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India Equity Research Reports, IPO and Stock News
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Telecommunications: Vodafone India 3QFY11: stabilising operating trends [Srinivas Rao]
Vodafone’s (VOD.L, Buy, GBP 177) 3QFY11 results for Indian operations reflect the similar positive trends that have been witnessed in the results of Bharti (Buy, Rs 340) and Idea (Hold, Rs 71). The rate of decline in revenue/min had been slowing over the last two quarters and was marginally higher in 3Q. The operating trends have been in line with the other incumbents – Bharti and Idea – who have reported results so far.
DLF: Slower demand and inferior mix, cut estimates & TP [Abhay Shanbhag]
Post a lull, (1.4msf in FY09, 0.8 in FY10), DLF leased 1.7msf in 3Q & ~4.3 ytd against FY11e guidance of ~ 4msf. It expects further traction with tax exemption being limited to developers having notified SEZ by 1 Apr’12 and end-users having commenced operations at SEZ by 1 Apr’14. Hence a leasing inventory of ~2msf and ability to deliver another ~5msf within 6-9 months of demand visibility. But it is yet to see a pick-up in rentals.
ACC: Volume growth beginning to come through [Chockalingam Narayanan]
ACC 4QCY10 results (derived from CY10 results) came well ahead of DB estimates at INR 2.66 bn largely on the back of a tax writeback of INR 820 mn during the quarter (but pertaining to the full year). Operationally results were inline with Net sales of INR 20.9 bn driving an EBITDA of INR 3.4 bn (implying EBITDA/t currently at INR 612/t, marginally below peers UltraTech and Ambuja Cements) and recurring PAT of INR 1.84 bn. Volume growth (4.7% YoY) came in positive for the first time in 5 quarters as company ramped up production from the recent expansions at Bargarh and Wadi.
Ambuja Cements Ltd: Production discipline holds the key in mid-term [Chockalingam Narayanan]
Ambuja Cement 4QCY10 results (derived from CY10 results) were inline with DB estimates at INR 2.52 bn PAT, helped largely by a low tax to PBT ratio of 4% (vs DB estimate of 31%). Net sales of INR 18.8 bn drove an EBITDA of INR 4.27bn (implying an EBITDA/t of INR 693, largely in line with peer UltraTech) and a Net profit of INR 2.52 bn.
India Economics Weekly: India's twin deficit risk, weekly inflation update [Taimur Baig, Kaushik Das]
The prospect of high oil prices would complicate fiscal policy and pose upside risk to the current account deficit this year. This has implications for the savings-investment balance, as well as the growth outlook. In a rising fiscal deficit scenario, unless private saving is rising fast enough, the policymakers will face a tradeoff between allowing the current account deficit to rise or accepting a decline in the private investment and (consequently) economic growth.
Global Economic Perspectives: A bright outlook for African frontier markets [Peter Hooper]
Sub-Saharan Africa (SSA) is set to remain the second fastest growing region in the world after Asia, driven by rising real incomes and high commodity prices. The region’s economies remained broadly stable during the crisis. As public debt levels are close to pre-crisis levels and inflation nearing single-digits, the region offers a solid track record of sound macro-economic policies, in our view.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Telecommunications: Vodafone India 3QFY11: stabilising operating trends [Srinivas Rao]
Vodafone’s (VOD.L, Buy, GBP 177) 3QFY11 results for Indian operations reflect the similar positive trends that have been witnessed in the results of Bharti (Buy, Rs 340) and Idea (Hold, Rs 71). The rate of decline in revenue/min had been slowing over the last two quarters and was marginally higher in 3Q. The operating trends have been in line with the other incumbents – Bharti and Idea – who have reported results so far.
DLF: Slower demand and inferior mix, cut estimates & TP [Abhay Shanbhag]
Post a lull, (1.4msf in FY09, 0.8 in FY10), DLF leased 1.7msf in 3Q & ~4.3 ytd against FY11e guidance of ~ 4msf. It expects further traction with tax exemption being limited to developers having notified SEZ by 1 Apr’12 and end-users having commenced operations at SEZ by 1 Apr’14. Hence a leasing inventory of ~2msf and ability to deliver another ~5msf within 6-9 months of demand visibility. But it is yet to see a pick-up in rentals.
ACC: Volume growth beginning to come through [Chockalingam Narayanan]
ACC 4QCY10 results (derived from CY10 results) came well ahead of DB estimates at INR 2.66 bn largely on the back of a tax writeback of INR 820 mn during the quarter (but pertaining to the full year). Operationally results were inline with Net sales of INR 20.9 bn driving an EBITDA of INR 3.4 bn (implying EBITDA/t currently at INR 612/t, marginally below peers UltraTech and Ambuja Cements) and recurring PAT of INR 1.84 bn. Volume growth (4.7% YoY) came in positive for the first time in 5 quarters as company ramped up production from the recent expansions at Bargarh and Wadi.
Ambuja Cements Ltd: Production discipline holds the key in mid-term [Chockalingam Narayanan]
Ambuja Cement 4QCY10 results (derived from CY10 results) were inline with DB estimates at INR 2.52 bn PAT, helped largely by a low tax to PBT ratio of 4% (vs DB estimate of 31%). Net sales of INR 18.8 bn drove an EBITDA of INR 4.27bn (implying an EBITDA/t of INR 693, largely in line with peer UltraTech) and a Net profit of INR 2.52 bn.
India Economics Weekly: India's twin deficit risk, weekly inflation update [Taimur Baig, Kaushik Das]
The prospect of high oil prices would complicate fiscal policy and pose upside risk to the current account deficit this year. This has implications for the savings-investment balance, as well as the growth outlook. In a rising fiscal deficit scenario, unless private saving is rising fast enough, the policymakers will face a tradeoff between allowing the current account deficit to rise or accepting a decline in the private investment and (consequently) economic growth.
Global Economic Perspectives: A bright outlook for African frontier markets [Peter Hooper]
Sub-Saharan Africa (SSA) is set to remain the second fastest growing region in the world after Asia, driven by rising real incomes and high commodity prices. The region’s economies remained broadly stable during the crisis. As public debt levels are close to pre-crisis levels and inflation nearing single-digits, the region offers a solid track record of sound macro-economic policies, in our view.
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