ICICI BANK INR 233. Dismal asset quality performance. Target Price (INR): 314. India Equity Institutional Research BFSI.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "ICICI BANK INR 233. Dismal asset quality performance. Target Price (INR): 314. India Equity Institutional Research BFSI."

Transcription

1 India Equity Institutional Research BFSI RESULT UPDATE ICICI BANK INR 233 Dismal asset quality performance BUY Q3FY15 earnings for ICICI Bank came as a huge disappointment with bank reporting highest NPAs in past five years (jumped 33% q/q, 62% y/y), threefold spike in provisioning and tepid profitability. Other income traction boosted by Pru Life stake sale (one-off gains) and contained operating costs stood as savings grace. Steel sector issues and impact of RBI s fresh guidelines signal more pain for ICICI Bank in the forthcoming quarters. Moreover, lack of clarity on stressed assets ensure weakness in ICICI Bank stock ahead. Core metrics remain stable; profitability tepid: NII stood at INR 54.5 bn, up 13.3% Y-o-Y, 3.8% Q-o-Q, on the back of stable NIMs at 3.5%, healthy loan growth (15.8% y/y) and robust CASA mobilization. Moderation in cost of funds and strong CASA base supported the stability in NIMs. The loan growth for the quarter was primarily driven by the healthy 24% Y-o-Y growth in retail loans; retail portfolio stood 44% of the total loans. Home loans, vehicle loans and unsecured loans traction boosted the retail loan book growth during the quarter. Overall domestic loan base grew 20.4% Y-o-Y. Bank continues to maintain rich liability franchise characterized by high CASA ratio at 45.2%, CASA deposits grew 18% y/y and average CASA ratio stood steady at 40.7%. While insurance stake sale stood as savings grace, elevated provisions dragged the profitability of the bank PAT reporting mere 4.5% Y-o-Y, flattish Q-o-Q at INR 30.2 bn; below our estimates. Target Price (INR): 314 Potential Upside: 34.6% Previous TP (INR): 345 Market Data Shares outs (Mn) 5812 EquityCap (INR Mn) Mkt Cap (INR Mn) Wk H/L (INR) 393/217 Volume Avg (3m K) Face Value (INR) 2 Bloomberg Code ICICIBC IN Market Info: SENSEX NIFTY 7425 Price Performance Cost containment and insurance stake sale proved savings grace: While costincome ratio improved to 32% while fee income stood tepid reporting 7.2% Y-o-Y growth. Lack of meaningful traction in corporate fees marred the core fee income performance; that said, the overall non-interest income stood robust. It reported 36.4% Y-o-Y growth, 40.2% Q-o-Q primarily led by profit on sale of Pru Life stake sale which largely aided the modest profitability growth during the quarter. Asset quality worsens; gross NPAs highest in past 5-years: The big disappointment came from asset quality with absolute gross NPAs surging 60%+ Y-o- Y/33%+ Q-o-Q and as high as 107%+ Y-o-Y/46%+ Q-o-Q increase in net NPAs; higher than anticipated. Consequently, the Gross NPAs ratio declined to 4.7% (3.4% -Q3FY15; 3.8%-Q2FY16); net NPAs ratio at 2.3% deteriorated from 1.3% in Q3FY15; the worst since past five years. While slippages stood as high as INR 65.4 bn; INR 13.5 bn pertaining to existing restructured loans. Precisely, >60% of the incremental slippages during the quarter have primarily emerged on account of RBI s fresh guidelines on asset quality review. Besides, the credit costs have dramatically increased to 269 bps. One large steel account and RBI s contention to recognize and provide stressed assets led to the substantial deterioration in asset quality as cited by the Management. Bank s exposure to the beleaguered steel sector stood at 4.5% of the loan book during the quarter. The restructured loans stood at bn during the quarter, SDR loans amounted to INR 16 bn and INR 7 bn has been referred to the 5:25 refinancing scheme; all which tells us that the asset formation stands elevated for ICICI Bank. While ICICI bank is yet to recognize the bad assets fully in-line with RBI guidelines and given the lurking leveraged corporate group exposures only indicate that the asset quality pressures are here to stay for the bank. Moreover, given the anticipated slippages (INR 50 to 60 bn in Q4FY16) and credit costs are to be higher for the forthcoming quarter, we tweak our NPA estimates higher and estimate gross NPAs at 4.25% for FY16E and % over FY17-18E. Valuation & Recommendation: It seems a bumpy ride for ICICI Bank ahead especially in the light of the new RBI directive and the bank s meaningful exposure to the leveraged corporate and troubled sectors of the economy. While no complaints on loan book growth that was primarily driven by retail loan traction so also robust noninterest income that proved as the sole savings grace for the bank during the quarter, the slippages and credit costs are expected to stand higher for the forthcoming quarter. That calls for imminent earnings pressure ahead for ICICI Bank. Share Holding pattern (%) Particulars Dec15 Sep15 Jun15 Promoters FIIs DIIs Others Total Source: BSE Shweta Daptardar Ext KRChoksey Research is also available on Bloomberg KRCS<GO>, ThomsonReuters, Factset and Capital IQ January 29, 2016

2 We reckon while near term pressures should sustain both for state-owned and private banks particularly in light of RBI directive, we would prefer to cherry-pick banks with quality franchise and robust capital efficiency which should prove resilient in tough times. Therefore, strong operating metrics supported by quality franchise and capital sufficiency and lower valuations prompt us to maintain BUY on ICICI Bank. While we introduce FY18 estimates, we cut our target price to INR 314 (earlier INR 345) primarily to incorporate higher credit costs, elevated NPAs and lower earnings. At SOTP fair value of INR 314, we value the core bank at 1.9x P/ABV FY17E and 1.6x P/ABV FY18E and subsidiaries value at Rs 54 per share. At CMP, stock trades at 1.4x core P/ABV FY17E and 1.2x P/ABV FY18E. Key Financials INR in mn FY14 FY15 FY16E FY17E FY18E Net Interest Income 164, , , , ,269 Pre-provision profits 165, , , , ,167 Net Profit 98, , , , ,940 EPS ( ) BVPS ( ) ABVPS ( ) P/E (x) P/ABV (x) Equity Investment in Subsidiaries (INR bn) Q3FY16 Q3FY15 ICICI Life ICICI Bank Canada ICICI bank UK ICICI Lombard General Insurance ICICI Home Finance ICICI Bank Eurasia LLC ICICI Securities Ltd ICICI Securities PD ICICI AMC ICICI Venture Others Key Concall Highlights: Healthy NII growth & other income growth. Substantial high rise in provisons and NPAs PAT at INR 3,018 cr vs INR 2,889 cr, up 4.5% YoY; NII at INR 5,453 cr vs INR 4,812 cr, up13.3%. Provisions at INR 2,844 cr vs INR 980 cr YoY (vs INR 942 cr QoQ). Standalone PAT includes INR1200cr for insurance sale and INR 700 cr of tax write back, Tax rate 19. Net restructured loans at INR 11,294 cr vs INR cr QOQ. Advances at 4.35 lk cr, up 16% yoy; Domestic advances up 20% YoY Total deposits at 4.07 lk cr, up 15% yoy. CASA deposit up 18% YoY; CASA ratio at 45.2%. Absolute gross NPAs surging 60%+ Y-o-Y and as high as 107%+ increase Qo-Q; higher than anticipated. Consequently, the Gross NPAs ratio declined to 4.7% (3.4% -Q3FY15; 3.8%-Q2FY16); net NPAs ratio at 2.3% deteriorated from 1.3% in Q3FY15; the worst since good number of years. Expected to witness similar jump in gross NPAs in Q4; most NPA additions from steel sector in Q3; INR cr Gross NPA, 4.72%. Bank is undertaking the exercise over the timeframe stipulated by RBI. Slippages of INR 6544 cr, INR 1355 cr is from existing restructured loans. Large parts of slippages were driven by one steel account. Next quarter expect slippages in the range of INR crs. 60% of incremental slippages due to RBI directive. SDR amounted to INR 16 bn; 5/25 refinance INR 7 bn. As cited by the Management, the weakness in global steel cycle and RBI s contention to recognize and provide stressed assets that led to the substantial deterioration in asset quality. 2 KRChoksey Institutional Research

3 Q3FY16: Result Analysis INR in mn Q3FY16 Q3FY15 Q2FY16 Y-o-Y Q-o-Q Income Statement Interest income 133, , , % 1.9% Interest expense 78,931 76,236 78, % 0.6% Net interest income 54,530 48,117 52, % 3.8% Non-interest income 42,169 30,917 30, % 40.2% Total Net Income 96,698 79,033 82, % 17.1% -- Employee costs 11,404 11,178 12, % -6.0% -- Other operating expenses 19,696 17,485 18, % 4.3% Operating expenses 31,100 28,663 31, % 0.3% Pre-provision profits 65,598 50,370 51, % 27.2% Provisions % 201.9% Profit before tax 37,158 40,573 42, % -11.9% Tax expense 6,976 11,683 11, % -41.2% Net profit 30,181 28,890 30, % -0.4% Balance Sheet summary Net worth 895, , , % 3.5% Deposits 4,073,140 3,553,397 3,846, % 5.9% Borrowings 1,771,606 1,529,947 1,561, % 13.5% Advances 4,347,998 3,753,451 4,096, % 6.1% Key ratios Q3FY16 Q3FY15 Q2FY16 Y-o-Y Q-o-Q Spread Analysis Yield on avg advances 9.7% 10.2% 10.0% Yield on avg investments 6.2% 6.9% 6.5% Yield on avg int. earning assets 8.7% 8.9% 8.9% Cost of funds 5.8% 6.2% 6.0% Net interest margins 3.6% 3.4% 3.6% Reported NIM 0.0% 3.5% 3.5% Other ratios CD ratio 106.7% 105.6% 106.5% CASA ratio 45.2% 44.0% 45.1% GNPA ratio 4.72% 3.4% 3.8% NNPA ratio 2.3% 1.3% 1.6% Provision coverage ratio 53.2% 63.5% 57.4% Cost to income ratio 32.2% 36.3% 37.5% Capital Adequacy ratio Tier I 11.8% 13.0% 12.8% Tier II 4.0% 4.6% 4.1% CAR 15.8% 17.6% 16.9% KRChoksey Institutional Research

4 Financials Income Statement INR in mn FY14 FY15 FY16E FY17E FY18E Interest income 441, , , , ,553 Interest expenses 277, , , , ,284 Net Interest Income 164, , , , ,269 Non-interest income 104, , , , ,002 Operating income 269, , , , ,271 Operating expenses 103, , , , ,104 -Employee cost 42,201 47,499 51,530 61,815 73,958 Pre-provision profits 165, , , , ,167 Provisions 26,264 39,000 62,521 59,088 66,883 Profit before tax 139, , , , ,284 Tax expense 41,577 46,446 46,137 57,754 67,344 Net profit 98, , , , ,940 Balance Sheet INR in mn FY14 FY15 FY16E FY17E FY18E Equity share capital 11,550 11,597 11,597 11,597 11,597 Reserve and Surplus 720, , , ,042 1,090,208 Net worth 732, , , ,639 1,101,805 Deposits 3,319,137 3,615,627 4,200,662 4,985,443 5,983,783 Borrowings 1,547,591 1,724,174 1,924,678 2,175,470 2,473,631 Other liabilities and provisions 347, , , , ,884 Total 5,946,416 6,461,293 7,323,908 8,489,684 9,934,104 Cash in hand and Bal. with RBI 415, , , , ,327 Investments 1,770,218 1,865,800 2,082,078 2,350,197 2,710,849 Advances 3,387,026 3,875,221 4,501,851 5,357,172 6,378,152 Fixed assets 46,781 47,255 51,364 54,719 59,402 Other assets 327, , , , ,373 Total 5,946,416 6,461,293 7,323,908 8,489,684 9,934,104 Dupont Analysis As % of avg assets NII 2.9% 3.1% 3.1% 3.1% 3.1% Fee Income 1.5% 1.5% 1.6% 1.5% 1.5% Treasury Income 0.1% 0.2% 0.2% 0.2% 0.2% Operating Cost 1.8% 1.9% 1.8% 1.8% 1.9% Provisions 0.5% 0.6% 0.9% 0.7% 0.7% Tax 0.7% 0.7% 0.7% 0.7% 0.7% ROAA 1.7% 1.8% 1.7% 1.8% 1.7% ROAE 14.0% 14.5% 14.1% 14.8% 15.4% Business Profile FY14 FY15 FY16E FY17E FY18E Advances 3,387,026 3,875,221 4,501,851 5,357,172 6,378,152 Credit Deposits ratio 102.0% 107.2% 107.2% 107.5% 106.6% Deposits 3,319,137 3,615,627 4,200,662 4,985,443 5,983,783 CASA Deposits 1,423,784 1,643,799 1,913,341 2,240,658 2,662,593 CASA Ratio 42.9% 45.5% 45.5% 44.9% 44.5% 4 KRChoksey Institutional Research

5 Asset Quality Gross NPA 105, , , , ,451 Net NPA 32,980 62,555 80,442 88,090 86,608 Gross NPA as % of Advances 3.0% 3.8% 4.2% 4.1% 3.8% Net NPA as % of Advances 1.0% 1.6% 1.8% 1.6% 1.4% Credit Costs 0.8% 1.0% 1.5% 1.2% 1.1% Spread Analysis Avg Yield On Advances 10.1% 9.9% 9.8% 9.4% 9.0% Avg Yield On Investments 6.6% 6.6% 6.3% 6.2% 6.2% Avg Yield On Int Earning Assets 8.4% 8.4% 8.4% 8.1% 7.9% Avg Cost Of Deposits 5.7% 5.9% 5.7% 5.6% 5.6% Avg Cost of Funds 6.0% 5.9% 5.8% 5.5% 5.3% Spread 2.4% 2.5% 2.6% 2.6% 2.7% NIM 3.1% 3.3% 3.3% 3.2% 3.2% Growth ratios FY14 FY15 FY16E FY17E FY18E Net interest income 18.8% 15.6% 11.6% 14.5% 17.2% Core Fee income 15.5% 10.7% 15.0% 19.0% 16.8% Pre-provision Profits 25.7% 18.8% 15.7% 11.9% 15.5% Net Profits 17.8% 13.9% 7.0% 16.0% 16.0% Advances 16.7% 14.4% 16.2% 19.0% 19.1% Deposits 13.4% 8.9% 16.2% 18.7% 20.0% Total Assets 10.8% 8.7% 13.4% 15.9% 17.0% Per share data INR EPS DPS BVPS ABVPS P/E (x) P/ABV (x) Dividend Yield 2.0% 2.1% 2.3% 2.5% 2.8% 5 KRChoksey Institutional Research

6 ICICI BANK Date Recomn CMP TP (INR) 29-Jan-16 BUY Nov-15 BUY April-15 BUY Apr-15 BUY Feb-15 ACCUMULATE Jan-15 ACCUMULATE Nov-14 ACCUMULATE Oct-14 BUY Aug-14 BUY Jul-14 BUY Apr-14 ACCUMULATE Rating Legend Our Rating Upside BUY More than 15% ACCUMULATE 5% - 15% HOLD 0 5% REDUCE -5% 0 SELL Less than -5% ANALYST CERTIFICATION: I, Shweta Daptardar (B.Com, MBA), research analyst, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & Conditions and other disclosures: KRChoksey Shares and Securities Pvt. Ltd (hereinafter referred to as KRCSSPL) is a registered member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. KRCSSPL is in the process of making an application with SEBI for registering as a Research Entity in terms of SEBI (Research Analyst) Regulations, We submit that no material disciplinary action has been taken on KRCSSPL and its associates by any Regulatory Authority impacting Equity Research Analysis activities. KRCSSPL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analyst covers. The information and opinions in this report have been prepared by KRCSSPL and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KRCSSPL. While we would endeavor to update the information herein on a reasonable basis, KRCSSPL is not under any obligation to update the information. Also, there may be regulatory, compliance or other reasons that may prevent KRCSSPL from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or KRCSSPL policies, in circumstances where KRCSSPL might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KRCSSPL will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. KRCSSPL accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. KRCSSPL or its associates might have received any commission/compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of brokerage services or specific transaction or for products and services other than brokerage services. KRCSSPL encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. KRCSSPL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither KRCSSPL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that Shweta Daptardar (B.Com, MBA) research analyst of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific brokerage service transactions. KRCSSPL or its associates collectively or its research analyst do not hold any financial interest/beneficial ownership of more than 1% (at the end of the month immediately preceding the date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst. Since associates of KRCSSPL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that Shweta Daptardar (B.Com, MBA) research analyst do not serve as an officer, director or employee of the companies mentioned in the report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject KRCSSPL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Please send your feedback to Visit us at Kisan Ratilal Choksey Shares and Securities Pvt. Ltd Registered Office: 1102, Stock Exchange Tower, Dalal Street, Fort, Mumbai Phone: ; Fax: Corporate Office: ABHISHEK, 5th Floor, Link Road, Andheri (W), Mumbai Phone: ; Fax: KRChoksey Institutional Research

Kotak Mahindra Bank Rs 685

Kotak Mahindra Bank Rs 685 India Equity Institutional Research BANKS RESULT UPDATE Kotak Mahindra Bank Rs 685 Smooth merger; benefits to accrue HOLD KMB s consolidated PAT for Q4FY15 stood at INR 9.5 that primarily on the back of

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

Axis Bank INR 521. Target Price (INR): 600. Staunch operating metrics; but blemish asset quality. Potential Upside: 15.16%

Axis Bank INR 521. Target Price (INR): 600. Staunch operating metrics; but blemish asset quality. Potential Upside: 15.16% India Equity Institutional Research BANKS RESULT UPDATE Axis Bank INR 521 Staunch operating metrics; but blemish asset quality ACCUMULATE With strong operating performance, Axis Bank reported net profit

More information

Khambatta Securities Ltd.

Khambatta Securities Ltd. Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue

More information

GAIL (India) Ltd. INR 346

GAIL (India) Ltd. INR 346 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported

More information

Minda Industries Ltd. INR 886

Minda Industries Ltd. INR 886 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Automobiles RESULT UPDATE Minda Industries Ltd. INR 886 Profit boosted by margins ACCUMULATE In Q3FY16, Minda Industries

More information

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research. Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG

More information

Quant Picks United Breweries

Quant Picks United Breweries October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i

More information

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765 India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. Rs. 741 One off revenues from Nexium supply drives earnings HOLD Result highlights Cipla s Q1FY16 result beats our estimates due to higher

More information

State Bank of India. Source: Company Data; PL Research

State Bank of India. Source: Company Data; PL Research Weak as expected; remain positive over medium term February 12, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs154 Target

More information

Axis Bank. Strong core performance. Source: Company Data; PL Research

Axis Bank. Strong core performance. Source: Company Data; PL Research Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied

More information

BUY ICICI BANK. Well managed P&L; balance sheet distressed. Target Price: Rs 285. Key drivers

BUY ICICI BANK. Well managed P&L; balance sheet distressed. Target Price: Rs 285. Key drivers 29 JAN 2016 Quarterly Update BUY Target Price: Rs 285 Well managed P&L; balance sheet distressed ICICI Bank reported a disappointing quarter with sharp deterioration in asset quality. The increase in NPLs

More information

Granules India Ltd. INR 113

Granules India Ltd. INR 113 India Equity Institutional Research Pharma RESULT UPDATE Granules India Ltd. INR 113 Misses expectation BUY Result highlights Net sales for the quarter grew by a moderate 8% YoY to INR 3,449mn below our

More information

YES Bank HOLD. Not out of the woods yet; Asset quality remains a key monitorable. Institutional Equity Research. January 30, 2016. Target Price Rs788

YES Bank HOLD. Not out of the woods yet; Asset quality remains a key monitorable. Institutional Equity Research. January 30, 2016. Target Price Rs788 January 3, 216 CMP* (Rs) 748 Upside/ (Downside) 5 Market Cap. (Rs bn) 314 Free Float 78 Shares O/S (mn) 419 YES Bank Not out of the woods yet; Asset quality remains a key monitorable YES Bank reported

More information

Britannia Industries

Britannia Industries Rally in Input costs near term drag, Maintain BUY June 20, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs2,641

More information

Shriram Transport Finance Subsidiaries witness sharp increase in NPA

Shriram Transport Finance Subsidiaries witness sharp increase in NPA Shriram Transport Finance Subsidiaries witness sharp increase in NPA Shriram Transport Finance s (STFC) standalone performance was broadly in-line with our expectation but grossly disappointed on asset

More information

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

Indian Overseas Bank Limited

Indian Overseas Bank Limited Vol. 03/09-10 June 27, 2009 Analyst: Abhishek Gupta abhishekg@bajajcapital.com Reviewed by: Alok Agarwala aloka@bajajcapital.com B U Y CMP (26.06.09) : Rs. 85.90 Target : Rs. 125.00 Upside Potential :

More information

Research Analysts. September 30, 2015

Research Analysts. September 30, 2015 Stocks on the move Scrip I-Direct Code Action Target Stoploss Hitachi Home and Life Solutions AMTAPP Buy in the range of 1380.00-1400.00 1640.00 1280.00 Time Frame: 3 Months Research Analysts Dharmesh

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

Federal Bank (FEDBAN) 50

Federal Bank (FEDBAN) 50 Result Update Rating matrix Rating : Sell Target : 45 Target Period : 12 months Potential Upside : -10% What s Changed? Target Changed from 60 to 45 EPS Changed from 4.7 to 4.0 EPS Changed from 5.4 to

More information

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months CMP: 160.00 00 Buying Range: 155.00-160.00 160 Target: 196.00 Stop loss: 137.00 Upside: 25% Stock Data 52 Week High / Low 162.95/80

More information

Strong operational performance

Strong operational performance ABB India Equity Research Engineering & Capital Goods February 8, 2016 Result Update Emkay Your success is our success Strong operational performance CMP Target Price Rs1,134 Rs1,407 ( ) Rating Upside

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty

More information

Flexituff International Ltd. (FIL)

Flexituff International Ltd. (FIL) s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

Punjab National Bank INR 117

Punjab National Bank INR 117 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 India Equity Institutional Research BFSI Visit note Punjab National Bank INR 117 Poised to get re-rated We met up with the top Management of Punjab National

More information

Cipla Ltd. INR 542. India Equity Institutional Research Pharma. Muted quarter; outlook remains robust. Target Price (INR): 646. Potential Upside : 19%

Cipla Ltd. INR 542. India Equity Institutional Research Pharma. Muted quarter; outlook remains robust. Target Price (INR): 646. Potential Upside : 19% India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. INR 542 Muted quarter; outlook remains robust BUY Result highlights Cipla s Q3FY16 Net Sales, EBITDA and PAT were below our estimates.

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research FY17 could be a year of revenue growth February 08, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs440 Target Price Rs510 Implied Upside 15.9% Sensex 24,617 Nifty

More information

HCC BUY. Infrastructure January 29, 2016

HCC BUY. Infrastructure January 29, 2016 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s

More information

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121. Stocks on the move Scrip IDi I-Direct Code Action Target Stoploss Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.00 Time Frame:

More information

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI $Com panyname$ Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) HOLD PI Industries Ltd. Custom synthesis

More information

Research Analysts. April 8, 2016. West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00

Research Analysts. April 8, 2016. West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00 Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss West Coast Paper Mills WESCOA Buy in the range of 75-78 96.00 68.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

AXIS BANK LTD. Company Details : Company Profile: Investment Rationale: Share Holding Pattern (%) Snapshot as on 30th June 2014:

AXIS BANK LTD. Company Details : Company Profile: Investment Rationale: Share Holding Pattern (%) Snapshot as on 30th June 2014: Date: September 22 nd 2014 Company Details : CMP(`) 407 NSE Symbol AXISBANK BSE Code 532215 Face Value (`) 2.00 Dividend Yield (%) 1.00 Book Value 170 Market Cap (Cr) 94,800 EPS - TTM (`): 27.6 P/E Ratio

More information

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement

More information

The Ramco Cements. Source: Company Data; PL Research

The Ramco Cements. Source: Company Data; PL Research Robust performance; remains the best play on Southern region February 09, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price

More information

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH Q2FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH SUPREME INDUSTRIES LTD Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SIL IN SENSEX: 24,470 HOLD CMP Rs725

More information

Share gains with healthy margin uptick; Retain Buy

Share gains with healthy margin uptick; Retain Buy Colgate-Palmolive India Equity Research Consumers January 23, 2015 Result Update Emkay Your success is our success Share gains with healthy margin uptick; Retain Buy CMP Target Price Rs1,913 Rs1,940 (

More information

Mr. N. S. Kannan s opening remarks for analyst call on January 28, 2016

Mr. N. S. Kannan s opening remarks for analyst call on January 28, 2016 Mr. N. S. Kannan s opening remarks for analyst call on January 28, 2016 Good evening and welcome to the conference call on the financial results of ICICI Bank for the quarter ended December 31, 2015, that

More information

State Bank of India SELL. Asset quality horror run to continue maintain SELL. Results Review INDIA TP: INR 150.00 2.8% SBIN IN

State Bank of India SELL. Asset quality horror run to continue maintain SELL. Results Review INDIA TP: INR 150.00 2.8% SBIN IN 11 February 2016 SELL Asset quality horror run to continue maintain SELL SBIN posted a disappointing Q3FY16 with PAT tumbling 61% QoQ to Rs 11.2bn on mounting provisions. Slippages climbed to Rs 206bn

More information

Mangalam Cement Weak volumes marred performance

Mangalam Cement Weak volumes marred performance CMP* (Rs) 206 Market Cap. (Rs bn) 5.5 Free Float (%) 72 Shares O/S (mn) 26.7 Mangalam Cement Weak volumes marred performance Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally

More information

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016 JSW Energy Ltd. Interest expenses dragged the bottom-line JSW Energy Ltd. (JSWEL) reported a mixed set of numbers for Q3 FY16 quarter. The company reported a consolidated total operating income of Rs.

More information

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights 05 FEB 2016 Quarterly Update BUY Target Price: Rs 344 Muted Q3; Brands & Retail story to unfold Arvind s Q3 consolidated revenue at Rs 21.6 bn (Rs 20.7 bn in Q3FY15) was marginally below our estimate of

More information

Pidilite Industries. Source: Company Data; PL Research

Pidilite Industries. Source: Company Data; PL Research Bountiful margin expansion in a tepid demand scenario February 03, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate

More information

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India.

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India. CMP* (Rs) 204 Market Cap. (Rs bn) 20 Free Float (%) 71 Shares O/S (mn) 100 Polaris Virtusa acquires majority in Polaris Virtusa Corp has purchased promoter and Citi s stake in Polaris of 53% for Rs220

More information

Union Bank of India SELL. Impairment ratio high maintain SELL. Results Review INDIA TP: INR 115.00 2.8% UNBK IN

Union Bank of India SELL. Impairment ratio high maintain SELL. Results Review INDIA TP: INR 115.00 2.8% UNBK IN 11 February 2016 SELL Impairment ratio high maintain SELL UNBK reported a dismal Q3FY16 as PAT dropped 74% YoY to Rs 785mn due to a sharp rise in provisions. Fresh impairments stood at Rs 46bn (Rs 32bn

More information

Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months

Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months Gladiator Stocks: Reliance Industries (RELIND) Time Frame: Six months CMP: 1012.00 00 Buying Range: 990.00-1012.00 00 00 Target: 1145.00 Stop loss: 938.00 Upside: 15% Stock Data 52 Week High / Low 1089.75/818

More information

City Union Bank (CITUNI) 87

City Union Bank (CITUNI) 87 Result Update October 3, 215 Rating matrix Rating : Buy Target : 15 Target Period : 12 months Potential Upside : 2% What s Changed? Target Changed from 114 to 15 EPS FY16E Changed from 7.8 to 7.1 EPS FY17E

More information

Shriram Transport Finance

Shriram Transport Finance Strong quarter amidst challenges February 01, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs844 Target Price Rs1,025 Implied

More information

HDFC Bank BUY. Strong, solid, steady. Results Review INDIA TP: INR 1,325.00 27.3% HDFCB IN

HDFC Bank BUY. Strong, solid, steady. Results Review INDIA TP: INR 1,325.00 27.3% HDFCB IN 25 January 2016 BUY Strong, solid, steady HDFCB delivered yet another strong quarter with reported Q3 PAT up 20% YoY to Rs 33.6bn and NII 24% YoY higher, in line with RCMLe. Loan growth was strong at 26%

More information

Simplex Infrastructures

Simplex Infrastructures 2QFY216 Result Update Infrastructure November 17, 215 Simplex Infrastructures Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq) Net

More information

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research Strong margins, improved inflows! January 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,228 Target Price Rs1,353

More information

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH Q3FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH Exide Industries Ltd(EIL) Automobile Ancillaries BSE CODE: 500086 NSE CODE: EXIDEIND Bloomberg CODE: EXID IN SENSEX: 23,759 Accumulate

More information

Axis Bank BUY. More misses than hits. Results Review INDIA TP: INR 750.00 43.7% AXSB IN

Axis Bank BUY. More misses than hits. Results Review INDIA TP: INR 750.00 43.7% AXSB IN 27 October 2015 BUY More misses than hits AXSB s Q2 PAT grew 19% YoY to Rs 19.2bn on lower provisions and wellmanaged operating costs (+7% YoY). NIMs too improved 4bps QoQ to 3.85% on lower cost of funds

More information

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Salzer Electronics Ltd. Steady

More information

Results impacted by subdued demand

Results impacted by subdued demand India Equity Research Agri Input & Chemicals January 25, 2016 Result Update Coromandel International Results impacted by subdued demand Emkay Your success is our success CMP Target Price Rs165 Rs225 (

More information

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins HSIL India Equity Research Others February 3, 2016 Result Update Emkay Your success is our success Revenues traction improves; Retain BUY CMP Target Price Rs271 Rs370 ( ) Rating Upside BUY ( ) 36.6 % Healthy

More information

Tree House Education & Accessories

Tree House Education & Accessories 2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1

More information

Kotak Mahindra Bank. Getting back into action steadily. Source: Company Data; PL Research

Kotak Mahindra Bank. Getting back into action steadily. Source: Company Data; PL Research Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Q2FY16 Result Update Getting back into action steadily October 30, 2015 Nitin Kumar nitinkumar@plindia.com +91-22-66322236 Pritesh Bumb priteshbumb@plindia.com

More information

Bank of Baroda SELL. Leaving legacy issues behind. Results Review INDIA TP: INR 115.00 1.1% BOB IN

Bank of Baroda SELL. Leaving legacy issues behind. Results Review INDIA TP: INR 115.00 1.1% BOB IN 13 February 2016 SELL Leaving legacy issues behind BOB reported a PBT loss of Rs 45bn for Q3FY16 as provisions spiked QoQ. However, tax write-backs of Rs 11bn helped the bank narrow the loss to Rs 33bn.

More information

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research Offer for Sale Note Rating matrix Rating : Subscribe Issue Details Auction Date January 3, 215 Issue Size 22613 crore* No of Shares on offer 63.16 crore * Fresh Issue Nil *Based on floor price, considering

More information

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights The case of missing sales growth Zydus Q3 net sales at Rs1.1 bn was up 3% on a like-to-like basis (Q3 15 had Rs 223 mn additional excise duty credit from prior periods), below our estimate of 6%. The company

More information

Butterfly Gandhimathi (GANAP) 188

Butterfly Gandhimathi (GANAP) 188 Result Update Rating matrix Rating : Buy Target : 240 Target Period : 12 months Potential Upside : 27% What s changed? Target EPS FY16E EPS FY17E Rating Quarterly performance Unchanged Unchanged Unchanged

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015 17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.

More information

Techno Electric & Engineering Limited

Techno Electric & Engineering Limited Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:

More information

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 1,213 Q4 earnings beat but order backlog flat s Q4CY15revenue at Rs24bnwasin line withour expectation of Rs24bn. EBITDA margin improved 290 bps YoYand

More information

SKS Microfinance SELL. Need of the hour create floating provisions. Results Review INDIA TP: INR 345.00 30.7% SKSM IN

SKS Microfinance SELL. Need of the hour create floating provisions. Results Review INDIA TP: INR 345.00 30.7% SKSM IN 27 January 2016 SELL Need of the hour create floating provisions SKSM s Q3FY16 PAT grew 94% YoY to Rs 795mn, in line with RCMLe. Net interest income growth was strong at Rs 1.5bn but came in below RCMLe

More information

Navin Fluorine International

Navin Fluorine International RESULTS REVIEW 2QFY16 29 OCT 2015 Navin Fluorine International INDUSTRY CHEMICALS CMP (as on 29 Oct 2015) Rs 1,579 Target Price Rs 1,800 Nifty 8,112 Sensex 26,838 KEY STOCK DATA Bloomberg NFIL IN No. of

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16 RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader

More information

Higher other income drive the quarter

Higher other income drive the quarter Gujarat State Petronet India Equity Research Oil & Gas February 4, 2016 Result Update Emkay Your success is our success Higher other income drive the quarter CMP Target Price Rs136 Rs163 ( ) Rating Upside

More information

Larsen & Toubro. Source: Company Data; PL Research

Larsen & Toubro. Source: Company Data; PL Research Order inflow surprise, challenges on profitability continues! January 29, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,102

More information

Second Quarter 2015 Trading Update. 28 September 2015

Second Quarter 2015 Trading Update. 28 September 2015 Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank

More information

Jubilant Life Sciences

Jubilant Life Sciences Radiopharma, Niacin continues to drive sales, margins October 30, 2015 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs401 Target Price Rs578 Implied Upside 44.1% Sensex 26,838 Nifty

More information

HOLD. Good quarter but NPA transition a concern SHRIRAM CITY UNION FINANCE. Target Price: Rs 1,550. Key drivers (%) Q4 15 Q1 16 Q2 16 Q3 16

HOLD. Good quarter but NPA transition a concern SHRIRAM CITY UNION FINANCE. Target Price: Rs 1,550. Key drivers (%) Q4 15 Q1 16 Q2 16 Q3 16 2 FEB 2016 Quarterly Update HOLD Target Price: Rs 1,550 Good quarter but NPA transition a concern SCUF s Q3 performance was marginally higher than our expectations with a PAT of Rs 1.7 bn (+22% YoY) driven

More information

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015 News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current

More information

SKS Microfinance SELL. Need of the hour Create floating provisions. Results Review INDIA TP: INR 320.00 28.7% SKSM IN

SKS Microfinance SELL. Need of the hour Create floating provisions. Results Review INDIA TP: INR 320.00 28.7% SKSM IN 19 October 2015 SELL Need of the hour Create floating provisions SKSM s Q2FY16 PAT increased by 37% YoY to Rs 779mn, much higher than our estimates. Net interest income at Rs 1.5bn too was ahead of our

More information

Emirates NBD (ENBD) Strong Buy. Target Price AED10.0. Global Research Investment Update Equity UAE Banking Sector 31 January, 2016

Emirates NBD (ENBD) Strong Buy. Target Price AED10.0. Global Research Investment Update Equity UAE Banking Sector 31 January, 2016 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Global Research Investment Update Equity UAE Banking Sector 31 January, 2016 Market Data Bloomberg Code: Emirates

More information

Va Tech Wabag. Source: Company Data; PL Research

Va Tech Wabag. Source: Company Data; PL Research Weak execution, guidance hints a strong Q4FY16 February 08, 2016 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs577

More information

SREI Infrastructure Ltd.

SREI Infrastructure Ltd. Report Date 22nd Oct, 2010 Company Name SREI Infrastructure Ltd. Price / Recommendation CMP: - `121 Buy (Medium Risk Medium Return) Company Background SREI Infrastructure Finance Ltd started its operations

More information

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015 Result Update Rating matrix Rating : Hold Target : 175 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 185 to 175 EPS FY16E Unchanged from 9.1 to 9.5 EPS FY17E Unchanged

More information

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 252 Q4 lackluster; CY16 holds promise Hexaware s Q4CY15 performance was lower than our estimates. Revenue growth and margin were largely impacted due

More information

Aurobindo Pharma. Source: Company Data; PL Research

Aurobindo Pharma. Source: Company Data; PL Research Earnings in line; Strong guidance for FY17E maintained February 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs691 Target Price Rs943 Implied Upside 36.5% Sensex 23,759 Nifty

More information

ICICI Bank. CMP: INR902 TP: INR1,100 Buy

ICICI Bank. CMP: INR902 TP: INR1,100 Buy BSE SENSEX S&P CNX 17,194 5,199 Bloomberg ICICIBC IN Equity Shares (m) 1,151.8 52-Week Range (Rs) 1,277/762 1,6,12 Rel.Perf.(%) -1/-9/-8 M.Cap. (INR b) 1,072.3 M.Cap. (USD b) 22.0 1 February 2012 3QFY12

More information

Bharti Infratel (BHAINF) 370

Bharti Infratel (BHAINF) 370 Result Update Rating matrix Rating : Buy Target : 500 Target Period : 12 months Potential Upside : 35% What s changed? Target Changed from 530 to 500 EPS FY16E Changed from 12.1 to 12 EPS FY17E Changed

More information

HOLD. Mahindra & Mahindra Fin Secs. Earnings in line but asset quality concerns persist. Results Review INDIA TP: INR 270.00 12.

HOLD. Mahindra & Mahindra Fin Secs. Earnings in line but asset quality concerns persist. Results Review INDIA TP: INR 270.00 12. 21 October 2015 HOLD Earnings in line but asset quality concerns persist MMFS reported a soft Q2 marked by a 28% YoY decline in PAT to Rs 1.6bn, as provisions rose sharply and operating expenses shot up.

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

ICICI Bank. Source: Company Data; PL Research

ICICI Bank. Source: Company Data; PL Research Asset quality worries peaked; guidance gives optimism April 27, 2015 Nitin Kumar nitinkumar@plindia.com +91-22-66322236 Pritesh Bumb priteshbumb@plindia.com +91-22-66322232 Rating BUY Price Rs302 Target

More information

Firstsource Solutions (FIRSOU) 31

Firstsource Solutions (FIRSOU) 31 Result Update Rating matrix Rating : Buy Target : 45 Target Period : 12 months Potential Upside : 45% What s changed? Target EPS FY16E EPS FY17E Rating Unchanged Unchanged Unchanged Unchanged Quarterly

More information

UltraTech Cement Ltd.

UltraTech Cement Ltd. Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 October 31, 212 COMPANY RESULTS REPORT REVIEW UltraTech Cement Ltd. Rich valuation overlooks strong performance

More information

India Equity Research Telecommunications September 2, 2015 Management Meet Update

India Equity Research Telecommunications September 2, 2015 Management Meet Update Bharti Infratel India Equity Research Telecommunications September 2, 2015 Management Meet Update Emkay Your success is our success Data demand to accelerate growth CMP Rs396 Target Price Rs505 ( ) Rating

More information

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead 05 FEB 2016 Quarterly Update BUY Target Price: Rs 160 Operationally in line; other income surprises GSPL s Q3FY16PAT at Rs 1.2bn was higher than our estimate (Rs 1.1bn) due to higher other income at Rs

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015 Result Update Rating matrix Rating : Sell Target : 50 Target Period : 12 months Potential Upside : -11% What s Changed? Target Changed from 60 to 50 EPS FY16E Changed from 4.8 to 1.1 EPS FY17E Changed

More information

PTC India Financial Services (PTCIND) 42

PTC India Financial Services (PTCIND) 42 Result Update Rating matrix Rating : Buy Target : 51 Target Period : 12 months Potential Upside : 25% What s Changed? Target Changed from 55 to 51 EPS FY16E Changed from 7.6 to 6.6 EPS FY17E Changed from

More information

MOSt Market Outlook 1st, July 2016

MOSt Market Outlook 1st, July 2016 Nifty Chart Nifty Outlook Nifty Fut. R1 R2 S1 S2 8326 8345 8380 8300 8160 'Nifty saw a strong recovery from the low of the weekly Spinning Top formation. For the ongoing momentum to sustain, follow up

More information

Andhra Bank NEUTRAL. Performance Highlights CMP. `96 Target Price - 2QFY2013 Result Update Banking. Investment Period -

Andhra Bank NEUTRAL. Performance Highlights CMP. `96 Target Price - 2QFY2013 Result Update Banking. Investment Period - 2QFY2013 Result Update Banking November 16, 2012 Andhra Bank Performance Highlights Particulars (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) NII 894 938 (4.8) 951 (6.0) Preprov. profit 638 704 (9.4)

More information