SITI Cable Network. Exhibit 1: Summary of estimate change (INR b)
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1 BSE SENSEX S&P CNX 27,878 8,477 Bloomberg SCNL IN Equity Shares (m) M.Cap. (INR b) / (USD b) 23.7/ Week Range (INR) 39 / 25 1, 6, 12 Rel. Per (%) 2/2/17 Avg Val(INRm)/Vol /772 Free float 34.0 Financials & Valuation (INR Billion) Y/E MAR 2016E 2017E 2018E Net Sales EBITDA EBITDA# Adj. NP Adj.EPS (INR) Adj.EPS Gr (%) NA BV/Sh (INR) RoE (%) RoCE (%) P/E (x) EV/EBITDA(x)* * Based on attributable EBITDA and subs post minority stake; # (ex-activation) Estimate change TP change Rating change 17 August QFY16 Results Update Sector: Media SITI Cable Network CMP: INR35 TP: INR48 (+37%) Buy Box switch-offs impact subscription; recurring EBITDA in line EBITDA (ex-activation) in line: SCNL s EBITDA (ex-activation) was largely in line at INR248m as lower opex offset the sharp decline in subscription revenue. All revenue streams decline QoQ, ex-broadband: SCNL reported an 11% QoQ decline in revenue (7% below est.) as all revenue streams declined except broadband. To enforce better monetization and collection efficiency from LCOs, SCNL switched off ~0.4m digital subscribers on a rotational basis. Consequently, subscription revenue declined 9% QoQ to INR1.29b (v/s est. INR1.52b). The impact of the switch-off is estimated to be INR100m-120m. Activation revenue declined QoQ from INR211m to INR109m in 1QFY16 (v/s est. INR80m) as STB seeding remained muted at ~0.2m, taking the digital subscriber base to 5.58m. Carriage revenue remained largely flat QoQ at INR729m (v/s est. INR650m). Broadband revenue grew 14% QoQ to INR90m. Phase I/II ARPU largely flat; content deals for Phase III tied up: Realizations in Phase I/II have been largely flat at INR100/INR75; the management expects improvement to INR110/INR90 by March Except Star, all major content deals for Phase III/IV (Zee, Sony, Colors) have been negotiated on a fixed-fee basis. FY16 gross capex guidance of INR10b; net debt at INR11b: During FY16, SCNL is targeting digital cable subscriber addition of 5.5m and broadband addition of 0.2m. Gross capex guidance is ~INR10b (net capex of ~INR5.5b). Current gross/net debt stands at INR13b/INR11b. 99% underlying EBITDA CAGR over FY15-18; maintain Buy: We expect the digital subscriber base to increase from 5.4m in FY15 to 11m in FY18. Increase in net subscription income in the post-digitization scenario should drive ~99% recurring EBITDA CAGR, with EBITDA (ex-activation) expected to improve from ~INR0.8b in FY15 to ~INR6.1b in FY18. SCNL trades at EV/ EBITDA (ex-activation/ minorities) of 29.8x/14.5x/5.9x FY16E/FY17E/FY18E. Our EBITDA estimates are largely unchanged. Maintain Buy with a DCF-based price target of INR48/sh (unchanged). Shobhit Khare (Shobhit.Khare@MotilalOswal.com); Jay Gandhi (Jay.Gandhi@MotilalOswal.com); Investors are advised to refer through disclosures made at the end of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.
2 Earnings call highlights Subscription revenue: QoQ decline led by switch-off of ~4,00,000 digital subscribers on a rotational basis to enforce better monetization and collection efficiency from Local Cable Operators (LCOs). Subscription revenue receivables remained flat QoQ. Management expects net ARPU for Phase I/II to increase from INR75/INR100 per month currently to INR90/INR110 by March Subscription revenue unlikely to decline further going forward. Cable subscriber additions and activation revenue: Target to reach ~11m digital subscribers by March 2016 vs 5.6m currently. Activation per box at ~INR800 per subscriber during 1QFY16. Broadband: Target to add ~200,000 broadband subscribers in FY16 taking broadband subscriber base to ~2,75,000 by March Focusing on delivering high service uptime in this business. Content cost and phase III/IV deals: Expect ~15% growth in content cost in FY16. Phase I/II content cost at ~INR55-60 per subscriber per month. SITI Cable has already completed negotiations with ZEE, Sony and Colors bouquets for content in phase III/IV cities and deal with Star is expected to close by September Currently these deals would be on a negotiated fixed fee basis. Capex: Expect ~INR10b gross capex and ~INR5.5b net capex in FY16 including broadband. Cost per box currently at ~INR1,200 for MPEG 2 and INR1,350 for MPEG 4 boxes. Debt: Gross debt at ~INR13b (including ~INR9b INR debt); net debt at ~INR11b. Exhibit 1: Summary of estimate change (INR b) FY16E FY17E FY18E Cable subscription revenue Old New Change (%) Revenue Old New Change (%) EBITDA Old New Change (%) EBITDA (ex-activation) Old New Change (%) Adjusted PAT Old New Change (%) August
3 Exhibit 2: SITI Cable: Consolidated quarterly performance (INR m) 1QFY15 4QFY15 1QFY16 YoY (%) QoQ (%) 1QFY16E vs est (%) Revenue 2,090 2,560 2, ,451-7 Operating costs 1,748 2,466 1, , Carriage sharing/pay channel 1,256 1,584 1, , Employee cost Other costs EBITDA EBITDA margin (%) bps EBITDA ex-activation EBITDA margin ex-activation (%) bps 1544bps bps Depreciation and amortization Other income Finance cost PBT Tax Prior period items PAT Minority Interest PAT after minority interest Digital subs and revenue break-up Digital Subs (m) Subscription revenue 1,182 1,424 1, , Carriage revenue Activation revenue Broadband revenue Other operating revenue August
4 Story in charts Exhibit 3: Platform-wise industry ARPU (FY15E-18E) FY15E FY16E FY17E FY18E DTH ARPU (INR) Analogue Cable ARPU (INR) Digital Cable ARPU (INR) Phase I Phase II Phase III/IV Other Digital ARPU (INR) Source: MOSL Exhibit 4: India Pay TV subscription revenue split (INR b) Analogue Cable Digital Cable DTH Other Digital Total Subscription Revenue FY15E FY16E FY17E FY18E Source: MOSL Exhibit 5: India: TV and C&S households (m) FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Source: MOSL Exhibit 7: Phase wise subscribers (FY15-18E) FY15E FY16E FY17E FY18E DTH HH (m) Cable HH (m) Analogue Cable (m) Digital Cable (m) Phase I Phase II Phase III/IV Other Digital HH (m) Digital HH Source: MOSL Exhibit 6: C&S connections mix: Analog v/s Digital (%) Analogue Cable (%) Digital Cable (%) DTH (%) Other Digital HH (%) FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Source: MOSL Exhibit 8: 24% digital subscriber CAGR from 79m to 151m m net susbcriber adds FY15E Digital Market growth Analog phaseoff 151 FY18E Digital Source: MOSL 17 August
5 Story in charts Exhibit 9: FY15 revenue break-up Exhibit 10: FY18 revenue break-up Others 7% Carriage 27% Others 11% Susbcription 73% Susbcription 59% Activation 7% Carriage 13% Activation 3% Exhibit 11: Net subscription revenue (INR b) 13.2 Exhibit 12: EBITDA ex-activation/one-offs (INR b) FY14 FY15 FY16E FY17E FY18E FY14 FY15 FY16E FY17E FY18E Exhibit 13: Capex and Capex/sales (INR b, %) Exhibit 14: FCFF (INR b) Capex Capex/Sales (%) FY14 FY15 FY16E FY17E FY18E FY15 FY16E FY17E FY18E FY19E FY20E 17 August
6 Exhibit 15: SCNL - Key Operating Metrics FY14 FY15 FY16E FY17E FY18E Phase wise subscriber base (m) Phase I Phase II Phase III/IV Digital Analog Total Universe Phase wise gross ARPU (INR) Phase I Phase II Phase III/IV Analog Total Universe YoY (%) Phase wise net ARPU (INR) Phase I Phase II Phase III/IV Analog Total Universe YoY (%) Per susbcriber carriage and content cost (INR) Content cost/subscriber/month C& P revenue/sub/month Net content cost/sub/month Net content cost/net ARPU Per susbcriber monthly metrics Gross revenue LCO share Net revenue Net content cost Other cost Total operating cost EBITDA August
7 Exhibit 16: SCNL - Key Financial Metrics FY14 FY15 FY16E FY17E FY18E Key Financials (INR b) Revenue YoY (%) EBITDA YoY (%) EBITDA margin (%) EBITDA ex activation/one-offs YoY (%) NA EBITDA margin ex activation (%) Capex analysis (INR b) Capex Capex/Sales (%) Gross STB adds (m) Net STB adds (m) STB Capex/gross add (INR) 1,200 1,300 1,250 1,250 1,250 Revenue break-up (INR b) Gross subscription revenue (incl LCO share) Net subscription revenue (excl LCO share) Reported subscription revenue (post gross billing) Activation revenue Carriage and placement revenue Other revenue (incl broadband) Total revenue August
8 Financials and valuations (Consolidated) Income Statement (INR Million) Y/E March E 2017E 2018E Revenues 3,428 4,696 6,972 9,059 11,647 15,521 20,432 Change (%) Total Expenses 3,691 3,973 5,844 7,685 8,418 11,635 13,775 EBITDA ,128 1,374 3,230 3,886 6,657 % of Revenue Change (%) Depn. & Amortization ,328 1,758 2,278 2,602 EBIT ,472 1,608 4,055 Net finance cost ,191 1,209 1,373 1,255 1,164 Other Income PBT ,999 Tax Rate (%) Reported PAT , ,907 Minority interest Reported Net profit , ,529 Adjusted Net profit , ,529 Change (%) NA NA NA NA Balance Sheet (INR Million) Y/E March E 2017E 2018E Share Capital Add. Paid up Capital 4,200 4,200 5,502 9,426 9,426 9,426 9,426 Reserves -5,480-5,313-4,900-8,275-8,108-7,783-5,253 Net Worth ,123 1,829 1,997 2,321 4,851 Minority Interest ,129 Loans 4,480 9,094 12,673 13,470 12,691 13,724 10,779 Other Liabilities ,846 2,910 Deferred Tax Liability Capital Employed 3,784 9,456 14,495 16,914 16,438 18,743 19,770 Gross Block 4,025 7,253 12,059 14,990 21,192 25,114 27,574 Less : Depreciation 2,182 2,741 4,380 5,708 7,466 9,744 12,346 CWIP ,702 1, Fixed Assets 1,966 5,204 9,381 10,942 14,551 15,700 15,558 Investments Curr. Assets 3,655 6,737 8,832 11,405 8,574 10,578 13,065 Debtors ,954 3,283 2,998 4,150 5,609 Cash & Bank Balance 1,483 1,294 3,529 4,337 1,337 1,337 1,337 Other Current Assets 1,395 4,475 3,350 3,785 4,239 5,091 6,119 Curr. Liab. & Prov. 1,855 2,500 3,735 5,449 6,703 7,552 8,870 Creditors 1,357 1,984 2,449 2,614 3,443 3,772 4,492 Other Current Liabilities ,286 2,835 3,260 3,779 4,378 Net Curr. Assets 1,800 4,236 5,098 5,956 1,871 3,027 4,195 Appl. of Funds 3,784 9,456 14,495 16,914 16,438 18,743 19,770 E: MOSL Estimates 17 August
9 Financials and valuations (Consolidated) Ratios Y/E March E 2017E 2018E Basic (INR) EPS Cash EPS Book Value DPS Payout %(Incl.Div.Taxes) Valuation (x) P/E Cash P/E EV/EBITDA* EV/EBITDA ex-activation * EV/Sales* EV/sales ex-activation* Price/Book Value EV/Sub (INR)* 3,551 3,397 3,599 3,582 3,243 Profitability Ratios (%) RoE RoCE Turnover Ratios Debtors (Days) Asset Turnover (x) Leverage Ratio Net Debt/Equity (x) Cash Flow Statement (INR Million) Y/E March E 2017E 2018E Op.Profit/(Loss) bef Tax 724 1,128 1,374 3,230 3,886 6,657 Other Inc/excep. items Interest Paid ,191-1,209-1,373-1,255-1,164 Direct Taxes Paid (Inc)/Dec in Wkg. Cap. -1, , CF from Op.Activity -1, ,167 2,394 5,405 (inc)/dec in FA + CWIP -3,801-5,016-2,889-5,366-3,427-2,460 (Pur)/Sale of Investments Other investing activity/adj CF from Inv.Activity -3,799-5,036-2,988-5,366-3,427-2,460 Issue of Shares 808 2,745 2, Inc/(Dec) in Debt 4,614 3, ,033-2,945 Others CF from Fin.Activity 5,422 6,355 3, ,033-2,945 Inc/(Dec) in Cash , , Add: Opening Balance 1,483 1,294 3,529 4,337 1,337 1,337 Closing Balance 1,294 3,529 4,337 1,359 1,337 1,337 E: MOSL Estimates; * Based on attributable EBITDA and subs post minority stake 17 August
10 Corporate profile: SITI Cable Network Company description SITI Cable Network Limited (SCNL) is one of India's leading Multi System Operator (MSO). With 61 analog and 15 digital head ends and a network of more than 14,600 Kms of optical fibre and coaxial cable, it provides its cable services in India's 130 key cities and the adjoining areas, reaching out to over 10.5 million cable universe. SCNL is a part of the Essel Group, which is one of India's leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technologyenabled services, infrastructure development and education. Exhibit 17: Sensex rebased Exhibit 18: Shareholding pattern (%) Jun-15 Mar-15 Jun-14 Promoter DII FII Others Note: FII Includes depository receipts Exhibit 19: Top holders Holder Name % Holding HDFC Trustee Company Ltd A/C HDFC Equity Fund 5.2 Polus Global Fund 3.2 Morgan Stanley Asia (Singapore)Pte 2.5 Swiss Finance Corporation (Mauritius) Limited 1.9 DSP Blackrock Micro Cap Fund 1.7 Citigroup Global Markets Mauritius Pvt Ltd 1.1 Exhibit 20: Top management Name Designation V D Wadhwa CEO Vinay Chandok COO Operations Anil Jham CTO Exhibit 21: Directors Name B K Syngal Vinod Kumar Bakshi Suresh Kumar Agarwal Name Subodh Kumar Kavita Kapahi *Independent Exhibit 22: Auditors Name Walker Chandiok & Co LLP Type Statutory Exhibit 23: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY FY FY August
11 N O T E S 17 August
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BSE Sensex S&P CNX 20,039 6,064 Bloomberg IDBI IN Equity Shares (m) 1,278.4 M.Cap. (INR b)/(usd b) 144.9/2.7 52-Week Range (INR) 122/82 1,6,12 Rel.Perf.(%) -1/6/2 Financials & Valuation (INR b) Y/E March
More informationJSW Steel. CMP: INR670 TP: INR391 Sell Merger with JSW Ispat
BSE SENSEX S&P CNX 17,384 5,254 Bloomberg JSTL IN Equity Shares (m) 223.1 52-Week Range (INR) 885/464 1,6,12 Rel. Perf. (%) -5/-12/-10 M.Cap. (INR b) 149.5 M.Cap. (USD b) 2.7 Valuation summary (INR b)
More informationSanjay Jain Pavas Pethia
BSE Sensex S&P CNX 19,561 5,923 Bloomberg SAIL IN Equity Shares (m) 4,130.4 M.Cap. (INR b)/(usd b) 334.6/6.2 52-Week Range (INR) 116/76 1,6,12 Rel. Perf. (%) -11/-17/-38 Financials & Valuation (INR b)
More informationCMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India
BSE SENSEX S&P CNX 27,459 8,497 CMP: INR2,013 TP: INR2,384 (+18%) DBEL to be merged with OCL India 7 November 2016 Update Sector: Cement Dalmia Bharat Buy Stock Info Bloomberg DBEL IN Equity Shares (m)
More informationCastrol India. CMP: INR407 TP: INR474 (+16%) Neutral
BSE SENSEX S&P CNX 23,089 7,019 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b) / (USD b) 201/2.9 52-Week Range (INR) 518 / 370 1, 6, 12 Rel. Per (%) 3/3/6 Avg Val (INR m) 128 Free float (%)
More informationCMP: INR826 TP: INR810 (-2%) Neutral
8 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,310 7,702 CMP: INR826 TP: INR810 (-2%) Neutral Maneuvering pricing in a deflationary environment Delayed winter a risk for
More informationCity Union Bank BUY. 24 February 2016 INR82
SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target
More informationCMP: INR2,623 TP: INR2,875 (+10%) Neutral
21 March 2017 Update Sector: Healthcare Dr Reddy s Labs BSE SENSEX S&P CNX 29,485 9,122 Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap.(INR b)/(usd b) 447.0 / 6.6 52-Week Range (INR) 3689 / 2602 1, 6,
More informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
More informationTitan Industries. CMP: INR222 TP: INR220 Neutral
BSE SENSEX S&P CNX 17,257 5,241 Bloomberg TTAN IN Equity Shares (m) 887.8 52-Week Range (INR) 255/154 1,6,12 Rel. Perf. (%) -1/13/3 M.Cap. (Rs b) 197.1 M.Cap. (US$ b) 3.6 2 August 2012 1QFY13 Results Update
More informationCanara Bank. CMP: INR419 TP: INR525 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) 170.3 M.Cap. (USD b) 3.0 7 November 2012 2QFY13 Results
More informationCMP: INR350 TP: INR375 Downgrade to Neutral
BSE Sensex S&P CNX 19,497 5,897 Bloomberg COAL IN Equity Shares (m) 6,316.4 M.Cap. (INR b)/(usd b) 2,211/41 52-Week Range (INR) 386/301 1,6,12 Rel. Perf. (%) 1/-11/-5 Financials & Valuation (INR b) Y/E
More informationTo voluntarily stop supplies to US
BSE Sensex S&P CNX 26,272 7,831 24 July 2014 Update Sector: Healthcare Ipca Laboratories CMP: INR728 TP: INR930 Buy Stock Info Bloomberg IPCA IN Equity Shares (m) 126.2 52-Week Range (INR) 907/609 1, 6,
More informationCMP: INR949 TP: INR1,140 (+20%) Buy
BSE SENSEX S&P CNX 26,766 8,204 Stock Info Bloomberg PVRL IN Equity Shares (m) 46.7 52-Week Range (INR) 977/617 1, 6, 12 Rel. Per (%) 3/15/47 M.Cap. (INR b)/ (USD b) 44.3/0.7 Avg Val ( INR m) 157 Free
More informationJinesh Gandhi Sandipan Pal
BSE Sensex S&P CNX 20,224 6,157 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b)/(usd b) 20.5/0.4 52-Week Range (INR) 342/202 1,6,12 Rel. Perf. (%) 6/-15/-23 Financials & Valuation (INR b) Y/E
More informationCMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification
BSE SENSEX S&P CNX 30,435 9,429 18 May 2017 Update Sector: Utilities CMP: INR830 TP: INR1,040(+25%) Buy Driving value through simplification Stock Info Bloomberg IN Equity Shares (m) 133.2 52-Week Range
More informationNo major improvement in value proposition expected
Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
More informationPidilite Industries. CMP: INR164 TP: INR186 Buy
BSE SENSEX S&P CNX 16,640 5,043 Bloomberg PIDI IN Equity Shares (m) 506.1 52-Week Range (INR) 188/134 1,6,12 Rel. Perf. (%) 1/20/5 M.Cap. (INR b) 83.0 M.Cap. (USD b) 1.5 27 July 2012 1QFY13 Results Update
More informationCMP: INR113 TP: INR180(+59%) Buy Some pricing pressure, but fundamentals are strong
6 July 2017 Update Sector: Metals NMDC BSE SENSEX S&P CNX 31,246 9,638 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot.
More informationShoppers Stop. CMP: INR339 TP: INR355 Neutral
BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
More informationREPORT THREADBARE. New accounting standards from FY The ART of annual report analysis
23 February 2015 ANNUAL New accounting standards from FY16-17 Financial reporting set for revamp with introduction of Ind-AS The Government has unveiled a roadmap to implement Ind-AS (equivalent IFRS standards)
More informationCMP: INR550 TP: INR630 (+15%) Buy
24 July 2017 1QFY18 Results Update Sector: Media Zee Entertainment BSE SENSEX S&P CNX 32,246 9,966 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading
More informationJSW Energy. CMP: INR59 TP: INR84 (+42%) Buy Valuations heavily discounting merchant capacities
BSE SENSEX S&P CNX 26,653 8,225 Stock Info Bloomberg JSW IN Equity Shares (m) 1640 52-Week Range (INR) 88 / 54 1, 6, 12 Rel. Per (%) -6/-14/-34 M.Cap. (INR b) 109.9 M.Cap. (USD b) 1.6 Avg Val, INRm 223
More informationCMP: INR388 TP: INR465(+20%) Buy
BSE SENSEX S&P CNX 30,858 9,504 29 June 2017 Update Sector: Technology Tech Mahindra CMP: INR388 TP: INR465(+20%) Buy Steeper-than-anticipated challenges at the start of the year Revenue headwinds to add
More informationZee Entertainment. CMP: INR535 TP: INR610 (+14%) Buy. Attempts to fix hole in the ship via sports assets sale
BSE SENSEX S&P CNX 28, 423 8,775 Stock Info Bloomberg Z IN Equity Shares (m) 960.4 M.Cap. (INR b)/(usd b) 371.7/5.8 52-Week Range (INR) 402 / 265 52-Week Range (INR) 545 / 350 1, 6, 12 Rel. Per (%) 5/20/33
More informationCMP: INR158 TP: INR199 (+26%) Buy NTPC FY16 annual report analysis
BSE SENSEX S&P CNX 28,060 8,650 Stock Info Bloomberg NTPC IN Equity Shares (m) 158.0 52-Week Range (INR) 170/112 1, 6, 12 Rel. Per (%) 1/10/24 M.Cap. (INR b) 13449.0 M.Cap. (USD b) 20.1 Avg. Val, INR m
More informationCPCB-2: Important long-term driver
BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
More informationSiddharth Bothra
BSE Sensex S&P CNX 19,152 5,797 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b)/(usd b) 158/2.9 52-Week Range (INR) 338/223 1,6,12 Rel. Perf. (%) 12/-3/26 Financials & Valuation (INR b) Y/E March
More informationABB India to remain a key sourcing hub
BSE SENSEX S&P CNX 27,430 8,485 Stock Info Bloomberg IN Equity Shares (m) 211.9 52-Week Range (INR) 1433/963 1, 6, 12 Rel. Per (%) -4/-21/-17 M.Cap. (INR b) 231.0 M.Cap. (USD b) 3.4 Avg Val, INRm 93.6
More informationCross service charges at INR m/quarter
BSE SENSEX S&P CNX 19,636 5,940 Cummins India CMP: INR504 TP: INR585 Buy LHP products to be an important growth driver Cross service charges at INR100-200m/quarter 20 February 2013 Update Sector: Capital
More informationNTPC CMP: INR169 TP: INR191 Buy
BSE SENSEX S&P CNX 18,625 5,664 Bloomberg NTPC IN Equity Shares (m) 8,245.5 52-Week Range (INR) 190/139 1,6,12 Rel. Perf. (%) 3/-4/-11 M.Cap. (INR b) 1,393.5 M.Cap. (USD b) 26.0 26 October 2012 2QFY13
More informationJubilant Foodworks. CMP: INR1,189 TP: INR1,0541,054 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,189/633 1,6,12 Rel. Perf. (%) 4/38/47 M.Cap. (INR b) 75.5 M.Cap. (USD b) 1.3 26 July 2012 1QFY13 Results Update
More informationBata India. CMP: INR415 TP: INR483 (+16%) Upgrade to Buy Aggressive, focused strategy to drive growth. Upgrading to Buy
BSE SENSEX S&P CNX 26,393 8,143 Stock Info Bloomberg BATA IN Equity Shares (m) 128.5 52-Week Range (INR) 614 / 400 1, 6, 12 Rel. Per (%) -6/-24/-17 M.Cap. (INR b) 53.3 M.Cap. (USD b) 0.8 Avg Val, INRm
More informationIndusInd Bank. CMP: INR345 TP: INR419 Buy
BSE SENSEX S&P CNX 17,504 5,332 Bloomberg IIB IN Equity Shares (m) 467.7 52-Week Range (INR) 352/222 1,6,12 Rel.Perf.(%) 13/25/34 M.Cap. (INR b) 161.4 M.Cap. (USD b) 3.1 20 April 2012 4QFY12 Results Update
More informationBirla Corporation. CMP: INR484 TP: INR590 (+22%) Buy
BSE SENSEX S&P CNX 28,851 8,712 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b) / (USD b) 37.3/0.6 52-Week Range (INR) 615/226 1, 6, 12 Rel. Per (%) 1/5/64 Avg Val (INRm)/Vol 000 34/72 Free float
More informationCMP: INR80 TP: INR106(+32%) Buy MIB approves merger of VD2H
18 December 2017 Update Sector: Media Dish TV India BSE SENSEX S&P CNX 33,463 10,333 CMP: INR80 TP: INR106(+32%) Buy MIB approves merger of VD2H Expect significant synergies; stock attractively priced
More informationOberoi Realty. CMP: INR240 TP: INR297 Buy
BSE SENSEX S&P CNX 25,642 7,664 Bloomberg OBER IN Equity Shares (m) 328.2 M.Cap. (INR b) / (USD b) 78.8/1.3 52-Week Range (INR) 276/154 1, 6, 12 Rel. Per (%) -8/-7/-6 Financials & Valuation (INR m) Y/E
More informationReliance Infrastructure CMP: INR528
BSE SENSEX S&P CNX 17,657 5,363 16 August 2012 1QFY13 Results Update Sector: Utilities Reliance Infrastructure CMP: INR528 Buy Bloomberg RELI IN Equity Shares (m) 267.5 52-Week Range (INR) 680/328 1,6,12
More informationPunjab National Bank. CMP:INR1,103 TP:INR1,500 Buy
BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
More informationAsian Paints. CMP: INR2,722 TP: INR3,161 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg APNT IN Equity Shares (m) 95.9 52-Week Range (INR) 3,366/2,395 1,6,12 Rel. Perf. (%) -5/-3/14 M.Cap. (INR b) 261.1 M.Cap. (USD b) 4.9 23 January 2012 3QFY12 Results
More informationCan Fin Homes BUY. 23 September 2015 INR821
SECTOR: FINANCIAL Can Fin Homes STOCK INFO. BSE Sensex : 25590 BLOOMBERG CANF:IN BUY S&P CNX : 7812 REUTERS CODE CNFH.NS Re-Initiating Coverage INR821 Y/E MARCH FY15 FY16E (INR CR) FY17E We recommend 'BUY'
More informationJinesh Gandhi Chirag Jain
BSE Sensex S&P CNX 19,561 5,923 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 72.0/1.3 52-Week Range 3,240/1,620 1,6,12 Rel. Perf. (%) -4/17/40 Financials & Valuation (INR b) Y/E Dec 2013E
More informationCMP: INR859 TP: INR810 (-6%) Neutral
18 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,519 7,762 CMP: INR859 TP: INR810 (-6%) Neutral Foray into Premium Ayurvedic Hair Oil First Acquisition in a decade Stock
More informationJindal Steel & Power. CMP: INR274 TP: INR379 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg JSP IN Equity Shares (m) 914.9 M.Cap. (INR b) / (USD b) 250.9/4.1 52-Week Range (INR) 350/190 1, 6, 12 Rel. Per (%) -15/-14/3 Financials & Valuation (INR Billion)
More informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationCMP: INR158 TP: INR195 (+24%) Buy Lowering crude oil price estimates
BSE SENSEX S&P CNX 30,858 9,504 Stock Info Bloomberg ONGC IN Equity Shares (m) 12,833 52-Week Range (INR) 212 / 141 1, 6, 12 Rel. Per (%) -9/-33/-5 M.Cap. (INR b) 2,335.7 M.Cap. (USD b) 34.4 Avg Val, INRm
More informationGodrej Consumer Products
BSE SENSEX S&P CNX 17,602 5,337 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 658/370 1,6,12 Rel. Perf. (%) 5/37/42 M.Cap. (INR b) 205.9 M.Cap. (USD b) 3.7 7 August 2012 1QFY13 Results
More informationCMP: INR124 TP: INR172 Buy. Benefit of two major motorcycle launches not priced in. Improved industry outlook and recent launch success drive upgrades
BSE Sensex S&P CNX 24,717 7,359 Stock Info Bloomberg TVSL IN Equity Shares (m) 475.1 52-Week Range (INR) 138/28 1, 6, 12 Rel. Per (%) 34/111/210 M.Cap. (INR b) 59.1 M.Cap. (USD b) 1.0 Financial Snapshot
More informationBGR Energy. CMP: INR282 TP: INR253 Neutral
BSE SENSEX S&P CNX 17,413 5,283 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 378/173 1,6,12 Rel. Perf. (%) -9/17/-22 M.Cap. (INR b) 20.3 M.Cap. (USD b) 0.4 6 August 2012 1QFY13 Results
More informationPVR Ltd. CMP: INR685 TP: INR750 Buy
BSE SENSEX S&P CNX 27,860 8,324 Bloomberg PVRL IN Equity Shares (m) 41.3 M.Cap. (INR b) / (USD b) 28.3/0.5 52-Week Range (INR) 747/465 1, 6, 12 Rel. Per (%) -6/9/-19 Financials & Valuation (INR Million)
More informationDecent performance by the sector in a tough quarter
Sector Update 17 February 2017 Cement MOSL Cement Universe volume (mt) trend Volume (mt) 3QFY17 YoY 5.5-9% 11.4-1% 1.7-11% 2.4 21% 4.9 3.6 20% 1.9-1.8 2.0 2 1.3 19% Volumes in Jan-17 revive to pre-demonetization
More informationTorrent Pharmaceuticals
BSE SENSEX S&P CNX 21,338 6,339 Bloomberg TRP IN Equity Shares (m) 169.2 M.Cap. (INR b) / (USD b) 80.4/1.3 52-Week Range (INR) 535/324 1, 6, 12 Rel.Per (%) 4/12/32 Financials & Valuation (INR Million)
More informationSHRIRAM TRANSPORT FINANCE COMPANY LTD
27 June 2017 SHRIRAM TRANSPORT FINANCE COMPANY LTD CMP INR 975 Initiating Coverage (BUY) Target Price INR 1225 Stock Details Industry Finance (including NBFCs) Bloomberg Code SHTF:IN BSE Code 511218 Face
More informationLarsen & Toubro. CMP: INR1,160 TP: INR1,417 Buy
BSE SENSEX S&P CNX 16,216 4,908 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,868/971 1,6,12 Rel. Perf. (%) -4/-7/12 M.Cap. (INR b) 706.3 M.Cap. (USD b) 13.1 * Consolidated; EPS is fully
More informationPetronet LNG. CMP: INR146 TP: INR205 Buy
BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
More informationCentury Plyboards (I) Limited
ANTIQUE STOCK BROKING LIMITED 2 November 2017 1 Current Reco Previous Reco CMP Basudeb Banerjee +91 22 4031 3443 basudeb.banerjee@antiquelimited.com Market data Sensex : 33,600 Sector : Mid Cap Market
More informationECOSCOPE. 3QFY16 CAD/GDP corrects to 1.3% The Economy Observer. Balance of Payments. See surplus in 4Q and to remain low in FY17; INR to correct still
3QFY16 CAD/GDP corrects to 1.3% See surplus in 4Q and to remain low in FY17; INR to correct still 21 March 216 ECOSCOPE The Economy Observer Balance of Payments 3QFY16 CAD/GDP at 1.3% and trade deficit
More informationStress test: Weak capital servicing ratios to drive pricing discipline
Stress test: Weak capital servicing ratios to drive pricing discipline Operating performance near trough; expect gradual improvement 20 Update Cement Our analysis of a cross-section of cement companies
More informationEicher Motors. CMP: INR9,281 TP: INR11,401 Buy
BSE SENSEX S&P CNX 25,881 7,727 Bloomberg EIM IN Equity Shares (m) 27.1 M.Cap. (INR b) / (USD b) 251.5/4.1 52-Week Range (INR) 9,350/2,975 1, 6, 12 Rel. Per (%) 9/83/144 Financials & Valuation (INR Million)
More informationIDFC Bank. CMP: INR63 TP: INR68 (8%) Neutral
BSE SENSEX S&P CNX 27,882 8,641 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INRb)/(USDb) 214.4 /3.2 52-Week Range (INR) 83 /44 1, 6, 12 Rel. Per (%) -4/21/-10 Avg Val, INRm 536 Free float (%) 47.1
More informationBGR Energy. CMP: INR266 TP: INR230 Neutral
BSE SENSEX S&P CNX 18,562 5,645 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 374/173 1,6,12 Rel. Perf. (%) -3/27/-24 M.Cap. (INR b) 19.2 M.Cap. (USD b) 0.4 3 November 2012 2QFY13 Results
More informationCMP: INR118 TP: INR125 (+6%) Neutral
BSE SENSEX S&P CNX 25,607 7,850 Bloomberg IDEA IN Equity Shares (m) 3,600.4 M.Cap.(INRb)/(USDb) 410.1 / 6.0 52-Week Range (INR) 198/ 98 1, 6, 12 Rel. Per (%) 8/-11/-29 12M Avg Val (INR M) 701 Free float
More informationSylvania sales a positive
14 December 2015 Update Sector: Capital Goods Havells India BSE Sensex S&P CNX 25,150 7,650 Stock Info Bloomberg HAVL IN Equity Shares (m) 623.9 M.Cap. (INR b)/(usd b) 189/2.8 52-Week Range (INR) 316/236
More informationIndia Cements. CMP: INR107 TP: INR113 (+6%) Neutral
BSE SENSEX S&P CNX 28,805 8,712 Bloomberg ICEM IN Equity Shares (m) 307.2 M.Cap. (INR b) / (USD b) 32.8/0.5 52-Week Range (INR) 134/48 1, 6, 12 Rel. Per (%) 19/-14/68 Avg Val,INRm/Vol 000 291/2988 Free
More informationCoal India CMP: INR348 TP: INR408 Buy
BSE SENSEX S&P CNX 17,633 5,348 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 404/294 1,6,12 Rel. Perf. (%) -4/4/-15 M.Cap. (INR b) 2,198.1 M.Cap. (USD b) 39.7 14 August 2012 1QFY13 Results
More informationCMP: INR164 TP: INR198(+21%) Buy Project commissioning augurs well for capitalization
12 July 2017 Update Sector: Utilities NTPC BSE SENSEX S&P CNX 31,805 9,816 Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your
More informationGround Reality. Channel check: VOLT maintains pole position in ACs. VOLTAS Sector: Capital Goods
Channel check: VOLT maintains pole position in ACs Premiumization to increase ASPs; competitive intensity elevated 7 April 2015 VOLTAS Sector: Capital Goods Ground Reality BSE Sensex S&P CNX 28,504 8,660
More informationCMP: INR78 TP: INR88 (+13%) Neutral
BSE SENSEX S&P CNX 23,759 7,216 Bloomberg ICEM IN Equity Shares (m) 307.2 M.Cap.(INRb)/(USDb) 23.9 / 0.4 52-Week Range (INR) 112/64 1, 6, 12 Rel. Per (%) -17/9/1 Avg Val, (INR m) 314 Free float (%) 71.8
More informationSandipan Pal QFY13 Results Update Sector: Real Estate Unitech CMP: INR29 TP: INR44 Buy
BSE Sensex S&P CNX 19,608 5,933 Bloomberg UT IN Equity Shares (m) 2,438.8 M.Cap. (INR b)/(usd b) 70/1.3 52-Week Range (INR) 41/18 1,6,12 Rel. Perf. (%) -27/24/-13 Financials & Valuation (INR b) Y/E March
More informationHardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
More informationCMP: INR270 TP: INR335(+24%) Buy Takes price hike disguised as evacuation charges
BSE SENSEX S&P CNX 33,777 10,444 Stock Info Bloomberg COAL IN Equity Shares (m) 6,207 52-Week Range (INR) 332/234 1, 6, 12 Rel. Per (%) -2/2/-36 M.Cap. (INR b) 1,673.5 M.Cap. (USD b) 26.1 Avg Val, INRm
More informationSanofi India. CMP: INR2,200 TP: INR1,848 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg SANL IN Equity Shares (m) 23.0 52-Week Range (INR) 2,430/1,980 1,6,12 Rel. Perf. (%) 3/-3/15 M.Cap. (INR b) 50.7 M.Cap. (USD b) 0.9 26 July 2012 2QCY12 Results
More informationV-Guard Industries. CMP: INR1,591 TP: INR1,625 (+2%) Neutral
BSE SENSEX S&P CNX 28,052 8,639 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg VGRD IN Equity Shares
More informationSKS Microfinance. CMP: INR478 TP: INR589 (+23%) Buy Clouds of uncertainty cleared. RBI to be the sole regulator of the MFI sector
BSE SENSEX S&P CNX 24,188 7,351 Stock Info Bloomberg SKSM IN Equity Shares (m) 126.3 52-Week Range (INR) 590 / 369 1, 6, 12 Rel. Per (%) 5/5/16 M.Cap. (INR b)/(usd b) 61.1/0.9 12M Avg Val (INR M) 868 Free
More informationUrban demand revives; Akzo gaining market share
BSE Sensex S&P CNX 22,095 6,601 CMP: INR889 26 March 2014 Update Sector: Consumer Not Rated Urban demand revives; Akzo gaining market share Reiterates focus on Profitable growth Urban demand for Decorative
More informationCanara Bank. CMP: INR464 TP: INR645 Buy
BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
More informationINDIAN TONERS & DEVELOPERS LTD
29 March 2017 INDIAN TONERS & DEVELOPERS LTD CMP INR 160 Initiating Coverage (BUY) Target Price INR 220 Stock Details Industry SPECIALTY CHEMICALS Bloomberg Code INTD:IN BSE Code 523586 Face Value (Rs.)
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02 December 2016 ULTRAMARINE & PIGMENTS LTD CMP INR 170 Initiating Coverage (BUY) Target Price INR 226 Stock Details Industry SPECIALTY CHEMICALS Bloomberg Code UMP:IN BSE Code 506685 Face Value (Rs.)
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