CMP: INR855 TP: INR980(+14%) Neutral
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- Clement Greer
- 6 years ago
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1 BSE SENSEX S&P CNX 24,492 7,438 Bloomberg CLGT IN Equity Shares (m) M.Cap.(INRb)/(USDb) / Week Range (INR) 1099 / 852 1, 6, 12 Rel. Per (%) -8/-6/6 12M Avg Val (INR M) 376 Free float (%) 49.0 Financials & Valuation (INR b) Y/E Mar E 2017E Net Sales EBITDA PAT EPS (INR) Gr. (%) BV/Sh (INR) RoE (%) RoCE (%) P/E (x) P/BV (x) Estimate change TP change Rating change 27 January QFY16 Results Update Sector: Consumer Colgate CMP: INR855 TP: INR980(+14%) Neutral Volume growth at decadal low Colgate s net sales grew 1.8% YoY to INR10.1b (est. of INR 10.5b), with modest 1% volume growth (10-year low) in the Toothpaste segment (below our expectation of 4.5%). We believe heightened competitive intensity and sluggish market growth is hurting Toothpaste volumes. Organic sales growth was 7%, offset by phasing out of fiscal benefits in Himachal Pradesh. EBITDA grew 18.9% YoY to INR2.3b (est. of INR2.2b) and adj. PAT 7.9% to 1.4b (est. INR1.5b). Toothpaste market share up YoY but down QoQ: Volume market share was up 60bp YoY in the Toothpaste segment but down 30bp QoQ. Toothbrush volume market share was 43.8%, up 140bp YoY during Jan-Dec 15. Gross margin expanded 120bp YoY to 64.7% (est. of 64.3%). Savings in ad spends (down 230bp YoY) and lower other expenses (down 30bp YoY) were partially offset by higher staff costs (up 50bp YoY), resulting in sharp EBITDA margin expansion (330bp YoY to 22.8%). Thus EBITDA grew 18.9% YoY to INR2.3b (est. of INR2.2b). However, higher depreciation expense (up 46% YoY) and increased tax rate (up 490bp YoY) dragged down adj. PAT growth, which grew 7.6% YoY to INR1.4b (est. of INR 1.5b). As per press release, net profit after tax increased 50%, excluding the impact of phasing out of fiscal benefits. 9MFY16 highlights: Sales grew 3.7%, EBITDA 19.7% and adj. PAT 6.4%. Toothpaste volumes were up 2% in 9MFY16. Management discussion highlights: a) As per Nielsen, Toothpaste market grew ~2% during CY15, with rural growth now equal to urban growth. b) CLGT lowered ad spends in response to a cut in ASP by competitors in traditional media (A&P split is close to its historic benchmark of 70:30). Retain Neutral: We reduce our estimates 3-4% to bake in 3Q16 volume miss and higher tax rates. Sluggish market growth and heightened competition (especially from Patanjali) dilute near-term volume growth visibility and highlight risks to earnings. Maintain Neutral with a revised target price of INR980 (34x FY18E EPS). Gautam Duggad (Gautam.Duggad@MotilalOswal.com); Manish Poddar (manish.poddar@motilaloswal.com); / Vishal Punmiya (Vishal.Punmiya@motilaloswal.com) Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.
2 Key Quarterly Charts Exhibit 1: Toothpaste volumes grew 1%, multi-year low Toothpaste Volume Growth (%) QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 Exhibit 2: Toothpaste market share up 60bps YoY, but down 30bps QoQ Toothpaste Market Share (%) Exhibit 3: Toothbrush market share up 140bps YoY Toothbrush Market Share (%) Jan-Jun'12 Jan-Sept'12 Jan-Dec'12 Jan-April'13 Jan-Jun'13 Jan-Sep'13 Jan-Dec'13 Jan-Apr'14 Jan-Jun'14 Jan-Sept'14 Jan-Dec'14 Jan-Apr'15 Jan-Jun'15 Jan-Sept'15 Jan-Dec'15 Jan-Jun'12 Jan-Sept'12 Jan-Dec'12 Jan-April'13 Jan-Jun'13 Jan-Sep'13 Jan-Dec'13 Jan-Apr'14 Jan-Jun'14 Jan-Sept'14 Jan-Dec'14 Jan-Apr'15 Jan-Jun'15 Jan-Sept'15 Jan-Dec' Exhibit 4: Gross margin expanded 120bps YoY.. Gross Margin (%) Exhibit 5: Ad spends down 230bps YoY due to lower spend by competitors in traditional media Ad Spend (%) Staff cost (%) Other expenses (%) QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 27 January
3 Exhibit 6: EBITDA margins expanded 330bps led by lower ad spends and other expenses EBITDA Margin (%) QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 Exhibit 7: Urban Dentifrice Penetration at 92% Exhibit 8: while rural penetration stood at 74% Urban Rural Exhibit 9: Per capita consumption (in gms) has declined in 2014 for India and China India China Philipines USA Brazil Valuation and view We revise our estimates to bake in 3Q16 miss and expect volumes to recover gradually given market slowdown and heightened competition (Dabur and Patanjali). Maintain Neutral with a revised target price of INR980 (34x FY18 EPS). Key risks: a) Prolonged periods of deflationary environment which can rob the consumer companies of pricing power. b) Deep pocket players like Patanjali/HUL may engage in price war/irrational competition to gain market shares. Exhibit 10: Revised estimates by 3-4% to bake in 3Q16 volume miss and higher tax rates Old New Change (%) FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E Sales 41,913 47,087 54,382 40,913 45,534 52,111 (2.4) (3.3) (4.2) EBITDA 9,574 11,182 12,543 9,709 10,872 12, (2.8) (4.0) EPS 6,153 7,203 8,131 5,989 6,845 7,808 (2.7) (5.0) (4.0) 27 January
4 Exhibit 11: CLGT P/E (x) PE (x) Peak(x) Avg(x) Min(x) Jan-06 Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Jan-16 Source: Bloomberg, Company, MOSL Exhibit 12: Colgate P/E premium vs. Sensex 210 Colgate PE Relative to Sensex PE (%) LPA (%) Jan-06 Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Jan-16 Source: Bloomberg, Company, MOSL Exhibit 13: Valuation Matrix of coverage universe Company Reco Price Mkt Cap EPS Growth YoY (%) P/E (x) EV/EBITDA (x) ROE (%) Div. (%) (INR) (USD M) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY15 Consumer Asian Paints Neutral , Britannia Buy 2,649 4, Colgate Neutral 855 3, Dabur* Neutral 237 6, Emami* Buy 994 3, Godrej Consumer Neutral 1,148 5, GSK Consumer Buy 5,653 3, Hind. Unilever Neutral , ITC Neutral , Jyothy Labs Buy Marico* Neutral 214 4, Nestle Neutral 5,485 7, Page Industries Buy 12,196 1, Pidilite Inds. Buy 563 4, Radico Khaitan Buy United Spirits Buy 2,592 5,534 Loss Retail Jubilant Foodworks Buy 1,245 1, Shopper's Stop Neutral Titan Company Neutral 349 4, Note: For Nestle FY15 means CY14 27 January
5 Story in charts Exhibit 14: Sales to post 9.6% CAGR over FY15-18E Exhibit 15: Gross margin to expand 60bps over FY15-18E Sales (INR b) Sales growth (%) Gross Margin (%) 13.2% 18.2% 17.5% 14.9% 11.6% % 14.4% % Exhibit 16: EBITDA margins to expand 210bps over FY15-18E Exhibit 17: PAT to post 12% CAGR over FY15-18E EBITDA Margin (%) PAT (INR m) PAT growth (%) 13.9% 14.3% 14.1% 10.9% 11.3% 7.1% % % Exhibit 18: ROE (x) Exhibit 19: Dividend payout (%) RoE (%) Dividend Payout (%) January
6 Financials and Valuation Colgate Income Statement (INR Million) Y/E Mar E 2017E 2018E Net Sales 22,206 26,239 30,841 35,449 39,548 40,913 45,534 52,111 Change (%) EBITDA 5,273 5,872 6,668 6,785 8,290 9,709 10,872 12,043 EBITDA Margin (%) Depreciation ,123 1,230 1,320 EBIT 4,931 5,479 6,231 6,278 7,540 8,587 9,642 10,723 Interest Other Income Extraordinary items PBT 5,225 5,883 6,630 7,128 7,804 8,938 9,993 11,154 Tax 1,174 1,419 1,663 1,729 2,214 2,950 3,148 3,346 Tax Rate (%) Min. Int. & Assoc. Share Reported PAT 4,052 4,464 4,967 5,399 5,590 5,989 6,845 7,808 Adjusted PAT 4,026 4,464 4,967 4,906 5,590 5,989 6,845 7,808 Change (%) Balance Sheet (INR Million) Y/E Mar E 2017E 2018E Share Capital Reserves 3,569 4,082 4,624 5,727 7,431 8,533 9,792 11,227 Net Worth 3,841 4,354 4,896 5,999 7,703 8,805 10,064 11,499 Debt Deferred Tax Total Capital Employed 3,673 4,233 4,671 5,821 7,729 8,705 9,964 11,399 Gross Fixed Assets 5,798 6,132 6,735 9,927 12,829 16,329 17,829 18,829 Less: Acc Depreciation 3,248 3,587 3,929 4,368 5,013 6,135 7,365 8,685 Net Fixed Assets 2,550 2,544 2,807 5,559 7,816 10,193 10,464 10,144 Capital WIP ,020 1,415 1,412 1,412 1,412 1,412 Investments Current Assets 7,044 7,466 8,546 7,364 7,420 6,541 8,223 10,965 Inventory 1,537 2,177 1,853 2,257 2,522 2,579 2,987 3,437 Debtors Cash & Bank 3,956 3,098 4,288 2,870 2,545 1,499 2,552 4,579 Loans & Adv, Others 1,122 1,318 1,593 1,690 1,657 1,791 1,936 2,092 Curr Liabs & Provns 6,432 6,942 8,172 8,889 9,290 9,813 10,506 11,493 Curr. Liabilities 4,739 5,870 7,176 7,937 8,018 8,412 9,022 9,925 Provisions 1,693 1, ,272 1,400 1,484 1,569 Net Current Assets ,525-1,870-3,271-2, Total Assets 3,673 4,233 4,671 5,821 7,729 8,705 9,964 11, January
7 Financials and valuation Colgate Ratios Y/E Mar E 2017E 2018E Basic (INR) EPS Cash EPS Book Value DPS Payout (incl. Div. Tax.) Valuation(x) P/E Cash P/E Price / Book Value EV/Sales EV/EBITDA Dividend Yield (%) Profitability Ratios (%) RoE RoCE Turnover Ratios (%) Asset Turnover (x) Debtors (No. of Days) Inventory (No. of Days) Creditors (No. of Days) Net Debt/Equity (x) Cash Flow Statement (INR Million) Y/E Mar E 2017E 2018E Adjusted EBITDA 5,273 5,872 6,668 6,785 8,290 9,709 10,872 12,043 Non cash opr. exp (inc) (Inc)/Dec in Wkg. Cap , Tax Paid -1,166-1,372-1,766-1,683-2,009-2,950-3,148-3,346 Other operating activities CF from Op. Activity 4,631 4,135 6,640 5,941 6,565 7,467 8,139 9,400 (Inc)/Dec in FA & CWIP ,587-2,898-3,500-1,500-1,000 Free cash flows 4,117 3,230 5,711 2,354 3,667 3,967 6,639 8,400 (Pur)/Sale of Invt Others CF from Inv. Activity ,487-2,898-3,500-1,500-1,000 Inc/(Dec) in Net Worth Inc / (Dec) in Debt Interest Paid Divd Paid (incl Tax) & Others -3,431-4,019-4,372-3,797-3,954-5,014-5,587-6,373 CF from Fin. Activity -3,460-4,005-4,521-3,872-3,991-5,013-5,586-6,373 Inc/(Dec) in Cash ,190-1, ,046 1,053 2,028 Add: Opening Balance 3,476 3,956 3,098 4,288 2,870 2,545 1,499 2,552 Closing Balance 3,956 3,098 4,288 2,870 2,545 1,499 2,552 4, January
8 Corporate profile Company description Colgate-Palmolive India (CLGT) is the market leader in the toothpaste segment, with a share of ~56.7%. Oral Care is one of the most under-penetrated segments of the FMCG market, with ~83% of sales from toothpastes. CLGT has presence in toothbrushes and mouthwash, and Personal Care products like body wash. Exhibit 1: Sensex rebased Source: MOSL/Bloomberg Exhibit 2: Shareholding pattern (%) Sep-15 Jun-15 Sep-14 Promoter DII FII Others Note: FII Includes depository receipts Source: Capitaline Exhibit 4: Top management Name M V Deoras Vinod Nambiar P K Ghosh R A Shah I Bachaalani Godfrey Nthunzi N Ghate Designation Chairman Chairman Deputy Chairman Vice Chairman Managing Director Whole Time Director & CFO Whole-time Director & CS Exhibit 3: Top holders Holder Name % Holding Arisaig Partners (Asia) Pte Ltd A/c Arisaig India Fund Ltd 3.5 LIC of India 3.1 Virtus Emerging Markets Opportunities Fund 1.2 NA 0.0 NA 0.0 Source: Capitaline Exhibit 5: Directors Name Name Indu Shahani J K Setna V S Mehta Shyamala Gopinath Source: Capitaline *Independent Exhibit 6: Auditors Name Price Waterhouse Type Statutory Source: Capitaline Exhibit 7: MOSL forecast v/s consensus EPS MOSL Consensus (INR) forecast forecast Variation (%) FY FY FY Source: Bloomberg 27 January
9 N O T E S 27 January
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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 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 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 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: 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 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 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 informationIndividual Housing Loans: Rationalization of Risk-Weights and LTV Ratios
8 October 2015 Sector Update Financials Individual Housing Loans: Rationalization of Risk-Weights and LTV Ratios Significant capital release for HFCs; Limited benefits for banks Event: RBI reduces risk
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 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 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 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 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 informationNiket Shah
BSE Sensex S&P CNX 20,213 6,147 Bloomberg VGRD IN Equity Shares (m) 29.8 M.Cap. (INR b)/(usd b) 14.6/0.3 52-Week Range (INR) 591/180 1,6,12 Rel. Perf. (%) -8/-6/138 Financial summary (INR b) Y/E March
More informationSohail Halai Alpesh Mehta
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 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 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 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 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: INR1,063 TP: INR1,500 (+41%)
BSE SENSEX S&P CNX 22,952 6,976 Bloomberg JUBI IN Equity Shares (m) 65.8 M.Cap.(INRb)/(USDb) 69.9 / 1.0 52-Week Range (INR) 1,984/1,023 1, 6, 12 Rel. Per (%) -14/-24/-12 Avg Val, (INR m) 495 Free float
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 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 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 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 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 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 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 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 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: 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 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 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 informationCMP: INR179 TP: INR205 (+14%) Buy
BSE SENSEX S&P CNX 27,747 8,509 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg EXID IN Equity Shares
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 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 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 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 informationCMP: INR213 TP: INR215(+1%) Neutral
BSE SENSEX S&P CNX 25,400 7,783 Bloomberg PARAG IN Equity Shares (m) 84.1 M.Cap.(INRb)/(USDb) 17.9 / 0.3 52-Week Range (INR) 357 / 202 1, 6, 12 Rel. Per (%) -/-/- Avg Val, INRm/ Vol m 123 Free float (%)
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 informationCMP: INR1,047 TP: INR1,300 (+24%) Much-awaited SEBI guidelines on options finally out
BSE SENSEX S&P CNX 31,103 9,607 Stock Info Bloomberg MCX IN Equity Shares (m) 51 52-Week Range (INR) 1,420/919 1, 6, 12 Rel. Per (%) -8/-36/-10 M.Cap. (INR b) 53.4 M.Cap. (USD b) 0.8 Avg Val, INRm 485.0
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 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 informationIdea Cellular. CMP: INR159 TP: INR200 Buy
BSE SENSEX S&P CNX 19,164 5,678 Bloomberg IDEA IN Equity Shares (m) 3,316.2 M.Cap. (INR b) / (USD b) 513.7/8.4 52-Week Range (INR) 176/72 1, 6, 12 Rel. Per (%) 12/45/83 Financials & Valuation (INR Billion)
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 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 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 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 informationULTRAMARINE & PIGMENTS LTD
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.)
More informationCMP: INR1,327 TP: INR1,607(+21%) Buy
24 May 217 4QFY17 Results Update Sector: Technology Tata Elxsi BSE SENSEX S&P CNX 3,32 9,361 Bloomberg TELX IN Equity Shares (m) 31 M.Cap.(INRb)/(USDb) 45.8 /.7 52-Week Range (INR) 1863 / 122 1, 6, 12
More informationColgate-Palmolive. Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,063. Recommendation: HOLD
Colgate-Palmolive Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,063 Recommendation: HOLD Market Statistics Current stock price (`) 1,063 Shares O/S (cr.) 27.2
More informationApril 2017: Off-take growth remains strong
BSE Sensex S&P CNX 29,9 9,3 2 May 17 Update Sector: Utilities Coal India CMP: INR275 TP: INR3 (+%) Buy April 17: Off-take growth remains strong E-auction realization impacted by weaker mix in March 17
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 informationDispatches impacted by destocking at power plants
BSE Sensex S&P CNX 28,532 8,810 2 September 2016 Update Sector: Utilities Coal India CMP: INR333 TP: INR370 (+11) Buy Stock Info Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 9/272 1,
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 informationCMP: INR692 TP: INR1,100 (+59%) Buy
BSE SENSEX S&P CNX 23,759 7,216 Bloomberg ARBP IN Equity Shares (m) 584.8 M.Cap.(INRb)/(USDb) 404.5 / 6.0 52-Week Range (INR) 892/491 1, 6, 12 Rel. Per (%) -14/8/50 Avg Val, INRm/ Vol m 1,689.1 / 1.7 Free
More informationColgate-Palmolive. Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,083. Recommendation: HOLD
Colgate-Palmolive Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,083 Recommendation: HOLD Market Statistics Current stock price (`) 1,083 Shares O/S (cr.) 27.2
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 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 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 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 informationCMP: INR317 TP: INR333 (+5%) Neutral
BSE SENSEX S&P CNX 25,229 7,733 Bloomberg GPL IN Equity Shares (m) 216.3 M.Cap.(INR b)/(usd b) 69.7 / 1. 52-Week Range (INR) 375/238 1, 6, 12 Rel. Per (%) 3/3/32 Avg Val, (INR m) 772 Free float (%) 25.1
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 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 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 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 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 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 informationLupin. CMP: INR861 TP: INR1,000(+16%) Buy Goa and Indore plant receives Warning Letter
BSE SENSEX S&P CNX 33,371 10,350 Stock Info Bloomberg LPC IN Equity Shares (m) 452 52-Week Range (INR) 1,572/846 1, 6, 12 Rel. Per (%) -22/-42/-65 M.Cap. (INR b) 385.1 M.Cap. (USD b) 5.8 Avg Val, INRm
More informationOil & Gas. India FY16 POL consumption growth at 8 year high of 11% Petroleum, oil and lubricants (POL) consumption grows at double digits
13 April 2016 India POL consumption growth at 8 year high of 11% Except kerosene, all products grew at 8-25%; Gasoline/diesel at 14.5%/7.5% Petroleum, oil and lubricants (POL) consumption grows at double
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 informationCMP: INR540 TP: INR570 (+6%) Neutral Sanguine deal signings
23 July 2016 Results Update Sector: Technology Mphasis BSE SENSEX S&P CNX 27,803 8,541 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We
More informationMarket share recovery, price hike, content leverage to drive growth
BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
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: INR865 TP: INR1,015 (+17%) Buy Building blocks for strong growth
BSE SENSEX S&P CNX 29,647 9,174 Stock Info Bloomberg KMB IN Equity Shares (m) 1,840 52-Week Range (INR) 885 / 656 1, 6, 12 Rel. Per (%) 5/5/10 M.Cap. (INR b) 1,580.8 M.Cap. (USD b) 24.4 Avg Val, INRm 1618
More informationCMP: INR492 TP: INR550 (+12%) Buy
BSE SENSEX S&P CNX 25,302 7,750 Bloomberg TRCL IN Equity Shares (m) 238.1 M.Cap.(INR b)/(usd b) 117.1 / 1.7 52-Week Range (INR) 515/293 1, 6, 12 Rel. Per (%) 8/34/76 Avg Val, (INR m) 85 Free float (%)
More informationCMP: INR162 TP: INR225(+39%) Buy
10 February 2016 Q3FY16 Results Update Sector: Real Estate BSE SENSEX S&P CNX 23,759 7,216 Bloomberg PEPL IN Equity Shares (m) 375.0 M.Cap.(INRb)/(USDb) 64.0 / 0.9 52-Week Range (INR) 299/166 1, 6, 12
More informationDr Urjit Patel to maintain continuity of monetary policy stance
Dr Urjit Patel to maintain continuity of monetary policy stance Appointment helps retain government s credibility to fight against inflation 22 August 2016 ECOSCOPE The Economy Observer The government
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BSE SENSEX S&P CNX 25,689 7,866 Bloomberg KECI IN Equity Shares (m) 257.1 M.Cap.(INR b)/(usd b) 33.1 / 0.5 52-Week Range (INR) 165 / 92 1, 6, 12 Rel. Per (%) -1/-6/35 12M Avg Val (INR m) 138 Free float
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BSE Sensex S&P CNX 27,990 8,633 23 August 2016 Update Sector: Consumer Britannia Industries CMP: INR3,353 TP: INR3,870 (+15%) Buy Widening the moat Stock Info Bloomberg BRIT IN Equity Shares (m) 119.9
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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
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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
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6 February 2017 3QFY17 Results Update Sector: Cement Dalmia Bharat BSE SENSEX S&P CNX 28,439 8,801 Bloomberg DBEL IN Equity Shares (m) 88.8 M.Cap.(INRb)/(USDb) 173.3 / 2.7 52-Week Range (INR) 2090 / 605
More informationCMP: INR681 TP: INR815(+20%) Buy
BSE SENSEX S&P CNX 28,335 8,768 Bloomberg TRCL IN Equity Shares (m) 238 M.Cap.(INRb)/(USDb) 162 / 2.4 52-Week Range (INR) 728 / 355 1, 6, 12 Rel. Per (%) 12/22/63 Avg Val, INRm 135 Free float (%) 57.7
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