Brokerage Radar | 20 March 2019
Citi on UltraTech
Maintained ‘Buy’ with a price target of Rs 4,450.
Cement industry in the sweet spot with improving demand, rising prices and falling costs.
Management expects Ebitda margin to revert to the highs of the first quarter of the current financial year.
HSBC on Hero MotoCorp
Maintained ‘Buy’; cut the price target to Rs 3,500 from Rs 4,000.
Volumes are likely to remain volatile led by high inventory channel and regulatory changes.
Cut EPS estimates by 5% and 7% led by lower volume and margin estimates.
CLSA on Jubilant Food
Maintained ‘Buy’ with a price target of Rs 1,600.
Channel checks indicate that Domino’s has introduced 10 new pizzas ahead of sporting events.
Focus is also on reducing delivery time; some stores targeting 20 mins.
CLSA On Axis Bk
Buy, TP Rs 840
Mgmt Reiterated Target Of 18% RoE Over 3 yrs
See recovery For Its Earnings From FY20
Better Execution Can Drive Upside
CITI on Axis BK
Retain Buy, TP Rs 900
Trades at 2.6x FY20E P/Adj. B
Believe premium vals can sustain given the improving trajectory for RoE & growth. Lower FY19E PAT by 6% to factor some near-term increase in provisions, but raise FY20E /21E est by 4%/5%
Nomura on Axis BK
Buy, TP Rs 900
Building a sustainable franchise
Transforming into a true compounder
Believe there are more legs to the re-rating story over next 2 yrs
Motilal Oswal on Torrent Power
Initiated ‘Buy’ with a price target of Rs 315.
Strong Positioning and healthy balance sheet provide strong base for growth.
Volatility in earnings to reduce on accrual accounting in distribution.
Expect Ebitda and net profit to grow at a compounded annual growth rate of 12 percent over FY19-21.
Motilal Oswal on Mindtree
Downgraded to ‘Neutral’ from ‘Buy’; maintained price target at Rs 1,000.
A distraction Mindtree could have done without.
Turn of events may be unsettling for some employees/clients.
Development may consume a substantial bandwidth of the founders
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