STOCK RECOMMENDATIONS

Transcription

1 STOCK RECOMMENDATIONS PRIVATE CLIENT RESEARCH MARCH 8, 2013 Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) P/ABV (x) Banking Allahabad Bank 71, Feb REDUCE Andhra Bank 56, Jan REDUCE Axis Bank 581, Jan-13 1,422 1,535 ACCUMULATE 1, Bank of Baroda 302, Feb BUY HDFC Bank 1,542, Mar BUY ICICI Bank 1,313, Feb-13 1,191 1,308 BUY 1, Indian Bank 73, Feb REDUCE Indian Overseas Bank 59, Feb REDUCE 75 (6.2) Jammu & Kashmir Bank 61, Feb-13 1,394 1,444 ACCUMULATE 1, Punjab National Bank 276, Feb REDUCE State Bank of India 1,482, Feb-13 2,216 2,304 ACCUMULATE 2, Union Bank of India 128, Feb REDUCE NBFCs HDFC Ltd 1,195, Jan REDUCE 813 (1.6) IDFC 242, Feb BUY LIC Housing Finance 118, Dec BUY Mahindra & Mahindra Financial Services 102, Jan REDUCE Shriram Transport Finance Co 162, Jan ACCUMULATE S

2 Auto & Auto Ancillary Apollo Tyres 45, Feb ACCUMULATE Ashok Leyland 63, Jan ACCUMULATE Bajaj Auto Ltd 582, Jan-13 2,053 2,166 ACCUMULATE 2, Escorts Ltd ** 7, Feb REDUCE Hero MotoCorp Ltd 348, Jan-13 1,819 1,730 REDUCE 1,743 (0.8) Maruti Suzuki India Ltd 412, Jan-13 1,599 1,639 ACCUMULATE 1, Tata Motors 964, Feb ACCUMULATE TVS Motors 18, Feb BUY Capital Goods & Engineering ABB * 127, Feb SELL 602 (32.7) AIA Engineering 30, Feb ACCUMULATE Alstom T&D India Ltd * 38, Jan REDUCE Bajaj Electricals Ltd 18, Feb ACCUMULATE Bharat Electronics 98, Jan-13 1,205 1,332 ACCUMULATE 1, BHEL 507, Feb REDUCE Blue Star 16, Jan REDUCE Crompton Greaves 63, Feb REDUCE 99 (0.5) Cummins India 139, Feb ACCUMULATE Diamond Power Infrastructure 3, Feb BUY Elgi Equipment Ltd 12, Jan ACCUMULATE Engineers India Ltd 62, Feb BUY Everest Kanto Cylinder 2, Feb SELL 24 (11.8) Greaves Cotton 17, Feb BUY Havells India Ltd 75, Jan REDUCE 631 (5.7) Hindustan Dorr-Oliver 1, Feb SELL 17 (11.5) Kalpataru Power Transmission 13, Jan REDUCE Larsen & Toubro 874, Jan-13 1,586 1,740 ACCUMULATE 1, Siemens India ** 176, Feb REDUCE Suzlon Energy 25, Feb RATING SUSPENDED Thermax 70, Feb REDUCE 594 (6.4) Kotak Securities - Private Client Research For Private Circulation 2

3 Time Technoplast Ltd 8, Feb BUY Tractors India Ltd 1, Feb REDUCE Voltamp Ltd 3, Feb ACCUMULATE Voltas Ltd 26, Feb ACCUMULATE Cement ACC # 237, Feb-13 1,344 1,437 ACCUMULATE 1, Grasim Industries 277, Feb-13 3,006 3,550 BUY 3, India Cements 26, Feb ACCUMULATE Shree Cement 146, Jan-13 4,415 4,820 BUY 4, UltraTech Cement 523, Jan-13 1,909 2,126 ACCUMULATE 1, Construction BGR Energy Systems 15, Feb ACCUMULATE IL&FS Transportation Network Ltd 38, Feb BUY IRB Infrastructure Developers 39, Feb BUY IVRCL Ltd 6, Feb REDUCE J Kumar Infraprojects 5, Feb ACCUMULATE Jaiprakash Associates 170, Feb BUY Nagarjuna Construction 9, Feb ACCUMULATE Pratibha Industries Ltd 4, Feb BUY Punj Lloyd Ltd 15, Feb REDUCE Simplex Infrastructures 7, Feb REDUCE Unity Infraprojects 2, Feb BUY FMCG Godrej Consumer Products Ltd 262, Feb SELL 812 (26.1) Hindustan Unilever 945, Jan SELL 438 (1.6) ITC Ltd 2,303, Jan ACCUMULATE Marico Ltd 140, Feb ACCUMULATE Kotak Securities - Private Client Research For Private Circulation 3

4 Information Technology Geometric Ltd 6, Jan ACCUMULATE HCL Technologies 545, Jan ACCUMULATE 773 (3.0) Infosys Technologies 1,698, Jan-13 2,712 2,766 REDUCE 2,970 (6.9) Infotech Enterpises 19, Jan BUY KPIT Cummins Infosystems 19, Jan BUY Mphasis Ltd *** 83, Mar REDUCE 398 (2.7) NIIT LTD 4, Jan REDUCE NIIT Technologies 16, Jan BUY Oracle Financial Services Software 237, Feb-13 3,039 2,744 REDUCE 2,836 (3.2) Tata Consultancy Services (TCS) 3,098, Jan-13 1,334 1,460 ACCUMULATE 1,583 (7.8) Wipro Technologies 1,089, Jan REDUCE 445 (8.6) Zensar Technologies 10, Feb BUY Logistics Adani Port & Special Economic Zone 292, Jan BUY Allcargo Global Logistics 17, Aug BUY Arshiya International 1, Jan RATING SUSPENDED Container Corporation of India 137, Jan REDUCE 1,055 (7.6) Gateway Distriparks Ltd 14, Feb ACCUMULATE Gujarat Pipavav Port Ltd (GPPL) 19, Mar BUY Media DB Corp 43, Jan ACCUMULATE Dish TV India Ltd 75, Jan REDUCE Entertainment Network (ENIL) 11, Feb BUY HT Media 24, Feb ACCUMULATE TV18 Broadcast 46, Jan BUY Jagran Prakashan 29, Feb ACCUMULATE Sun TV Network 169, Jan ACCUMULATE Zee Entertainment Ent 216, Jan REDUCE 221 (2.0) Kotak Securities - Private Client Research For Private Circulation 4

5 Metals Hindustan Zinc 508, Jan BUY SAIL 290, Feb BUY Tata Steel Ltd 364, Feb BUY Oil & Gas Cairn India Ltd 583, Jan ACCUMULATE Castrol India Ltd * 162, Feb REDUCE 329 (11.9) Gujarat State Petronet Ltd (GSPL) 37, Feb BUY Indraprastha Gas (IGL) 38, Feb ACCUMULATE Mangalore Refinary & Petrochemicals (MRPL) 97, Feb ACCUMULATE Oil India Ltd 331, Feb ACCUMULATE Petronet LNG 109, Jan ACCUMULATE Power NTPC 1,229, Dec ACCUMULATE Tata Power Company Ltd 234, Feb ACCUMULATE Real Estate Phoenix Mills Ltd 37, Jan ACCUMULATE Shipping ABG Shipyard Ltd 14, Feb REDUCE GE Shipping Company 36, Feb BUY Pipavav Defence & Offshore Engg 47, Feb ACCUMULATE Shipping Corporation of India 20, Feb REDUCE 49 (1.5) Source: Kotak Securities - Private Client Research - All recommendations are with a 9-12 month perspective from the date of the report/update. Investors are requested to use their discretion while deciding the timing, quantity of investment as well as the exit. * Figures for CY12 & CY13 ** Financials are for FY12 & FY13 - September year end *** Financials are for FY12 & FY13 - October year end Kotak Securities - Private Client Research For Private Circulation 5

6 Fundamental Research Team Dipen Shah IT Sanjeev Zarbade Capital Goods, Engineering Teena Virmani Construction, Cement Saurabh Agrawal Metals, Mining Saday Sinha Banking, NBFC, Economy Arun Agarwal Auto & Auto Ancillary Ruchir Khare Capital Goods, Engineering Ritwik Rai FMCG, Media Sumit Pokharna Oil and Gas Amit Agarwal Logistics, Transportation Jayesh Kumar Economy K. Kathirvelu Production Technical Research Team Shrikant Chouhan Amol Athawale Premshankar Ladha Derivatives Research Team Sahaj Agrawal Rahul Sharma Malay Gandhi Prashanth Lalu Disclaimer This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Kotak Securities Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Transactions involving futures, options and other derivatives involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Kotak Securities has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, ratings, and target price of the Institutional Equity Research Group of Kotak Securities Limited. Kotak Securities Limited is also a Portfolio Manager. Portfolio Management Team (PMS) takes its investment decisions independent of the PCG research and accordingly PMS may have positions contrary to the PCG research recommendation. We and our affiliates, officers, directors, and employees world wide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender I borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. Kotak Securities Limited generally prohibits its analysts from maintaining financial interest in the securities or derivatives of any of the companies that the analysts cover. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. No part of this material may be duplicated in any form and/or redistributed without Kotak Securities' prior written consent. Registered Kotak Securities Office: - Kotak Private Securities Client Limited, Research Bakhtawar, 1st floor, 229 Nariman Point, Mumbai India. For Private Circulation 6