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Axis Securities Report
Maruti Suzuki India Ltd. - Maruti Suzuki has a stronghold in the entry-Level segment and with recent launches in the compact (All-New Brezza) and mid SUV (Grand Vitara) segment it seems to be moving towards regaining lost market share by FY25E. We expect a rise in demand from new launches along with upgradation of existing product portfolio, softening commodity inflation and improving engine control unit shortages to support recovery in the margins.
Federal Bank Ltd - Federal Bank is cautiously building a loan mix toward high rated corporate and retail loans. The bank's liability franchise remains strong with current account and savings account plus retail term deposit of up 90% and one of the highest liquidity coverage ratios amongst banks. Restructuring levels are also in control. The management indicated the possibility of the bank reporting return on asset improvement to 1.1% as it exits FY23 and another 10-15 bps improvement by FY24E.
Healthcare Global Enterprises Ltd. - Healthcare Global is expected to turn around its operating profitability with operating Ebitda margins improving by 680 bps over FY21-FY24E, majorly driven by- operating leverage driven by the increase in average occupancy rates (53%-58%), Increase in average revenue per occupied bed led by the increase in international patients and high end works, and operating leverage in new centers that have already achieved breakeven.
Click on the attachment for the full list of Axis Securities' stock picks for October 2022:
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