PolicyBazaar, Nykaa, Zomato make it to Morgan hotlist of internet picks

Morgan Stanley India favors PB Fintech, FSN E-Commerce, and Zomato as top internet picks for the second half of FY24, anticipating a surge in sales growth and improved profitability.

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Morgan Stanley India favours PB Fintech, FSN E-Commerce, and Zomato as top picks among new-age companies for the second half of FY24, hoping a surge in sales growth and higher profitability.

“Companies that have demonstrated strong growth along with profitability improvement since pre-Covid levels are PB Fintech, One97 and Zomato. We expect these three names to figure ahead of others on this balancing act over F23-27 also,” Morgan Stanley said in its recent note.

PB Fintech runs the insurance and finance product aggregator PolicyBazaar.com, while FSN E-Commerce operates online personal care products retailer Nykaa.

Morgan Stanley prioritises stocks with robust profit growth, even if they have relatively higher valuation multiples. Among the stocks considered, Zomato stands out as the most expensive, but it is also perceived to have the highest potential for profit growth.

“We expect EBITDA margin improvement will be driven by: (a) better contribution margins (largest delta for Zomato/PB Fintech), and (b) strong operating leverage across the board (largest delta for One97/PB Fintech). On
a steady state (F27), we expect margins for One97, PB Fintech and MakeMyTrip to be 20 percent-plus of revenues, and those for Zomato/FSN/Delhivery to be 11-14 percent,” the Morgan report said.

The brokerage house has maintained an ‘overweight’ rating on PB Fintech, Zomato, Nykaa, MakeMyTrip, and Delhivery. Additionally, they have assigned an equal-weight rating for Paytm.