BLOOMBERGQUINT BROKERAGE RADAR

Elara Capital on V-Mart Retail
Initiate Buy with TP of Rs 3316
Pioneer in value retailing in the organized space
One of the best plays in India’s organized apparel retail sector
Huge untapped opportunity up for grabs; Retail market to touch USD 1.3tn by FY20
Expect Revenue/EBITDA/Net Profit to grow at CAGR of 25%/32%/31% over FY18-20
Strong RoCE and free cashflow generation to continue

CLSA on Adani Ports
Maintain Buy with TP of Rs 490
Low SEZ booking and forex losses hurt net profit
Market-beating volume growth led by crude and containers
New bulk ports – early signs of revival

Macquarie on Adani Ports
Maintain Neutral; Cut TP to Rs 385 from Rs 388
Adjusted for forex loss, core operating performance was in-line
Cargo volume was helped by recovery in crude volumes and higher coal volumes
FY19 volume guidance achievable, but growth likely to taper off from FY20

Goldman Sachs on Adani Ports
Maintain Buy; Cut TP to Rs 455 from Rs 466
Revenue miss driven by lower than expected logistics income and volume at Dhamra port
Non-availability of rakes hurt Q1 performance
Expect the problem to be resolved by Q3/Q4 FY19

UBS on Britannia
Maintain Buy with TP of Rs 7,700
Margin improvement led improving gross margin & optimising other expenses
Efforts to restructure international units with sub-par profitability to continue
Key beneficiary of rural upswing, diversification on track
Maintain buy on good revenue and earnings growth visibility compared to peers

Goldman Sachs on Britannia
Maintain Buy with TP of Rs 7,235
EBITDA below estimates as better gross margin was offset by higher other expenses
International markets remained flat
Believe Britannia has re-invested gross margin benefit in ad-spend to support volume growth
Bullish stance on ability to drive premiumisation by launching affordable packs of premium products

UBS on Arvind
Maintain Buy with TP of Rs 515
Q1 revenue growth below expectation due to subdued textile performance
Robust quarter for brand and engineering
Management maintained strong growth guidance for FY19
See marginal increase in competitive intensity for Arvind

CLSA on Arvind
Maintain Buy with TP of Rs 550
Q1FY19 – Mixed quarter
B&R business scaling up well; Textiles margins correct
Lower DEPB rates, currency hedges impact textiles margins
In final stages of demerger approvals; Expect approvals to come in by early Q2

Macquarie on Ujjivan
Maintain Outperform with TP of Rs 490
Q1FY19 – a bit of a mixed bag
Aggressive branch opening; but slower growth
Expect credit costs to drop quite significantly in FY19
Ujjivan is top pick in microfinance

Spark Capital on Ujjivan
Maintain Buy with TP of Rs 399
Lower MFI growth, higher opex leads to net profit miss
Calculated net interest margins seems to have declined QoQ to 9.79%
Gross NPAs came in at 2.7% vs 3.7% in Q4

Investec on Dixon Technologies
Maintain Buy with TP of Rs 3,460
Q1 impacted by one-off debtor write-off, forex and commodity cost increase
Lighting business delivered stellar margins
Dixon added new large customers which significantly improves revenue visibility
See several drivers that should contribute to strong earnings growth

HSBC on SAIL
Maintain Buy; Cut TP to Rs 100 from Rs 110
EBITDA miss largely driven by higher than expected costs
EBITDA/tonne benefited from ramping up of expanded and upgraded plants
Guidance for rising employee costs a concern
Volume guidance of 17MT looks realistic now

Macquarie on Graphite India
Maintain Outperform; Raise TP to Rs 1,410 from Rs 1,260
Q1 EBITDA above estimates led by higher realisation
Higher prices and utilisation should absorb cost increase in FY19
Cost to gradually increase but little risk to margins
Price strength to sustain; Volumes to grow with higher utilisation