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

Size: px
Start display at page:

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

Transcription

1 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 Quarterly Performance Q3FY17 Q3FY16 YoY (%) Q2FY17 QoQ (%) Revenue (11) EBITDA (23) EBITDA (%) PAT (45) 1446 (85) Key Financials Crore FY15 FY16E FY17E FY18E Net Sales EBITDA Net Profit EPS ( ) Valuation summary FY15 FY16E FY17E FY18E P/E Target P/E EV / EBITDA P/BV RoNW (%) RoCE (%) Stock data Particular Amount Market Capitalization ( Crore) crore Total Debt (FY16) ( Crore) crore Cash and Investments (FY16) ( Crore) crore EV ( Crore) crore 52 week H/L ( ) 31.8/17.9 Equity capital ( Crore) crore Face value 10 Price performance (%) 1M 3M 6M 12M NHPC (4.8) (1.5) Powergrid (4.7) 5.7 (0.9) (6.4) NTPC (14.5) (8.1) (7.5) (13.4) Research Analyst Chirag Shah shah.chirag@icicisecurities.com In line performance February 9, 2017 NHPC (NHPC) 31 NHPC reported its Q3FY17 results, which were in line with our estimates barring PAT, which was optically below estimates on account of a higher effective tax rate. The company also announced a buyback of crore shares at a maximum price of 32.25/share, which would lead to maximum outflow of 2616 crore Revenues came in at 1308 crore, down 10.6% YoY, a tad higher than I-direct estimate of 1287 crore. Generation is expected to be down 17% YoY to crore units for Q3FY17 while the calculated tariff came in at 4.2/Kwhr Absolute EBITDA was at 684 crore in line with our estimate of crore for Q3FY17. Employee expenses were below estimates at 308 crore vs. estimate of 335 crore. Even reported interest costs were below estimate at 269 crore vs. our estimate: 285 crore Reported PAT came in at 214 crore vs. estimate of 253 crore. The miss was on account of higher effective tax rate of 31% in Q3FY17 Generation declines 17% YoY but tariffs up During the quarter, gross generation of NHPC declined 17% YoY at 337 crore units. However, tariffs came in at 4.37/Kwhr on account of tariff approval of TLDP IV project. During 9MFY17, the company added 80 MW of capacity from the TLDP IV project (Unit 3&4). However, the tariff hike for a few projects like Chutak, Sewa, Chamera II, etc, is yet to be approved. The company also provided provision to the tune of 3 crore for projects like Bursar and Kotli Bhel. Plant availability factor for Q3FY17 was at 87%. During Q3FY17, the incentive income earned by NHPC was at 10.6 crore vs. 42 crore in Q3FY16. Large projects witness huge cost overruns, time delays Most upcoming projects like Subansiri (187% cost over run, 2000 MW), Parbati III (114% cost over run, 800 MW), Kishanganga (58% cost over run, 330 MW) faced massive delays owing to regulatory and environmental issues. Accordingly, the PSU has been suffering from very low RoEs as a significant chunk of its asset has been blocked in CWIP (CWIP as percentage of networth at 50% for FY16) for projects under construction. Current CWIP is to the tune of crore out of which almost ~50% is stuck in the Subansiri lower project ( 8700 crore) where NHPC is awaiting clearance from National Green Tribunal although the respective state governments have given the go-ahead. FY17-19E to see ~1200 MW of capacity addition Going ahead, we expect NHPC to add capacity to the tune of ~1200 MW till FY19E. In 9MFY17, the company added 80 MW of capacity while Q4FY17E will see addition of one unit of 200 MW of Parbati II. However, due to crisis in Kashmir, there has been time overrun for Kishanganga project that will not get commissioned in FY18E. Corporate action over; focus back on stuck projects; maintain HOLD NHPC has currently declared a generous dividend of 1.7/share and a buyback programme involving 2600 crore. This has resulted in the stock rallying smartly in Q3FY17. W believe, going ahead, clarity on stuck projects will come to the fore as projects have seen massive cost overruns and finders of PPA would be hard to come by in a scenario where SEBs are reluctant to sign costly PPAs. We value the stock at 1.2x FY18E book value and assign a target price of 32 per share. ICICI Securities Ltd Retail Equity Research

2 Variance analysis Q3FY17 Q3FY17E Q3FY16 YoY (%) Q2FY17 QoQ (%) Comments Energy sales net 1, , ,440.9 (9.9) 1, Revenues were in line with estimates Other Income (56.3) 40.0 (74.4) Total Income 1, , ,464.3 (10.6) 1, G&A (0.1) Emplyee expense (7.7) Total expenses (0.1) EBITDA (23.5) EBITDA was higher on account of lower employee expenses EBITDA Margin (%) Depreciation (3.7) Interest (5.7) Other Income (2.1) (50.0) Other income was lower than estimates PBT , ,434.5 (65.5) Extraordinary expenses Extraordinary Income Total Tax (10.9) PAT (44.7) 1,446.2 (85.2) PAT was lower on account of lower other income and higher than expected taxes Key Metrics Generation (17.1) (62.3) Generation as per CEA witnessed decline to the tune of 17% YoY Sales (61.1) (62.3) Tariff rate ( /Kwh) (3.0) Change in estimates FY17E FY18E ( Crore) Old New % Change Old New % Change Comments Revenue 7, , , , EBITDA 4, , , , EBITDA Margin (%) bps bps PAT 2, ,528.0 (2.3) 2, , EPS ( ) (2.2) Assumptions Current Earlier Crore units FY15 FY16 FY17E FY18E FY17E FY18E Generation 2, , , , , ,582.0 Sales 1, , , , , ,272.0 Tariff rate ( /Kwh) Comments ICICI Securities Ltd Retail Equity Research Page 2

3 Company Analysis Generation declines 17% YoY but tariffs up During the quarter, gross generation of NHPC declined 17% YoY at 337 crore units. However, tariffs came in at 4.37/Kwhr on account of tariff approval of TLDP IV project. During 9MFY17, the company added 80 MW of capacity from the TLDP IV project (Unit 3&4). However, the tariff hike for few projects like Chutak, Sewa, Chamera II, etc, is yet to be approved. The company also provided provision to the tune of 3 crore for projects like Bursar and Kotli Bhel. Plant availability factor (PAF) for Q3FY17 was at 87%. During Q3FY17, the incentive income earned by NHPC was at 10.6 crore vs. 42 crore in Q3FY16. Exhibit 1: Generation and revenue trend Exhibit 2: Quarterly generation trend (Crore) ,434 7,592 7,892 6,802 5,868 5, FY12 FY13 FY14 FY15 FY16 FY17E FY18E Generation Revenue 1, (Crore unit) Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Exhibit 3: Trend in other income and incentives crore Q2FY17 Q1FY17 FY16 FY15 FY14 FY13 FY12 Incentives Secondary Charge UI Charges Total NHPC to add ~1200 MW over FY17E-19E NHPC commissioned one unit of TLDP IV of 80 MW in 9MFY17. Going ahead, we expect the company to add capacity to the tune of 1170 MW till FY19E. The key project that will get commissioned in FY17 includes Kishanganga (330 MW) and TLDP IV (80 MW), another 200 MW in FY18E (Parbati II 1 unit) and the remaining 600 MW in FY19E. However, work on Subansiri is expected to start from October The full commissioning is expected only in FY21E-22E. We believe this would reduce CWIP as a percentage of networth to 44.2% by FY17E-18E. ICICI Securities Ltd Retail Equity Research Page 3

4 Exhibit 4: CWIP as percentage of networth likely to decline, going ahead Exhibit 5: Trend in RoEs expected to improve in FY16-18E ( crore) 30,000 28,000 26,000 24,000 22,000 20, , ,841 28,139 28,076 27,641 27, FY13 FY14 FY15 FY16 FY17E FY18E Networth CWIP (%) ( crore) 3,000 2,500 2,000 1,500 1, ,440 2,528 2,670 2, FY15 FY16 FY17E FY18E PAT RoE (%) Large projects witness huge cost overruns and time delays Most of the upcoming projects like Subansiri (187% cost over run, 2000 MW), Parbati III (114% cost overrun, 800 MW), Kishanganga (58% cost overrun, 330 MW) have faced massive delays owing to regulatory and environmental issues. Accordingly, the PSU has been suffering from very low RoEs as a significant chunk of its asset has been blocked in CWIP (CWIP as percentage of networth at 50% for FY16) for projects under construction. However, the management has taken the initiative to resolves issues with various projects. However, at the same time, calculated tariff has shot up drastically. For instance, tariff for TLDP IV is 5/unit while that of Kishanganga works out to 4.2/unit. Exhibit 6: Capex committed on projects under construction Project Capacity (MW) Total capex Capex till 9MFY17 ( crore) Capex still required ( crore) Teesta Low IV Subansiri lower Parbati II Kishanganga Total Exhibit 7: Status of projects under construction and their status Project Capacity (MW) State Code Expected CoD - Mgmt guidance Capex ( /Mw) Teesta Low IV 160 WB Achieved 14 Subansiri lower 2000 AP FY Parbati II 800 HP FY Kishanganga 330 J & K FY18E 17 Total 3290 ICICI Securities Ltd Retail Equity Research Page 4

5 Valuation and outlook NHPC has currently declared a generous dividend of 1.7 per share and a buyback programme involving 2600 crore. This has resulted in the stock rallying smartly in Q3FY17. W believe, going ahead, clarity on stuck projects will come to the fore as the projects have seen massive cost overruns while finders of PPA would be hard to come by in a scenario where SEBs are reluctant to sign costly PPAs. We value the stock at 1.2x FY18E book value and assign a target price of 32/share. Exhibit 8: Key catalyst to be conversion of CWIP into gross block for re-rating ( crore) FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E (%) CWIP CWIP as % of Networth ICICI Securities Ltd Retail Equity Research Page 5

6 Recommendation History vs. Consensus ( ) (%) Jan-15 Apr-15 Jun-15 Sep-15 Nov-15 Feb-16 Apr-16 Jun-16 Sep-16 Nov Feb-17 Source: Bloomberg, Company, ICICIdirect.com Research Series1 Idirect target Consensus Target Mean % Consensus with Hold Key events Date Event Aug-09 Successful launch of IPO raising 6048 crore at an issue price of 36 Mar-10 Reported ~2.4x YoY growth in topline from 307 crore to 750 crore due to adoption of the new CERC tariff policy and finalisation of tariff orders for the Dulhasti plant in Q3FY10 and Teesta V in Q4FY10. However, RoE continues to be subdued at ~7% as 12,600 crore got stuck in CWIP Dec-11 Construction at NHPC's 2000 MW Subanshri project was stalled due to local agitation related to its safety and downstream impact. Estimated annual energy generation from the project was 7,421 MUs Mar-12 NHPC ends the Eleventh Plan with a capacity addition of only 1,150 MW vs. the target of 5,322 MW as various issues like delays in environment clearances, local agitations, geological risks and pre-commissioning hiccups impacted its capacity addition plans Jun-13 The 280 MW Dhauliganga plant stopped operating post the Uttarakhand flood disaster Nov-13 The management says the delayed Subanshri project would now be fully commissioned by 2017 vs. the previous target of The project will also witness close to 100% cost overrun to 12,000 crore against the original target of 6285 crore Nov-13 Share buyback announced value of crore at a maximum price of 19.25/share totaling crore shares. The company purchased crore shares worth more than 2,130 crore from the government. The government's stake in the company was reduced to 85.96% from 86.36% Dec-13 CERC proposed a stringent tariff draft for , which proposes higher availability of incentives for NHPC plants. The draft, if implemented, would have a negative impact on the company to the tune of 3-4% Feb-14 CERC issues final tariff order for , in line with the draft proposal Top 10 Shareholders Rank Name Latest Filing Date % O/S Position (m)n Change (m) 1 Government of India 31-Dec , Life Insurance Corporation of India 31-Dec Power Finance Corporation Ltd 31-Dec Rural Electrification Corporation, Ltd. 31-Dec HDFC Asset Management Co., Ltd. 31-Dec The Vanguard Group, Inc. 31-Dec Norges Bank Investment Management (NBIM) 31-Dec Dimensional Fund Advisors, L.P. 30-Nov ICICI Prudential Asset Management Co. Ltd. 31-Dec Mellon Capital Management Corporation 31-Dec Source: Reuters, ICICIdirect.com Research Recent Activity Shareholding Pattern (in %) Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Promoter FII DII Others Investor name Investor name Investor name Value Shares Investor name Value Shares State Street Global Advisors (France) S.A Life Insurance Corporation of India Research Affiliates, LLC Axiom International Investors LLC Northern Trust Investments, Inc Invesco PowerShares Capital Management LLC The Vanguard Group, Inc Taurus Asset Management Co. Ltd Russell Investments Limited ICICI Securities Ltd Retail Equity Research Page 6

7 Financial summary Profit and loss statement Crore (Year-end March) FY15 FY16 FY17E FY18E Total operating Income 6,802 7,434 7,592 7,892 Growth (%) Gen. Admin. & other exp 1,468 2,072 1,670 1,736 Employee Expenses 1,149 1,116 1,139 1,184 Provisions Exp. On project mgmt Other expenses Total Operating Expenditure 2,619 3,191 2,813 2,925 EBITDA 4,183 4,243 4,779 4,967 Growth (%) Depreciation 1,426 1,452 1,518 1,578 Interest 827 1,067 1,267 1,367 Other Income ,000 1,100 Exceptional items PBT 2,794 2,647 2,997 3,126 Total Tax PAT 2,092 2,440 2,528 2,670 Growth (%) EPS ( ) Cash flow statement Crore (Year-end March) FY15 FY16 FY17E FY18E Profit before Tax 2,794 2,647 2,997 3,126 Add: Depreciation 1,426 1,452 1,518 1,578 (Inc)/dec in Current Assets (1,373) (847) (131) (249) Inc/(dec) in CL and Provisions Others CF from operating activities 3,514 3,979 4,870 5,081 (Inc)/dec in Investments (Inc)/dec in Fixed Assets (2,918) (2,492) (3,699) (2,699) Others CF from investing activities (2,647) (2,193) (3,399) (2,380) Issue/(Buy back) of Equity Inc/(dec) in loan funds 500 1,061 1,000 1,000 Dividend paid & dividend tax (907) (1,943) (2,590) (1,295) Inc/(dec) in Sec. premium Others (827) (1,067) (1,267) (1,367) CF from financing activities (1,234) (1,948) (2,856) (1,660) Net Cash flow (367) (162) (1,386) 1,042 Opening Cash 5,304 4,937 4,776 3,423 Closing Cash 4,937 4,776 3,423 4,516 Balance sheet Crore (Year-end March) FY15 FY16 FY17E FY18E Liabilities Equity Capital 11,071 11,071 11,071 11,071 Reserve and Surplus 16,571 17,068 17,006 18,380 Total Shareholders funds 27,641 28,139 28,076 29,451 Total Debt 19,081 20,142 21,142 22,142 AAD 1,606 1,606 1,606 1,606 Deferred tax balance Total Liabilities 49,094 50,653 51,591 53,965 Assets Gross Block 36,150 38,943 42,943 45,943 Less: Acc Depreciation 10,277 11,729 13,248 14,826 Net Block 25,873 27,214 29,695 31,117 Capital WIP 14,356 14,056 13,755 13,454 Total Fixed Assets 40,229 41,269 43,450 44,571 Investments 2,479 2,479 2,479 2,479 Inventory Debtors 2,609 3,055 3,120 3,243 Loans and Advances 2,721 3,122 3,189 3,315 Other Current Assets 1,513 1,589 1,668 1,752 Cash 4,937 4,776 3,423 4,516 Total Current Assets 11,852 12,614 11,473 12,898 Current Liabities 3,681 4,097 4,184 4,349 Provisions 3,771 4,148 4,563 5,019 Total Current Liabilities 7,452 8,245 8,747 9,368 Net Current Assets 4,400 4,369 2,726 3,529 Others Assets 1,986 1,986 1,986 1,986 Application of Funds 49,094 50,103 50,641 52,565 Key ratios (Year-end March) FY15 FY16 FY17E FY18E Per share data ( ) EPS Cash EPS BV DPS Cash Per Share Operating Ratios (%) EBITDA Margin PBT / Total Operating income PAT Margin Inventory days NA NA NA NA Debtor 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 7

8 ICICIdirect.com coverage universe (Utilities) Sector / Company CMP Target Rating M Cap EPS ( ) P/E (x) EV/EBITDA (x) RoCE (%) RoE (%) ( ) TP( ) Rating ( Cr) FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E NHPC (NHPC) Hold 33, NTPC (NTPC) Buy 131, Power Grid (POWGRI) Buy 106, PTC India (POWTRA) Hold 2, CESC (CESC) Hold 10, Tata Power (TATPOW) , ICICI Securities Ltd Retail Equity Research Page 8

9 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 pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 9

10 Disclaimer ANALYST CERTIFICATION We /I, Chirag Shah PGDBM, 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 endeavour to update the information herein on a reasonable basis, ICICI Securities is 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 Chirag Shah PGDBM; 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 Chirag Shah PGDBM;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 has received an investment banking mandate from Government of India for disinvestment in Bharat Heavy Electricals Limited. This report is prepared based on publicly available information. ICICI Securities Ltd Retail Equity Research Page 10

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

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

Bajaj Finserv (BAFINS) 5443

Bajaj Finserv (BAFINS) 5443 Aug-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Company Update Rating matrix Rating Buy Target 6000 Target Period 12 months Potential Upside 10% What s Changed? Target

More information

Bajaj Finserv (BAFINS) 4375

Bajaj Finserv (BAFINS) 4375 Company Update Rating matrix Rating Buy Target 4900 Target Period 12 months Potential Upside 12% What s Changed? Target Changed from 3620 to 4900 EPS FY17E Changed from 146.2 to 150.3 EPS FY18E Changed

More information

Wabco India (WABTVS) Having a safe and brake free ride! Management Meet Note. ICICI Securities Ltd Retail Equity Research.

Wabco India (WABTVS) Having a safe and brake free ride! Management Meet Note. ICICI Securities Ltd Retail Equity Research. Management Meet Note Rating matrix Rating : Buy Target : 6750 Target Period : 12 months Potential Upside : 14% What s Changed? Target Changed from 6400 to 6750 EPS FY17E Unchanged EPS FY18E Unchanged Rating

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

Bajaj Finserv (BAFINS) 3130

Bajaj Finserv (BAFINS) 3130 Company Update Rating matrix Rating Buy Target 3470 Target Period 12 months Potential Upside 11% What s Changed? Target Changed from 2900 to 3470 EPS FY17E EPS FY18E EPS FY19E Introducing at 242.3 Rating

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

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

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

IndusInd Bank (INDBA) 1717

IndusInd Bank (INDBA) 1717 Event Update Rating matrix Rating : Buy Target : 1920 Target Period : 12 months Potential Upside : 12% What s Changed? Target EPS FY18E EPS FY19E Rating Price chart October 16, 2017 IndusInd Bank (INDBA)

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

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

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

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

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

Monte Carlo Fashions (MONCAR) 580

Monte Carlo Fashions (MONCAR) 580 Analyst Meet Note December 13, 217 Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY14 FY15 FY16 FY17 Net Sales 53.1 582.6 621.5 584.1 EBITDA

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

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

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

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. 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

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

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

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

State Bank of India (STABAN) 335

State Bank of India (STABAN) 335 [ [ Company Update Rating matrix Rating : Buy Target : 390 Target Period : 12 months Potential Upside : 16% Valuation summary (merged bank) FY18E FY19E P/E 31.6 20.5 Target P/E 36.7 23.9 P/ABV 2.2 2.0

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

PC Jeweller (PCJEW) 417 Stepping up store expansion via small store s. Management Meet Note. ICICI Securities Ltd Retail Equity Research

PC Jeweller (PCJEW) 417 Stepping up store expansion via small store s. 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) Net Sales 4,018.4 5,324.8 6,361.3 7,330.2 EBITDA 481.8 587.7 730.2 731.5

More information

I Direct. nstinct. January 4, 2018

I Direct. nstinct. January 4, 2018 I Direct nstinct January 4, 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

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

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

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

Mayur Uniquoters (MAYUNI)

Mayur Uniquoters (MAYUNI) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY12 FY13 FY14 FY15 Net Sales 317.4 38.5 469.6 6.3 EBITDA 53.3 69.1 93.2

More information

KPIT Cummins Infosystems (KPISYS)

KPIT Cummins Infosystems (KPISYS) Result Update Rating matrix Rating : Hold Target : 110 Target Period : 12 months Potential Upside : 6% Key Financials ( Crore) FY12 FY13E FY14E FY15E Net Sales 1500 2239 2517 2876 EBITDA 218 365 423 472

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

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

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

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

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

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

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

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

Bank of Baroda (BANBAR) 156

Bank of Baroda (BANBAR) 156 [ Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Management Meet Note Rating matrix Rating : Buy Target : 200 Target Period : 12 months Potential Upside : 28% What s changed? Target Unchanged

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

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

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

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

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

UltraTech Cement (ULTCEM)

UltraTech Cement (ULTCEM) April 20, 2009 Cement Company Update UltraTech Cement (ULTCEM) Current Price Rs 546 Potential upside 15.4% Target Price Rs 630 Time Frame 12-15 months Powered by savings Historically, UltraTech Cement

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

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

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

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

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

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

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

Cummins India Ltd Bloomberg Code: KKC IN

Cummins 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 information

Visaka Industries Ltd

Visaka 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 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

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

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

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

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

Varun Beverages (VARBEV) 481

Varun Beverages (VARBEV) 481 Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key financials (consolidated) Crore CY12 CY13 CY14 CY15 CY16 Net sales 1,8. 2,115.1 2,52.4 3,394.1

More information

Quant Pick: Punjab National Bank

Quant Pick: Punjab National Bank July 6, 2017 Quant Pick: Punjab National Bank Quant Pick Stock Action Initiation Range Target Stoploss Time Frame Punjab National Bank Buy 139-142 167 126 3 months Research Analyst Amit Gupta amit.gup@icicisecurities.com

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

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

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

NTPC (NTPC) 160. Strong core performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 23, 2016

NTPC (NTPC) 160. Strong core performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 23, 2016 Result Update Rating matrix Rating : Buy Target : 188 Target Period : 12 months Potential Upside : 18% What s Changed? Target Changed from 163 to 188 EPS FY17E Unchanged EPS FY18E Unchanged Rating Unchanged

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

October 4, Quant Pick. Research Analyst

October 4, Quant Pick. Research Analyst October 4, 2017 Quant Pick M&M Quant Pick Stock Action Range Target Stoploss Frame M&M Buy 1265-1280 1460 1175 3 month Research Analyst Amit Gupta amit.gup@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com

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

Stocks with high h short build-up likely l candidates for short covering amid recent FPI guidelines

Stocks with high h short build-up likely l candidates for short covering amid recent FPI guidelines July 0, 207 Derivatives Thematic: Stocks with high h short build-up likely l candidates for short covering amid recent FPI guidelines Research Analyst Amit Gupta Raj Deepak Singh Azeem Ahmad Nandish Patel

More information

AIA Engineering (AIAENG) 1435

AIA Engineering (AIAENG) 1435 Result Update Rating matrix Rating : Hold Target : 152 Target Period : 12 months Potential Upside : 5% What s changed? Target Unchanged EPS FY18E Chnaged from 49.8 to 47.7 EPS FY19E Introduced at 58.4

More information

Bharti Airtel (BHATE) 369

Bharti Airtel (BHATE) 369 Event Update Rating matrix Rating : Buy Target : 410 Target Period : 12 months Potential Upside : 11% Whats Changed? Target Unchanged EPS FY18E Unchanged EPS FY19E Unchanged Rating Unchanged Key Financials

More information

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017 RESULT UPDATE 16 th 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

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

Jaiprakash Power (JAIHYD) 15

Jaiprakash Power (JAIHYD) 15 Result Update Rating matrix Rating : Hold Target : 15.9 Target Period : 12 months Potential Upside : 8% What s changed? Target Changed from 25.6 to 15.9 EPS FY15E Changed from 1.6 to.5 EPS FY16E Changed

More information

MPS (MACIN) 740. Uncomplicated. anagement Meet Note. ICICI Securities Ltd Retail Equity Research. December 16, 2014

MPS (MACIN) 740. Uncomplicated. anagement Meet Note. ICICI Securities Ltd Retail Equity Research. December 16, 2014 anagement Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore CY1 FY12 FY13 FY14 Net Sales 127.4 191. 164. 197.3 EBITDA (11.5) 19.8 42.9 63.

More information

Simplex Infrastructure (SIMCON)

Simplex Infrastructure (SIMCON) Result Update Rating matrix Rating : Buy Target : 331 Target Period : 12-15 months Potential Upside : 42% Key Financials crore FY10 FY11E FY12E FY13E Net sales 4443.5 4749.7 5812.3 6867.0 EBITDA 433.7

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

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

Gladiator Stocks: Rallis India

Gladiator Stocks: Rallis India Gladiator Stocks: Rallis India Scrip I-Direct Code Action Target Stoploss Upside Rallis India RALIND Buy in the range of 272.00-278.00 330.00 246.00 20% Time Frame: 6 Months Research Analysts Dharmesh

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

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

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

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

Research Analysts. March 18, Larsen & Tourbo LARTOU Buy in the range of

Research Analysts. March 18, Larsen & Tourbo LARTOU Buy in the range of Stocks on the move Scrip IDi I-Direct Code Action Target Stoploss Larsen & Tourbo LARTOU Buy in the range of 1180-1203 1345.00 1120.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

Vardhman Textiles (MAHSPI) 990

Vardhman Textiles (MAHSPI) 990 Result Update Rating matrix Rating : Buy Target : 1100 Target Period : 12 months Potential Upside : 11% What s changed? Target Changed from 910 to 1100 EPS FY17E Changed from 129.3 to 144.2 EPS FY18E 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

Gladiator Stocks. Research Analysts. May 3, Cummins India CUMIND Buy in the range of

Gladiator Stocks. Research Analysts. May 3, Cummins India CUMIND Buy in the range of Gladiator Stocks Scrip IDirectCode I-Direct Action Target Stoploss Cummins India CUMIND Buy in the range of 1060-1080 1250.00 970.00 Time Frame: 6 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E

SQS 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 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

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

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

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

Oriental Carbon & Chemicals (ORICAR) 950

Oriental Carbon & Chemicals (ORICAR) 950 Company Update Rating matrix Rating : Buy Target : 1125 Target Period : 12-18 months Potential Upside : 18% What s changed? Target Unchanged at 1125 EPS FY18E Changed from 6.6 to 6.8 EPS FY19E Changed

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