ET NOW BROKERAGE RADAR
CLSA ON L&T TECH
Stellar revenue growth but margin miss
Stellar rev growth that is spreading across verticals
Large deals ramping up, pipeline healthy & client mining strong
Margin miss but scope for improvement
Maintgain Buy target at 1750

CLSA ON ICICI SECL: ET NOW
Lower earnings and TP to 480; retain BUY
Improvement in retail investment key to uptick in earnings
Distribution business leads revenue growth

CLSA ON BAJAJ AUTO: ET NOW
Cut FY19-20CL EPS by 5-7% factoring in higher volumes
Domestic 2W franchise under pressure
Trading off margins for market share
Retain Buy target at 2850

CLSA ON ACC: ET NOW
Surprisingly strong realisations & modest cost inflation
Cut EPS 10%-12% but BUY stays target at 1900
Trim EPS estimates by 10%-12% on lower realisation est

NOMURA ON BAJAJ AUTO: ET NOW
Aggressive pricing strategy a concern
Price cuts may not benefit in the long term
Downgrade to Neutral, cut target to 2911 from 3395

NOMURA ON TEJAS NETWORK: ET NOW
Reiterate Buy with upside potential of 37%, at 765
Results and commentary provide comfort on growth/margins
EPS up ~5% for FY20F, TP rises to INR765

HSBC ON ACC: ET NOW
ACC earnings were broadly ahead of consensus estimates
Beat was backed by better-than-expected operating results
Raise FY18-20e EBITDA by 2-7% and TP to INR1,530 from INR1,480
Strong beat but positives priced in Retain Hold

CITI ON BAJAJ AUTO: ET NOW
Maintain Sell; Target Price Rs 2,400 from 2800
Don’t view this as a sustainable strategy
Mgmt’s desire to maintain discounts for the next couple of years
Cut EPS ests by 9-10% over FY19-21

CITI ON L&T FINANCE: ET NOW
Raise PAT estimates for FY19E/FY20E by 12%/6%
Stock attractive at 2.5x FY20E P/Adj B for a likely RoE of 20%
Maintain Buy with a target price of INR 225

CITI ON L&T INFOTECH: ET NOW
Our only Buy-rated stock in the sector
Strong growth in North America (+4.7% qoq) and Europe (+4.7%)
Raise estimates by ~4% in FY19E/FY20E given the strong beat in 1Q
Raise target at 2000  from 1816

EMKAY ON DELTA CORP: ET NOW
Sharp recovery in FY20E earnings
Maintain BUY with Rs294TP
Catalyst from new gaming policy
Expect FY20 earnings to rise 50% backed by revenue growth
Revenue CAGR of 25% FY18-20E and margin expansion

MACQUARIE ON USL: ET NOW
Maintain Underperform , Target at `443/share
EBITDA miss on higher A&P & other overheads
Volume growth in-line with our estimates
USL trades at 53x FY20


MACQUARIE ON JUST DIAL: ET NOW
Maintain Underperform , Target at `468/share
Lower ad spends propel EBITDA
Raise FY19/20E EPS by each 8%


MACQUARIE ON BAJAJ AUTO: ET NOW
Downgrade Underperform from Neutral
Target for Bajaj Auto at `2400/share
Have lowered FY19-20E EPS estimates by 4-5%
Bajaj trading at 17.9x FY19E PER


MACQUARIE ON CEAT: ET NOW
Maintain Outperform , Target at `2000/share
OPM declined QoQ on higher RM cost
Capex to peak in FY20,to be funded accruals


MORGAN STANLEY ON USL: ET NOW
Maintain Equal-Weight ,Target at `650/share
Weak overall volume growth in Q1
Sharp increase seen in operating costs
Low visibility of earnings growth seen in USL

CS ON USL: ET NOW
Maintain Outperform , Target at `720/share
Weak results adjusted for the low base
Underlying trend below medium term aspiration


HSBC ON INFOSYS: ET NOW
Maintain BUY , Target at `1430/share
IT companies face high attrition despite weak growth
Supply side issues restrict growth