Bata Shoe Bangladesh. Parvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods Rating: OUTPERFORM February 15, 2010
|
|
- Sylvia Justina Gilbert
- 5 years ago
- Views:
Transcription
1 Price, BDT Turnover, MM Parvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods parvez@bracepl.com Bata Shoe Bangladesh DSE: Bloomberg: BATASHOE BATASH:BD Company Summary 52-week Price Range BDT Current Price BDT month Target Price BDT Total Return 21.6% Number of Shares mn 13.7 Market Cap BDT mn 6,550.0 BDT mn 2009A 2010E 2011E Revenue 4,995 5,982 7,212 Ops Income 1,109 1,226 1,473 Net Income Margins Gross Margin 35% 35% 35% Operating Margin 13% 14% 14% Net Margin 9% 10% 10% Growth Revenue Growth 8% 20% 21% Net Income Growth 0% 31% 21% Per Share EPS Dividend Book Value/Share Cashflow BDT mn Operating Capex Dividend Valuation P/E 14.57x 11.13x 9.17x P/B 5.85x 5.17x 4.53x ROE 43% 49% 53% ROA 17% 20% 22% Miscellaneous BDT mn Total Debt Cash Price Performance (since 2010) Bata Shoe FY10 Result Preview Rating: OUTPERFORM February 15, 2010 Bata Shoe Bangladesh is close to announcing its annual results. We expect the company to post a net profit of BDT mn with an EPS of BDT as compared to BDT mn (EPS of BDT 32.85) in 2009, a solid 31% growth YoY. We expect the Q4 to be slightly weaker in performance compared Q3, for which Bata posted fantastic growth thanks to the buying frenzy on the eve of Eid festival in September. In Q3 alone, Bata enjoyed EPS of BDT 15.72, more than half of the cumulative EPS of BDT for the first nine months of FY10. We expect net profit of BDT mn (EPS: BDT 13.02) for Q4 compared to net profit of BDT mn (EPS: BDT 12.32) for the same period a year ago. MM BDT 1Q10A 2Q10A 3Q10A 9M10A 4Q10E FY10E Revenue 1, , , , , ,982.3 COGS , , , ,908.0 GP , ,074.3 SGA ,225.8 Operating Profit Other Income Interest Income Profit before WPPF WPPF EBT Tax PAT EPS We also expect a final cash dividend of BDT 32 per share anticipating a payout ratio of 75%. For the first half, Bata has already declared an interim dividend of BDT 14.5 per share leaving BDT 17.5 per share for the remaining half outlook Bata has just bounced back from a lackluster 2009, which was mainly due to the effects of global financial downturn. The company has recently established a fully export-oriented subsidiary. While the subsidiary is yet to come online, we think it could boost Bata s exports significantly 2011 onwards With an expected year end EPS of BDT for 2010, the company is trading at a P/E of 11.1x (2010 EPS). Considering latest growth boost, we maintain our Outperform rating. Our estimated fair value of BDT 550 with a dividend yield of 6.7% implies a total return of 21.6% at the end of Turnover Avg Price
2 Table 5: Income Statement Net Sales 3,976 4,623 4,995 5,982 7,212 8,498 COGS 2,653 3,031 3,238 3,908 4,709 5,545 Gross Profit 1,323 1,593 1,758 2,074 2,503 2,953 Administrative, Selling & Distribution Expense ,109 1,226 1,473 1, ,030 1,221 Other Income EBIT ,059 1,255 Interest Expense Profit before Contribution to WPPF ,054 1,248 WPPF EBT ,001 1,186 Tax PAT Table 6: Cash Flow Statement Operating Cash Flow Net Income Add Back Non-cash Expense Change in Working Capital Cash Flow from Operations Investing Cash Flow Capital Expenditure Cash Flow from Investing Financing Cash Flow Change in Debt Dividend Paid Cash Flow from Financing Net Cash Beginning Balance Closing Balance
3 Table 7: Balance Sheet Inventories 1,312 1,460 1,433 1,717 2,069 2,438 Accounts Receivables Advance, Deposits & Prepayments Cash & Bank Balance Total Current Assets 1,832 2,013 2,165 2,486 2,896 3,351 Net Fixed Assets Capital Work In Progress Deffered Tax Asets Total Non Current Assets Total Assets 2,252 2,483 2,723 3,071 3,490 3,952 Total creditors ,172 1,412 1,663 Provision for tax Unpaid dividend Total Current Liabilities 1,289 1,384 1,471 1,671 1,911 2,162 Total Non Current Liabilities Total Liabilities 1,429 1,511 1,602 1,803 2,043 2,294 Shareholders' Equity: Share Capital Reserve & Surplus ,131 1,309 1,521 Total Liabilities & Equities 2,252 2,483 2,723 3,071 3,490 3,952
4 Table 8: Indicators and Ratios Source: Company Data, BRAC EPL Research, January Sales growth 3% 16% 8% 20% 21% 18% EBITDA growth 19% 24% 2% 28% 21% 18% Net profit growth 17% 38% 0% 31% 21% 18% EPS CFPS Gross margin 33% 34% 35% 35% 35% 35% Operating margin 13% 14% 13% 14% 14% 14% EBITDA Margin 14% 15% 14% 15% 15% 15% Net margin 8% 10% 9% 10% 10% 10% Inventory turnover Sales/assets Working capital 543, , , , ,929 1,188,412 Working capital ratio Debt/equity 0% 0% 0% 0% 0% 0% Debt/assets 0% 0% 0% 0% 0% 0% Return on equity 40% 50% 43% 49% 53% 55% Return on assets 15% 19% 17% 20% 22% 23% Effective tax rate 34% 27% 29% 29% 29% 29% Equity growth rate 0% 18% 15% 13% 14% 15% Book value per share P/E P/B
5 IMPORTANT DISCLOSURES Analyst Certification: Each research analyst and research associate who authored this document and whose name appears herein certifies that the recommendations and opinions expressed in the research report accurately reflect their personal views about any and all of the securities or issuers discussed therein that are within the coverage universe. Disclaimer: Estimates and projections herein are our own and are based on assumptions that we believe to be reasonable. Information presented herein, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any security. As it acts for public companies from time to time, BRAC-EPL may have a relationship with the above mentioned company(s). This report is intended for distribution in only those jurisdictions in which BRAC-EPL is registered and any distribution outside those jurisdictions is strictly prohibited. Compensation of Analysts: The compensation of research analysts is intended to reflect the value of the services they provide to the clients of BRAC-EPL. As with most other employees, the compensation of research analysts is impacted by the overall profitability of the firm, which may include revenues from corporate finance activities of the firm's Corporate Finance department. However, Research analysts' compensation is not directly related to specific corporate finance transaction. General Risk Factors: BRAC-EPL will conduct a comprehensive risk assessment for each company under coverage at the time of initiating research coverage and also revisit this assessment when subsequent update reports are published or material company events occur. Following are some general risks that can impact future operational and financial performance: (1) Industry fundamentals with respect to customer demand or product / service pricing could change expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes; (3) Unforeseen developments with respect to the management, financial condition or accounting policies alter the prospective valuation; or (4) Interest rates, currency or major segments of the economy could alter investor confidence and investment prospects. BRAC EPL Stock Brokerage Capital Markets Group Aminul Haque Head of Capital Markets amin@bracepl.com Md. Monirul Islam Research Analyst monirul@bracepl.com Parvez Morshed Chowdhury Research Analyst parvez@bracepl.com Ali Imam Investment Analyst imam@bracepl.com Asif Khan Investment Analyst asif@bracepl.com Md. Ashfaque Alam Research Associate ashfaque@bracepl.com Khandakar Safwan Saad Research Associate safwan@bracepl.com Aasim Tajwaar Matin Research Associate tajwaar.matin@bracepl.com BRAC EPL Research WW Tower (7 th Floor) 68 Motijheel C/A, Dhaka-1000 Tel: Fax: research@bracepl.com
Parvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods
Parvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods parvez@bracepl.com British American Tobacco Bangladesh DSE: BATBC; Bloomberg: BATBC:BD Rating: OUTPERFORM January 20, 2010 Company Summary
More informationLafarge Surma Cement Ltd. March 4, 2010
Aminul Haque, CFA (880) 171 417 8460; amin@eplbangladesh.com Md. Ashfaque Alam (Research Associate) ashfaque@bracepl.com Lafarge Surma Cement Ltd. March 4, 2010 Rating: OUTPERFORM Target Price: BDT 575
More informationTitas Gas Transmission and Distribution Company Limited Fair Value Estimate (Dec 14) : BDT 111 per share Sector : Fuel and Power; Rating: OUTPERFORM
Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Sep-12 Sep-12 Nov-12 Dec-12 Jan-13 Jan-13 Feb-13 Apr-13 Apr-13 May-13 Jun-13 Jul-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Price, BDT Turnover,
More informationTop Pharmaceutical Companies
Parvez M Chowdhury (880) 174 167 4023; parvez@bracepl.com Top Pharmaceutical Companies Sector Rating: Outperform March 1, 2010 Square Pharma 2009A 2010E 2011E Revenue (MM BDT) 11,826.2 13,025.7 15,098.9
More informationConsumer goods continue to drive Bangladesh Economy Sector Report May 8, 2011
M M Shahnewaz Kabir Shawon Research Associate shahnewaz@bracepl.com Consumer goods continue to drive Bangladesh Economy Sector Report May 8, 2011 Bangladesh is home to the eighth largest population in
More informationDhaka Electric Supply Company (DESCO)
Thousands Aminul Haque, CFA (880) 171 417 8460; amin@eplbangladesh.com Dhaka Electric Supply Company (DESCO) November 2009 Recommendation: BUY Target Price: BDT 1,700 Company Summary 52-week Price Range
More informationBRAC Bank Ltd DSE: BRACBANK Bloomberg: BRAC:BD
Price, BDT Turnover, BDT MM Analysts: Sajid Huq sajid.huq@bracepl.com Farjad Siddiqui farjad.siddiqui@bracepl.com DSE: BRACBANK Bloomberg: BRAC:BD Company Summary Ticker BRACBANK Sector Bank Date of Operation
More informationParvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods
Price BDT Volume Millions Parvez M Chowdhury Analyst: Pharmaceuticals and Consumer Goods parvez@bracepl.com Beximco Pharmaceuticals Limited December 27, 2010 Rating: OUTPERFORM Company Summary 52-week
More informationIPO Note on SK Trims & Industries Limited
IPO Note on SK Trims & Industries Limited Key IPO Facts IPO Size (BDT mn) 300.0 IPO Size (Shares mn) 30.0 Offer Price Per Share (BDT) 10 Authorized Capital (BDT mn) 1,000.0 Pre-IPO Paid up Capital (BDT
More informationCurrent Price (BDT): 1,129.60
Company Fundamentals Market Cap (BDT mn) 15,453 Market weight 0.42% Paid-up Capital 1,368 No. of Share Outstanding (in mn) 1,36.8 Free-float Shares (Inst.+For.+Public) 30% 3 Months Avg. Daily Turnover(BDT
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationCurrent Price (BDT):
Company Fundamentals Market Cap (BDT mn) 58,002.27 Market weight 1.50% Paid-up Capital 1,999.39 No. of Share Outstanding (in mn) 199.94 Free-float Shares (Inst.+For.+Public) 71.08 3 Months Avg. Daily Turnover
More informationLuk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationS-Oil (010950) Healthier revenue structure already reflected in valuations
S-Oil (010950) Hold (Initiate) Stock price (Sep 15, KRW) 46,000 Market cap (USD mn) 4,989 Shares outstanding (mn) 113 52W High/Low (KRW) 81,200/43,500 6M avg. daily turnover (USD mn) 15.4 Free float (%)
More informationFineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
More informationDaewoong Pharmaceutical (069620)
Earnings Review July 31, 2014 12M rating BUY (Maintain) 12M TP W85,000 from W85,000 Up/downside +44% Stock Data KOSPI (Jul 30, pt) 2,083 Stock price (Jul 30, KRW) 58,900 Market cap (USD mn) 666 Shares
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs.
: price: EPS: Relative better visibility despite the smoke, Maintain BUY ITC reported revenues of Rs.~87.2bn (+13% y-o-y), operating profits of Rs.32.8bn (+15% y-o-y) and PAT of Rs.~23.8bn (+16% y-o-y).
More informationZain KSA bogged down by high debt
Vol th RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$2.464bn 48.3% US$16.50mn Market cap Free float Avg. daily volume Target price 7.30 12.31% over current Consensus price 7.62 17.2% over current Current
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationIPO Note on Aman Cotton Fibrous Limited
IPO Note on Aman Cotton Fibrous Limited Key IPO Facts IPO Size (BDT mn) 800.0 IPO Size (Shares mn) 30.0 Cut-off Price 40 Public Offer Price Per Share (BDT) 36 Authorized Capital (BDT mn) 2,000.0 Pre-IPO
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
More informationFila Korea (081660) Widespread growth potential
Fila Korea (8166) BUY (Maintain), TP: W98, (Maintain) Stock price (Apr 26, KRW) 83,5 Yr to Sales OP EBT NP EPS % chg EBITDA P/E EV/EBITDA P/B ROE Market cap (USD mn) 697 Dec (W bn) (W bn) (W bn) (W bn)
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationAstra Microwave Products
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Research Desk Stock Broking Capital Goods - Defence August 4, 2014 RESULT REVIEW Bloomberg: ASTM@IN Reuters: ASTM.BO Results in-line with expectation-maintain
More informationKorea Zinc (010130) Company Note. 1Q12 preview: Not over until it s over. BUY (Maintain)
Company Note April 1, 212 Korea Zinc (113) 12M rating BUY (Maintain) 12M TP W6, from W6, Up/downside +57% Stock Data KOSPI (Apr 9, pt) 1,997 Stock price (Apr 9, KRW) 381,5 Market cap (USD mn) 6,286 Shares
More informationSABIC Overall strong performance
SABIC AB: Saudi Arabia US$80.80bn 22.6% US$124.7mn Market cap Free float Avg. daily volume RSI10 Vol th Target price 126.0 24.75% over current Consensus price 125.6 24.4% over current Current price 101.0
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationDaphne (210 HK) Hold (maintained) Target price: HK$1.07. Takeaways from company visit. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Daphne (21 HK) Hold (maintained) Target price: HK$1.7 Takeaways from company visit Maintain Hold We recently visited Daphne to gain a more in-depth insight into its
More informationHalla Visteon Climate Control (018880)
Halla Visteon Climate Control (1888) Hold (Reinstate) Stock price (Mar 31, KRW) 48,6 Market cap (USD mn) 4,873 Shares outstanding (mn) 17 52W High/Low (KRW) 48,6/27,2 6M avg. daily turnover (USD mn) 6.8
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationYansab Better than expected results
YANSAB AB: Saudi Arabia US$6.91bn 39.8% US$23.37mn Market cap Free float Avg. daily volume RSI10 Vol th Target price n/a n/a Consensus price 56.00 21.5% over current Current price 46.10 as at 9/2/2011
More informationSymphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
More informationMobily high growth phase continues
Vol mn RSI10 Etihad Etisalat Company EEC AB: Saudi Arabia US$11.15bn 55.3% US$10.10mn Market cap Free float Avg. daily volume Target price 70.03 17.2% over current Consensus price 71.21 19.2% over current
More informationChow Sang Sang (116 HK)
Equity Research Consumer Discretionary Chow Sang Sang (116 HK) Hold (maintained) Target price: HK$14.00 1H16 China sales outperformed peers; still cautious on HK market Maintain Hold We revise down our
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationZain KSA restructuring ensures fresh start
Vol mn RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$5.41bn 48.3% US$142.1mn Market cap Free float Avg. daily volume Target price 15.90 9.68% over current Consensus price 16.10 11.0% over current Current
More informationDangote Cement Plc. Improved Product Pricing Boosts Earnings. Nigeria Equities Industrial Goods April 3, 2018
Dangote Cement Plc Nigeria Equities Industrial Goods April 3, 2018 Improved Product Pricing Boosts Earnings INVESTMENT SUMMARY Dangote Cement Plc reported a stellar performance in its FY 17 audited account.
More informationCurrent Price (BDT): 55.50
Company Fundamentals Ticker SHASHADNIM Market Cap (BDT mn) 6,611.39 Market weight 0.16% Paid-up Capital 1,195.6 No. of Share Outstanding (in mn) 119.6 Free-float Shares (Inst.+For.+Public) 53.5% 3 Months
More informationQ1FY19 Result Update. July 16, Prakash Industries (Steel & PVC Pipes) Q4FY18 result update BUY
July 16, 2018 Prakash Industries (Steel & PVC Pipes) Q1FY19 Result Update Q4FY18 result update During Q1FY19, Sales volume of steel billets stood at 35,260 Tonnes against a sales volume of 33,913 Tonnes
More informationKey estimate revision. Year FY14 23,28,609 3,48,027 1,40, FY15E 25,74,029 3,94,133 1,69,
: price: EPS: How does our one year outlook change? We retain our positive stance on TTMT driven by continued strong performance at JLR on both revenues & margins and expected reduction in losses at standalone
More informationSilicon Works (108320)
Earnings Review August 14, 2017 12M rating BUY (Maintain) 12M TP W50,000 from W50,000 Up/downside +44% Stock Data KOSPI (Aug 11, pt) 2,320 Stock price (Aug 11, KRW) 34,700 Market cap (USD mn) 494 Shares
More informationMEDIA PRIMA (HOLD, EPS )
MEDIA PRIMA (HOLD, EPS ) INDUSTRY: NEUTRAL EARNINGS EVALUATION 3Q results: Cost control lift earnings Results 9MFY13 core PATAMI grew by 11% to RM150.7m (13.81 sen/share), making up 75% and 70% of ours
More informationMahindra and Mahindra Maintain Outperformer. (Rs mn) Mar 14 Mar 15 YoY (%) Dec 14 QoQ (%) FY14 FY15P YoY (%) FY16E YoY (%) FY17E YoY (%)
Batlivala & Karani RESULT UPDATE Mahindra and Mahindra Maintain Outperformer LARGE CAP Share Data Reuters code Bloomberg code MAHM.BO MM IN Market cap. (US$ mn) 12,243 6M avg. daily turnover (US$ mn) 21.0
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Hold (downgraded) Target price: HK$22.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)
More informationInvestment Highlights
Vtech Holdings 15 November 2017 Maintaining TP of HK$130 Slower growth in top line Vtech Holdings (0303.HK) Export Sector Rating Buy Target Price HK$130.0 (12/18) Close Price 52 weeks high/low Market cap
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More informationKOLAO Holdings ( KS)
Company Report (900140 KS) Retail New businesses need to deliver 1Q12 Review: Record earnings and stronger-than-expected margins Based on 1Q preliminary results, continued to set record earnings with revenues
More informationQatar Electricity & Water Company (QEWS)
Qatar Electricity & Water Company (QEWS) Recommendation ACCUMULATE Risk Rating R-2 Share Price QR169.10 Current Target Price QR204.00 Implied Upside 20.6% Old Target Price QR209.00 Increasing EPS Estimates;
More informationChina Renewable Energy Investment Ltd (987_HK)
Wednesday, March 21, 2018 www.evaluateresearch.com Target Price HK$ 0.50 Current Price HK$ 0.23 Upside Potential 117% Market Cap. Shares Outstanding HK$ 525 mn $ 66.90 mn 2,364.7 mn Free Float (FF %) 631.9
More informationGathering momentum. BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar Result Update. Key points:
Mar-10 May-10. Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 TSC Group (TSC 集團 ) BUY Target Price: HK$2.70 (+37%) Price: HK$1.97 HKEx Code: 206 Mon, 28 Mar 2011 Gathering momentum Equity Research Oil & Gas equip/
More informationResult Update. Sterling Tools. Buy
Sterling Tools Buy Result Update Growth momentum continues Sterling tools (STRT) number were broadly in line with estimates. Margins on a sequential basis have started showing signs of improvement at gross
More informationLuk Fook (590 HK) Strong 1Q gem-set SSS in China. Core profit (HK$ m) Net profit (HK$ m) Turnover (HK$ m)
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$23.10 Strong 1Q gem-set SSS in China China gem-set SSS outperformed CTF SSS in China improved from -5% in 1QFY15
More informationOMAX.BO 1QFY13 Result Impressive uptick in margins. Promoters 89 grow. Continued focus on plotted development and low rise (with less construction
Batlivala & Karani RESULT UPDATE MID CAP Share Data Reuters code Bloomberg code Omaxe Maintain Outperformer Price: Rs 157 BSE Index: 17,633 13 August 2012 OMAX.BO 1QFY13 Result Impressive uptick in margins
More informationReligare Investment Call
Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change
More informationDr Reddy s Laboratories
: price: EPS: How does our one year outlook change? We maintain rating on DRRD post the company s 3QFY16 results Revenue growth for the quarter was muted (3% yoy) due to disappointing performances in Russia
More informationWipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold
Wipro 4QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 287 Recommendation: Hold Market statistics Current stock price (`) 287 Shares O/S (cr.) 452.3 Mcap (` cr) 129,927
More informationGoodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Goodbaby (1086 HK) Buy (maintained) Target price: HK$4.20 1H16 results miss, but margin expansion continues Maintain Buy Net profit rose 21% YoY to HK$107m in 1H16,
More informationNOW ON APP Research at your finger tips
NOW ON APP Research at your finger tips 15 FEB 2018 Quarterly Update BUY Target Price: Rs 470 ODC project takes breather; to rebound in Q4 Q3 pre-sales declined QoQ to Rs 1 bn (Rs 1.7 bn in Q2) on lower
More informationLAIDLAW & COMPANY Est. 1842
LAIDLAW & COMPANY London New York San Francisco Boston EQUITY RESEARCH Company Report Alimera Sciences (ALIM - $1.07) Impressive Ex-US Sales Help ALIM Exceed Topline Expectations. ALIM recently announced
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationVieworks (100120) Earnings Review. Competitiveness to sustain growth. BUY (Maintain)
Earnings Review August 21, 214 12M rating BUY (Maintain) 12M TP W39, from W34, Up/downside +27% Stock Data KOSPI (Aug 2, pt) 2,73 Stock price (Aug 2, KRW) 3,8 Market cap (USD mn) 38 Shares outstanding
More informationSingyes Solar (00750.HK/750 HK)
Singyes Solar (00750.HK/750 HK) Margin decline not a concern for earnings growth HK$12.64 Outperform Maintained 1 Huei-chen Flannery 2 852.2878.4270 3 hueichen.flannery@kgi.com Company update Estimate
More informationHyundai Steel (004020)
Earnings Review February 1, 213 12M rating BUY (Maintain) 12M TP W111, from W111, Hyundai Steel (42) Astonishing earnings in many aspects Above In line Below Up/downside +34% Stock Data KOSPI (Jan 31,
More informationCOMPANY UPDATE 22-Aug-18 HOA SEN GROUP (HSG) HSG (HOSE) Stock performance (%) Stock Statistics 22/08/2018. Ownership 22/08/2018. Mr. Duong Tran.
COMPANY UPDATE 22Aug18 Rating HSG (HOSE) OVERWEIGHT Steel Industry Market price (VND) 10.3 Target price (VND) 14.5 Annualized price return (%) 40% Expected dividend yield (%) 10% Expected annualized total
More informationMaruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
More informationLuk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$16.50 In line results, 1QFY17 remains weak In line results Net profit slumped 41% YoY to HK$959m in 1QFY17, in
More informationResults Review. 3QFY13: Downsizing its workforce. Technology Bloomberg Ticker: UNI MK Bursa Code: November 2013
Results Review (Member of Alliance Bank group) PP7766/03/2013 (032116) 8 November 2013 Analyst Toh Woo Kim wookim@alliancefg.com +603 2604 3917 12-month upside potential Previous target price 0.89 Revised
More informationTata Consultancy Services
Tata Consultancy Services SALES NOTE 19 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Sales Note II 19th May, 2017 CMP INR 2536 Target INR 2833 Potential
More informationLG Innotek (011070) Company Note. Concerns unjustified, 3Q14 results to beat consensus. BUY (Maintain)
Company Note August 29, 214 LG Innotek (117) 12M rating BUY (Maintain) 12M TP W17, from W17, Up/downside +29% Stock Data KOSPI (Aug 28, pt) 2,76 Stock price (Aug 28, KRW) 132, Market cap (USD mn) 3,22
More informationIPO Note on Indo-Bangla Pharmaceuticals Limited
IPO Note on Indo-Bangla Pharmaceuticals Limited Key IPO Facts IPO Size (BDT mn) 200 IPO Size (Shares mn) 20 Public Offer Price Per Share (BDT) 10 Authorized Capital (BDT mn) 1,000 Pre-IPO Paid up Capital
More informationSource: ACAML Research
Grameenphone October 30, 2014 ACAML Research research@acaml.com.bd Grameenphone Q3 14 Earnings Release DSE & CSE Ticker: GP Short term business challenges tarnished top line growth while strong data sub
More informationExide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE
Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationYG Entertainment (122870)
Company Note February 23, 2017 YG Entertainment (122870) 12M rating Value Stock Data Hold (Downgrade) Growth Turn around Issue KOSPI (Feb 22, pt) 2,107 Stock price (Feb 22, KRW) 27,850 Market cap (USD
More informationBajaj Auto Ltd. CMP: Rs.1426 Recommendation: Buy Target Price: Rs March. 1 P age. 21 st July Key Data Financial Year End
CMP: Rs.1426 Recommendation: Buy Target Price: Rs.1593 Key Data Financial Year End March Market Cap (Rs. Cr.) 41,241 Market Cap (USD Bn.) 9.2 Free Float Factor 0.49 52 Week H/L 1664.5/1189.6 Avg. 12M volumes
More informationITC Ltd. RESULT UPDATE 27th October, 2017
. RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationLotte Hi-Mart ( KS)
(071840 KS) Margins to improve in 2H Retail Results Comment May 12, 2014 (Maintain) Buy Target Price (12M, W) 89,000 Share Price (5/9/14, W) 72,300 Expected Return 23% OP (, Wbn) 187 Consensus OP (, Wbn)
More informationRajesh Exports (RJEX_IN) Earnings Update Report Consumer Discretionary: Gold Jewelry Manufacturer
Monday, February 4, 2019 www.evaluateresearch.com Target Price Rs. 900.00 Current Price Rs. 598.00 Upside Potential 50% Market Cap. Shares Outstanding Rs. 176,802 mn US$ 2.47 bn 295.3 mn Free Float (FF
More informationHyundai E&C ( KS)
Company Report (72 KS) Construction OP margin to bottom in 2Q but pick up in Q Maintain Buy call with TP of W15, We maintain our Buy call on with a target price of W15,. The company received overseas orders
More informationPharmaniaga MARKET PERFORM. 1Q15 Inline but Rich Valuations. Results Note. Price: RM6.91 Target Price: RM6.95. PP7004/02/2013(031762) Page 1 of 5
Pharmaniaga 1Q15 Inline but Rich Valuations By the Kenanga Research Team l research@kenanga.com.my Period 1Q15 Actual vs. Expectations 1Q15 PATAMI of RM31.8m (+21% YoY) came in at 32% and 31% of our and
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationCRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern
Equity Research Rail Equipment CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.2 Dominic Chan, CFA, FRM SFC CE No. APP69 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities (Hong Kong) Brokerage
More informationResult Update. Atul Auto. Accumulate
Atul Auto Accumulate Result Update Looking out for margin and distribution expansion Atul Auto (ATA) top line growth was in-line with our estimates at ` 1,765 mn but margins were lower due to higher other
More informationSilicon Works (108320)
Company Note June 8, 2018 12M rating BUY (Maintain) OLED growth starts with Silicon Works 12M TP W56,000 Up/downside +38% from W56,000 2Q18 OP to surge 165% YoY to W8.4bn Despite disappointing 1Q18 results,
More informationChow Tai Fook (1929 HK)
Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest
More informationKey estimate revision. Financial summary. Year FY15 121, % 16, % FY16E 137, % 20,
: price: EPS: How does our one year outlook change? We maintain rating on Aurobindo post the company s 3QFY16 results. Revenue growth for the quarter was 10% yoy: US sales of $238mn (vs. estimate of $251mn
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 informationCapacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
More informationKPR Mills Ltd 1QFY18 Result Update Target: Rs 944. Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards
KPR Mills Ltd 1QFY18 Result Update Target: Rs 944 Previous Rating: Accumulate Current Rating: Accumulate Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards CMP (Rs) 806 Target
More informationLAIDLAW & COMPANY Est. 1842
LAIDLAW & COMPANY London New York San Francisco Boston EQUITY RESEARCH Company Report November 7, 2018 Alimera Sciences (ALIM - $1.09) Quarter Mostly in-line, 2019 could Benefit from Repeat Usage ALIM
More informationMa aden Equity infusion will strengthen balance sheet
RSI10 Ma aden MAADEN AB: Saudi Arabia Rating Target price Current price OVERWEIGHT SAR42.0 (19.4% upside) SAR35.17 Research Department ARC Research Team Tel 966 11 211 9332, gopij@alrajhi-capital.com Key
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
More informationFLASH NOTE Welspun India 31 Jan 17
Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures
More information