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.
: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.)."
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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