Angel Broking neutral on Unity Infraprojects, Vijaya Bank

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26 Aug, 2025 12:21

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Angel Broking's research report -

Unity Infraprojects

On the back of 1QFY2014 performance and muted order inflows, we revise our EPS estimate for FY2014 and FY2015 to Rs 9.3 (our earlier estimate was of Rs 11.0) and Rs 9.6 (our earlier estimate was of Rs 11.5) respectively. The stock is currently trading at a P/E of 2.2x and 2.1x our FY2014 and FY2015 diluted earnings estimates. On the back of slower-than-anticipated order inflows, stretched working capital and increasing leverage on the balance sheet, we maintain our Neutral rating on the stock.

Vijaya Bank

We remain wary of the incremental asset quality and margin concerns for the bank, as we take into consideration its high exposure to stressed sectors, its predominantly wholesale based funding profile and recent macro developments amidst an overall weak economic environment. Overall, we have a cautious view on the sector, with a positive bias towards more retailoriented banks, on both assets as well as on liabilities. Moreover, the bank's core equity tier-I ratio also remains low, which could entail raising capital at book dilutive valuations. Hence, we recommend a Neutral rating on the stock.

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