Brokerage Radar
Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Reliance Industries, MCX, and ICICI Pru Life and more.
MS On Reliance Ind
Overweight Call, Target At Rs 1,606/Sh
Big Debates Will Shift From Old To New Energy & From Retail To Powering AI
New Energy Will Power Co’s Gen AI Infrastructure In Two Years
Co May Become Large Driver Of Earnings & Multiples Vs Current Investor Focus On Refining & Retail
Both Refining & Retail Have Seen Demand Improve
HSBC On ICICI Pru Life
Buy Call, Target Cut To Rs 780/Sh From Rs 825/Sh
Q3 Reported Healthy Growth In APE & VNB, Driven By Linked & Group Premiums
Co Can Deliver 15-17% Growth In VNB
High Reliance On Linked Products For Growth Would Be A Key Valuation Overhang
MS On ICICI Pru Life
Equal-Weight Call, Target At Rs 695/Sh
VNB Missed Forecasts In Q3 Results
Stronger APE Growth Than Peers Has Been Driven By A Weak Base
Trim VNB Forecasts By 2% For FY25-27 Following Miss On Margin
Stock Trades At 15x FY26 P/VNB & 1.7x P/EV For 14% RoEV
Volatile History, Weaker Margin Delivery & Lower RoEV Than Peers Drive Equal-Weight
MS On PNB Hsg
Overweight Call, Target At Rs 1,520/Sh
Key Drivers Progressed As Expected In Q3
Higher Recoveries Drove Beat
Amid Rising System Asset Quality Concerns, Co’s Story Is Improving
As An Housing Fin With Recoveries From A Large Pool, Faster Loan Growth Is Driving RoA Expansion
UBS On KEI Ind
Buy Call, Target At Rs 5,750/Sh
Q3FY25 Results Saw In-line Topline, Missed On Margin & Bottom Line
Key Highlights For Quarter Include Sub Segment EHV Cables Which Declined By 55%
Post A 15% Decline In Exports For H1FY25, Exports Grew By 5% In Q3FY25
HT, Cables Saw Strong Growth As Weak Offtake In EHV Cable Drove Capacities Towards HT Cables
EPC Revenue Declined By 80% On Continued To Defocus Itself From The EPC Segment
Nomura On IndiaMART
Downgrade To Reduce, Target Cut To Rs 1,900/Sh From Rs 3,150/Sh
Unexpected Decline In Paying Subscriber Base Comes Due To Weak Addition In Last 5 Quarters
Low Gross Addition With Sticky High Customer Churn To Weigh On Collections Growth
Believe Collections Could Remain Weak In Near To Medium Term Until Churn Reduces
Gross Addition Increases & Subsequently, Net Subscriber Addition Improves
Nomura On Dalmia Bharat
Reduce Call, Target At Rs 1,680/Sh
EBITDA Miss In Q3 Results As Volumes Disappoint
Cement Volumes Came In Below Estimates
EBITDA/t Came In Just 2% Above Est, Largely On Account Of Better Than Expected Realisations
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MS On Dalmia Bharat
Underweight Call, Target At Rs 1,750/Sh
Q3 Was Another Weak Quarter
Net Revenue Came Below Estimates
Vol Were Much Weaker Than Expected But This Negative Was Partially Offset By Better Realisations
Sense Is That Co Prioritized Sales In North/Central Regions Where Pricing Was Good
HSBC On Zomato
Buy Call, Target Cut To Rs 315/Sh
Zomato Reported Deterioration In Q3 In Quick Commerce Profitability
Co Managed To Maintain Market Share Hence Reported Strong Growth
Food Delivery Profitability Improved, Though Growth May Moderate Back To Mid-teens
There Is Strong Food Delivery & Quick Commerce Franchise & It Is A Potential Long-term Winner
MS On Zomato
Overweight Call, Target Cut To Rs 340/Sh From Rs 355/Sh
Slower Growth In Food Delivery, Growth Acceleration In Blinkit Pushing Out Profitability
No Clear Timeline Of Breakeven Could An Overhang On Multiples In Near Term
Scenario Analysis Suggests Support For Stock In Range Of `195-215/Sh
HSBC On Dixon Tech
Buy Call, Target At Rs 20,000/Sh
Co Posted A Strong Set Of Results In Q3 On The Back Of Sharp Ramp-up Of The Mobile Biz
There Are Plans Of Massive Investment In A Display Fab
Co Sees Attractive Profitability, Return Ratios & A Short Payback Period
Expect Strong Earnings Growth And Upgrades To Continue
MOSL On MCX
Neutral Call, Target At Rs 6,100/Sh
Miss On Q3 Earnings; New Product Launches Key To Re-rating
Volumes Were Healthy With An Overall Jump Of 102% YoY
Mgmt Guided For Momentum To Sustain, Driven By New Product Launches, Increasing Participation
Cut EPS Estimates By 4%/14%/11% For FY25/26/27 Due To A Lack Of Visibility On Product Launches
Citi On Paytm
Buy Call, Target At Rs 1,000/Sh
Monthly Transactional Users Bottomed Out In Dec’24 With Decent MoM Recovery Was Key Positive
Will Watch For Impact On Relative Market Share In UPI Consumer Payments Ahead
Paytm’s Default Loss Guarantee Merchant Loans Are Scaling Well
Co Has Pivoted Fully To ‘Growth’ Focus & Cost Structure Allows Significantly More Nimbleness
Citi On OMCs
Expect OMCs To Report Strong Q3 Earnings
Strong Q3 Results Could Be Followed By An Equally Strong Q4 Performance
See Impact Of Several Recent Factors Negating Each Other
GRMs, Marketting Margin & Russian Crude Discounts Are Negatives In Q4
The Negatives Could Almost Entirely Be Offset By Higher Inventory Gains & LPG Compensation
All 3 Stocks Have Corrected By 5-10% Over Last 1 Month & Have Underperformed Upstream Peer
Believe Underperformance Offers An Attractive Buying Opportunity
Buy Call On BPCL, HPCL & IOC, Target At Rs 390/Sh, Rs 450/Sh & Rs 190/Sh Respectively
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