Ceylon Cold Stores PLC (CCS:LKR ) A great quarter all around- but too much built into share price: Take profits
|
|
- Morgan Horton
- 6 years ago
- Views:
Transcription
1 Earnings Review - Q1 FY 16 65, Braybrooke Place, Colombo 2, Sri Lanka research@bartleetreligare.com, August 2015 Ceylon Cold Stores PLC (CCS:LKR ) A great quarter all around- but too much built into share price: Take profits CCS s recurring EPS for Q1 FY 16 grew 84% YoY on the back of successful operations streamlining it had been implementing. EPS was LKR 5.78 where the top line grew by 16.4% with the CoGS increasing by only 12.6%. The reduction of finance cost by 82% was also a sweetener. Retail sector contributed ~63% to total turnover and ~27% to operating profits. Increase in same store sales driven by growth in customer count enabled the revenue growth in the sector. However, we believe the manufacturing sector which comprises of frozen confectionery and beverages would contribute the highest to operating profits in the forecast period (Q1 FY 15-73%). We upgrade our DCF based valuation to LKR 308 on the strength of the growth recorded in the retail sector. However, the share has risen significantly above its intrinsic value and we recommend SELL. All figures in LKR 'mn E 2017E Revenue 20,244 22,476 23,614 27,699 31,155 33,972 Revenue growth (%) 21.7% 11.0% 5.1% 17.3% 12.5% 9.0% EBIT recurring 1,499 1,030 1,439 2,131 2,628 2,875 EBIT margin (%) 7.4% 4.6% 6.1% 7.7% 8.4% 8.5% BRS EPS As Adjusted (LKR) BRS EPS growth (%) 453.7% -44.9% 83.9% 34.2% 29.2% 11.4% NAV per share (LKR) DPS (LKR) Dividend yield (%) 3.3% 2.9% 2.8% 3.7% 2.6% 2.6% P/E (x) 10.5 x 21.3 x 12.0 x 18.9 x 20.8 x 18.7 x P/BV (x) 1.6 x 1.4 x 1.3 x 2.7 x 3.5 x 3.2 x Source: Company data and BRS Research The turnaround witnessed in the retail sector continues The retail segment revenue grew 17% YoY to LKR 5bn and operating profits grew by 256% YoY to LKR 206mn in Q1 FY 16 due to same store sales growth. This was a result of a comprehensive remerchandising programme carried out by CCS, which yielded positive results in the form of impressive same store revenue growth and a reduction in electricity tariffs. The company opened four new larger format outlets during FY 2015 and closed down three loss making outlets. During the quarter one outlet was open in Dehiwala. The company plans to open 8 to 10 new outlets during FY 16 and all new outlets will follow the same larger format model with in store bakeries. Manufacturing sector contributes the highest to operating profits The manufacturing sector achieved a 15.4% YoY growth in top line to LKR 2.8bn and 52.5% growth in operating profits to LKR 558mn in Q1 FY 16. Growth in the manufacturing segment revenue and profitability was achieved through increase in volumes of both frozen confectionery and beverages and increase in average selling price. Frozen confectionery and beverage volumes grew 15%-20% during the last quarter despite stiff competition. CCS increased beverage sector prices during the previous year, which enabled to increase its average revenue per liter by 6%. Decline in the global sugar prices also contributed to the increase in operating profits. YTD global sugar prices declined ~20%. Valuation - FCF valuation indicates a 27.3% downside to Current Market Price Based on a free cash flow valuation, we have arrived at a target price of LKR 308. Further, incorporating a dividend of LKR for FY 2016E, TP based on total return is LKR 319. Based on relative valuations the stock is trading at a forward PE of 20.8x based on FY 2016E EPS of LKR and CMP of LKR The sector PE stands at 23.6x as at 30th July For analyst certification and other important disclosures, please refer to the Disclosure and Disclaimer section at the end of this report. BRS Research Head of Research - Nikita Tissera Consultant - Thilini Yatawara Trading Snapshot Market cap (LKR mn) 40,280 Market cap (USD mn) 300 Outstanding equity shares (mn) 95 Public Holding (%) - June ' % 52-week High/Low (LKR) / YTD ASPI return (%) 0.5% YTD Stock return (%) 60.0% Valuation Summary CMP (LKR) Intrinsic value (LKR) DPS (LKR) Target price based on total return (LKR) Valuation method LKR CCS EPS E 2017E ASPI Vs. Share Price Movement CCS ASPI Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Page 1 DCF Valuation Total return % -24.7% Rating ASPI Sell
2 Company Information Note 65, Braybrooke Place, Colombo 2, Sri Lanka August 2015 Ceylon Cold Stores PLC Company profile Ceylon Cold Stores PLC (CCS) is a 81% owned subsidiary of listed conglomerate John Keells Holdings PLC and engages in the manufacture and marketing of beverages and frozen confectionery in Sri Lanka and internationally. CCS is the market leader in both the carbonated soft drinks and frozen confectionery categories. 20,244 LKR mn 21,000 15,000 9,000 3,000 Revenue LKR 'mn % Growth ( E) 11% 5% Revenue Breakdown Manufacture 17% 12% E 2017E 2017E Retail Source: CCS Annual Reports and BRS Research 9% Recurring EBIT Growth LKR 'mn ( E) 1,499-31% 40% 48% 16% 5% 33,972 2, E 2017E 2017E Year Ending 31 March E 2017E Summary Information BRS EPS (LKR) adjusted for dilution BRS EPS growth (%) 453.7% -44.9% 83.9% 34.2% 29.2% 11.4% P/E (x) 10.5 x 21.3 x 12.0 x 18.9 x 20.8 x 18.7 x Reported EPS (LKR) na na P/E on reported EPS (x) 5.1 x 6.7 x 11.0 x 16.0 x na na NAV per share LKR adjusted P/BV (x) 1.6 x 1.4 x 1.3 x 2.7 x 3.5 x 3.2 x DPS LKR Dividend yield (%) 3.3% 2.9% 2.8% 3.7% 2.6% 2.6% FCFF (LKR mn) ,996 1,936 2,035 FCFE (LKR mn) ,795 1,843 2,020 CFPS LKR (0.81) P/CFPS (x) 18.6 x nm nm 27.9 x x x Mkt price (Voting) Weighted average shares (mn) Average mkt cap (LKR mn) 11,581 12,911 13,367 28,329 40,280 40,280 Enterprise value (LKR mn) 12,688 13,994 14,435 28,789 40,610 40,263 EV/Sales 0.6 x 0.6 x 0.6 x 1.0 x 1.3 x 1.2 x EV/EBITDA 6.3 x 8.4 x 6.9 x 10.2 x 11.8 x 10.7 x Income Statement (LKR mn) Revenue 20,244 22,476 23,614 27,699 31,155 33,972 Gross profit 3,051 2,925 2,817 3,670 4,454 4,926 EBITDA recurring 2,028 1,656 2,104 2,825 3,454 3,752 Depreciation and amortisation (529) (626) (665) (693) (826) (876) EBIT recurring 1,499 1,030 1,439 2,131 2,628 2,875 Interest expense (91) (101) (120) (61) (28) (35) Exceptionals/non-recurrings 1,142 1, Tax expense (306) (345) (327) (621) (691) (717) Net income 1, ,115 1,496 1,933 2,152 Profit attributable to equity holders 1, ,115 1,496 1,933 2,152 Statement of financial position (LKR mn) Cash and cash equivalents Inventories 1,816 2,102 2,065 2,383 2,422 2,836 Trade receivables 1,657 1,442 1,348 1,481 1,938 2,482 Investment property 3,766 5, Fixed assets 4,072 5,180 5,447 5,365 5,280 5,253 Intangible assets Total assets 11,955 14,836 15,597 16,495 17,225 18,665 Trade payables 2,439 2,779 2,567 3,121 3,004 3,262 Interest bearing debt -short term 1,036 1,113 1, Interest bearing debt -long term Total liabilities 4,663 5,660 5,597 5,839 5,654 5,986 Shareholders equity 7,292 9,175 10,000 10,656 11,571 12,678 Total equity 7,292 9,175 10,000 10,656 11,571 12,678 Net debt (cash) 1,107 1,084 1, (2) Total capital employed 8,611 10,613 11,451 11,365 12,099 13,228 Casf flow (LKR mn) Cash flow from operations 1,256 1,810 1,501 2,646 2,159 2,207 Net working capital (323) 475 (250) (181) (775) (868) Capital expenditure (994) (1,409) (1,012) (648) (743) (849) Free cash flow ,997 1,416 1,358 Investing cash flows (1,000) (1,406) (964) (446) (708) (820) Dividends paid (86) (380) (380) (1,045) (1,045) (1,045) Net borrowings (267) (14) (233) (140) (65) 20 Net cash flow (77) 1, Key ratios Revenue growth (%) 21.7% 11.0% 5.1% 17.3% 12.5% 9.0% Gross profit margin (%) 15.1% 13.0% 11.9% 13.3% 14.3% 14.5% EBITDA margin (%) 10.0% 7.4% 8.9% % 11.0% EBIT margin (%) 7.4% 4.6% 6.1% 7.7% 8.4% 8.5% ROCE % 17.4% 9.7% 12.6% 18.8% 21.7% 21.7% ROE % 15.1% 6.6% 11.2% 14.0% 16.7% 17.0% Payout ratio (%) 34.5% 62.7% 34.1% 69.8% 54.1% 48.5% Debt/equity (%) 18.1% 15.7% 14.5% 6.7% 4.6% 4.3% Gearing (%) 15.3% 13.5% 12.7% 6.2% 4.4% 4.2% Page 2
3 Segmental breakdown Revenue (LKR'mn) Q1 FY 16 Q1 FY 15 YoY growth Manufacturing 2,815 2, % Retail 4,995 4, % Segment Profit/loss after tax (LKR'mn) Manufacturing % Retail % Sensitivity of Target Price to Risk Free Rate Risk Free Rate (Five year Treasury bond rate) % 8.00% 8.22% 9.00% 9.50% 2% Growth rate 3% % Valuation assumptions Based on a free cash flow valuation we have arrived at a target price of LKR Our valuations are based on the following assumptions: WACC 11.7% Terminal growth rate- 3% Risk free rate 8.22% Beta 0.76 (based on CCS share price vs. ASPI movement ) Equity risk premium- 5% Page 3
4 Top 20 Shareholders as at 30th June2015 Shareholder No of shares % 1 John Keells Holdings PLC 67,109,128 2 Whi al Boustead (Pvt) Ltd 10,165,392 3 GF Capital Global Limited 2,025,241 4 Standard Chartered Bank Mauritius 1,826,571 5 A N Sethna 789,696 6 Asha Investments Ltd 396,704 7 HSBC Interna onal Nominees Ltd - Deustche Bank 330,000 8 Employees Provident Fund 308,884 9 Life Insurance Corpora on of India 272, Sisira Investors Limited 259, Peoples Leasing & Finance PLC 258, HSBC Intl Nom Ltd-JPMCB-T.Rowe Price Ins tu onalfron er Market Equity Fund 239, M.Radhakrishnan 169, J.R.Printers (Decd) 167, Wakdock Mackenzie Ltd 150, Merrill J.Fernando & Sons (Pvt) Ltd 150, M V Theagarajah 133, Deutsche Bank AG as Trustee for JB Vantage Value Equity Funde 128, M.A.Lukmanjee 127, Mrs H M Mount 125, % 10.7% 2.1% 1.9% 0.8% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.1% 0.1% Source: Interim Financial Statements Page 4
5 Financial Analysis Income statement - Ceylon Cold Stores PLC Year Ending 31st March All numbers in LKR 'mn Revenue , , , , E 31, E 33,972 YoY growth % 22% 11% 5% 17% 12% 9% Cost of Sales (17,193) (19,551) (20,797) (24,029) (26,701) (29,046) YoY growth % 18% 14% 6% 16% 11% 9% Gross Profit 3,051 2,925 2,817 3,670 4,454 4,926 YoY growth % 46% -4% -4% 30% 21% 11% Gross profit margin 15% 13% 12% 13% 14% 15% Other Operating Income 1,705 1,784 1,164 1,197 1,202 1,200 Total SG & A expenses (2,115) (2,370) (2,439) (2,707) (3,027) (3,251) YoY growth % 14% 12% 3% 11% 12% 7% Total Depreciation (529) (626) (665) (693) (826) (876) EBIT including non-recurring items 2,641 2,339 1,541 2,160 2,628 2,875 YoY growth % 361% -11% -34% 40% 22% 9% Non-recurring items 1,142 1, EBIT excluding non-recurring items 1,499 1,030 1,439 2,131 2,628 2,875 YoY growth % 162% -31% 40% 48% 23% 9% EBITDA excluding non-recurring items 2,028 1,656 2,104 2,825 3,454 3,752 YoY growth % 103% -18% 27% 34% 22% 9% EBITDA margin 10% 7% 9% 10% 11% 11% EBIT margin 7% 4.6% 6.1% 7.7% 8.4% 8.5% Finance Cost (91) (101) (120) (61) (28) (35) Recurring profit before tax 1, ,443 2,117 2,623 2,870 YoY growth % 192% -32% 52% 47% 24% 9% Income Tax Expense (306) (345) (327) (621) (691) (717) Profit after taxation 1, ,115 1,496 1,933 2,152 YoY growth % 454% -45% 84% 34% 29% 11% NP Margin 5% 3% 5% 5% 6% 6% Earnings per share - BRS adjusted (Note1) Earnings per Share - Reported (Note2) Source: Company Financial Reports and BRS Equity Research Note 1: EPS adjusted for share split, consolidations and non recurring information Note 2: Based on earnings as reported (unadjusted for non-recurring) share data adjusted for splits Page 5
6 Financial Analysis Statement of Financial Position -Ceylon Cold Stores PLC As at 31st March All numbers in LKR 'mn E 2017E Non Current Assets Property, Plant, Equipment 4,072 5,180 5,447 5,365 5,280 5,253 Intangible Assets Other Investments Investment Properties 3,766 5, Investment in associate - - 5,262 5,362 5,366 5,366 Deferred Tax Other Non Current Assets ,124 10,578 11,355 11,355 11,297 11,270 Current Assets Inventories 1,816 2,102 2,065 2,383 2,422 2,836 Trade and Other Receivables 1,657 1,442 1,348 1,481 1,938 2,482 Income Tax Receivables Amounts due from relatd parties Other current assets Short Term Loan to Related Parties Short Term invstents ,013 1,013 Cash and Cash Equivalents ,830 4,257 4,242 5,140 5,928 7,395 Total Assets 11,955 14,836 15,597 16,495 17,226 18,665 Equity and Liabilities Stated Capital Capital Reserves 2, Revenue Reserves 3,473 5,005 8,286 8,764 9,001 10,108 Other components of equity - 3, ,652 1,652 Shareholders funds 7,292 9,175 10,000 10,656 11,571 12,678 Non Current Liabilities Interest Bearing Loans and Borrowings Deferred Tax Liabilities Retirement Benefit Obligations Other non current liabilities Other deferred liabilities ,182 1,153 1,170 1,249 1,313 Current Liabilities Trade and Other Payables 2,439 2,779 2,567 3,121 3,004 3,262 Amounts due to related parties Tax payable Short term loan from related companies Short Term Borrowings Current portion of Long term interest Bearing borrowings Other current liabilities Bank Overdrafts , ,731 4,479 4,443 4,669 4,405 4,674 Total Equities and Liabilities 11,955 14,836 15,597 16,495 17,225 18,665 Source: Company Financial Reports and BRS Equity Research Page 6
7 Financial Analysis Cash flow Statement - Ceylon Cold Stores PLC Year Ending 31st March All numbers in LKR 'mn Cash Flow from Operating Activities EBIT , , , , E 2, E 2, Adjustments for Depreciation Profit on sale of Investment Transfer from Work In Process Amortization of Intangible Assets Provision for Defined Benefit Obligation Profit/loss on Sale of Property, Plant, Equipment Unrealised Foreign exchange Gain (0) Bad debts written off Returnable Containers Breakages and Disposals Deposits for Rreturnable Containers Write back (202) (43) (41) Operating Profit before Working Capital Charges 1,943 1,719 2,086 3,021 3,541 3,824 Changes in working capital (323) 475 (250) (181) (775) (868) Cash Generated from Operations 1,620 2,194 1,836 2,840 2,766 2,956 Interest Paid (91) (101) (120) (61) (28) (35) Income Tax Paid (253) (254) (177) (101) (557) (692) Retirement Benefit Obligation Paid (19) (28) (38) (33) (22) (22) Cash Flow from Operating Activities 1,256 1,810 1,501 2,646 2,159 2,207 Cash Flow from Investing Activities Purchase of Property, Plant, Equipment (994) (1,409) (1,012) (648) (743) (849) Purchace of Intangible Assets (7) (16) (4) (1) - - Net of Staff Loans (28) Interest Received Proceeds from sale of Preperty, Plant & Equipment Net Cash Flows from/(used in) Investing Activities (1,000) (1,406) (964) (446) (708) (820) Cash Flow from Financing Activities Dividends Paid to Equity Holders (86) (380) (380) (1,045) (1,045) (1,045) Dividends Paid to perferance Shareholders (0) (0) (0) Proceeds/repayment of Borrowings (232) (108) (93) (140) - - Repayment of loan - Related Party (21) Net of Long Term Borrowings received (13) 94 (140) - (65) 20 Net Deposit Received for Returnable Containers Proceeds from Issuance of Share Capital Direct cost on Issue of Shares (7) - (1) Net Cash Flows from/(used in) Financing Activities 367 (394) (614) (1,185) (1,110) (1,025) Net Increase/(Decrease) in Cash & Cash Equivalents (77) 1, Source: Company Financial Reports and BRS Equity Research Page 7
8 DISCLAIMER Important Disclosures This report was prepared by Strategic Research Limited for clients of Bartleet Religare Securities. Special Disclosures Special Disclosures for certain additional disclosure statements (if applicable). Intended Recipients This report is intended only for the use of the individual or entity named above and may contain information that is confidential and privileged. It is intended only for the perusal of the individual or entity to whom it is addressed and others who are authorized to receive it. If you are not the intended recipient of this report, you are hereby on notice that any disclosure, dissemination, distribution, copying or taking action relying on the contents of this information is strictly prohibited and illegal. BRS, is not liable for the accurate and complete transmission of the information contained herein nor any delay in its receipt. If you have received this in error, please notify us immediately by return and please destroy the original message Analyst Certification Each of the analysts identified in this report certifies, with respect to the companies or securities that the individual analyses, that the views expressed in this report reflect his or her personal views about all of the subject companies and all of the securities and No part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. The lead analyst has not traded in the company under coverage in the last 21 days nor will trade in the next 21 trading days. If the lead analyst holds shares of the coverage; that will be listed here. Stock Ratings Recommendation Expected absolute returns (%) over 12 months Buy More than 10% Hold Between 10% and 0 Sell Less than 0% Expected absolute returns are based on the share price at market close unless otherwise stated. Stock recommendations are based on absolute upside (downside) and have a 12-month horizon. Our target price represents the fair value of the stock based upon the analyst s discretion. We note that future price fluctuations could lead to a temporary mismatch between upside/downside for a stock and our recommendation. General Disclaimers This report is strictly confidential and is being furnished to you solely for your information purposes. The information, tools and material presented in this report are not to be used or considered as an offer or solicitation of an offer to sell or to purchase or subscribe for securities. SRL has not taken any measures to guarantee in any way that the securities referred to herein are suitable investments for any particular investor. SRL will not under any circumstance, consider recipients as its customers by virtue of them receiving the report. The investments or services contained or referred to in this report may not be suitable for you and it is highly recommended that you consult an independent investment advisor if you are in any doubt about such investments or related services. Further, nothing in this report constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, investment needs or otherwise construes a personal recommendation to you. Information and opinions presented herein were obtained or derived from sources that SRL believes to be relied upon, but SRL makes no representations or warranty, express or implied, as to their accuracy or completeness or correctness. SRL accepts no liability whatsoever for any loss arising from the use of the material presented in this report. This report is not to be relied upon as a substitute for the exercise of independent judgment. SRL may have issued, and may in the future issue, a trading call regarding this security. Trading calls are short term trading opportunities based on market events and catalysts, while stock ratings reflect investment recommendations based on expected absolute return over a 12-month period as defined in the disclosure section. Because trading calls and stock ratings reflect different assumptions and analytical methods, trading calls may differ directionally from the stock rating. Past performance should not be taken as any indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment of its original date of publication by SRL and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities. SRL may or may not seek to do business with companies covered in our research report. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of research produced by SRL. Investors should consider our research as only a single factor in making their investment decision. Any reference to a third party research material or any other report contained in this report represents the respective research organization's estimates and views and does not represent the views and opinions of SRL. SRL, its officers and employees do not accept any liability or responsibility whatsoever with respect to the accuracy or correctness of such information. Further, SRL has included such reports or made reference to such reports in good faith (bona fide). Page 8
9 Bartleet Religare Securities (Pvt) Ltd BRS Equity Research - research@bartleetstock.com Page 9
2014 E 2015 E 2016 E 2017 E
Equity Research 4 December 2014 Interpump Group Hydraulics M&A may power growth Rating BUY Target price EUR13 Interpump is up 25% since the beginning of the year, bolstered by strong interim results and
More informationITC 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 informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationContextVision. Solid 2Q and more details on the contract awaited. August 18 th 2014 Share price: NOK Target: NOK Risk: Medium.
August 18 th 2014 Share price: NOK 21.70 Target: NOK 24.00 Risk: Medium ContextVision Key share data Sector Reuters Bloomberg Health Care COVI.OL COV:NO Market Cap (NOKm) 167.9 Net debt (NOKm) -28.6 EV
More informationHindustan Unilever (RHS)
Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationCEYLON COLD STORES PLC (PQ4) No. 117, Sir Chittampalam A Gardiner Mawatha 1 Colombo 02
No. 117, Sir Chittampalam A Gardiner Mawatha 1 CONSOLIDATED INCOME STATEMENT For the three months ended 30th June 2017 2016 Change % Continuing operations Sale of goods 12,342,740 10,279,427 20 Revenue
More informationSymphony 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 informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
More informationFineotex 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 informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationKWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12.
Equity Research Seeking balance between scale and profitability Downgrade to HOLD and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationBUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.
At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174
More informationContextVision. Expecting solid results and awaiting progress update on research program
1Q17 Preview (report due April 27 th ) April 24 th 2017 Share price: NOK 61.75 Target: NOK 100.00 (unchanged) Risk: Medium ContextVision Key share data Sector Reuters Bloomberg Health Care COVI.OL COV
More informationSAFARICOM LTD EARNINGS UPDATE MAY 2016
SAFARICOM LTD EARNINGS UPDATE MAY 2016 A I B C A P I T A L L T D We maintain our target estimates and only adjust for time value of money and debt on the valuation. We also factor in current numbers and
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationCR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74
Equity Research Winner of next 5 years, BUY 2017 result: slow growth, but high profitability Revenue slightly improved by 8.5% YoY to HKD 118.5 bn. Thanks to GPM growing by 6.5 pts to 40%, gross profit
More informationIndian Oil Corporation Ltd.
Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 February 12, 2016 COMPANY RESULTS REPORT REVIEW Analyst Sudeep Anand +91-22-4322 1190 sudeep.anand@idbicapital.com
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationPT Bukit Asam Tbk. Margin Expansion. BUY (TP: IDR 13,250) 23 October 2017
PT Bukit Asam Tbk. Margin Expansion BUY (TP: IDR 13,250) 23 October 2017 High production number, but lower sales volume. PTBA posted strong production output in 3Q17 at 7.48 mn tons (+40.3% YoY, +51.4%
More informationContextVision. Neutral stance maintained after 3Q. 3Q14 Results analysis November 5 th 2014 Share price: NOK Target: NOK 24.
3Q14 Results analysis November 5 th 2014 Share price: NOK 22.00 Target: NOK 24.00 Risk: Medium ContextVision Key share data Sector Reuters Bloomberg ContextVision is a market making client of Norne Securities
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
More informationCargills (Ceylon) PLC (CARG) 1QFY15 results
Sri Lanka Beverage, Food & Tobacco EQUITY RESEARCH Earnings review note 02 September 2014 Cargills (Ceylon) PLC (CARG) 1QFY15 results Key highlights and outlook Revenue grows, while margins are impacted
More informationGillette India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance
More informationBharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
[ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,
More informationKEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18
More informationPidilite Industries Ltd
Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against
More informationMCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176
: price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious
More informationJamna Auto Industries
2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were
More informationITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only
Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18. Volume No.. I Issue No. 186 ITC Ltd September 21, 2018 BSE Code: 500875 NSE Code: ITC Reuters Code: ITC.NS Bloomberg
More informationNATIONAL INDUSTRIALIZATION CO. (TASNEE)
ENTITY OF AUDI SARADAR GROUP CURRENT PRICE SAR 24.8 FAIR VALUE SAR 33.2 RATING BUY HIGHLIGHTS Stock Data Ticker NIC AB Bloomberg Median TP (SAR) 41.3 Market Cap (SAR mn) 16,589 Market Cap (USD mn) 4,424
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationEddie Stobart Logistics
Eddie Stobart Logistics Interims show delivery on growth plans Interim results Industrial support services Eddie Stobart Logistics (ESL) H1 numbers, well trailed at the trading update in July, showed high
More informationColgate-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 informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationFC Research Analyst: Amanda Lokugamage
Analyst: Amanda Lokugamage PIRAMAL GLASS CEYLON PLC SRI LANKA Earnings Update REITERATE BUY GLAS.N0000 Current Price: LKR 6.2 Fair Value: LKR 7.5 MAY 2015 KEY DATA Share Price (LKR) 6.20 52w High/Low (LKR)
More informationHCL Technologies. Rating: Target price: EPS: Target CMP. Rating. Rs. 826 REDUCE. Rs.760
: price: EPS: How does our one year outlook change? HCLT registered a strong quarter with revenues growing at 6.5% qoq (4% qoq organic) including $40m contribution from Volvo, after a disappointing show
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationUnilever Nigeria Plc. Cost control remains a challenge. Nigeria Equities Consumer Goods July 24, 2015
Unilever Nigeria Plc Nigeria Equities Consumer Goods July 24, 2015 Cost control remains a challenge 1H2015 revenue declines by 1.9% y/y For the six months period to June 2015, Unilever Nigeria recorded
More informationTata Consultancy Services
Tata Consultancy Services SALES NOTE 19 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Sales Note II 19th May, 2017 CMP INR 2536 Target INR 2833 Potential
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationVakrangee Ltd BUY. Speciality Retail. Company Update. Aug 07, Vakrangee Ltd. Recommendation (Rs.)
Company Update Speciality Retail Addition of Service Offerings will Ramp up the Business PAT increased by 38.3% YoY on strong revenue growth: During Q1FY18, the revenue stood at Rs. 13047 Mn as against
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Product mix improvement in 4Q15 order book 4Q15 order book kept at low-teen, better product mix Order
More informationHOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research
COMPANY UPDATE Dec-15 Jan-16 Feb-16 Mar-16 GEOJIT BNP PARIBAS Research Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 RETAIL EQUITY RESEARCH Coal India Ltd Coal BSE CODE:533278 NSE CODE:
More informationWipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold
Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571
More informationPrabhat Dairy Ltd. RESULT UPDATE 8th June, 2018
RESULT UPDATE 8 th June, 2018 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 8 th June, 2018 2 Under Expansion Mode CMP
More informationExamples = + = + = = = =
Examples = + = + = = = = Calculation of ratios an example Formula Year 1 Year 2 Year 3 Year 4 Year 5 Comments Adjusted Profit/Loss for the Period excl. Minorities 33.0 37.4 36.8 62.3 79.4 Adjusted
More informationHOLD Rating as per Large Cap 12 months investment period
COMPANY UPDATE RETAIL EQUITY RESEARCH Bharat Petroleum Corp. Ltd. (BPCL) Oil Marketing & Distribution BSE CODE: 500547 NSE CODE: BPCL Bloomberg CODE: BPCL:IN SENSEX: 31,497 HOLD Rating as per Large Cap
More informationColgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
More informationGoodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Goodbaby (1086 HK) Buy (maintained) Target price: HK$4.20 1H16 results miss, but margin expansion continues Maintain Buy Net profit rose 21% YoY to HK$107m in 1H16,
More informationKEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials
3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationKey estimate revision. Financial summary. Year
: price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive
More informationCompany Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 CMP: 32.30 February 11, 2016 Stock Details BSE code 526558 BSE ID JAMEHOT Face value ( ) 10 No of shares (m) 8.0 52 week
More informationCompany Overview. Industry Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Trade Wings Limited CMP: 105.00 January 29, 2016 Stock Details BSE code 509953 BSE ID TRADWIN Face value ( ) 10 No of
More informationKPIT CUMMINS INFOSYSTEMS Ltd.
KPIT CUMMINS INFOSYSTEMS Ltd. Technology Co with Focus on R&D Attractive Valuations 30 th April-2013 Buy Rating with TP `128 Upside 23% 1 KPIT Cummins Infosystems Ltd Stock Data No. of shares : 19.28 cr
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationApollo Micro Systems Ltd
IPO Note Financials Jan 08, 2018 Apollo Micro Systems Ltd Incorporated in 1997, Apollo Micro Systems Limited (AMSL) is a Hyderabad based company engaged in the business of electronic, electro-mechanical,
More informationHOLD. Cipla Ltd Pharmaceuticals RETAIL EQUITY RESEARCH
Q3FY18 RESULT UPDATE RETAIL EQUITY RESEARCH Cipla Ltd Pharmaceuticals BSE CODE: 500087 NSE CODE: CIPLA Bloomberg CODE: CIPLA:IN SENSEX: 33,704 HOLD Rating as per Large cap 12months investment period CMP
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationTCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1.
Securities Analysis (Equity) TCL Communication (218 HK) Painful transition period 1H12 profit warning. TCL Com announced profit warning on 15 Jul and expected to record a significant drop in 2Q12 net profit
More informationHavells India. Q3FY17 Result Update Positive surprise; Maintain Buy. Sector: Consumer Durable CMP: ` 376. Recommendation: BUY.
Havells India Q3FY17 Result Update Positive surprise; Maintain Buy Sector: Consumer Durable CMP: ` 376 Recommendation: BUY Market statistics Current stock price (`) 376 Shares O/S (cr.) 62.5 Mcap (` cr)
More informationNestle India Ltd. RESULT UPDATE
RESULT UPDATE 15th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update Q1CY17 II 15th May, 2017 CMP INR 6819 Target INR 7075 Potential Upside
More informationSteel Authority of India Ltd Steel Products HOLD RETAIL EQUITY RESEARCH. CMP Rs. 62 TARGET Rs. 65 RETURN 6% 24 th October 2017 COMPANY UPDATE
COMPANY UPDATE RETAIL EQUITY RESEARCH Steel Authority of India Ltd Steel Products BSE CODE: 500410 NSE CODE: SAIL Bloomberg CODE: SAIL:IN SENSEX: 32,607 HOLD Rating as per Largecap 12months investment
More informationRajesh Exports (RJEX_IN) Earnings Update Report Consumer Discretionary: Gold Jewelry Manufacturer
Monday, February 4, 2019 www.evaluateresearch.com Target Price Rs. 900.00 Current Price Rs. 598.00 Upside Potential 50% Market Cap. Shares Outstanding Rs. 176,802 mn US$ 2.47 bn 295.3 mn Free Float (FF
More informationDaphne (210 HK) Hold (maintained) Target price: HK$1.07. Takeaways from company visit. Equity Research Consumer Discretionary.
Equity Research Consumer Discretionary Daphne (21 HK) Hold (maintained) Target price: HK$1.7 Takeaways from company visit Maintain Hold We recently visited Daphne to gain a more in-depth insight into its
More informationTV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Media February 14, 2019 TV Today Network Performance Update Y/E March (` cr) 3QFY19 3QFY18
More informationFila Korea (081660) Widespread growth potential
Fila Korea (8166) BUY (Maintain), TP: W98, (Maintain) Stock price (Apr 26, KRW) 83,5 Yr to Sales OP EBT NP EPS % chg EBITDA P/E EV/EBITDA P/B ROE Market cap (USD mn) 697 Dec (W bn) (W bn) (W bn) (W bn)
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationCairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)
2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443
More informationTTK Prestige Ltd. Result Highlights. Revenue growth of 41% YoY, shows no slowdown yet. OPM at ~15.8%; in line with our estimate
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 January 12, 212 COMPANY RESULTS REPORT REVIEW TTK Prestige Ltd. Enough steam left BUY Nifty: 4,831; Sensex: 16,38
More informationEast African Breweries Limited
East African Breweries Limited Email: researchke@securitiesafrica.com Tel: +254 735 571 530 Sector/Country: Beverages/ Kenya Stock Rating: Buy Equity Market Cap : Current Share Price : Target Price : 12
More informationNESCO. Institutional Equities. Event Update. Revenues From Bombay Exhibition Centre May Take A Hit BUY
Event Update Institutional Equities NESCO 27 August 2018 Reuters: NSEN.NS; Bloomberg: NSE IN Revenues From Bombay Exhibition Centre May Take A Hit This event update relates to an application made on 14
More informationSUPREME INDUSTRIES Ltd Plastic Products. Accumulate Rating as per Midcap 12months investment period RETAIL EQUITY RESEARCH
Q3FY18 RESULT UPDATE RETAIL EQUITY RESEARCH SUPREME INDUSTRIES Ltd Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SI:IN SENSEX: 34,184 Accumulate Rating as per Midcap 12months investment
More informationHOLD PVR. Operating matrix healthy; footfalls subdued. Target Price: Rs 1,520. Key highlights
Operating matrix healthy; footfalls subdued Q3 was largely in line with expectations. Limited box-office success led to lower footfalls (down 2%) and occupancy (~29% vs. 32% YoY) despite ~7% increase in
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationCompany Overview. FY15 and recent performance. The company has operating profit of INR65.2m in Q2FY16. Table 1: Key financials
IT Software Products l BSE Research ABM Knowledgeware Ltd. The Varhad Group CMP: INR265.40 Stock data BSE code 531161 BSE ID ABMKNO Face value (INR) 10.0 No of shares (m) 10.0 Market cap (INRm) 2,654.3
More informationKDDL (KDDL IN) In expansion mode
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) In expansion mode INDIA MIDCAP Quarterly Update Top takeaways from 2QFY19 Results in line, recovery in manufacturing & strong growth in precision engineering.
More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More informationNestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 3QFY2019 Result Update Media January 31, 2019 Music Broadcast Performance Update Y/E March (` cr) 3QFY19 3QFY18 % yoy
More informationCMP* (Rs) 840 Upside/ (Downside) (%) (2.4) Bloomberg Ticker Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6
Event Update November 08, 2017 Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6 USFDA Warning Letter Entails Further Downside Risk to US Biz The US FDA has issued a Warning Letter (WL) to
More informationVery solid Q3; excellent story, but priced in; TP upped to 60.00; downgrade to neutral. Q3 2016: Very solid quarter, better than expected
B a sl er A G # $T ypcap$ 1576 14 1 1 x 6495 2 Page 1/6 First Take Reco. lowered Neutral vs Buy Electronics Germany Neutral Target price : 60.00 EUR vs 52.00 EUR Price (11/01/2016) : 58.04 EUR Upside :
More informationCentury Plyboards Ltd
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
More informationApollo Hospitals Enterprise Ltd.
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17. Volume No.. I Issue No. 154 Apollo Hospitals Enterprise Ltd. December 19, 2017 BSE Code: 508869 NSE Code: APOLLOHOSP
More information