ET NOW BROKERAGE RADAR

HSBC ON SBI LIFE: ET NOW
Maintain BUY , Target at `840/share
Protection & digital are key focus areas
Growth concerns could ease going forward
Stock is preferred pick in insurance space


HSBC ON ADANI PORT: ET NOW
Maintain BUY , Target at `490/share
Port EBITDA maintained double digit growth
See upside to company's FY19 cargo guidance
Keep FY19-21 earnings largely unchanged
Reiterate Buy rating on Adani Port


JEFFERIES ON M&M
Maintain BUY , Target at `975/share
3 new PV launches planned for rest of FY19
Management indicated strong rural outlook


JEFFERIES ON TVS: ET NOW
Maintain BUY , Target at `650/share
Weak Gross Margin offset by scale benefits
Raising revenue but cutting margin estimates
Co Well poised on growth path


MACQUARIE ON PNB: ET NOW
Maintain Underperform , Target at `55/share
Challenges continue for PNB Bank
Expect some capital relief on the horizon


MACQUARIE ON TVS: ET NOW
Maintain Underperform ,Target at `450/share
Stock overdue for a multiple conversion
See downside risk to street expectation of EBITDA
Valuation for TVS is expensive at 26x FY20 PE


MORGAN STANLEY ON M&M: ET NOW
Maintain Overweight ,Target at `1063/share
M&M continues top pick in Auto pack
MM+MVML posted strong results in Q1


GOLDMAN ON BOB: ET NOW
Maintain Neutral , Target at `154/share
Better than expected execution is the key


GOLDMAN ON BRITANNIA: ET NOW
Maintain BUY , Target at `7235/share
Better margin to offset igher op.costs
Q1 results broadly in-line with expectations


UBS ON CIPLA: ET NOW
Maintain BUY , Targeta at `730/share
Approval run-rate rising to benefit India pharma
Cipla immune to price erosion risk

CLSA ON INDUSIND BANK: ET NOW
Expect 25% Cagr in profit over FY18-21CL
M&A with Bhafin/ISSL, universal bkg and mgt transition
Keep our BUY, basing our Rs2,350 target
Derisking the loan book helped to expand RORWA

CLSA ON TVS MOTORS: ET NOW
Cut below-consensus FY19-20 EPS estimates by 2-8%
Retain SELL with a Rs360 TP
Positive on industry demand but TVS’s market share slipped
Margins unlikely to improve much given rising competition

CLSA ON M&M: ET NOW
Benefitting from strong demand in tractors and LCVs
Launch of new MPV around the corner
Valuations reasonable despite strong rally
Retain BUY target at 1120

NOMURA ON MOTHERSON: ET NOW
Maintain Buy; TP cut to INR373
1Q below; growth trajectory to pick up
Expect domestic margins to bounce back to ~19%
EBITDA margins should move towards 8-9% from reported levels of 6.2%

NOMURA ON TVS: ET NOW
Maintain REDUCE with TP of INR 501, 9% downside
Cost inflation, competition hurt margin outlook
1Q miss; margin pressure to continue

HSBC ON NOVELIS: ET NOW
Another record quarter as Novelis
Reported highest level of adjusted EBITDA
EBITDA/t moved decisively above USD400
Keep Buy with a TP of INR320

HSBC ON SBI LIFE: ET NOW
Buy: Protection and digital are key focus areas
Growth concerns could ease going forward
Stock is our preferred pick within the Indian insurance space
Maintain Buy with unchanged TP of INR840

CITI ON M&M: ET NOW
Growth outlook for tractors and UVs unchanged for now
Inventory levels healthy: below industry levels in tractors
Maintain Buy. New TP of Rs1,060 (Rs1,010 earlier)
Mgmt reaffirmed tractor guidance at 12%-14% for FY19

CITI ON TVS MOT: ET NOW
Gross margins remain weak; no price cuts planned
Maintain Sell. Target at 475 from 490
High raw material costs & higher custom duties on imported components seen
Mgmt does not succumb to competition’s aggressive pricing

CITI ON MOTEHRSON: ET NOW
PKC margins are expected to improve further from current levels
Most of the capex for foreseeable organic growth is already done
Maintain Sell target at 280