Bata India (BATIND) 492

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Bata India (BATIND) 492"

Transcription

1 es Result Update Rating matrix Rating : Hold Target : 515 Target Period : 12 months Potential Upside : 5% What s changed? Target Changed from 462 to 515 EPS FY17E Changed from 11.1 to 12.0 EPS FY18E Changed from 15.0 to 16.7 EPS FY19E Changed from 17.1 to 19.0 Rating Changed from Buy to Hold Quarterly performance Q3FY17 Q3FY16 YoY (%) Q2FY17 QoQ (%) Revenue EBITDA (3.1) EBITDA (%) bps bps PAT Key financials ( crore) FY16 FY17E FY18E FY19E Net Sales 2,418 2,462 2,754 3,057 EBITDA Net Profit EPS ( ) Valuation summary FY16 FY17E FY18E FY19E P/E Target P/E EV to EBITDA Price to book RONW (%) ROCE (%) Stock data Particular Amount Market Capitalisation ( Crore) 6,323.6 Debt (FY16) ( Crore) - Cash (FY16) ( Crore) EV ( Crore) 5, week H/L 613 / 400 Equity Capital ( Crore) 64.3 Face Value ( ) 5 Price performance 1M 3M 6M 12M Bata India Liberty Shoes Relaxo Footwear Research Analysts Bharat Chhoda Cheragh Sidhwa February 13, 2017 Bata India (BATIND) 492 Enhancing product mix to boost revenue Bata India s Q3FY17 results were above our estimates on the revenue and EBITDA front. However, on account of exceptional item (VRS expense), PAT came in below our estimate. Revenues witnessed decent growth of 2.5% YoY to crore marginally above our estimate of crore Higher employee expense, up 8% YoY to 65.8 crore, and higher rent expense, up 5.5% YoY to 89.9 crore, led to a decline in operating margins by 70 bps YoY to 11.8% vs. estimated 11.6%. Absolute EBITDA de-grew 3.1% YoY to 75.7 crore (I-direct estimate: 72.9 crore) Bata had to incur a one-time exceptional expense of voluntary retirement scheme for the Faridabad unit, which was at 21.7 crore. Adjusted PAT (excluding exceptional expense) grew 32.5% YoY to 59.4 crore (I direct estimate: 42.1 crore) mainly on account of higher other income that was at 19 crore vs. 9 crore in Q3FY16 Bata looking at franchise way to expand The management has indicated at expanding its business via franchise model rather than opening company owned EBOs that have a long gestation period to breakeven due to relatively higher rentals & maintenance cost. Bata currently has 64 franchise stores, 1300 retail stores. The company is evaluating new locations and has currently identified 100 potential trade areas covering both malls, high street areas. Focusing on youth centric, women s designs To lure today s young generation, the company is heading for a makeover in its product portfolio. The company will bring in a young team of designers and communication specialists who will focus on casual fashion footwear. Bata is lining up new launches in youth-oriented space through its sub-brands like Power, Weinbrenner and Footin. The upcoming new brands will be more casual and stylish to attract the youth. Strengthening Omni-channel presence Bata has been facing significant competition from online websites, negatively impacting specific categories of Bata. To counter the same, Bata aims to create a separate product portfolio exclusively for online sales that will make its products more competitive against deep discounts offered by e-commerce players. The company has also strengthened its omni-channel presence, which enables its customers to either buy it online and collect it from a store or place a request for a product that they can reserve for up to 48 hours for trial in a store. Improvement in product mix remains crucial; recommend HOLD Like the textile sector, keeping job generation as a primary agenda, a scheme is expected to be implemented for leather and footwear industry, which would incentivise the footwear sector. We believe the scheme augurs well for footwear companies including Bata. Bata s efforts have been in the right direction with focus on SSSG, which would lead to profitable growth for the company. Bata is also doubling its advertising expenditure for FY17 for brand building purposes. We would watch the progress on recent initiatives undertaken by the company to revive the growth. Hence we assign a HOLD recommendation on the stock with a target price of 515 (based on 27.0 FY19E EPS of 19.0). ICICI Securities Ltd Retail Equity Research

2 Variance analysis Q3FY17 Q3FY17E Q3FY16 YoY (%) Q2FY17 QoQ (%) Comments Revenue Revenue was above our estimates and recorded a 2.4% YoY growth Other Operating Income Raw Material Expense Gross Margin (%) bps bps Employee Expense Rental Expenses Other Expenses EBITDA EBITDA Margin (%) bps bps Operating margins declined marginally by 68 bps YoY on account of higher rental and employee expense Depreciation Interest Other Income Other income came in higher at 19.0 crore vs. 9.0 crore YoY Exceptional Item NA 0.00 NA Exceptional expense on account of VRS PBT Tax Outgo PAT Adjusted PAT stood at 59.4 crore Change in estimates FY17E FY18E FY19E ( Crore) Old New % Change Old New % Change Old New % Change Comments Revenue 2, , , , , , We have revised our estimates upwards EBITDA EBITDA Margin (%) bps bps bps PAT EPS ( ) ICICI Securities Ltd Retail Equity Research Page 2

3 Company Analysis Revenues to grow at CAGR of 8.1% for FY16-19E Bata has adopted a strategy to design products based on various consumers. Other than its leather footwear, the company has started focusing on products catering to the youth, women and kids along with brand extensions in the accessories segment. Bata is lining up new launches in youth-oriented space through its sub-brands like Power, Weinbrenner and Footin. The upcoming new brands will be more casual and stylish to attract the youth. The company is also tapping into fast growing e-commerce by partnering with major players like Flipkart, Amazon, Myntra and Jabong besides its own portal. At the top of the product pyramid for Bata, it has placed the brand Hush Puppies. Hush Puppies has seen good growth over the years and sold over one million pairs in FY15, FY16. The brand has a presence through 68 exclusive brand stores and 37 shop-in-shops in premium departmental stores. The company is planning to position Hush Puppies as an international premium lifestyle brand, which will be more comfortable and contemporary fashion style. The company plans to open Hush Puppies and Footin stores thereby catering to family, women, men, youth and kids segments. The company is also aggressively focussing on children s footwear through the Bubblegummers brand. As per the company, this segment has huge potential with ~18% of India s population below 10 years of age. The company has also entered into an association with brand Disney to create a complete collection covering all types of footwear ranging from casual shoes, canvas shoes to ballerinas to everyday-wear sandals and chappals. A high level of competition from MNCs and e-commerce players adversely impacted revenue growth in H1FY17. The second half of the fiscal is generally a stronger period for the company on account of the festive & wedding season. However, the revenue growth in Q3FY17 remained subdued on account of demonetisation. Going forward, we expect revenue growth to revive from FY18E onwards on account of improved product mix and company following dual strategy of driving SSSG and opening new stores in untapped locations. We expect revenues to grow at a CAGR of 8.1% YoY during FY16-19E. Exhibit 1: Revenue trend crore 3,500 3,000 2,500 2,000 1,500 1, ,092 1,258 1,543 1,842 2,065 2,694 2,418 2,462 2,754 3, CY08 CY09 CY10 CY11 CY12 CY13 FY15 FY16 FY17E FY18E FY19E ; FY15 is for 15 months ICICI Securities Ltd Retail Equity Research Page 3

4 Focus on expansion through franchisee route During FY16, the company opened 26 new stores. Over the last three or four years, the company has clearly focused on closing down stores of ~1,000 sq ft and been adding stores averaging ~3,000 sq ft. The stores added in 2016 have been larger in size and based on the global design with ample space for displaying the larger range of products. Going ahead, the company plans to add 30 new stores every year and also 30 new franchisee stores in Tier-III and Tier-IV cities across India. Bata also plans to add five destination stores each year. Such destination stores will have very large retail space located on the outskirts of cities with all amenities like ample parking space, children s play area and food court. Also, the company will continue renovating existing stores and improving layouts with the objective of increasing same store sales growth for these stores. EBITDA margins to improve on the back of higher focus on SSSG For FY17E, we expect EBITDA margins to remain under pressure on account of a stagnant revenue growth and higher fixed costs such as rent expense and employee cost, resulting in negative operating leverage. However, we expect margins to stabilise in FY18E owing to a) revival in revenue growth b) investments in newly opened large format stores to start delivering better returns, c) promotional offers & discount schemes to boost online & offline sales and d) higher SSSG from existing stores. Exhibit 2: EBITDA margins to improve from FY18E onwards ( crore) (%) - CY08 CY09 CY10 CY11 CY12 CY13 FY15 FY16 FY17E FY18E FY19E 5 EBITDA EBITDA Margin ICICI Securities Ltd Retail Equity Research Page 4

5 PAT, return ratios to recover from FY18E onwards We expect PAT to decline from crore in FY16 to crore in FY17E on account of flattish revenue growth and absence of exceptional gain to the tune of 74.7 crore in FY16. Also, the company had to incur a one-time exceptional expense of Voluntary retirement scheme for the Faridabad unit, which was at 21.7 crore. However, we expect a revival in PAT from FY18E onwards. The company reported a RoE of 18.5% in FY16. However, if we exclude exceptional gain of 74.7 crore, we get an adjusted RoE of 12%. Return ratios are expected to decline in FY17E on account of a subdued operational performance. However, they are likely to pick up, going forward. We expect RoCE to increase from 16.5% in FY16 to 19.7% in FY19E with RoE increasing from 12.2 % (adjusted) in FY16 to 16.2% in FY19E. Exhibit 3: PAT margin to improve FY18E onwards Exhibit 4: and return ratios to improve FY18E onwards ( crore) CY11 CY12 CY13 FY15 FY16 FY17E FY18E FY19E (%) (%) CY09 CY10 CY11 CY12 CY13 FY15 FY16 FY17E FY18E FY19E PAT PAT Margin RoE RoCE ICICI Securities Ltd Retail Equity Research Page 5

6 Valuation Like the textile sector, keeping job generation as a primary agenda, a scheme is expected to be implemented for leather and footwear industry, which would incentivise the footwear sector. We believe the scheme augurs well for the footwear companies including Bata. Bata s efforts have been in the right direction with focus on SSSG, which would lead to profitable growth for the company. Bata is also doubling its advertising expenditure for FY17 for brand building purposes. We would watch the progress on recent initiatives undertaken by the company to revive the growth. Hence, we assign a HOLD recommendation on the stock with a target price of 515 (based on 27.0 FY19E EPS of 19.0). Exhibit 5: Valuations Sales Growth EPS Growth PE EV/EBITDA RoNW RoCE ( cr) (%) ( ) (%) (x) (x) (%) (%) FY FY17E FY18E FY19E ICICI Securities Ltd Retail Equity Research Page 6

7 Recommendation history vs. consensus estimate ( ) Feb-15 Apr-15 Jul-15 Sep-15 Nov-15 Feb-16 Apr-16 Jul-16 Sep-16 Dec Feb-17 (%) Price Idirect target Consensus Target Mean % Consensus with BUY Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Event Jan-10 Bata achieved 10.6% revenue growth in CY09. Operating margin expanded 265 bps to 11.9% on the back of improving product mix Sep-10 Topline continued to grow at 10-15% and the company continued to witness margin expansion Jan-11 From the 10-12% topline growth, the company started to report revenue growth in excess of 20% Sep-11 In Q3CY11, the company achieved a topline growth of 26.3% YoY. The operating margin too expanded from 12.8% (Q3CY10) to 14.5% (Q3CY11) Dec-11 After a series of margin expansions over the last five to seven years, the operating margin remained flat at 15.5% for CY11 May-12 The company continued to post robust topline growth. The PAT growth was even faster considering margin expansion Apr-13 The rate of topline growth came down to low double digits and as margins remained flattish, the pace of PAT growth started to decline. PAT grew 6.8% in Q1CY13 Jul-13 Bata announced plans to open 100 stores each year thereby increasing the scope for revenue growth Jan-14 The company's growth rate slipped to higher single digits on the back of dampened consumer sentiment. Revenues grew ~9% in Q4CY13 and Q1CY14. Similarly, PAT growth slipped to the % range May-15 Announced Stock Split from FV 10 to 5 Aug-15 Ties up US Footwear Brand Caterpillar Sep-15 Bata stock split from FV 10 to 5 Top 10 Shareholders Rank Investor Name Latest Filing Date % O/S Position (m) Change (m) 1 Bata (BN) B.V. 31-Dec % Life Insurance Corporation of India 31-Dec % ICICI Prudential Asset Management Co. Ltd. 31-Dec % Franklin Templeton Asset Management (India) Pvt. Ltd. 31-Dec % Birla Sun Life Asset Management Company Ltd. 31-Dec % Fidelity International Asset Management Company (Korea) 31-Dec % Vidya Investment & Trading Co., Pvt. Ltd. 30-Sep % FIL Investment Management (Singapore) Ltd. 31-Aug % IDFC Asset Management Company Private Limited 31-Dec % Lombard Odier Darier Hentsch & Cie 30-Jun % Source: Reuters, ICICIdirect.com Research Shareholding Pattern (in %) Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Promoter FII DII Others Recent Activity BUY SELL Investor Name Value Shares Investor Name Value Shares ICICI Prudential Asset Management Co. Ltd Axis Asset Management Company Limited Life Insurance Corporation of India Baroda Pioneer Asset Management Company Limited Franklin Templeton Asset Management (India) Pvt. Ltd UTI Asset Management Co. Ltd Fidelity International Asset Management Company (Korea) BNP Paribas Asset Management India Pvt. Ltd IDFC Asset Management Company Private Limited Mellon Capital Management Corporation Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 7

8 Financial summary ES Profit and loss statement Crore (Year-end March) FY16 FY17E FY18E FY19E Total operating Income 2, , , ,057.2 Growth (%) Raw Material Expenses 1, , , ,459.6 Employee Expenses Manufacturing Expenses Selling & Distribution Expenses Admin & Other Expenses Total Operating Expenditure 2, , , ,685.6 EBITDA Growth (%) Depreciation Interest Other Income Exceptional Item PBT Growth (%) Total Tax PAT Growth (%) EPS ( ) Cash flow statement Crore (Year-end March) FY16 FY17E FY18E FY19E Profit before Tax Add: Depreciation (Inc)/dec in Current Assets Inc/(dec) in CL and Provisions Taxes Paid Others CF from operating activities (Inc)/dec in Fixed Assets Others CF from investing activities Issue/(Buy back) of Equity Inc/(dec) in loan funds Dividend paid & dividend tax Others CF from financing activities Net Cash flow Opening Cash Deposits with maturity > 3 months Closing Cash Balance sheet Crore (Year-end March) FY16 FY17E FY18E FY19E Liabilities Equity Capital Reserve and Surplus 1, , , ,447.6 Total Shareholders funds 1, , , ,511.9 Total Debt Deferred Tax Liability Minority Interest / Others Total Liabilities 1, , , ,511.9 Assets Gross Block ,110.2 Less: Acc Depreciation Net Block Capital WIP Total Fixed Assets Investments Inventory Debtors Loans and Advances Other Current Assets Cash Total Current Assets 1, , , ,633.5 Current Liabilities Provisions Total Current Liabilities Net Current Assets Deferred Tax Assets Application of Funds 1, , , ,511.9 Key ratios (Year-end March) FY16 FY17E FY18E FY19E Per share data ( ) EPS Cash EPS BV DPS Cash Per Share Operating Ratios EBITDA Margin (%) PBT Margin (%) PAT Margin (%) Inventory days Debtor days Creditor days Return Ratios (%) RoE RoCE RoIC Valuation Ratios (x) P/E EV / EBITDA EV / Net Sales Market Cap / Sales Price to Book Value Solvency Ratios Debt/EBITDA Debt / Equity Current Ratio Quick Ratio ICICI Securities Ltd Retail Equity Research Page 8

9 ICICIdirect.com coverage universe (Retail) CMP M Cap EPS ( ) P/E (x) EV/EBITDA (x) RoCE (%) Sector / Company ( ) TP( ) Rating ( Cr) FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E Bata India (BATIND) Hold 6, Shoppers Stop (SHOSTO) Buy 2, , Titan Company (TITIND) Buy 37, RoE (%) ICICI Securities Ltd Retail Equity Research Page 9

10 RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai ICICI Securities Ltd Retail Equity Research Page 10

11 ANALYST CERTIFICATION We /I, Bharat Chhoda, MBA and Cheragh Sidhwa, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI Registration Number INH ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. ( associates ), the details in respect of which are available on ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavor to update the information herein on a reasonable basis, ICICI Securities under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report. It is confirmed that, Bharat Chhoda, MBA and Cheragh Sidhwa, MBA, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that, Bharat Chhoda, MBA and Cheragh Sidhwa, MBA, Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. ICICI Securities Ltd Retail Equity Research Page 11

Bata India (BATIND) 622

Bata India (BATIND) 622 es Result Update Rating matrix Rating : Buy Target : 700 Target Period : 12 months Potential Upside : 13% What s changed? Target Changed from 650 to 700 EPS FY18E Changed from 17.0 to 17.5 EPS FY19E Changed

More information

Bata India (BATIND) 740

Bata India (BATIND) 740 es Result Update Rating matrix Rating : Buy Target : 880 Target Period : 12 months Potential Upside : 19% What s changed? Target Unchanged EPS FY18E Changed from 17.9 to 17.6 EPS FY19E Changed from 22.0

More information

D-Link India (DLILIM) 105

D-Link India (DLILIM) 105 Company Update Rating matrix Rating : Buy Target : 140 Target Period : 18-24 months Potential Upside : 34% What s Changed? Target Changed from 150 to 140 EPS FY18E Changed from 11.4 to 9.5 EPS FY19E Introduced

More information

Cement. Pet coke ban to dent margins in short-term. Sector Update. ICICI Securities Ltd Retail Equity Research. November 20, 2017

Cement. Pet coke ban to dent margins in short-term. Sector Update. ICICI Securities Ltd Retail Equity Research. November 20, 2017 Sector Update Sectoral View Cement Positive Rating matrix Companies Rating Target Price Old Revised Old Revised Shree Cement Hold Hold 19700 19000 JK Lakshmi Cement Buy Buy 495 470 Mangalam Cement Buy

More information

Emmbi Industries (EMMPOL)

Emmbi Industries (EMMPOL) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore Net Sales 2.2 139.7 157.9 182.6 EBITDA 9.8 12.6 15.3 19.7 Net Profit 3.3 3.2

More information

Wim Plast Ltd (WIMPLA) 1320

Wim Plast Ltd (WIMPLA) 1320 Company Update Rating matrix Rating : Hold Target : 1420 Target Period : 12 months Potential Upside : 8% What s changed? Target Unchanged EPS FY17E Changed from 46.4 to 46.7 EPS FY18E Introduced at 56.1

More information

Siyaram Silk Mills (SIYSIL) 575

Siyaram Silk Mills (SIYSIL) 575 Result Update Rating matrix Rating : Buy Target : 655 Target Period : 12 months Potential Upside : 15% What s changed? Target Changed from 620 to 655 EPS FY18E Changed from 21.8 to 22.0 EPS FY19E Changed

More information

Kewal Kiran Clothing (KEWKIR) 1800

Kewal Kiran Clothing (KEWKIR) 1800 Result Update Rating matrix Rating : Hold Target : 1844 Target Period : 12 months Potential Upside : 2% What s changed? Target Unchanged EPS FY18E Changed from 63.4 to 65.9 EPS FY19E Unchanged Rating Unchanged

More information

I Direct. nstinct. September 19, 2017

I Direct. nstinct. September 19, 2017 I Direct nstinct September 19, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on

More information

Graphite Electrodes. Good times to continue... Sector Update. ICICI Securities Ltd Retail Equity Research. January 3, 2018

Graphite Electrodes. Good times to continue... Sector Update. ICICI Securities Ltd Retail Equity Research. January 3, 2018 Sector Update Rating Matrix Company Target Price CMP Upside Rating Graphite India 1, 84 19% Buy HEG 32 265 21% Buy Target period is 15-18 months Price performance (%) Return % 1M 3M 6M 12M HEG 49.7 173.7

More information

Lumax Industries (LUMIND)

Lumax Industries (LUMIND) Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore FY14 FY15 FY16 FY17 Net Sales 1,117 1,143 1,255 1,300 EBITDA 51 59 89 100 Net

More information

Schaeffler India (FAGBEA) 4800

Schaeffler India (FAGBEA) 4800 Event update Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Stock Data Particular Amount Market Capitalization ( crore) 7,968 Net Debt (CY16) ( crore) (640.6) Net Worth

More information

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017 Company Update Rating matrix Rating : Hold Target : 200 Target Period : 12 months Potential Upside : -4% What s Changed? Target Changed from 165 to 200 EPS FY18E EPS FY19E Rating Key Financials Crore FY16

More information

I Direct. nstinct. February 7, 2018

I Direct. nstinct. February 7, 2018 I Direct nstinct February 7, 2018 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

Singer India (SININ) Focus on tapping small appliances segment. Management Meet Note. ICICI Securities Ltd Retail Equity Research.

Singer India (SININ) Focus on tapping small appliances segment. Management Meet Note. ICICI Securities Ltd Retail Equity Research. Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore Revenues 118.9 155.9 196.9 243.4 285. 239.4 EBITDA.6 7.9 6.4 8.6 8.2 8. Net

More information

I Direct. nstinct. November 27, 2017

I Direct. nstinct. November 27, 2017 I Direct nstinct November 27, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

Praj Industries (PRAIN)

Praj Industries (PRAIN) Result Update October 18, 211 Rating matrix Rating : Buy Target : 96 Target Period : 12-15 months Potential Upside : 25% WHAT S CHANGED Praj Industries (PRAIN) 77 Key Financials Crore FY1 FY11 FY12E FY13E

More information

Reliance Housing Finance

Reliance Housing Finance Sep-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 Jun-16 Apr-16 Jan-16 Nov-15 Sep-15 Management Meet Rating matrix (Reliance Housing Finance) Rating Listing 115-120 Target Period Potential Upside Key financials

More information

Reliance Capital (RELCAP) 549

Reliance Capital (RELCAP) 549 Company Update Rating matrix Rating Buy Target 718 Target Period 12 months Potential Upside 31% Key Financials crore FY16E FY17E FY18E FY19E Revenues 9998 16776 18727 21501 PBT 1733 1459 1974 2560 Adjusted

More information

Bata India (BATIND) 470

Bata India (BATIND) 470 Result Update Rating matrix Rating : Buy Target : 588 Target Period : 12 months Potential Upside : 25% What s changed? Target Unchanged from 683 to 588 EPS FY16E Unchanged EPS FY17E Unchanged from 22.74

More information

Reliance Capital (RELCAP)

Reliance Capital (RELCAP) Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues 6141 5499 6452 7129 PBT 592 287.3

More information

Bajaj Finance (BAJAF) 5498

Bajaj Finance (BAJAF) 5498 Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore FY12 FY13 FY14 FY15 NII 1,25 1,717 2,215 2,872 PPP 756 1,53 1,349 1,742 PAT

More information

Bodal Chemicals (BODCHE)

Bodal Chemicals (BODCHE) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) Net Sales 527.5 959.5 1,045.3 910.0 EBITDA 19.8 115.1 184.1 156.6 Net Profit

More information

Titan Company (TITIND) 375

Titan Company (TITIND) 375 Result Update Rating matrix Rating : Buy Target : 435 Target Period : 12 months Potential Upside : 16% What s changed? Target Changed from 425 to 435 EPS FY17E Changed from 9.2 to 8.9 EPS FY18E Changed

More information

Graphite India (CAREVE) 110

Graphite India (CAREVE) 110 Result Update Rating matrix Rating : Hold Target : 15 Target Period : 12 months Potential Upside : -5% What s Changed? Target Changed from 1 to 15 EPS FY18E Changed from 5.5 to 5.4 EPS FY19E Changed from

More information

Mahanagar Gas (MAHGAS) 985

Mahanagar Gas (MAHGAS) 985 Result Update Rating matrix Rating : Buy Target : 1085 Target Period : 12 months Potential Upside : 10% What s changed? Target Changed from 1055 to 1085 EPS FY18E Changed from 45.4 to 45.3 EPS FY19E Changed

More information

Taj GVK Hotels (TAJGVK) 167

Taj GVK Hotels (TAJGVK) 167 Result Update Rating matrix Rating : Buy Target : 195 Target Period : 12- months Potential Upside : % What s Changed? Target Changed from 190 to 195 EPS FY18E Changed from 1.5 to 2.0 EPS FY19E Changed

More information

Star Ferro & Cement (STAFER) 113

Star Ferro & Cement (STAFER) 113 Result Update Rating Matrix Rating : Buy Target : 132 Target Period : 12-15 months Potential Upside : 17% What s Changed? Target Changed from 135 to 132 EPS FY17E Changed from 6.4 to 5.9 EPS FY18E Changed

More information

Graphite India (CAREVE) 75

Graphite India (CAREVE) 75 Result Update Rating matrix Rating : Buy Target : 85 Target Period : 12 months Potential Upside : 13% What s Changed? Target Changed from 90 to 85 EPS FY16E Changed from 4.8 to 5.4 EPS FY17E Changed from

More information

I Direct. nstinct. July 10, 2017

I Direct. nstinct. July 10, 2017 I Direct nstinct July 10, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

I Direct. nstinct. March 27, 2018

I Direct. nstinct. March 27, 2018 I Direct nstinct March 27, 2018 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

Saregama India (GRACOM) 315

Saregama India (GRACOM) 315 Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key financials Crore Net Sales 16.8 186. 177.5 186.5 EBITDA 19.9 12.6 17.4 1.5 Net Profit 1. 9.3

More information

Graphite India (CAREVE) 75

Graphite India (CAREVE) 75 Result Update Rating matrix Rating : Buy Target : 90 Target Period : 12 months Potential Upside : 20% What s Changed? Target Changed from 94 to 90 EPS FY16E Changed from 6.5 to 4.8 EPS FY17E Changed from

More information

Graphite India (CAREVE) 82

Graphite India (CAREVE) 82 Result Update Rating matrix Rating : Buy Target : 94 Target Period : 12 months Potential Upside : 15% What s Changed? Target Changed from 105 to 94 EPS FY16E Changed from 7.4 to 6.5 EPS FY17E Changed from

More information

GE Shipping (GESHIP) Striking valuation. Result Update. Rs 262 WHAT S CHANGED. Valuation. February 8, Rating matrix.

GE Shipping (GESHIP) Striking valuation. Result Update. Rs 262 WHAT S CHANGED. Valuation. February 8, Rating matrix. Result Update Rating matrix Rating : Strong Buy Target : Rs 37 Target Period : 1 months Potential Upside : 4% Key Financials (Rs Crore) FY9 FY1E FY11E FY1E Net Sales 3. 3. 3379.9 33. EBITDA 166.1 916.4

More information

NHPC (NHPC) 30. Capacity addition below estimates. Result Update. ICICI Securities Ltd Retail Equity Research. June 5, 2017

NHPC (NHPC) 30. Capacity addition below estimates. Result Update. ICICI Securities Ltd Retail Equity Research. June 5, 2017 Result Update Rating matrix Rating : Hold Target : 32 Target Period : 12 months Potential Upside : 5% What s Changed? Target Unchanged EPS FY18E Changed from 2.4 to 2.3 EPS FY19E Introduced at 2.5 Rating

More information

Graphite India (CAREVE) 454

Graphite India (CAREVE) 454 Result Update Rating matrix Rating : Buy Target : 550 Target Period : 15-18 months Potential Upside : 21% What s Changed? Target Changed from 350 to 550 EPS FY18E Changed from 11.1 to 15.4 EPS FY19E Changed

More information

Union Bank of India (UNIBAN)

Union Bank of India (UNIBAN) Result Update Rating matrix Rating : Hold Target : 22 Target Period : 12 months Potential Upside : 5 % Key Financials crore FY1 NII 4192 6216 714 8312 PPP 3659 435 496 552 PAT 275 282 1915 2439 Valuation

More information

Power Grid Corporation (POWGRI) 132

Power Grid Corporation (POWGRI) 132 Result Update Rating matrix Rating Buy Target 173 Target Period 12 months Potential Upside 21% January 29, 216 Power Grid Corporation (POWGRI) 132 Robust numbers on highest ever capitalisation What s Changed?

More information

Nestle India Ltd. RESULT UPDATE

Nestle India Ltd. RESULT UPDATE RESULT UPDATE 15th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update Q1CY17 II 15th May, 2017 CMP INR 6819 Target INR 7075 Potential Upside

More information

Stock Trader - Power Grid

Stock Trader - Power Grid Stock Trader - Power Grid Research Analysts: Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com ahmad@icicisec com

More information

Biocon (BIOCON) Back on track. Result Update WHAT S CHANGED. ICICI Securities Ltd Retail Equity Research. October 21, 2011

Biocon (BIOCON) Back on track. Result Update WHAT S CHANGED. ICICI Securities Ltd Retail Equity Research. October 21, 2011 Result Update Rating matrix Rating : Buy Target : 432 Target Period : 12-15 months Potential Upside : 24 % Key Financials ( Crore) FY10 FY11 FY12E FY13E Net Sales 2368 2770 2230 2670 EBITDA 471 592 646

More information

Stock Trader: ONGC. Research Analysts.

Stock Trader: ONGC. Research Analysts. Research Analysts Amit Gupta Raj Deepak Singh Azeem Ahmad Stock Trader: ONGC amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com December 3, 2014 Important

More information

KEC International (KECIN) 149

KEC International (KECIN) 149 Result Update Rating matrix Rating : Buy Target : 182 Target Period : 12-15 months Potential Upside : 23% What s changed? Target Changed from 162 to 182 EPS FY17E Changed from 11.1 to 1.8 EPS FY18E Chnaged

More information

KEC International (KECIN) 245

KEC International (KECIN) 245 Result Update Rating matrix Rating : Buy Target : 292 Target Period : 12-15 months Potential Upside : 19% What s changed? Target Changed from 182 to 295 EPS FY18E Changed from 14 to 14.4 EPS FY19E Introduced

More information

Arbitrage Opportunity in Wipro buyback

Arbitrage Opportunity in Wipro buyback July 21, 2017 Arbitrage Opportunity in Wipro buyback Research Analyst Amit Gupta Raj Deepak Singh amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com Arbitrage opportunity in Wipro buy back

More information

KEC International (KECIN) 302

KEC International (KECIN) 302 Result Update Rating matrix Rating : Buy Target : 345 Target Period : 12-15 months Potential Upside : 14% What s changed? Target Changed from 33 to 345 EPS FY18E Changed from 14.4 to 14.9 EPS FY19E Changed

More information

ITC Ltd. RESULT UPDATE 27th October, 2017

ITC Ltd. RESULT UPDATE 27th October, 2017 . RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside

More information

Symphony Ltd. RESULT UPDATE 31st October 2017

Symphony Ltd. RESULT UPDATE 31st October 2017 . RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential

More information

Power Finance Corporation Floor Price 254

Power Finance Corporation Floor Price 254 Offer for Sale Note View Rating: Unrated Issue Details Auction Date Issue Size No of Shares on offer Fresh Issue *Based on offer price on 25 July 2015 July 27, 2015 1676 crore* 6.6 crore Nil Shareholding

More information

Stock Trader: Budget Beneficiary Stock Larsen & Toubro

Stock Trader: Budget Beneficiary Stock Larsen & Toubro Stock Trader: Budget Beneficiary Stock Larsen & Toubro Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com February

More information

I Direct. nstinct. November 27, 2017

I Direct. nstinct. November 27, 2017 I Direct nstinct November 27, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

Bharat Petroleum Corp (BHAPET) 468

Bharat Petroleum Corp (BHAPET) 468 Result Update Rating matrix Rating : Hold Target : 500 Target Period : 12 months Potential Upside : 7% What s changed? Target Changed from 520 to 500 EPS FY18E Changed from 36.9 to 37.4 EPS FY19E Changed

More information

Graphite India (CAREVE) 74

Graphite India (CAREVE) 74 es Result Update August 11, 216 Rating matrix Rating : Hold Target : 75 Target Period : 12 months Potential Upside : 1% What s Changed? Target Changed from 8 to 75 EPS FY17E Changed from 3.6 to 3.5 EPS

More information

Stock Trader - Canara Bank: Focus on Budget

Stock Trader - Canara Bank: Focus on Budget Stock Trader - Canara Bank: Focus on Budget Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com January 20, 2015 Important

More information

Bharat Petroleum Corp (BHAPET) 500

Bharat Petroleum Corp (BHAPET) 500 Result Update Rating matrix Rating : Hold Target : 520 Target Period : 12 months Potential Upside : 4% What s changed? Target Changed from 485 to 520 EPS FY18E Changed from 34.1 to 36.9 EPS FY19E Changed

More information

Colgate-Palmolive India Ltd.

Colgate-Palmolive India Ltd. RESULT UPDATE 5th February, 2018 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 India Equity Institutional Research II Result Update - Q3FY18 II 5th February, 2018 CMP INR 1,120 MARKET DATA Target INR

More information

Quant Picks. Quant Pick

Quant Picks. Quant Pick October 3, 2017 Quant Picks Quant Pick Stock Action Range Target Stoploss Frame Vedanta Buy 315-320 358 295 1 month Dabur Buy 305-310 310 356 282 1month Research Analyst Amit Gupta amit.gup@icicisecurities.com

More information

Stock Trader - Focus on Budget: Power Grid

Stock Trader - Focus on Budget: Power Grid Stock Trader - Focus on Budget: Power Grid Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com December 23, 2014 Important

More information

Fineotex Chemical Ltd

Fineotex Chemical Ltd Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to

More information

Motherson Sumi (MOTSUM) 323

Motherson Sumi (MOTSUM) 323 Company Update Rating matrix Rating : Hold Target : 335 Target Period : 12 months Potential Upside : 4% What s changed? Target Changed from 31 to 335 EPS FY17E Changed from 12.8 to 12 EPS FY18E Changed

More information

Britannia Industries Ltd.

Britannia Industries Ltd. . RESULT UPDATE 9th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Britannia Industries Ltd.

Britannia Industries Ltd. . RESULT UPDATE 30th May, 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 30 th May, 2017 2 Growth Path ahead CMP INR 3419 Target

More information

Power Grid Corporation (POWGRI) 138

Power Grid Corporation (POWGRI) 138 Result Update Rating matrix Rating Buy Target 173 Target Period 12 months Potential Upside 26% Beats estimates; outlook strong August 12, 215 Power Grid Corporation (POWGRI) 138 What s Changed? Target

More information

April 22, Research Analyst

April 22, Research Analyst April 22, 2016 Quant Pick NTPC Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i i iti Buy NTPC

More information

Wonderla Holidays (WONHOL) 383

Wonderla Holidays (WONHOL) 383 Result Update Rating matrix Rating : Buy Target : 46 Target Period : 12-18 months Potential Upside : 2% What s changed? Target price EPS FY17E EPS FY18E Rating Unchanged Changed from 13.6 to 12.5 Changed

More information

SP Apparels Ltd (SPAPP)

SP Apparels Ltd (SPAPP) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials (Consolidated) ( Crore) FY14 FY15 FY16 FY17 Net Sales 45.9 472.6 532.8 635.7 EBITDA

More information

Premco Global (PREGLO) 600

Premco Global (PREGLO) 600 Company Update Rating matrix Rating : Buy Target : 825 Target Period : 12-18 months Potential Upside : 38% What s changed? Target Unchanged at 825 EPS FY17E Unchanged at 37.3 EPS FY18E Unchanged at 5.

More information

Consumer Discretionary Thematic 6.0 : Buy Page Industries

Consumer Discretionary Thematic 6.0 : Buy Page Industries September 21, 2016 Consumer Discretionary Thematic 6.0 : Buy Page Industries Quant Pick Stock Action Initiation Range Target Stoploss Time Frame Page Industries Buy 14950-15150 17500 13750 3 months Research

More information

Hotel Leela (HOTLEE) 22

Hotel Leela (HOTLEE) 22 Result Update Rating matrix Rating : Drop Coverage Target : NA Target Period : NA Potential Upside : NA What s Changed? Target EPS FY15E EPS FY16E Rating NA Unchanged Unchanged Changed from Sell to Drop

More information

Quant Pick Buy Axis Bank

Quant Pick Buy Axis Bank September 14, 2017 Quant Pick Buy Axis Bank Quant Pick Stock Action Range Target Stoploss Frame Axis Bank Buy 505-513 592 465 3 months Research Analyst Amit Gupta amit.gup@icicisecurities.com Azeem Ahmad

More information

Hindustan Unilever Ltd.

Hindustan Unilever Ltd. . RESULT UPDATE 18 th July 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 125 105 India Equity Institutional Research II Result Update - FY18 II 18th July, 2017 CMP INR 1158 Target INR 1206 MARKET

More information

HEG Ltd (HEG) 165. Lower operating costs support margins. Result Update. ICICI Securities Ltd Retail Equity Research.

HEG Ltd (HEG) 165. Lower operating costs support margins. Result Update. ICICI Securities Ltd Retail Equity Research. Result Update Rating matrix Rating : Hold Target : 160 Target Period : 12 months Potential Upside : -3% What s Changed? Target Changed from 150 to 160 EPS FY17E Changed from 1.0 to 1.5 EPS FY18E Changed

More information

NHPC (NHPC) 31. In line performance. Result Update. ICICI Securities Ltd Retail Equity Research. February 9, 2017

NHPC (NHPC) 31. In line performance. Result Update. ICICI Securities Ltd Retail Equity Research. February 9, 2017 Result Update Rating matrix Rating : Hold Target : 32 Target Period : 12 months Potential Upside : 3% What s Changed? Target Changed from 28 to 32 EPS FY7E Unchanged EPS FY18E Unchanged Rating Unchanged

More information

KEC International (KECIN) 146

KEC International (KECIN) 146 Result Update Rating matrix Rating : Buy Target : 162 Target Period : 12 months Potential Upside : 12% What s changed? Target Changed from 15 to 162 EPS FY17E Changed from 1.7 to 1.9 EPS FY18E Chnaged

More information

Sovereign Gold Bonds. Better option to invest in gold... Gold Bond. Gold back in limelight. July 15, 2016

Sovereign Gold Bonds. Better option to invest in gold... Gold Bond. Gold back in limelight. July 15, 2016 Gold Bond July 15, 2016 Better option to invest in gold... Sovereign Gold Bonds Sovereign gold bonds are papers or certificates issued by the Government of India indicating that investors bought the stated

More information

Oil & Gas Thematic. Quant Pick

Oil & Gas Thematic. Quant Pick August 18, 2017 Oil & Gas Thematic Quant Pick Gail and Petronet t LNG Quant Pick Stock Action Range Target Stoploss Frame GAIL Buy 376-382 445 342 3 months Petronet LNG Buy 226-230 230 270 205 3months

More information

Page Industries (PAGIND) 15585

Page Industries (PAGIND) 15585 Result Update Rating matrix Rating : Hold Target : 16700 Target Period : 12 months Potential Upside : 7% What s changed? Target Changed from 12000 to 16700 EPS FY16E Changed from 237.1 to 238.5 EPS FY17E

More information

Engineers India (ENGIND) 150

Engineers India (ENGIND) 150 Result Update Rating matrix Rating Matrix Rating : Buy Target : 182 Target Period : 12-15 months Potential Upside : 21% What s changed? Target EPS FY18E EPS FY19E Rating Unchanged Changed from 6.3 to 6.1

More information

Gladiator Stocks. Federal-Mogul Goetze (India) Ltd. FEDGOE Buy in the range of

Gladiator Stocks. Federal-Mogul Goetze (India) Ltd. FEDGOE Buy in the range of Gladiator Stocks Scrip I-Direct Code Action Target Stoploss Federal-Mogul Goetze (India) Ltd. FEDGOE Buy in the range of 540-560 680.00 480.00 Time Frame: 6 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

TV Today Network (TVTNET) 272

TV Today Network (TVTNET) 272 Result Update Rating matrix Rating : Buy Target : 315 Target Period : 12 months Potential Upside : 16% What s changed? Target Changed from 335 to 315 EPS FY17E Changed from 17.9 to 16.3 EPS FY18E Changed

More information

Page Industries (PAGIND) 14520

Page Industries (PAGIND) 14520 Result Update Rating matrix Rating : Hold Target : 14250 Target Period : 12 months Potential Upside : 2% What s changed? Target Changed from 16700 to 14250 EPS FY16E Changed from 238.5 to 231.4 EPS FY17E

More information

GMR Infrastructure (GMRINF) 11

GMR Infrastructure (GMRINF) 11 Result Update Rating matrix Rating : Under Review Target : NA Target Period : NA Potential Upside : NA What s changed? Target EPS FY16E EPS FY17E Rating Under Review Under Review Under Review Unchanged

More information

Jet Airways (JETAIR) 578

Jet Airways (JETAIR) 578 Result Update Rating matrix Rating : Hold Target : 63 Target Period : 12-15 months Potential Upside : 9% What s changed? Target Changed from 58 to 63 EPS FY17E Changed from 52.3 to 5.3 EPS FY18E Changed

More information

Jet Airways (JETAIR) 742

Jet Airways (JETAIR) 742 Result Update Rating matrix Rating : Hold Target : 7 Target Period : 12- months Potential Upside : -6% What s changed? Target Changed from 66 to 7 EPS FYE Changed from 59.7 to 65.5 EPS FY18E Changed from

More information

Gladiator Stocks: Reliance Industries

Gladiator Stocks: Reliance Industries Gladiator Stocks: Reliance Industries Scrip I-Direct Code Action Target Stoploss Upside Reliance Industries RELIND Buy in the range of 925.00-945.00 1070.00 865.00 14% Time Frame: 6 Months Research Analysts

More information

Gladiator Stocks. Scrip I-Direct Code Action Target Stoploss Upside Tata Power TATPOW Buy in the range of

Gladiator Stocks. Scrip I-Direct Code Action Target Stoploss Upside Tata Power TATPOW Buy in the range of Gladiator Stocks Scrip I-Direct Code Action Target Stoploss Upside Tata Power TATPOW Buy in the range of 79.000-82.00 98.00 72.00 22% Time Frame: 6 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

TTK Prestige (TTKPRE) 4200

TTK Prestige (TTKPRE) 4200 Result Update Rating matrix Rating : Hold Target : 4390 Target Period : 12 months Potential Upside : 5% What s changed? Target Changed from 4350 to 4390 EPS Changed from 107.3 to 101.2 EPS Changed from

More information

NTPC (NTPC) 180. Strong capacity addition augurs well. Result Update. ICICI Securities Ltd Retail Equity Research.

NTPC (NTPC) 180. Strong capacity addition augurs well. Result Update. ICICI Securities Ltd Retail Equity Research. Result Update Rating matrix Rating : Hold Target : 190 Target Period : 12 months Potential Upside : 5% What s Changed? Target Chnaged from 176 to 190 EPS FY18E EPS FY19E Rating Quarterly Performance Unchanged

More information

Jet Airways (JETAIR) 497

Jet Airways (JETAIR) 497 Result Update Rating matrix Rating : Buy Target : 580 Target Period : 12-15 months Potential Upside : 17% What s changed? Target Changed from 350 to 580 EPS FY17E Changed from 66.9 to 52.3 EPS FY18E Introduced

More information

Sovereign Gold Bonds. Attractive option to invest in gold... Gold Bond. Gold back in limelight. February 24, 2017

Sovereign Gold Bonds. Attractive option to invest in gold... Gold Bond. Gold back in limelight. February 24, 2017 % Gold Bond Sovereign gold bonds are papers or certificates issued by the Government of India indicating that investors bought the stated quantum (in grams) of gold. The value of the bond will be linked

More information

Heidelberg Cement (HEICEM) 124

Heidelberg Cement (HEICEM) 124 Result Update Rating matrix Rating : Hold Target : 135 Target Period : 15-18 months Potential Upside : 9% What s Changed? Target Changed from 124 to 135 EPS FY17E Changed from 3.8 to 2.9 EPS FY18E Changed

More information

ITC Ltd (ITC) 272. Non-cigarettes business profitability perks up. Result Update. ICICI Securities Ltd Retail Equity Research.

ITC Ltd (ITC) 272. Non-cigarettes business profitability perks up. Result Update. ICICI Securities Ltd Retail Equity Research. Result Update Rating matrix Rating : Buy Target : 32 Target Period : 12 months Potential Upside : 18% What s changed? Target Unchanged EPS FY19E Changed from 8.6 to 9.9 EPS FY2E Introduced at 1.8 Rating

More information

Shipping Corporation of India (SCI) 60

Shipping Corporation of India (SCI) 60 Result Update Rating matrix Rating : Hold Target : 65 Target Period : 12 months Potential Upside : 8% What s changed? Target Changed from 76 to 65 EPS FY16E Changed from 13 to 10 EPS FY17E Changed from

More information

Persistent Systems Ltd.

Persistent Systems Ltd. RESULT UPDATE 26 th April2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 26th April, 2017 2 Investment Mode Off, Return Mode On CMP INR 564 Target

More information

ACC (ACC) 1,562. Operationally good performance. Result Update. ICICI Securities Ltd Retail Equity Research. April 24, 2017

ACC (ACC) 1,562. Operationally good performance. Result Update. ICICI Securities Ltd Retail Equity Research. April 24, 2017 Result Update Rating matrix Rating : Buy Target : 1850 Target Period : 12-15 months Potential Upside : 18% What s Changed? Target Changed from 1680 to 1850 EPS CY17E Changed from 61.2 to 63.7 EPS CY18E

More information

Indian Oil Corporation (INDOIL) 390

Indian Oil Corporation (INDOIL) 390 Result Update Rating matrix Rating : Buy Target : 420 Target Period : 12 months Potential Upside : 10% What s changed? Target Changed from 335 to 420 EPS FY17E Changed from 36.7 to 38.4 EPS FY18E Changed

More information

Hindustan Unilever Ltd.

Hindustan Unilever Ltd. . RESULT UPDATE 25th October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 25th October 2017 CMP INR 1273 Target INR 1392 Potential Upside

More information

Balkrishna Industries Ltd

Balkrishna Industries Ltd RESULT UPDATE 3 rd August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Engineers India (ENGIND) 154

Engineers India (ENGIND) 154 Result Update Rating matrix Rating Matrix Rating : Buy Target : 182 Target Period : 12-15 months Potential Upside : 18% What s changed? Target EPS FY18E EPS FY19E Rating Unchanged Changed from 6.9 to 6.3

More information