South Indian Bank. Source: Company Data; PL Research
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- Imogene McCarthy
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1 On track; one off provisions impact earnings October 11, 2017 Pritesh Bumb / R Sreesankar rsreesankar@plindia.com / Vidhi Shah vidhishah@plindia.com / Rating BUY Price Rs31 Target Price Rs37 Implied Upside 19.4% Sensex 31,834 Nifty 9,985 (Prices as on October 11, 2017) Trading data Market Cap. (Rs bn) 55.3 Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 0.00% Foreign 37.90% Domestic Inst % Public & Other 49.83% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: SIBK.BO, BB: SIB IN) (Rs) Oct 16 Dec 16 Source: Bloomberg Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 SIB continues to report decent operational performance mainly on NII & opex front, with other income (though one off) was strong leading to robust PPOP growth of 55% YoY. Only disappointment was of high provisions of Rs2.52bn from the investment book of SRs, bringing written down of value of SRs and leading to a slump in PAT of Rs43mn (PLe: Rs1.28bn). We maintain our view on the turnaround of Bank s performance with it cleansing of loan book, further strengthening of B/S through the one off provisioning on SRs and improvement of coverage. Bank has already started seeing improvement in operations and should move ahead further. We have cut our earnings estimates for FY18E to factor in higher provisions on SRs, while kept our other estimates largely unchanged. Retain BUY with TP of Rs37 based on 1.3x Sep 19E ABV (rolled from Mar 19E ABV). Operating performance remains on track: PPOP grew by ~55% YoY on back of good NII growth of 13% YoY, controlled opex of 10% YoY and high other income (incl. one off gains from interest on IT refund). Margins improved by sharp 15bps QoQ to 2.95% on back of lower cost of funds and lower yield decline on lower interest reversals comparatively. Bank maintained its guidance on NIMs of % in FY18. Loan growth continued from retail but MSME also saw strong traction: Bank s loan growth was stable at 12.4% YoY led by retail segments and MSME, while corporate/agri book growth was slower. Most retail segments continued to see good growth barring gold loans, while MSME also remained strong. According to management Bank s HUB also has done considerably well with strong growth in Housing/LAP and Auto loans, with further impetus on MSME. Bank continues to see strong pipeline in corporate book (Rs250mn Rs1bn) and hence maintained guidance of 18% YoY loan growth, while we conservatively factor in 15% growth. Asset quality stable: Slippages during the quarter were at Rs2.52bn (food processing Rs1.02bn) though were lower relatively from sequential quarter still is above bank s desired run rate of Rs1 1.5bn/quarter, which bank expects to come in future. But it expects provisions run rate to be high at Rs2.5bn in next two quarters owing to NCLT referrals and ageing of NPAs and then it to reduce considerably going forward, helping recover and improve return ratios. Key financials ( Y/e March) E 2019E Net interest income 15,097 16,754 19,595 22,181 Growth (%) Operating profit 8,793 12,146 15,741 16,692 PAT 3,333 3,925 3,334 6,910 EPS (Rs) Growth (%) (25.7) Net DPS (Rs) Profitability & Valuation E 2019E NIM (%) RoAE (%) RoAA (%) P / BV (x) P / ABV (x) PE (x) Net dividend yield (%) Source: Company Data; PL Research Q2FY18 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 was better on back of sustained loan growth in retail/msme and better margins Other income was strong contributed by treasury and other interest income Overall opex was under control mainly as staff expenses growth was muted Provisions were high on back of Rs2.5bn of NAV write down on investment SRs Exhibit 1: Better operating performance but high provisions dent earnings (Rs m) Q2FY18 Q2FY17 YoY gr. (%) Q1FY18 QoQ gr. (%) Interest Income 15,362 14, , Interest Expended 10,330 10, , Net interest income (NII) 5,032 4, , Treasury income (23.6) Other income 2,805 1, , Total income 7,837 5, , Operating expenses 3,234 2, , Staff expenses 1,681 1, , Other expenses 1,554 1, , Operating profit 4,603 2, , Core operating profit 4,603 2, , Total provisions 4,537 1, , Profit before tax 66 1,690 (96.1) 1,552 (95.8) Tax (96.1) 537 (95.8) Profit after tax 43 1,105 (96.1) 1,015 (95.7) Loan growth was stable at 12.4% YoY continued to be led by SME/Retail book, while deposit growth rate was slightly slower Margins saw good jump on back sharp decline in cost funds Balance sheet (Rs m) Deposits 6,71,421 6,01, ,57, Advances 4,89,543 4,35, ,64, Ratios (%) Profitability ratios Yield on Advances 10.03% 10.59% (56) 10.06% (3) Cost of Funds 5.42% 6.18% (76) 5.62% (20) NIM 2.95% 2.75% % 15 RoAA 0.02% 0.66% (64) 0.55% (53) Slippages of Rs2.52bn was much lower than previous quarter giving some relief to asset quality Asset Quality Gross NPL (Rs m) 17,663 17, , Net NPL (Rs m) 12,558 12, , Gross NPL ratio (39) 3.61 (4) Net NPL ratio (20) Coverage ratio (Reported) 44.09% 46.12% (203) 44.64% (55) Bank saw high utilization of Tier I of 40bps QoQ mainly on impact of dividend Business & Other Ratios CASA mix 24.55% 22.76% % (65) Cost income ratio 41.27% 49.70% (843) 44.19% (292) Non int. inc / total income 35.79% 24.68% 1, % 354 Credit deposit ratio 72.91% 72.35% % 224 CAR 11.74% 11.13% % (39) Tier I 10.40% 9.50% % (40) October 11,
3 Key Q2FY18 Concall Highlights Balance sheet Loan book MSME has strong traction. HUB based lending also has been strong in Auto (28% YoY), Home Loans & LAP (33% YoY growth). MCLR linked loans at 52% of total book. Outlook Will continue maintain guidance of 18%YoY as MSME also has picked up, retail continues to drive growth likely to see traction Auto loans, CV loans and gold loans. Corporate book also has good pipeline. Liabilities CASA growth of 20% has been satisfactory, but bank would have liked to reach CASA at 27% of deposits from 25% currently, and the bank putting higher efforts to increase CASA ratio. Margins: Margins were better in Q2FY18 on back of lower cost of funds mainly from deposits and lower interest reversals compared to earlier quarters. Outlook Bank continues to maintain margin guidance of % for FY18. Fees/Opex: Fees/Other income: Other income was higher on one time interest on IT refund of Rs260mn & PSLC trade gains of Rs590mn. Opex Opex was lower mainly on back of lower staff expenses. Asset Quality: Slippages Slippages of Rs2.52bn which bank believes is on higher side and should move down. Bank saw some elevated slippages from Agri. Slippages were from food processing ( 3 accounts spread over cashew/dal processing of Rs1.02bn), one in Textile manufacturing of Rs160mn, two trading accounts of Rs650mn and other small accounts totalling Rs690mn. Outlook: Slippages rate should come down to Rs bn from FY19 onwards and likely to see recoveries. 5/25, SDR and S4A assets Bank has Rs3.04bn under 5/25 (no change), while does not have any presence in SDR (all into NPA) & S4A. NCLT referred a/c Bank has exposure to 5 a/cs of Rs8.86bn (16% steel, 59% Infra/EPC, 25% Auto Ancillary) and all are in NPA. Have provisions in range of 25 50% on these a/c (some are already sold to ARC). Credit cost Bank provided Rs2.52bn (25% provisions) as write down on SRs received from book value of assets sold to to ARC in Q4FY17. This was mainly due to view on 4 accounts of Rs7.6bn (at book value) which are in NCLT (steel & infra). Outlook: Provisions run rate will continue to at Rs2 2.5bn/quarter on ageing, NCLT provisions and will considerably fall in FY19. We continue to believe that the problems are behind the bank and FY18 will be a period of consolidation and FY19 the period of growth. While FY18 will be characterised by increase in provisions, FY19 should see reduction in provisions and further improvement in NII and PPOP. With a strong growth of 15% (management estimates are at 18%) and better asset quality we continue to maintain a BUY October 11,
4 Exhibit 2: Loan book growth was steady and mainly led by Retail/SME 25% 23.5% 22.3% Advances growth YoY(%) 20% 15% 10% 5% 0% 16.6% 14.1% 14.7% 15.9% 11.4% 13.9% 1 9.8% 9.2% 3.2% 11.6% 112.4% 10.9% 9.7%9.9% 11.8% 7.8% 10.1% 12.9% 1Q13 2Q13 3Q13 Retail growth was led by retail business segment, but gold loan growth continued to be tepid MSME segment saw strong traction, while corporate segment remained slower as per strategy Exhibit 3: Retail growth continued to lead but MSME saw strong jump in growth Break up of Advances Q2FY18 Q2FY17 YoY gr. (%) Q1FY18 QoQ gr. (%) Agri 71,850 64, , MSME 124, , , Retail 122, , , Corporate 178, , , Total Advances 497, , , Agri 14.5% 20.4% (6) 14.5% (10) MSME 25.0% 19.1% Retail 24.6% 23.3% % (79) Corporate 35.9% 38.7% (3) 37.1% (115) Exhibit 4: CASA growth of 20% YoY continued to be buoyant Exhibit 5: Margins saw strong rebound led by lower CoF 27% 25% 19% 17% 15% 19% CASA (%) 26% 24% 25% 25% 3.4% 3.2% 2.6% 2.4% 2.2% 2.0% 3.2% NIM (%) 2.9% 3.1% 2.5% 2.9% 2.6% October 11,
5 Exhibit 6: Asset quality remained stable as slippages were under control 5% 4% 3% 2% 1% 0% Gross NPA (%) Net NPA (%) Exhibit 7: Credit cost on NPA were lower but bank provided on SRs leading to high provisions 2.0% 1.8% 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 0.2% Credit Cost Exhibit 8: Segmental break up of slippages Overall slippages of Rs2.52bn were lower comparatively and in line with guidance Slippages run rate continued from SME, while saw some bump up of slippages from Agri segment. Corporate & Retail slippages were lower than trends 4.5% 4.0% 3.5% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Retail Agri SME Corporate Exhibit 9: Change in earnings table We revise our FY18 earnings lower on back of one time higher provisions but we broadly maintain our FY19 estimates (Rs mn) Old Revised % Change Introducing FY18E FY19E FY18E FY19E FY18E FY19E FY20E Net interest income 20,228 23,071 19,595 22,181 (3.1) (3.9) 25,601 Operating profit 14,474 16,357 15,741 16, ,207 Net profit 5,355 7,037 3,334 6,911 (37.7) (1.8) 8,691 EPS (Rs) (37.7) (1.8) 4.8 ABVPS (Rs) (10.0) (8.8) 29.8 Price target (Rs) Recommendation BUY BUY October 11,
6 Exhibit 10: We shave maintained our TP of Rs37 as we move to Sep 19 ABV valuations PT calculation and upside Fair price P/ABV 37 Target P/ABV 1.3 Target P/E 8.6 Current price, Rs 31 Upside (%) 20% Dividend yield (%) 2% Total return (%) Exhibit 11: One year Forward P/ABV SIB trades at below historical averages P/ABV 3 yr avg. avg. + 1 SD avg. 1 SD Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 October 11,
7 Income Statement (Rs m) Int. Earned from Adv. 43,636 44,474 49,596 56,584 Int. Earned from Invt. 10,078 12,335 14,640 15,971 Others 1,858 1,662 1,794 1,854 Total Interest Income 55,572 58,471 66,029 74,410 Interest expense 40,475 41,716 46,435 52,229 NII 15,097 16,754 19,595 22,181 Growth (%) Treasury Income 1,361 2,525 2,500 1,900 NTNII 3,813 4,630 6,588 7,006 Non Interest Income 5,174 7,156 9,088 8,906 Total Income 60,746 65,626 75,117 83,316 Growth (%) Operating Expense 11,478 11,764 12,942 14,394 Operating Profit 8,793 12,146 15,741 16,692 Growth (%) (0.3) NPA Provisions 4,053 6,218 7,463 5,763 Investment Provisions ,200 Total Provisions 3,696 6,144 10,643 6,124 PBT 5,097 6,002 5,098 10,568 Tax Provisions 1,764 2,077 1,764 3,658 Effective Tax Rate (%) PAT 3,333 3,925 3,334 6,910 Growth (%) (15.1) Balance Sheet (Rs m) Par Value No. of equity shares 1,350 1,803 1,803 1,803 Equity 1,350 1,803 1,803 1,803 Networth 38,419 48,455 50,812 56,529 Adj. Networth 26,567 41,709 42,373 49,100 Deposits 557, , , ,751 Growth (%) Low Cost deposits 124, , , ,688 % of total deposits Total Liabilities 634, , , ,029 Net Advances 410, , , ,457 Growth (%) Investments 147, , , ,282 Total Assets 634, , , ,029. Quarterly Financials (Rs m) Y/e March Q3FY17 Q4FY17 Q1FY18 Q2FY18 Interest Income 14,790 14,707 14,907 15,362 Interest Expense 10,614 10,316 10,300 10,330 Net Interest Income 4,175 4,391 4,607 5,032 Non Interest Income 2,585 1,377 2,193 2,805 CEB Treasury 1, Net Total Income 6,760 5,768 6,800 7,837 Operating Expenses 2,991 2,960 3,005 3,234 Employee Expenses 1,752 1,662 1,670 1,681 Other Expenses 1,239 1,298 1,336 1,554 Operating Profit 3,770 2,808 3,795 4,603 Core Operating Profit 2,500 2,628 2,905 3,923 Provisions 2,066 1,653 2,243 4,537 Loan loss provisions 1,689 2,105 1,775 1,344 Investment Depreciation ,771 Profit before tax 1,703 1,155 1, Tax PAT before EO 1, , Extraordinary item PAT 1, , Key Ratios CMP (Rs) Equity Shrs. Os. (m) 1,350 1,803 1,803 1,803 Market Cap (Rs m) 41,454 55,347 55,347 55,347 M/Cap to AUM (%) EPS (Rs) Book Value (Rs) Adj. BV (100%) (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Profitability (%) NIM RoAA RoAE Efficiency Cost Income Ratio (%) C D Ratio (%) Business per Emp. (Rs m) Profit per Emp. (Rs lacs) Business per Branch (Rs m) Profit per Branch (Rs m) Asset Quality Gross NPAs (Rs m) 15,624 11,490 16,614 16,053 Net NPAs (Rs m) 11,853 6,746 8,439 7,429 Gr. NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) October 11,
8 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 50% 40% 30% 20% 10% 0% 39.8% 43.8% 16.4% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Pritesh Bumb (MBA, M.com), Mr. R Sreesankar (B.Sc ), Ms. Vidhi Shah (CA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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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 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 informationPunjab National Bank
Some sanity in asset quality November 08, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationBank of Baroda. Source: Company Data; PL Research
Fresh impairment lower but guidance maintained November 15, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More 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 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 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 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 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 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 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 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 informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationMaruti Suzuki. Source: Company Data; PL Research
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 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 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 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 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 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 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 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 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 informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationBharat 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 informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,189 TP: Rs2,492 July 22, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More 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 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 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 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 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 informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationCoal India. Source: Company Data; PL Research
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 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 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 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 informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationand continue to build the same in future. Source: Company Data; PL Research
Muted performance; balance sheet transition continues January 30, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs172
More 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 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 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 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 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 informationAxis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681.
(AXSB IN) Rating: ACCUMULATE CMP: Rs611 TP: Rs681 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More 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 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 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 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 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
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 informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More 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 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 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 informationKotak Mahindra Bank (KMB IN)
(KMB IN) Rating: HOLD CMP: Rs1,177 TP: Rs1,291 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating HOLD HOLD Target
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More 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 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 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 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 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 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 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 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 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 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 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
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 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 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 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 informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,130 TP: Rs2,371 January 19, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target
More 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 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 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 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 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 information