In today’s briefing:
- Ambuja Cements: Inline Result; Capacity Expansion on Track
- Life Insurance Corp of India IPO: Key Takeaways from the RHP
- SBI Life Insurance: Consistent Performance; Maintain BUY
- Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook
- Weekly Wrap – 29 Apr 2022
Ambuja Cements: Inline Result; Capacity Expansion on Track
- ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22
- We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS
- TP implies an upside potential of 13.5% from the CMP.
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Life Insurance Corp of India IPO: Key Takeaways from the RHP
- Life Insurance Corp of India (LIC) (1248Z IN) is set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May.
- At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion.
- Following up on Life Insurance Corp of India IPO: Premium Market, in this note, we look at the latest developments from the Red Herring Prospectus.
SBI Life Insurance: Consistent Performance; Maintain BUY
- SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.
- VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistency
- We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.
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.
Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook
- Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.
- On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizations
- We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).
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.
Weekly Wrap – 29 Apr 2022
Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
- China Jinmao Holdings
- Guangzhou R&F Properties
- Sunac China Holdings
- Greenland Hong Kong Holdings
- Evergrande
and more…
Before it’s here, it’s on Smartkarma