Max India to Outperform – SSKI

SSKI has initiated coverage on Max India with an OUTPERFORMER rating. The company has presence in insurance and healthcare, two of the fastest growing sectors. The life insurance venture, armed by industry’s most productive agency force, is set to reclaim market share led by a multi-channel distribution approach and an enhanced ULIP portfolio. With hospital beds likely doubling in the next 4-5 years, superior margins (20-22%) and a strong brand, healthcare business (MHC) too is a robust model.

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Buy Centurion Bank – Deutsche research

Deutsche Bank Equity Research has maintained a BUY recommendation on Centurion Bank of Punjab. The bank has very rapidly tackled the issue of rising NPLs in 2-wheeler finance by deliberately tightening credit filters and withdrawing from some regions. Centurion is also preemptively rationalizing the personal loans portfolio to preclude NPLs spinning out of control. Here too filters have been tightened and the bank is focusing more on the segments which have demonstrated favourable credit loss characteristics. (more…)

Lehman on Crompton Greaves

Lehman Brothers equity research has initiated coverage on Crompton Greaves with an OVERWEIGHT rating and an EqualWeight rating on ABB India Ltd.

Crompton Greaves Ltd: CGL
Large investments in the Indian power transmission and distribution (T&D) sector will likely drive impressive earnings growth for CGL over the next five years. CGL is among the five largest power T&D equipment manufacturers in India with a presence across product categories. (more…)

ABN Amro Bullish on Tata Chemicals – Lot of Hidden value

Tata Chemicals Ltd [TCL] business model has too many moving parts with a presence across diverse but not so glamorous sectors such as soda ash, branded edible salt and fertilisers. TCL is the third-largest producer of soda ash in the world today and India’s leading fertiliser producer and distributor, as well as having a strong management pedigree.

The next leg of India’s growth story will have to involve raising agricultural productivity and TCL is a play on this structural trend. TCL is not only one of the most energy-efficient urea manufacturers in India, but also has strong brands in phosphatic and complex fertilisers. TCL is not only one of the most energy-efficient urea manufacturers in India, but also has strong brands in phosphatic and (more…)

CLSA underweight on NTPC and Dr Reddys Labs

NTPC is now among the most expensive power utilities in the world. It is trading at 40- 60% premium to average valuations of its Asian, Chinese, US and European peers. CLSA believes the potential upsides from coal mining, merchant power capacity, sale of fly ash, carbon credits etc. are now already factored in the stock price. NTPC offers high earnings stability (more…)

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