17 Dec , 2024 By : Debdeep Gupta
Morgan Stanley On Wipro
Underweight Call, Target At `250/Sh
After Capco (2021) & Rizing (2022) Acquisition, See Applied Value Tech Acqn Being Relatively Small
See The Acqn Supporting More Of Capability Boost & Adding Some Marquee Clients To Portfolio
Given Small Scale, See Acquisition Having A Limited Impact On Financials In FY25/FY26
CLSA On IT
TCS, Infosys & Wipro, In Their Quarterly Preview, Showed Confidence In Improving Client Sentiments
Post The Recent US Election Outcome, TCS Expects Tech Budgets To Expand In CY25
Furlough Impact In BFSI Is Expected To Be Similar To Last Year
Recovery Is Expected Particularly In US BFSI Getting Broad Based Across Sub-Sectors
Infosys Is Now Getting Into Weak H2 Seasonality With Q4 Even Weaker Than Q3
Expect Wipro Could See Another Leg Of Re-rating If They Announce Any Capital Allocation Changes
Equirus On Delhivery
Initiate Long Call, Target At `459/Sh
Project A 14% Revenue CAGR Over FY24-FY27 With EBITDA Margin Expanding To 8.6% By FY27
Revenue & EBITDA Margin Led By Operating Leverage & Improved B2B Partial Truckload Margin
Given Co’s Rapid Growth, Expect Premium Valuations (Over Traditional Logistics Players) To Sustain
Jefferies On Airlines
IndiGo's Pace Of New Aircraft Deliveries Has Picked Up In Past Few Months
Air India’s New Aircraft Deliveries Has Slowed Down In Last Few Months
Deliveries Could Sharply Slow Further In 2025 For Air India
Slower Delivery Will Cap Overall Supply Growth For Sector
Both IndiGo & Air India Seem To Be Adding Higher Flights On International Routes
International Routes Addition Is Aiding Domestic Loads/Yields
Normalising Cost Curve, Scale Up Of New Digital Initiatives Are Key Drivers For IndiGo In Next Yr
Maintain Buy Call On IndiGo
Jefferies On Pharma
Lupin Begins To Gain Market Share In Mirabegron Post Its Higher Strength Product Launch
Zydus Has Begun To Lose Asacol HD (Ulcerative Colitis Drug) Market Share To Teva
Biocon Is Doing Well In Biosimilars Of Pegfilgrastim (Neutropenia Drug) & Trastuzumab (Cancer Drug)
Sun’s Pharma Specialty Momentum Continues With Decent Growth From Winlevi, Ilumya & Cequa
Pain For Dr. Reddy's Continues In Generic Ciprodex
JM Fin On Piramal Pharma
Initiate Buy Call, Target At `340/Sh
Build in A 23% EBITDA CAGR Resulting In Steady Cash Generation
Trading At A 21x/17x FY26/27 EV/EBITDA, 38% Discount To Average Listed Peers
Co’s CDMO Business – Its Largest Revenue Segment – Is Key To Its Outperformance
Traction Gained Through Newly Commercialised Molecules Will Help The CDMO Segment
Recovery Expected In US Biotech Sector Starting In H2FY25
CDMO Segment May Achieve 17?GR Over The Next 3 Years
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