Brokerage Radar: ONGC, Federal Bank get ‘Buy’ call; Nomura initiates coverage on KEC Intl

Jun 11, 2024

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes ONGC, Federal Bank, Axis Bank, and more.

June 11, 2024 / 07:56 AM IST

Stock Market Trend

Stock Market Trend

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes ONGC, Federal Bank, Axis Bank, and more.

Jefferies On ONGC

Buy Call, Target `390/Sh

Policy Continuity Should Keep Co’s Profitability Elevated Compared To Past Avgs

Recent Correction In Stock Appears Overdone

Recent Correction Provides An Attractive Entry Point For Investors

Ramp-up In KG Basin Production In Q3FY25 & Accretion To Profitability Key Triggers

Nomura On Federal Bank

Buy Call, Target `195/Sh

Bank Expects To Sustain 18-20% Growth In Loans Over Medium Term

Expects To Sustain Similar Growth Rate In Deposits

Bank Expects To Largely Sustain Its NIM Profile Over Near Term

Mgmt Says, 50 bps Cut In Repo Rate Could Have A –Ve Impact Of 10-15 bps On NIMs

Management Expects Fee Growth To Sustain At More Than 20% YoY

Mgmt In Dialogue With Regulator To Resolve This Issue Of Embargo

Nomura On Axis Bank

Buy Call, Target `1,250/Sh

Mgmt Believes Deposits Growth Will Be Key Constraint For Loan Growth For Industry

Sees Credit Growth Converging To Current System Deposits Growth Trend

Expects To Grow Loan Book 300–400 Bps Faster Than Ind Over Medium To Long-Term

Mgmt Reiterated That Bd’s Nod For Eq Cap Raise Is Only An Enabling Resolution

Nomura On KEC Intl

Assume Coverage With Buy Call,  Target `960/Sh

Robust T&D Outlook; Gradual Margin Recovery

Expect Rev/EBITDA/PAT CAGRs Of 12/28/58% Over FY24-27

Co Aims For margin of 7.5% for FY25

Co Expects Further Margin Improvement, Closer To Double-Digit % By End-FY26

Antique On L&T Fin

Initiate Buy, Target `220/Sh

Expect Co’s Earnings CAGR To Be 25% Over The Next 3 Yrs

RoE To Expand >400 Bps To 15% Over Next 3 Yrs

See Ltd Risk In Co Achieving These Targets

Promoter Group Has Shown Renewed Vigor & Placed Their Trust In An All-Round Leader

AUM Growth To Sustain At 20%+; Structurally Working On Reducing Credit Cost

Elara On HCC

Initiate Buy, Target `63/Sh

Poised To Reclaim Last Glory: 10-year Slog Improves Financial Health

Well Positioned To Capture On `1.5 Lk Cr Nuclear Opportunity

Ratings Upgrade & No Restrictions On Bk Guarantee Limits Allows To Bid For New Contracts

Expect `9,000 Cr Inflows In FY25 Vs Guidance Of `10,000 Cr

Inflows To Increase By 15% Per Annum For The Next Two Years

Expect A Standalone Revenue & EBITDA CAGR Of 20% Each During FY24-27

Expect Earnings CAGR At 50%, Due To Lower Interest Cost

CLSA On Oil & GasSpot LNG Prices Are Surging

Surge In LNG Price Is Likely To Have A +Ve Rub-Off Effect For GAIL, GSPL & PLNG

CNG Sales Growth For Delhi Slowed In May

Mumbai & Gujarat Continued Their Uptrends In CNG Sales

Uptrends In CNG Sales In Mumbai & Guj Bodes Well For CNG Vol Of MGL & Guj Gas

Lower Propane Prices Vis-À-Vis Uptick In Spot LNG May Limit Upside To Guj Gas’ Margin

Believe Guj Gas Is Trading At An Extreme Valuation

Baking In Expectations Of A Huge Industrial Volume Rebound

Continue To Prefer MGL & IGL In Gas Space

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