CLSA on Tata Power
• Target: 249
• Recommendation: Sell
– U.S. $5.6 billion growth premium already baked in
– Stock seen ahead of fundamentals on retail frenzy
– Key positives: Odisha Discoms and pump storage
– Key risk: Weak coal prices impacting EPS
Citi Research on Tata Power
• Sell Rating
• Target: 295
• Earlier Target: 253
– Project wins in transmission and renewables
– Solar EPC business gains traction
– Valuations considered expensive
– Renewables generation capacity at 4261MW
Nuvama on Apollo Hospitals
• Target: 7,500
• Recommendation: Buy
– Q3 revenue/EBITDA in line with estimates
– Strong growth driven by hospitals and offline pharmacy
– Bed expansion plan expected to add momentum from FY25 onwards
– Hospitals’ revenue/EBITDA CAGR projected at 14%/17% over FY23-26
Citi Research on Apollo Hospitals
• Target: 7,670
– Q3 results largely in line with expectations
– EBITDA margins impacted by seasonality, cyclone impact, and investments
– Management maintains 200bps margin expansion guidance
– Hospital revenue growth expected to accelerate in the coming years
Nuvama on Hero Motocorp
• Target: 5,600
• Earlier Target: 5,000
• Recommendation: Buy
– EBITDA & PAT surge in line with estimates
– Geared up to benefit from 2W industry upcycle and new products
– Forecast revenue/earnings CAGR of 10%/23% over FY23-26E
Jefferies on Hero Motocorp
• Target: 5,650
• Earlier Target: 5,325
• Recommendation: Buy
– PAT and EBITDA growth 5-7% above expectations
– 2W industry poised for strong cyclical recovery
– Expect success in premium bikes and EVs to enhance growth outlook
Nomura on Hero Motocorp
• Target: 5,305
• Recommendation: Neutral
– Revenue and EBITDA in line with estimates
– Xtreme 125 R expected to address a key gap in 125cc segment
– EVs and Harley noted as key monitorables
Jefferies on PB Fintech
• Target: 1,150
• Recommendation: Buy
– Expect 30% CAGR in premiums over FY25-27E
– Expect revenue moderation to 22% CAGR over FY24-27E
– Expect 5x jump in EBITDA over FY23-27E
– Key risks: Regulations and strong competition from Jio
Citi Research on Oil And Natural Gas Corp
• Target: 285
• Recommendation: Buy
– Ebitda 5% below estimate on softer oil & gas production trends
– Benefits of KG production ramp-up expected in Q4
– Positive view on high earnings visibility, attractive dividend yield, fair valuations
BOFA ON BIOCON
• Maintain Buy; Cut target price to Rs 310 from Rs 325
• Wading through the one-offs in Q3
• BBL – Traction in existing portfolio but need margins
• Believe effort to de-leverage will be another key trigger for the stock
JPMORGAN ON LIC
• Upgrade to Overweight from Neutral; Hike target price to Rs 1340 from Rs 690
• Upgrade following strong Q3 NBV growth
• Growing market interest on the relative valuation merit of PSU over Be private players
• Relatively minor business implications related to potential surrender value increase
Citi Research on United Breweries
• Target: 1,600
• Earlier Target: 1,500
• Recommendation: Sell
– Cuts FY24E earnings estimates by 8%
– Lower-than-expected pace of recovery
– Risks from upcoming elections and increased taxes
– Profitability could be volatile
Citi Research on Emami
• Target: 600
• Earlier Target: 620
• Recommendation: Buy
– Self-help initiatives expected to drive growth
– EBITDA margin expansion anticipated due to input cost moderation
– Strong growth with estimated 14% EPS CAGR over FY23-26E
– Cuts FY24-26E earnings estimates by 5-7%
Nuvama on Divi’s Lab
• Target: 3,200
• Earlier Target: 3,070
• Recommendation: Reduce
– Revenue disappoints; no meaningful margin recovery
– Pressure in generics & higher opex led to EBITDA margin miss
– Generics pricing pressure & logistics disruption to weigh on profits
– Kakinada expansion expected to fuel future growth, but uncertainty around it
MACQUARIE ON BANDHAN BANK
• Maintain Neutral with target price of Rs 225
• Asset quality continues to disappoint
• PAT miss due to lower other income and higher credit costs
• What we didn’t like – EEB stress pool continues to increase
KOTAK ON DIVIS LAB
• Maintain Sell with target price of Rs 3025
• Weakness in generic APIs continues to weigh on overall print
• Some CSM traction after a lengthy lean patch
• Bake in ample optimism in FY25/26 estimates; valuations stay rich
