Brokerage Radar: Morgan Stanley remains 'neutral' on SBI Card, Nuvama, Elara Capital maintain optimism on defence players

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes SBI Card, PVR, defence players and more.

MS On SBI Card
Equal-Weight Call, Target At Rs 650/Sh
Co’s November Spending Market Share Fell 20% YoY Vs Industry’s +5%
Spending Market Share Fall Reflects Ongoing Impact Of RBI Notification On Corp Card Spending
November Market Share In Number Of Credit Cards In Force Stood At 18.7%
For November 2024, Volume Of Transactions Rose 30% YoY Vs Ind's 32% YoY Increase
Aggregate Daily Spending Was Up 8% YoY So Far In Dec, Vs 4% In November

Avendus On PVR
Buy Call, Target At Rs 1,910/Sh
CY25 Release Calendar Shows Hollywood Movie lineup & Bollywood Capitalising Sequels Standout
Hollywood Studios Lining up 25 Mega Budget Movies, Well Spread Across Next 12 Months
Bollywood Capitalising Sequels To Already Successful Franchises & Proven Genres
Strong Content Creates Room For Price Hikes
There Is Continued Focus On Correcting Cost Structure With Help Of favourable Ind Structure

Elara On Defence
Top Picks Include HAL – Buy Call, Target At Rs 5,465/Sh, BEL – Buy Call, Target At Rs 345/Sh
Top Picks Include Bharat Dynamics – Accumulate Call, Target Rs 1,300/Sh
Garden Reach – Accumulate Call, Target At Rs 1,660/Sh
Expect Ordering Flow To Rise Sharply In Q4FY25 Given That Defence Capex Is Set To Be Met In FY25
Allocation To Domestic Companies Stands At 75% Of The Total Budgeted Defence Capex IN FY25
Navy’s Budget Up 18% YoY In FY25
Engine Woes For HAL May End Soon As General Electric Will Supply F-404 Engines In March
Inflows For HAL May Jump By Rs 1.2 Lk Cr In FY26

Nuvama On Defence
Top Picks: BHEL & Data Patterns
Stay Optimistic On India Defence Space
There is Huge Localisation Push To Reduce Dependence On Disrupted Global Supply Chains
Continued Modernisation Efforts With Larger Programs Coming Ahead Of Expected Timelines

Jefferies On Aviation
India's Domestic Air Passenger Growth Jumped To 12% YoY In Nov’24 Vs 8% YoY
In November, Industry Achieved Milestone Of More Than 5 Lakh Domestic Passengers In A Day
IndiGo's Operation Control Centre Climbed Nearly 90% In Nov, 2nd-Best In 5 Years
In Nov, IndiGo's Mkt Sh Inched Up To Record 63.6%, Air India Share Was 27.3%, At 11-mth Low
SpiceJet/Akasa Share Improved 60 bps/20 bps To 3.1%/4.7%, Respectively
ATF Prices Remain Rangebound

Jefferies On Telecom
In October 2024, Sector's Active Subscriber Base Jumped Sharply By 6.8 m MoM
4G/5G Subscriber Base Fell In Oct, Led By Jio, Suggesting Co Weeding Out Inactive 4G Customers
Bharti Led Data Subscriber Additions In October Implying Better & Prem Customer Mix
Continue To Expect Bharti & Jio To Gain Market Share In Near Term

Nuvama On Real Estate
Cash EBITDA Margin Sustained At 40% In H1FY25, Similar To FY22, FY23 And FY24
Ten Developers Enjoyed ‘Negative Working Capital Cycle’
Land-Related Capex Shot Up To 33% (29% In FY24, 25% In FY23, 16% In FY22)
Despite Higher Capex Spends, Net Debt Reduced For 11 Developers
Prestige And Brigade Ent Are Top Picks

Nuvama On Greenlam
Buy Call, Target Cut To Rs 615/Sh
Co Reiterates 18–20% Overall Growth Guidance For FY25
Immense Scope To Gain Market Share In Both Domestic And Exports Markets
Plywood Segment Is Likely To Break Even At 35–40% Utilisation By FY26
Particle Board Operations—Due To Start In Q3FY25—Shall Be 50% Utilised By FY26
Taking Cognizance Of Near-term Challenges, Cutting FY25/26/27 EPS By 16%/12%/11%

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