MOSL: Morning India (6/February/18): 1. India Strategy (3QFY18 interim earnings review); 2. EcoSope; 3. Tata Motors; 4. Bajaj Auto; 5. Bosch; 6. Colgate-Palmolive
MOrning India (6/February/18): 1. India Strategy (3QFY18 interim earnings review); 2. EcoSope; 3. Tata Motors; 4. Bajaj Auto; 5. Bosch; 6. Colgate-Palmolive; 7. United Breweries; 8. P&G Hygiene
Today’s top research theme
India Strategy: 3QFY18 interim earnings review; In-line at the end of first half; earnings recovery story gaining ground
- The 3QFY18 earnings season has so far been broadly in line with expectations on headline numbers.
- For the MOSL Universe, sales, EBITDA and PAT have grown 14.4%, 11.2% and 13.3% YoY, as against estimates of 14.4%, 10.0% and 12.5%, respectively.
- Sales, EBITDA and PAT for the 33 Nifty companies have grown at 13.3%, 9.4% and 14.1%, as against expectations of 14.2%, 9.4% and 11.9%, respectively.
- The upgrade to downgrade ratio is at par, with 30 companies seeing earnings upgrade of >3% and 31 companies seeing earnings downgrade of >3% for FY18.
- Based on the results of the 33 Nifty companies, we have revised Nifty FY18/19E EPS estimates to INR483/603 versus earlier estimates of INR487/598.
- Top FY18E Nifty EPS upgrades: Bharti Airtel (16%), Dr. Reddy (13%), Indiabulls Housing Finance (9%) and Tech Mahindra (8%). Top FY18E Nifty EPS downgrades: HDFC (35%), Axis Bank (20%), Bharti Infratel (16%), Ultratech Cement (13%) and ICICI Bank (8%).
Piping hot news
Real estate, natural gas may soon be brought under GST, says Arun Jaitley
- Finance minister Arun Jaitley on Monday hinted at the possibility that the government may soon bring cooking gas and real estate under the ambit of the goods and services tax (GST), to be followed by a similar move with regard to petrol, diesel and potable alcohol. “So far the mood of most states is not to include petrol and diesel in GST. I’m sure as the GST experience moves on, I think natural gas, real estate which includes land... these are areas which are to be brought in and then probably at some stage we will try for petrol and diesel and then of course potable alcohol,” Jaitley said.
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