Brokerage Radar | 20 March 2019

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    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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