External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Bharat Petroleum Corporation (BPCL) has outperformed the Sensex by ~8% over the last 6M, driven by improving auto fuel marketing margins as Brent crude price declined by ~11% over the same period</li><li>We upgrade BPCL to a BUY, with a target price of INR 442/sh, owing to robust gross refining margins (GRMs), the sharp recovery in auto-fuel gross marketing margins owing to the decline in crude oil prices, and the reduction in LPG under-recoveries</li><li>Despite a rise in working capital requirement and higher capex in FY23, BPCL’s net debt/equity remains comfortable at 0.9x, which we expect will decline to 0.7x by FY25, even with a higher capex run rate of INR ~130bn over FY24/25.</li></ul><p><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></p>

Bharat Petroleum Corporation (BPCL) has outperformed the Sensex by ~8% over the last 6M, driven by improving auto fuel marketing margins as Brent crude price declined by ~11% over the same periodWe upgrade BPCL to a BUY, with a target price of INR 442/sh, owing to robust gross refining margins (GRMs), the sharp recovery in auto-fuel gross marketing margins owing to the decline in crude oil prices, and the reduction in LPG under-recoveriesDespite a rise in working capital requirement and higher capex in FY23, BPCL’s net debt/equity remains comfortable at 0.9x, which we expect will decline to 0.7x by FY25, even with a higher capex run rate of INR ~130bn over FY24/25.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 Petroleum Corp

BPCL: Improving outlook, upgrade to BUY