10 Dec , 2024 By : Debdeep Gupta
CLSA On Swiggy
Initiate Buy Call, Target At `708/Sh
Co Has Large And Growing TAM With A Clear Early-mover Advantage
See Execution Improving With Accelerating Growth & Improving Profitability
Expect Indian Quick Commerce To Grow 6x In FY24- 27 & Swiggy To Be One Of Largest Beneficiaries
Co Will Likely Continue To Lag Zomato, But We Believe This Gap Is In The Price
Citi On Divi’s Labs
Buy Call, Target At `6,850/Sh
Biosecure Act Appears Delayed But Thesis Is Intact
Biopharma Cos Will Continue To Look For Diversification & Will Keep Adding additional partners/Suppliers
Any Sharp Correction May Be An Enhanced Buying Opportunity As Pipeline Appears Strong
Co Has Multiple Catalysts Like Contrast Media, GLP-1
Entresto Sales May Not Come Down Against Street Estimates Of A Sharp Decline
Jefferies On Godrej Props
Buy Call, Target At `3,850/Sh
Past 4 Yrs Have Seen Acquired Projects Provide 8x Multiple To Acqn Cost & Sales To Quadruple
Pivot To Owned Land & Recent Equity Raise Serve To Extend The Growth & CF Jump Horizon
In Near-term, Expect Co To Post 35% Pre-sales Growth In FY25 As H2 Launches Build On Strong H1
At 17x PE To FY25 Pre-sales, Stock Can See Multiples Rise Alongside P&L & Operating Cash Flow
Morgan Stanley On Life Insurance
Private Sector Individual APE Growth Of 15% YoY Was Off Base Of -1% YoY
ICICI Pru Life Reported Strong Growth YoY While HDFC Life & SBI Life Were Subdued
Citi On HDFC Life
Buy Call, Target At `820/Sh
Evolution Of Customer Preferences Towards Embedded Protection
Sustained Investment Scaling Up Of Business In Tier-II And III Markets
Robust Focus On Deploying Sales Manpower Across Verticals
Reiterating Mid-High-Double-Digit Medium-Term VNB CAGR
Morgan Stanley On Paytm
Equal-Weight Call, Target At `976/Sh
Sale Of PayPay Stock Acquisition Rights Approved
Sale Net Positive For Co & Would Help Strengthen Its Balance Sheet
Drive Tighter Focus On Its Core Payment And Financial Distribution Businesses
HSBC On IT
Upgrade Infosys And LTIMindtree To Buy, Wipro To Hold
Downgrade TCS To Hold And Tech Mahindra To Reduce
Downgrade Coforge To Hold & Upgrade Mphasis To Buy
Preferred Picks Are Infosys (Buy), LTIMindtree (Buy), HCLTech (Hold) & Mphasis (Buy)
Expect Industry Growth To Pick Up To 6-7% In FY26 From 3- 4% In The Past Two Years
Industry Growth To Be Led By A Recovery In The US Market
Weaker Outlook For Europe, GenAI Uncertainty To Restrict Upside
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