Here Are The Top Idea Picks For October 2024 By DRChoksey

Deven Choksey Research Report

ACC - Volume growth and cost reduction initiatives to drive earnings growth (Potential upside: 16.3%)

We expect a revenue/ Ebitda/ PAT CAGR of 8.8%/ 15.1%/ 8.4% respectively over FY24 to FY26E.

We maintain our multiple of 13.0 times to FY26E Ebitda of Rs 40,527 to arrive at a target price of Rs 2,923/ share.

This implies a left-over upside of 16.3% from the current market price. We have a Buy rating on the shares of ACC since August, 02 2024.

State Bank of India - Well-placed to grab industry opportunities (Potential upside: 28.2%)

We value SBI at 1.5x FY26E price/adjusted book value on an ABV of Rs 520.6 per share and assign the subsidiaries a value of Rs 231 per share.

We maintain our target price to Rs 1,010 per share (unchanged). This implies the left-over upside of 28.2% from the current market price.

We have Buy rating on the shares of State Bank of India since 06th August 2024.

Tata Motors - New expansion strategy and JLR's positive margin outlook will drive future growth (Potential upside:18.6%)

We expect an EV/Ebitda multiple for JLR at 3.2 times FY26E Ebitda and value the Chery-JLR joint venture at 2.4 times EV/Ebitda, TML-CV at 14.0x, and TML-PV at 16.0x, reflecting steady prospects.

With positive outlooks for CV and JLR, we set a target price of Rs 1,156, including Rs 42.00 for Tata Technologies. With a left-over upside of 18.6%, we have an “Accumulate” rating on Tata Motors shares since August 12, 2024.

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