India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
1QFY2012 Result Preview
TCS
TCS is set to announce its 1QFY2012 results. We expect the company to post revenue of
US$2,361mn with 5.2% qoq growth led by volume growth of 4.4% qoq. In rupee terms,
revenue is expected to grow by 3.8% qoq to `10,547cr. EBITDA margin is expected to
decline by 233bp to 27.9% due to impact of wage hike given from April 1, 2011. PAT is
expected to come in at `2,182cr. TCS remains our preferred pick amongst Tier-I IT
companies. We maintain our Buy rating on the stock with a target price of `1,337.
Bajaj Auto
Bajaj Auto is slated to announce its 1QFY2012 results. We expect the company’s top line
to grow strongly by 28% yoy to `4,763cr, led by 18% yoy growth in volumes and higher
average net realisation. On the operating front, EBITDA margin is expected to decline
marginally by 20bp yoy to 19.8%. However, the bottom line is expected to witness 24% yoy
growth to `734cr. The stock rating is under review.
South Indian Bank
South Indian Bank is scheduled to announce its 1QFY2012 results. The bank is expected to
post strong 35.7% yoy growth in its net interest income (NII); however, on a sequential
basis, NII growth is expected to be muted at 2.5% due to NIM compression. Non-interest
income is expected to increase by 14.2% yoy to `48cr. Despite a considerable expected
increase in provisioning expenses, net profit is expected to rise by 46.4% yoy to `86cr. At
the CMP, the stock is trading at 1.3x FY2013E ABV. We maintain our Accumulate
recommendation on the stock with a target price of `26.
No comments:
Post a Comment