Brokerage Radar: Petronet LNG gets mixed views, United Spirits sees upgrade in target price

Stock Market Trend

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Petronet LNG, United Spirits, Tata Motors, and other stocks.

Upgrade To Buy, Target `405/Sh From `300/Sh

Robust Q1 Above Estimate Results On Higher Volumes & Margin

Q1 EBITDA Of `156 Cr Increased A Sharp 47% QoQ & 29% Above Estimates

Reported Margin On Spot Volumes Jumped To $7.4/mmBtu Vs Est Of $2.3/mmBtu

Spot Margin Was Still Above Estimates At $3/MmBtu

Dahej Terminal Expansion Project On Track To Complete In FY25

Raise FY25F/26 EPS By 5%/8%

Underperform Call, Target `250/Sh

Q1 Profit Of 24% Above Est On Large Inventory Gain & Higher-than-expected Other Income

Volumes At Both Dahej & Kochi Missed But Higher Trading Gains Resulted In An In-line EBITDA

LNG Consumption In Q1 Rose 27% QoQ, Led By Jump In Heatwave-Driven Demand

Post Q1, Gas Demand From The Power Sector Has Come Off Notably

Even Inventory Gains Could See Reversal If International Gas Prices See A Cool-off Hereon

With This Seasonal Peak In LNG Demand Behind, Q1 May Prove To Be Interim Peak In Vol & Profit

Add Call, Target Raised To `1,480/Sh

Q1 Revenue Growth Of 8% YoY With 3% YoY Volume Growth Was A Good Performance

Double-digit Rev Growth In P&A Segment While Popular Segment Declined By 3% YoY

Premiumisation Trend Continued Though At A Moderate Level

Management Maintained Its Guidance Of Double-digit Revenue Growth In FY25

Management Guided H2FY25 Growth To Be Better Than H1FY25

H2FY25 Growth To Be Driven By Improvement In Demand Environment

H2FY25 Growth To Be Driven By Scale-up Of Renovations And Innovations

Underlying Gross And Operating Margins Saw A Strong Expansion Led By Cost Savings

Upgrade To Buy, Target Raised To `1,630/Sh

Margin OPF, Huge Headroom In New Prem Categories & Upcoming Wedding/Festive Season

Raise FY25E/26 EPS By 5.3%/6.5% & Target PE From 50x To 60x

Underweight Call, Target `655/Sh

Q1 Standalone EBITDA Slightly Above Est But Missed Consensus

Q1 Volumes Were Higher Than Expected

Adjusted For Volumes, EBITDA Was Lower Than Estimates

Realisations Were Weaker, Partially Offset By Better Show On ‘Other’ Opex

Some Postponement In Project Execution Timelines – Execution Is Key

Equal-Weight Call, Target `2,115/Sh

Q1 Results Showed Co Had A Weak Start To Fiscal With Sustained Agrochemical Uncertainty

Q1 Showed Intensifying Competitive Pressures

Structural Changes To Refrigerant Gas Consumption Patterns Implies More Bumpiness

Specialty Chemicals Guidance Unchanged, But Not Without Downside Risks

Traction Witnessed In Recent Launches, Legacy Products Not Out Of The Woods

Customer Sentiment Across Specialty Chemicals Remains Subdued

Upgrade To Buy, Target Raised To `1,294/Sh

JLR’s Execution Can Lead To Significant Upsides; Demerger May Unlock Value For CVs

Raise Target Multiple For JLR To 3.5x EV/EBITDA (From 2.75x) Given Potential Upsides

EBIT Margin Can Rise 8.5% In FY25 (7.8% Earlier) To 10.1% By FY27

EBIT Margin Can Have Further Potential To Rise To 11- 12% By FY30

Growth Should Be Supported By The Rundown Of Jaguar ICE, Success Of New Jaguar EVs

Stock Is Currently Trading At 5.4x FY26 EV-EBITDA

Net Debt Of `1,600 Cr (Nearly 44/Sh) In FY24 May Move To Net Cash Of `57/`140/Sh By FY26/27

Key Downside Risks Are Sharp Drop In Demand In China/EU And Rising Incentives

Buy Call, Target Raised To `1,835/Sh

Q1 Results Showed Stable Quarter

Q1 Total/Individual APE Growth Of 20%/23% YoY Vs 17%/9% In Q4

For Comparison, Total APE Growth For ICICI Pru/HDFC Life Was Higher At 34%/23% YoY

VNB Margin Declined Nearly 210 bps YoY, Leading To Lower VNB Growth Of 12% YoY

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