Sunday, October 13, 2024

Share Market Highlights September 13, 2024: Sensex, Nifty settle marginally lower on profit-taking

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Jefferies on 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 Modelling 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 Prioritising 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

Initiate 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 Specialities

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





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