Bharti Airtel
Buy Call, Target Raised To Rs 1,970
Jio’s Rising Focus On Growth May Lead To The Need For Multiple Tariff Hikes Over Next Few Yrs
VIL’s Continued Mkt Sh Loss May Lead To Need For Multiple Tariff Hikes Over Next Few Years
Raise FY26/27 India Revenue & EBITDA Estimates By 5-9%
Model A 10% Tariff Hike In Mid-FY26 In Addition To 10% Hike Were Modeling In Q2FY27
Expect Bharti’s Strong 19% EBITDA CAGR Over FY24-27
Bharti Airtel’s Lower Capex To Support 23% CAGR In FCFE & Drive Stock Returns
Jefferies on Bharti Hexacom
Upgrade To Buy, Target Raised To Rs 1,600
Raise Our FY26/27 Revenue/ EBITDA Estimates By 5-12%
Co’s Higher 25%/66% EBITDA/FCFE CAGR Over FY24-27 Vs Bharti Airtel Should Sustain Prem Valns
Citi On Samvardhana Motherson
Sell Call, Target Rs 105
Recent Trends In Auto Volumes Across Key Global Markets Have Been Weak
OEMs Have Been Guiding Down On Volume Guidance, Especially In EU
Further Newsflow On Weakness In Demand Could Result In Stock’s Underperformance
Build-up Of Inventory Could Result In Stock’s Underperformance Over Near-term
Debt Could Stress Balance Sheet, Co Already Has Net Debt Of `16,000 Cr (Including Leases)
If Funds Are Raised Via Equity Route, Could See EPS Dilution
Valuations At 38/32x FY25/26 EPS Provide Little Comfort
Investec on Samvardhana Motherson
Downgrade to hold, TP Rs 195
Weakness in EU region is reining-in Co’s organic growth
Commentary of major European OEMs fails to inspire confidence in future growth.
Cut FY25E-26E by 3-5%
STK is up +85% CYTD (vs +15% for Nifty)
Bernstein on Zomato
Outperform Call, Target Raised To Rs 330 From 275
Quick Commerce Is A Compelling Product & All Consumers Are Embracing It
Zomato Remains At The Center Of The Convenience
Co Prioritizing Long-term Leadership Over Short-term Profitability
Like The Strategy & Update Estimates For BlinkIt Upwards
MOSL on Granules
Buy Call, Target Rs. 680
Gagillapur Site Under A Cloud
Co Is Expected To Implement Remediation Measures To Address The Issues
Currently, There Is No Major Product Pending For Approval & Is Built Into Est From This Site
Await Clarity On Impact Of Remediation Measures On Ongoing Business
Expect A 36% Earnings CAGR Over FY24-26
HSBC on KIMS
Initial Buy, Target Rs. 3,300
KIMS Is An Affordable Healthcare Provider
Co Has A Strong Record Of Solid Operational Execution In Its Focus Markets
Estimate A PAT CAGR Of 26% Over FY24-27 Led By Volume Growth On Bed Additions
Opening Of New Hospitals In Mumbai, Nashik, And Bengaluru Are Key To Watch
HSBC on Global Health
Initiate Reduce Call, Target Rs 990
Co Continues To Spend On New Beds, Hiring Doctors & Adding Clinical Specialties
Believe Current Price Doesn’t Fully Reflect Challenges In Its Key Lucknow Market
There Is Execution Risk At New Hospitals
Better-than-expected Growth In Its Lucknow Hospital Is Key Upside Risk
HSBC on Narayan Health
Initiate Reduce, Target Rs 1,000
Co Is Investing Heavily To Improve Its Operational Efficiency & Patient Reach In Focus Mkts
Expect Notable Margin Drag On Costs Related To Its New Hospital In The Cayman Islands
Benefits From Current Initiatives Are Likely At Least 2-3 Years Away
HSBC on ICICI Pru Life
Buy Call, Target Rs. 815
Co Confident Of Driving Sustainable VNB Growth By Balancing Growth, Profitability & Risk Mgmt
Technology & Analytics Is At Core – Driving Innovation, Better Customer Experience
Deepening Of Distribution And Improving Productivity Should Drive Healthy Growth
Kotak Inst. on Bandhan Bank
Buy Call, Target Rs 250
De-risking Franchise Through Loan Diversification & Prudent Risk Policies Is Actively Underway
Business Momentum Is Healthy Across Segments
Bank Is Comfortable With MFI Book Trends Despite Headwinds For Industry Players
CLSA on DLF
Hold, TP Rs 775
Management meet takeaways
Targeting 15% growth in presales & rental income over medium term & expects Ebitda & cashflows to grow at a higher rate
Capital allocation with respect to FCF will be towards dividends, capex & land investments
CLSA on Adani Ports
Management meet takeaways
Core ports growing traffic 3x country growth rate over FY19-24 & claimed market share gains of 300bps YoY during 1QFY25
ADSEZ guided for 2030 traffic at 1bt implying a Cagr of 15% & 5-yr rev & port Ebitda Cagrs of 16% YoY over FY24-29
