2025-06-11-Jefferies-自下而上分析师最佳建议（2025年6月）_22页_242kb

报告摘要

India Equity Strategy - Top Investment Ideas

Top Buys

Financials
- HDFC Bank: Benefits from lower Loan-to-Deposit Ratio (LDR), stable asset quality, and improving loan growth. Rated Buy with a target price of ₹2,340.
- ICICI Bank: Strong deposit growth, lowest LDR among private banks, and expected 12% CAGR in earnings. Target price ₹1,710.
- Max Financial Services: Life insurance sector leader with strong regulatory support. Target price ₹1,700.
- Bajaj Finance: Guided to 24% CAGR in earnings; stable under management transition. Target price ₹10,440.
- Cholamandalam Finance (CIFC): Multiple expansion and margin upside; target price ₹1,910.
Automotive
- Mahindra & Mahindra: Strong tractor volumes and improving auto franchise; target price ₹10,870.
- TVS Motor: Gains from 2W exports and EV adoption; target price ₹3,430.
Infrastructure & Capital Goods
- Hindustan Aeronautics (HAL): Defense orders and aircraft deliveries; target price ₹6,475.
- NTPC: Power capex growth; target price ₹490.
- JSW Energy: Capacity expansion in renewable power; target price ₹700.
- Jindal Stainless: Market leader in stainless steel with exposure to global demand; target price ₹800.
Consumer
- Jubilant Foodworks: Pizza chain benefiting from SSS recovery; target price ₹1,000.
- Vishal Mega Mart: Value retail leader with expanding store base; target price ₹142.
Others
- Infosys: IT services giant with improving pricing; target price ₹1,660.
- Max Healthcare: Hospital expansion and regulatory reforms; target price ₹1,400.
- UltraTech Cement: Leader in cement capex and pricing; target price ₹14,000.
- Bharti Airtel: Telecom leader with subscriber growth; target price ₹2,370.
- Indigo航空: Strong domestic demand and fleet expansion; target price ₹6,300.