Avenue Supermarts (DMART) Research Report by Motilal Oswal

Avenue Supermarts (DMART) owns and operates an emerging national supermarket chain, ‘D-MART’. Focused on value retailing, it offers a wide range of fast-moving consumer (food and non-food) products, general merchandise and apparel. DMART has grown impressively from opening its first store in Mumbai in 2002 to 131 stores spread across 11 states. Over the last…

Manpasand Beverages BUY Research Report by Prabhudas Lilladher

We initiate coverage on Manpasand Beverages (MANB) with a BUY rating and 18-month target price of Rs1009 (26.3% upside). We estimate sales and PAT CAGR of 34% and 38.5% over FY17-20 and value the stock at 30x FY20 EPS. MANB trades at significant discount to global majors on PEG (0.7x v/s 1.5-2.7x) and EV/EBIDTA (11.3x…

Fortis Healthcare BUY Research Report by Motilal Oswal

Possibility of three-step value unlocking According to media reports, IHH Healthcare Bhd, Asia’s largest private hospital operator, may announce acquisition of a controlling stake in Fortis Healthcare Ltd (FORH) and SRL Diagnostics. In this note, we have evaluated the possibility of a three-step value unlocking in FORH: 1) IHH/private equity buying a controlling stake in…

Magma Fincorp is a Buy – Nirmal Bang Research Report

Magma Fincorp Ltd. (Magma) is pan India NBFC engaged in the business of financing across the assets classes across the various geographies in India. It has a diversified portfolio consisting of cars and utility vehicles (UV), commercial vehicles (CV), construction equipment (CE), tractors (Agri), used vehicles, SME businesses and mortgage finance, Housing Finance and in…

Tejas Networks IPO – Should You Invest?

Tejas Networks incorporated in 2000 is an India based optical and data networking company with a customer base across 60 countries. Tejas designs, develops and sells products to telecommunication service providers, internet service providers, utility companies and government entities. The products are used to build communication network that carry voice, data and video traffic. As…

Ventura Research Report – Suzlon Energy

Based on our interactions, we have marginally upgraded our target on Suzlon by 4% to Rs 44.5 (12xFY20EV/EBIDTA). Our confidence in the sector has been bolstered given India’s recent commitment (at the Plenary Session of St. Petersburg International Economic Forum (SPIEF 2017) to cut back on carbon emissions. In addition Suzlon is also looking to…

Axis Research Report – KRBL

KRBL in Q4FY17 posted revenues of Rs 913 Cr. (up 28% YoY, up 14% QoQ), on account of 26% volume growth in the overall rice production. Due to brand strength, lower cost of material consumed, higher price realizations in domestic market and other efficiencies, KRBL recorded PAT of Rs 110 Cr. (up 18% YoY, down…

Mahindra & Mahindra Stock Buy Report – Prabhudas Lilladher

Mahindra &Mahindra’s standalone adjusted results in Q4FY17 were below expectations as its EBITDA declined 12.8% YoY. While revenues grew 3.3% YoY to Rs111.3bn (PLe: Rs115.1bn), M&M’s EBITDA margin stood at 8.4%, lower 160bps YoY and 340bps QoQ. However, if we adjust for the one‐time discounts given by the company owing to BS III inventory clearance,…

Alkem Laboratories Research Report by Angel Broking

Slower growth in domestic and US business: Alkem reported yoy revenue grew of 9% in 4QFY17. Domestic revenue grew by 7% yoy to `856cr while exports grew by 14.5% to `385cr. US revenue grew by 19.4% yoy to `291cr. Other exports were flat at `95cr. Domestic business contributed 69% of the total revenue during the…

HDFC Securities Research Report – JK Tyre & Industries Ltd

JK Tyre & Industries (JKTL) is the flagship company of the JK organization which has other interests in paper, cement, seeds and dairy. It is one of India’s leading tyre brands (pioneer in truck radials) and among the 25 largest tyre companies in the world. JKTL started manufacturing tyres in 1977 with a capacity of…

Edelweiss Research Report – Dilip Buildcon Ltd

Dilip Buildcon (DBL) is one of the largest road EPC contractors in India with more than INR 17,500 cr order-book and INR 5,000 cr revenue (in FY17). Over the years, the company has created a sustainable business model by focusing on fostering end-to-end execution capability, expanding presence across geographies and securing higher revenue share of…

Prabhudas Lilladher Research Report – KEC International

KEC International (KEC) reported Net Profit of Rs1.45bn, up 90% YoY, led by higher margin and lower interest cost. Margin improved 150bps YoY to 10.6%, led by improved profitability in new businesses. Order inflow for the year was up 42% YoY to Rs123bn and they were L1 for Rs33bn worth bids. Domestic markets have seen…