1 405 372 reports
FIMA Research
  • FIMA Research
HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services) ... (+10)

Fima Daily Insight 03 August 2021

Please find enclosed our daily market report. Market Comment Croatia Valamar Riviera more than doubles revenue in H1 Viktor Lenac posts 29% YoY drop in cons net profit in H1 Eagle Hills' Croatian arm boosts stake in Sunce Hoteli to 79.99% in buyout bid Slovenia Telemach suing Telekom Slovenije for almost EUR 30 mil Stress tests affirm stability of Slovenian banking system Stock market index gains more than one percent Romania BRD net profit soars 55% YoY to RON 629 mil in H1 2...

HT-R-A HRVATSKI TELEKOM DD (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services)
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)
RIVP-R-A RIVIERA POREC D.D. (Personal & Household Goods)
ADRS2-R-A ADRIS GRUPA D.D. PFD. (Telecommunications)

*** Octo - Creditorial - 02 August 2021 ***

Octo - Creditorial - 02 August 2021 

Octo Morning convertible

Octo Morning convertibleQuadientAmadeusBPCa ImmoGreenyardIberdrolaENI

Team Research
  • Team Research

MOSL: Morning India (3/August/21): 1. India Strategy (1QFY22 interim e...

MOrning India (3/August/21): 1. India Strategy (1QFY22 interim earnings review; In-line; management commentaries indicate recovery is setting in); 2. HDFC; 3. NTPC; 4. Britannia Industries; 5. P I Industries; 6. Cholaman.Inv.& Fn.   Today’s top research theme India Strategy: 1QFY22 interim earnings review; In-line; management commentaries indicate recovery is setting in 108 MOFSL Universe and 31 Nifty companies have announced their results as of 31st July'21. Companies that have reported e...

Sumant Kumar
  • Sumant Kumar

MOSL: VARUN BEVERAGES (Buy)-Sharp volume growth on strong recovery and...

VARUN BEVERAGES: Sharp volume growth on strong recovery and lower base (VBL IN, Mkt Cap USD4.6b, CMP INR789, TP INR920, 17% Upside, Buy)   Earnings above estimates Varun Beverages (VBL) reported strong volume/revenue growth on the back of demand recovery across product segments and a lower base. It reported a stable operating performance, albeit gross margin contraction, owing to sustainable cost optimization measures implemented last year. 2QCY21 revenue/EBITDA/PAT came in above our esti...

Sumant Kumar
  • Sumant Kumar

MOSL: PI INDUSTRIES (Buy)-Broadening its horizon with API acquisition

PI INDUSTRIES: Broadening its horizon with API acquisition (PI IN, Mkt Cap USD6.8b, CMP INR3319, TP INR3720, 12% Upside, Buy)   Earning below estimates, but strong show on high base PI Industries (PI)’s operating performance during the quarter was impacted by one-time expenses pertaining to (i) COVID management, (ii) consulting fees, and (iii) other costs related to various strategic projects. Thus, despite this, the company reported EBITDA growth of 9% on the high base of last year. PI a...

Alpesh Mehta
  • Alpesh Mehta
HDFC Housing Develop... (Financial Services)

MOSL: HDFC (Buy)-Core operating profit in-line; commentary suggests he...

HDFC: Core operating profit in-line; commentary suggests healthy recovery from second wave impact (HDFC IN, Mkt Cap USD59.8b, CMP INR2462, TP INR3290, 34% Upside, Buy)   HDFC’s core PBT grew 12% YoY to INR32.2b (5% beat). NII (ex-assignment income) at INR41.3b was 2% above our estimate. On the other hand, provisions at INR6.9b were lower than our est. of INR8b. Better-than-expected MTM gains on investment led to an 11% beat on reported PAT (down 6% QoQ / 2% YoY). Strong disbursement growth...

Nilesh Bhaiya
  • Nilesh Bhaiya
KEC KEC Internation... (Construction & Materials)

MOSL: K E C INTL. (Buy)- Commodity prices dent margin; strong order in...

K E C INTL.: Commodity prices dent margin; strong order inflow outlook (KECI IN, Mkt Cap USD1.4b, CMP INR419, TP INR500, 19% Upside, Buy)   KEC International (KECI)’s 1QFY22 revenue grew 15% YoY to INR25.4b and was 10% ahead of our expectation. Margins disappointed on account of commodity price inflation and weaker execution in the SAE business in Brazil. Thus, adj. PAT declined 35% YoY and was 36% below our expectations. Working capital deterioration was a negative development, while the k...

KEC KEC INTERNATIONAL LTD. (Construction & Materials)
Nitin Aggarwal
  • Nitin Aggarwal

MOSL: RBL BANK (Buy)-Elevated provisioning drives loss; watchful of ne...

RBL BANK: Elevated provisioning drives loss; watchful of near-term asset quality (RBK IN, Mkt Cap USD1.6b, CMP INR194, TP INR235, 21% Upside, Buy)   Credit cost to stay elevated; PCR improves sharply to ~61% RBL Bank (RBK) reported a weak quarter, with net loss of INR4.6b, impacted by elevated provisions (INR14.3b) - as the bank upfronted the impact of the second COVID wave and shored up its PCR to ~61%. Business growth remains muted, impacted by a weak business environment. On the other h...

Swarnendu Bhushan
  • Swarnendu Bhushan

MOSL: VINATI ORGANICS (Buy)-Gross margin guidance revised down; revenu...

VINATI ORGANICS: Gross margin guidance revised down; revenue potential intact (VO IN, Mkt Cap USD2.7b, CMP INR1925, TP INR2220, 15% Upside, Buy)   Vinati Organics (VO) reported mixed results, with revenue above our estimate (+20%), while EBITDA came in below our estimate (-8%). The gross margin shrank to 45% – the lowest since 3QFY15. The resultant EBITDA margin stood at 26.3% (v/s our est. of 34.3% and 35.4% in 4QFY21). Higher freight costs (by INR100m), along with an increase in Phenol a...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
EMAMILTD EMAMI (Personal & Household Goods)

MOSL: EMAMI (Buy)-Margin outlook getting better; sales recovery key to...

EMAMI: Margin outlook getting better; sales recovery key to re-rating (HMN IN, Mkt Cap USD3.4b, CMP INR570, TP INR660, 16% Upside, Buy)   Emami (HMN)’s 1QFY22 sales were in line with expectations. Domestic sales grew 5% v/s 1QFY20 levels. While Healthcare and Pain Management have nearly doubled over 1QFY20 levels, the impact of the second COVID wave led lockdown resulted in sharp decline over 1QFY20 in Navratna (in the crucial summer season) and Male Grooming. The outlook for the domestic ...

Alpesh Mehta
  • Alpesh Mehta
CHOLAFIN Cholamandalam I... (Financial Services)

MOSL: CHOLAMANDALAM INV. & FINANCE (Buy)-Muted disbursements; PAT beat...

CHOLAMANDALAM INV. & FINANCE: Muted disbursements; PAT beat despite elevated credit costs   (CIFC IN, Mkt Cap USD5.8b, CMP INR526, TP INR650, 23% Upside, Buy)   Cholamandalam Inv & Fin (CIFC) reported 1QFY22 PAT of INR3.3b (11% beat), up 34% QoQ / down 24% YoY. This was on account of strong control over opex (12% below our estimates), despite elevated credit costs (up 10% QoQ to INR5.5b; annualized: 3.2%). NIM on AUM (calculated) stood at 7.4%, up 20bp QoQ. The PAT beat, however, belies t...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy
BRITANNIA Britannia Indus... (Food & Beverage)

MOSL: BRITANNIA INDUSTRIES (Buy)-Sales momentum healthy; ICD reduction...

BRITANNIA INDUSTRIES: Sales momentum healthy; ICD reduction a significant positive (BRIT IN, Mkt Cap USD11.4b, CMP INR3504, TP INR4370, 25% Upside, Buy)   Britannia Industries (BRIT) reported flat sales and volume growth YoY in 1QFY22, despite an extremely high base of ~27% sales growth (and 21% volume growth), well ahead of expectations. Importantly, it achieved this despite no major pantry loading during the second COVID wave lockdowns. While margins were below expectations – leading to ...

Aniket Mittal
  • Aniket Mittal
NTPC NTPC (Utilities)

MOSL: NTPC (Buy)-Profits in-line, aided by other income

NTPC: Profits in-line, aided by other income (NTPC IN, Mkt Cap USD15.4b, CMP INR118, TP INR140, 19% Upside, Buy)   To see steady growth, led by capacity additions; maintain Buy NTPC's 1QFY22 results highlight a steady performance - given the regulated business and aided by other income. S/A adj. PAT (excl. FC u/r) was broadly flat YoY at INR33.1b. NTPC has set a RE capacity target of 60GW by 2032. While this may seem ambitious (implying 5-5.5GW p.a. of RE additions over the next 11 years)...

Son Tran
  • Son Tran

6PM Call: Short-term profit taking

Entering the first session of August, the market keep its recovery momentum with an active trading session. However, short-term profit-taking pressure increased in the afternoon session and restrained the market's gain. At the end of the session, VN-Index only increased slightly +4.17 points (+0.32%) and closed at 1,314.22 points. HNX-Index gained 0.08 points (+0.03%) and closed at 314.93 points. Liquidity decreased slightly, with 587.2 mn shares matched on HOSE.

  • Ghita BENIDER

BKGR Lettre Quotidienne du 02-08-2021

Au terme d’une première séance hebdomadaire bien orientée, la Bourse de Casablanca clôture dans le vert avec un MASI en amélioration de +1,05% à 12 433,94 points et un MSI20 en progression de +1,23% à 1 017,45 points, renforçant ainsi leurs performances annuelles à +10,16% et à +10,02% respectivement ; Moyennement dynamique, le volume transactionnel se monte à M MAD 95,7, draine à hauteur de 58% par les transactions portant sur 115 581 titres ITISSALAT AL-MAGHRIB, 45 0...

  • Ghita BENIDER

BKGR African Markets Review 8 02 2021

In Morocco, the Ministry of Economy and Finance expects inflation to reach +1% in 2021 after +0.7% a year earlier, according to the business press, In Tunisia, the crude oil revenues amounted to USD 2 069.8m, while the gas and condensates amounted to USD 66.2m, In Egypt, the COMMERCIAL INTERNATIONAL BANK has submitted the documents required to the Egyptian Exchange (EGX) for listing shares to increase its issued and paid-in capital to  EGP 19.7bn, At the end of a positive session, the Mauri...

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

Daily Market briefing - West African Regional Stock Exchange

BRVM has closed its trading day on Monday August 2nd, 2021 lower compared to last Friday. The market capitalization (Stocks + Bonds) decreased by 0.08% to stand at XOF 11 859.65 billion against 11 869.00 billion previously.

Gabor Bukta
  • Gabor Bukta
WIZZ Wizz Air Holdin... (Travel & Leisure)

Wizz Air - Weak results, but a cash-flow positive quarter

Wizz Air published its fiscal Q1/22 report today, BMO. In a nutshell, Wizz Air reached a net u’lying loss of EUR 118.7mn on revenues of EUR199mn in the previous quarter ended on the 30th of Jun, vs. our net loss estimate of EUR91.3mn and revs forecast of EUR 215.6mn. The difference mainly came from weaker-thanexpected fare prices, higher maintenance costs, but FX gains. Ancillary revenuesoutperformed ticket revenues in Q1, while cost control and liquidity position continued toremain excellent p...

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