Following are the Q4 earnings preview from Angel Broking for companies whose results are expected today:
ICICI Bank
''We expect the bank to report a healthy NII growth of 16.4% yoy to Rs 44.25 billion. Non-interest income is expected to grow strong by 27.8% yoy to Rs 28.22 billion. Operating expenses are expected to increase by 15.3% yoy to Rs 27.75 billion. Provisioning expenses are expected to increase by 63.1% yoy to Rs 7.5 billion. Overall, we expect the PAT to grow by 13.4% yoy at Rs 26.14 billion. At the CMP the stock trades at 1.7x FY2016E ABV. We recommend a Buy rating on the stock, with a target price of Rs 1,606.''
Maruti Suzuki
''We expect the company to register strong results; yoy performance though is not comparable due to the Suzuki Powertrain India (SPIL) merger during 4QFY2013. We expect EBITDA margins to decline marginally by 40bp qoq to 12%, leading to a 8% qoq growth in operating profit. Nevertheless, aided by higher other income, the bottom-line is expected to surge strongly by 33% qoq to Rs 9.07 billion. At the CMP, the stock is trading at 15x FY2016E earnings. Currently, we have an Accumulate rating on the stock with a target price of Rs 2,119.''
Axis Bank
''We expect the bank to report a healthy NII growth of 19.3% yoy to Rs 31.78 billion, primarily on back of healthy advance growth of 18% yoy. Non-interest income is expected to remain largely flat yoy at Rs 20.69 billion. Operating expenses are expected to increase by 13.3% yoy to '2,120cr. Provisioning expenses for bank are expected to be lower by 17.7% yoy to Rs 4.90 billion. Overall the earnings are expected to grow 16.8% yoy during the quarter to Rs 18.17 billion. At the CMP, the stock is trading at 1.4x FY2016E ABV. We recommend a BUY rating on the stock with a target price of Rs 1,922.''
Bosch
''We expect Bosch to register a healthy top-line growth of 6% yoy to Rs 23.34 billion, largely led by growth in exports and marginal uptick in domestic automotive sales. We expect EBITDA margins to contract 70bp yoy to 16.6% due to raw-material cost pressures and also due to the impact of INR depreciation on imports. Hence, net profit is expected to post a modest growth of 3% yoy to Rs 2.68 billion during the quarter. At Rs 10,450 the stock is trading at 23x CY2015E earnings. We maintain our Accumulate rating on the stock with a target price of Rs 11,381.''
Exide Industries
''We expect the company to report poor performance yet again as the industrial battery segment (accounting for 35% of total sales) continues to witness sluggish sales. Additionally, the company is also losing market share in the replacement segment to Amara Raja Batteries. We expect the top-line to decline 4% yoy to Rs 14.76 billion. The bottom-line is expected to decline 13% yoy to Rs 1.27 billion as EBITDA margins are expected to remain under pressure and register a decline of 30bp yoy to 13%. At the CMP, the stock is trading at 17.3x FY2016E earnings. Currently, we have a Neutral rating on the stock.''
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