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印度国家银行首选,看好Bharti Airtel: Hemang贾尼
Valuation-wise和所有参数,操作环境,配置和未来的增长——印度国家银行脱颖而出。
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BSNL眼睛人力资源变换把一个角落
平均每年近2000名员工即将退休十年为一个周期在2022 - 2032之间,使它更集中组织与私人企业竞争的球员——信实Jio Bharti Airtel和沃达丰的想法。
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风险回报,Bharti看起来更好的比大多数其他的名字在当今市场上,说Hemang贾尼,股票策略师&集团高级副总裁,MOFSL。
在印度国家银行
宇宙内的银行,印度国家银行是现阶段人们一定会喜欢,因为非常强劲复苏的操作参数和子公司所做的很好,导致整体的估值。大部分股市上涨和人们可能想进入的东西在他们的舒适地带在估值参数。
印度国家银行是绝对适合尽管上坡,我们已经看到在过去的六个月。这是一个股票所有的原料,使其更有吸引力。所以,估值,明智的和所有参数,操作环境,供应和未来的增长——印度国家银行脱颖而出。这是我们的一个银行宇宙中的首选。
在欧泰克和其他水泥股
当我们有这样一个激烈的移动市场,有这样一个积极的资本支出预算,这是可以理解的,水泥公司和capex-related L&T这样的公司会看到这种提高。如果我们有一个大的经济复苏受资本支出和收益周期转变积极,那么大型水泥企业将继续做好包括一些较小的。我绝对认为,尽管股市上涨在过去的几天里。
如果我们要看到盈利复苏,最终的收益会升级。我们可能会看到一点点波动在短期内,但从一年第二年的角度来看,欧泰克连同其他一些诸如ACC, Dalmia巴拉特,JK水泥、博拉集团所有这些股票将继续做好。
部门的旋转和制药公司
在过去的8 - 9个月,我们看到了一个非常聪明的旋转上演。最初,我们有它,制药和电信玩得很好。之后,我们看到的参与银行、汽车和最终大盘,中盘股和小盘上演。所以,当你在牛市时,你知道这是绝对清楚,您将看到好的增长的大部分领域。但是是的,有些人会脱颖而出的盈利表现。
想玩这个赶上任何类型的精度将会非常棘手。大多数基金经理和投资者将无法这样做,它将更有意义有一个适当的分配在五、六、七领域做得好而不是试图预测,现在它是或汽车将比等等。
在工程建设的空间
有2 - 3名已做得很好。一方面,ABB、西门子等公司和康明斯在过去的三到四个月很好当我们看到经济复苏。也有像沃尔特公司并不是一个纯粹的工程,也有消费者产品组件。地方它也将成为资本货物的一部分工程篮子里。
虽然我们没有非常大的名字除了L&T,像沃尔特公司,康明斯,ABB,西门子将构成整个资本支出复苏的主题的一部分,在我们喜欢L&T。绝对是我们的优先选择,但我们也认为公司像沃尔特,ABB最终将表现良好,考虑到我们会看到大型资本支出通过和整个经济复苏形成很好。
在Bharti Airtel
Bharti的股票已经有点棘手。我们有多个移动部件,摩根士丹利资本国际(MSCI)之外,然后等待涨价,市场期待。最终股票已经结束表现不佳的在过去的6到7个月左右。但当我们看核心基础,脱颖而出的是尽管没有调高价格,有16%的息税前利润增长在第二季度,公司不断获得市场份额在这些关键类别的用户。在高ARPU 4 g邮资已付的消费者类别,市场份额获得已相当突出。我们也看到了更好的性能在非洲业务,并计划货币化的一些资产。
所以尽管有不多的希望价格上涨,我们看到积极的触发器来市场份额。我们将不得不等待,看看第三季度数字平移,但总的来说我们继续看好Bharti。风险回报,Bharti看起来更好的比大多数其他的名字今天在市场上。
HDFC银行
总会有诱惑有点低分配HDFC银行与印度工业信贷投资银行,轴和印度国家银行更好的估值。更重要的是,ICICI银行和轴银行的季度表现相当显著的增长轨迹是越来越好。
虽然我们都有这种看法关于HDFC银行零售银行集中,在过去的两个季度,很大一部分贷款或进步的增长来自于企业部门。虽然书的整体大小,HDFC银行更小的组件的企业接触,贷款增长数量的比例可能会更好看。所以HDFC银行可能有几个月的表现不佳,但是作为一个演员,这是给一个整体舒适,人们将继续希望。
IndusInd银行
这是一个高β股票。当我们观察数字和管理评论,有很多的安慰,因为车书大小,他们做的很好。他们管理CASA部分很好。有很多顺风IndusInd银行已经历了挣扎在过去两个季度。
在估值方面,它仍然是大约在1.1 - -1.2,所以除了顶级银行更大的分配,如果一个人真的想参与通过中型股或规模较小的银行,然后IndusInd银行肯定会符合一个更好的增长轨迹。这是我们的一个优先选择HDFC银行ICICI银行或轴银行后一个更小的分配。IndusInd银行肯定优点的一种投资。
在印度国家银行
宇宙内的银行,印度国家银行是现阶段人们一定会喜欢,因为非常强劲复苏的操作参数和子公司所做的很好,导致整体的估值。大部分股市上涨和人们可能想进入的东西在他们的舒适地带在估值参数。
印度国家银行是绝对适合尽管上坡,我们已经看到在过去的六个月。这是一个股票所有的原料,使其更有吸引力。所以,估值,明智的和所有参数,操作环境,供应和未来的增长——印度国家银行脱颖而出。这是我们的一个银行宇宙中的首选。
当我们有这样一个激烈的移动市场,有这样一个积极的资本支出预算,这是可以理解的,水泥公司和capex-related L&T这样的公司会看到这种提高。如果我们有一个大的经济复苏受资本支出和收益周期转变积极,那么大型水泥企业将继续做好包括一些较小的。我绝对认为,尽管股市上涨在过去的几天里。
如果我们要看到盈利复苏,最终的收益会升级。我们可能会看到一点点波动在短期内,但从一年第二年的角度来看,欧泰克连同其他一些诸如ACC, Dalmia巴拉特,JK水泥、博拉集团所有这些股票将继续做好。
部门的旋转和制药公司
在过去的8 - 9个月,我们看到了一个非常聪明的旋转上演。最初,我们有它,制药和电信玩得很好。之后,我们看到的参与银行、汽车和最终大盘,中盘股和小盘上演。所以,当你在牛市时,你知道这是绝对清楚,您将看到好的增长的大部分领域。但是是的,有些人会脱颖而出的盈利表现。
在工程建设的空间
有2 - 3名已做得很好。一方面,ABB、西门子等公司和康明斯在过去的三到四个月很好当我们看到经济复苏。也有像沃尔特公司并不是一个纯粹的工程,也有消费者产品组件。地方它也将成为资本货物的一部分工程篮子里。
虽然我们没有非常大的名字除了L&T,像沃尔特公司,康明斯,ABB,西门子将构成整个资本支出复苏的主题的一部分,在我们喜欢L&T。绝对是我们的优先选择,但我们也认为公司像沃尔特,ABB最终将表现良好,考虑到我们会看到大型资本支出通过和整个经济复苏形成很好。
在Bharti Airtel
Bharti的股票已经有点棘手。我们有多个移动部件,摩根士丹利资本国际(MSCI)之外,然后等待涨价,市场期待。最终股票已经结束表现不佳的在过去的6到7个月左右。但当我们看核心基础,脱颖而出的是尽管没有调高价格,有16%的息税前利润增长在第二季度,公司不断获得市场份额在这些关键类别的用户。在高ARPU 4 g邮资已付的消费者类别,市场份额获得已相当突出。我们也看到了更好的性能在非洲业务,并计划货币化的一些资产。
所以尽管有不多的希望价格上涨,我们看到积极的触发器来市场份额。我们将不得不等待,看看第三季度数字平移,但总的来说我们继续看好Bharti。风险回报,Bharti看起来更好的比大多数其他的名字今天在市场上。
HDFC银行
总会有诱惑有点低分配HDFC银行与印度工业信贷投资银行,轴和印度国家银行更好的估值。更重要的是,ICICI银行和轴银行的季度表现相当显著的增长轨迹是越来越好。
虽然我们都有这种看法关于HDFC银行零售银行集中,在过去的两个季度,很大一部分贷款或进步的增长来自于企业部门。虽然书的整体大小,HDFC银行更小的组件的企业接触,贷款增长数量的比例可能会更好看。所以HDFC银行可能有几个月的表现不佳,但是作为一个演员,这是给一个整体舒适,人们将继续希望。
IndusInd银行
这是一个高β股票。当我们观察数字和管理评论,有很多的安慰,因为车书大小,他们做的很好。他们管理CASA部分很好。有很多顺风IndusInd银行已经历了挣扎在过去两个季度。
在估值方面,它仍然是大约在1.1 - -1.2,所以除了顶级银行更大的分配,如果一个人真的想参与通过中型股或规模较小的银行,然后IndusInd银行肯定会符合一个更好的增长轨迹。这是我们的一个优先选择HDFC银行ICICI银行或轴银行后一个更小的分配。IndusInd银行肯定优点的一种投资。
On risk to reward, Bharti is looking much better compared to most of the other names in the market today, says Hemang Jani<\/a><\/strong>, Equity Strategist & Senior Group VP, MOFSL<\/strong>.<\/em>
On SBI<\/a>
<\/strong>Within the banking universe, SBI is something that people would definitely prefer at this stage because there is very strong revival in the operating parameters and the subsidiaries are doing pretty well and contributing to the overall valuation. Most of the stocks have run up and people may want to get into something which is within their comfort zone on the valuation parameter.
SBI is something that would definitely fit in despite the runup that we have seen in the last six months. This is one stock which has all the ingredients to make it more attractive. So, valuation- wise and on all parameters -- operating environment, the provisioning and growth going forward -- SBI stands out . It is one of our top picks within the banking universe.
On SBI<\/a>
<\/strong>Within the banking universe, SBI is something that people would definitely prefer at this stage because there is very strong revival in the operating parameters and the subsidiaries are doing pretty well and contributing to the overall valuation. Most of the stocks have run up and people may want to get into something which is within their comfort zone on the valuation parameter.
SBI is something that would definitely fit in despite the runup that we have seen in the last six months. This is one stock which has all the ingredients to make it more attractive. So, valuation- wise and on all parameters -- operating environment, the provisioning and growth going forward -- SBI stands out . It is one of our top picks within the banking universe.
<\/div><\/div>On UltraTech<\/a> and other cement stocks<\/strong>
When we have such a ferocious move in the market and there is such a positive Budget for capex plays, it is understandable that cement companies and capex-related companies like L&T would see this kind of a bump up. If we have a big revival in the economy driven by capex and as the earnings cycle turns positive, then large cement companies would continue to do well including some of the smaller ones. I definitely think that though the stocks have run up in the past few days.
If we are going to see earnings revival, then eventually the earnings would get upgraded. We might see a little bit of volatility in the near term but from a one year-two years perspective, UltraTech along with some of the other names like ACC, Dalmia Bharat, JK Cement, Birla Corp all these stocks would continue to do well.
On sector rotation & IT and pharma<\/strong>
In the last eight to nine months, we have seen a very smart rotation playing out. Initially, we had IT, pharma and telecom playing out pretty well. After that we have seen a participation from the banks, autos and eventually the broader market, the midcaps and the small caps played out. So, when you are in a bull market, you know it is absolutely clear that you will see good growth across most of the sectors. But yes, some will stand out in terms of earnings performance.
When we have such a ferocious move in the market and there is such a positive Budget for capex plays, it is understandable that cement companies and capex-related companies like L&T would see this kind of a bump up. If we have a big revival in the economy driven by capex and as the earnings cycle turns positive, then large cement companies would continue to do well including some of the smaller ones. I definitely think that though the stocks have run up in the past few days.
If we are going to see earnings revival, then eventually the earnings would get upgraded. We might see a little bit of volatility in the near term but from a one year-two years perspective, UltraTech along with some of the other names like ACC, Dalmia Bharat, JK Cement, Birla Corp all these stocks would continue to do well.
On sector rotation & IT and pharma<\/strong>
In the last eight to nine months, we have seen a very smart rotation playing out. Initially, we had IT, pharma and telecom playing out pretty well. After that we have seen a participation from the banks, autos and eventually the broader market, the midcaps and the small caps played out. So, when you are in a bull market, you know it is absolutely clear that you will see good growth across most of the sectors. But yes, some will stand out in terms of earnings performance.
<\/div><\/div>Trying to play this catch up with any sort of precision is going to be very tricky. Most of the fund managers and investors will not be able to do that and it would make more sense to have a proper allocation across five, six, seven sectors which are doing well rather than trying to predict that now it is going to be IT or auto which will outperform and so on.
On engineering construction space<\/strong>
There are two-three names which have done well. On the one hand, companies like ABB, Siemens and Cummins have done pretty well in the last three or four months when we are seeing this economic revival taking place. Also there are companies like Voltas which is not a pure engineering play and which has consumer product components also. Somewhere it will also be a part of the capital goods engineering basket.
Though we do not have very large names except L&T, companies like Voltas, Cummins, ABB and Siemens would form part of that entire capex revival theme and within that, we like L&T. That is definitely our preferred pick but we also think that companies like Voltas, ABB will eventually perform well, given that we are going to see big capex coming through and the entire economic revival is shaping up pretty well.
On Bharti Airtel<\/strong>
Bharti as a stock has been a bit tricky. We had multiple moving parts, MSCI addition and then the pending price hike that the market was hoping for. Eventually the stock has ended underperforming in the last about six to seven months. But when we look at the core fundamentals, what is standing out is that despite no hike in prices, there has been a 16% EBITDA growth in the second quarter and the company has continuously been gaining the market share across these key categories in terms of subscribers. In the high ARPU 4G postpaid consumers category, the market share gain has been quite outstanding. Also we have seen better performance in the Africa business and plans to monetise some of the assets.
So despite there being not much hope of price hikes, we are seeing positive triggers come through in terms of market share gains. We will have to wait and see how the Q3 numbers are panning out, but overall we continue to be positive on Bharti. On risk to reward, Bharti is looking much better compared to most of the other names in the market today.
On HDFC Bank<\/strong>
There would always be that temptation to have a little lower allocation for HDFC Bank versus ICICI, Axis and SBI which are better placed in terms of valuations. More importantly, the quarterly performances of both ICICI Bank and Axis Bank have been quite remarkable and the growth trajectory is getting better.
But though we all have this perception about HDFC Bank being a retail focussed bank, in the last two quarters, a large part of the loan or the advances growth has come from the corporate sector. Though in terms of overall book size, HDFC Bank has a smaller component of the corporate exposure, the loan growth number in terms of percentage may look better. So HDFC Bank may have a couple of months of a little bit of underperformance, but as a performer, it is giving one overall comfort and people would continue to prefer that.
On IndusInd Bank<\/strong>
It has been a high beta stock. When we look at the numbers and the management commentary, there is a lot of comfort because on vehicle book size, they are doing pretty well. They have managed the CASA part pretty well. There are a lot of tailwinds for IndusInd Bank which has gone through much struggle in the last two quarters.
In terms of valuation, it is still at about 1.1-1.2 and so apart from a larger allocation for the top banks, if one really wants to participate through midcap or smaller banks, then IndusInd Bank will definitely fit with a better growth trajectory. It is one of our preferred picks after HDFC Bank or ICICI Bank or Axis Bank for a smaller allocation. IndusInd Bank definitely merits some kind of an investment.
<\/div><\/div>
On engineering construction space<\/strong>
There are two-three names which have done well. On the one hand, companies like ABB, Siemens and Cummins have done pretty well in the last three or four months when we are seeing this economic revival taking place. Also there are companies like Voltas which is not a pure engineering play and which has consumer product components also. Somewhere it will also be a part of the capital goods engineering basket.
Though we do not have very large names except L&T, companies like Voltas, Cummins, ABB and Siemens would form part of that entire capex revival theme and within that, we like L&T. That is definitely our preferred pick but we also think that companies like Voltas, ABB will eventually perform well, given that we are going to see big capex coming through and the entire economic revival is shaping up pretty well.
On Bharti Airtel<\/strong>
Bharti as a stock has been a bit tricky. We had multiple moving parts, MSCI addition and then the pending price hike that the market was hoping for. Eventually the stock has ended underperforming in the last about six to seven months. But when we look at the core fundamentals, what is standing out is that despite no hike in prices, there has been a 16% EBITDA growth in the second quarter and the company has continuously been gaining the market share across these key categories in terms of subscribers. In the high ARPU 4G postpaid consumers category, the market share gain has been quite outstanding. Also we have seen better performance in the Africa business and plans to monetise some of the assets.
So despite there being not much hope of price hikes, we are seeing positive triggers come through in terms of market share gains. We will have to wait and see how the Q3 numbers are panning out, but overall we continue to be positive on Bharti. On risk to reward, Bharti is looking much better compared to most of the other names in the market today.
On HDFC Bank<\/strong>
There would always be that temptation to have a little lower allocation for HDFC Bank versus ICICI, Axis and SBI which are better placed in terms of valuations. More importantly, the quarterly performances of both ICICI Bank and Axis Bank have been quite remarkable and the growth trajectory is getting better.
But though we all have this perception about HDFC Bank being a retail focussed bank, in the last two quarters, a large part of the loan or the advances growth has come from the corporate sector. Though in terms of overall book size, HDFC Bank has a smaller component of the corporate exposure, the loan growth number in terms of percentage may look better. So HDFC Bank may have a couple of months of a little bit of underperformance, but as a performer, it is giving one overall comfort and people would continue to prefer that.
On IndusInd Bank<\/strong>
It has been a high beta stock. When we look at the numbers and the management commentary, there is a lot of comfort because on vehicle book size, they are doing pretty well. They have managed the CASA part pretty well. There are a lot of tailwinds for IndusInd Bank which has gone through much struggle in the last two quarters.
In terms of valuation, it is still at about 1.1-1.2 and so apart from a larger allocation for the top banks, if one really wants to participate through midcap or smaller banks, then IndusInd Bank will definitely fit with a better growth trajectory. It is one of our preferred picks after HDFC Bank or ICICI Bank or Axis Bank for a smaller allocation. IndusInd Bank definitely merits some kind of an investment.
<\/div><\/div>
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