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Stock picks for Feb 7, 2013
Jubilant Foodworks:
Motilal Oswal has maintained neutral rating on Jubilant Foodworks with a target of Rs 1200 in its February 5, 2013 research report.
"Jubilant Foodworks' (JUBI) 3QFY13 results were below expectations. Sales grew 39% YoY to INR3.85b (v/s our estimate of INR4.16b), EBITDA margin declined 120bp YoY to 17.4% (v/s our estimate of 18%), while adjusted PAT grew 28% YoY to INR377m (v/s our estimate of INR422m). Same store sales (SSS) grew 16.1% YoY (v/s our estimate of 23%), the lowest in 14 quarters, led by high base, cannibalization by new stores and weak consumer sentiment, which has impacted discretionary consumption.
Financial Tech:
:Motilal Oswal is bullish on Financial Tech and has recommended buy rating on the stock with a target of Rs 1370 in its February 5, 2013 research report.
"FTECH is a unique play on end-to-end presence in the ecosystem of stock exchanges. The company was incorporated as a provider of technology solutions for the financial markets. It has forward integrated from being a trading technology solutions provider to a creator and operator of financial markets (nine exchanges) as well as complementary ecosystem ventures supporting these markets (Warehousing, Clearing, Info vending, Payment solutions etc.)."
United Spirits:
Motilal Oswal is bullish on United Spirits and has recommended buy rating on the stock with a target of Rs 2490 in its February 5, 2013 research report.
"United Spirits, For 3QFY13, standalone sales grew 11.3% to INR21.7b (est INR21.5b). Volumes grew 7%, aided by a low base (3QFY12 volumes were flat). Gross margin expanded 130bp to 40.5% and EBITDA margin expanded 170bp to 11.3% (v/s our estimate of 12.2%). Reported PAT grew 70% to INR806m (v/s our estimate of INR853m), while recurring PAT was up 64%. UNSP's premiumization story continues to play out, as reflected in the strong 29% growth in the prestige plus brands.
Bank of Baroda:
Motilal Oswal has maintained neutral rating on Bank of Baroda with a target of Rs 850 in its February 5, 2013 research report.
"BoB's 3QFY13 PAT was down 22% YoY to INR10.1b (13% below est of INR11.6b) led by moderate loan growth (+15% YoY; domestic loan growth of 11% YoY), global NIMs decline of 6bp QoQ to 2.65% and provisions of INR10.3b (estimate of INR9.4b) due to higher-than-expected slippages. Net slippages for 3QFY13 increased to INR18b v/s quarterly run-rate of INR11- 11.5b in the last three quarters.
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