Brokers bullish on HDFC Bank, Exide & CIL; suggest selling BHEL

Brokers bullish on HDFC Bank, Exide & CIL; suggest selling BHEL
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Brokers bullish on HDFC Bank, Exide & CIL; suggest selling BHEL
  • 
	HDFC Bank

	Brokerage: CLSA

	Rating: Buy

	Target: Rs 640

	Rationale: The bank has seen faster growth in retail loans like gold loans and commercial vehicle credit. However, the segment also poses asset quality risks, agricultural NPL ratio almost doubled to 0.9% of loans. The quality of execution will be critical for asset quality and profitability.

    HDFC Bank Brokerage: CLSA Rating: Buy Target: Rs 640 Rationale: The bank has seen faster growth in retail loans like gold loans and commercial vehicle credit. However, the segment also poses asset quality risks, agricultural NPL ratio almost doubled to 0.9% of loans. The quality of execution will be critical for asset quality and profitability.

  • 
	Exide

	Brokerage: Bank of America Merrill Lynch

	Rating: Buy

	Target: Rs 144

	Rationale: Positive surprise in demand for residential power back-up batteries is compensating for the relatively sluggish recovery in the demand of automotive batteries. 

    Exide Brokerage: Bank of America Merrill Lynch Rating: Buy Target: Rs 144 Rationale: Positive surprise in demand for residential power back-up batteries is compensating for the relatively sluggish recovery in the demand of automotive batteries. 

  • 
	Coal India

	Brokerage: Nomura

	Rating: Buy

	Target: Rs 398

	Rationale: The switch to Gross Calorific Value (GCV) pricing has already led to a 2-3% higher realization and going by management's comments on a price hikes for east and west coalfields, another 1-1.5% rise in blended realization appears likely.

    Coal India Brokerage: Nomura Rating: Buy Target: Rs 398 Rationale: The switch to Gross Calorific Value (GCV) pricing has already led to a 2-3% higher realization and going by management's comments on a price hikes for east and west coalfields, another 1-1.5% rise in blended realization appears likely.

  • 
	BHEL

	Brokerage: Citi

	Rating: Sell

	Target: Rs 205

	Rationale: Business prospects are still not convincing enough and given coal India’s presentation to the government that it cannot assure coal for the required 85% utilization rate, it would be difficult for power companies to place any order for the 13th plan. 

    BHEL Brokerage: Citi Rating: Sell Target: Rs 205 Rationale: Business prospects are still not convincing enough and given coal India’s presentation to the government that it cannot assure coal for the required 85% utilization rate, it would be difficult for power companies to place any order for the 13th plan. 

  • 
	HDFC Bank

	Brokerage: CLSA

	Rating: Buy

	Target: Rs 640

	Rationale: The bank has seen faster growth in retail loans like gold loans and commercial vehicle credit. However, the segment also poses asset quality risks, agricultural NPL ratio almost doubled to 0.9% of loans. The quality of execution will be critical for asset quality and profitability.
  • 
	Exide

	Brokerage: Bank of America Merrill Lynch

	Rating: Buy

	Target: Rs 144

	Rationale: Positive surprise in demand for residential power back-up batteries is compensating for the relatively sluggish recovery in the demand of automotive batteries. 
  • 
	Coal India

	Brokerage: Nomura

	Rating: Buy

	Target: Rs 398

	Rationale: The switch to Gross Calorific Value (GCV) pricing has already led to a 2-3% higher realization and going by management's comments on a price hikes for east and west coalfields, another 1-1.5% rise in blended realization appears likely.
  • 
	BHEL

	Brokerage: Citi

	Rating: Sell

	Target: Rs 205

	Rationale: Business prospects are still not convincing enough and given coal India’s presentation to the government that it cannot assure coal for the required 85% utilization rate, it would be difficult for power companies to place any order for the 13th plan. 

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