External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.</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 maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.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.

Bharat Forge (4QFY21): Outlook upbeat; simplifying group structure. Maintain BUY