Brokerage: Citi | Rating: Buy | Target: Rs 575
Citi said that the firm is one of our top picks in India infrastructure/logistics. Further, it said that the company reported well-rounded and strong third quarter earnings.
Brokerage: CLSA | Rating: Buy | Target: Rs 505
The brokerage observed that port volume rebounded in Q3. It added that peaked capex & likely improved FCF may lead of tripling of dividend by FY19. It raised FY18 PAT estimates by 5 percent.
Brokerage: Credit Suisse | Rating: Underperform | Target: Raised to RS 3,500
The brokerage has reduced FY18/19 EPS estimates By 10/2%. Further, it said that positive in Q3 was JPA reaching exit utilisation of 60% vs 60% guidance by Q1FY19. It also said that JPA cost now is only rs 100/t higher than co, which can be bridged in 2 quarters.
Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 4,892
The company said that muted EBITDA/Tonne was a key earnings disappointment. Further, focus is on costs and pan-India presence which should drive strong earnings growth.
Brokerage: CLSA | Rating: Outperform | Target: Raised to Rs 5,000
CLSA said that Q3 earnings impacted by weak prices & higher costs. Further, it reported a broadly in-line quarter despite wide variance across heads. It added that the management sounded positive in its demand outlook.
Brokerage: Axis Cap | Rating: Hold | Target: Rs 324
Axis Cap said that it has maintained FY18/19/20 EPS estimates At Rs 24/27/30. Further, it values the company at five times FY20 EV/EBITDA.
Brokerage: IDFC Sec | Rating: Underperform | Target: Rs 278
IDFC Securities values the company at 7x FY20e EV/EBITDA. It said that results could have been better with increase in zinc & lead prices, but was offset by higher production cost.
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 595
Deutsche Bank said that the firm successfully defended subscribers & rev-share at the cost of profit. India mobile were below estimates, Africa margin surprised on the upside.
Brokerage: Nomura | Rating: Buy | Target: Rs 625
Nomura said that interconnect usage charge cut drives 17% qoq drop in India wireless EBITDA. Further, revenue miss is driven by India mobile and has come in 6 percent below estimates.
Brokerage: CLSA | Rating: Buy | Target: Rs 640
The brokerage said that the company’s India ARPU surprised positively. Further, increased consolidated EBITDA and PAT estimates by 1-9 percent for FY19-21.
Brokerage: Nomura | Rating: Buy | Target: Rs 375
Nomura observed that asset quality was relatively stable in q3. Further, no slippages from large pool of upgrades was done in Q2. It said that the key would be Q4 slippages as the company intends to avoid large divergence in FY18.
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 400
The bank said that loan growth comes at the cost of NIMs and a drop in the latter is discomforting.
Brokerage: CLSA | Rating: buy | Target: Raised to Rs 410
The brokerage sees 25% PAT CAGR over FY17-20. Further, it said that it missed estimates due to weaker NII & higher provisions. In fact, normalization of slippage is positive. Asset growth of 36% was back-ended & will lift NII in Q4.
Brokerage: CLSA | Rating: Sell | Target: Rs 350
The brokerage said that Sandoz collaboration a long-term positive. Further, the costs and profit will be shared equally between the two. Impact On R&D costs & capex in near-term won’t be significant.
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