Equity Research

Reliance Infrastructure – EPS + Analysis

February 1, 2010February 1, 20101 min read

Post Q3 Fy10 results of Reliance Infrastructure, here is Analysts view on the company. Roads: 2 toll roads started operations; achieved financial closure of Gurgaon – Faridabad toll road and won / emerged L1 on 6 roads concessions. RELI hopes to quadruple roads portfolio in the next 2-3 years. Mumbai metro rail financial closure done & bagged Rs110bn Line 2 in 2QF10.

Bofa Merrill has set an EPS expectations of Rs 56 and Rs 57.10 for fy10 and fy11 respectively with a 12 month price target of Rs 1,520 and a BUY rating. (more…)

Equity Research

New Location for Research & Analysis

January 31, 20101 min read

You asked for it, you have it. We received e-mails from Readers asking for more from the research. In order to satiate the needs of our readers, we had to migrate to a new content publishing platform. Location of Equity Research is here.

In the days to come, we will unveil a new research page with lot of Analytics focused entirely on Research, never before done in the history of Dalal Street.

You can continue to Browse the Old Site here or in the Archive Section.

Equity Research

Bharti Airtel Impressive Q3 FY2010 – Buy

January 25, 2010February 1, 20102 min read

Some of they things to observe from Bharti Airtel’s Q3 FY 2010 results are – RPM declined 8% qoq to Rs0.52 vs. our estimate of 11%,
implying lower than estimated impact of tariff cuts in 3QFY10, Capex
declined 26% qoq to Rs16.9 bn. Enterprise/ Telemedia revenues declined 4% QoQ.

Continued increase in Network Operation expenses poses downside risk to margins. Continued increase in SG&A expenses poses downside risk to margins. Airtel DTH segment results reported for the first time and EBITDA loss of Rs2.5bn in 3Q. (more…)

Equity Research

Sell the Rally in Tata Communications + MTNL – Goldman

January 7, 2010April 18, 20202 min read

Tata Communications has risen to an extent that it no more deserves the valuation it is trading at, while MTNL appears inexpensive but no visibility on potential re-rating and hence Goldman sachs has initiated coverage on the stock with a SELL Call. Aditionally, their weaker competitive positioning in the Indian telco space and Tata’s not coming with a blue print to merge Telecom operations is a cause of concern. (more…)

Equity Research

TVS Motors- Ready to Ride the Auto Boom

January 4, 2010April 18, 20201 min read

South India based TVS Motor has started to invoice the 110cc commuter bike Jive. Given the positive expert reviews, and expectations of national ramp up in less than 3 months, we raise motorcycle growth assumptions to 25% in FY11 (earlier 15%). This would imply above industry average growth rate (estimated ~15%), likely given the company’s absence so far in the mid-priced commuter category i.e. ~55% of bike market.

Export sales (~11% of aggregate two wheeler sales) declined 28% YTD to ~93,000 units, due to recessionary conditions in key destinations, which led to (more…)

Equity Research

Kewal Kiran Clothing – Killer Investment Idea

January 3, 20102 min read

Kewal Kiran Clothing Limited (KKCL) today is amongst the few large branded apparel manufacturers in India. KKCL brands brands range from the high fashion premium segment such as ‘Killer’ for denim wear and ‘Easies’ for casual wear to the middle and economy segments through brands such as ‘Lawman’ and ‘Integriti’.

The company has constantly introduced new fits, finishes and fabrics. The company’s own R & D team working closely with designers is constantly innovating, creating an exciting array of product lines in a variety of fabrics, washes and cuts, using the latest in technology and processes. Fashion with Quality is the cornerstone of each collection introduced (more…)

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