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How to play OnMobile, Apollo Tyres, Havells India, PFC, Coal India
  • 
	OnMobile Global

	Brokerage: Morgan Stanley

	Rating: Overweight

	Target: Rs 58

	Rationale: The company will acquire the business assets and liabilities of US based livewire mobile. However, the acquisition would significantly lower its net cash position. Achieving the revenue and EBITDA targets from this acquisition would be key, to making the deal positive for the company.  

    OnMobile Global Brokerage: Morgan Stanley Rating: Overweight Target: Rs 58 Rationale: The company will acquire the business assets and liabilities of US based livewire mobile. However, the acquisition would significantly lower its net cash position. Achieving the revenue and EBITDA targets from this acquisition would be key, to making the deal positive for the company.  

  • 
	Apollo Tyres

	Brokerage: Daiwa

	Rating: Outperform

	Target: Rs 112.50

	Rationale: The pain of the domestic economic slowdown and Apollo's loss-making south african operations is nearing an end. 

    Apollo Tyres Brokerage: Daiwa Rating: Outperform Target: Rs 112.50 Rationale: The pain of the domestic economic slowdown and Apollo's loss-making south african operations is nearing an end. 

  • 
	Havells India

	Brokerage: Barclays

	Rating: Overweight

	Target: Rs 810

	Rationale: Strong cash flow gives room to increased dividend payout in future years and should help expand multiples. 

    Havells India Brokerage: Barclays Rating: Overweight Target: Rs 810 Rationale: Strong cash flow gives room to increased dividend payout in future years and should help expand multiples. 

  • 
	PFC

	Brokerage: Goldman Sachs

	Rating: Buy

	Target: Rs 235

	Rationale: While infra loans may get restructured, the probability of them being written off appears limited 

    PFC Brokerage: Goldman Sachs Rating: Buy Target: Rs 235 Rationale: While infra loans may get restructured, the probability of them being written off appears limited 

  • 
	Coal India

	Brokerage: Kotak Institutional Equities

	Rating: Buy

	Target: Rs 410

	Rationale: Coal India has announced a price increase (4-5%) effective from June 2013, implying that revenue growth in FY2014E would be more balanced (3% volumes, 4% prices) unlike FY2013 that was dominated by volume growth (8% yoy). Financial performance and reasonable valuations (5X EV/EBITDA) notwithstanding, unresolved business issues around incremental coal supplies and an impending stake sale have so far kept stock performance under check that may be catalyzed by the revision in coal prices.  

    Coal India Brokerage: Kotak Institutional Equities Rating: Buy Target: Rs 410 Rationale: Coal India has announced a price increase (4-5%) effective from June 2013, implying that revenue growth in FY2014E would be more balanced (3% volumes, 4% prices) unlike FY2013 that was dominated by volume growth (8% yoy). Financial performance and reasonable valuations (5X EV/EBITDA) notwithstanding, unresolved business issues around incremental coal supplies and an impending stake sale have so far kept stock performance under check that may be catalyzed by the revision in coal prices.  

  • 
	OnMobile Global

	Brokerage: Morgan Stanley

	Rating: Overweight

	Target: Rs 58

	Rationale: The company will acquire the business assets and liabilities of US based livewire mobile. However, the acquisition would significantly lower its net cash position. Achieving the revenue and EBITDA targets from this acquisition would be key, to making the deal positive for the company.  
  • 
	Apollo Tyres

	Brokerage: Daiwa

	Rating: Outperform

	Target: Rs 112.50

	Rationale: The pain of the domestic economic slowdown and Apollo's loss-making south african operations is nearing an end. 
  • 
	Havells India

	Brokerage: Barclays

	Rating: Overweight

	Target: Rs 810

	Rationale: Strong cash flow gives room to increased dividend payout in future years and should help expand multiples. 
  • 
	PFC

	Brokerage: Goldman Sachs

	Rating: Buy

	Target: Rs 235

	Rationale: While infra loans may get restructured, the probability of them being written off appears limited 
  • 
	Coal India

	Brokerage: Kotak Institutional Equities

	Rating: Buy

	Target: Rs 410

	Rationale: Coal India has announced a price increase (4-5%) effective from June 2013, implying that revenue growth in FY2014E would be more balanced (3% volumes, 4% prices) unlike FY2013 that was dominated by volume growth (8% yoy). Financial performance and reasonable valuations (5X EV/EBITDA) notwithstanding, unresolved business issues around incremental coal supplies and an impending stake sale have so far kept stock performance under check that may be catalyzed by the revision in coal prices.  

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