External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We retain our Buy rating on the stock with TP of Rs 150 (Rs. 145 earlier) valuing the stock at 18x its FY23E EPS.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We retain our Buy rating on the stock with TP of Rs 150 (Rs. 145 earlier) valuing the stock at 18x its FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Repco Home Finance: REPCO's 4QFY21 earnings missed our estimates on account of higher-than-expected charge-offs and higher opex. Business growth gained moderate traction with 16% sequential growth in disbursals (INR 64bn in Q4). Asset quality surprised positively with GNPAs declining to 3.7% (pro-forma 3QFY21: 4.3%) and a steady restructured book at 0.3% of loans. REPCO shored up its early-bucket provisions at 0.95% (3QFY21: 0.75%), higher than our expectations. We revise our FY22/FY23 earnings estimates upward by 3.7/8.8%, on the back of improving loan growth and NIMs and lower provisioning on account of the existing build-up in buffers.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Repco Home Finance: REPCO's 4QFY21 earnings missed our estimates on account of higher-than-expected charge-offs and higher opex. Business growth gained moderate traction with 16% sequential growth in disbursals (INR 64bn in Q4). Asset quality surprised positively with GNPAs declining to 3.7% (pro-forma 3QFY21: 4.3%) and a steady restructured book at 0.3% of loans. REPCO shored up its early-bucket provisions at 0.95% (3QFY21: 0.75%), higher than our expectations. We revise our FY22/FY23 earnings estimates upward by 3.7/8.8%, on the back of improving loan growth and NIMs and lower provisioning on account of the existing build-up in buffers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Ashok Leyland, JSW Energy, Repco Home Finance

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

Result Update:Ashok Leyland

We retain our Buy rating on the stock with TP of Rs 150 (Rs. 145 earlier) valuing the stock at 18x its FY23E EPS.

Axis Direct

HSIE Results Daily: Ashok Leyland, JSW Energy, Repco Home Finance

Repco Home Finance: REPCO's 4QFY21 earnings missed our estimates on account of higher-than-expected charge-offs and higher opex. Business growth...

HDFC Securities

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