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Contributors For Search String : SPA Securities

SPA Securities

Reports for search string : SPA Securities

Amber Enterprises India IPO: Subscribe to the issue
The Company plans to reduce its debt (~INR 3700 mn) with the IPO proceeds (~INR 4750 mn) which translates into an EPS of INR 27 for FY19E from INR 12 for FY17 assuming similar utilization levels.
SPA Securities, 17 Jan 2018
Automobile Sales for December 2017
Auto sales in December 2017 were sharply higher year-on-year, but thatís partly because sales in December 2016 were impacted by demonetisation. The CV sector has bounced back strongly after setbacks f...
SPA Securities, 04 Jan 2018
Bodal Chemicals Q2FY18: Maintain buy for the next 12-15 months
Bodal Chemicals has faced multiple headwinds in H1FY18 due to which FY18 is expected to be a lacklustre year. With ongoing capex we expect revenues to grow at ~20+% in FY19.
SPA Securities, 27 Dec 2017
Buy Shree Pushkar Chemicals: Certainty of steady earnings growth in coming years
SPA Securities have revised the P/E multiple from 11x of FY19E to 15x on account steady performance in past and certainty of steady earnings growth in coming years. They retain buy rating on the stock...
SPA Securities, 20 Dec 2017
Intrasoft Technologies: Expects 20-25% revenue CAGR in coming years
In the technology driven market, Intrasoft is a preferred partner due to its high reliability on account of automated processes. In our recent interaction, management sounded confident about steady gr...
SPA Securities, 20 Dec 2017
Monthly Auto Sales: Several car makers have reported double-digit growth
As monthly results of automotive companies flow in, most of the vehicle segments have bucked the earlier trend and shown double-digit growth. The two-wheeler market, the bellwether of the rural econom...
SPA Securities, 05 Dec 2017
Shalby Hospitals IPO: A good long term investment; Subscribe
The company has showcased healthy EBITDA margins in the range of 20-25% consistently. At the upper price band of INR 248/share, the issue is valued at a PE of 35x with FY17 Adj.EPS of INR 7.0. We reco...
SPA Securities, 05 Dec 2017
Andhra Bank reports higher NIMs in Q2FY18; Hold
Given the weak operating environment, we would like to wait and watch the developments of the bank in terms of asset quality and credit growth going ahead. We maintain our HOLD rating on the stock wit...
SPA Securities, 01 Dec 2017
Bank of Baroda Q2FY18: Improved operational performance; Hold
Legacy issues continue to haunt BOB resulting in volatile earnings. However, it is one of the strongest liability franchise post SBI within the PSB space with a strong CASA of ~40%.
SPA Securities, 24 Nov 2017
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
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