Emkay Gujarat gas - allahabad bank - ashok leyland - havells

[Deepak Vaishnav]

 

Gujarat Gas Company

Results inline with expectation

 

BUY

 

CMP: Rs 444                                       Target Price: Rs 481

---

n     GGCL reported results which were inline with our estimates with revenues at Rs.6.5bn and PAT at Rs0.8bn, mainly due to higher volume growth & better realisation during the quarter

n     EBIDTA at Rs.1.2bn, against Rs.0.9bn, growth of 30.4% YoY. Margin declined by 587.9.bps to 18% sequentially. Gross margin declined by 20% QoQ to Rs4.7/scm

n     Natural gas volume sold during the quarter was 326mmscm, growth of 8% QOQ and flat on YoY

n     Given its monopoly in cities of Gujarat, expected volume growth plus zero debt and robust business model with no commodity risk, We maintain BUY rating with TP of Rs.481

 

Regards,

Dhaval Joshi

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : dhaval...@emkayglobal.com

Board No. : +91-22-66121212 | Extn. : 282 | DID : 66121282 | Mob : +919920871839 |

 

Allahabad Bank
Q2FY12 Conference Call Transcript

 

 

Emkay Global Research

Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : emkayglob...@emkay.co.in

Paragon Center, H -13-16, 1st Floor, Opp. Century Mills, Pandurang Budhkar Marg, Worli, Mumbai - 400 013  Fax : +91 22-66610307

 

Ashok Leyland Ltd.

Volumes remain the key, Downgrade to HOLD

 

HOLD

 

CMP: Rs28                                        Target Price: Rs30

---

n     Results above est. with EBIDTA at Rs 3.3bn (est.-Rs 3bn), PAT at Rs 1.5bn (est-Rs1.3bn). Regional disparity in demand  and production constraint continues to affect AL

n     Oct 2011 volumes affected by civil unrest at Pantnagar and component shortage. Volume uptick in Nov/Dec 2011 key for stock performance

n     Lower FY12E/13E vol. by 2.5%. Raise EPS by 4% to Rs2.4 /Rs3 due to price hikes/lower discounts/lower RM cost. Raise TP by 3% to Rs 30. However, lower rating to HOLD

n     Upside risks exists from (1) implementation of overloading ban in UP/MP/Bihar/Karnataka (2) LCV business (~3% to ~7% EPS upgrade)

 

Regards,

Chirag Shah

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : chira...@emkayglobal.com

Board No. : +91-22-66121212 | Extn. : 252 | DID : 66121252 | Mob : +919820580701 |

 

Havells India
Q2FY12 Conference Call Transcript