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India Equity Research Reports, IPO and Stock News
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DLF: addresses transparency issues; on course to cut debt [Abhay Shanbhag]
B/S transparency and now high gearing have been an overhang on DLF since its Jul'07 listing. Significant improvement in structure of B/S and P&L drove gearing in the last 2 years. Aggressive shift in mix away from capital-intensive & long-gestation office from end-CY'10 to plotted residential boosted cashflows from current 1Q. Detailed cashflow analysis indicates that this trend will enable DLF to fund non-debt outflows from 2Q. Recent ramp-up in divestments to help lower gearing. Cut estimates by upto 24% & TP by 5%. Maintain Buy.
India Equity Strategy: Strong monsoon to buoy rural prosperity [Abhishek Saraf]
The monsoon season formally ended on 30 Sept;, and rainfall for the season (Jun-Sept) has been 1% above the long period average (LPA) and significantly above the second stage forecast of the Indian Meteorological Department (IMD), which had pegged the cumulative seasonal rainfall to be 5% below LPA. A strong monsoon season has raised expectations of a continuation of positive economic impulse from India’s rural economy/hinterland, which remains robust and relatively insulated from local and global macro-economic headwinds. There is a reasonably strong correlation (~72% over 2001-10) between monsoon and agri output and hence we expect above-trend FY12 agri GDP growth.
Cairn India: Strikes gas in Sri lanka [Harshad Katkar]
Cairn India's wholly owned subsidiary Cairn Lanka (Pvt) Ltd. has discovered gas in its Mannar Basin block SL 2007-01-001 (100% participating interest). The deepwater well (drilled in a water depth of 1354m) encountered a gross 25 meters (net 15m) hydrocarbon column which was predominantly gas bearing with some additional liquid hydrocarbon potential.
Tata Motors: Sept-11 volumes: truck vol. maintain strength [Srinivas Rao]
Tata Motors domestic medium and heavy commercial vehicle (MHCV) volumes in Sept-11 (18,155, +9% YoY) continue to surprise positively. YTD growth at 8% is higher than our FY12E growth estimate of 5%.
M&M: Sept-11 vol.: tractors continue to surprise on the upside [Srinivas Rao]
M&M continues to outperform its peers in terms of volume growth. Domestic tractor volumes for September-11 were strong (23,508, +44% YoY) and YTD growth at 24% continues to be ahead of our expectation (15%).
Bajaj Auto Ltd.: Sept-11 volumes: robust exports drive growth [Srinivas Rao]
Bajaj's overall volumes for Sept-2011 are showing healthy trends in both the two-wheeler (2W) and three-wheeler (3W) segments. YTD 2W/3W volumes have grown at 16%/23% vs our full year FY12 estimates of 19%/20%.
Maruti Suzuki: Sept-11 vol.: good despite prod. disruption [Srinivas Rao]
Maruti's September 2011 volumes at 85,565 units (-21% YoY) are satisfactory after considering the adverse impact of disruption in production at the company's Manesar plant. Domestic volumes at 78,816 units fell 17% YoY in September.
TVS Motor: Sept-11: strong 2-wheeler vol., 3-wheelers lag [Amyn Pirani]
TVS's Sept-11 two-wheeler (2W) volumes (215,690 units, +17% YoY) are robust and continue to be in line with our expectations. Three-wheeler (3W) volumes (3,679 units, +14% YoY) are still lagging our full year forecasts.
Asia Economics Daily: Weak Regional Data Trend [Taimur Baig]
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
DLF: addresses transparency issues; on course to cut debt [Abhay Shanbhag]
B/S transparency and now high gearing have been an overhang on DLF since its Jul'07 listing. Significant improvement in structure of B/S and P&L drove gearing in the last 2 years. Aggressive shift in mix away from capital-intensive & long-gestation office from end-CY'10 to plotted residential boosted cashflows from current 1Q. Detailed cashflow analysis indicates that this trend will enable DLF to fund non-debt outflows from 2Q. Recent ramp-up in divestments to help lower gearing. Cut estimates by upto 24% & TP by 5%. Maintain Buy.
India Equity Strategy: Strong monsoon to buoy rural prosperity [Abhishek Saraf]
The monsoon season formally ended on 30 Sept;, and rainfall for the season (Jun-Sept) has been 1% above the long period average (LPA) and significantly above the second stage forecast of the Indian Meteorological Department (IMD), which had pegged the cumulative seasonal rainfall to be 5% below LPA. A strong monsoon season has raised expectations of a continuation of positive economic impulse from India’s rural economy/hinterland, which remains robust and relatively insulated from local and global macro-economic headwinds. There is a reasonably strong correlation (~72% over 2001-10) between monsoon and agri output and hence we expect above-trend FY12 agri GDP growth.
Cairn India: Strikes gas in Sri lanka [Harshad Katkar]
Cairn India's wholly owned subsidiary Cairn Lanka (Pvt) Ltd. has discovered gas in its Mannar Basin block SL 2007-01-001 (100% participating interest). The deepwater well (drilled in a water depth of 1354m) encountered a gross 25 meters (net 15m) hydrocarbon column which was predominantly gas bearing with some additional liquid hydrocarbon potential.
Tata Motors: Sept-11 volumes: truck vol. maintain strength [Srinivas Rao]
Tata Motors domestic medium and heavy commercial vehicle (MHCV) volumes in Sept-11 (18,155, +9% YoY) continue to surprise positively. YTD growth at 8% is higher than our FY12E growth estimate of 5%.
M&M: Sept-11 vol.: tractors continue to surprise on the upside [Srinivas Rao]
M&M continues to outperform its peers in terms of volume growth. Domestic tractor volumes for September-11 were strong (23,508, +44% YoY) and YTD growth at 24% continues to be ahead of our expectation (15%).
Bajaj Auto Ltd.: Sept-11 volumes: robust exports drive growth [Srinivas Rao]
Bajaj's overall volumes for Sept-2011 are showing healthy trends in both the two-wheeler (2W) and three-wheeler (3W) segments. YTD 2W/3W volumes have grown at 16%/23% vs our full year FY12 estimates of 19%/20%.
Maruti Suzuki: Sept-11 vol.: good despite prod. disruption [Srinivas Rao]
Maruti's September 2011 volumes at 85,565 units (-21% YoY) are satisfactory after considering the adverse impact of disruption in production at the company's Manesar plant. Domestic volumes at 78,816 units fell 17% YoY in September.
TVS Motor: Sept-11: strong 2-wheeler vol., 3-wheelers lag [Amyn Pirani]
TVS's Sept-11 two-wheeler (2W) volumes (215,690 units, +17% YoY) are robust and continue to be in line with our expectations. Three-wheeler (3W) volumes (3,679 units, +14% YoY) are still lagging our full year forecasts.
Asia Economics Daily: Weak Regional Data Trend [Taimur Baig]
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