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3QFY2011 Result Previews
Yes Bank
Yes Bank is slated to announce its 3QFY2011 results. We expect the bank to report robust
NII growth of 62.2% yoy, driven by strong growth in advances. The non-interest income is
expected to increase by 5.3% yoy and 2.8% sequentially to `135cr. The cost-to-income ratio
is expected to improve to 36.1% compared to 36.6% in 2QFY2011 and 36.2% in
3QFY2010. The pre-provision profit of the bank is expected to register healthy growth of
40.8% yoy. Net profit is expected to increase by strong 39.8% on a yoy basis to `176cr.
At the CMP, the stock is trading at valuations of 2.1x FY2012E ABV. We maintain a Buy
rating on the stock with a Target Price of `353.
South Indian Bank
South Indian Bank is scheduled to announce its 3QFY2011 results. The bank is expected to
post muted NII growth of 15.1% yoy to `198cr, on account of sequentially lower NIMs.
Non-interest income is expected to increase marginally by 3.5% yoy to `45cr. Pre-provision
profit growth is expected to be flat. However, on account of lower provisions, net profit is
expected to increase by 22.4% yoy, but it is expected to decline marginally by 0.7% qoq to
`76cr. At the CMP, the stock is trading at 1.3x FY2012E ABV of `17. We currently have an
Accumulate recommendation on the stock with a Target Price of `26.
KPIT
KPIT Cummins Infosystems (KPIT) is set to announce its 3QFY2011 results today. We expect
the company to post revenue of US $54.2mn, up 6.8% qoq, on the back of strong volume
growth of 7.1%. In INR terms, revenue is expected to grow by 3.4% qoq to `243cr. EBITDA
margin is expected to grow by 144bp qoq to 17.7% on the back of better utilisation level and
productivity gains. PAT is expected to come in at `27cr with 13.5% qoq growth. We continue
to be positive on the stock with an Accumulate rating and a Target Price of `164.
TVS Motor
TVS Motor is slated to announce its 3QFY2011 results. We expect the company’s top line to
grow by strong 44% yoy to `1,545cr, led by 40% yoy growth in volumes and higher
realisation. On the operating front, EBITDA margin is expected to expand by 65bp yoy to
7%. Hence, the bottom line is expected to post a substantial 116% yoy to `51cr. The stock
rating is under review.
Indoco
Indoco Remedies (Indoco) is scheduled to announce its 3QFY2011 results. We expect the
company to report top-line growth of 27.2% to `121.7cr, driven by the domestic and export
segments. Indoco's OPM is expected to expand by 101bp yoy to 13.9%, driven by growth in
domestic formulation sales. As a result, net profit is expected to increase by 60.0% yoy to `12.4cr.
We currently have an Accumulate recommendation on the stock with a Target Price of `541.
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