BLOOMBERGQUINT BROKERAGE RADAR
IDBI Capital on PVR
Maintain Buy with TP of Rs 1,406
PVR to acquire of SPI Cinemas to strengthens presence in Southern market
PVR has paid premium valuation, but EV/screen similar to DT Cinemas acquisition
SPI’s operating metrics and EBITDA margin better than that of PVR
Recent deals with Bookmyshow and PayTM to support internal accruals
PVR’s FY18 EPS to increase by 2.3% post deal
Macquarie on SBI
Maintain Neutral with TP of Rs 281
Q1FY19: Loss again, but hope refuses to die
Key negative was large slippages outside the watchlist and weak loan growth
Sanctity of stressed asset guidance a big question mark
Key positive was improvement in the provision coverage ratio
Deutsche Bank on SBI
Maintain Buy; Raise TP to Rs 365 from Rs 330
High MTM and credit provisioning impact earnings
Slippages still elevated, but strong recoveries aid NPL reduction
Expect earnings recovery from Q2
Kotak on SBI
Maintain Buy with TP of Rs 370
Several one-offs across various segments; High investment provisions drive loss
Much-awaited recovery in NPLs has begun to take shape
All conditions in place for re-rating as NPLs on positive downward trajectory
BoFAML on Indian Oil Corp
Maintain Buy with TP of Rs 210
Q1 supported by massive inventory gains
Strong headline marketing EBITDA
Significant increase in core run rate needed
ONGC stake sale overhang receding; Sale by Govt. of India could still happen in FY19
BoFAML on Coal India
Maintain Buy with TP of Rs 335
EBITDA and net profit inline with estimates
Profitability rises despite sales mix deterioration
Strong volume outlook on power growth and restocking
Coal India’ coal is cheaper and preferred source vs imports
Goldman Sachs on Coal India
Maintain Neutral; Cut TP to Rs 290 from Rs 293
Net profit miss largely driven by lower revenues and higher employee costs
FSA volumes higher due to higher coal supply to power plants, leading to lower e-auction sales
Maintain Neutral as risk-reward for the stock to be balanced
Deutsche Bank on Hindalco
Maintain Buy with TP of Rs 280
Q1 operating performance in line
Higher realisation reduced by higher transfer prices for alumina
Improving product mix to drive earnings
JPMorgan on Hindalco
Maintain Overweight with TP of Rs 355
Combined with Utkal, a strong quarter
Copper volume down but strong by-product aid; Volume ramp up to improve further
Remains well placed across the chain with attractive valuations
JPMorgan on GAIL (India)
Maintain Neutral; Raise TP to Rs 360 from Rs 330
Strong crude drove record marketing EBITDA
Petchem recovery a positive; Key disappointment was in LPG segment
Potential near-term catalyst is tariff hikes
CLSA on GAIL (India)
Maintain Buy; Raise TP to Rs 435 from Rs 405
Q1 beat on all fronts
US LNG drives sharply higher gas trading profits and lower opex
All segments outperform other than gas transmission
Gas in GST, tariff hike, curb on petcoke use and more city gas wins are triggers in H2
Axis Capital on Sun TV
Maintain Buy with TP of Rs 1,200; Upside 45%
Earnings beat on IPL
Ad revenue growth remains strong; Dependence on TN cluster has declined
Subscription revenue growth trend – full benefits from Arasu yet to come in
Sun TV intends to increase the payout going ahead
IDFC Securities on Sun TV
Maintain Outperformer; Cut TP to Rs 979 from Rs 1,124
Q1 beat on all fronts
Strong IPL performance; Promoters capping their salary at FY18 levels
Cut estimates to factor in entry in new markets and launch of flanking channels
Deutsche Bank on Voltas
Maintain Hold; Raise TP to Rs 500 from Rs 490
Strong outcome in a tough environment
Projects business strong
Worst not over for cooling business; Expect margin decline
Cooling business valuations look high, but at discount to peers
CLSA on Voltas
Maintain Sell; Raise TP to Rs 480 from Rs 460
Weak Q1: AC disappoint; Hope shifts to festive season
AC market shift on faster move towards inverter ACs
With AC business trading at high valuation, stock not ready for any negative surprises
Deutsche Bank on Indraprastha Gas
Maintain Buy with TP of Rs 320
Strong
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