Brokerage Radar: Dish TV faces target cut by CLSA, Jefferies says 'Hold' Concord Bio

Stock Market Trend

Check the brokerage calls and comments on the stocks in action. Today we cover Dish TV, Hindalco, AB Fashions among others following their Q4 results.

CLSA India Strategy
Identify 54 Cos Which Are Perceived As Direct Beneficiaries Of Current Govt’s Policies
Half Of Companies Which Will Be Direct Beneficiaries Of Current Govt’s Policies Are PSUs
90% Of Govt Stocks Have Beaten Nifty In Election-focused Rally Over Past Six Months
Govt Stocks Rally May Continue To Be The Case Of A Strong Election Result
L&T, NTPC, NHPC, PFC, ONGC, IGL, Mahnagar Gas Are Preferred Govt Stocks For Our Analysts
Bharti Airtel, Indus Towers And Reliance Are The Preferred Govt Stocks For Our Analysts
The Narrow Election Theme Based Rally May End In June-July
See Banks As Best Risk-reward In India Growth Play In H2FY24
Of Non-PSU Govt Stocks, Our Analysts Like Ashok Leyland, UltraTech, L&T
Outside Govt Stocks, Like Banks For Its Growth Like Banks Including HDFC, ICICI, Axis & IndusInd
Clear Pushback On Rate Cut Expectations Has Allowed Banks In US To Outperform YTD
Indian Private Banks Have Been Laggards
Our Analysts Also Like Bajaj Finance, Max Financials, Zomato & DMart
Few Weeks After The Election, Investors Will Be Confronted With A Reality Check
Many Of The Stocks May Start Baking-in & It Will Be Realised Only In A Gradual Manner
Similar Situation With Stocks Happened Following The Last Two Elections When PSUs Topped-out
Expect PSU Stocks To Rise In June Or July, Before Budget In July

CLSA On Hindalco
Buy Call, Target `770/Sh
Novelis Announced The Price Band For Its IPO Of 45 m Shares $18-21/Share
Price Band Implies Novelis’ Mkt Cap Of $10.8-12.6 Bn & Proceeds Of $810-945 m For Hindalco
The Market Cap & Proceeds For Hindalco Indicates A Valuation Of 7.7x–8.6x For Novelis
We Value Novelis At 6.5x FY26 EV/EBITDA In Hindalco’s SOTP
Key Debates Around The Deal Are Likely To Be On Valuation Of Hindalco’s Stake In Novelis
Key Debates Around The Deal Will Be Its SOTP & Use Of The Proceeds From IPO

CLSA On Dish TV
Downgrade To Underperform, Target Cut To `17/Sh From `24/Sh
FY24 Revenue Fell 18% YoY To `1,860 Cr, 5% Below Estimate
To Limit Subscribers’ Churn Co Launched ‘Dish TV Smart+’
Dish TV Smart+ Gives Choice Of Six OTTs From Available Apps On Every Recharge Of DTH
Dish TV Turned Debt Free In FY24 From A Peak Of `3,150 Cr In FY18
Cut FY25/26 Revenue And EBITDA By 3-10%
Co’s Challenge Is Low Promoter Ownership In The Aftermath Of The Pledging Crisis

MS On AB Fashion
Underweight Call, Target `200/Sh
Q4 Earnings Ahead Of Estimates, On Better-than-expected EBITDA Margin
In Weak Demand Environment, Management Focussed On Improving Profitability
Management Focussed On Rationalising Retail Network & Scaling New Businesses
Co Met Its Stated FY24 Net Debt Target

Jefferies On Concord Bio
Hold Call, Target `1,410/Sh
Q4 In-line With Formulations Division Driving Growth
API Sales In FY24 Was Impacted Due To A Few Customers Shifting Their Bases
API Sale Is Expected To Pick-up In FY25
Injectable Facility Commissioning Has Been Delayed By Couple Of Quarter
Injectable Facility Will Be Online In Q3FY25 & Could Impact Margin In The Year
FY24 Saw 2 New API Launches And Mgmt Expect Similar Run Rate In Coming Years

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