Brokerage radar 9 Oct

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[8:52 AM, 10/9/2017] +91 93747 58687: BROKERAGE RADAR

CLSA ON SOBHA DEVELOPERS

2Q pre-sales at a 10-quarter high as sales gain momentum
2Q pre-sales rise of 14% YoY amid challenging environment
 Steady execution and good project portfolio showing results
Expect sales momentum to continue next few qtrs.
Maintain Buy, target at 525/share

NOMUR A ON GODREJ CONSUMER

We upgrade to Neutral post the recent correction
See valuations now in fair territory tgt hiked to 990/shr from 945/shr
Indonesia, Latin America & domestic soaps business remains a concern

NOMURA ON M&M FINANCIALS

Poised for rural recovery; expect ROEs to improve to 16%
Valuations partly factoring in improvement in ROEs
Hike target price to 460/shr from 360/shr

JEFFERIES ON TATA STEEL PLANT VISIT

Keep Underperform as we believe steel prices and spreads should correct
Tata is evaluating 3-5mt expansion, which could lift India vols. medium term
Tata-TKA deal positives appear priced in and at 7.8x FY19E EBITDA
Risk-reward unfavorable at current levels; target at 424/share

MACQUARIE ON SOBHA

Maintain Outperform , Target at `472/share
Healthy show in Q2 FY18 presales
Modest growth in presales in FY18 possible
Expect Sobha to generate 100% returns in 3 years

CREDIT SUISSE ON BHARTI

Maintain Underperform , Target at 320/share
Expect continued EBITDA erosion for Bharti in India
Q3 should see impact from drop in termination
Overall, we stay cautious on the stock.
Spectrum opportunities may not come in cheap

CREDIT SUISSE ON TATA MOTOR

Maintain Outperform , Target at 560/share
Expect sharper improvement in H2 JLR Volumes
Tata Motors is a CS AxJ List stock
Discovery volumes not picking up as per expectations

CLSA ON TITAN

Maintain BUY , Target at 703/share
Deferring PMLA is a positive

CITI ON M&M FINANCE

Maintain BUY , Target at 500/share
M&M Finance regaining momentum
Asset quality pressures likely peaking
ROA improvements is the key driver

CITI ON TITAN

Maintain BUY , Target at `665/share
Expect steady outlook for Titan to continue
KYC Norms relaxed Unlikely to be a big kicker
See a positive impact on margins