Citi On Trent

Initiate Buy Call, Target Rs 9,250

Transformation From Single-format To Multi-format Led To Higher Rev CAGR (36% In FY19- 24)

Multi-Category (Fashion & Lifestyle, Grocery, Personal Care) Player Led To A Higher Rev CAGR

Model For Trent Industry-leading Rev/EBITDA/PAT CAGRs Of 41%/44%/56% In FY24- 27

Leveraging On Supply Chain & Learnings From Westside & Zudio, Co Is Turning Around Star

Trent Can Meaningfully Scale Up Other Pilot Projects (MISBU, Samoh, MAS JV)

Include Trent In Pan-Asia High-Conviction Focus List

Investec on IEX

Initiate long FAST, TP Rs 215

STK plummeted 17% over past 2 days, mainly due to media reports about an upcoming submission of a simulation report by Grid India, post which CERC will decide on market coupling timelines

While we have no insights on timelines for notification, believe process of operational implementation will be lengthy & may not significantly benefit power ecosystem

Expect IEX to deliver healthy overall vol & EBIDTA growth in Q2

Expect additional clarity on coupling during Q2 results; however, operational implementation should take 2yrs, which ensures near-term earnings will be stable

Furthermore, val corrected to 35x P/E for FY26e

Bernstein on PB Fintech

Outperform Call, Target Rs 1,720

Co Talking About Backward Integration With Hospitals

Healthcare Biz Idea Is Not Clear For Now, But Seems To Be Aimed At Revamping Healthcare Mkt

Size Of The Planned Financial Commitment Is Not Clear

Plan Is To Fund This From The $650 m Of Cash On Balancesheet

Investors Bought Into Co Story For High Growth, Strong Business Model, & Its Cash Generation

Some May Look At Backward Integration As Meaningful Shift From Capital-Light Biz Model

Macquarie on HDFC Bank

Outperform Call, Target Rs 1,900

Q2 Loan Growth May Dip Below 10% YoY

Reportedly, Co Is Looking To Sell Rs 60,000-70,000 Cr Loan Assets

Note That Q2FY25 Will Be 1st Quarter Post Merger When YoY Numbers Will Be Comparable

Due To Base Effect & Sell-down As Per Reports, Q2 Loan Growth Could Be Less Than 10% YoY

Expect NIM To Improve A Further 5 bps QoQ In 2QFY25 To 3.52% Vs Most Other Banks

HDFC Bank Peers May Report Flat To Slightly Declining Margin

Nomura on HDFC Bank

Neutral Call, Target Rs 1,720

Sell-down Accelerate LDR Resolution, But Affect Medium-term EPS & RoE

Cut FY26-27 EPS By 2%

Overall Market For Securitisation Of Loans Is Projected To Be `2 Lk Cr In FY25

Planned Loan Sell-Downs Alone Can Potentially Be 30-35% Of Market

It Remains To Be Seen Whether Such Large Volumes Can Be Absorbed

Nomura on Crompton Cons

Buy Call, Target Rs 498

Co Maintained That Its Premiumisation Focus Remains On Track Across Segments

Over Longer-term, In Fans, Co Believes Stricter Govt Regulation On Efficiency Norms Will Drive Mkt

Crompton Believes It Will Benefit From Stronger Premiumisation Push

Focus On Alternate Channels Like Modern Trade/e-Commerce

On Butterfly, Management Stated That Restructuring Is Largely Over

Revenue Growth Should Be Visible In H2, As Per The Co

MS on Crompton Cons

Equal-Weight Call, Target Rs 323

Rev Growth Guidance In Mid-teens (10-12% From Base Biz Plus 2-3% From New Businesses)

EBITDA Margin To Improve Nearly 200 bps With Product Mix And Operating Leverage

Consumer Demand – Near-term Weakness Owing To Inflationary Pressure

Festive Demand In South (Onam) Was Lower YoY

Margin To Improve In H2, In Long Run Expects 10% EBITDA Margin

UBS on Hero MotoCorp

Sell Call, Target Rs 3,350

Wholesale Volumes And Festive Optimism Clouding Retail Underperformance

Festive Strength Has Not Aided In Full-year Performance

Substantial Retail Market Share Loss Despite Launches; Sep’24 Below 24%

Stock Trading At 26x FY26 PE, More Than 3SD Higher Than Its 5-yr Historical Average

HSBC on Tech Mahindra

Hold Call, Target Rs 1,600

There Is Significant Potential For Mining In Co’s Non-telco Client Base

Telecom Outlook Remains Uncertain

Margin Expansion Is Highly Contingent On Pyramid Adjustment

Post Recent Run-up, Expect The Stock To Remain Rangebound

HSBC on Alembic Pharma

Upgrade To Hold, Target Raised To Rs 1,130 From 1,010

Take More Constructive View Of Efforts To Improve Quality Of US Filings

Rising Share Of Differentiated Products To Help De-Risk Its US Sales Growth Long Term

Execution Remains Key For US Sales Pick-up

HSBC on Ola Electric

Buy Call, Target Rs 140

Found Most Ola Service Stations Overwhelmed By Service Requests

Co Is Undergoing Multiple Initiatives To Improve Situation; Positively, Many Issues Seem Transitory

Think An Improvement In Service Quality Is Required Before Critical Launch Of Motorcycles

CITI on GAIL

Buy, TP Rs 260

Identify 3 key catalysts that could play out over next 6-12 months that believe are not yet priced in:

1) Upside to transmission tariffs;

2) Gas being brought under GST;

3) Restructuring of CGD investments