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Friday, May 26, 2023

Jefferies’ Chris Wooden provides Zomato to India portfolio; HDFC Life makes exit

Jefferies’ World Head of Fairness Technique Christopher Wooden has picked meals supply app Zomato for his India long-only portfolio. The load of the inventory will probably be 4%. However, Wooden has eliminated HDFC Life Insurance coverage from the identical.

Zomato has additionally been added to the worldwide long-only fairness portfolio, which will probably be paid for by shaving off the investments in JD.com and Alibaba by 2% factors every, in accordance with a Jefferies’ Might version of ‘Greed & Worry’.

In his Asia ex-Japan long-only portfolio, Zomato and SBI Life Insurance coverage have discovered a spot as investments in HDFC Life Insurance coverage and Commonplace Chartered make an exit, the Jefferies report stated.

Wooden has additionally added weight by 2% in REC and the rise in weight comes on the expense of Oil & Pure Gasoline Company.


The transfer comes after the ace investor picked-up non-public lender Axis Financial institution and mid-cap inventory Thermax Restricted for his India Lengthy-only portfolio. The load of shares is 5% and 6%, respectively.The investments in AIA Group, Financial institution Central Asia, Bajaj Finance, Godrej Properties and Macrotech Builders can even all be elevated by one share level every, the Greed & Worry report acknowledged.

Zomato is again in focus of many prime brokerages after the meals supply platform posted its Q4FY23 earnings the place it narrowed its year-on-year and sequential losses.

Listed under are brokerage views:

Goldman Sachs: Purchase | Goal: Rs 82
The international brokerage has a ‘purchase’ stance on Zomato for a worth goal of Rs 82. The corporate This fall earnings have been higher than Goldman Sachs’ expectations on a number of metrics. The brokerage famous bettering development and revenue outlook.

Emkay: Purchase | Goal: Rs 90
We preserve ‘purchase’ on Zomato with TP of Rs 90/share. The superior This fall efficiency bolsters our perception in Zomato’s capacity to execute & ship worthwhile development. Enchancment in client sentiment is anticipated to drive GOV/MTU development.

Nomura: Scale back | Goal: Rs 45
Nomura maintains a ‘scale back’ on Zomato shares with a worth goal of Rs 45, implying a 30% draw back. We think about a weaker FD enterprise outlook and stronger Q-commerce development, and better CM margin in meals supply resulting in a decrease EBITDA loss in FY24F.

Our DCF-based goal worth of Rs 45 stays unchanged. Attaining excessive GOV development and powerful CM enchancment in core FD enterprise stay difficult, in our view. Key dangers are stronger-than-expected GOV development in FD enterprise and faster break-even in Q-commerce.

(Disclaimer: Suggestions, ideas, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Instances)

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