Result Previews Punjab National Bank, Ambuja, ACC :Angel Broking,

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Result Previews
Punjab National Bank
Punjab National Bank is scheduled to announce its 2QFY2012 results. We expect
the bank to report moderate 6.4% yoy growth in its net interest income. However,
non-interest income growth is expected to come in at healthy 29.8% yoy, leading
to a 11.0% yoy rise in operating income. Provisioning expenses are expected to
rise sharply by 57.9% yoy, leading to a 3.5% decline in PBT. On the net profit
front, we expect the bank to report a 3.9% decline on a yoy basis to `1,033cr.
At the CMP, the stock is trading at 1.1x FY2013E ABV. We maintain our
Accumulate stance on the stock with a target price of `1,085.
Ambuja Cements – 3QCY2011
Ambuja Cements is expected to announce its 3QCY2011 results. On the top-line
front, the company is expected to post robust growth of 25.1% yoy to `1,957cr.
Robust performance on the top-line front is expected to be driven by 10% growth

in dispatches and higher realization. OPM is expected to increase by 113bp yoy to
20.5%. The company’s bottom line is expected to grow by 48% yoy to `225cr.
We maintain our Neutral view on the stock.
ACC – 3QCY2011
ACC is expected to announce its 3QCY2011 results. The company is expected to
post top-line growth of 40.1% yoy to `2,294cr. The strong performance on the
top-line front is expected to be aided by both 16.1% growth in dispatches and
higher realization. The substantial growth in dispatches is on account of capacity
additions at Wadi and Chanda. Riding on improved realization, OPM is expected
to expand by 543bp yoy to 18.9%. The company’s bottom line is expected to grow
by 137% yoy to `237cr. We maintain our Neutral view on the stock