Hawkins Cooker Ltd
10/01/2020 Initiating Coverage
Hawkins Cookers Ltd (HCL), incorporated in 1959 by Mr. HD Vasudeva, operates in two segments i.e. Pressure Cookers and Cookware. The pressure cookers are marketed under the flagship brand Hawkins, Futura and Miss Mary; cookware is sold under the Futura brand name. Outlook and Valuation: We forecast HCL to report healthy top-line CAGR of ~14% to `976cr over FY19-22E on the back of government initiatives, new product launches, strong brand name and wide distribution network. On the bottom-line front (reported PAT), we estimate ~23% CAGR to `100cr due to strong revenue and operating margin improvement (on the back of correction in raw material prices). We initiate coverage on HCL with a Buy recommendation and Target Price of `4,353 (23x FY2022E EPS), indicating an upside of ~21% from the current levels.
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10/01/2020 Top Picks
FPI flow positive for the fourth month in a row – In a surprise move the RBI kept the key repo rate at 5.15% though consensus was for a 25bps cut which dampened sentiments somewhat. However positive global sentiments resulted in positive FPI inflows for the fourth month in a row at Rs.7338 cr. Total flows for 2019 stood at Rs.101,121 cr. as compared to outflow of Rs.33,553 cr. for 2018.
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   Linde India Ltd
03/01/2020 Others
Linde India Limited, formerly BOC India Limited, is engaged in the gases business.Alongside, its cash flow is increasing steadily and it is reducing its debt burden. Overall in FY18, the company’s debt-equity stood at 0.8 from 1 in FY16. Hence, Buy.
   Gujarat Gas Ltd
03/01/2020 Others
Gujarat Gas (GUJGA) is engaged in Natural Gas Business in India. Natural gas business involves distribution of gas from sources of supply to centres of demand and to the end customers. On the financial health front, the company is reducing its debt year after year and currently stands at 1.1x. Simultaneously interest coverage ratio is alos increasing and stands at 3.9x as of FY19. Currently, the stock trades at 11.9x EV/EBITDA and delivers 18.7% RoCE. Considering all the positing operational factors, we recommend BUY on the stock.
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