Brokerage Radar: HDFC Life's Q3 sparks optimistic calls, CLSA hikes target price on Zomato, Emkay upgrades Paytm

HSBC On HDFC Life
Buy Call, Target At `750/Sh
Sequential Margin Improvement Was Higher Than Expected In Q3
Focus On New Customer Acquisition And Deepening Distribution Should Aid Growth
Margin Has Bottomed Out As Incremental Mix Change On Low Margin Linked Pdts Would Slow Down
Margin Has Bottomed Out As Sales Of Credit Protection Improve
Margin Would Improve In A Rate-Cut Cycle As They Are Negatively Correlated

Jefferies On HDFC Life
Buy Call, Target At `750/Sh
Q3 Results Were Better Than Expected
Despite Softer Premium Growth, VNB Was Aided By Better Product Mix
Clarity On Banca Norms Is Limited And This Will Be Key For Visibility Of Growth & Rerating

CLSA On HDFC Life
Outperform Call, Target Cut To `690/Sh
Financial Performance Healthy, But Weak Sentiment Could Persist
No Communication On Banca Mix Capping, Only On Tightening Processes
Growth Slowdown In Q3
Good Financial Performance, Chaotic Regulatory Landscape

HSBC On Agro Inputs
2025 Chemicals Industry Outlook Is Subdued
There Are Pockets Of Opportunities In Certain Segments
Expect Challenges To Persist In 2025, But US Mkt May Be The Bright Spot As Demand Has Improved
Reiterate Buy On UPL & Hold On PI Industries

CLSA On Zomato
Outperform Call, Target Raised To `400/Sh
Adding To High Conviction List
Recent Stock Correction Offers An Opportunity To Gather Quick Comm & Food Delivery Mkt Leader
Entire Quick Comm Profit Pool Is Set To Expand Rapidly Over Next Three Years
Quick Comm Profit Pool Is Set To Build 51% Revenue CAGR & 502% EBITDA CAGR In FY24-27
Expect Q3 Quick Commerce Margin To Be Softer
Softer Margin Will Largely Be A Function Of Faster Expansion

Bernstein On Internet Cos
Outperform Call On Zomato, Target At `315/Sh
Outperform Call On Swiggy, Target At `635/Sh
Outperform Call On Info Edge, Target At `8,630/Sh
Market Perform Call On Nykaa
2024 Was A Robust Year For India’s Internet Stock Performance Delivering 50%+ Sector Returns
Continue To Expect Strong Performance In 2025 With Quick Commerce Most Preferred Sub Sector
Prefer Scaled Platforms (Zomato, Swiggy In QC) & Profitable Leaders (Info Edge In Classifieds)
Expect Further Profitability Improvement In Zomato’s Food Delivery Segment
Zomato To See Strong Topline Growth Driven By Quick Commerce
Swiggy Well Positioned In Market & Will Expect To Benefit From Multiple Growth Drivers
Info Edge Benefits IT Hiring Upcycle & Strengths In Real Estate

Macquarie On HDFC Bank
Outperform Call, Target At `2,300/Sh
HDB Fin’s Q3 Credit Cost Is Inching Up
PpOP Growth For HDB Fin Was In Line With Loan Growth
Believe The Increase In Credit Costs Could Be Probably Attributed To Stress In Unsecured Segment
There Is Some Stress In The Commercial Vehicle And Construction Equipment Portfolio
Credit Cost Trends For Players With High Unsecured & CV/CE Exposure Has Seen Rising Trajectory In H1

Emkay On Paytm
Upgrade To Buy From Add Call, Target Raised To `1,050/Sh From `750/Sh
Recent NPCI Approval Released A Major Regulatory Overhang
Co Which Should Be Able To Rebuild The MTU Base In The Next 12-18 Months
Co Is On The Early Path To Profitability By FY26, With Acceleration Thereafter
Believe Co’s Cash/MCap Provides Strong Margin Of Safety & Can Be Used To Accelerate Biz
Further Easing Of Regulatory Stance Via Potential Approval For Aggregator License Could Be Positive Catalyst

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.