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1QFY2012 Result Preview
Hindustan Zinc
Hindustan Zinc is slated to announce its 1QFY2012 results. The company’s top line is
expected to register 50.8% yoy growth to `2,941cr on account of higher sales volume and
realisations. On the operating front, EBITDA margin is expected to expand by 599bp yoy
to 58.4%, led by strong top-line performance. As a result, the bottom line is expected to
grow by 71.9% yoy to `1,532cr. We maintain our Buy rating on the stock with a target
price of `158.
Hero Honda
Hero Honda (HH) is scheduled to announce its 1QFY2012 results. We expect the
company’s top line to grow strongly by 34% yoy to `5,704cr on account of 24% yoy
growth in volumes and improvement in realisation. On the operating front, HH is expected
to report EBITDA margin of 12% (adjusting for royalty payments), a decline of 200bp yoy
due to higher raw-material cost pressures. As a result, we expect the bottom line to post a
12% yoy increase to `550cr. The stock rating is under review.
Sesa Goa
Sesa Goa is slated to announce its 1QFY2012 results. We expect the company’s top line to
decline by 1.5% yoy to `2,378cr because of lower sales volume despite higher iron ore
realisations. EBITDA margin is expected to contract by 249bp yoy to 58.0% due to higher
freight cost and export duty. Hence, the bottom line is expected to decline by 17.4% yoy to
`1,075cr. We maintain our Buy rating on the stock with a target price of `385.
Yes Bank
Yes Bank is slated to announce its 1QFY2012 results. We expect the bank to report healthy
NII growth of 39.1% yoy despite NIM compression, driven by strong growth in advances
over the past few quarters. Non-interest income is also expected to rise at healthy 31.2%
yoy. The cost-to-income ratio is expected to increase to 38.2% compared to 34.8% in
4QFY2011 (38.7% in 1QFY2011) on account of branch expansion and employee
additions. The pre-provision profit is expected to register growth of 37.3% yoy, while net
profit is expected to increase by relatively lower 35.8% yoy to `212cr due to higher
provisions. At the CMP, the stock is trading at 2.0x FY2013E ABV. We maintain our
Accumulate recommendation on the stock with a target price of `337.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Result Preview
Hindustan Zinc
Hindustan Zinc is slated to announce its 1QFY2012 results. The company’s top line is
expected to register 50.8% yoy growth to `2,941cr on account of higher sales volume and
realisations. On the operating front, EBITDA margin is expected to expand by 599bp yoy
to 58.4%, led by strong top-line performance. As a result, the bottom line is expected to
grow by 71.9% yoy to `1,532cr. We maintain our Buy rating on the stock with a target
price of `158.
Hero Honda
Hero Honda (HH) is scheduled to announce its 1QFY2012 results. We expect the
company’s top line to grow strongly by 34% yoy to `5,704cr on account of 24% yoy
growth in volumes and improvement in realisation. On the operating front, HH is expected
to report EBITDA margin of 12% (adjusting for royalty payments), a decline of 200bp yoy
due to higher raw-material cost pressures. As a result, we expect the bottom line to post a
12% yoy increase to `550cr. The stock rating is under review.
Sesa Goa
Sesa Goa is slated to announce its 1QFY2012 results. We expect the company’s top line to
decline by 1.5% yoy to `2,378cr because of lower sales volume despite higher iron ore
realisations. EBITDA margin is expected to contract by 249bp yoy to 58.0% due to higher
freight cost and export duty. Hence, the bottom line is expected to decline by 17.4% yoy to
`1,075cr. We maintain our Buy rating on the stock with a target price of `385.
Yes Bank
Yes Bank is slated to announce its 1QFY2012 results. We expect the bank to report healthy
NII growth of 39.1% yoy despite NIM compression, driven by strong growth in advances
over the past few quarters. Non-interest income is also expected to rise at healthy 31.2%
yoy. The cost-to-income ratio is expected to increase to 38.2% compared to 34.8% in
4QFY2011 (38.7% in 1QFY2011) on account of branch expansion and employee
additions. The pre-provision profit is expected to register growth of 37.3% yoy, while net
profit is expected to increase by relatively lower 35.8% yoy to `212cr due to higher
provisions. At the CMP, the stock is trading at 2.0x FY2013E ABV. We maintain our
Accumulate recommendation on the stock with a target price of `337.
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