02/07/2015
CLSA on Torrent Pharma
* Maintain Buy, Target `1474
* Strengthening US pipeline to drive growth beyond FY17
* US sales expected to double in FY16 to $250m
* US growth to be led by gAbilify, gNexium, 5-6 other launches
* Acquisitions, accelerated filings to drive growth beyond FY17
* India continues to grow well, generate healthy free cash flows
* Expect strong core earnings CAGR of 24% over FY15-18
CLSA on Axis Bank
* Raise target to `660 from `640, Maintain Buy
* Annual Report underlines focus on retail term deposits to balance ALM profile
* Tad concerned by slower growth in savings deposits risking loan growth
* Uptick in Casa growth is key to earnings and expect 21% Cagr over FY15-18
* Retail scaling-up well, though corporate still dominates
CS on Kaveri Seeds
* Cut target to `950 from `1100, Maintain Outperform
* Cotton seed revenue may decline this year on lower acerage
* Reduction of seed prices in Maharashtra can impact FY16 revenues
* Higher procurement prices in Telangana also to impact revenues
* Cut FY16/17 earnings by 12 - 13% on lower cotton seed revenue, margins
BofA ML on Sobha Developers
* Upgrade to Buy from Underperform, Raise target to `500 from `490
* Pre-sales turnaround story to commence starting FY16
* The stock is attractively priced at 36% discount to NAV
* Free cash flow to turn positive in FY17 after being FCF negative in FY14-16
* EPS CAGR for FY15-18 expected at 18%
Macquarie on Petronet LNG
Maintains Underperform
TP raised to Rs.149 from Rs.142
Macquarie on M&M Fin. Services
Maintains Underperform
TP raised to Rs.240 from Rs.230
Macquarie on TCS
Maintains Outperform
TP cut to Rs.3100 from Rs.3240
Nomura on IOCL
Maintains Buy
TP raised to Rs.515 from Rs.450
Nomura on ONGC
Maintains Buy
TP cut to Rs.395 from Rs.410
Nomura on Oil India
Maintains Buy
TP cut to Rs.570 from Rs.650
GS on Hindalco
Maintains Buy
TP cut to Rs.166 from Rs.182
UBS on IndiaBulls Real Estate
Maintains Neutral
TP cut to Rs.67 from Rs.82
GS on Coal India
Maintains Neutral
TP raised to Rs.397 from Rs.365
