HDFC Bank Q1 Preview: Amid the muted economic activity, analysts across the board, expect HDFC Bank s bottomline to shrink during the June quarter of FY22 (Q1Fy22) on a sequential basis even as they see up to 30 per cent year-on-year growth on a low base. However, suspension of business activity for the second straight year, due to the second wave of Covid-19, makes them watchful of its SME, unsecured, and agri books. The Mumbai-based lender s near washed-out business operation during the quarter is reflected in its stock price. The scrip added just 0.3 per cent in three months to June as against a 7 per cent rally in the benchmark Nifty50 index and 4.4 per cent gain in the Nifty Bank index, ACE Equity data show.
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The government’s push on infrastructure along with sustained demand courtesy affordable housing has turned analysts bullish on the cement sector. Besides, expectations of further price hikes, to ensure sustainability of the current hikes, further alleviate their concerns on sustenance of margins amid rising cost pressures. Factoring-in an above-average demand growth of 9 per cent CAGR over financial year 2021-23, coupled with and limited new supply (4.6 per cent CAGR), analysts at global brokerage Morgan Stanley have raised their FY23 earnings estimates by up to 13 per cent, driven by better realization/margin assumptions. “Valuation (on EV/EBITDA) is not cheap, but with improving growth visibility and return ratios, multiples tend to overshoot long-term averages, and investors focus should shift to two-year forward EV/EBITDA and free cash flow (FCF) yield, which are still attractive,” notes Gaurav Rateria, equity analyst at the brokerage in a co-authored report with Muku