4QFY21 EBITDA miss by 5%, however reported strong order inflows despite the lack of large orders. Working capital improvement aided solid cash flows. Valuations stretched despite factoring in positives of 35% EPS CAGR over FY21-23F, leading to lower safety margin if overall capex recovery is delayed. Reiterate Reduce with higher target price of Rs1,275.
- 1 Macro Analysis/Kazakhstan Kazakhstan: NBK keeps base rate on hold at 9%
- 2 Macro Analysis/Russia Russia: Retail sales rise 34.7% y/y in April on base effect, aboove expectations
- 3 Strategy Note/Global Peru election: Leftist Castillo 'wins'– implications for bonds, equities, copper
- 4 Strategy Note/Vietnam The ultimate guide to Vietnam fintech
- 5 Flash Report/Global El Salvador moves to make bitcoin legal tender; other countries may follow suit
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...