HSIL Ltd
16/02/2018 Initiating Coverage
HSIL Limited (HSIL) is an Indian company, which offers sanitaryware products, faucets and glass bottles. The companys segments include building products division, packaging products division and others division (retail, consumer, pipes, caps and closures, e tc.) The company’s ~46% re venue comes from building products division, ~43% from Packaging products division and balance from others division. Outlook and Valuation: Considering the various initiatives taken by the government like smart cities, housing for all by 2022, Swachh Bharat Abhiyan and push towards providing sanitation, would create new demand avenues for the sanitaryware segment. Further, the company has entered into new segments like consumer, pipes and caps and closures which will drive the further growth. We expect HSIL to report net revenue CAGR of ~12% to ~`2,905cr over FY2017-20E. On bottom-line front, we expect CAGR of ~15% to `154cr over FY2017-20E owing to improvement in operating margins. We initiate coverage on HSIL with a Buy recommendation and target price of `510, indicating an upside of ~18% from the current levels.
   Ruchira Papers Ltd
16/02/2018 Result Updates
We forecast RPL to report healthy top-line CAGR of ~13% over FY17-20E on the back of healthy demand in printing & writing paper and kraft paper segments. On the bottom-line front, we estimate ~16% CAGR over FY17-20E owing to strong improvement in operating performance. Further, enhanced manufacturing efficiencies and benefits from increasing global finished paper prices would aid margins. We maintain our Buy recommendation on the stock with a target price of `244 (11x FY2020E EPS).
   ICICI Bank Ltd
15/02/2018 Result Updates
At the current market price, the bank’s core banking business (after adjusting value of subsidiaries) is trading at 1.1x FY20E ABV. We believe strength of liability franchise (CASA-50%), shift in loan mix towards retail assets and better rated companies, Strong capitalization (tier I of 14.6%), and steady improvement in stress loan and going forward quick resolution under IBC would be the key trigger for multiple expansion. We recommend a Buy rating on the stock, with a target price of `416.
   Century Plyboards (India) Ltd
14/02/2018 Result Updates
For 3QFY2018, Century Plyboards India Ltd (CPIL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Revenues grew by ~11% yoy and operating margins were also higher yoy. On the bottom-line front, CPIL reported growth of ~25% yoy to `47cr on the back of strong top-line growth and lower interest cost.
   L T Foods Ltd
12/02/2018 Result Updates
For 3QFY2018, LT Foods Ltd (LTFL) posted results in line with our expectations on top-line and bottom-line fronts. Revenue grew by ~19% yoy to `941cr, driven by healthy growth in domestic as well as international businesses. On the operating front, margins contracted by 275bp yoy due to loss of `10cr in European operations and one-time bad debt write off of `14cr. However, lower depreciation and interest cost boosted PAT growth of ~16% yoy to `39cr.
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