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

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

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

Transcription

1 Strong core performance January 17, 2011 Abhijit Majumder Umang Shah Rating BUY Price Rs1,230 Target Price Rs1,600 Implied Upside 30.1% Sensex 18,882 (Prices as on January 17, 2011) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 37.35% Foreign 36.56% Domestic Inst. 5.32% Public & Other 20.77% Stock Performance (%) 1M 6M 12M Absolute (6.1) (9.4) 14.1 Relative (1.1) (14.5) 6.6 Price Performance (RIC: AXBK.BO, BB: AXSB IN) Healthy core operating performance, margins improve sequentially: Axis Bank reported Q3FY11 PAT of Rs8.9bn, up by 35.9% YoY and 21.3% QoQ, ahead of our as well as street estimates of ~Rs8.3bn. Net Interest Income (NII) for the quarter grew by 28.5% YoY and 7.3% QoQ, attributable to 13bps QoQ improvement in reported NIM to 3.81%, coupled with strong 45.7% YoY and 11.7% QoQ advances growth. Recent PLR and base rate hikes, coupled with impressive over 9.0% QoQ increase in the average daily CASA balances (despite rising term deposit rates), led to sequential improvement in margins. However, margins are likely to contract as the fuller impact of deposit rate hike will be felt in the coming quarters. Advances growth was mainly driven by strong growth in the large and mid corporate segment (69.5% YoY and 10.7% QoQ). Among retail loans, personal loans increased by 140% QoQ on account of certain one off loans to the tune of Rs25.0bn pertaining to specific housing loan scheme applications. These loans are short term and are likely to get re paid by Q1FY12. Healthy CASA accretion continues, core fee income growth steady: Deposits grew strongly by 36.9% YoY, but declined marginally by 0.7% QoQ, while CASA deposits grew by 27.0% YoY and 1.1% QoQ, resulting into ~70bps QoQ improvement in CASA ratio to 42.3%. Importantly on an average daily basis, total deposits grew by 3.2% QoQ, while the CASA deposits grew impressively by over 9%. Overall non interest income grew by 21% YoY and 14% QoQ despite sharp decline in income from capital markets, while the core fee income grew by healthy 20% YoY. Asset quality stable; slippages decline: Notably, slippages during the quarter reduced to Rs3.3bn (1.6% annualized) v/s Rs4.5bn (2.2% annualized) in Q2FY11. Gross NPAs, in absolute terms, increased by 8.8% QoQ as the bank did not make aggressive write offs during the quarter. Provision coverage improved to 74% Key financials revise our ( Y/e FY13 March) NII and PAT estimates 2010 upwards by 2011E 2.9% and 3.8% 2012E respectively. 2013E Net interest We maintain income our (Rs m) BUY rating and the 50,045 target price on 66,239 the stock. 82, ,684 Growth (%) Operating profit (Rs m) 52,405 63,090 76, ,245 PAT (Rs m) 25,145 32,902 41,115 55,901 EPS (Rs) Growth (%) Net DPS (Rs) Q3FY11 Result Update (Rs) 1,800 1,600 1,400 1,200 1, Jan 10 Mar 10 May 10 Jul 10 Sep 10 Nov 10 Jan 11 Source: Company Data; PL Research Profitability & Valuation E 2012E 2013E NIM (%) RoAE (%) RoAA (%) P / BV (x) P / ABV (x) PE (x) Net dividend yield (%) Source: Bloomberg Source: Company Data; PL Research Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report

2 from 70% in Q2FY11, while provision cover, including technical write offs, stood comfortable at 82.7%. The bank restructured Rs1.6bn worth loans during the quarter, of which Rs1.1bn pertains to a CDR account. Cumulative restructured assets now stand at Rs21.2bn, 1.7% of net advances. Valuation & Outlook: Axis Bank has delivered healthy core operating performance. Margin pressures are likely to persist, which is in line with the industry trend. However, we believe that improving asset quality trends should result in lower credit costs and the healthy growth momentum is likely to be maintained. We have revised our earnings estimates upwards by 1.6% to factor in lower credit costs. We are also factoring in 10% equity dilution in FY13 as we believe the bank would require capital to fund its future growth. We thereby revise our FY13 NII and PAT estimates upwards by 2.9% and 3.8% respectively. We maintain our BUY rating and the target price on the stock. January 17,

3 Q3FY11 Result Overview (Rs m) Y/e March Q3FY11 Q3FY10 YoY gr. (%) Q2FY11 9MFY11 9MFY10 YoY gr. (%) Interest Income 38,383 28, , ,882 86, Interest Expense 21,052 15, ,092 59,262 51, Net Interest Income 17,331 13, ,151 48,620 35, Non Interest Income 11,477 9, ,332 31,817 30, Treasury Income 1,347 1,696 (20.6) 1,080 4,385 7,197 (39.1) CEB 9,677 7, ,490 25,597 21, Net total Income 28,808 23, ,483 65,300 52, Operating Expenses 12,224 9, ,620 34,488 26, Employee 3,962 3, ,053 12,179 9, Other operating expenses 8,262 6, ,567 22,310 17, Operating profit 16,585 13, ,864 45,949 38, Provisions 3,139 3,731 (15.9) 3,788 10,256 11,873 (13.6) Profit before tax 13,446 10, ,076 20,555 13, Tax 4,532 3, ,725 12,009 9, Net Profit after tax 8,914 6, ,351 23,684 17, Asset Quality Gross NPA's 14,829 11, ,624 14,829 11, % Gross NPA's Net NPA's 3,855 4,296 (10.2) 4,094 3,855 4,296 (10.2) % Net NPA's Provision Coverage Capital Adequacy (%) CAR Tier Yield Measurement ratios (%) NIM reported NIM calculated Balance Sheet Items Deposits 1,558,106 1,138, ,568,871 1,558,106 1,138, CASA 659, , , , , CASA (%) Advances 1,235, , ,105,928 1,235, , Investments 596, , , , , Total Assets 2,067,058 1,504, ,998,331 2,067,058 1,504, January 17,

4 Trend in margin and cost of funds 4.5 Reported NIM (%) (LHS) Cost of funds (%) (RHS) Reported NIM for the quarter improved by 13bps QoQ to 3.81%. This could be partially attributed to the increase in PLR/base rate effected by the bank during the quarter which resulted in increase in the overall yields due to asset re pricing (as 85% of the asset book is floating in nature) Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Trend in deposit mobilisation On the liability front, despite a sharp increase in the term deposit rates, CASA deposits grew by 27.0% YoY and 1.1% QoQ. Notably, the average daily CASA deposits grew impressively by over 9% QoQ, thereby, restricting the adverse impact of rising cost of funds. (Rs bn) 1,800 1,600 1,400 1,200 1, Term deposits CASA deposit growth % (RHS) CASA deposits Term deposit growth % (RHS) Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY % 40.0% 30.0% 20.0% 10.0% 0.0% 10.0% Strong traction in asset growth continued, as advances grew by 45.7% YoY and 11.7% QoQ, driven by robust growth in corporate advances (up 53.1% YoY and 8.8% QoQ). Besides corporate loans, retail and agri loans, too, grew at a healthy pace by 33.0% and 24.0% YoY, respectively. Retail loans include one time retail home loans to the tune of Rs25bn pertaining to certain application for home loan schemes. These loans are expected to run off the book in the short term. Trend in advances strong traction in corporate and agri loans (Rs bn) 1,400 1,200 1, Agricultural advances Retail Advances Corporate Advances % (RHS) Corporate Advances Retail Advances % (RHS) Agricultural advances % (RHS) Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY % 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% January 17,

5 Trend in asset quality Asset quality remained healthy, with Increase in GNPA Increase in NNPA slippages trending downwards. Fresh slippages during the quarter stood at Rs3.3bn v/s Rs4.5bn in Q2FY11. However, due to lower write offs, gross NPAs increased by 8.8% QoQ. Cumulative restructured assets stood reduced Rs21.2bn (1.7% of net outstanding loans). (Rs bn) GNPA % (RHS) NNPA % (RHS) Provision cover improved to 74% v/s 70% in Q2FY11, while including technical writtenoff accounts, it stood high 82.7%. 0.5 Q3FY09 Q4FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY Core Fee Income details (Rs m) Particulars Q3FY11 Q3FY10 YoY gr. (%) Q2FY11 QoQ gr. (%) Corporate Banking + Agri & SME Banking 4,100 3, , Business Banking 950 1,000 (5.0) Capital Markets (6.3) 160 (6.3) Retail Banking 2,850 2, , Total core fee income 8,050 6, , January 17,

6 Income Statement (Rs m) Int. Earned from Adv. 79, , , ,647 Int. Earned from Invt. 34,283 44,458 56,980 72,878 Others 2,231 3,722 6,469 7,496 Total Interest Income 116, , , ,022 Interest expense 66,335 91, , ,338 NII 50,045 66,239 82, ,684 Growth (%) Treasury Income 7,140 5,500 5,500 5,000 NTNII 32,317 37,697 46,756 57,348 Non Interest Income 39,458 43,197 52,256 62,348 Total Income 155, , , ,370 Growth (%) Operating Expense 37,097 46,345 57,798 72,787 Operating Profit 52,405 63,090 76, ,245 Growth (%) NPA Provisions 13,570 12,770 12,954 15,096 Investment Provisions (222) (653) Total Provisions 13,892 13,983 15,101 16,811 PBT 38,514 49,107 61,366 83,434 Tax Provisions 13,368 16,205 20,251 27,533 Effective Tax Rate (%) PAT 25,145 32,902 41,115 55,901 Growth (%) Balance Sheet (Rs m) Par Value No. of equity shares Equity 4,052 4,052 4,052 4,452 Networth 160, , , ,750 Adj. Networth 156, , , ,918 Deposits 1,413,002 1,808,643 2,260,804 2,826,004 Growth (%) Low Cost deposits 660, , ,321 1,158,662 % of total deposits Total Liabilities 1,806,477 2,270,726 2,801,727 3,550,859 Net Advances 1,043,431 1,328,591 1,640,186 2,103,291 Growth (%) Investments 559, , ,497 1,045,622 Total Assets 1,806,479 2,270,726 2,801,727 3,550,859. Axis Bank Quarterly Financials (Rs m) Y/e March Q4FY10 Q1FY11 Q2FY11 Q3FY11 Interest Income 29,885 33,256 36,243 38,383 Interest Expense 15,284 18,118 20,092 21,052 Net Interest Income 14,601 15,138 16,151 17,331 Non Interest Income 9,335 10,008 10,332 11,477 CEB 7,796 7,431 8,490 9,677 Treasury 1,027 1,957 1,080 1,347 Net Total Income 23,936 25,146 26,483 28,808 Operating Expenses 10,098 10,645 11,620 12,224 Employee Expenses 3,338 4,164 4,053 3,962 Other Expenses 6,761 6,481 7,567 8,262 Operating Profit 13,838 14,501 14,864 16,585 Core Operating Profit 12,811 12,543 13,784 15,238 Provisions 2,019 3,330 3,788 3,139 Loan loss provisions 1,760 3,040 3,210 2,330 Investment Depreciation 200 (146) Profit before tax 11,819 11,171 11,076 13,446 Tax 4,171 3,752 3,725 4,532 PAT before EO 7,649 7,419 7,351 8,914 Extraordinary item PAT 7,649 7,419 7,351 8,914 Key Ratios CMP (Rs) 1,230 1,230 1,230 1,230 Equity Shrs. Os. (m) Market Cap (Rs m) 498, , , ,559 M/Cap to AUM (%) EPS (Rs) Book Value (Rs) Adj. BV (75%) (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Profitability (%) NIM RoAA RoAE Efficiency Cost Income Ratio (%) C D Ratio (%) Business per Emp. (Rs m) Profit per Emp. (Rs m) Business per Branch (Rs m) 2,373 2,490 2,627 2,883 Profit per Branch (Rs m) Asset Quality Gross NPAs (Rs m) 13,180 15,403 20,683 23,329 Net NPAs (Rs m) 4,190 4,621 6,205 5,832 Gr. NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) January 17,

7 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 55.3% 28.8% 13.6% 2.3% Buy Accumulate Reduce Sell PL s Recommendation Nomenclature BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. For Clients / Recipients in United States of America: All materials are furnished courtesy of Direct Access Partners LLC ("DAP") and produced by Prabhudas Lilladher Pvt. Ltd. ("PLI"). This material is for informational purposes only and provided to Qualified and Accredited Investors. You are under no obligation to DAP or PLI for the information provided herein unless agreed to by all of the parties. Additionally, you are prohibited from using the information for any reason or purpose outside its intended use. Any questions should be directed to Gerard Visci at DAP at January 17,

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

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

On the right track. Source: Company Data; PL Research

On the right track. Source: Company Data; PL Research On the right track December 09, 2013 Balwindar Singh balwindarsingh@plindia.com +912266322239 Rating BUY Price Rs170 Target Price Rs210 Implied Upside 23.5% Sensex 20,997 Nifty 6,260 (Prices as on December

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

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

MBL Infrastructures. Focus on profitable growth! Source: Company Data; PL Research

MBL Infrastructures. Focus on profitable growth! Source: Company Data; PL Research Focus on profitable growth! November 21, 2014 Kunal Sheth kunalsheth@plindia.com +912266322257 Samir Bendre samirbendre@plindia.com +912266322256 Rating Not Rated Price Rs380 Target Price NA Implied Upside

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research Weak execution, but strong order outlook February 09, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs299 Target Price Rs340

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

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

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

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

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

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

Indian Overseas Bank ACCUMULATE. Performance Highlights. CMP Target Price `73 `84. 1QFY2013 Result Update Banking

Indian Overseas Bank ACCUMULATE. Performance Highlights. CMP Target Price `73 `84. 1QFY2013 Result Update Banking 1QFY2013 Result Update Banking August 1, 2012 Indian Overseas Bank Performance Highlights Particulars (` cr) 1QFY13 1QFY13 % chg (qoq) 1QFY12 % chg (yoy) NII 1,328 1,341 (0.9) 1,188 11.8 Preprov. profit

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

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website or other ICRA rating publications

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website  or other ICRA rating publications ICICI Bank Limited Rating of [ICRA] AAA (pronounced ICRA triple A) with stable outlook has been assigned to the fresh Rs. 4000 crore Unsecured Redeemble Bonds of ICICI Bank Limited (IBL). ICRA has also

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

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED.

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED. Result Update Rating matrix Rating : Hold Target : 727 Target Period : 12-15 months Potential Upside : 6% Key Financials ( Crore) FY1 FY11E FY12E FY13E Revenues 122359.9 151625.2 186429.1 183147.7 EBITDA

More information

BUY Target Price: Rs 1,400

BUY Target Price: Rs 1,400 Consistent; gaining ground faster HDFC Bank (HDFCB) reported an in-line Q4FY16, with PAT of Rs 33.7bn (up 20% YoY) driven by robust 24% YoY growth in NII. Hallmark of earnings was 27% YoYgrowth in advances

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

Topline declines despite considerable improvement in Copper prices. Improvement in margins drive profit growth

Topline declines despite considerable improvement in Copper prices. Improvement in margins drive profit growth 13th Oct 2009/Q3 FY09 Value Indicators Sector Industry CMP (RO) 1.600 Face Value (RO) 0.100 Shares O/S (Mn) 89.7 Market Cap (RO 000 s) 143,520 EPS (Ann) 0.051 BV (Latest) 0.434 P/E Ann 31.4 PBV Latest

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

Dr. Reddy's Laboratories

Dr. Reddy's Laboratories Result in line; Tepid guidance for Q4FY16 on weak EM, currency February 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,960 Target Price Rs3,083 Implied Upside 4.2%

More information

Analyst Briefing First Half 2008 Results

Analyst Briefing First Half 2008 Results Analyst Briefing First Half 2008 Results Jakarta, 17 July 2008 Agenda First Half 2008 Performance Financial Results Asset Quality Business Update Appendix Slide 2 Highlights of First Half 2008 Results

More information

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38.

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38. 3QFY216 Result Update Oil & Gas Reliance Industries ACCUMULATE Performance highlights CMP Target Price Consolidated (Rs cr) 3QFY16 3QFY15 yoy (%) 2QFY16 qoq% Net revenue 68,261 93,528 (27.) 7,91 (3.7)

More information

Banking. July 25, 2014

Banking. July 25, 2014 July 25, 2014 Banking BANKING SECTOR PERFORMANCE STUDY FY14 Our study covers 39 banks 26 Public Sector Banks & 13 Private Sector Banks. Foreword The in the Indian economy continued to be moderate in FY14

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

Bata India Ltd. (BIL)

Bata India Ltd. (BIL) Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Q2FY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Bata India Ltd. (BIL) Cloudy quarter sunshine ahead;

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

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

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

ISBANK EARNINGS PRESENTATION 2016 Q1

ISBANK EARNINGS PRESENTATION 2016 Q1 ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still

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

Sun Pharmaceutical Industries

Sun Pharmaceutical Industries 2QFY15 Result Update Institutional Equities Sun Pharmaceutical Industries Reuters: SUN.BO; Bloomberg: SUNP IN 14 November 2014 In-line Earnings Despite Strong Taro Performance Despite strong numbers posted

More information

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 4Q14 Update Recommendation: BUY Target NOK 69 6 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

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

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

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA ICICI Bank Limited Rating History Amount Outstanding (Rs. crore) as on September 30, 2010 Maturity Date Rating Outstanding Previous Ratings Dec 2010 May 2010 Dec 2009 Rs 1000 crore Unsecured Redeemable

More information

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747)

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747) (CMP/TP: `732/1,006) (Buying Range: `732 to `747) Core business margins to stabilise: RIL reported robust refining margins of US$10.2/bbl in 1HFY2012. However, during 3QFY2012, Singapore gross refining

More information

CMP: INR1,144 TP: INR1,400 Buy

CMP: INR1,144 TP: INR1,400 Buy BSE Sensex S&P CNX 19,287 5,871 Bloomberg ICICIBC IN Equity Shares (m) 1,152.8 M.Cap. (INR b)/(usd b) 1,319/24 52-Week Range (INR) 1,231/767 1,6,12 Rel.Perf.(%) 9/3/23 Financials & Valuation (INR b) Y/E

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

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

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

Merger of ING Vysya Bank with Kotak Mahindra Bank

Merger of ING Vysya Bank with Kotak Mahindra Bank Merger of ING Vysya Bank with Mahindra Bank Significant Complementarity and Growth Potential Benefits To All Stakeholders November 20, 2014 The Transaction The Board of Directors of ING Vysya and have

More information

2016 First Quarter Results Presentation to Investors & Analysts. April 2016

2016 First Quarter Results Presentation to Investors & Analysts. April 2016 2016 First Quarter Results Presentation to Investors & Analysts April 2016 Disclaimer The information presented herein is based on sources which Access Bank Plc. (the Bank ) regards dependable. This presentation

More information

YES BANK announces Q1FY11 Financial Results

YES BANK announces Q1FY11 Financial Results Press Release YES BANK announces Q1FY11 Financial Results Net Profit of Rs. 156.4 crore in Q1FY11; highest ever since inception (56.3% y-o-y) Loan growth of 107.2% y-o-y, Deposit growth of 97.1% y-o-y

More information

Aditya Birla Money Limited

Aditya Birla Money Limited May-14 Jul-14 Aug-14 Oct-14 Dec-14 Jan-15 Mar-15 May-15 Relative Performance Result Update Consumer Goods 27 May 15 Result Analysis Voltas Ltd Good show continues Muted top-line growth; UCP continues to

More information

Company Overview. Industry Overview. Financial Performance

Company Overview. Industry 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 Trident Limited CMP: 52.70 January 13, 2016 Stock Details BSE code 521064 BSE ID TRIDENT Face value ( ) 10 No of shares

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

KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES

KINDLY REFER TO THE LAST PAGE OF THIS PUBLICATION FOR IMPORTANT DISCLOSURES 25 July 2014 2QFY14 Results Review Public Bank ROE likely to continue to trend lower moving forward INVESTMENT HIGHLIGHTS Modest growth in net income in 1HFY14 of 3.5%yoy. Group loan growth decent at 9.9%

More information

Highlights Business Cross Section Domestic CASA Domestic Advances Retail Credit Components. 9 Months. Key Parameters Quarterly

Highlights Business Cross Section Domestic CASA Domestic Advances Retail Credit Components. 9 Months. Key Parameters Quarterly Sl. No. Areas of Presentation Slide No Sl. No. Areas of Presentation Slide No 13 Financial 9 Months 14 Key Parameters Quarterly 24 15 Capital Adequacy (Basel III) 25 9 16 Earnings Per share, Book Value

More information

Highlights of Bank s Performance during QE Sep'2015

Highlights of Bank s Performance during QE Sep'2015 2 The macro picture the economic outlook is far from stable with the expansion in factory output growth slowing down yet again in September and the Consumer Price Index rising for the third straight month

More information

Merger of ING Vysya Bank with Kotak Mahindra Bank

Merger of ING Vysya Bank with Kotak Mahindra Bank Merger of ING Vysya Bank with Kotak Mahindra Bank Significant Complementarity and Growth Potential Benefits To All Stakeholders 20 November 2014 The Transaction The Board of Directors of ING Vysya and

More information

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022 BUY CMP 226.50 Target Price 260.00 KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code 519602

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

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

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

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

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Preview Recommendation: BUY Target NOK 62 3 July 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

Adani Power Ltd. August 10 th, 2015 CMP (`) 28. Key Developments

Adani Power Ltd. August 10 th, 2015 CMP (`) 28. Key Developments Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 s. Adani Power Ltd.. August 10 th, 2015 BSE Code: 533096 NSE Code: ADANIPOWER Reuters Code: ADAN.NS Bloomberg Code: ADANI:IN

More information

KOTAK MAHINDRA BANK LIMITED

KOTAK MAHINDRA BANK LIMITED KOTAK MAHINDRA BANK LIMITED Earnings Update Q1 FY06 Unaudited Results July 26, 2005 The Board of Directors of Kotak Mahindra Bank Limited at their meeting held on July 26, 2005, took on record the unaudited

More information

MALAYSIA AIRPORTS HOLD. Returns to the black in 3Q. Company report. (Maintained) INFRASTRUCTURE

MALAYSIA AIRPORTS HOLD. Returns to the black in 3Q. Company report. (Maintained) INFRASTRUCTURE INFRASTRUCTURE MALAYSIA AIRPORTS (MAHB MK EQUITY, MAHB.KL) 28 Oct 2015 Returns to the black in 3Q Company report Thomas Soon soon-guan-chuan@ambankgroup.com 03-2036 2300 Rationale for report: Company result

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

Muthoot finance ltd. (mfl) IPO note

Muthoot finance ltd. (mfl) IPO note Muthoot finance ltd. (mfl) IPO note Issue Details Issue Date April 18, 2011 April 21, 2011 Issue Size Rs. 8.24-9.01bn Price Band Rs. 160-175 FV Rs.10 Fresh issue 51.5 mn equity shares QIB 50% Non Institutional/HNIs

More information

Hai-O. Company Update. Back to a Buy BUY. MALAYSIA EQUITY Investment Research Daily News

Hai-O. Company Update. Back to a Buy BUY. MALAYSIA EQUITY Investment Research Daily News PP10551/10/2010(025682) 08 April 2010 Eing Kar Mei +60 (3) 9207 7620 karmei.eing@my.oskgroup.com Company Update Hai-O Back to a Buy MALAYSIA EQUITY Investment Research Daily News BUY Target Previous Price

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

Q3FY16 FINANCIALS JANUARY 30, 2016

Q3FY16 FINANCIALS JANUARY 30, 2016 Q3FY16 FINANCIALS JANUARY 30, 2016 INDEX 1. Key Highlights (IDFC Consol) 4 2. Entity wise P&L 5 3. Key Highlights - IDFC Bank 6 4. Business Highlights - IDFC IDF 8 5. Business Highlights IDFC AMC 9 6.

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

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16 BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High

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

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

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD Index Details SWARAJ ENGINES LTD Result Update (PARENT BASIS): Q4 FY16 Stock Data Sector Auto Parts & Equipment BSE Code 500407 Face Value 10.00 52wk. High / Low (Rs.) 1207.90/762.00 Volume (2wk. Avg.)

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

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

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Update Recommendation: BUY Target NOK 62 13 August 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

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

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

MODULE 2. Business Analysis

MODULE 2. Business Analysis MODULE 2 Business Analysis Types Of Business Analysis Comparative Statements Ratio Analysis Break Even Analysis Comparative Statements Comparative statements present the accounts of two or more consecutive

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products

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

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

ICRA rates India s first Basel III compliant Tier I Bond programme

ICRA rates India s first Basel III compliant Tier I Bond programme FOR IMMEDIATE RELEASE December 30, 2013 ICRA rates India s first Basel III compliant Tier I Bond programme ICRA has assigned a rating of [ICRA]A(hyb) 1 with stable outlook to the Basel III compliant Rs

More information