Brokerage Radar: HSBC cuts target on PI Industries, mixed calls for DMart

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Avenue Supermarts, ONGC, and PI Industries, among others. On the sectoral front, we have coverage on consumer durables and banks.

Jefferies On ONGC
Buy Call, Target Cut To `385/Sh From `410/Sh
30% Correction In Stock In Past 3 Months Appear Overdone
Consolidated EPS Should Also Benefit From Improved Earnings Outlook Of HPCL
Recent Regulatory Actions Bode Well For Improved Profitability
Likely Ramp-up In KG Basin Production In Q4FY25/Q1FY26 A Key Trigger For Stock

MS On Petronet LNG
Equal-Weight Call, Target At `400/Sh
Recent Concerns On Regulatory Intervention Are Overdone
See Near-term Triggers From Details On 5 mtpa Capacity Available To Contract Out
Expect Better-than-expected Upcoming Earnings As India's LNG Import Growth Has Been Higher
Competitive Intensity With New Terminals Being Lesser Than Consensus Expectations
Dahej Terminal Remains The Most Well Connected To India's Natural Gas Grid
Valuation At 12x 1-Yr Fwd P/E As Co Gets Closer To Volume Growth Clarity In FY26 & F27 Look Attractive

MS On PNB
Underweight Call, Target At `95/Sh
Q3F25 Initial Update Is A Positive Surprise
Volume Growth Was Much Stronger Than Expected
Domestic CD Ratio At 72% Stayed Lower Than The System

CLSA On Avenue Supermarts
Outperform Call, Target At `5,360/Sh
Reported Standalone Revenues Came In Above Estimates
Co Added 10 New Stores During Quarter Vs 6 (QoQ), Taking The Total Count To 387 At End Of Q3

MS On Avenue Supermarts
Underweight Call, Target At `3,702/Sh
Standalone Revenue Above Estimates
Topline Growth Was Led By An Average 12% Increase In Store Count & Same Store Sales Growth
Growth Trend Improved Sequentially
Co However Remains Well Below The Historical 20% Topline Growth Algorithm For Business

HSBC On PI Industries
Hold Call, Target Cut To `3,800/Sh From `4,000/Sh
Difficult Times For Pyroxasulfone Which Increases Risk For Export Growth Prospects
Exports Already Reflecting Weakness
Co Has Entered Uncertainty Zone As Core Biz Remain Muted While New Biz Is Taking Time To Scale

Nomura On Consumption
Consumers To Drive In Slow Lane In 2025
Slower Demand To Pose Margin Risks; Prefer Select Cos With Higher Earnings Growth Potential
Macroeconomic Indicators Point To An Overall Slowdown
Margin Pressures Could Emerge Due To Low Growth & Competition

Nomura On Cons Durables, EMS
Structural Drivers To Sustain Healthy Momentum
Macro Tailwinds In EMS To Drive Strong Growth
Slower Growth In Most Durable Segments Structural Drivers To Support Growth In ACs & Cables
EMS Scale-up On Track
Prefer Dixon /Voltas, Buy Call On Both

HSBC On Banks
Non-food Credit Growth Was Up 12.2% YoY/1.3% MoM In Nov’24
Growth Has Stabilised After Five Months Of Moderation
Sequential Growth Improved For Credit To NBFCs & Retail Loans Including Unsecured Personal Loans
Expect 12.5% Credit Growth In FY25 In Base Case Scenario
Slowdown In GDP Growth Remains A Downside Risk

Citi On Eicher Motors
Buy Call, Target At `5,350/Sh
Reported Robust Volumes In December
A Strong December Volume Print Indicates Favorable Inventory Levels Post Festive Season
There Are Clear Upside Risks To FY25 Volume Forecast
VECV Reported A More Modest Growth With Bus Volume Growth Higher Than Goods CV Volume Growth

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