BROKERAGE VIEWS
• UBS on HDB FINANCIAL – Initiate NEUTRAL, TP ₹790. Strong franchise, fairly valued; forecast mid-teen AUM CAGR FY25–28; diversified portfolio but significant cyclicality; asset quality trend key near term.
• JEFFERIES on SAI LIFE – UPGRADE to BUY (from Hold), TP ₹1000 (from ₹800). Q1 windfall beat, strong near-term outlook; investing in infra to support growth; CMC/CDMO with strong visibility.
• JEFFERIES on TATA MOTORS – Maintain UNDERPERFORM, cut TP ₹550 (from ₹600). Q1 EBITDA at 10-quarter low; JLR facing China competition, higher warranty costs, BEV transition; key models aging.
• MORGAN STANLEY on SBI – Maintain EQUAL-WEIGHT, TP ₹885 (from ₹850). Q1 in-line core PPoP, good asset quality; RoA above 1% aided by treasury gains; NII miss offset by lower costs.
• MORGAN STANLEY on MANAPPURAM FIN – Maintain EQUAL-WEIGHT, TP ₹270. Transition pains; pivot back to gold loans (target 75% AUM, 18–19% yields); cut FY26–28 EPS by 14% on subsidiary misses.
• MACQUARIE on L&T TECH – Maintain OUTPERFORM, TP ₹5770. Margins bottomed; revenue growth to accelerate; large deal wins (US$200mn+ for 3rd straight quarter); sustainability segment driving high-margin growth.
• UBS on HDB FINANCIAL – Initiate NEUTRAL, TP ₹790. Strong franchise, fairly valued; forecast mid-teen AUM CAGR FY25–28; diversified portfolio but significant cyclicality; asset quality trend key near term.
• JEFFERIES on SAI LIFE – UPGRADE to BUY (from Hold), TP ₹1000 (from ₹800). Q1 windfall beat, strong near-term outlook; investing in infra to support growth; CMC/CDMO with strong visibility.
• JEFFERIES on TATA MOTORS – Maintain UNDERPERFORM, cut TP ₹550 (from ₹600). Q1 EBITDA at 10-quarter low; JLR facing China competition, higher warranty costs, BEV transition; key models aging.
• MORGAN STANLEY on SBI – Maintain EQUAL-WEIGHT, TP ₹885 (from ₹850). Q1 in-line core PPoP, good asset quality; RoA above 1% aided by treasury gains; NII miss offset by lower costs.
• MORGAN STANLEY on MANAPPURAM FIN – Maintain EQUAL-WEIGHT, TP ₹270. Transition pains; pivot back to gold loans (target 75% AUM, 18–19% yields); cut FY26–28 EPS by 14% on subsidiary misses.
• MACQUARIE on L&T TECH – Maintain OUTPERFORM, TP ₹5770. Margins bottomed; revenue growth to accelerate; large deal wins (US$200mn+ for 3rd straight quarter); sustainability segment driving high-margin growth.
