SBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs620 TP: Rs779
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- Peregrine George
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1 (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 though mix still remains lower Key Financials Y/e March FY18 FY19E FY20E FY21E Net Premiums (Rs m) 251, , , ,391 - Growth (%) Surplus / Deficit (Rs m) 10,229 10,713 11,706 13,086 PAT (Rs m) 11,504 13,827 14,775 16,575 - Growth (%) EPS (Rs) Emb. Value (Rs bn) NBP Margin (%) post overrun RoE (%) Operating RoEV (%) RoEV (%) Dividend yield (%) Price/EV (x) Ap. Value/EV (x) Key Data SBIL.BO SBILIFE IN 52-W High / Low Rs.775 / Rs.485 Sensex / Nifty 36,387 / 10,907 Market Cap Rs.620.2bn/ $ 87.07m Shares Outstanding 1,000m 3M Avg. Daily Value Rs.195.4m Shareholding Pattern (%) Promoter s Foreign 4.45 Domestic Institution 4.74 Public & Others 6.71 Promoter Pledge (Rs bn) - Stock Performance (%) 1M 6M 12M Absolute 6.3 (4.0) (11.8) Relative 6.4 (3.3) (12.6) Pritesh Bumb priteshbumb@plindia.com Prabal Gandhi prabalgandhi@plindia.com ULIP growth continued to be robust with 18% YoY growth despite market volatility. SBI Life s GWP premium grew by strong 34.5% YoY in 9MFY19 on back of both NB and renewal premium. NB APE growth improved to 12.8% YoY on back of very strong individual protection business growth of +4x YoY and leading to improvement in share to 3.2% up 250bps in individual NB (Overall protection share 11.2%, up 80bps from H1FY19). Protection biz has been driven by renewed focus and push from Banca on both ticket size and volumes, which consequently lead to decline in PAR growth. Overall VNB margins of 17.5%, persistency across cohorts and business growth has been steady, in-line with guidance and better than industry peers. We maintain BUY with TP of Rs779 (unchanged) implying 2.8x multiple on Sep-20 EV. Protection business drives growth: SBI Life saw robust growth in overall protection segment on both individual & group basis, although biggest highlight has been individual protection business growing at +4x YoY with mix improving to 2.2%, up 170bps YoY in total NB APE & 3.2%, up 250bps YoY in individual APE. Company explained the robust growth contribution has been from Banca channel (191% YoY growth in Non-PAR) mainly in SBI on renewed focus on protection with increasing ticket size and volumes. Bank targets individual protection APE mix at 5% in FY20 and overall target at 15% in longer term. ULIP doing well in other segments: Higher protection focus at Banca led to decline in PAR products by 11% YoY but surprisingly ULIP segment NB growth has continued to hold up quite well at 18.3% YoY better than industry and despite market conditions being volatile. Group credit life growth continued to be robust but still lower GTI, while on APE basis has been slower as product is now offered on single premium compared to five pay last FY and is done with SBI. SBI Life also has slowed down the PMJJBY NB and have only renewals coming in and company is trying to reduce strain from the experience in the product and hitting on EV. VNB margins steady: VNB grew by ~25% YoY with margins of 17.5% on 9MFY19 basis seeing marginal improvement from H1FY19 margins of 17.3%, leading to implied margins of 17.9% in Q3FY19. Margins improvement is on steady basis as protection segment growth has been improving on both individual and group credit life. We continue to build in margin improvement by 30bps for next two years but much higher protection mix can lead to sharper margin increase going ahead. Operating metrics steady: Persistency on similar cohorts remained steady with 13 th month at 83.3%, 37 th at 70.5% and 61 st at 57.9%, but persistency without single premium improved YoY across buckets. Other ratios on opex, commissions and P&L profitability remained steady for SBI Life. January 18,
2 Exhibit 1: Stable profitability with slight impact from actuarial liability (Rs m) Q3FY19 Q3FY18 Policyholders Account YoY gr. (%) Q2FY19 QoQ gr. (%) Gross Premium Income 91,690 68, , Net Premium Income 91,413 67, , Income from Investment (Net) 30,010 27, , Total (A) 1,21,564 95, , Net Commission 3,792 3, , Opex related to Insurance 5,069 4, ,154 (1.6) Benefits Paid (Net) 32,757 29, , Change in actuarial liability 73,897 55, , Total (B) 1,17,917 93, , Surplus / (Deficit) 3,647 2, , Shareholders Account Trf from Policyholders A/c 1,647 1, , Investment Income 1,269 1, , Total 2,937 2, , Non Insurance Expenses (17.0) 68 (0.7) Trf to Policyholders A/c Profit/(Loss) before Tax 2,713 2, , Provision for Taxation (31.6) Profit/(Loss) after Tax 2,643 2, , Ratios Expense Ratio (92) 6.7 (118) Commission Ratio (45) 4.2 (2) Cost / TWRP (137) 10.9 (120) Exhibit 2: Better margins on account of faster inching protection business Rs Mn Q3FY19 Q3FY18 YoY Chg. Q2FY19 QoQ Chg. 9MFY19 9MFY18 YoY Chg. New Business APE 29,000 24, , ,000 58, Individual 27,000 22, , ,100 53, Group 2,000 1, , ,900 5,000 (2.0) Total New Business 38,974 29, , ,702 72, Savings 34,174 27, , ,102 68, Protection 4,800 1, , ,600 3, % Savings (716) 89.4 (173) (577.7) Protection VNB 5,200 4, , ,600 9, VNB Margin (%) January 18,
3 Exhibit 3: Renewal premium and group new biz growth was strong; whereas retail new biz growth relatively moderate Rs Mn Q3FY19 Q3FY18 YoY Chg. Q2FY19 QoQ Chg. 9MFY19 9MFY18 YoY Chg. Retail New Business 28,810 24, , ,000 58, Group New Business 10,164 4, ,075 (8.2) 28,702 13, Renewal Premium 52,716 39, , ,21,432 88, Gross Weighted Premium 91,690 68, , ,16,134 1,60, Exhibit 4: De-growth in traditional products, ULIP seeing steady growth Total NB Product Mix Q3FY19 Q3FY18 YoY Chg. Q2FY19 QoQ Chg. 9MFY19 9MFY18 YoY Chg. Rs Mn Individual Savings 30,300 24, , ,900 57, PAR 4,800 5,700 (15.8) 4, ,600 14,100 (10.6) Non PAR ,600 1, ULIP 22,300 18, , ,700 42, Group Savings 6,600 3, ,100 (18.5) 20,300 10, Protection 4,800 1, , ,600 3, ,200 29, , ,800 72, (%) Individual Savings (655) , (1,246) PAR (734) 13.2 (94) (629) Non PAR (28) (26) ULIP (531) (591) Group Savings (637) Protection % Exhibit 5: Total NB Product Mix: ULIP regaining share ULIP PAR Non PAR 53% 44% 39% 35% 25% 22% 26% 19% 20% 38% 37% 34% 10% 11% 15% 15% 14% 13% 10% 37% 46% 50% 50% 56% 58% 56% 46% 49% 52% Exhibit 6: Total NB Product Mix: Group savings lagging behind Individual Savings Group Savings Protection 5% 5% 5% 6% 6% 5% 5% 10% 47% 37% 32% 27% 17% 15% 10% 11% 18% 27% 21% 25% 49% 58% 63% 67% 77% 80% 76% 63% 60% 67% January 18,
4 Exhibit 7: Banca widening its reach Rs Mn Q3FY19 Q3FY18 YoY Chg. Q2FY19 QoQ Chg. 9MFY19 9MFY18 YoY Chg. Total NB Sourcing Mix Breakup Banca 27,704 18, , ,620 47, Agency 8,232 7, , ,908 18, Others 3,264 2, ,894 (52.7) 13,272 6, Indv APE Sourcing Mix Breakup Banca 18,900 16, , ,330 38, Agency 7,830 6, , ,951 15, Others Exhibit 8: Banca visibly grabbing the share in NB Sourcing Mix Banca Agency Others 36% 30% 25% 12% 9% 9% 12% 15% 18% 14% 25% 25% 25% 25% 23% 21% 21% 20% 22% 18% 46% 50% 53% 64% 66% 66% 62% 61% 61% 65% Exhibit 9: similar trends in individual APE sourcing mix Banca Agency Others 1% 1% 1% 1% 1% 1% 1% 1% 1% 34% 34% 34% 33% 29% 29% 31% 33% 30% 29% 65% 65% 65% 67% 70% 70% 68% 66% 69% 70% Exhibit 10: Operational efficiency improving while rollout of steady commissions Commission as % of GWP Total Expenses as % of GWP Opex as % of GWP 14.2% 11.9% 12.1% 12.7% 11.0% 9.7% 9.8% 8.3% 8.1% 7.8% 5.9% 6.5% 3.5% 4.0% 3.8% 4.4% 4.9% 4.6% 13.8% 9.3% 9.7% 5.2% 4.0% 4.1% 12.0% 11.0% 7.8% 6.9% 4.1% 4.1% January 18,
5 51.1% 54.0% 76.1% 63.1% 65.7% 73.5% 64.0% 64.3% 79.2% 64.7% 61.9% 82.0% 67.2% 64.6% 77.5% 67.8% 78.4% 69.5% 82.3% 68.0% 58.5% 83.7% 71.2% 57.0% 83.2% 71.0% 57.5% 83.3% 70.5% 57.9% SBI Life Insurance Company Exhibit 11: Marginal improvement in persistency 13th Month 25th Month 37th Month 49th Month 61st Month Exhibit 12: Solvency Ratio improves to comfortable levels Solvency Ratio (%) 221% 223% 214% 214% 209% 204% 211% 209% 206% 206% Exhibit 13: Change in estimates table We marginally tweak our estimates on growth and margins Rs (Bn) Old Revised % Change FY19E FY20E FY21E FY19E FY20E FY21E FY19E FY20E FY21E APE (0.9) (0.5) (0.9) VNB VNB Margin (%) EV Price target, Rs Recommendation BUY BUY January 18,
6 Exhibit 14: We marginally reduce our TP to Rs779 (unchanged) on 2.8x P/EV Sep-20E PT calculation and upside Op RoEV 18.4% CoE 14.0% Terminal Growth 5.0% Embedded value 282 Price / Embedded value 2.8 Appraisal Value 779 Number of shares, mn 1,000 Valuation per share 779 CMP 620 Upside (%) 25.6% Exhibit 15: Key Metrics and EV movement Rs bn FY16 FY17 FY18 FY19E FY20E FY21E APE YoY growth (%) NBV YoY growth (%) EV Movement Opening IEV New Business Value EVOP Dividend payout Closing EV Adjusted Net worth Value in force (VIF) Ratios (%) NBAP margins RoEV Operating RoEV January 18,
7 Appendix Exhibit 16: Policyholders Account (Technical Account) Policyholders' Account FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E Net earned premium 103, , , , , , , , ,391 Investment income 43,739 63, ,429 33,409 92,950 84, , , ,509 Other income 2,879 3,435 1,669 1,128 1,301 1,442 1,625 1,832 2,067 Total Revenue 150, , , , , , , , ,967 Commission expense 5,113 5,562 6,037 7,143 7,833 11,209 12,865 14,809 17,192 Operating expense 11,510 11,034 11,778 14,581 16,465 17,188 19,576 23,833 27,840 Benefit Cost 125, , , , , , , , ,753 Total expense 143, , , , , , , , ,881 Surplus / Deficit 7,316 9,444 6,985 6,644 6,544 10,229 10,713 11,706 13,086 Exhibit 17: Shareholders Account (Revenue Account) Shareholders' Account FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E Transfer from policholders' account 7,384 8,396 7,044 6,656 6,546 8,294 10,713 11,706 13,086 Investment income 1,571 2,095 2,836 3,257 4,098 4,634 4,616 4,754 5,397 Expenses 2,733 3,090 1,535 1, ,083 1,220 1,384 1,570 Profit before tax 6,222 7,401 8,345 8,738 9,746 11,845 14,109 15,077 16,913 Tax expenses Profit after tax 6,222 7,401 8,200 8,610 9,547 11,504 13,827 14,775 16,575 Exhibit 18: Balance Sheet Balance Sheet FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E Sources of Fund Shareholders' Fund 27,100 33,423 40,394 47,331 55,521 65,278 76,807 89, ,794 Borrowings Policyholders Funds: Insurance reserves and provisions 492, , , , ,462 1,091,622 1,349,687 1,670,074 2,064,598 Others 3,700 8,410 16,726 16,529 19,270 24,658 26,131 30,835 36,385 Total 523, , , , ,252 1,181,558 1,452,625 1,790,281 2,204,778 Application of Funds Shareholders inv 18,116 23,535 30,702 35,649 42,955 50,143 47,032 58,611 68,374 Policyholders inv 216, , , , , , , ,161 1,024,669 Assets to cover linked liab. 265, , , , , , , ,031 1,052,170 Net Current Assets 19,593 24,007 25,526 23,111 26,783 29,677 34,129 40,272 47,521 Other Assets 3,054 3,213 2,733 5,708 7,167 7,522 8,650 10,207 12,045 Total 523, , , , ,252 1,181,558 1,452,625 1,790,281 2,204,778 January 18,
8 Exhibit 19: Embedded Value Embedded Value FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E Embedded Value 118, , , , , , ,130 Annualised Premium Equivalent (APE) 28,746 32,043 35,511 49,390 67,273 84, , , ,213 New Business Value 6,990 10,368 13,835 17,839 21,884 26,547 New Business Margin (%) EV Operating Profit 22,490 28,874 29,635 33,695 39,983 48,222 Operating RoEV (%) Exhibit 20: Key Ratios Key Ratio FY13 FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E Commission expense/gwp (%) Operating expense/gwp (%) Total expense/gwp (%) January 18,
9 Analyst Coverage Universe Sr. No. CompanyName Rating TP (Rs) Share Price (Rs) 1 Axis Bank Accumulate Bank of Baroda BUY Bank of India Reduce Federal Bank BUY HDFC Bank BUY 2,310 2,121 6 HDFC Standard Life Insurance Company BUY ICICI Bank BUY ICICI Prudential Life Insurance Company BUY IDFC Bank Accumulate 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 18,
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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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationLIC Housing Finance. Source: Company Data; PL Research
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 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 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 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 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 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 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 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 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 informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More 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 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 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 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 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 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 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 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 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 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 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 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 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 informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More 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 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 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 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 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 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 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 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 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 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 informationBharat Electronics (BHE IN)
(BHE IN) Rating: BUY CMP: Rs116 TP: Rs150 August 01, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 150
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 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 (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 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 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 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 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 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 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 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 informationRallis India (RALI IN)
(RALI IN) Rating: BUY CMP: Rs164 TP: Rs242 January 18, 2019 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price 242 242
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 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 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 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 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 information