22 October 2012

PLNG - Q2FY13 Result Update - Centrum


Q2FY13 Result Update
Petronet LNG

Buy
Target Price: Rs192
CMP: Rs169
Upside: 13.6%
Spot re-gasification margins shoot up along with volumes aiding profitability
Petronet reported highest ever quarterly profits at Rs3.1bn owing to sequential jump in spot re-gasification volumes and margins. Overall re-gasification volumes for Q2 stood at 135.0TBTUs vs. 127.0TBTUs in Q1. Higher re-gasification margin on spot sales led to 6.6% QoQ jump in blended re-gasification tariffs at Rs44.3/mmbtu (Q1 – Rs41.6/mmbtu). All projects of the company are on track and likely to yield results from Q1CY13 onwards. We remain upbeat on Petronet due to favourable demand-supply of natural gas in India and hence maintain ‘Buy’ rating on the stock.

Oct 22: News (click on link to read article) :: IFCI research,


Morning News (click on link to read article)
Economic Times

Business Standard

Business Line

Mint

Financial Express

Financial Chronicle

(Click on link to view article)

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Derivatives Info Kit [For October 22, 2012] Sharekhan

Derivatives Info Kit
[For October 22, 2012]
 Summary of Contents
 
 
DERIVATIVES INFO KIT
 

Click here to read report: Derivatives Info Kit

EXIDE INDUSTRIES LTD. ::Microsec Research



EXIDE INDUSTRIES LTD.  announced its Q2 FY13 results on 19th October 2012. The company’s Standalone Net sales increased by 30% on YoY basis but decline by 2% on QoQ. EBITDA increased by 84% on YoY but decline by  31% on  QoQ basis. EBITDA Margin of the company decreased from 14.98% to 10.52% on QoQ. Standalone PAT increased by 135% on YoY but decline by  21% on QoQ basis.

Particulars
Consensus Est
Actual
Var (%)
Revenues
1504
1,521
1.2%
EBITDA
232
160
-31.1%
PAT
155
120
-22.4%
Ajd.EPS
1.76
1.41
-19.9%

STANDALONE





DESCRIPTION
September-12
September-11
June-12
YoY Change(%)
QoQ Change(%)
Total Income
1,521
1173
1,554
30
-2
Total Expenditure
1,361
1086
1,321
25
3
EBITDA
160
87
233
84
-31
EBITDA margins
10.52%
7.41%
14.98%


Other Income
13
11
15


Operating Profit
173
98
248


Interest
1
2
1


Exceptional Items
0
0
0


PBDT
172
97
246


Depreciation
0
25
28


PBT
172
72
219


Tax
51
21
67


Profit After Tax
120
51
152
135
-21
PAT margins
7.90%
4.36%
9.79%


Equity Capital
85
85
85


Face Value(InRs)
1.00
1.00
1.00


EPS
1.41
0.60
1.79
135
-21
Figures in INR Crore.EPS represents Ajd EPS


Regards,

Team Microsec Research

eClerx Service - BUY :: Business Line


Power Finance Corporation- Increasing FY13F PAT by 16%; reiterate Buy Key beneficiary of a stronger SEB outlook:: Nomura Research


Action: Reiterate Buy; TP unchanged at INR240
We believe the recent financial restructuring plan (FRP) and the spate of
tariff hikes over the past few months have strongly reduced the overhang
on PFC's SEB exposure (71% of its Q1FY13 loan book). As per
management, some of the stressed Discoms have already started
showing improved timeliness in loan repayments. We had earlier
budgeted for restructuring of 8% of PFC's loans to the stressed Discoms,
which we don’t see necessary any longer, although we have factored in
marginal NIM impacts from extending shorter-term transition loans to
some of these Discoms over the next few years. Our earnings estimate for
FY13F and FY14F go up by 16% and 6%, respectively. We expect loan
book growth of 18% and 16% for FY13F and FY14F, respectively.
Expect strong spreads and stable asset quality to sustain ROA
PFC's spreads have improved by 50bps over past six months helped by
asset repricing and we expect it to come down by 15bps to 2.45% by
FY14F. We expect asset quality to hold over FY13-14F, although we are
factoring in incremental provisions on the existing NPLs.
Catalysts: Adoption of FRP by SEBs, tariff hike orders in UP and
other states and developments on the coal linkage front
Valuation
PFC trades at 1.1x our avg FY13-14F ABV and 6.4x our FY13F EPS. At
our TP of INR240, PFC would trade at 1.4x our avg FY13-14F ABV of
INR173 and 7.8x EPS of INR30.8, for FY13F ROA of 2.7% and 19% ROE