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Punjab National Bank
Punjab National Bank is scheduled to announce 1QFY2012 results. We expect the bank to
report reasonably healthy NII growth of 18.5% yoy. However, the bank’s NIM is expected
to compress as witnessed in the case of peers. Operating profit of the bank is expected to
register moderate growth of 16.6% yoy. However, net profit growth is expected to be
muted at 3.0% yoy to `1,100cr due to considerably higher provisioning expenses. At the
CMP, the stock is trading at 1.3x FY2013E ABV. We maintain our Accumulate view on the
stock with a target price of `1,235.
Sun Pharma
For 1QFY2012, Sun Pharma is likely to report 35.3% yoy growth in sales
mainly on the back of integration of Taro, which will drive export formulation
sales for the period. Despite strong top-line growth on account of the integration, the
company's operating profit margin would decline by 13.4% yoy, with margin likely to be
around 30.7%. Net profit is expected to drop by 23.6% yoy for the quarter. At the CMP,
the stock trades at 33.3x FY2012E and 23.5x FY2013E earnings. We remain Neutral on
the stock.
Ambuja Cements – 2QCY2011
Ambuja Cements is expected to announce its 2QCY2011 results. The company’s top line is
expected to remain flat at `2,036cr. However, OPM is expected to decline by 761bp yoy to
23.9% due to higher power and fuel and freight costs. Net profit for the quarter is expected
to decline by 25.1% yoy to `293cr. We maintain our Neutral view on the stock.
ACC – 2QCY2011
ACC is expected to announce its 2QCY2011 results. We expect the company to post topline
growth of 12.7% yoy to `2,276cr, aided by higher dispatches on account of higher
capacity. However, we expect the operating profit to decline by 18% yoy to `487cr due to
higher power and fuel and freight costs. The company’s bottom line is expected to decline
by 21.5% yoy to `282cr. We maintain our Neutral view on the stock.
HCC
For Hindustan Construction Company (HCC), we project modest 11.5% yoy growth in
revenue for 1QFY2012 to `1,110cr (`995.4cr), which would be led by execution of road
projects. We project flat EBITDA margin at 12.7%. However, on the bottom-line front, we
expect a steep decline of 73.8% to mere `7.4cr (`28.3cr) due to its escalating interest cost
and subdued top-line growth. Owing to the uncertainties surrounding Lavasa project and
other concerns like subdued order inflow, deteriorating working capital situation and high
interest cost we continue to maintain our Neutral view on the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Punjab National Bank
Punjab National Bank is scheduled to announce 1QFY2012 results. We expect the bank to
report reasonably healthy NII growth of 18.5% yoy. However, the bank’s NIM is expected
to compress as witnessed in the case of peers. Operating profit of the bank is expected to
register moderate growth of 16.6% yoy. However, net profit growth is expected to be
muted at 3.0% yoy to `1,100cr due to considerably higher provisioning expenses. At the
CMP, the stock is trading at 1.3x FY2013E ABV. We maintain our Accumulate view on the
stock with a target price of `1,235.
Sun Pharma
For 1QFY2012, Sun Pharma is likely to report 35.3% yoy growth in sales
mainly on the back of integration of Taro, which will drive export formulation
sales for the period. Despite strong top-line growth on account of the integration, the
company's operating profit margin would decline by 13.4% yoy, with margin likely to be
around 30.7%. Net profit is expected to drop by 23.6% yoy for the quarter. At the CMP,
the stock trades at 33.3x FY2012E and 23.5x FY2013E earnings. We remain Neutral on
the stock.
Ambuja Cements – 2QCY2011
Ambuja Cements is expected to announce its 2QCY2011 results. The company’s top line is
expected to remain flat at `2,036cr. However, OPM is expected to decline by 761bp yoy to
23.9% due to higher power and fuel and freight costs. Net profit for the quarter is expected
to decline by 25.1% yoy to `293cr. We maintain our Neutral view on the stock.
ACC – 2QCY2011
ACC is expected to announce its 2QCY2011 results. We expect the company to post topline
growth of 12.7% yoy to `2,276cr, aided by higher dispatches on account of higher
capacity. However, we expect the operating profit to decline by 18% yoy to `487cr due to
higher power and fuel and freight costs. The company’s bottom line is expected to decline
by 21.5% yoy to `282cr. We maintain our Neutral view on the stock.
HCC
For Hindustan Construction Company (HCC), we project modest 11.5% yoy growth in
revenue for 1QFY2012 to `1,110cr (`995.4cr), which would be led by execution of road
projects. We project flat EBITDA margin at 12.7%. However, on the bottom-line front, we
expect a steep decline of 73.8% to mere `7.4cr (`28.3cr) due to its escalating interest cost
and subdued top-line growth. Owing to the uncertainties surrounding Lavasa project and
other concerns like subdued order inflow, deteriorating working capital situation and high
interest cost we continue to maintain our Neutral view on the stock.
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