| GSK Consumer Healthcare India - Growing Presence, Product Portfolio and Competition |
1/10/2012 |
GlaxoSmithKline Consumer Healthcare Limited (GSKCH) is the Indian associate of GlaxoSmithKline Plc (UK). We initiate coverage on GSKH based on strong growth prospects and sound financials.
|
| M&M - Company Snapshot and Corporate Governance |
11/17/2011 |
Diversified automobile manufacturer in India, among the top three tractor manufacturers worldwide and largest manufacturer of Utility Vehicles in India with a market share of over 52% in FY11. Strong growth prospects and sound financials- BUY
|
| Pantaloon - Snapshot - PLans to Double Store Base Over Next Three Years |
9/15/2011 |
Pantaloon Retail (India) is a leader in the value-based retail stores market in India. Currently operating about 15.7 million sq. ft. of space the company plans to double the number of stores over the next three years. Initiating coverage- BUY
|
| Nestle India - Solid Margins Despite Cost Increases - BUY |
9/6/2011 |
Initiation of coverage on leading fast-moving consumer goods (FMCG) company in the processed food industry. 85% market share in the infant foods & nutrition market which is expected to grow at a 20% CAGR over the next three years.
|
| NPTC - Company Snapshot - Outlook - BUY |
8/4/2011 |
One of the largest power generating companies in India accounting for 20% of installed capacity. Power demand in India is expected to be robust with real economic growth expectations of 8%.
|
| Crompton Greaves - $3.4 bn Mkt Cap Play on Electricity in EM - BUY |
5/27/2011 |
Global leader in engineering & power equipment manufacturing. Solid play on electricity generation, transmission and distribution in India and other emerging markets.
|
| Company Snapshot - Jain Irrigation |
4/12/2011 |
This high-growth company provides quality exposure to growth in irrigation and water infrastructure in India.
|
| Corporate Governance Review of Mahindra & Mahindra |
3/14/2011 |
This analysis of corporate governance at Indian automotive and IT company Mahindra & Mahindra assigns a CG rating and examines accounting issues at the company.
|
| JSW Steel - Corporate Governance, Related Party Transacitons and Ownership |
10/11/2010 |
This piece analyzes the related party transactions and cross-holdings of the various companies in this group.
|
| Bajaj - Hoding Co at 40% - 50% Discount to Holdings |
9/30/2010 |
Bajaj Holdings provides investors the opportunity to buy into Bajaj auto, the banking and insurance sectors in one vehicle. The holding company trades at a 40% - 50% discount to the holdings of the underlying.
|
| SHTF - Leader in Commercial Vehicle Financing in India - HOLD |
9/27/2010 |
STFC established the business of providing finance for used commercial vehicles in India and is the dominant player in this space. Recent strong run in the shares limits upside.
|
| Pidilite - Adhesive Co in India - Growth - BUY |
7/13/2010 |
Well-known brand for glue and adhesives in India. Expanding products and geographies.
|
| PVR - Leading Cinema Operator in India - Strong Growth - BUY |
6/30/2010 |
As the leading operator of multiplex cinemas in India, PVR is a well-positioned play on continued growth in consumer spending in India.
|
| Hero Honda - Well-positioned Play on Consumer in India - BUY |
6/18/2010 |
Hero Honda is the market leader in motorcycles and scooters in India. Growing demand for personal transportation and rising consumer spending will boost sales.
|
| DIST - Sri Lankan Consumer Play with Solid Upside - BUY - Archived |
5/27/2010 |
Sri Lanka has emerged from a protracted civil war to become a peaceful and growing country. Distilleries of Sri Lanka is a diversified play on this growth.
|
| IDFC - Valuation Concerns - SELL - Archived |
5/25/2010 |
Shares in IDFC - one of the major financial groups in India has been pushed higher by the market on the expectation of a banking license and other boosts to earnings. We believe the valuation is well out of line with fundamentals. SELL
|
| M&M - Strong Play on Rural India - BUY - Archived |
5/10/2010 |
Mahindra & Mahindra is the leading provider of utility vehicles and basic motorized transportation to rural India. The company has long dominated this space and is successfully moving into other transport products both in India and abroad.
|
| Pantaloon - Largest Retailer in India - Strong Growth - Archived |
5/4/2010 |
|
India’s burgeoning economy, coupled with its rising consumer income
& spending, propels retail industry growth. While organized retail penetration is low in India, it is growing and attracting retailers across the globe. Pantaloon Retail (India) Ltd. is India’s largest organized retailer
with a diversified portfolio of retail formats.
|
| LIC - Leader in Indian Housing Finance -BUY - Archived |
4/19/2010 |
| With a mortgage to GDP ratio of 7%, India’s housing finance market is highly under-penetrated. This ratio stands at 12% for China and 80% for the US. Given India’s demographic profile, increasing urbanization and increasing affordability; we believe the housing finance market will continue to grow. LIC Housing Finance (LICHF) is India’s second biggest non bank mortgage lender. |
| KSO - Indian Oil Co Provides Solid Consumer Play - BUY - Archived |
3/29/2010 |
Initiating coverage on KS Oils - a fast-growing provider of edible oils in India. The company has a strong position in mustard seed oil and an expanding presence in palm oil. Significant upside potential.
|
| GCPL - Indian Consumer Play - Archived |
3/22/2010 |
Godrej provides lower-price point hair dyes and soaps to the consumer markets in India and Africa - we believe that both organic and acquired growth will continue near-term and would be BUYers of the stock near-term.
|
| TATA COMMUNICATIONS - LACK OF BUSINESS VISIBILITY - SELL - Archived |
1/25/2010 |
Tata Communications Ltd (TCL) is one of the largest international voice players in the world. The company is now trying to diversify from this low margin low growth voice business to high growth high margin enterprise data and carrier business and other businesses like virtualization, broadband and WiMax.
|
| ASHOK LEYLAND - DOWNGRADE TO SELL ON REVENUE & PROFIT DECLINES AS WELL AS OVER-VALUATION - Archived |
9/2/2009 |
Q1FY10 results were a disaster with Revenues and Profits down sharply.
|
| M&M - GOOD EXPOSURE TO INDIAN AUTO TRENDS BUT EXPENSIVE - BUY ON DECLINES - Archived |
9/1/2009 |
In Q1FY10, the Company posted 29% YOY increase in its net revenues as well as a sequential rise of 16.1% to INR42,425.9 mn on the back of growing domestic sales volume. EBITDA and bottom-line profits were also strong on lower raw materials costs and lower interest expense.
|
| WIPRO CONTINUES TO FACE VOLUME DECLINES - SELL - Archived |
8/10/2009 |
Wipro Limited, along with its subsidiaries (Wipro), posted a 6.3% YOY growth in net revenues to INR64,146 mn in Q1FY10. However, net revenues dropped 1.7% on QOQ basis.
|
| MARUTI SUZUKI - SOLID RESULTS BUT LOSING MARKET SHARE AND OVERVALUED - SELL - Archived |
8/5/2009 |
| In Q1FY10, Maruti Suzuki reported net revenues growth of 34% growth YOY. This growth is attributed to a reduction in excise duty and an increase in average realization per vehicle. |
| INFOSYS TECHNOLOGIES - IMPROVING MARGIN GUIDANCE FOR FY2010 - MAINTAIN SELL - Archived |
7/29/2009 |
The results for the quarter were better than the guidance provided by the company. Revenues in dollar terms were higher than the upper end of the guidance and EPS was much higher than what was guided by the company. In rupee terms, revenues declined by 2.9% sequentially, while EPS declined by 5.4%, better than the guidance of a decline of over 16%.
|
| BAJAJ AUTO LIMITED - MARGINS RISE ON LOWER COMMODITY PRICES - BUT CONTINUED LOSS OF MARKET SHARE - SELL - Archived |
7/29/2009 |
In Q1-FY10, Bajaj Auto reported a 1.2% YOY rise in net operating income to INR23.3 bn and a 67.6% YOY rise in net profit to INR2,934.9 mn.
|
| MARUTI SUZUKI - MARGIN AND COMPETITIVE PRESSURES - SELL - Archived |
4/29/2009 |
In Q4FY09, Maruti Suzuki reported net revenues of INR64,329 mn, up 30.1% on YOY basis. Net profit of the Company declined 18.3% YOY due to higher costs.
|
| TCS - INDIAN IT SERVICES CO. FACES PRICING PRESSURE AND AN UNCERTAIN OUTLOOK - SELL - Archived |
4/24/2009 |
Tata Consultancy Services Limited (TCS) provides IT, business solutions and outsourcing services to a global clientèle.
- In Q4FY09, TCS registered a 18.5% YOY growth in revenues while other expenses (as a percentage of revenue) came down by 340 bps YOY to 38.5%. The Company’s net profit was up 7.3% YOY to INR13.3 bn. The Company witnessed a 100 bps YOY improvement in operating margin net profit margin, however, was down 200 bps YOY.
- During FY09, at operational level, the Company derived 56.2% of its revenue from America and 29.% from Europe. The Banking, Financial Services and Insurance (BFSI) segment generated 42.3% of total revenues, a decline of 130 bps YOY.
- The current manpower of TCS stands at 143,761. In Q4FY09, the Company added 17,489 people at the gross level.
- In recent discussions management commented that despite the unpredictable and tough economic environment, the Company registered an 18% growth in volumes. However, there was a reduction in new software development projects. Also, the Company witnessed price re-negotiations, which impacted its margins to the extent of 4%-8%.
- The market situation is likely to further intensify competition among outsourcing vendors, making it difficult for IT companies to demand an upward revision in prices in the near-term. We, therefore, maintain a cautious stand on the IT sector and the Company’s long-term performance, and maintain our ‘Sell’ recommendation on the stock.
|
| HERO HONDA - LEADING INDIAN MOTORCYCLE PLAY SEES STRONG GROWTH & WIDENING MARGINS - BUY ON DECLINES - Archived |
4/22/2009 |
| During FY09, Hero Honda Limited reported solid revenue growth of 19.2% YOY as a result of reasonable growth in sales volume in the domestic market and a reduction in excise duty by the government of India. Falling raw material prices boosted margins and net profit of the Company grew by 32.4% YOY. |
| HERO HONDA - UPSIDE LIMITED BY RECENT STRENGTH - STRONG SALES - RAISING ESTIMATES - LOWERING RATING - Archived |
4/9/2009 |
| In Q3-FY09, Hero Honda posted a modest top line growth of 4.8% YOY - a 2.3% rise in average realization and excise duty concessions for the Haridwar plant offset the impact of volume decline. |
| WIPRO - INDIAN IT LEADER WITH HEAVY DEVELOPED MARKET AND CUSTOMER CONCENTRATION - SELL - Archived |
3/30/2009 |
| Wipro Limited (Wipro), the third largest IT/ITES services provider in India. The Indian IT/ITES sector has suffered a severe blow from the global economic downturn, especially in the developed economies such as the US, UK and Eurozone. The sector’s large revenue dependence on the Banking, Financial Services and Insurance (BFSI) segment, which is still reeling under pressure, has proved its undoing in the recent past.
We see considerable downside in the shares and rate it a SELL. |
| MARUTI SUZUKI INDIA LIMITED - BUMPY ROADS AHEAD, BUT WELL POISED TO STEER THROUGH THE ROUGH PATCH - - Archived |
2/18/2009 |
In Q3-FY09, Maruti Suzuki reported net revenue of INR46.3 bn, down 2.8% YOY due to a combined effect of a 14.0% YOY drop in vehicle sales (domestic and exports) and a 9.4% YOY growth in average realization per vehicle. Net profit for Q3-FY09 dipped 54.3% YOY to INR2.1 bn, the lowest level in the last 17 quarters.
|
| BAJAJ FINSERV LIMITED - KEY PLAYER IN GROWING INDIAN INSURANCE MARKET - BUY - Archived |
2/18/2009 |
Bajaj Finserv Limited (BFL) has diversified business interests in life and non-life insurance, asset financing and wind power generation. The Company holds a 74% stake in each of its two joint ventures with Allianz SE, namely Bajaj Allianz Life Insurance Company (BALIC) and Bajaj Allianz General Insurance Company (BAGIC). It also holds a 40.2% stake in Bajaj Auto Finance Limited, a company engaged in the financing of consumer durables, personal and business loans.
|
| HOUSING DEVELOPMENT FINANCE CORPORATION LTD. - A MARKET LEADER IN HOUSING FINANCE - BUY - Archived |
2/16/2009 |
HDFC Limited, incorporated in 1977 with an initial share capital of INR100 mn, is the numero uno company in the Indian housing finance industry. It was the first private sector housing finance company (HFC) in India. It has an impressive marketing and distribution network which enables it to deliver prompt and efficient services to its end consumers. The Company of late has diversified into new segments with subsidiary investments in banking, insurance and asset management businesses.
|
| ORACLE FINANCIAL SERVICES SOFTWARE LTD – NET PROFIT MORE THAN DOUBLED IN Q3FY09 – BUY - Archived |
2/5/2009 |
Formerly known as i-flex Solutions, Oracle Financial Solution Software Ltd. (OFSS) provides a range of IT products, IT services and knowledge process outsourcing (KPO) services exclusively to financial sector companies. Some of its well-known products such as FLEXCUBE, Reveleus, Mantas, Daybreak, etc. are registered trademarks of the Company.
|
| ASHOK LEYLAND LIMITED – SUBDUED PERFORMANCE IN NEAR TERM; MAINTAIN A POSITIVE STANCE IN THE MEDIUM T - Archived |
2/4/2009 |
In Q3-FY09, Ashok Leyland reported a 44.1% YOY drop in net revenue to INR10.0 bn and an 84.3% YOY decline in net profit to INR188.6 mn. Due to a sharp fall in demand, almost 65%, from key regional markets such as southern and western India, the Company’s domestic sales plunged 64.1% YOY to 6,159 units. The EBITDA margin for the quarter slid 90 bps to 8.3% as the benefit from aggressive cost cutting measures were offset by higher fixed cost structure.
|
| WIPRO LIMITED – TOUGH PRICING ENVIRONMENT COUPLED WITH MUTED REVENUE GUIDANCE – SELL - Archived |
1/23/2009 |
Wipro Limited, the third largest IT/ITES service provider in India, offers an array of IT/ITES services across various verticals through its global delivery model. Apart from IT services, the Company is also engaged in the manufacturing and distribution of soaps, toiletries, lighting products, hydrogenated cooking oils and infrastructure engineering.
|
| TCS - MUTED MARGIN GROWTH - SELL - Archived |
1/22/2009 |
Tata Consultancy Services Limited (TCS), the largest Indian IT (information technology) company with a turnover of INR228.6 bn in FY08, offers a complete range of IT/ITES services across various verticals through its global delivery network.
|
|
