Broker Radar for September 28

Check out the stock commentaries and recommendations from foreign brokerage houses.

Macquarie on Indian Auto:

• Expect slower retail sales growth in September.
• Maruti Suzuki: discounts increased marginally.
• Customer promotions remained flat for two wheelers on a monthly basis.
• Royal Enfield: 2-4 weeks order backlog remains.

UBS on NBFCs:

• Liquidity crisis unlikely but end of benign liquidity to impact growth and NIMs.
• ALM mismatches to hurt margins; Expect growth outperformance to moderate.
• NBFCs directly competing with banks to be adversely impacted.
• Top picks: Shriram Transport, M&M Finance, HDFC; Downgrading Cholamandalam to Sell.

      Macquarie on Indiabulls Housing:

• Maintained ‘Outperform’; cut price target to Rs1,400 from Rs1,599.
• Balance sheet comfortable; Some impact on spreads and growth.
• Liquid assets are 1.25 times its next six months’ debt servicing obligations.
• Cut EPS estimates marginally and expect slowdown in loan growth.
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