NEW DELHI: Being the most valuable company in India, any commentary on Reliance<\/a> Industries instantly grabs attention. And, if an analyst says the stock will not perform much in the next one year unless some boxes are checked, millions of investors will pray for that to happen. 摩根大通是“中性”在信实工业Rs 2575的目标。这是接近2687卢比的共识目标价。依赖的最高目标是Rs 3185,最低的1800卢比。周三股价低于每股2400卢比水平。 新德里:印度的最有价值的公司,任何评论依赖行业立即吸引别人的注意力。如果分析师说,股票在未来一年将不执行,除非一些箱子检查,数以百万计的投资者将祈求这种情况发生。
Shares of Reliance Industries have gained over 20 per cent in the last one year but have still underperformed 27 per cent gain in Nifty50 index. The underperformance is likely to continue, believe analysts at JP Morgan.
“With key catalysts--deleveraging, tariff hikes and O2C stake sale--out of the way, any material stock outperformance would have to wait for the next set of potential catalysts which, in our view, is still some time away,” said Pinakin Parekh of JP Morgan said.
Reliance Industries’ multibagger performance in the last five years have been reliant upon its venture and eventual success in telecom business and great strides it took in retailing space. The company also raised a lot of cash selling stake in these two ventures, which helped the company cut down debt.
Now, valued at 23 times FY23 P\/E, a consensus earnings CAGR of 25 per cent (FY21-24) is already built in. Moreover, even if the earnings surprise, they are unlikely to be a material driver of any outperformance, said Parekh, adding he does not see material earnings upgrades ahead as robust O2C, telecom and retail earnings are already factored in.
JPMorgan is ‘neutral’ on Reliance Industries with a target of Rs 2,575. This was close to the consensus price target of Rs 2,687. The highest target on Reliance is at Rs 3,185 and the lowest at Rs 1,800. The stock languished below Rs 2,400 level on Wednesday.
But it is not as if fortunes may not turn around for the stock. There are three catalysts, of which if anyone plays out, the stock may repeat the large outperformance during calendar year 2017-2020, Parekh says.
Stake sale in new energy biz
<\/strong>The company has displayed its intent that it will not think twice before selling its stake in successful verticals to raise cash for growing its businesses. And, the market is hoping it will repeat the same with its green energy business. But, before that it has to build its business.
Alternative energy is a large long-term opportunity for Reliance and the company has laid out its vision across solar, storage, fuel cells, hydrogen, and has taken the first steps with the recent REC acquisition. “We also see RIL eventually bringing large external investors into its new energy business, similar to what it has done for Jio and retail, but do not see this happening in the near term, given the very nascent stage at which it is currently,” said Parekh.
Potential listing of Jio and retail
<\/strong>In the last one decade, these two businesses have emerged as crown jewels for Reliance, which used to be recognised as a simple petroleum company. Now, many are expecting a value unlocking via listing, and any announcement in this regard will lead to buying in the counter. But, when that will happen is a million dollar question.
“Given the presence of large external investors in both the businesses, a listing of these two segments is likely in future, though we do not see a listing of Jio\/Retail at least for the next 18 months,” said Parekh. “With RIL’s stock price reflecting large premiums to the transacted value, we believe the company would like to show more progress in its non-telecom digital initiatives at Jio and digital commerce at retail, and this could take more time.”
Any other stake sale
<\/strong>The cancellation of its potential deal with Aramco was a big disappointment for some investors, who were riding on hopes that it would provide a fillip to Reliance’s share prices. But, the company has kept hopes alive by saying that it will continue to seek partnership opportunities.
“Any stake sales in any other businesses (ecommerce\/smaller stake sale in O2C) would be positive: With the O2C stake sale off the table for now, investors would like to see RIL bring external investors into other businesses,” Parekh said.
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让依赖股跑赢大盘,穆凯什•安巴尼将必须检查这三个盒子
信实工业公司的股价已经上涨超过20%在过去的一年,但仍然表现Nifty50指数的涨幅为27%。表现不佳可能继续,相信摩根大通的分析师。
“与关键催化剂——去杠杆化,关税上调和O2C股权出售的,任何材料股票表现将不得不等待下一组潜在的催化剂,在我们看来,仍然是一段时间,”摩根大通的Pinakin帕克尔说。
现在,价值23倍FY23 P / E,共识收益25%的复合年增长率(FY21-24)已经建成的。此外,即使收入惊讶的是,他们不太可能材料任何表现的司机,帕尔克说,他没有看到材料收入提前升级O2C一样健壮,电信和零售收入已经计入。
摩根大通是“中性”在信实工业Rs 2575的目标。这是接近2687卢比的共识目标价。依赖的最高目标是Rs 3185,最低的1800卢比。周三股价低于每股2400卢比水平。
但这不像命运不可能扭转的股票。有三种催化剂,如果有人上演,股票可能重复大表现在2017年- 2020年,帕克尔说。
股份在新能源商业销售
该公司已经显示其意图,它不会三思而后行出售其股份成功的垂直筹集资金增长其业务。市场希望它会重复相同的绿色能源业务。但是,在这之前它必须建立自己的业务。
替代能源是一个大型的长期依赖的机会和公司已经制定了其视觉在太阳能、存储、燃料电池,氢,并与最近采取了第一步REC收购。“我们也看到瑞来斯最终将大型外部投资者引入新能源业务,类似于它为Jio和零售做什么,但没有看到这种情况发生在短期内,由于目前刚刚起步,,”帕尔克说。
潜在的Jio清单和零售
最后一个十年,这两个企业已成为王冠的依赖,曾经被视为一个简单的石油公司。现在,很多人都预计值通过清单解锁,和任何在这方面宣布将导致在柜台购买。但是,当会是一百万美元的问题。
“鉴于大型外部投资者的存在的业务,这两个部分的清单很可能在未来,虽然我们没有看到清单Jio /零售至少在未来18个月,”帕尔克说。“瑞来斯的股价反映很大溢价交易价值,我们相信公司愿意拿出更多的进展non-telecom数字计划Jio在零售和电子商务,这可能需要更多的时间。”
其他股权出售
取消其潜在处理阿拉伯国家石油公司是一个巨大的失望对一些投资者来说,他们骑在希望它能提供一个刺激依赖的股价。但是,该公司一直希望活着,说它将继续寻求合作机会。
“任何出售股份在任何其他企业(电子商务/较小的股权出售O2C)是积极的:与O2C股权出售的现在,投资者希望看到瑞来斯把外部投资者到其他企业,”帕尔克说。
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