Hot Stocks: Brokerage view on Max Financials, Pidilite, JSW Energy and PB Fintech

Morgan Stanley on PB Fintech: Equal Weight| Target Rs 1010

Morgan Stanley maintained an Equal Weight rating on PB Fintech with a target price of Rs 1010.

The beat was led by much stronger insurance business. The core business beat was led by strong insurance new business growth.

Disbursement growth was weaker due to tighter credit supply. Adjusted EBITDA margin reached a new high.

Investor focus will be on the sustainability of premium momentum and a pickup in the credit business.

Jefferies on JSW Energy: Buy| Target Rs 690

Jefferies maintained a buy rating on JSW Energy but raised the target price to Rs 690 from Rs 600 earlier.

The profitability improvement for the acquired portfolio is underway. The company plans to reach a 20 GW capacity target by FY30E. It forecasts a 33% EPS CAGR in FY24-27.

Goldman Sachs on Pidilite Industries: Buy| Target Rs 2850

Goldman Sachs maintained a buy rating on Pidilite Industries with a target of Rs 2850. The company reported a strong double-digit volume growth in Q4.

The rural growth outpaces urban for the fourth straight quarter. A large part of gross margin gains are likely to be invested into A&P.

UBS on Max Financials: Buy| Target Rs 1270

UBS maintained a buy rating on Max Financials with a target price of Rs 1270. APE grew 19.2% on a YoY basis while VNB grew by 1.2% YoY in FY24.

Value of new business (VNB) surprised positively in Q4FY24.

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