BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
We downgrade our estimates for the coverage companies to factor in impact of-
underlying commodity price damage as well as government intervention,
higher than previously expected rise in bond yields, implying higher terminal rates for this hike cycle,
significantly higher odds of a recession in the U.S. / markdown for global and India domestic demand.
The above headwinds, while known earlier, have intensified much more and hence the downgrades and lower multiples.
We downgrade our estimates and multiples factoring volume growth, profitability risk and account for slowdown.
Key risks to our stance are-
inflation topping out earlier and sharper versus current consensus,
China stimulus and reopening shifting sentiment for commodities,
previous mentioned events lead to reversal in Indian government stand on export duties et al.
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