CMP: INR179 TP: INR205 (+14%) Buy
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- Kory Blake
- 6 years ago
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1 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 (m) M.Cap.(INR b)/(usd b) / Week Range (INR) 184/116 1, 6, 12 Rel. Per (%) 7/27/18 Avg Val. (INR m) 232 Free float (%) 54.0 Financials & Valuations (INR b) Y/E Mar E 2018E Net Sales EBITDA Adj. PAT Adj. EPS (INR) EPS Gr. (%) BV/Sh. (INR) RoE (%) RoCE (%) P/E (x) P/BV (x) Estimate change TP change Rating change 18 July QFY17 Results Update Sector: Automobiles Exide Industries CMP: INR179 TP: INR205 (+14%) Buy In-line results; EBITDA margins at 2-year high led by 11% revenue growth Strong revenue growth across Auto and Industrial segments: Net sales grew ~11.2% YoY to INR20.1b (v/s est. of INR19.6b) as the recovery was broad-based across the auto and industrial segments. Auto sector growth was driven by OEM (industry volumes grew ~7%) and replacement, while Industrial batteries growth was driven by demand for inverters. EBITDA margin expands 100bp YoY to 15.7% on lower RM cost: EBITDA grew ~19% YoY (+19% QoQ) to INR3.1b (v/s est. of ~INR3b) with margins expanding 100bp YoY (+70bp QoQ). Margin improvement was driven by: a) lower raw material costs (-180bp YoY). In spite of a 4% YoY increase in lead prices (spot prices, with one-quarter lag), the decline in raw material costs was primarily driven by a favorable product mix led by a higher share of inverters; and b) operating leverage (despite staff costs increasing ~18% YoY). Lead costs declined marginally (-2% QoQ). Higher other income at ~INR 143m (v/s est. of ~INR125m) led to lower tax. Adjusted PAT grew ~26% YoY (+10% QoQ) to ~INR1.96b (v/s est. of ~INR1.91b). Valuation and view: We are factoring in a 14% revenue CAGR over FY16-18, an EBITDA margin of 15.6%/15.4% in FY17/18 (+70bp over FY16) and an EPS CAGR of 19%. The stock trades at 20.1x FY17E EPS and 17.4x FY18E EPS. We maintain our Buy rating with a target price of INR205 (18x FY18E EPS, 35% discount to 25x target multiple for AMRJ + Insurance business value of INR19/share). S/A Quarterly Performance (INR Million) Y/E March FY16 FY17 FY16 FY17E FY17 1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE 1Q Var (%) Net Sales 18,064 17,364 15,211 17,605 20,081 19,456 17,352 20,048 68,092 76,937 19, Growth YoY (%) RM(%) bp Employee cost (%) bp Other Exp(%) bp EBITDA 2,655 2,574 2,343 2,652 3,150 3,069 2,679 3,111 10,171 12,009 3, EBITDA Margin(%) bp Change (%) Non-Operating Income Interest Depreciation ,602 1, PBT after EO Exp 2,322 2,275 2,011 2,439 2,784 2,738 2,313 3,013 9,063 10,849 2, Effective Tax Rate (%) bp Adj. PAT 1,557 1,561 1,339 1,776 1,961 1,917 1,619 2,098 6,228 7,594 1, Change (%) E: MOSL Estimates Jinesh Gandhi (Jinesh@MotilalOswal.com); Venil Shah (Venil.Shah@MotilalOswal.com); /Aditya Vora (Aditya.Vora@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 Exhibit 1: Revenues on uptrend since past 3 quarters Net sales (INR mn) Growth (%) (RHS) 25,000 20,000 15,000 10,000 5, QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY Exhibit 2: Gross margins improved YoY by ~180bp supported by lower RM costs as well favorable mix Gross margin (%) QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 Exhibit 3: which coupled with operating leverage drove ~100bp EBITDA margin expansion EBITDA margin (%) Exhibit 4: PAT grew ~26% YoY PAT (INR mn) Growth (%) 2,000 1,500 1, QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY12 4QFY12 2QFY13 4QFY13 2QFY14 4QFY14 2QFY15 4QFY15 2QFY16 4QFY16 Exhibit 5: Spot lead prices declined 2% QoQ in 1QFY17, impact of which will be reflected with a quarter lag in 2QFY17 150, , , ,000 90,000 INR/Ton Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun July
3 Valuation and view Industry structure remains duopoly, EXIDE is leader: While the industry structure remains largely duopoly, Exide is the largest lead acid battery manufacturer in India with leadership in Auto OEM and replacement segment. Over FY12-16, EXIDE clocked a CAGR of 7.5% and 8% in net sales and PAT, respectively, lower than its competitor AMRJ 35% and 75% CAGR in net sales and PAT respectively. Exide growth in last few years has remained subdue as compared to its competitor AMRJ due to latter's technological innovations (first to introduce maintenance-free, factory charged, extended warranty batteries), and unique distribution model (franchisee based) supported with operational efficiency-led competitive pricing. Exide to defend no.1 position? EXIDE to improve its market share as economic recovery led demand to come in from AUTO OEM and Industrial segment. Early improvement signs are visible in 4W replacement segment driven by sharp improvement in sales and service processes. Besides pick up in 2 wheeler sales on the back of a normal monsoon is also likely to aid OEM demand as well as replacement sales. Thus leading to better capacity utilization; leads to better margins. Valuation and view: We upgrade our EPS estimate for FY17/18 by 12%, driven by upgrade in revenues and higher other income. We are factoring in 14% revenue CAGR over FY16-18, EBITDA margin of 15.6%/15.4% in FY17/18 (+70bp over FY16) and EPS CAGR of 19%. The stock trades at 20.1x FY17E EPS and 17.4x FY18E EPS. Maintain Buy with a target price of INR205 (18x FY18E EPS, 35% discount to 25x target multiple for AMRJ + Insurance business value of INR19/share). Exhibit 6: Valuations trading at historical average, reflecting improving fundamentals 32 P/E (x) 15 Yrs Avg(x) 5 Yrs Avg(x) 10 Yrs Avg(x) 6.0 P/B (x) 15 Yrs Avg(x) 5 Yrs Avg(x) 10 Yrs Avg(x) Jun-01 Aug-02 Oct-03 Dec-04 Feb-06 Mar-07 May-08 Jul-09 Sep-10 Nov-11 Dec-12 Feb-14 Apr-15 Jun Jun-01 Aug-02 Oct-03 Dec-04 Feb-06 Mar-07 May-08 Jul-09 Sep-10 Nov-11 Dec-12 Feb-14 Apr-15 Jun-16 Source: MOSL Source: MOSL 18 July
4 Exide Ind. Story in Charts: 19% EPS CAGR expected over FY16-18E Exhibit 7: Demand recovery to drive rebound in revenue growth , ,714 Net sales 59,642 (1.8) ,655 Growth (%) (RHS) 68,092 (0.8) , ,711 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Exhibit 8: Operating leverage to drive margin improvement ,839 7,841 EBITDA (INR m) EBITDA (%) 8, , ,171 12,009 13,538 FY12 FY13 FY14 FY15 FY16 FY17E FY18E Exhibit 9: Robust growth in PAT expected over FY16-18E Adj. PAT (INR m) Growth (%) (RHS) ,228 4,871 (6.8) 5,459 6,228 7,594 8,757 FY13 FY14 FY15 FY16 FY17E FY18E Exhibit 10: Strong FCF driven by healthy CFO and limited capex needs CFO (INR m) Capex (INR m) FCF (INR m) 6,476 3,597 3,245 1,796 2,133 1,115 13,397 6,399 1,937 2,399 9,966 5,966-1,587-1,346-3,050-3,948-4,000-4,000 FY13 FY14 FY15 FY16 FY17E FY18E Exhibit 11: Return ratios to improve toward historical levels RoCE (%) RoE (%) Exhibit 12: Div. Yield and Div. Payout (%) Div. Yield Payout FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E FY12 FY13 FY14 FY15 FY16 FY17E FY18E 18 July
5 Financials and Valuations Income Statement (INR Million) Y/E March E 2018E Gross Sales 56,685 68,622 67,548 76,468 77,274 87,324 99,552 Less: Excise 5,615 7,908 7,905 7,812 9,182 10,387 11,841 Net Sales 51,070 60,714 59,642 68,655 68,092 76,937 87,711 Change (%) Operating Other Income Total Income 51,070 60,714 59,707 68,714 68,157 77,087 87,886 Change (%) Total Expenditure 44,232 52,873 51,497 59,579 57,986 65,078 74,348 EBITDA 6,839 7,841 8,210 9,135 10,171 12,009 13,538 EBITDA Margins (%) Change (%) Depreciation 1,007 1,135 1,256 1,395 1,602 1,807 2,095 EBIT 5,832 6,706 6,954 7,740 8,569 10,203 11,443 Deferred Revenue Exp Interest & Finance Charges Other Income PBT 6,452 7,423 7,231 7,985 9,063 10,849 12,334 Effective Rate (%) Adj. PAT 4,612 5,228 4,871 5,459 6,228 7,594 8,757 Change (%) Balance Sheet (INR Million) Y/E March E 2018E Share Capital Reserves 29,723 33,386 36,465 39,696 43,491 48,897 55,466 Net Worth 30,573 34,236 37,315 40,546 44,341 49,747 56,316 Loans ,025 1,025 1,025 Deferred Tax Liability ,051 1,259 1,249 1,466 1,713 Capital Employed 31,982 35,284 38,423 41,981 46,615 52,238 59,053 Net Fixed Assets 9,666 9,944 9,980 10,902 12,630 15,681 17,587 Capital WIP ,002 1,858 1,000 1,000 Investments 15,546 16,401 19,670 18,957 26,870 26,870 26,870 Curr.Assets, L & Adv. 15,413 18,550 19,406 23,166 19,929 23,295 29,944 Inventory 9,681 11,671 11,856 15,228 11,335 13,701 15,620 Sundry Debtors 4,023 5,092 5,166 5,550 6,075 6,653 7,345 Cash & Bank Balances , ,686 Loans & Advances 1, ,173 2,077 1,773 2,004 2,284 Other Current Assets Current Liab. & Prov. 8,962 10,200 11,143 12,046 14,672 14,610 16,349 Sundry Creditors 5,212 5,604 6,530 6,479 7,449 8,417 9,595 Other Liabilities 2,104 2,625 2,485 2,740 4,095 3,162 3,605 Provisions 1,646 1,971 2,129 2,827 3,129 3,031 3,149 Net Current Assets 6,452 8,351 8,263 11,121 5,257 8,685 13,596 Application of Funds 31,982 35,284 38,423 41,980 46,615 52,237 59,052 E: MOSL Estimates 18 July
6 Financials and Valuations Ratios Y/E March E 2018E Basic (INR) EPS Cash EPS EPS Growth (%) Book Value per Share DPS Payout (Incl. Div. Tax) % Valuation (x) P/E Cash P/E EV/EBITDA EV/Sales Price to Book Value Dividend Yield (%) Profitability Ratios (%) RoE RoCE RoIC Turnover Ratios Debtors (Days) Inventory (Days) Creditors (Days) Working Capital (Days) Asset Turnover (x) Leverage Ratio Debt/Equity (x) Cash Flow Statement (INR Million) Y/E March E 2018E OP/(Loss) before Tax 6,452 7,423 7,238 7,985 9,063 10,203 11,443 Interest/Dividends Received Depreciation & Amortisation 1,007 1,135 1,256 1,395 1,602 1,807 2,095 Direct Taxes Paid -1,842-1,950-2,258-2,475-2,684-3,038-3,330 (Inc)/Dec in Working Capital 66-2, ,457 5,790-3,239-1,152 CF from Oper. Activity 5,101 3,597 6,476 3,245 13,397 6,399 9,966 CF after EO Items 5,101 3,597 6,476 3,245 13,397 6,399 9,966 (Inc)/Dec in FA+CWIP -1,991-1,587-1,346-3,050-3,948-4,000-4,000 Free Cash Flow 3,110 2,010 5, ,449 2,399 5,966 (Pur)/Sale of Invest. -1, , , CF from Inv. Activity -3,230-1,801-4,343-2,130-11,460-4,000-4,000 Interest Rec./(Paid) Dividends Paid -1,371-1,578-1,661-2,180-2,346-2,188-2,188 CF from Fin. Activity -1,443-1,625-1,675-2,016-1,498-2,208-2,208 Inc/(Dec) in Cash ,758 Add: Beginning Balance , Closing Balance , ,686 E: MOSL Estimates 18 July
7 Corporate profile Company description Exide Industries (EXIDE) is the largest lead acid battery manufacturer in India with market leadership in auto OEM and replacement segment. Exide derives ~60% of revenues from auto segment, while balance comprises industrial revenues. The company has also recently entered into Home UPS/Inverter segment. Exhibit 1: Sensex rebased Source: MOSL/Bloomberg Exhibit 2: Shareholding pattern (%) Mar-16 Dec-15 Mar-15 Promoter DII FII Others Note: FII Includes depository receipts Source: Capitaline Exhibit 3: Top holders Holder Name % Holding Life Insurance Corporation of India 5.8 Hathway Investments Limited 4.3 Nalanda India Equity Fund Limited 3.6 The New India Assurance Company Ltd. 2.4 Government Pension Fund Global 2.0 Source: Capitaline Exhibit 4: Top management Name Designation R G Kapadia Chairman R B Raheja Vice Chairman & Non executive P K Kataky Managing Director & CEO G Chatterjee Joint Managing Director A K Mukherjee Director (Finance) & CFO Nadeem Kazim Director (HR & Personnel) Jitendra Kumar Company Secretary Exhibit 5: Directors Name R G Kapadia* R B Raheja P K Kataky G Chatterjee Mona N Desai* Sudhir Chand* Name Vijay Aggarwal* A K Mukherjee Nadeem Kazim Bharat Dhirajlal Shah* Subir Chakraborty Source: Capitaline *Independent Exhibit 6: Auditors Name S R Batliboi & Co LLP S M Gupta & Co Shome & Banerjee Type Statutory Secretarial Audit Cost Auditor Source: Capitaline Exhibit 7: MOSL forecast v/s consensus EPS (INR) MOSL forecast Consensus forecast Variation (%) FY FY Source: Bloomberg 18 July
8 Our recent reports on EXIDE PRODUCT GALLERY Our recent reports on Automobiles Sector Our recent reports on other Automobiles companies
9 N O T E S 18 July
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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 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: 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 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 informationFinancial integrity intact; FDA resolution the key
BSE Sensex S&P CNX 25,842 7,843 19 November 2015 Update Sector: Healthcare Dr. Reddy s Lab CMP: INR3,287 TP: INR4,000 (+22%) Buy Stock Info Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap. (INR b)/(usd
More informationNo significant jump in retail electronic payments post demonetization
No significant jump in retail electronic payments post demonetization Confirms a considerable dent in consumer demand in 4Q2016 29 December 2016 ECOSCOPE The Economy Observer The government s attempts
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: 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 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 informationHardick Bora
BSE Sensex S&P CNX 19,990 6,069 Bloomberg JOL IN Equity Shares (m) 159.3 M.Cap. (INR b)/(usd b) 26.0/0.5 52-Week Range (INR) 248/154 1,6,12 Rel. Perf. (%) -18/-28/-34 Financials & Valuation (INR b) Y/E
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 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 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 informationCMP: INR224 TP: INR268 (+20%) Buy
31 January 2018 3QFY18 Results Update Sector: Automobiles Exide Industries BSE SENSEX S&P CNX 35,965 11,028 Bloomberg EXID IN Equity Shares (m) 850 M.Cap.(INRb)/(USDb) 190.2 / 3.0 52-Week Range (INR) 250/195
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 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 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 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 informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
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 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 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 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
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 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 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 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 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 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 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: 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
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 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: INR1,952 TP: INR2,246(+15%)
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 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 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 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 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 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 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 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 informationExhibit 5: Per ton analysis (incl Windmills, INR m)
3 August 2016 1QFY17 Results Update Sector: Cement BSE SENSEX S&P CNX 27,698 8,545 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request
More informationIDFC Bank. CMP: INR61 TP: INR62 (2%) Neutral Focus on inorganic opportunities; stressed assets stable
BSE SENSEX S&P CNX 30,133 9,352 Bloomberg IDFCBK IN Equity Shares (m) 3392.6 M.Cap.(INR b)/(usdb) 207.0 / 3.0 52-Week Range (INR) 83 / 44 1, 6, 12 Rel. Per (%) -2/-29/0 Avg. Val, INR m 621 Free float (%)
More informationCMP: INR473 TP: INR545(+15%) Buy Mega merger on the anvil
BSE SENSEX S&P CNX 26,626 8,170 Stock Info Bloomberg MAXF IN Equity Shares (m) 267.0 52-Week Range (INR) 514/303 1, 6, 12 Rel. Per (%) 22/14/24 M.Cap. (INR b) 126.2 M.Cap. (USD b) 1.9 Avg Val ( INRm) 170
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 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 informationAutomobiles Maruti Suzuki
MSIL IN Equity Shares (m) 302 M.Cap. (INR b)/(usd b) 2,025/31.6 52-Week Range (INR) 7249 / 3868 1, 6, 12 Rel. Per (%) 5/22/55 Sales 680.3 806.6 937.2 EBITDA 104.7 127.9 154.5 Adj. PAT 74.2 88.9 110.2 Adj.
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: INR321 TP: INR345 (+7%)
8 September 2016 1QFY17 Results Update Sector: Capital Goods GE T&D India BSE SENSEX S&P CNX 29,045 8,953 Bloomberg ATD IN Equity Shares (m) 256.1 M.Cap.(INR b)/(usd b) 82.2/ 1.2 52-Week Range (INR) 569
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 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 informationWidening the moat. CMP: INR3,353 TP: INR3,870 (+15%) Buy
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
More informationRJio sturdy as Battle Royale gets exciting
RJio sturdy as Battle Royale gets exciting 2 December Sector 2016 Update Sector Telecom Update Crosses 50m subscriber base mark, earlier than our expectation Telecom Extends free usage till March 17 as
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 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 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 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 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 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 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 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: 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: 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 informationCMP: INR567 TP: INR632(+11%) Buy
BSE SENSEX S&P CNX 3,28 9,595 Bloomberg HPCL IN Equity Shares (m),6 M.Cap.(INRb)/(USDb) 58.6 / 8.7 52-Week Range (INR) 584 / 275, 6, 2 Rel. Per (%) -3/5/83 Avg Val, INRm 83 Free float (%) 48.9 Financials
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 informationCMP: INR1,645 TP: INR1,965 (+19%) Buy
BSE SENSEX S&P CNX 28,003 8,637 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg TELX IN Equity Shares
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 informationCMP: INR346 TP: INR411(+19%) Buy Opportunity in the blip
BSE SENSEX S&P CNX 25,87 7,98 26 December 216 Update Sector: Oil & Gas Petronet LNG CMP: INR346 TP: INR411(+19%) Buy Opportunity in the blip Expect LNG prices to soften Stock Info Bloomberg PLNG IN Equity
More informationCMP: INR374 TP: INR500 (+34%) Buy Fuelled with capital
BSE SENSEX S&P CNX 29,910 9,238 Stock Info Bloomberg DEWH IN Equity Shares (m) 299.8 52-Week Range (INR) 372/183 1, 6, 12 Rel. Per (%) 7/73/70 M.Cap. (INR b) 117.0 M.Cap. (USD b) 1.8 12M Avg Val (INR M)
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 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 informationCMP: INR270 TP: INR316(+17%) Buy
BSE SENSEX S&P CNX 27,977 8,591 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg ACEM IN Equity Shares
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 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 informationCMP: INR855 TP: INR980(+14%) Neutral
BSE SENSEX S&P CNX 24,492 7,438 Bloomberg CLGT IN Equity Shares (m) 272.0 M.Cap.(INRb)/(USDb) 232.5 / 3.4 52-Week Range (INR) 1099 / 852 1, 6, 12 Rel. Per (%) -8/-6/6 12M Avg Val (INR M) 376 Free float
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 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 informationHindustan Zinc. CMP: INR194 TP: INR208 (+7%) Neutral
BSE SENSEX S&P CNX 27,711 8,510 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Bloomberg HZ IN Equity Shares (m)
More informationCMP: INR176 TP: INR228 (+30%) Buy
23 May 2017 4QFY17 Results Update Sector: Logistics Allcargo Logistics BSE SENSEX S&P CNX 30,365 9,386 Bloomberg AGLL IN Equity Shares (m) 245.7 M.Cap.(INRb)/(USDb) 43.0 / 0.7 52-Week Range (INR) 222 /
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BSE SENSEX S&P CNX 23,554 7,163 Bloomberg HATH IN Equity Shares (m) 830.5 M.Cap.(INRb)/(USDb) 29.4 / 0.4 52-Week Range (INR) 64 / 34 1, 6, 12 Rel. Per (%) -9/-9/-25 12M Avg Val (INR M) 14 Free float (%)
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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 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
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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 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 informationCMP: INR326 TP: INR370(+14%) Buy Import substitution to pick up; strong forward booking
BSE SENSEX S&P CNX 27,698 8,545 Motilal Oswal values your support in the Asiamoney Brokers Poll 2016 for India Research, Sales and Trading team. We request your ballot. Stock Info Bloomberg COAL IN Equity
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More informationCMP: INR397 TP: INR378 (-5%) Neutral
BSE SENSEX S&P CNX 27,942 8,638 Bloomberg WONH IN Equity Shares (m) 56.5 M.Cap.(INRb)/(USDb) 22.4/0.3 52-Week Range (INR) 430/311 1, 6, 12 Rel. Per (%) 3/-5/23 Avg Val, INRm/ Vol m 37 Free float (%) 29.0
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