Kotak Inst Eqt on Interglobe Aviation
Buy, TP ₹4300
Pricing going up may be vital for sector’s financial health
FY2024: Sector in red while Indigo operating at healthy spreads
Profitability of Indigo can potentially breach past peaks & sustain for long before normalizing down
GS on Bandhan BK
Downgrade to Neutral, TP ₹211
Await better clarity on near-term growth/profitability
Cut loan growth est. by 580bps/590 bps to c.13% for FY25E/FY26E
Still expect bank to deliver ROA/ROE in FY25 of 1.9%/16% (vs. 2.3%/18% prior)
HSBC on Cable & Wire Cos
Polycab, Buy, TP raised to ₹5870
KEI Ind – Buy, TP raised to ₹3850
RRRK Kabel – Buy, TP ₹1800
Expect strong volume backed mid-teens y-o-y revenue growth & strong profit growth for covered stocks
C&W sector continues to see strong growth tailwinds
MOSL on CONCOR
Buy, TP ₹1120
Commissioning of DFC to drive containerized cargo movement & Co will be key beneficiary
Expect blended vol to report 10% CAGR during FY24-26.
Further, with clarity on LLF provisioning, project EBITDA margin to be 23- 25% over FY24-26.
BoFA Sec on Paytm
Resume coverage, U-P – TP ₹400
Lending biz growth gradual; Competition high in payments
Earnings recovery and re-rating may be 2-3 quarters away
Now expect Co to achieve EBITDA breakeven in FY27 & net income break-even in FY28.
Jefferies on Wealth Management Cos
Leading players will benefit from strong inflows & op. efficiencies to deliver 20-22% profit CAGR over FY24-27E.
Rise in share of trail fees (70-75% by FY27E) improves earning visibility & supports val. re-rating
Nomura on Tata Motors
Buy, TP ₹1057
JLR 4Q retail vol up 11% y-y; EBIT margin est at 9%
JLR reports q-q & y-y increase in retail & wholesales vol for 4QFY24
Est. FCF of GBP600-700m (GBP642mn in 3QFY24F) which should bring JLR’s net debt to more than GBP 1 bn in 4QFY24F, in line.
MS on Tata Motors
OW, TP ₹1013
JLR reported wholesale volume growth of 16% YoY in F4Q24 (+9% QoQ), to 110.2k units, vs MSe of 106k.
Mix was weaker, as: 1) Premium models (Defender, RR & RR Sport) share was at 61% vs 62% in F3Q24
2) China share down to 12% of sales vs 15% in Q3.
MS on Maruti
OW, TP Raised to ₹14322
Global slowdown in EVs & rising share of hybrids, along with rising news flow on hybrid duty cuts in India, show that a powertrain portfolio strategy – which MSIL has – is best to navigate current landscape.
MS on RIL
OW, TP ₹3046
RIL re-rated 10% YTD (35% in last 1 yr) & now trades at 24x P/E &10x EV/EBIDTA on F2026 MS est.
Potential for re-rating across verticals – new energy, refining, chemicals & telecom.
Net debt & slower capex intensity to be supportive of val
MS on Exide
OW, TP ₹373
Exide plans to invest ₹4,500-5,000 crore in 6GWh battery capacity (₹1,820 crore already invested), indicating that the lithium business is valued at ~1x F2026e P/B.
Kotak Inst Eqt on Exide
Sell, TP ₹270
Co signed an MoU with Hyundai-Kia
While expect demand growth to outpace capacity addition , co is well-positioned to benefit, given its partnership with SVOLT & 1st-mover advantage
SELL stays on expensive vals
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