Fund Houses Recommendations
Jefferies on Bharti Airtel: Maintain Buy on Company, raise target price at Rs 1300/sh (Positive)
CLSA on TTK Prestige: Maintain Underperform on Company, raise target price at Rs 790/sh (Positive)
CLSA on Britannia: Maintain Outperform on Company, raise target price at Rs 5932/sh (Positive)
Jefferies on Godrej Prop: Maintain Buy on Company, raise target price at Rs 2700/sh (Positive)
Macquarie on Delhivery: Maintain Buy on Company, raise target price at Rs 560/sh (Positive)
CLSA on Ashok Ley: Maintain Buy on Company, target price at Rs 238/sh (Positive)
Nomura on Ashok Ley: Maintain Buy on Company, raise target price at Rs 223/sh (Positive)
HSBC on Ashok Ley: Maintain Buy on Company, target price at Rs 230/sh (Positive)
HSBC on Indian Hotels: Maintain Buy on Company, target price at Rs 575/sh (Positive)
MS on Britannia: Maintain Overweight on Company, target price at Rs 5013/sh (Neutral)
Elara on Nykaa: Maintain Accumulate on Company, cut target price at Rs 185/sh (Neutral)
HSBC on Nykaa: Maintain Buy on Company, cut target price at Rs 240/sh (Neutral)
Jefferies on Nykaa: Maintain Buy on Company, cut target price at Rs 210/sh (Neutral)
MS on Nykaa: Maintain Overweight on Company, cut target price at Rs 190/sh (Neutral)
Citi on Navin Fluorine: Maintain Buy on Company, cut target price at Rs 3750/sh (Neutral)
DAM on Navin Fluorine: Maintain Neutral on Company, cut target price at Rs 3145/sh (Neutral)
Citi on CAMS: Maintain Sell on Company, target price at Rs 2175/sh (Neutral)
CLSA on Godrej Prop: Maintain Sell on Company, target price at Rs 2110/sh (Neutral)
MS on Godrej Prop: Maintain Equal weight on Company, target price at Rs 2050/sh (Neutral)
HSBC on Finolex: Maintain Hold on Company, target price at Rs 225/sh (Neutral)
Nuvama on Fine Organics: Maintain Hold on Company, target price at Rs 4542/sh (Neutral)
Investec on Barbeque: Maintain Buy on Company, cut target price at Rs 893/sh (Neutral)
MS on Bharti Airtel: Maintain Equal weight on Company, target price at Rs 1190/sh (Neutral)
HSBC on Bharti Airtel: Maintain Hold on Company, target price at Rs 1125/sh (Neutral)
HSBC on Vodafone Idea: Maintain Hold on Company, target price at Rs 4/sh (Neutral)
Citi on Bata: Maintain Sell on Company, cut target price at Rs 1110/sh (Negative)
HSBC on Finolex: Downgrade to Hold on Company, target price at Rs 225/sh (Negative)
Macquarie on Delhivery
Outperform Call, Target Raised To Rs 560
Co Is A Cost Leader In A Complex, Tech-intensive Biz Exposed To India’s Large e-Comm Growth Runway
Forecast A 20% 10-year Core Revenue CAGR With Strong Scale Benefits
Expect Net Profit Breakeven In FY25
Godrej Prop Review
Jefferies
Buy, TP Rs 2700
Back to back record pre-sales qtr & a strong launch pipeline for 4Q, puts Godrej Prop in range for another 50%+ sales growth this year
Management expects PAT margins to jump to 15-18% range vs 10% previously
CLSA
Sell, TP Rs 2110
Cash flow continues to lag; spending on land continues to raise debt
3QFY24: record presales but cash flow lags
Raises FY25 presale guidance & it expects 20% growth in mid-term
Raise presale est. 15%-17% over FY24-26
Jefferies on Nykaa
Buy, TP Rs 210
3Q EBITDA missed forecasts as weak demand weighed across line items.
Ad income lower as BPC brands prioritised discounts over marketing spends while discounts rose on own label, impacting GM.
BPC contribution margin compressed to 7 qtr low
HSBC on Nykaa
Buy, TP Rs 240
Rev growth of 22% (led by BPC GMV growth of 25% and Fashion at 40%) was strong amid weak demand environment
EBITDA margin a tad lower than expected
Think Nykaa with its scale is formidable in BPC and fashion is on superior track now
Navin Fluorine Review
Jefferies
Hold, TP cut to Rs 2950 from Rs 3425
Weak; Near-term Pain to Persist
Rev/Ebitda came in 12%/47% below as co continued to face product deferrals, execution challenges& -ve op lev.
Mgmt guidance turned more cautious
Cut FY24/25/26E Ebitda 22%/28%/23%
HSBC on Ashok Leyland
Buy, TP Rs 230
Strong 3QFY24 op margin in seasonally weak quarter reflects structural improvement in cost efficiencies
CV industry trends should be stable in the long term, and we estimate a FY24-FY27e CAGR of 6%
HSBC on Finolex
Downgarde to hold, TP Rs 225
Weak demand from Chinese real estate driving PVC segment lower; expect improvement only towards end of 2024
Pipe demand and margins in agribusiness remain lacklustre
Downgrade due to lack of catalysts which could improve earnings
HSBC on Indian Hotels
Buy, TP Raised to Rs 575
Highest-ever Q3 EBITDA was driven by better-than-expected trading; b/s strongest among peers
Strong outlook driven by favourable demand-supply, market share gain, improving cost efficiencies, &continued growth
MS on Bharti Airtel
Equal-Weight Call, Target Rs 1,190
Growth Priced In
Strong Execution Is Reflected In Strong 4G & Postpaid Net Adds
Strong YoY Growth In India EBITDA Without Much Support From Increase In Tariffs
Stock Has Run Up, +27% In 6 Months Vs 9% For Sensex & Positives Are Priced In
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