Brokerage: CLSA | Rating: Buy | Target: Cut to Rs 350
The brokerage house observed that asset quality was disappointing, but better than PSU banks. Having said that, it said, the key disappointment was the high non-performing loans (NPLs) reflecting stress in the corporate, retail and agri loans. Going forward, it expects recent cut in savings deposit rate and capital raising to drive expansion.
Brokerage: CLSA | Rating: Buy | Target: Rs 245
CLSA said that the company reported soft June quarter results, with EBITDA up just 1 percent year on year. The aluminium prices continued to surprise positively.
Brokerage: CLSA | Rating: Sell | Target: Rs 315
The global brokerage firm said that the company’s margin must double to justify upside. The June quarter, it said, was impacted by GST transition and accounting for additional discounts on old BS-III sales. Further, it remains skeptical of the double-digit margin target by the company by Q4.
Brokerage: Deutsche Bank | Rating: Sell | Target: Raised to Rs 400
The global financial services firm said that the management continued to guide aggressively on market share and margin. The tailwind with respect to market share improvement could slow down for next 3-4 quarters. Further, it is cautious on the overall profitability of the two-wheeler industry. For mass-market two-wheeler companies, it expects margin headwinds from competition.
Brokerage: CLSA | Target: Cut to Rs 370
CLSA expects the company’s US sales to remain under pressure and added that its results were significantly below estimates. The June quarter was impacted by a sharp decline in Taro sales in US and GST’s impact in India.
Brokerage: Deutsche Bank | Rating: Hold | Target: Rs 440
The brokerage said that EBITDA margin guidance of 20-22% in H2FY18. Further, it said that post disappointing Q1 results. It also believes that it has lowered the bar (30-45%) to the range of 28-29% from FY15-17.
Brokerage: CLSA | Rating: Raised to Buy | Target: Rs 655
The research firm said that 160 bps improvement in EBITDA margin is the biggest surprise in Q1. Further, an improved product mix and cost control have resulted in consistent margin improvement.
Brokerage: Citi | Rating: Buy | Target: Rs 930
Citi said that the company posted an in-line Q1 with 3/8 percent year on year growth in revenues/PAT. Further, a decline in advertising sales was offset by solid subscription growth, it added. The company, it said, has decent business upside potential and should help close the valuation gap against Zee.
Brokerage: Citi | Rating: Buy | Target: Rs 533
The brokerage said that net profit of Rs 7.4 billion was largely in line, driven by higher other income. Further, it has a buy on all OMCs on strong fuel consumption trends, dynamic pricing.
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