26 Dec , 2024 By : Debdeep Gupta
MOSL On PNB Hsg Fin
Buy Call, Target At `1,160/Sh
Strategic Shift In Product Mix; Tracking Well On Execution
Mix Improvement To Aid NIM Expansion; Recoveries To Keep Credit Costs Benign
Co Now Well Positioned To Deliver 18% Loan CAGR Over FY24- 27
Expect Co To Deliver Profit CAGR Of 23% Over FY24-27 & RoA/RoE Of 2.6%/14% In FY27
Stock Currently Trades At 1.2x FY26
ICICI Sec On Cello World
Buy Call, Target At `960/Sh
Remain Constructive As There Are Multiple Growth Tailwinds In FY26
Commencement Of Glassware Unit In Q2FY25 May Start Contributing To Rev & Earnings
Integration Of Wimplast With Itself Will Allow To Unlock Synergy Benefits In Distribution
Invest In Brand Building, Digital Spends & Quick Comm May Contribute Materially To Earnings In FY26
Some Growth Spurts Visible In Few Pockets In Q3FY25, Indicating Demand Recovery
MOSL On Autos
Note That November Was Expected To Be A Weak Month Due To The High Base Of Last Year
PV Industry Has Posted A 4% YoY Growth In Dispatches In November
On a YTD Basis, While the 2-w ICE Segment Has Grown 10.8% YoY, PV Ind Has Posted Just 1% YoY Growth
Honda Motor Has Outperformed In Both The Scooter ICE And Motorcycle Segments
Major PV Outperformers YTD Are M&M And Toyota
M&M and Toyota Have Gained 210 bps And 185 bps Market Share, Respectively In the PV Sector
Top Picks Are Maruti, M&M, & Hyundai
MS On Oil & Gas
India's Natural Gas Demand Rose 3% YoY In Nov’24 & 7% YTD FY25
There Was a 10% Consumption Increase In the Industrial And City Gas Sectors
LNG Demand Has Remained Steady Despite Higher Prices
Power Sector Continues To See Seasonal Declines
Fertiliser Demand Is Steady And LNG Market Share Averaged 51%
Equirus On Antony Waste
Long Call, Target At `720/Sh
Cos H1FY25 Revenue Was Flat YoY As Total Tonnage Handled At Nearly 2.37 Million Tonnes
Collection & Transportation Division Handled 0.96 Million Tonnes, Up 7% YoY In 1HFY25
Going Ahead, Believe Co’s Earnings Would Be Fuelled By New C&T Contract Wins
Incremental Volumes At The Kanjurmarg Project Can Also Contribute To Results
Core EBITDA Margin For H1FY25 Stood At 21.1% Vs 19.5% In H1FY24
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