HDFC, Tech Mahindra and KPIT Tech, among others, are being
tracked by analysts on Tuesday.
HDFC
Brokerage: CLSA | Rating: Buy | Target: Rs 2,200
The global research firm said that an uptick in lending
activity will lead growth & RoE. But, a rise in interest rates is a
potential risk to spreads. The risk, it said, is due to rise in rates which can
be mitigated by hike in corporate lending rates.
Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 2,260
Motilal Oswal said that the company’s AUM growth continues
to surprise; spreads stable QoQ. Further, it said that the company reported a
steady quarter, with core PBT up 13 percent year on year. It observed that the
firm has continued to surprise positively on the opex front. Retail loan growth
impressive, despite intense competition & high base.
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Tech Mahindra
Brokerage: CLSA | Rating: Sell | Target: Raised to Rs 500
CLSA said that Q3 results were ahead of expectation despite
drag in Telecom, BFSI. It has upgraded margin estimates by 30-90 basis points,
which is driving FY19/20 EPS upgrades. It also observed that the company’s
margin expansion comes at cost of delayed wage hikes, persistent redundancies.
Brokerage: Motilal | Rating: Buy | Target: Rs 700
Motilal Oswal said that the firm put up a good show on
profitability; visibility on further improvement remains strong. Further, it
felt that opinion of a re-rating has only grown stronger after Q3.
Brokerage: Credit Suisse | Rating: Outperform | Target: Raised to Rs
720
Credit Suisse said that FY19 P/E was reasonable at 15x with
estimated 16% EBIT CAGR over FY18-20. Further, enterprise business was solidly
poised and should be a beneficiary of cyclical tailwind. It also said that Q3
is demonstrating that turnaround is well on track.
Inox Leisure
Brokerage: CLSA | Rating: Buy | Target: Rs 330
CLSA reported that the screen addition was slower and is
still awaiting e-tax exemption clarity. Further, content pipeline for the
current quarter appears to be strong. But it has downgraded FY18/19 EPS
estimates by 13/6 percent.
Emami
Brokerage: Citi | Rating: Buy | Target: Rs 1,270
Citi said that the company’s Q3 missed expectations on
account of subdued topline performance. Meanwhile, wholesale is yet to fully
normalise, coupled with pressures in CSD. Rural recovery & efforts on sales
& distribution needed for volume rebound, it said.
Orient Cement
Brokerage: Motilal Oswal | Rating: Buy | Target: Rs 179
Motilal Oswal said that the firm’s dismal performance was
due to weak realisation. Further, JP Associates’ asset acquisition would help
co raise capacity by 38%. It values the company at EV/tonnne of USD 86 on FY20
estimates.
KPIT Tech
Brokerage: Axis Cap
The brokerage house values Birlasoft merger as neutral for
the company. It added that deal values Birlasoft at par with KPIT despite
strong growth.
Autos
Brokerage: CLSA
CLSA said that sequential trends strong in trucks but a tad
weak in PVs/2-wheelers, adding that passenger vehicle (PV) volumes grew at a
modest 5% yoy. It also expects PVs/2-wheelers to grow 10%/14% yoy in fy18 &
trucks, 3%. For FY19, it is factoring in 10% industry growth. For M&HCVs,
it sees 3 percent year on year growth in FY18, but sees upside risk if current
volumes sustain.
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