Brokerage Radar: Nuvama bullish on BSE, Goldman Sachs says 'sell' CreditAccess

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes HDFC AMC, BSE, oil marketing companies and more.

Nuvama On BSE

Initiate Buy Call, Target At Rs 6,730/Sh

Derivatives To Scale Up Despite Regulatory Tightening

Forecast FY24–27 Revenue/APAT CAGR Of 39.9%/70.8%, Lifting RoE To 37.9%

Lower Clearing Charges To Send Margin Soaring

There is Robust Structure, Multiple Streams To Propel Revenue Growth

At CMP Stock Is Trading At FY26/27 P/E Of 43.9x/37.6x

HSBC On HDFC AMC

Hold Call, Target At Rs 4,350/Sh

Rationalisation Of Commission Payouts & Controlled Operating Costs Led To Strong Profit Growth In Q3

Mkt Sh Has Stagnated In Equity AUM & SIP Flows Which Can Keep Punchy Valuations Under Pressure

Raise FY25-27 EPS By 0.4-4.1%

Nomura On HDFC AMC

Buy Call, Target At Rs 5,250/Sh

Higher Operating Revenue & Lower Opex Lead To 6% Beat In Operating Profit

Raise FY25-27 EPS By 2-3%

Steady Overall And Equity AUM Market Share; SIP Flow Market Share Declined 60 bps QoQ

Build In A Strong Operating Profit CAGR Of 20% Over FY25-27 & Expect It To Largely Track AAUM Growth

HSBC On OMCs

Volatility In Oil Price Will Reduce Risk Of Auto Fuel Pump Price Reductions, Biggest Risk To Profitability

Return Of Auto Fuels Demand In Non-Controlled Products Help Offset Weakness In Marketing Margin

Maintain Buy Call On OMCs (BPCL, HPCL, IOC); Stock Correction Makes Them Even More Attractive

GS On CreditAccess

Sell Call, Target At Rs 577/Sh

Don’t Find Encouraging Signs Of Recovery In MFI Industry

Data Suggests 37% Of MFI Borrowers With Retail Overlap Are Delinquent Either On MFI/Retail Or Both

Note That There Is An Increase In Slippages Across Retail Products By 120 bps Since Mar’24 To 4.3%

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