The independent financial analyst theScreener just downgraded the general evaluation of NHPC (IN), active in the Multiutilities industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date February ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
NHPC: Profits improve off a low base (NHPC IN, Mkt Cap USD3.4b, CMP INR24, TP INR25, 3% Upside, Neutral) Capex run-rate increasing; Maintain Neutral NHPC’s results highlight the benefit of higher generation and the low base of the previous year. Reported PAT grew to INR4b from INR1.8b in 3QFY19. Capex run-rate is expected to increase on account of investment in new projects. However, their commissioning remains 4-5 years away, implying potential drag on near-term FCF/RoE. Neutral with a...
NHPC: In-line; Work on Subansiri restarts; Capex run-rate increasing; Maintain Neutral (NHPC IN, Mkt Cap USD3.3b, CMP INR23, TP INR25, 7% Upside, Neutral) 2QFY20 standalone PAT increased ~10% YoY to INR13.4b (v/s est. INR12.4b) on the back of resumed income recognition for its Subansiri project (since 1QFY20). Generation declined 5% YoY on lower water availability, shutdown at Chamera and R&M activities at Baira Siul. Revenue rose 4% YoY to INR26.1b on recognition of pay revision. Other inc...
NHPC: Higher generation drives earnings; Capex run-rate increasing; Maintain Neutral (NHPC IN, Mkt Cap USD3.2b, CMP INR23, TP INR26, 14% Upside, Neutral) 1QFY20 standalone performance was on expected lines. PAT grew 19% YoY to INR8.8b, led by 22% YoY increase in generation and benefit from new tariff regulations. The NGT has given a favorable order for the Lower Subansiri (2,000MW) project clearing the last legal hurdle for re-starting the project. According to the management, local peo...
NHPC: Higher operating cost drives a miss; Earnings growth muted, capex run-rate increasing; Maintain Neutral (NHPC IN, Mkt Cap USD3.6b, CMP INR25, TP INR26, 5% Upside, Neutral) Standalone (S/A) adj. PAT of INR36m in 4QFY19 was below our estimate of INR1.6b due to higher-than-expected operating cost. This also implies a sharp fall from INR1.9b in 4QFY18, particularly because the company no longer capitalizes expenses (as part of regulatory deferral account) for the Lower Subhansiri power proj...
NHPC: One-offs and lower other income drags performance; Under-recoveries dragging earnings; attractive dividend yield; Buy (NHPC IN, Mkt Cap USD3.3b, CMP INR24, TP INR32, 36% Upside, Buy) NHPC’s 3QFY19 standalone (S/A) PAT of INR1.8b (our est. of INR4b) declined from INR6.9b in 3QFY18, due to prior period employee pay revision charge of INR1.9b, lower other income, and lower regulatory reserve. On underlying basis the performance was steady. Generation increased 21% YoY to 4.2BU due ...
NHPC: Core PAT up 19%; one-offs impacted reported PAT; Lower under-recoveries and capital cost approval to boost earnings (NHPC IN, Mkt Cap USD3.6b, CMP INR25, TP INR33, 30% Upside, Buy) Earnings impacted by shutdowns and reversals NHPC's consolidated PAT declined ~17% YoY to INR25b in FY18. It was impacted by: (a) INR3.8b (pre-tax) impact of shutdown at TLDP III & IV plant and prior-period's revenue reversal at Parbati-III U-IV plant; (b) lower other income due to lower treasury and lower...
NHPC: In-line; lower generation drives PAT decline; Cutting estimates by 5-7%; maintain Buy (NHPC IN, Mkt Cap USD3.6b, CMP INR25, TP INR34, 38% Upside, Buy) NHPC's standalone (S/A) 1QFY19 PAT declined ~14% YoY to INR7.4b (in-line) as generation declined 18% YoY to 7.03BU due to lower water in-flow which impacted energy charge recovery. Revenue declined 9% YoY to INR21.3b due to lower generation. Incentive income (PAF, UI and secondary charges) was unchanged YoY at INR2.2b. Employee co...
NHPC 4QFY18: Shutdowns, weather impact FY18 performance; Earnings growth to accelerate, RoE to improve; dividend yield attractive (NHPC IN, Mkt Cap USD26.3b, CMP INR26, TP INR36, 38% Upside, Buy) NHPC’s standalone (S/A) 4QFY18 PAT grew ~12% YoY to INR1.9b (our estimate: INR1.7b), boosted by late payment surcharge income of INR1.5b, but partly offset by 32% YoY decline in incentive income to INR1b. Generation declined 35% YoY to 2.16BU due to hydrology. For FY18, S/A PAT was down ~1% YoY ...
NHPC: Lower under-recoveries to boost earnings; Cutting dividend estimates on higher capex; maintain Buy (NHPC IN, Mkt Cap USD4.3b, CMP INR29, TP INR36, 24% Upside, Buy) We met the management of NHPC. Our key takeaways: Lower O&M under-recovery, approval of capital cost to boost earnings The under-recovery in O&M cost is more than INR5.5b. It would decline to less than INR2b when the O&M norms are reset in the next tariff regulations in FY20. The decline in under-recoveries will also be ...
NHPC: Strong operating performance; Cut estimates on delay at Parbati-II; Maintain Buy (NHPC IN, Mkt Cap USD4.7b, CMP INR30, TP INR37, 24% Upside, Buy) NHPC’s 3QFY18 underlying PAT grew 40% YoY to INR2.7b (ahead of our estimate of INR2b), led by higher incentive income, lower other expenses, and saving in interest cost. Underlying PAT is adjusted for (a) dividend income of INR2.4b from NHDC and (b) late payment surcharge of INR2.3b (gross tax). Generation was up 1% YoY to 3.4BU. PAF inc...
​NHPC (INITIATING COVERAGE): Come on in, the water’s fine; Valuations attractive at 1x BV and 6% dividend yield; initiate with Buy(NHPC IN, Mkt Cap USD4.7b, CMP INR30, TP INR37, 23% Upside, Buy)NHPC is India’s largest hydro power generator, with a 15% share. The company has an installed capacity of 6.6GW, with attributable equity share (AES) of 5.9GW (5.1GW at parent and 51% share in 1.52GW NHDC). NHPC has 3.1GW projects under construction, which are expected to raise AES in capacity by 53...
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 29 November 2017 Update RATINGS NHPC Limited Domicile India Long Term Rating Baa2 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Gina Kim +65.6311.2612
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 21 June 2017 New Issue RATINGS NHPC Limited Domicile India Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Abhishek Tyagi 65-6398-8309 VP-Senior Analyst abhishe
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