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Shriram Transport Finance Company (Deutsche Bank) Continues to grow profitably; maintaining Buy |
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Profitability among the best; preferred pick among mid-caps;1QFY12 results – NIM expands sequentially, disbursements rise YoY;Volume growth may moderate, risk-reward looks favourable at current level;P/BV-RoE valuation; inability to pass on rise in funding costs a key risk | Date | Rating | Target Price | Recommendation Price | Broker house | | 28 Jul 2011 | buy | 840 (from 895) | 665 | Deutsche Bank Report | |
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Shriram Transport Finance Company (Morgan Stanley) F1Q12: A Mixed Quarter; Outlook Uncertain |
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Revenue growth will be under pressure in F2012; Remain Equal-weight
Revenue growth to slow in F2012
Changes in regulations on securitization of loans to banks remains a potential risk | Date | Rating | Target Price | Recommendation Price | Broker house | | 28 Jul 2011 | equalweight | 720 (from 820) | 678 | Morgan Stanley Report | |
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Shriram Transport Finance Company (Citi) 1Q12 Results: Environmental Pressures, Managed Well So Far |
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Reducing earnings 5% over FY12-13E, Maintain TP at Rs750, Hold;1Q12 earnings up 20% yoy; in-line with estimates;Asset growth healthy, sharp increase in NPLs, though expected to stabilize;Regulatory uncertainty remains, near-term stock pressures possible | Date | Rating | Target Price | Recommendation Price | Broker house | | 27 Jul 2011 | hold | 750 | 678 | Citi Report | |
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Shriram Transport Finance Company (Goldman Sachs) update.2011.Jul.27 |
| Date | Rating | Target Price | Recommendation Price | Broker house | | 27 Jul 2011 | neutral | 710 (from 680) | 0 | Goldman Sachs Report | |
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Shriram Transport Finance Company (UBS) Gearing up for changes ahead |
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Event: management meet to discuss potential changes;Impact: lowering estimates on lower growth, lower securitisation income;Action: maintain Buy with a lower PT of Rs800 from Rs950 earlier;Valuation: valuations offset regulatory overhang | Date | Rating | Target Price | Recommendation Price | Broker house | | 24 Jun 2011 | buy | 800 (from 950) | 603 | UBS Report | |
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shriram transport finance (GoldmanSachs) Regulatory risks magnify challenges |
| Date |
Rating |
Target Price |
Recommendation Price |
Broker house |
| 6 May 2011 |
neutral |
680 (From 810) |
610 |
GoldmanSachs Report |
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shriram transport finance (DeutscheBank) Limited impact of change in NBFC PSL guidelines |
On balance sheet bank borrowing cost may not rise; Securitisation continues to be treated as PSL till further notice; Risk-reward favorable, maintain Buy
| Date |
Rating |
Target Price |
Recommendation Price |
Broker house |
| 5 May 2011 |
buy |
896 |
716 |
DeutscheBank Report |
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shriram transport finance company (CreditSuisse) Weak quarterly results |
| Date |
Rating |
Target Price |
Recommendation Price |
Broker house |
| 3 May 2011 |
outperform |
860 |
774 |
CreditSuisse Report |
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shriram transport finance (Citi) 4Q11 Results: Healthy Earnings Despite Sharp NIM Fall |
4Q11 earnings up 29%, 6% above estimates; P&L: NIM decline key surprise; Balance sheet: Growth robust, quality healthy; Superior return profile, but near-term challenges persist
| Date |
Rating |
Target Price |
Recommendation Price |
Broker house |
| 2 May 2011 |
hold |
750 |
750 |
Citi Report |
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shriram transport finance (CreditSuisse) steady growth expected |
| Date |
Rating |
Target Price |
Recommendation Price |
Broker house |
| 30 Mar 2011 |
outperform |
860 |
788 |
CreditSuisse Report |
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