Shares of oil-to-telecom behemoth Reliance Industries<\/a> have been on a tear of late, but Jefferies<\/a> is not so sanguine on the stock’s prospects as its target price of Rs 880 implies a potential downside of 32% from current levels. The firm has an underperform rating on Reliance Industries. oil-to-telecom巨头的股票信实工业公司已经被撕了一晚,但是Jefferies股票的前景不是很乐观的目标价格880卢比意味着一个潜在的缺点从目前水平的32%。公司信实工业公司股票评级。
The stock has added more than Rs 2 lakh crore to its market capitalization this year, with half of it in the last one month or so due to its strong June quarter result and renewed optimism in its consumer services businesses. The company’s market capitalization surpassed Rs 8 lakh crore recently, making the most valued company in the country.
The stock snapped its eight-consecutive session gaining streak on Wednesday<\/span>, ending down 1.8% at Rs 1,294.45 after hitting a record high of Rs 1,328.75 during the session. Reliance Industries’ shares have gained 40.5% so far in calendar year 2018, beating the benchmark Nifty index which has gained 11% in the same period.<\/span>
“…telecom sub momentum is strong with RMS (revenue market share<\/a>) also up 275bps (basis points) q\/q (quarter on quarter) to 21.9% in 1QFY19 (April-June). This will reflect in rising EPS<\/a> (earnings per share) too, even if they lag consensus, but capital spend trends should also be sobering too with net liab (liability) trending higher than most expect,” said Jefferies.
The firm expects Reliance Industries’ refining margins to ease from highs of the 2017-18 financial year as refining demand supply becomes less benign.
Jefferies said the ramp-up of Reliance Industries’ telecom business may be bumpier than what the Street is acknowledging. Capital expenditure may halve from FY14-FY16 but could stay elevated, said Jefferies. Telecom capital expenditure will continue and exploration and production spend will pick up, added Jefferies.
“Even if all goes well, return ratios remain modest and net debt higher,” said Jefferies. The firm said Reliance Industries’ valuations are rich with 12.5 times FY19 estimated EV\/EBITDA-which is 30-35% higher than its past and 30-70% more than its peers.
Bloomberg data shows the consensus target price of Rs 1,212.35 is about 6% lower than the current market price of Reliance Industries. On the ratings front, 31 of the 40 analysts tracking the stock have a ‘buy’ rating on it, while four have a ‘hold’ rating and 5 analysts have a ‘sell’ recommendation.
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股票超过2十万的卢比增加了我对它的市值,今年有一半在过去一个月左右,由于其强劲的季度结果和新的乐观消费服务业务。该公司的市值超过了最近8十万的卢比,最有价值的公司。
“…电信子势头强劲与RMS (收入市场份额)也上升275个基点(基点)q / q(环比)21.9% 1 qfy19(4 - 6月)。这将反映在上升每股收益(每股收益),即使他们落后的共识,但资本消费趋势也应该清醒的净liab(责任)趋势高于大多数人的预期,”杰弗里斯说。
该公司预计信实工业的炼油利润率来缓解高点2017 - 18年财政年度的细化需求供应变得不那么温和。
Jefferies表示,信实工业的过渡状态的电信业务可能比街上是承认。资本支出可能从FY14-FY16减半,但会保持在高位,Jefferies说。电信资本支出将继续和勘探和生产花将,Jefferies补充道。
“即使一切顺利,回报比率保持谦虚,净债务增加,”杰弗里斯说。公司表示,信实工业与12.5倍的估值富FY19估计EV / EBITDA-which比过去高30 - 35%和30 - 70%超过同行。
彭博数据显示,Rs 1212 .35点的共识目标价格是大约6%低于当前市场价格的信实工业。在评级方面,31的40分析师跟踪股票“买入”评级,而四个“持有”评级和5分析师“卖出”的建议。
Shares of oil-to-telecom behemoth Reliance Industries<\/a> have been on a tear of late, but Jefferies<\/a> is not so sanguine on the stock’s prospects as its target price of Rs 880 implies a potential downside of 32% from current levels. The firm has an underperform rating on Reliance Industries.
The stock has added more than Rs 2 lakh crore to its market capitalization this year, with half of it in the last one month or so due to its strong June quarter result and renewed optimism in its consumer services businesses. The company’s market capitalization surpassed Rs 8 lakh crore recently, making the most valued company in the country.
The stock snapped its eight-consecutive session gaining streak on Wednesday<\/span>, ending down 1.8% at Rs 1,294.45 after hitting a record high of Rs 1,328.75 during the session. Reliance Industries’ shares have gained 40.5% so far in calendar year 2018, beating the benchmark Nifty index which has gained 11% in the same period.<\/span>
“…telecom sub momentum is strong with RMS (revenue market share<\/a>) also up 275bps (basis points) q\/q (quarter on quarter) to 21.9% in 1QFY19 (April-June). This will reflect in rising EPS<\/a> (earnings per share) too, even if they lag consensus, but capital spend trends should also be sobering too with net liab (liability) trending higher than most expect,” said Jefferies.
The firm expects Reliance Industries’ refining margins to ease from highs of the 2017-18 financial year as refining demand supply becomes less benign.
Jefferies said the ramp-up of Reliance Industries’ telecom business may be bumpier than what the Street is acknowledging. Capital expenditure may halve from FY14-FY16 but could stay elevated, said Jefferies. Telecom capital expenditure will continue and exploration and production spend will pick up, added Jefferies.
“Even if all goes well, return ratios remain modest and net debt higher,” said Jefferies. The firm said Reliance Industries’ valuations are rich with 12.5 times FY19 estimated EV\/EBITDA-which is 30-35% higher than its past and 30-70% more than its peers.
Bloomberg data shows the consensus target price of Rs 1,212.35 is about 6% lower than the current market price of Reliance Industries. On the ratings front, 31 of the 40 analysts tracking the stock have a ‘buy’ rating on it, while four have a ‘hold’ rating and 5 analysts have a ‘sell’ recommendation.
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