CLSA retained its buy rating on ICICI Securities but slashed its 12-month target price to TRs 360 from Rs 380 earlier. The December quarter results were short of expectations.
CLSA India Strategy
Farmer support scheme may be on its way which could impact capex spend. The Telangana-style scheme could cost the government around Rs 1.2 lakh crore, which could further complicate fiscal math.
RBI’s possible large dividend might help the government just one time. The global investment bank expects the ‘real’ govt expenditure growth to slow down. Also, ITC should see some relief rally, as the budget may not tinker with tobacco taxation.
J&K Bank: CLSA maintain buy| Target: Rs 50
The bank reported steady results aside of IL&FS exposure. The December quarter, albeit on a low base, was ahead of the estimate which is a positive sign.
The bank also enjoys a strong deposit franchise which is highest among the PSU space. The global investment bank has lifted earnings estimates for J&K Bank to factor in bank’s provisioning for IL&FS.
ICICI Securities: CLSA maintains buy| Target cut to Rs 360 from Rs 380 earlier
CLSA retained its buy rating on ICICI Securities but slashed its 12-month target price to Rs 360 from Rs 380 earlier. The December quarter results were short of expectations on weak capital markets and tighter regulations on the mutual fund (MF) fee.
The client base growth moderated to 10 percent on a year-on-year (YoY) basis. The global investment bank sees 13 percent CAGR rise in active customer base over FY18-21. The global investment bank has made lower earnings forecasts factoring in lower client base growth.
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