BLOOMBERGQUINT BROKERAGE RADAR

JPMorgan on ONGC
Maintain Overweight with TP of Rs 265
Second-highest net realisation drives EBITDA beat
Net profit impacted by lower other income and higher tax
Debt for acquisitions has declined and should fall further
Expect sequential pickup in crude production and full benefit of INR depreciation to flow

CLSA on ONGC
Maintain Buy with TP of Rs 240
Higher-than-expected sales volumes and realisations drove a beat on revenues
EBITDA above estimates; Net Profit below due to higher tax rates
ONGC is now the cheapest among global large-cap E&P
Buy for attractive risk-reward
Expect clarity on subsidy in 3 months which could be huge rerating trigger

Motilal Oswal on ONGC
Maintains Buy with TP of Rs 219
In-line EBITDA; No subsidy burden yet
Gas production and sales up; Expect gas production to increase 10% annually
Expect lower opex and higher realisations in absence of subsidy burden
ONGC is on a strong footing, in our view

Nomura on ONGC
Maintain Neutral with TP of Rs 185
In line Q1; Adjusted EBITDA ahead of estimates
Q1 hit by lower other income and higher tax
Expect higher oil prices to drive 43% EPS growth in FY19

CLSA on Indiabulls Housing
Maintain Buy; Raise TP to Rs 1,700 from Rs 1,650
Key positive was healthy growth in AUMs and QoQ expansion in spreads
Healthy growth to drive compounding-led returns
IndAS transition lifts net worth by 18% and accretive to earnings

Macquarie on Indiabulls Housing
Maintain Outperform with TP of Rs 1,599
Q1 net profit was in line with expectations
AUM grew 33% with retail loans growing more than 2x industry average
Revaluation of stake in Oak North Bank under IndAS adds significantly to net worth and CET-1

JPMorgan on Indiabulls Housing
Maintain Overweight with TP of Rs 1,600
Earnings beat on lower credit cost under INDAS
Book value goes up 15%; Loan growth remains solid
Growth in F19 should remain strong and sees no major stress build-up

Deutsche Bank on Ramco Cement
Maintain Hold; Cut TP to Rs 715 from Rs 755
Q1 EBITDA missed estimates due to weaker cement margins
Weaker margin to offset strong volume growth
Cut EPS estimates to factor in lower margins as cost inflation continues
Prefer Shree Cement and Dalmia Bharat in cement sector

CLSA on Ramco Cements
Maintain Buy with TP of Rs 960
Q1 results below our estimates
Weak pricing and cost inflation impact earnings
Strong volumes, but weak realisations
Unit EBITDA falls to 14-quarter low

UBS on Marico
Maintain Buy with TP of Rs 425
Solid volumes given the sharp price increases necessitated
Strong revenue growth; raw material inflation impact remains
Parachute remains the brand of choice

BoFAML on Marico
Maintain Buy with TP of Rs 420
Better-than-expected quarter; Rural growth strong
Revival in global business with GST-led market-share gains in coconut oil to boost earnings
Comforting valuation vs peers; Earnings revival ahead

CLSA on Torrent Pharma
Maintain Buy; Raise TP to Rs 1,860 from Rs 1,610
Q1 net profit was ahead of expectation
US revenues on an uptrend and worst of pricing pressure is over
EU going strong; Brazil weak; India outlook gets stronger
Unichem integration progressing well

UBS on Cognizant
Revenue miss raises concerns on impact of margin strategy
2018 revenue guidance maintained at 8.4-10%

Citi on Cognizant
Margin and EPS above estimates, but Revenue modestly below estimates
Demand trends turning positive is a consistent theme in the sector

Macquarie on Tata Motors
Maintain Outperform with TP of Rs 485
JLR USA sales declined 11% in July 2018
Average incentives increased 18% YoY and 24% MoM
Expect JLR's US$ average selling price improved by 3% YoY in July 2018 led by better model mix
Maintain Outperform given attractive valuations

Morgan Stanley on Coal India
Maintain Equal-weight with TP of Rs 306
Jul-18: volume momentum strong, but lags target
Volume growth should moderate as base normalizes
Management has guided for 9% growth in FY19