Jhaveri Securities Ltd. Rajpipla

07/05/2021

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04/05/2021

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07/03/2021

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15/02/2021

Recommendation*
*Power Grid Corporation of India Limited*
*Capitalisation to drive growth; Asset monetisation key catalyst*
*Rating: Buy*
(CMP: 213, Price Target: 245)
*Company Description*
Power Grid is into the power transmission business with the responsibility for planning, implementation, operation, and maintenance of inter-state transmission system and operation of the National and Regional Load Dispatch Centres. The company’s segments include transmission, telecom, and consultancy.
*Key Investment Arguments*
• Q3FY2021 PAT increased by 24.3% y-o-y to Rs. 3,324 crore, which was 4.7% above our estimate of Rs. 3,174 crore. Robust growth in PAT was led by capitalisation of Rs. 12,574 crore in 9MFY2021 and higher other income (up 25.7% y-o-y).
• Management has guided for capex of Rs. 10,500 crore/Rs. 7,500 crore and asset capitalisation of Rs. 21,000 crore/Rs. 10,000 crore for FY2021E/FY2022E. Work in hand at Rs. 47,100 crore provides earnings visibility (expect a 17% PAT CAGR over FY2021E-FY2023E).
• Monetised five TBCB assets worth Rs. 7,200 crore through the launch of InvIT by March 2021 could help unlock value. Reduction in receivables (through the power sector package of over Rs. 3 lakh crore) would improve the balance sheet.
• Hence, we maintain our Buy rating on Power Grid with a revised PT of Rs. 245, given earnings visibility, attractive valuation of 1.3x its FY2023E P/BV (25% discount to historical P/BV), and healthy dividend yield at 5%.

09/02/2021

*Sensex, Nifty rally 10% since Budget Day to hit record highs: What should investors do now?*
We would advise investors to use the rally in the markets to restructure their portfolio and exit stocks that have balance-sheet or corporate governance issues and not performed in ATH market

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07/02/2021

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02/02/2021

Decoding budget
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31/01/2021

Budget session with Jhaveri securities Ltd
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27/01/2021

Long term investment idea with Acmatic wealth management
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26/01/2021

20/01/2021

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20/01/2021

Be cautious till Budget.. 0️⃣1️⃣0️⃣2️⃣2️⃣0️⃣2️⃣1️⃣

Market will highly volatile

Respect your Stop Loss

Intraday : Exit with small profit /loss

No emotion on trading positions

Avoid BTST

Sell on rise

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