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Contributors For Search String : SPA Securities

SPA Securities

Reports for search string : SPA Securities

Hindustan Aeronautics IPO: Subscribe the issue with a longer term perspective
The revenue/EBITDA/PAT of HAL has grown at a CAGR of 6.1%/ 5.5%/4.6% from FY15 to FY17. EBITDA margin remained flat in the same period. The company has an order book of ~INR 684 bn which imparts reven...
SPA Securities, 16 Mar 2018
Bandhan Bank IPO: SUBSCRIBE to the issue
BBLís ability to improve its scale of operation along with profitability with every successive transition is admirable. It has evolved from an NGO to a MFI and now a universal bank.
SPA Securities, 15 Mar 2018
Bharat Dynamics IPO: Subscribe with a longer term perspective
The revenue/EBITDA of BDL has grown at a CAGR of 37.7%/232.6% from FY14 to FY17. EBITDA margin expanded by 834 bps over FY14- 17 to 9% in FY17. PAT has grown at a CAGR of 12.4% in the same period.
SPA Securities, 13 Mar 2018
Almost all automakers post healthy vehicle sales in February 2018
Almost all automakers posted a healthy vehicle sales for the month of February 2018. In 2W space, BAL reported 31% in total sales while overall domestic sales increased 35%.
SPA Securities, 06 Mar 2018
NIIT Technologies Q3FY18: All positives have factored in price; Sell
NIIT Tech reported steady 2.6%/12.4% QoQ growth in revenue/PAT in Q3FY18. New management based across geographies is expected to result in client additions across the segments.
SPA Securities, 06 Mar 2018
Bank of Baroda reports higher NII of Rs.43.9bn in Q3FY18; Buy
Bank of Baroda (BoB) reported higher NII of INR 43.9bn (40% y-o-y & 18% q-o-q). We revise our rating from HOLD to BUY on the stock with a TP of INR 164 (earlier INR 175) in 13 months.
SPA Securities, 28 Feb 2018
GSFC Q3FY18: Net sales up ~39% y-o-y; Buy
GSFC reported ~39% YoY growth in net sales in Q3FY18 to INR 15375mn on account of strong growth (~49% YoY) in fertilizer segment. We retain buy rating with target price of INR 161 based on SOTP valuat...
SPA Securities, 26 Feb 2018
Shree Pushkar Chemicals reported strong ~35%/39% y-o-y growth in Q3FY18; Buy
Shree Pushkar Chemicals & Fertilizers (SPCF) reported strong ~35%/39% YoY growth in Q3FY18 revenue/PAT driven by increased contribution of dyestuff segment (~26% of revenue). We maintain buy rating on...
SPA Securities, 26 Feb 2018
HG Infra Engineering IPO: To improve its order book further; Subscribe
At higher price band, the company is demanding a P/E valuation of 33x its restated FY17 EPS of INR 8.2. ROE for FY17 stood at ~36% with leverage of just 0.9x. With repayment of debt, interest expense ...
SPA Securities, 24 Feb 2018
Adlabs Entertainment Q3FY18: Mixed set of numbers; BUY
GSFC Adlabs Entertainment Ltd. (AEL) reported mixed set of numbers with higher than expected footfalls in Theme Park and Water Park which was partly offset by fall in ARPU.
SPA Securities, 23 Feb 2018
Canara Bank Q3FY18: Faster resolution of stress assets to remain a key monitorable; Buy
Canara bank reported higher NII of INR 36.8bn (52% y-o-y & 32% q-o-q) as there was a onetime income on interest on income tax refund of INR 7.4bn. Net total Income of INR 52.4bn (25% y-o-y & 11% q-o-q...
SPA Securities, 20 Feb 2018
Aster DM Healthcare IPO: Subscribe to the issue from a long term perspective
Aster DM Healthcare is one of its kind complete healthcare provider, which caters to patients through hospitals, clinics and pharmacy stores, which are vertically and horizontally integrated. Hospital...
SPA Securities, 12 Feb 2018
Bodal Chemicals Q3FY18: To report a healthy PAT CAGR of ~17-18% between FY17-FY19E; Buy
Company reported steady ~10% revenue growth whereas increased operating costs affected margins. Bodal is expected to report a healthy PAT CAGR of ~17-18% between FY17-FY19E. We maintain buy rating wit...
SPA Securities, 10 Feb 2018
Cyient: Reports highest ever revenue in Q3FY18; Hold
Cyient reported highest ever revenue supported by strong YoY double digit growth in 6 of the 8 segments. Management has maintained its FY18 outlook with double digit growth for the services business a...
SPA Securities, 07 Feb 2018
Ashok Leyland Q3FY18: EBITDA grows a whopping 101.9%; Hold
Ashok Leyland Ltd. (ASHLEY) reported ~57.5% YoY jump in net sales in 3QFY18 to INR 71132 mn due to 41.2%/44.6% growth in M&HCV and SCV volume. EBITDA has grown by 101.9% to INR 7882 mn, while EBITDAM ...
SPA Securities, 07 Feb 2018
Automobile Sales for January 2018
Vehicle sales rose in January from a year earlier, boosted by a low base in the year-ago period because of the impact of the government's decision to withdraw high-value banknotes in November 2016. A ...
SPA Securities, 05 Feb 2018
Navkar Corporation continued to deliver a decent performance in Q3FY18; Buy
Navkar Corporation continued to deliver a decent performance in 3QFY18. Panvel revenue improved ~0.8% YoY while consolidated revenue increased 16.2%. Vapi volumes grew ~20.9% QoQ to 10,571 TEUs led by...
SPA Securities, 02 Feb 2018
Ramkrishna Forgings Q3FY18: Reports a net sales of Rs 4001 mn, up 88.6%; Hold
Ramkrishna Forgings reported net sales of INR 4001 mn in 3Q FY18 (88.6% jump over INR 2121 mn YoY) and a PAT of INR 277 mn (INR 20 mn YoY) on the back of pickup in both domestic export volume and impr...
SPA Securities, 02 Feb 2018
YES Bank 3QFY18: Strong momentum continued on most metrics; Buy
Yes bank continued its strong momentum on most of the metrics in P&L with 46% y-o-y (15% q-o-q) growth in loan book driving 25% y-o-y (flat q-o-q) NII growth, 42% y-o-y (14% q-o-q) other income growth...
SPA Securities, 02 Feb 2018
Union Budget 2018-19: Yet again a budget strictly aligned to fiscal discipline
Being the last budget of this Government it was considered a given that it will be a populist budget but then itís different this time (only with respect to the budget). Yet again a budget strictly al...
SPA Securities, 02 Feb 2018
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