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3QFY2011 Result Previews by Ange Broking
3QFY2011 Previews HDFC Bank, JSW Steel, Lupin, Thermax, IRB, Dena Bank, Gateway Dispark,, JK Lakshmi cement
HDFC Bank
HDFC Bank is scheduled to announce its 3QFY2011 results. We expect the bank to report
NII growth of 19.0% yoy. Non-interest income is expected to register significant growth of
24.5% yoy and 10.6% sequentially to `1,062cr. The pre-provision profit is expected to
register growth of 20.7% yoy, while net profit is expected to increase by healthy 33.3% on a
yoy basis to `1,091cr on account of lower provisioning expenses. At the CMP, the stock is
trading at valuations of 3.3x FY2012E P/ABV. We maintain our Buy recommendation on the
stock with a Target Price of `2,501, based on our target multiple of 4.0x FY2012E P/ABV.
JSW Steel
JSW Steel is slated to announce its 3QFY2011 results. The company is expected to deliver
26% yoy growth in its top line to `6,042cr on account of higher realisation. On the operating
front, EBITDA margins are expected to contract by 446bp to 18.0%, mainly due to higher
raw-material costs during the quarter. As a result, net profit is expected to increase by 8.2%
yoy to `391cr. We recommend Buy on the stock with a Target Price of `1,310.
Lupin
Lupin is scheduled to announce its 3QFY2011 results. We expect the company to register
growth of 15.9%, mainly led by formulation sales in exports markets (US and Europe) and
the Indian domestic market. On the operating front, margins are likely to remain stable at
19.4%; however, lower tax and interest outgo during the period would lead to 36.6% growth
in net profit in 3QFY2011. We currently have a Neutral rating on the stock.
Thermax
Thermax is scheduled to announce its 3QFY2011 results. The company’s net sales are
expected to increase by 50% yoy to `1,015cr. OPM is expected to expand marginally by
5.3bp to 12%. Net profit is also expected to increase by 46% yoy to `82cr. The stock is
currently trading at 24x FY2011E and 19.1x FY2012E earnings. We will revise our estimates
post the conference call.
IRB Infra
IRB Infra is expected to announce its 3QFY2011 results. For 3QFY2011, we estimate
consolidated revenue growth of ~78.9% yoy on the back of the increase in construction and
EPC (C&EPC) revenue of `572cr for the quarter. However, EBITDA margins are expected to
decline given higher contribution to the top line from the low-margin C&EPC segment
compared to BOT revenue. Hence, EBITDA margins are expected at 37.8%. We project net
profit before tax and after tax at `167.9cr and `134.4cr, respectively, for 3QFY2011. PAT is
expected to increase 46.9% yoy, assuming a tax rate of 20% for the quarter. We maintain a
Buy on the stock with a Target Price of `265.
Dena Bank
Dena Bank is slated to declare its 3QFY2011 results. The bank is expected to post robust NII
growth of 63.9% yoy to `464cr. Non-interest income is expected to go up marginally by
1.3% yoy. Pre-provision profit is expected to post strong 63.6% yoy growth. The cost-toincome
ratio is expected to improve to 46.0% compared to 52.5% a year ago. Net profit is
expected to increase by 22.6% yoy to `165cr. At the CMP, the stock is trading at 0.9x
FY2012E ABV. We maintain Buy on the stock with a Target Price of `138.
Gateway Distriparks
Gateway Distriparks Ltd. (GDL) is scheduled to announce its 3QFY2011 results. We expect
GDL to post healthy growth of 10.7% yoy in its top line to `142cr for the quarter, led by
better volumes from the CFS as well as rail segments on account of improving exim visibility
and Punjab Conware returning to 100% capacity utilisation from the fire-accident last year.
However, we expect OPMs to decline by 198bp yoy to 26.5% on account of change in
product mix. Consequently, we expect net profit to grow by 4.8% yoy to `21.0cr. At the CMP
of `107, the stock is trading at 11.2x its FY2012E earnings of `9.5 per share. We continue
to recommend Buy on the stock with a Target Price of `123.
\
JK Lakshmi Cement
JK Lakshmi Cement is slated to announce its 3QFY2011 results. We expect the top line to
decline by 8.7% yoy to `322cr on account of a decline in despatches and realisations. We
expect OPM to decline by 1,070bp yoy to 14.5% on account of fall in realisations and
increased input costs. The bottom line is estimated to decline by 65.2% to `16cr. We
maintain Buy on the stock with a Target Price of `92.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
3QFY2011 Result Previews by Ange Broking
3QFY2011 Previews HDFC Bank, JSW Steel, Lupin, Thermax, IRB, Dena Bank, Gateway Dispark,, JK Lakshmi cement
HDFC Bank
HDFC Bank is scheduled to announce its 3QFY2011 results. We expect the bank to report
NII growth of 19.0% yoy. Non-interest income is expected to register significant growth of
24.5% yoy and 10.6% sequentially to `1,062cr. The pre-provision profit is expected to
register growth of 20.7% yoy, while net profit is expected to increase by healthy 33.3% on a
yoy basis to `1,091cr on account of lower provisioning expenses. At the CMP, the stock is
trading at valuations of 3.3x FY2012E P/ABV. We maintain our Buy recommendation on the
stock with a Target Price of `2,501, based on our target multiple of 4.0x FY2012E P/ABV.
JSW Steel
JSW Steel is slated to announce its 3QFY2011 results. The company is expected to deliver
26% yoy growth in its top line to `6,042cr on account of higher realisation. On the operating
front, EBITDA margins are expected to contract by 446bp to 18.0%, mainly due to higher
raw-material costs during the quarter. As a result, net profit is expected to increase by 8.2%
yoy to `391cr. We recommend Buy on the stock with a Target Price of `1,310.
Lupin
Lupin is scheduled to announce its 3QFY2011 results. We expect the company to register
growth of 15.9%, mainly led by formulation sales in exports markets (US and Europe) and
the Indian domestic market. On the operating front, margins are likely to remain stable at
19.4%; however, lower tax and interest outgo during the period would lead to 36.6% growth
in net profit in 3QFY2011. We currently have a Neutral rating on the stock.
Thermax
Thermax is scheduled to announce its 3QFY2011 results. The company’s net sales are
expected to increase by 50% yoy to `1,015cr. OPM is expected to expand marginally by
5.3bp to 12%. Net profit is also expected to increase by 46% yoy to `82cr. The stock is
currently trading at 24x FY2011E and 19.1x FY2012E earnings. We will revise our estimates
post the conference call.
IRB Infra
IRB Infra is expected to announce its 3QFY2011 results. For 3QFY2011, we estimate
consolidated revenue growth of ~78.9% yoy on the back of the increase in construction and
EPC (C&EPC) revenue of `572cr for the quarter. However, EBITDA margins are expected to
decline given higher contribution to the top line from the low-margin C&EPC segment
compared to BOT revenue. Hence, EBITDA margins are expected at 37.8%. We project net
profit before tax and after tax at `167.9cr and `134.4cr, respectively, for 3QFY2011. PAT is
expected to increase 46.9% yoy, assuming a tax rate of 20% for the quarter. We maintain a
Buy on the stock with a Target Price of `265.
Dena Bank
Dena Bank is slated to declare its 3QFY2011 results. The bank is expected to post robust NII
growth of 63.9% yoy to `464cr. Non-interest income is expected to go up marginally by
1.3% yoy. Pre-provision profit is expected to post strong 63.6% yoy growth. The cost-toincome
ratio is expected to improve to 46.0% compared to 52.5% a year ago. Net profit is
expected to increase by 22.6% yoy to `165cr. At the CMP, the stock is trading at 0.9x
FY2012E ABV. We maintain Buy on the stock with a Target Price of `138.
Gateway Distriparks
Gateway Distriparks Ltd. (GDL) is scheduled to announce its 3QFY2011 results. We expect
GDL to post healthy growth of 10.7% yoy in its top line to `142cr for the quarter, led by
better volumes from the CFS as well as rail segments on account of improving exim visibility
and Punjab Conware returning to 100% capacity utilisation from the fire-accident last year.
However, we expect OPMs to decline by 198bp yoy to 26.5% on account of change in
product mix. Consequently, we expect net profit to grow by 4.8% yoy to `21.0cr. At the CMP
of `107, the stock is trading at 11.2x its FY2012E earnings of `9.5 per share. We continue
to recommend Buy on the stock with a Target Price of `123.
\
JK Lakshmi Cement
JK Lakshmi Cement is slated to announce its 3QFY2011 results. We expect the top line to
decline by 8.7% yoy to `322cr on account of a decline in despatches and realisations. We
expect OPM to decline by 1,070bp yoy to 14.5% on account of fall in realisations and
increased input costs. The bottom line is estimated to decline by 65.2% to `16cr. We
maintain Buy on the stock with a Target Price of `92.
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