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Tuesday, 18 June 2019

Stocks in 10 Dollar Billion club in 2019 - SBI Life Insurance, Shree Cement ....



This year Shree Cements and SBI Life entered the $10 billion club, while stocks like JSW Steel and Vedanta which were quoting a market capitalization of over 69000 crore RS on 31 December 2018, failed to endure the momentum and are out of the club.

The market rewards uniformity, quality in management and earnings growth. SBI Life Insurance and Shree Cements which rose 17% and 19% this year, so far, entered in the new $10 billion clubs (market cap over Rs 69,000 crore).

By June 11, 2019, as many as 42 stocks have a market capitalization of over Rs 69,000 crore or $10 billion. These stocks include Godrej Consumer, IndusInd Bank, Titan Company, NTPC, Asia Paints, Britannia Industries, Avenue Supermarts, Sun Pharma,  Coal India, Maruti Suzuki, ICICI Bank, Kotak, SBI among others.

Meanwhile, Tata Consultancy Services and Reliance Industries are the only stocks in the elite $100 billion club.

While JSW Steel fell by 11%, Vedanta saw a decline of 15% so far this year, which reduced the market capitalization of both companies below Rs 69,000 crore.

Sources remain positive on Shree Cement and SBI Life Insurance and investors who hold these stocks should keep hold.

Nomura maintained its rating on Shree Cements with a target price of Rs 21,500. Volume growth remains healthy for the cement stocks and, at the same time, the costs are also easing which is a good sign.

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The rally has been driven by expectations of the hike at cement price. “We believe cement is in an up-cycle, but we think cement price increase may remain slow, especially after the government’s recent criticism.

“Despite a 5% decline since this criticism, valuations at 6.4x FY21F core EBITDA and 33x FY21 P/E are expensive. Overall, we expect 11% YoY volume growth for Shree in FY20-21F,” 

As for SBI Life Insurance, Kotak Securities retained its rating with a target price of Rs 800. SBI Life reported 14 % growth in APE in 4QFY19, which was in line with 9MFY19 growth rate, though lower than 17 % reported in 3QFY19.

Kotak Securities expects SBI Life to deliver 18 % medium-term operating RoEV with 19 percent VNB (Value of new business) and 19 % EVOP (Embedded value operating profit) CAGR during FY2019-22E.

The brokerage firm continues to build in high-teens growth and a moderate improvement in VNB margins to drive 18 percent operating RoEV. The brokerage firm also raised the fair value of SBI Life Insurance to Rs 800 from Rs 790 earlier.

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