GE Shipping (GESHIP) Striking valuation. Result Update. Rs 262 WHAT S CHANGED. Valuation. February 8, Rating matrix.
|
|
- Hester Barnett
- 6 years ago
- Views:
Transcription
1 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 EBITDA Net Profit February, 1 GE Shipping (GESHIP) Rs 6 WHAT S CHANGED PRICE TARGET... Changed from Rs 99 to Rs 37 EPS (FY11E)... Changed from Rs 54.6 to Rs 41.9 EPS (FY1E)...Introduced at Rs 5.5 RATING...Changed from OUTPERFORMER to STRONG BUY Valuation summary FY9 FY1E FY11E FY1E PE (x) Target PE (x) EV to EBITDA(x) Price to book (x) RoNW (%) RoCE (%) Stock data Market Capitalisation Rs 399. crore Debt (Q3FY1) Rs 556. crore Cash (Q3FY1) Rs crore EV Rs 591 crore 5 week H/L (Rs) 3 / 143 Equity capital Rs 15.3 crore Face value Rs. 1 MF Holding (%) 14.3 FII Holding (%) 1.3 Price movement (Nifty vs. GE) Feb-9 Jun-9 Oct-9 Feb-1 Analyst s name NIFTY Bharat Chhoda bharat.chhoda@icicisecurities.com Jehangir Master jehangir.master@icicisecurities.com Prerna Jhunjhunwala prerna.jhunjhunwala@icicisecurities.com GE Striking valuation Great Eastern Shipping (GE) reported 6.6% growth in topline, which came in at Rs 76.3 crore. It was achieved on the back of higher operating days and firm freight rates in Q3FY1 as compared to the previous quarter. GE s performance stands out as compared to other shipping companies. The company has managed to deliver an admirable performance despite a volatile freight rate environment. GE is also ramping up its fleet (especially in offshore segment), which will be scaled up to 7 vessels in FY1 from the present 17 vessels. Total fleet size will increase to 74 vessels in FY1 from the present 5 vessels. With firmness in freight rates, going ahead, the performance of GE is set to improve. Further, new deliveries are expected to join the fleet over the next two years. In FY1, GE would be operating at peak capacity and the full impact of the same would be visible in the financials. We are changing our rating on GE from OUTPERFORMER to STRONG BUY. Performance improves on the back of higher utilisation, firm rates GE s performance in Q3FY1 improved as its consolidated revenue increased by 6.6% to Rs 76.3 crore on the back of a rise in revenue days, which rose to 34 days as against 36 days in QFY1. TCE per day for dry bulk carriers as well as product carriers increased to Rs 964 and Rs as compared to Rs 1765 and Rs 165 in QFY1. Excluding extraordinary profit on sale of ship of Rs 53. crore in QFY1, PAT in Q3FY1 has been higher by 7.6% a significant improvement in performance. Valuation Factoring in FY1E earnings, GE is trading at a significant discount to its fair value and the stock is likely to get re-rated. We have valued GE on multiple valuation parameters to arrive at price target of Rs 37. We are changing our rating from OUTPERFORMER to STRONG BUY. Exhibit 1: Performance Highlights Q3FY1 Q3FY1E Q3FY9 QFY1 YoY Gr. (%) QoQ Gr.(%) Net Sales EBITDA EBITDA Margin (%) Depreciation Interest Reported PAT EPS (Rs)
2 Exhibit : Topline improves backed by higher utilisation level, firm rates GE reported 6.6% growth in topline backed by higher utilisation levels and firm vessel rates During Q3FY1, revenue days increased to 34 as compared to 36 days in QFY1 During Q3FY1, TCE per day for dry bulk carriers as well as product carriers increased to Rs 964 and Rs as compared to Rs 1765 and Rs 165 in QFY1 Rs. Cr QFY9 Q3FY9 Q4FY9 Q1FY1 QFY1 Q3FY1 After dipping to 5.4% in QFY1, the operating margin has since improved to.% on account of a rise in topline combined with drop in charter hire charges With a gradual recovery in tanker rates, the operating margin for GE is set to improve over the next few quarters Exhibit 3: Operating margin improves on higher freight rates, drop in charter hire charges Rs.Cr % % 47% 36% % 16.4 % QFY9 Q3FY9 Q4FY9 Q1FY1 QFY1 Q3FY1 7% 6% 5% 4% 3% % 1% % EBITDA OPM PAT declined by 13.% in Q3FY1 to Rs 94.4 crore as against Rs 1.5 crore in QFY1. However, the decline in PAT has been arrested and PAT for Q4FY1 is likely to come in higher due to rise in realisations Another noteworthy aspect is that PAT in QFY1 also included profit on sale of ship of Rs 53. crore. Excluding that GE has reported a higher PAT in Q3FY1. This indicates that the performance has improved on a QoQ basis Exhibit 4: Excluding gains on sale of ship in QFY1, PAT from operations reports significant improvement Rs.Cr QFY9 Q3FY9 Q4FY9 Q1FY1 QFY1 Q3FY1 Page
3 Exhibit 5: Improvement in operating parameters Revenue days Revenue days have improved from 36 days in QFY1 to 34 days in Q3FY1 on the back of higher utilisation level of its fleet QFY1 Revunue Days Q3FY1 Exhibit 6: Improvement in operating parameters Average TCE TCE for product tankers increased while it dropped with respect to crude tankers In the case of dry bulk vessels, TCE showed significant strength TCE $/day Crude Product Dry Bulk QFY1 Q3FY1 Exhibit 7: Present fleet At present, GE operates a fleet of 5 vessels of which 41 vessels consist of shipping vessels (bulk+lpg+product+crude) and 17 consist of offshore vessels (AHTS+OSV) No. of vessels Crude Product LPG Dry Bulk Rig AHTS OSV Page 3
4 Exhibit : Fleet in FY1 post capex completion The existing fleet will be scaled up to 74 vessels consisting of 47 shipping vessels and 7 offshore vessels With the rise in offshore vessels, GE will have a balanced and diversified fleet, which will be less impacted by market fluctuations Further, with an improved outlook for offshore freight rates on the back of improved crude oil prices, the revenue growth visibility also improves significantly for GE No. of vessels Crude Product LPG Dry Bulk Jack-up Rig 13 1 AHTS 15 PSV Page 4
5 Detailed valuation GE is one of the best performing shipping companies in India and is aggressively expanding its fleet especially in the offshore segment. This will drive growth for the company over the next two years At the current price level, GE is trading at a significant discount to its fair value, which does not factor in the improved earnings scenario emerging over the next two years We have changed our valuation matrix to FY1E as against our earlier price recommendation based on FY11E financials. Further, new deliveries are expected to join the fleet over the next two years and in FY1, GE would be operating at peak capacity and the full impact of the same would be visible in the financials. Factoring in FY1E earnings, GE is trading at a significant discount to its fair value and there is a strong likelihood of the stock getting re-rated. We have valued GE on multiple valuation parameters i.e. EV/EBITDA, P/BV and P/E multiples to arrive at price target of Rs 37, which is at a steep discount to its global peers. We are changing our rating on GE from OUTPERFORMER to STRONG BUY. Exhibit 9: Valuation parameters Valuation based on Global average Target multiple Target price(rs) PE multiple (x) EV/EBITDA Price to book value (x) Average target price (Rs.) 37 Current market price (Rs) 6 Upside (%) 4 Source: ICICIdirect.com Research Exhibit 1: Valuations Sales Sales Growth EPS EPS Growth PE EV/EBIDTA RoNW RoCE (Rs. cr) (%) (Rs.) (%) (x) (X) (%) (%) FY1E FY11E FY1E Exhibit 11: Revised estimates Old New FY11E FY1E FY11E FY1E Sales EBITDA Net Profit EPS Source: ICICIdirect.com Research Page 5
6 ICICIdirect.com coverage universe Domestic Peers G.E Shipping Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code GESHIP CMP (Rs.) 6 FY1E Target (Rs.) 37 FY11E MCap 39.4 % Upside 4 FY1E Mercator Lines Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code MERLIN CMP (Rs.) 55 FY1E Target (Rs.) 74 FY11E MCap 19. % Upside 35 FY1E Varun Shipping Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code VARSHI CMP (Rs.) 5 FY1E Target (Rs.) 4 FY11E MCap 75. % Upside - FY1E Aban Offshore Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code ABALLO CMP (Rs.) 117 FY1E Target (Rs.) 144 FY11E MCap 46.1 % Upside FY1E Garware Offshore Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code GARSHI CMP (Rs.) 1 FY1E Target (Rs.) 1 FY11E MCap % Upside -3 FY1E Great Offshore Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code GREOFF CMP (Rs.) 47 FY1E Target (Rs.) 43 FY11E MCap 151. % Upside 6 FY1E Bharati Shipyard Sales (Rs. Crore) EPS (Rs.) PE (x) EV/EBITDA (x) RoNW (%) RoCE (%) Idirect Code BHASHI CMP (Rs.) 97 FY1E Target (Rs.) 369 FY11E MCap 19.7 % Upside 4 FY1E Global Peers P/BV (x) P/E (x) EV/EBITDA (x) ROE (%) Company Country CY CY9E CY1E CY CY9E CY1E CY CY9E CY1E CY CY9E CY1E Dry Bulk/Tankers Teekay Corp.* USA Diana Shipping* USA Genco Shipping* USA Dry Ships* USA Frontline Ltd* Norway G.E Shipping# India Mercator Lines# India *consensus # FY Source: Bloomberg, ICICIdirect.com Research Page 6
7 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 Outperformer, Performer, Hold, and Underperformer. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: % or more; Buy: Between 1% and %; Add: Up to 1%; Reduce: Up to -1% Sell: -1% or more; ANALYST CERTIFICATION Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 7th Floor, Akruti Centre Point, MIDC Main Road, Marol Naka Andheri (East) Mumbai 4 93 research@icicidirect.com We /I, Bharat Chhoda MBA (FINANCE) Jehangir Master ACA Prerna Jhunjhunwala MBA (FINANCE) 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 personal views about any and all of 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. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc. Disclosures: ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their dependent family members 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 reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and employees ( ICICI Securities and affiliates ) are 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 is 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 may 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 of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities 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 and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received 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 public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. ICICI Securities and affiliates expect to receive compensation from the companies mentioned in the report within a period of three months following the date of publication of the research report for services in respect of public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. It is confirmed that Bharat Chhoda MBA (FINANCE) Jehangir Master ACA Prerna Jhunjhunwala MBA (FINANCE) research analysts and the authors of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings from Investment Banking and other business. ICICI Securities or its subsidiaries collectively 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. It is confirmed that Bharat Chhoda MBA (FINANCE) Jehangir Master ACA Prerna Jhunjhunwala MBA (FINANCE) research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member 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. ICICI Securities and affiliates may act upon or make use of information contained in the report prior to the publication thereof. 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. This report has not been prepared by ICICI Securities, Inc. However, ICICI Securities, Inc. has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed. Page 7
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 informationReliance 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 informationSchaeffler 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 informationI 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 informationMonte 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 informationI 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 informationI 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 informationLumax 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 informationUnion 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 informationUltraTech 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 informationD-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 informationPC 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 informationBajaj 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 informationWabco 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 informationDCB 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 informationIndusInd 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 informationBajaj 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 informationBajaj 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 informationKPIT 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 informationI 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 informationReliance 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 informationBajaj 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 informationBiocon (BIOCON) Back on track. Result Update WHAT S CHANGED. ICICI Securities Ltd Retail Equity Research. October 21, 2011
Result Update Rating matrix Rating : Buy Target : 432 Target Period : 12-15 months Potential Upside : 24 % Key Financials ( Crore) FY10 FY11 FY12E FY13E Net Sales 2368 2770 2230 2670 EBITDA 471 592 646
More informationReliance 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 informationSinger 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 informationI 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 informationStock 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 informationCement. 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 informationBodal 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 informationStock 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 informationArbitrage 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 informationI 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 informationMayur 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 informationSimplex 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 informationEmmbi 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 informationStock 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 informationWim 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 informationStock 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 informationPower 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 informationI 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 informationSaregama 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 informationState 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 informationStock 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 informationBank 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 informationGraphite 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 informationVarun 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 informationNestle 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 informationQuant 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 informationGraphite 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 informationGladiator 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 informationGraphite 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 informationConsumer 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 informationQuant 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 informationSymphony 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 informationSovereign 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 informationQuant 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 informationApril 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 informationGraphite 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 informationOil & 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 informationITC 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 informationShipping Corporation of India (SCI) 60
Result Update Rating matrix Rating : Hold Target : 65 Target Period : 12 months Potential Upside : 8% What s changed? Target Changed from 76 to 65 EPS FY16E Changed from 13 to 10 EPS FY17E Changed from
More informationMPS (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 informationGraphite 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 informationMonthly Corporate Action Tracker
Monthly Corporate Action Tracker Amit Gupta amit.gup@icicisecurities.com Bharat Chhoda bharat.chhoda@icicisecurities.com Dewang Sanghavi dewang.sanghavi@icicisecurities.com December 18, 2014 Probable dividend
More informationStocks 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 informationStocks on the move. Scrip I-Direct Code Action Target Stoploss Upside Bharti Airtel BHAAIR Buy in the range of
Stocks on the move Scrip I-Direct Code Action Target Stoploss Upside Bharti Airtel BHAAIR Buy in the range of 420.00-430.00 485.00 392.00 14% Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com
More informationOctober 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 informationColgate-Palmolive India Ltd.
RESULT UPDATE 5th February, 2018 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 India Equity Institutional Research II Result Update - Q3FY18 II 5th February, 2018 CMP INR 1,120 MARKET DATA Target INR
More informationResearch 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 informationGraphite 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 informationStar 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 informationSovereign 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 informationAllahabad Bank (ALLBAN): Down trend line breakout after base formation
Stocks on the move Scrip I-Direct Code Action Target Stoploss Upside Graphite India CAREVE Buy in the range of 450.00-458.00 510.00 425.00 12% Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com
More informationMahanagar 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 informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationSuzlon 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 informationSiyaram 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 informationGladiator 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 informationGladiator 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 informationGladiator 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 informationResearch Analysts
Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss Union Bank of India UNIBAN Buy in the range of 127.00-130.00 147.00 118.00 Time Frame: 3 Months Research Analysts Dharmesh Shah Nitin
More informationChange EPS. (Rs) FY
17 AUG 217 / Quarterly Update BUY Target Price: Rs. 662 : Revenue up 21% Y-o-Y, strong growth in Non-GLE segment GMM Pfaudler Ltd(GMM) in 1QFY18posted revenues of Rs 69 Cr. (up 21% Y-o-Y, down 13% Q-o-Q)
More informationSP Apparels Ltd (SPAPP)
Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials (Consolidated) ( Crore) FY14 FY15 FY16 FY17 Net Sales 45.9 472.6 532.8 635.7 EBITDA
More informationNHPC (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 informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationStock Trader: HDFC Bank
Stock Trader: HDFC Bank Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com November 5, 2014 Important Data Points:
More informationGraphite 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 informationResearch Analysts
Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss Sterlite Technologies STETEC Buy in the range of 100.00-102.00 118.00 91.50 Time Frame: 3 Months Research Analysts Dharmesh Shah Pabitro
More informationHindustan Unilever Ltd.
. RESULT UPDATE 18 th July 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 125 105 India Equity Institutional Research II Result Update - FY18 II 18th July, 2017 CMP INR 1158 Target INR 1206 MARKET
More informationInvestment Horizon: Though the ideal investment horizon for such ideas remain 6-9 months, our picks may provide some profit-making
Pick of the Week 1 Pick of the Week In an ever-changing business environment, some of our investment ideas seem more convincing than others due to better earning visibility and/or attractive valuation.
More informationResearch Analysts. December 3, 2015
Stocks on the move Scrip I-Direct Code Action Target Stoploss Omax Auto OMAAUT Buy in the range of 76.00-81.00 97.00 68.00 Indian Hotel INDHOT Buy in the range of 102.00-108.00 133.00 95.00 Time Frame:
More informationKewal 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 informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationMotherson 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 informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationHindustan Unilever (RHS)
Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16
More informationGladiator 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 informationBalkrishna Industries Ltd
RESULT UPDATE 3 rd 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 informationInvestment Horizon: Though the ideal investment horizon for such ideas remain 6-9 months, our picks may provide some profit-making
Pick of the Week 1 Pick of the Week In an ever-changing business environment, some of our investment ideas seem more convincing than others due to better earning visibility and/or attractive valuation.
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More information