Global brokerage firms have today issued notes on HDFC Bank, Crompton Consumer, Hero MotoCorp, Tech Mahindra, Alembic Pharma, Ola Electric, Trent and PB Fintech.

Macquarie's View on HDFC Bank
: Outperform
Target: ₹1900 per share
 

• Q2 loan growth may decline 10% year-on-year
• The bank is preparing to sell loan assets worth ₹ 60- ₹ 70 thousand crores
• Q2 will be the first quarter after the merger when year-on-year data will be released
• NIM expected to improve by 5 basis points on a quarterly basis
• A slight slowdown can be seen in the margins of other banks

Nomura's opinion on HDFC Bank
: Neutral
Target: ₹ 1720 per share
 

• Impact on EPS and RoE possible in the medium term
• 2% cut in EPS possible for FY26-27
• Loan securitisation market may reach ₹2 lakh crore in FY25

Nomura's View on Crompton Consumer
: Buy
Target: ₹498 per share
 

• Focus remains on premiumization across all segments
• In the long term, government regulation on fan efficiency will give a boost to the market
• The company will benefit from strong premiumisation going forward
• Focus on alternative channels like modern trade/e-commerce
• Regarding Butterfly, the management said that restructuring is almost over
• Income growth will be visible from the second half

Morgan Stanley's View on Crompton Consumer
: Equal-Weight
Target: ₹323 per share
 

• Income growth guidance may remain 14-16%
• EBITDA margin may improve by 200 basis points due to product mix and operating leverage
• Weakness in consumer demand in the short term due to inflationary pressure
• Festive demand during Onam in the South remained low on year-on-year basis
• Margins expected to improve from the second half, EBITDA margin expected to be 10% in the long term

UBS opinion on Hero MotoCorp
: Sell target: ₹3,350 per share

• Wholesale volumes and festive sales are expected to provide an opportunity to recover from retail underperformance
• The strength of the festive season has not yet translated into full year performance
• Retail market share slips even after several launches, down 24% in September 2024
• The stock is trading at 26x PE for FY26

HSBC's view on Tech Mahindra
: Hold
Target: ₹1600 per share
 

• There is a lot of potential for the company in the non-telco client base
• Uncertainty persists over telecom outlook
• Margin expansion will depend on pyramid adjustment
• The stock may remain range bound for some time after the recent rally

HSBC's opinion on Alembic Pharma
: Hold
Target: ₹1,130 per share
 

• Target raised from ₹1,010 to ₹1,130 per share with rating upgrade
• Will be more constructive to improve the quality of US filings
• Long term risks to US sales growth will be mitigated through differentiated products
• Execution is going to be key to growing sales in the US

HSBC Opinion on Ola Electric
: Buy
Target: ₹140 per share
 

• Most service stations are flooded with service requests
• The company is working on several initiatives to improve the situation
• Many problems are likely to be temporary
• service quality needs improvement

Citi's opinion on Trent
: Buy
Target: ₹9250 per share
 

• Transformation from single format to multi-format led to 36% revenue CAGR during FY19-24
• Revenue CAGR up due to multi-category (fashion & lifestyle, grocery, personal care)
• Income/EBITDA/PAT estimated at 41%/44%/56% during FY24-27
• The company may expand pilot projects (MISBU, Samoh, MAS JV)
• Pan Asia is on the high conviction list

Bernstein's Opinion on PB Fintech
Opinion: Outperform
Target: ₹1,720 per share
 

• The company is in talks with hospitals for backward integration
• No clarity yet on healthcare business idea
• Preparing to paddle with $650 million in cash on balance sheet