BofAML on India Financials:
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HDFC: Reinstated ‘Buy’ with TP of Rs2,570.
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LIC Housing: Reinstated ‘Underperform’ with TP of Rs425.
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PNB Housing: Reinstate ‘Underperform’ with TP of Rs650.
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Prefer HDFC given its strong liability franchise, time-tested resilience in spreads and market share gains. Underperform on LIC Housing and PNB Housing due to asset quality concerns.
JPMorgan on Metals:
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Government sell down an overhang, but priced-in.
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Coal India: Upgraded to ‘Overweight’ from ‘Neutral’; maintained TP at Rs225. (as a 10% dividend yield is difficult to ignore).
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NMDC: Downgraded to ‘Neutral’ from ‘Overweight’; cut TP to Rs95 from Rs145. (on mine lease renewal overhang)
CLSA maintained ‘Buy’ on Adani Ports with TP of Rs500.
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Solid vision in tough global trade.
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Gasification to accelerate revenues.
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Expect 16% growth in port EBITDA over financial years 2019-21.
UBS upgraded to ‘Buy’ from ‘Neutral’ on Max Financial; hiked TP to Rs550 from Rs500.
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Possible negative developments in the price.
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Share price building in non-renewal of Axis partnership.
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Operational performance remains sound.
CLSA maintained ‘Buy’ on IndusInd Bank with TP of Rs2,160.
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Strengthening of deposit franchise key.
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Operationally steady, but asset quality drags earnings.
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Capital intensity is high.
Morgan Stanley initiated ‘Overweight’ on Container Corp with TP of Rs566.
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Dedicated Freight Corridor initiative should benefit Container Corp – a dominant player.
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Rail to gain share post-DFC commissioning, fostering the quicker and more predictable movement of goods.
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Expect 12% earnings compounded annual growth rate over financial years 2019-22.
Source: Media reports
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