Dam Capital Advisors initiates coverage on JSW Infrastructure, citing robust growth visibility.

Investec shares its outlook on the metals and mining sector, alongside remaining positive on Greenply Industries Ltd and Bajaj Auto Ltd. Nuvama and Axis Capital share divergent calls on Siemens Ltd.

Citi maintains a ‘buy’ call on UltraTech Cement Ltd.

NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday. 

DAM Capital On JSW Infrastructure

  • Initiate ‘buy’ rating with a target price of Rs 400, indicating a potential 29.6% upside.

  • The company has strong growth visibility, with a capacity target of 400 million tonnes per annum by fiscal 2030.

  • Revenue and Ebitda are expected to grow at a compound annual growth rate of 20% over the next five fiscals.

  • The recent acquisition of Navkar Corp is expected to mark a tectonic shift in the company’s business model.

  • There is a significant opportunity with the development of greenfield major ports under the Sagarmala project.

  • The company has a strong and well-capitalised balance sheet, ensuring leverage ratios remain under control.

Investec On Metals And Mining

  • The Indian Steel Association seeks a 25% safeguard tariff on flat steel products; the Directorate General of Trade Remedies has initiated a probe.

  • Imports for the financial year 2024 rose 38% year-on-year; FY25 imports may reach 9.4 million tons per annum, marking a 15% increase.

  • The main sources of imports are China, South Korea, Japan, and Vietnam.

  • Domestic prices, currently 5% above imports, may rise by Rs 9,000 per tonne under the proposed tariff.

  • Previous tariffs reduced imports by 40%; stricter measures are needed to prevent circumvention.

  • Tata Steel and JSW Steel are expected to benefit the most, with better product mixes and cash flows anticipated by FY26-27.

Axis Capital On Siemens

  • Maintain ‘add’ rating, with a revised target price of Rs 7,278, down from Rs 7,850, implying a potential downside of 5.9%.

  • Commentary on private capital expenditure and big-ticket order wins remains lackluster.

  • Slower execution and muted inflows are expected to lead to revenue and earnings estimate cuts.

  • Sales, Ebitda, and earnings per share estimates have been cut by 9%, 12%, and 11%, respectively, for fiscals 2025-2027.

  • Continue to prefer ABB over Siemens due to its superior margin profile and order pipeline.

Nuvama On Siemens

  • Downgrade to ‘Hold’ rating with a target price of Rs 7,000.

  • Weak commentary on HVDC and railways has tempered expectations.

  • Limited near-term triggers in HVDC and railways warrant caution.

  • Fiscal 2025, 2026 and 2027 EPS estimates have been slashed by 9%, 15%, and 11%, respectively, reflecting slower HVDC inflows and margins.

  • Value the stock at 65x fiscal 2027 EPS, down from the previous multiple of 70x.

Investec On Greenply Industries

  • Maintain ‘buy’ rating with a target price of Rs 420, offering a potential upside of 33%.

  • Management expects minimal impact on sales from the Gujarat MDF plant shutdown.

  • Recent MDF price increases are encouraging.

  • Expect further price hikes, but sustainability remains to be monitored.

  • Continue to assign a price-to-earnings ratio of 25x for fiscal 2027.

  • Forecast compound annual growth rates for Ebitda and profit after tax at 21% and 42%, respectively, over the next two fiscals.

Citi On UltraTech Cement

  • Maintain ‘buy’ rating with a target price of Rs 12,500, indicating a potential 9% upside.

  • The company announced receipt of approval from the Competition Commission of India for the India Cements acquisition and open offer.

  • On June 27, the company announced the acquisition of a 22.8% equity stake in India Cements.

  • The acquisition will be made from the Damani family at Rs 268 per share.

  • Separately, the company announced the acquisition of a 32.7% stake in India Cements.

  • The 32.7% stake acquisition will be undertaken from its promoter group and another shareholder at Rs 390 per share.

  • Additionally, the company will make an open offer for up to 26% additional equity at Rs 390 per share.

Motilal Oswal On Siemens

  • Reiterate ‘buy’ rating with a target price of Rs 8,000, indicating a potential 16% upside.

  • Maintain a selective outlook toward High Voltage Direct Current projects with Voltage Source Converter technology.

  • Most upcoming HVDC projects are likely to adopt Line Commutated Converter technology.

  • Weak inflows for the ex-Energy segment are expected to weigh on near-term performance.

  • Margin estimates have been lowered to reflect the company’s performance in FY24.

  • The company is expected to achieve a compound annual growth rate of 19% in revenue, 22% in Ebitda, and 20% in PAT over next two fiscals.

  • The company is anticipated to benefit from a revival in private capital expenditure.

Investec On Bajaj Auto

  • Retain ‘buy’ with target price Rs 13,550, an upside 54%

  • The company announced the launch of the new Chetak 35 series on a new platform.

  • Pricing for the new model starts at Rs 1.2 lakhs.

  • Management highlighted that the cost of production is expected to decrease by 45%.

  • The company has increased its market share to 27% from 12% in April 2024.

  • Valuations stand at 22x fiscal 2027 P/E with a 15% EPS CAGR.

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