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Buy NTPC; target of Rs 188: Emkay Global Financial

Emkay Global Financial is bullish on NTPC has recommended buy rating on the stock with a target price of Rs 188 in its research report dated August 29, 2022.

August 29, 2022 / 12:16 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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Emkay Global Financial's research report on NTPC


NTPC’s board has accorded investment approval for Talcher Thermal Power Project Stage III (2x660MW) at an estimated cost of ~Rs118bn. This seems to be the first step towards adding ~5GW of brownfield thermal capacity in the medium term, as stated by the company in the previous quarter. We believe the recent power deficit in the country (April 2022 and October 2021 saw power cuts in a few states) has prompted this move by the company. Considering that battery energy storage system and pumped storage system are still in their early stages, roundthe-clock solutions like brownfield thermal have found their importance in the industry. NTPC currently has ~11.5GW of RE projects under various stages (~2GW installed, ~4.1GW under construction, 2.2GW bids won, and 3.2GW under tendering).



Outlook


We maintain our March’23 TP of Rs188. NTPC is expected to monetize its RE assets in the near future and continues to target 60+GW RE assets by 2032. The incremental thermal assets will add to steady earnings growth. We maintain our Buy rating on NTPC.


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At 12:15 hrs NTPC was quoting at Rs 161.90, down Rs 1.50, or 0.92 percent.


It has touched an intraday high of Rs 163.35 and an intraday low of Rs 161.00.


It was trading with volumes of 447,740 shares, compared to its thirty day average of 1,131,997 shares, a decrease of -60.45 percent.


In the previous trading session, the share closed up 2.80 percent or Rs 4.45 at Rs 163.40.


The share touched its 52-week high Rs 166.30 and 52-week low Rs 111.95 on 19 April, 2022 and 26 August, 2021, respectively.


Currently, it is trading 2.65 percent below its 52-week high and 44.62 percent above its 52-week low.


Market capitalisation stands at Rs 156,989.02 crore.


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NTPC - 290822 - emkay

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first published: Aug 29, 2022 12:16 pm
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