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Contributors For Search String : SPA Securities

SPA Securities

Reports for search string : SPA Securities

Apex Frozen Food IPO: Subscribe to the issue with long term perspective - SPA Securities
In next 5 years, Shrimp exports are expected to grow at a CAGR of 17-19% in value terms. AFF will utilize IPO proceeds worth INR 900 mn for expansion of its processing facility to cater to increasing ...
SPA Securities, 22 Aug 2017
Andhra Bank Q1FY18: Equity infusion by government and QIP faces higher dilution risk; Hold
We believe equity infusion by govt. and QIP faces higher dilution risk at weaker multiples. However, government's capital support assurance to leading PSU banks will cushion the impact in case of Andh...
SPA Securities, 17 Aug 2017
GSFC reported ~10% y-o-y growth in net sales in Q1FY18; Retain buy
GSFC reported ~10% YoY growth in net sales in Q1FY18 to INR 11376mn due to strong 16% volume and ~14% revenue growth in fertilizer segment. Retain BUY with target price based on SOTP valuation (9x FY1...
SPA Securities, 17 Aug 2017
Ramkrishna Forgings jumps 18.5% in Q1FY18; Hold
Ramkrishna Forgings Ltd. (RKFL) reported revenue of INR 2576 mn in Q1 FY18 (18.5% jump over INR 2175 mn YoY) and a PAT of INR 91 mn (71.9% jump over INR 53 mn YoY) on the back of pickup in export volu...
SPA Securities, 17 Aug 2017
Shree Pushkar Chemicals reports strong PAT growth in Q1FY18; Buy
Shree Pushkar Chemicals & Fertilizers (SPCF) reported strong ~24%/16% YoY growth in Q1FY18 revenue/PAT driven by increased contribution of dyestuff segment (20% of revenue) and ~46% volume growth in f...
SPA Securities, 10 Aug 2017
Asian Oilfield Services: Healthy margins expected from the two major businesses
We expect the company to garner 25-30% EBITDA margins from its 2D Seismic study contracts and 30-35% margins from its Operations and Management contract. The company is expected to maintain these marg...
SPA Securities, 08 Aug 2017
Ashok Leyland Q1FY18: To register volume growth of 16.4% from FY17 to FY19E; Buy
The drop in volume in Q1FY18 was on expected lines due to transition phase from BS-III to BS-IV. The company is expected to register Volume/Revenue/PAT growth of 16.4%/17.7%/20.5% from FY17 to FY19E. ...
SPA Securities, 27 Jul 2017
Indian bank reports mix set of numbers with stable NIMs in Q1FY18; Hold
Indian bank reported mix set of numbers with stable NIMs at 2.73% and better operational performance resulting in lower cost to income ratio of 47.5% (-154bps q-o-q). HOLD on the stock for a target p...
SPA Securities, 27 Jul 2017
Canara Bank Q1FY18: Asset quality declines, stressed loans 17.4% of the book; Hold
During the quarter the bank's GNPA/NNPA increased by 93bps/76bps q-o-q to 10.6%/7.1%. PCR stood at 54.5% (-110bps q-o-q). Total stressed loans as a % of advances stood at 17.4%. SPA Securities maintai...
SPA Securities, 24 Jul 2017
Patel Integrated Logistics: GST to accelerate the shift from unorganised to organised
Implementation of GST would lead to rationalizing of taxes on production, distribution and inventory management. This would lead to consolidation of warehouses and shift towards hub and spoke distribu...
SPA Securities, 12 Jul 2017
Bodal Chemicals: GST & other macroeconomic conditions to provide clear earnings visibility
Capacity expansion in dyestuff to the tune of 24000 MT in 3-4 years will help Bodal to consolidate its position as a leader in domestic dyestuff market. Diversification in speciality chemicals through...
SPA Securities, 12 Jul 2017
Patel Integrated Logistics: Thrust on warehousing to leverage roadway backbone
According to SPA Securities, the company's roadway business which forms the backbone of the entire distribution is poised to exhibit sustained growth however thrust on warehousing and consolidation in...
SPA Securities, 28 Jun 2017
Central Depository Services IPO: Subscribe to the issue with long term perspective
At the upper end of the price band, the stock is available at P/E of 18.0x based on FY17 earnings, which is reasonable considering strong parentage, debt free balance sheet, high operating (~59%) & ne...
SPA Securities, 19 Jun 2017
Eris Lifesciences IPO: Subscribe to the issue from a long term perspective
At the issue price, the company is valued at a FY17P/E of 34.3. With present capacity utilization at ~30% and specialty segments growing at a consistent rate, company expects to maintain sustainable g...
SPA Securities, 16 Jun 2017
Tejas Networks IPO: Subscribe to the issue with long term perspective
At the upper end of the price band, the stock is available at P/E of 20.5x based on FY19E earnings, which is reasonable considering immense growth potential in India and leadership position in India. ...
SPA Securities, 14 Jun 2017
Ramkrishna Forgings: SPA Securities initiate coverage with 'Buy' rating
According to SPA Securities, the Ramkrishna Forgings is trading at ~10.9x its FY19E EPS of INR 40.9. We have valued the stock at 15x its FY19E EPS and recommend BUY. The company is best positioned to ...
SPA Securities, 09 Jun 2017
Shree Pushkar Chemicals Q4FY17: Spa Securities maintain 'buy' rating
Shree Pushkar Chemicals & Fertilizers (SPCF) reported strong ~18%/43% YoY growth in Q4FY17 revenue/PAT driven by healthy volume growth in dyes and fertilizer segment.
SPA Securities, 24 May 2017
Ramkrishna Forgings: Best positioned to benefit from pickup in M&HCV segment; Buy
While near-term headwinds remain on the path, we believe worst is behind for RKFL. With multiple levers in place for both revenue growth and margin expansion we believe RKFL is at the cusp of turnarou...
SPA Securities, 23 May 2017
HUDCO IPO: Subscribe to the issue as a good long term investment - SPA Securities
HUDCO is engaged in financing of housing and urban infrastructure projects and is one of the leading financiers of state and central government. At the issue price the valuation is 1.4x P/BV on FY16 n...
SPA Securities, 08 May 2017
Bodal Chemicals: Dyestuff capacity to expand by 24000 MTPA in 4 years
BCL plans to expand current dyestuff capacity by 8,000 MTPA to ~25,000 MTPA for a capex of INR 280 mn. Capacity is expected to be on stream by Q4FY18 and management expects incremental revenues of INR...
SPA Securities, 26 Apr 2017
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