Havell's India, Mahindra & Mahindra, HPCL

HSBC in their report on Havell's India

We lower sales expectations on volatile copper prices; cut standalone EPS forecast by 11% and 20% for FY08e and FY09e to INR26.3 (+38% y-o-y) and INR32.1 (+22.4%)
Sylvania acquisition should be earnings-accretive even at 10% equity dilution; consolidated EPS for FY08e and FY09e estimated at INR34.4 and INR39.4, 31% and 23% higher than standalone, respectively Await more information on the acquisition; retain Overweight (V) rating and revise target price to INR631 from INR635

HSBC in their report on Mahindra & Mahindra say,

PAT for core auto and farm equipment business up 11.6% y-o-y, and for the remaining divisions, up 147% for FY07 We estimate contribution of non-auto and tractor business to total EPS is likely to go up to 57.5% in FY08 from 48.6%
currently Maintain Overweight with sum-of-parts valuation based target price of INR950/share. Restructuring of auto-parts business and potential IPO of hospitality division should help off-set lower value of auto and tractor divisions

Man Financial in their report on Mahindra & Mahindra

Mahindra and Mahindra's (M&M) Q4FY07 results were in line with our estimates, both on the top-line and bottom-line front. However, operating margins were under pressure and fell 50bps YoY to 11.4%, below expectations. M&M stock is down by about 24% from its peak in January 2007, turning the valuations attractive. We continue to believe that M&M is one of the best plays on the growing Indian automotive industry from a long-term perspective. Maintain BUY with target of Rs 1060, based on SOTP valuation.

Merrill Lynch in their report on HPCL

Attractive dividend yield, P/BV of 0.99; retain Buy
HPCL's FY07 EPS, at Rs46.4, is almost 4x FY06 EPS of Rs12. Quality of FY07 earnings is admittedly poor as it is entirely attributable to oil bonds. There is also uncertainty on FY08E earnings. However, recent government decisions suggest bond issue may be generous even in FY08. HPCL's dividend yield is attractive - 6.5% for FY07 and 5.4% for FY08E. It is also cheaper than peers on PE and is trading marginally below estimated NAV. We retain our Buy rating on HPCL.