MOSL: Morning India (11/July/17)-1. India Strategy 1QFY18-Still in the works- 2. Financials- 3. Divi’s Lab- 4. Cement- 5. Metals Weekly
​MOrning India (11/July/17): 1. India Strategy 1QFY18: Still in the works; 2. Financials; 3. Divi’s Lab; 4. Cement; 5. Metals Weekly
Today’s top research theme
India Strategy |1QFY18 Preview: Still in the works; Earnings breadth yet to improve; GST to impact B2C sector earnings
- ​The first earnings season of FY18 begins with the by-now familiar narrative - robust macro fundamentals not yet translating into corporate earnings growth. The narrative of significant policy events disrupting earnings continues in FY18, with GST-related trade destocking in B2C sectors impacting earnings.
- We expect the MOSL Universe to post 1.8% YoY decline in PAT. Excluding OMCs, the MOSL Universe will report 6.4% PAT growth. For Nifty, earnings growth including and excluding OMCs stands at 0.1% and 9.4%, respectively.
- We highlight three key trends: 1] Rural stimulus comparison v/s FY09, 2] Narrowness of FY18 earnings recovery and 3] GST making FY18 a story of two halves, like FY16/17.
- We revise our Nifty EPS estimates downward by 1.5%/1% to INR497/601 (previously INR505/607) for FY18/FY19.
Piping hot news
SBI Life IPO: State Bank of India looks to sell 80 million shares
- ​State Bank of India (SBI) on Monday said it will offer 80 million shares to the public in the proposed initial public offering (IPO) of SBI Life Insurance Co. Ltd.
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