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Contributors For Search String : SPA Securities

SPA Securities

Reports for search string : SPA Securities

Canara Bank Q2FY18: Weak operating environment; Wait & watch
Canara bank is expected to report high credit cost going ahead which will adversely impact the earnings and keep return ratios subdued over the next 3-4 quarters. Faster resolution of stress assets re...
SPA Securities, 21 Nov 2017
Minda Corporation: Automation is likely to drive both revenue growth and margins
Going forward SPA Securities believe shifting to electronification and automation is likely to drive both revenue growth and margins of Minda Corp. At CMP of INR 184, the stock is trading at 40x FY17 ...
SPA Securities, 17 Nov 2017
GFSC Q2FY18: Guided for strong volume growth in fertilizer segment; Buy
GSFC reported ~6% YoY decline in net sales in Q2FY18 to INR 15403mn on account of one time urea subsidy loss (INR 920 mn) and ammonia plant shutdown in July which impacted chemical segment. We retain ...
SPA Securities, 17 Nov 2017
Indian Bank Q2FY18: Credit growth picks up; Hold for a revised target price
Indian bank reported higher NIMs at 2.85% (15bps y-o-y & 12bps q-o-q) led by higher C/D ratio and improvement in spread. PPOP grew by 37% y-o-y (10% q-o-q) largely due to controlled opex (3% y-o-y & q...
SPA Securities, 16 Nov 2017
Ajanta Pharma: Buy for 26% upside in 12-18 months
Revenues, EBITDA and PAT are expected to grow at 15.7%, 13.3% and 16.2% respectively to INR 26.8 billion, INR 8.8 billion and INR 6.7 billion. We recommend a BUY rating (26.6% upside) for a period of ...
SPA Securities, 09 Nov 2017
SML Isuzu: Near term blips over, Longer term prospect remains intact
With most of the infrastructure already being present, the company can scale up the capacity further to 30000 vehicles with minimal investment and time. With enough capacity in place, SML is well posi...
SPA Securities, 09 Nov 2017
Aegis logistics: Fully integrated business model with strong moat
With the new and ongoing expansions in both divisions, volumes are expected to swell. While margins are expected to expand due to positive operating leverage. ALL has very strong relationship with maj...
SPA Securities, 08 Nov 2017
Subscribe to HDFC Standard Life Insurance Company IPO as a good long term investment
The firm is growing and profitable multi-channel distribution footprint that provides market access across various consumer segments in India. Strong financial performance defined by consistent and ...
SPA Securities, 07 Nov 2017
Precision Camshafts: Expected to reap benefits in years to come
Precision Camshaft (PCL) is one of the top five leading manufacturers of passenger vehicle camshafts globally with a market share of ~8% and 70% in global PV market and domestic PV market respectively...
SPA Securities, 07 Nov 2017
YES Bank Q2FY18: Buy for the period of 18 months with a target price of Rs...
Yes Bank has been delivering a strong performance over a decade now. However, the divergence with RBI on loan impairment has been an issue for the bank for the last 3 years.
SPA Securities, 03 Nov 2017
Ramkrishna Forgings Q2FY18: Hold with the target price of Rs...
Ramkrishna Forgings reported net sales of INR 3333 mn in 2Q FY18 (114.1% jump over INR 1557 mn YoY) and a PAT of INR 235 mn (loss of INR 50 mn YoY) on the back of pickup in both domestic export volume...
SPA Securities, 02 Nov 2017
Khadim India IPO: All that you need to know
With a large untapped market and increase in segmental demand across the geography, the company has substantial growth prospects through expansion in new and existing geographical locations (in Tier I...
SPA Securities, 01 Nov 2017
New India Assurance Company IPO: Subscribe the issue as a good long term investment
NACL is the largest general insurance company in India which has gained market share marginally from ~14.7% in FY12 to 15% in FY17. The company’s premium has grown at a CAGR of ~17% over FY14-17.
SPA Securities, 01 Nov 2017
Cyient reports highest ever revenues in Q2FY18; BUY
Cyient reported highest ever revenue supported by strong double digit growth in 5 of the 8 segments. PAT growth of 27% QoQ is driving robust operating margin expansion and other income.
SPA Securities, 26 Oct 2017
Jayant Agro Organics: Optimistic about long-term growth prospects
Inspite of being a leader in castor oil industry, India is lagging in high margin derivative segment. JAOL is steadily adding products in its derivative basket which will result in strong operating ma...
SPA Securities, 26 Oct 2017
Reliance Nippon Life Asset Management IPO: Subscribe as a good long term investment
The company's QAAUM has grown at a CAGR of 22% over FY13-17, while their revenue and PAT has grown at 18.2% and 15% CAGR respectively over FY13-17. Favorable demographics, low penetration, underrepres...
SPA Securities, 25 Oct 2017
GIC Reinsurance IPO: A good long term investment
GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in FY17, which account for app. 60% of the premiums ceded by Indian insurers to reinsurers during FY17. We recomm...
SPA Securities, 11 Oct 2017
Indian Energy Exchange IPO: A good investment for stable long term growth
IEX is a stable business with low risk and modest growth rates. Considering this aspect, with high return ratios and strong cash generation we believe this is a good investment for investors with low ...
SPA Securities, 09 Oct 2017
MAS Financial Services IPO: High growth potential underpins high valuation; Subscribe
The company would get a discount on the valuation front considering its smaller size; however the high growth potential and profitability should underpin high valuation. We recommend SUBSCRIBE to the ...
SPA Securities, 06 Oct 2017
Most automakers register double-digit growth in September 2017
Most of the automakers in India registered double-digit growth in September, with strong demand around Navratri offsetting the setback from increased cess on large cars and SUVs.
SPA Securities, 05 Oct 2017
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