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ICICI Bank
ICICI Bank is slated to announce its 2QFY2012 results. We expect the bank to
report net interest income growth of 13.3% yoy (up 3.6% qoq) to `2,497cr. Noninterest
income is expected to grow by 10.9% yoy and 6.5% qoq to `1,750cr. Costto-
income ratio is expected to improve from 44.9% in 1QFY2012 to 43.8% in
2QFY2012. Pre-provision profit of the bank is expected to increase by 7.9% yoy
and 6.8% qoq to `2,387cr. However, net profit is expected to increase by healthy
10.5% qoq and 19.1% yoy to `1,473cr on account of lower provisioning expenses
(expected to decline by 40.8% yoy and 16.4% qoq). At the CMP, the stock is
trading at valuations of 1.7x FY2013E ABV (without adjusting value of
subsidiaries). We maintain our Buy rating on the stock with a target price of
`1,102.
NMDC
NMDC is slated to announce its 2QFY2012 results. We expect the company’s top
line to grow by 18.6% yoy to `2,917cr on account of increased sales volumes as
well as realizations. The company’s EBITDA margin is expected to improve by
519bp yoy to 80.0%. The bottom line is expected to grow by 33.7% yoy to
`1,844cr. We recommend Neutral on the stock.
Wipro
Wipro is slated to announce its 2QFY2012 results. We expect the company’s IT
services segment to post revenue of US$1,436mn (including revenue from SAIC),
up merely 2.0% qoq. Volume growth is expected to be 2.4% qoq. At the
consolidated level, we expect the company to record revenue of `8,923cr, up 4.2%
qoq. The company is expected to record a 329bp qoq decline in its EBIT margin to
18.7% for the IT services segment as the full impact of wage hikes given from
June 1, 2011, will flow in this quarter. At a consolidated level, Wipro is expected to
record a 251bp qoq decline in its EBIT margin to 15.0%. PAT is expected to come
in at `1,225cr. We maintain our Neutral rating on the stock.
HUL
HUL is expected to announce its 2QFY2012 results. We expect the company to
report impressive yoy growth of 14.2% in its revenue to `5,345cr, led by a mix of
volume growth, price hikes and improved product mix. We expect the company to
post a 55bp yoy expansion in its operating margin to 12.6%. The company is
expected to report earnings growth of 14% yoy, led by the top line growing to
`599cr. We maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Result Previews
ICICI Bank
ICICI Bank is slated to announce its 2QFY2012 results. We expect the bank to
report net interest income growth of 13.3% yoy (up 3.6% qoq) to `2,497cr. Noninterest
income is expected to grow by 10.9% yoy and 6.5% qoq to `1,750cr. Costto-
income ratio is expected to improve from 44.9% in 1QFY2012 to 43.8% in
2QFY2012. Pre-provision profit of the bank is expected to increase by 7.9% yoy
and 6.8% qoq to `2,387cr. However, net profit is expected to increase by healthy
10.5% qoq and 19.1% yoy to `1,473cr on account of lower provisioning expenses
(expected to decline by 40.8% yoy and 16.4% qoq). At the CMP, the stock is
trading at valuations of 1.7x FY2013E ABV (without adjusting value of
subsidiaries). We maintain our Buy rating on the stock with a target price of
`1,102.
NMDC
NMDC is slated to announce its 2QFY2012 results. We expect the company’s top
line to grow by 18.6% yoy to `2,917cr on account of increased sales volumes as
well as realizations. The company’s EBITDA margin is expected to improve by
519bp yoy to 80.0%. The bottom line is expected to grow by 33.7% yoy to
`1,844cr. We recommend Neutral on the stock.
Wipro
Wipro is slated to announce its 2QFY2012 results. We expect the company’s IT
services segment to post revenue of US$1,436mn (including revenue from SAIC),
up merely 2.0% qoq. Volume growth is expected to be 2.4% qoq. At the
consolidated level, we expect the company to record revenue of `8,923cr, up 4.2%
qoq. The company is expected to record a 329bp qoq decline in its EBIT margin to
18.7% for the IT services segment as the full impact of wage hikes given from
June 1, 2011, will flow in this quarter. At a consolidated level, Wipro is expected to
record a 251bp qoq decline in its EBIT margin to 15.0%. PAT is expected to come
in at `1,225cr. We maintain our Neutral rating on the stock.
HUL
HUL is expected to announce its 2QFY2012 results. We expect the company to
report impressive yoy growth of 14.2% in its revenue to `5,345cr, led by a mix of
volume growth, price hikes and improved product mix. We expect the company to
post a 55bp yoy expansion in its operating margin to 12.6%. The company is
expected to report earnings growth of 14% yoy, led by the top line growing to
`599cr. We maintain our Neutral view on the stock.
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