Emkay Global views on BHEL, HUL, ICICI Bank

Emkay Global on ICICI Bank - Target Rs 720

Emkay Global Financial Services has recommended a buy rating on ICICI Bank, with price target of Rs 720, in its report. "ICICI Bank reported net profit of Rs 12.7 billion, in line with our estimates. However, the operational performance was weaker with less than expected growth in NII and sharp dip in the fee income. The core operating profit declined by 9.2% yoy and 26.4% qoq. We maintain our BUY recommendation on the stock with price target to Rs 720," says Emkay Global Financial Services' research report.


Emkay Global on BHEL - Target Rs 1450

Emkay Global Financial Services has recommended a buy rating on BHEL, with price target of Rs 1450, in its report. "BHEL Q3FY2009 net profit at Rs 7.9 is sharply below our expectations primarily because of slower than expected topline growth - 16.7% yoy growth in gross turnover to Rs 64.5 billion (our estimate Rs 69.56 billion). On the order flows management said that for FY2009 it expect fresh order inflows of close to Rs 600 billion as earlier expectation of Rs 500 billion. Also the management expects benefits of falling commodity prices to be witnessed from Q4FY2009. In order to factor the earnings downgrade, we lower our price target for BHEL from earlier Rs 1520 to Rs 1450, Buy" says Emkay Global Financial Services' report


Emkay Global on HUL - Target Rs 305

Emkay Global Financial Services has maintained its buy rating on Hindustan Unilever with a target of Rs 305 in its research report. "In Q4FY09, HUL reported a robust 16.8% yoy growth in its revenues to Rs 43.1 billion. Lower interest income and other income in the quarter resulted in 19.2% yoy growth in adjusted net profit to Rs 6.1 billion. We maintain our earnings estimates for CY08E and CY09E at Rs 9.3 and Rs 11.7. We maintain our ‘BUY’ rating with price-target of Rs 305, valuing HUL at 26X CY09E earnings i.e. average of 10-year long-term and 5-year short-term multiple," says Emkay Global Financial Services' research report.