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Team Research
  • Team Research

MOSL: Morning India (6/August/21): 1. Godrej Consumer (In line result;...

MOrning India (6/August/21): 1. Godrej Consumer (In line result; continuation in sales momentum encouraging); 2. Cipla; 3. GAIL (India); 4. Gujarat Gas; 5. Tata Communications; 6. HPCL; 7. Ipca Labs.; 8. Tata Chemicals   Today’s top research idea Godrej Consumer: In line result; continuation in sales momentum encouraging GCPL's 1QFY22 sales were in line with our estimate, while EBITDA margin was slightly better than expected, despite higher than anticipated gross margin pressures due to a ...

Jinesh Gandhi
  • Jinesh Gandhi
APOLLOTYRE Apollo Tyres Lt... (Automobiles & Parts)

MOSL: APOLLO TYRES (Buy)-Raw material inflation hurts performance

APOLLO TYRES: Raw material inflation hurts performance (APTY IN, Mkt Cap USD1.9b, CMP INR222, TP INR290, 30% Upside, Buy)   Price increases taken in Jul-Aug'21 to largely absorb full cost inflation APTY's 1QFY22 operating performance was impacted by higher RM cost in its India operations as well impact of the transition in its EU operations. Demand recovery in India as well as consistent price hikes will drive a margin recovery in India. Turnaround in its EU operations and profitability in...

APOLLOTYRE APOLLO TYRES LTD. (Automobiles & Parts)
Jinesh Gandhi
  • Jinesh Gandhi
ESCORTS ESCORTS (Industrial Goods & Services)

MOSL: ESCORTS (Neutral)-Above our estimate; a strong showing in Tracto...

ESCORTS: Above our estimate; a strong showing in Tractors, but the cycle is turning (ESC IN, Mkt Cap USD2.2b, CMP INR1224, TP INR1270, 4% Upside, Neutral)   Single-digit growth in FY22 implies a residual decline in single-digit Operating performance in 1QFY22 was driven by strong growth in the Tractor business (benefitting from the mix). The demand outlook is turning murky, which raises uncertainties over the next 12-15 months, though Kubota JV, leaner cost structure, recovery in the Railw...

Swarnendu Bhushan
  • Swarnendu Bhushan

MOSL: HPCL (Neutral)-Project execution poses greatest risk hereafter

HPCL: Project execution poses greatest risk hereafter (HPCL IN, Mkt Cap USD5.1b, CMP INR265, TP INR295, 11% Upside, Neutral)   HPCL reported a beat on our estimates, driven by a better-than-expected performance from the Marketing segment. On the other hand, Refining performance was below estimate due to a planned shutdown at the Mumbai refinery and higher fuel & loss during the quarter. The management expects to commission the Mumbai expansion project by the end of the month (which would a...

Swarnendu Bhushan
  • Swarnendu Bhushan
GUJRATGAS GUJARAT GAS (Utilities)

MOSL: GUJARAT GAS (Buy)-Ecstatic margins; unlikely to sustain

GUJARAT GAS: Ecstatic margins; unlikely to sustain (GUJGA IN, Mkt Cap USD7.2b, CMP INR772, TP INR860, 11% Upside, Buy)   Gujarat Gas (GUJGA) reported a beat on our numbers, driven by better-than-estimated EBITDA/scm (INR7.9), while volumes were in-line (at 10mmscmd, with Morbi at 5.6mmscmd). The gross margin stood at INR10.4/scm (v/s our estimate of INR7.8), led by lower gas costs. In 1QFY22, GUJGA began procuring 1.33mmscmd of gas from the Barmer field in Rajasthan (in addition to 0.67mmsc...

Swarnendu Bhushan
  • Swarnendu Bhushan
GAIL GAIL (India) Lt... (Oil & Gas)

MOSL: GAIL (Buy)-Doing good, expecting even better

GAIL: Doing good, expecting even better – reiterate Buy (GAIL IN, Mkt Cap USD8.6b, CMP INR143, TP INR200, 40% Upside, Buy)     GAIL reported an EBITDA in line with our estimate, as better performance in Gas Trading and LPG and Liquid HC business offsets lower profitability in the Petchem segment (impacted due to the planned shutdown in 1QFY22). The management guided that the Petchem plant is currently operating at over 100% utilization and will achieve 100% utilization in FY22, despite th...

GAIL GAIL (INDIA) LTD. (Oil & Gas)
Tushar Manudhane
  • Tushar Manudhane
CIPLA CIPLA LTD. (Health Care)

MOSL: CIPLA (Neutral)-COVID / Operational efficiency drives earnings

CIPLA: COVID / Operational efficiency drives earnings (CIPLA IN, Mkt Cap USD10.3b, CMP INR946, TP INR1000, 6% Upside, Neutral)   CIPLA delivered better-than-expected 1QFY22 earnings, led by a superior product mix, operational cost efficiency, a healthy off-take of COVID-related products, and one-time income from the API segment. Cipla is poised to outperform the Domestic Formulation (DF) market and is progressing well on building a complex product pipeline for North America (NA). We raise ...

Nilesh Bhaiya
  • Nilesh Bhaiya
BLUESTARCO BLUE STAR LTD. (Construction & Materials)

MOSL: BLUE STAR (Sell)-Weak operating performance; UCP disappoints

BLUE STAR: Weak operating performance; UCP disappoints (BLSTR IN, Mkt Cap USD1.1b, CMP INR857, TP INR730, 15% Downside, Sell)   Inventory levels to normalize over next two months Blue Star (BLSTR) posted weak revenue in 1QFY22, in line with expectations, with the two-year revenue CAGR in the Unitary Cooling Products (UCP) segment at -25%. EBITDA came in below our estimate as rising commodity costs, the lower off-take of RACs, and higher operating costs sequentially weighed on margins. Adj...

Amit Murarka
  • Amit Murarka
BIRLACORPN BIRLA (Construction & Materials)

MOSL: BIRLA CORPORATION (Buy)-Expansion plans provide growth visibilit...

BIRLA CORPORATION: Expansion plans provide growth visibility (BCORP IN, Mkt Cap USD1.4b, CMP INR1388, TP INR1740, 25% Upside, Buy)   Reiterate Buy on attractive valuation BCORP’s 1QFY22 result was in line, with EBITDA growing by 47% YoY to INR3.4b, led by 39% growth in volume and EBITDA/t at INR1,026 (+6% YoY). The ongoing 3.9mtpa greenfield expansion at Mukutban (to be commissioned in 4QFY22) provides strong volume growth visibility in FY23. We expect a 14% EBITDA CAGR in FY21-23E, led ...

Alpesh Mehta
  • Alpesh Mehta
IIFLWAM IIFL Wealth Man... (Financial Services)

MOSL: IIFL WEALTH (Buy)-Strong net inflows; healthy beat on profitabil...

IIFL WEALTH: Strong net inflows; healthy beat on profitability (IIFLWAM IN, Mkt Cap USD1.8b, CMP INR1534, TP INR1775, 16% Upside, Buy)   PAT grew 13% QoQ and 42% YoY to INR1.17b (14% beat) in 1QFY22. The beat on profitability was driven by: a) a 12% beat on net revenue (+7 QoQ and 43% YoY to INR2.8b) owing to both Annual Recurring Revenue (ARR, 10% beat) and Transactional/Brokerage Revenue (TBR, -16% beat), b) better operating efficiency (CIR of 54% v/s our estimate of 56.5%), and c) a lowe...

IIFLWAM IIFL WEALTH MANAGEMENT (Financial Services)
Aliasgar Shakir
  • Aliasgar Shakir
TATACOMM Tata Communicat... (Telecommunications)

MOSL: TATA COMMUNICATIONS (Neutral)-Recovery playing out slowly and st...

TATA COMMUNICATIONS: Recovery playing out slowly and steadily (TCOM IN, Mkt Cap USD5.8b, CMP INR1498, TP INR1380, 8% Downside, Neutral)   Tata Communications (TCOM)'s 1QFY22 revenue/EBITDA was up 1%/-3% on a QoQ basis. It reported an 8% EBITDA miss on lower data traffic, impacted by the lockdown and provisions towards a newly implemented 8% license fee on ISP data traffic revenues. This marked the third straight quarter of EBITDA decline. We revise down our EBITDA estimate by 4% for FY23 d...

TATACOMM TATA COMMUNICATIONS (Telecommunications)
Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
GODREJCP Godrej Consumer... (Personal & Household Goods)

MOSL: GODREJ CONSUMER (Buy)-In line result; continuation in sales mome...

GODREJ CONSUMER: In line result; continuation in sales momentum encouraging (GCPL IN, Mkt Cap USD13.5b, CMP INR976, TP INR1140, 17% Upside, Buy)   GCPL’s 1QFY22 sales were in line with our estimates, while EBITDA margin was slightly better than expected, despite higher than anticipated gross margin pressures due to a lag between commodity cost increases and price hikes taken by the company. Continued double-digit two-year CAGR in the key domestic segments of Household Insecticides (HI) and...

GODREJCP GODREJ CONSUMER PRODUCTS LTD. (Personal & Household Goods)
Ghita BENIDER
  • Ghita BENIDER

BKGR Lettre Quotidienne du 05-08-2021

 Portée par le secteur bancaire, la Bourse de Casablanca clôture dans le vert avec un MASI en hausse de +0,34% à 12 467,81 points et un MSI20 en progression de +0,25% à 1 017,72 points, renforçant ainsi leurs performances annuelles cumulées à +10,46% et à +10,05% respectivement ;  La volumétrie de la séance ressort à M MAD 81,9 drainée à hauteur de 55% par les opérations portant sur 9 632 titres LAFARGEHOLCIM MAROC, 25 258 actions ATTIJARIWAFA BANK, 35 521 titres MAR...

Ghita BENIDER
  • Ghita BENIDER

BKGR African Markets Review 08 05 2021

In Morocco, MANAGEM recorded sales up 26.6% to MAD 3,011m in y-o-y; In Tunisia, net foreign exchange assets have dropped by 9 days of imports from TND 20,471m to TND 19,041m; In Egypt, the Central Bank to hold interest rate as prices climb; Among the covered African markets, the BRVM Stock Exchange posted the highest performance (+0.49%) followed by the Kenyan market (+0.12%) after both recording significant counter performances yesterday.

Boris AFRAN ... (+3)
  • Boris AFRAN
  • Gustave KRAGBE
  • Tessy BROU

Daily Market briefing - West African Regional Stock Exchange

BRVM has closed its trading day on Thursday August 5th, 2021 higher compared to Wednesday. The market capitalization (Stocks + Bonds) increased by 0.23% to stand at XOF 11 844.10 billion against 11 816.86 billion previously.

Nigeria Strategy Report H2 2021

Nigeria Strategy Report – H2 2021 Excerpts   Global Economy, Domestic Economy and Markets   The first half of 2021 was marked by a cocktail of medical and economic antidotes prescribed by policy makers around the world to kickstart their economies, following some ease in the spread of the COVID-19 pandemic. The much-awaited economic rebound which took off in the first half of the year has shown strong signs of life for economies around the world. On the domestic front, Nigeria emerged from...

ACF Extractives
  • ACF Extractives
EUA Eurasia Mining ... (Basic Resources)

Eurasia Mining Plc Research Update ACF 05082021

Eurasia Mining (EUA.L), an AiM-quoted Russian Pd dominated PGM miner, has scaled production from 1 plant to 3 plants at the world’s largest soft rock PGM open pit mine, according to management. We expect EUA to add a further 3 plants (6 in total) to reach 64k oz p.a. PGM production. Definitive Feasibility Study (DFS) and Detailed Design completed for the entire West Kytlim project. EUA has set up a Japan office to engage with parties interested in its expanded range of PGM and battery metals fol...

EUA EURASIA MINING PLC (Basic Resources)
Chinma Ukadike ... (+2)
  • Chinma Ukadike
  • Vetiva Research

NIGERIAN BREWERIES PLC H1'21 Earnings - Elevated Opex wipes out Q2 Ear...

Nigerian Breweries’ Q2’21 performance showed a stronger 51% y/y growth(Q1’21: +27% y/y), bringing the H1’21 performance (+38% y/y) to ₦209.3billion, 1% lower than our Revenue expectation of ₦210.3 billion. Whilst webelieve that the lower base from the pandemic-induced slump in the previousyear was quite instrumental in the significant growth reported this year, werecall a number of initiatives that the company had implemented in the pastyear. Nigerian Breweries implemented a can repackaging stra...

Peter Thilo Hasler
  • Peter Thilo Hasler
E4C ecotel communic... (Telecommunications)

Dauerhafte Margenverbesserungen

Nicht nur aufgrund eines EBITDA-Anstiegs um 62,1% verlief die operative Entwicklung in der ersten Jahreshälfte 2021 aus unserer Sicht mehr als zufriedenstellend, sondern auch den Anstieg der EBITDA-Marge um 770 Basispunkte werten wir als Beleg für die nachhaltige Effektivität des Transformationsprozesses der letzten Jahre. Insbesondere profitiert ecotel davon, dass sich der Kunden-Mix in den vergangenen Jahren sowohl in Bezug auf die durchschnittliche Vertragslaufzeit als auch den TCV signifikan...

E4C ECOTEL COMMUNICATION AG (Telecommunications)
Eric Morera
  • Eric Morera

Disney Still Needs One More Swing To Complete An Impulse. Why $230 Tar...

  August 4, 2021 By  Since the crash of March 2020, all stocks have tried to recover what they lost, and Disney was no exception. Disney did not only recover the lost, but It also reached historic highs. Now, we are going to try to build an impulse from the March 2020 lows with a target around $230. Target measured from 0 to 2019’s high projected from March’s low, equal legs. Since we begin with this analysis on February 13th, we bought the share in 160.97 – 165.89 area. Disney Old Dail...

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