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ICICI, Mindtree show impressive growth

We scan through dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

     Print Edition: September 20, 2007

We scan through dozens of research reports from investment houses every fortnight to present you the six most relevant stock recommendations.

ICICI BANK

Enam Securities: “ICICI Bank has recently underperformed largely due to the huge equity offering and weak first quarter results. Most of the worries are overdone. There is a good value in many of its businesses like insurance, venture capital, securities and overseas subsidiaries. We reiterate sector Outperformer rating.”

MINDTREE CONSULTING

SSKI: “The company fares poorly in terms of client mining, which lowers sales productivity, reduces visibility and affects utilisation. Compared to its peers, MindTree’s valuations appear expensive at 19.8 times 2008-9 estimated earnings. We initiate coverage with Underperformer and a price target of Rs 510.”

RANBAXY

Edelweiss Securities: “The company has underperformed the overall health-care index by more than 12% over the past one year. We believe all the adverse news is factored in and there is limited downside now. We value the base business at Rs 418 per share and opportunities for Lipitor at Rs 40, an upside of about 28%.”

BHARTI AIRTEL

Prabhudas Lilladher: “Bharti has accelerated capex plans for network expansion and wider geographical coverage. With greater expenditure on tower infrastructure in 2007-8, it would be able to support its rising subscriber base while enhancing stakeholder value through leasing of towers. We maintain Outperformer rating.”

IDFC

Prabhudas Lilladher: “IDFC is building on its advisory, syndication and private equity business. We expect asset management and advisory to be buoyant in the coming years. The company has a dynamic management in place, which differentiates it from other players. We reiterate Outperformer with target price of Rs 155.”

BAJAJ AUTO

Religare Securities: “Bajaj Allianz Life Insurance Company and Bajaj General Insurance Company are the second-largest private insurers in the life insurance and general insurance space respectively. Our sum of the parts valuation provides a potential upside of 19% from current levels. Our one-year target price is Rs 2,748.”

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