UBS On Autos

December Industry Retails On Track To Post Decline Led By Hero & Bajaj

TVS & Honda Gain Big On YoY & MoM Market Share; Hero Loses The Most

Looking At Mid-month Vahan Data, Expect Ind To Post 7-9% YoY Decline In Retails For Month

See Hero Motocorp & Bajaj Auto Clocking 15% Retail Decline

TVS Motor & Eicher Motors Are On Track To Post Growth

EVs Continue To Gain Traction Even As Mkt Leaders See Significant Volume Erosion

Citi On LIC Hsg Fin

Buy Call, Target At `851/Sh

Temporary Hitch In Hyderabad/Bangalore Adversely Impacts Disbursements Growth

Hyderabad/Bangalore Constitute More Than One-Fourth Of Its Disbursements

Seasonally Robust Traction In Q3 Might Not Be Evident This Yr, Though Should Course Correct In Q4

Tight Liquidity Pressurises Borrowing costs and Will Offset Favorable Yield Levers

NIM To Sustain At Lower End Of Guidance At 2.7%

Resolution Through Arc Sale For Cash Consideration Of `250 Cr To Release Provisions

Citi On M&M Fin

Neutral Call, Target At `300/Sh

Looking Forward To Nuanced Scale Of Mortgages, Ramp Up SME Lending/Lap

Looking Forward To Build Payments, Partnership, and Leasing Businesses

Co Guides For 5-7% Disbursements And High-teens AUM Growth For FY25

Branch Has Profitability Targets Through Desired IRR Levels

Opex/Assets At 2.7% With 10 bps Upward Bias As Will Aggressively Expand Footprint

Evaluate Equity Raise In H2FY25

CLSA On DLF

Outperform Call, Target Raised To `975/Sh

Following Up On Last Channel Check On ‘The Dahlias’ Project, Find That Co Has Sold 130-150 Units

Estimate Total Sales To Be Worth `10,000-11,000 Cr In ‘The Dahlias’ Project So Far

Such Demand Is Positively Surprising, Especially Considering The Uber-Luxury Product

Sales So Far Are Likely Higher Than Assumptions For FY25

Jefferies On Piramal Ent

Underperform Call, Target At `820/Sh

Retail AUM Growth Will Moderate But Stay Near 25-30% In FY25

RoA Can Improve Slowly Due To Unwinding Of Legacy Book, Lower Opex & Higher Fee Income

Expect Co To See Some NIM Pressure, Higher Credit Costs Near Term

Contrary To Market Optimism, RoA Improvement Should Be Gradual (Est RoA <1>

MOSL On CIE India

Buy Call, Target At `575/Sh

Indian Business To Remain The Growth Driver, Europe Biz Unlikely To Recover Soon

Management Aims To Sustain Margin Of European Biz At Current Levels

Co Targeting To Expand Margin Of Indian Business To 19% Over The Next 2-3 Years

Have Lowered Est For CY25-26 By 4%/5% Due To Continued Weakness In Europe’s Auto Demand

Nuvama On Paints

Reckon Asian Paints Shall Grow Slower Than Berger Paints & Indigo Paints In H2FY25

Slower Growth Expected For Asian Paints Due To Higher Indexation To Big Cities

Higher Indexation Borne The Brunt Of Urban Slowdown Due To Food Inflation & Other Reasons

Being A Pan-India Player, Asian Paints Gets Affected The Most Initially By New Competition

Birla Opus’ Entry In Big Cities Has Limited Initial Impact On Berger Paints And Indigo Paints

Berger Paints & Indigo Paints Preferred Picks (Both Buy)

Continue To Prefer Pidilite Over Paints Players

Nuvama On City Gas

IGL, MGL & Guj Gas Rebounded 22%, 10% & 12%, Respectively, From Nov Lows Post-Twin APM De-Allocation

Argue Fundamentals Are Unsupportive As Mkt Is Pricing In Elusive GST Rollout For Natural Gas

Reckon 9–11% Upside Potential To CGDs’ FY26 EBITDA If GST On CNG Is Rolled Out At 12%

Administrative Impasse Is Proving To Be Insurmountable Though

Anti-profiteering Rules Imply Benefits Must Be Passed On

Expect Q3FY25 EBITDA Margin/scm To Plunge 17–44% QoQ

Expect Plunge In Q3 EBITDA Margin As 1% Realisation Uptick Falls Short Of 4–11% Weighted Avg Gas Cost Hike

Reiterate ‘Reduce’ On IGL And MGL, & ‘Hold’ On Guj Gas