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Jefferies said HDFC’s quarterly numbers were above expectations led by higher mark to market (MTM) gains and lower credit costs. A rise in non performing loans is already provided for, it said, while buffer provisions have limited impact on profit. The brokerage has maintained a ‘buy’ rating on HDFC with a target price of Rs 3,480.
CLSA also maintained its outperform rating on the stock. It said that while valuations have corrected 15-20 per cent, incremental risk reward has improved since November 2021. “Turning rate cycle bodes well for HDFC’s growth outlook. With recent underperformance, the valuation is undemanding and the best of margin is behind us.”
HSBC said Adani Ports & SEZ is extending moats with its continuous integration. It said the third quarter Ebitda decline for the ports segment was mainly due to slower coal imports. FY22 guidance has been lowered but the company is on track to cement its leadership position, HSBC said while suggesting a target of Rs 900 on the stock.
In the case of Tata Consumer, third quarter earnings marginally missed the estimates, said Morgan Stanley. But market share gains in tea and salt were encouraging signs, it said. Premiumisation in the salt portfolio, volume growth and innovation in Sampann portfolio were all positive, it said, while suggesting a target of Rs 886 on the stock.
CLSA has an outperform rating on Dabur India with a target of Rs 625. It called December quarter results ‘in-line’ and said lower advertising and promotion (A&P) aided Ebitda margin despite gross margin pressure.
Under the new management, the company continues to charter growth, it said.
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