Among sectors, except FMCG and IT all other indices are trading lower led by the auto, metal, pharma, energy and infra.
Brokerages View:
Goldman Sachs on Maruti Suzuki
Maintain buy, target at Rs 7210 per share
Q1 results above estimates on cost control; buy on weakness
See EBITDA margin to have bottomed out as we expect better volume hereon
Citi on Maruti Suzuki
Buy call on the stock with target at Rs 7,400 per share
Q1 results a modest beat but near-term outlook gloomy
Co would likely outperform given sustained market share & balance sheet strength
IDFC Securities on Maruti Suzuki
Outperform rating with target at Rs 6,400 per share
Demand environment continues to remain weak with no overt signs of a recovery
Expect pressure on margin to continue in the near-term
CLSA on Maruti Suzuki
Maintain buy call with target at Rs 7,400 per share
Maruti reported weak q1 results as volume fell 18% YoY
Believe Maruti is a better way to play a potential demand recovery
UBS on Maruti Suzuki
Sell call with target at Rs 5800 per share
Q1 a consensus miss amid a tough environment
EBITDA below consensus, adjusting for estimated AS-116 impact
CIMB on Maruti Suzuki
Reiterate add rating with target at Rs 7,776 per share
Q1 EPS fell 20% QoQ In-line with consensus but 26% above estimate
Key risks are fuel price spike impacting car industry demand
Kotak Institutional Equities on Escorts
Maintain buy call; target cut to Rs 910 from Rs 1,000 per share
Co reported a 23% YoY decline in EBITDA mainly led by decline in tractor volume
Believe the tractor segment has least headwinds related to cost increase
Credit Suisse on Escorts
Outperform rating with target at Rs 920 per share
Q1 headline numbers were broadly in-line with estimates
Nomura on Jubilant Life
Maintain buy call on the stock; raise target to Rs 661 from Rs 660 per share
Q1 EBITDA up 21% QoQ but 1% below our estimate
UBS on Bajaj Auto
Maintain sell, target at Rs 2,400
Q1FY20 in-line but market share plateauing despite aggressive pricing
High inventory adds to downside risk
IDFC Securities on Bajaj Auto
Maintain underperform, target at Rs 2,400 per share
Company’s strategy of cutting product prices to gain market share may benefit it over long term
Key upside would be a stronger-than-expected export market growth
Kotak Institutional Equities on Bajaj Auto
Maintain reduce, target cut to Rs 2,500 from Rs 2,700 per share
Slowdown led by a weak rural economy & sharp rise in regulatory costs
Nomura on Bajaj Auto
Maintain neutral; target at Rs 2,836 per share
Q1 results in-line; growth slowing down
Margin headwinds remain from adverse mix & regulatory cost pressures
Credit Suisse on Bajaj Auto
Underperform, target at Rs 2,330 per share
Increasing competitive intensity in exports could jeopardise company’s profit
Cut FY20/FY21E EPS by 5%/8%, factoring in the further cautious outlook
Morgan Stanley on Bajaj Auto
Remain equal-weight with target at Rs 2,646 per share
Co Posted an in-line quarter
EVs & emission regime change are key risks to the business
CLSA on Bajaj Auto
Fine tune our estimates & retain sell call with target at Rs 2,275 per share
Muted Q1 but better than estimates
See risk to 2-wheeler exports given the weakening global economic outlook
Jefferies on Bajaj Auto
Maintain underperform rating with target at Rs 2,430 per share
Management expects negative growth in domestic 2-wheeler industry for short-term
Adjusting for A/Cing changes, Q1 revenue was ahead, EBITDA in-line & margin below estimates
CLSA on ICICI Bank
Co is a high-conviction buy with target at Rs 530 per share
Q1 PAT tad below estimates due to higher provisions & higher tax
Trim earnings but see an earnings turnaround ahead & RoE rising to 15-16%
Jefferies on ICICI Bank
Retain buy call on the stock; raise target to Rs 480 from Rs 455 per share
Steady Q1 with core PPoP driven by better loan growth & steady margin
Fees were negatively impacted by lower mutual fund distribution fee
Expect improvement in core op profit; standalone RoE likely to be over 16% by FY21
Jefferies on JSW Steel
Retain underperform; cut target to Rs 216 from Rs 233 per share
Cut our FY20-21e EBITDA by 2-3%
Q1 EBITDA missed our estimate; margin was in-line, but volume disappointed
CLSA on JSW Steel
Cut our FY20-21 EPS by 4-5%
Retain sell rating; cut target to Rs 200 from Rs 225 per share
CLSA on autos
Believe govt’s proposal of higher registration fee is unlikely to boost auto demand
Believe regulatory costs are adding up for the Indian auto industry
Entered 2019 with a cautious view on autos & see few reasons to change it
Have sell ratings on 70% of our auto coverage; recommend underweight stance on sector.
MORE WILL UPDATE SOON!!
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