High Conviction Stocks Idea Attributes • Company: a) Sound / resilient business; b) Consistent strong financials; c) High growth potential; and d) High return on invested capital. Industry: a) Market leaders / Strong brand value; b) High growth opportunities; c) Strong entry barriers. Management: a) Visionary Leadership; b) Strong & Effective Management; and c) High corporate access, including promoters and CXOs. DevenChoksey Differentiators: a) Analytics that predicts market movements; and b) High quality actionable research
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DRChoksey Report
Infosys secures broad-based wins across verticals; TCV at USD 2.5 billion
Current market price Rs 1,527 / Target Rs 2,154 / Potential Upside 41.1%
We expect Infosys Ltd.'s revenue/ Ebit/ PAT to grow at a CAGR of 8.9%/10.3%/8.1% over FY24-FY27E. We assign a P/E of 27.0x on FY27E EPS of Rs 79.7 to arrive at a target price of Rs 2,154 per share. This implies a leftover upside of 41.1% from current levels. Accordingly, we have a Buy rating on the shares of Infosys since Jan 18, 2025.
Axis Bank - Strengthening the core with a resilient franchise and structural growth levers
Current market price Rs 1,086 / Target Rs 1,283 / Potential Upside 18.1%
Axis Bank Ltd. continues to make structural improvements that support Net Interest Margin resilience, with progress visible across multiple vectors. The balance sheet mix has improved, with loans and investments forming 90.0% of total assets as of December 31, 2024, an 89 bps YoY increase. The share of retail and CBG advances rose to 71% of total advances, up 167 bps YoY, driving better portfolio yields.
Additionally, low-yielding RIDF bonds have declined by Rs 83,910 million YoY, reducing their share in total assets to 1.10% from 1.80% a year ago. On the liabilities side, Axis Bank continues to maintain industry-best outflow ratios at 25.3%, reflecting high-quality liabilities. While there was a decline in QAB CASA to 39.0%, the impact was offset by a favorable rate benefit across parts of the liability stack. These structural levers continue to reinforce the bank’s NIM trajectory amidst a challenging rate environment.
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