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Brokerage Recommendations

Tuesday, April 30, 2013

Dolat Capital calls a ‘Buy’ on ICICI Bank
CMP: Rs. 1152          Target Rs. 1360

ICICI Bank’s core operating performance was strong with stable asset quality and improvement in NIM. We expect ICICI Bank’s asset quality to remain stable going forward and the credit cost assumptions over the next two years should adequately cover for any likely increase in restructured loan portfolio. With Tier 1 ratio of 12.8%, the bank is well placed to capitalize from the improving macro-economic environment over the next 2-3 years. We expect ROE on the banking business to improve steadily and touch 18% by FY15. Current valuation of 1.6x on FY14 banking BVPS attractive. ICICI Bank remains our top pick in the sector with SOTP based target price of Rs 1,360.

First Call Research calls a ‘Buy’ on Esab India
CMP: Rs. 399          Target Rs. 440

ESAB India is one of the leading suppliers of welding and cutting products in the country. At the current market price of Rs.400.00, the stock P/E ratio is at 15.10 x CY13E and 14.13 x CY14E respectively. EPS of the company for the earnings for CY13E and CY14E is seen at Rs.26.50 and Rs.28.31 respectively. We recommend ‘BUY’ in this particular scrip with a target price of Rs.440.00 for Medium to Long term investment.


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