Infosys Review:-
JPM
OW, TP Cut to Rs 1700
While headline remains unimpressive, cost-take out signings, cyclical recovery credentials & Div/Buyback yield support remain strong
CLSA
O-P, TP cut to Rs 1553
Weakness across key verticals
Cut FY25/26CL EPS est. by 4%
Jefferies
Buy, TP cut to Rs 1630
4Q missed est.
Cut est. by 7-8% to factor miss
Strong deal wins provide comfort on our expectation of 9% EPS CAGR over FY24-27E.
CITI
Neutral, TP cut to Rs 1550
Lower EPS est. by 3% each for FY25/26E
Would buy dips (Rs1350 levels)
Nomura
Neutral, TP Rs 1400
Weaker-than-expected guidance for FY25F
No signs of discretionary demand revival
Lower our FY25-26F EPS by 2-3%
Bajaj Auto Review
JPM
OW, TP raised 10000
4Q 5% ahead of expectations.
Management commentary during 4Q remained buoyant
Raise FY25-26 EPS by 5-6%
Jefferies
Buy, TP Raised to Rs 10500
4Q EBITDA & PAT rose 34-35% YoY & inline
Raise FY25-26 EPS by 4%
Bernstein
OP, TP 10300
Beat on all fronts, with margin & vol strength emerging as key drivers
Management remained bullish on outlook for domestic biz & on EVs
CLSA
Sell, TP raised to Rs 6889
Believe stk is overvalued following recent rally
CITI
Sell, TP raised to Rs 6500
4Q ahead of estimates, driven by betterthan-expected realisations
Focus is on gaining market share in 125cc+ bikes, aided by new model launches
HDFC Life Review
HSBC
Buy, TP cut to Rs 750
4Q VNB margin weaker than we expected, impacted by change in product mix & rising competitive pressure
Cut FY25-27e VNB margins est. by c110/70/70bp
Nomura
Buy, TP cut to Rs 680 from Rs 740
In-line growth; margins a tad weak
Growth vs margin tradeoff intensifies
For FY25, management guided for APE growth to come at least in line with private peers’ at ~12-15%
MS
OW, TP cut to Rs 745 from Rs 780
VNB margin missed our forecasts largely owing to product mix.
Guidance for FY25 was healthy yet relatively conservative compared to past years. With this backdrop, trim forecasts
Jefferies
Buy, TP cut to Rs 750 from Rs 800
Trim VNB est. by 4-5%
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