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Broker Radar for May 24

Check out the stock commentaries and recommendations from brokerage houses.

CLSA on Election 2019 Results:

  • Absolute majority for BJP would reduce the need for competitive populism.
  • Some near-term pro-farmer announcements would be likely.
  • Expect further push to affordable housing.
  • Mid-caps should be back in favour as domestic flows are expected to improve.
  • Potential policy rate cut and the market-friendly ministerial council would be next trigger.
  • US-China trade war and rich valuations to cap market return to a single digit.

Macquarie on Election 2019 Results:

  • Verdict reduces risk of populism significantly, but unlikely to see a major departure from existing policies. India stands to gain flows with global trade worries.
  • The focus would move monetary policy to the front in the near term followed by a budget.
  • Recommend shifting from defensives and large caps to high beta domestic sectors and mid-caps.
  • Positive on Private Banks/Industrials/Real Estate; Negative on Consumption and NBFCs.

Macquarie maintained ‘Outperform’ on Sun TV; cut TP to Rs700 from Rs725.

  • Tariff order impacts March quarter’s top line Tariff order impact to normalize by September.
  • Increased churn from Arasu augurs well; Telco deals with Sun Nxt should drive subscription growth.

CLSA maintained ‘Buy’ on Sun TV; cut price target to Rs730 from Rs770.

  • Weak March quarter performance hit by TRAI’s new regime.
  • OTT/SunNXT ramping up well and is awaiting agreement with Jio.
  • Valuations are inexpensive.

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