E FY81E FY17E FY81E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Higher volumes & lower costs drove the earnings beat February 22, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index
More informationFuture Retail (FRETAIL IN)
(FRETAIL IN) Rating: BUY CMP: Rs448 TP: Rs576 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target 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 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 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 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 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 informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 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 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 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 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 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 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 informationHexaware Technologies (HEXW IN)
(HEXW IN) Rating: ACCUMULATE CMP: Rs351 TP: Rs430 October 24, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
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 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 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 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 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 informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationMphasis (MPHL IN) Modest Revenue and margin miss. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220.
(MPHL IN) Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220 October 21, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 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
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
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 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 informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
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 informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
More informationPersistent Systems (PSYS IN)
(PSYS IN) Rating: ACCUMULATE CMP: Rs560 TP: Rs725 October 22, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationPidilite Industries (PIDI IN)
(PIDI IN) Rating: ACCUMULATE CMP: Rs1,154 TP: Rs1,175 August 29, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE
More informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
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 informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
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 informationPunjab National Bank
Steady on all fronts February 07, 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 Rating
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More information