SUBSCRIBE. IPO Report HDFC ASSET MANAGEMENT COMPANY LTD. IPO Details. Research Analyst : Astha Jain
|
|
- Fay Carpenter
- 5 years ago
- Views:
Transcription
1 IPO Report HDFC ASSET MANAGEMENT COMPANY LTD SUBSCRIBE IPO Details Issue Date 25 th July-27 th July 2018 Price Band /Share Bid Lot 13 & in multiplethereof Face Value Rs 5/Share Listing BSE, NSE Offer For Sale 25,457,555 Eq Shares Fresh Issue ---- Pre Issue Eq Shares 211,988,800 Eq Shares Post Issue Eq Shares 211,988,800 Eq shares BRLM Kotak Mahindra Capital, Citigroup Global Markets Axis Capital, DSP Merrill, CLSA India, HDFC Bank Registrar karvy Computershare Private Ltd Research Analyst : Astha Jain For Private Circulation Only HDFC AMC have been the largest asset management company in India in terms of equity-oriented AUM since the last quarter of Fiscal 2011 and have consistently been among the top two asset management companies in India in terms of total average AUM since the month of August Co had a total AUM of Rs 2919 billion as of March 31, Co s profits have grown every year since the first full year of operations in Fiscal As of March 31, 2018, co s equity-oriented AUM and non-equity-oriented AUM constituted Rs billion and Rs billion respectively of its total AUM. Co s actively equity -oriented AUM (which excludes index linked & arbitrage schemes) constituted Rs billion of co s total AUM as of March 31,2018. Strong Financial Performance: Co s total revenue increased from Rs 9, million in fiscal 2014 to Rs 18, million in Fiscal 2018, with a CAGR of 19.91%, and co s net profit has grown from Rs 3, million to Rs 7, million during the same period at a CAGR of Co had a net worth of Rs 21, million as of March 31, Co s return on average net worth exceeded 40% every year since Fiscal 2014 and was 40.28% for Fiscal Trusted brand & strong parentage : HDFC group has a strong presence across financial products and services, especially in retail sector. Co benefit from HDFC s brand name as it gives a unique advantage of being a trusted provider of financial services & SLI provides access to international practices for operations and risk management. HDFC is one of India s leading housing finance companies. Robust growth: Co s AUM has grown at a CAGR of 33.9% since Fiscal Co s proportion of equity-oriented AUM to total AUM was at 51.3%, which was higher than the industry average of 43.2%, as of March 31, 2018, according to CRISIL. As of March 31, 2018, co had the highest share of individual customers of 15.7% and the second largest market share of MAAUM of 12.7% from B-15 cities in India. Valuation The co is bringing the issue at price band of Rs /share. On higher band, co is valued at 7.98% of its total AUM of Rs 2919 billion as on FY18. Although co s valuations are at premium when we compare it to listed domestic AMC as well as some of global AMCs but looking after co s consistent market leadership in mutual fund industry coupled with strong parentage with trusted brand & profitable growth, we recommend Subscribe on issue.
2 Company Overview Company operate as a joint venture between Housing Development Finance Corporation Limited ( HDFC ) & Standard Life Investments Ltd( SLI ).HDFC is one of India s leading housing finance companies. SLI is indirect subsidiary of Standard Life Aberdeen pls ( Standard Life Aberdeen ), one of the world s largest investment companies,created in 2017 from merger of Standard Life Plc & Averdeen Asset Management PLC. Co had a total AUM of Rs 2, billion as of March 31, Co offer a large suite of savings and investment products across asset classes, which provide income and wealth creation opportunities to customers. As of March 31, 2018, co offered 133 schemes that were classified into 27 equity-oriented schemes, 98 debt schemes (including 72 fixed maturity plans ( FMPs )),three liquid schemes, & five other schemes (including exchange-traded schemes and funds of fund schemes). Co also provide portfolio management and segregated account services, including discretionary, non-discretionary and advisory services, to high net worth individuals (HNIs),family offices,domestic corporates,trusts,provident funds & domestic & global institutions. As of March 31,2018, co managed AUM of Rs billion as part of co s portfolio management & segregated accounts services business. Additionally, as part of co s portfolio management and segregated accounts services co provide non-binding investment advisory services to a fund which had an AUM of Rs 4.69 billion as of March 31, 2018 and is managed by Standard Life Investments Global SICAV. Co had a total number of Live Accounts of 8.10 million as of March 31, 2018, and co s Monthly Average AUM ( MAAUM ) from individual customers accounted for 62.2% of its MAAUM, compared to the industry average of 51.4%, for the same period, according to CRISIL. As of March 31, 2018, co served customers in over 200 cities through its pan-india network of 209 branches (and a representative office in Dubai) and service centres of co s registrar & transfer agent ( RTA )which is supported by a strong and diversified network of over 65,000 empaneled distribution partners across India, consisting of independent financial advisors ( IFAs ), national distributors and banks. For Private Circulation Only \
3 Investment Rationale Consistent market leadership position in the Indian mutual fund industry Co have been a leader in the Indian mutual fund industry.co have been the most profitable asset management company in India in terms of net profits since Fiscal Co s AUM has grown at a CAGR of 33.9% since Fiscal Co have been the largest asset management company in India in terms of equity-oriented AUM since the last quarter of Fiscal 2011 and have consistently been among the top two asset management companies in India in terms of total average AUM since the month of August Co s proportion of equity-oriented AUM to total AUM was at 51.3%, which was higher than the industry average of 43.2%, as of March 31, 2018, according to CRISIL. As of March 31, 2018, co s market share of total AUM was 13.7% and of actively managed equityoriented AUM (which excludes index linked and arbitrage schemes) was 16.8% among all asset management companies in India, as of March 31, 2018, according to CRISIL. As of March 31, 2018, co had the highest share of individual customers of 15.7% and the second largest market share of MAAUM of 12.7% from B-15 cities in India, according to CRISIL. As of December 31, 2017, MAAUM from individual customers accounted for 62.2% compared to 51.4% for the mutual fund industry in India as a whole for the same period, which increased from 54.6% compared to 43.9% as of March 2014, respectively, according to CRISIL. Co s leading industry and financial position provides it with a robust platform for growth and efficiencies of scale. Wide distribution network As of March 31, 2018, co served customers in over 200 cities through its pan-india network of 209 branches (and a representative office in Dubai), and service centers of co s RTA. As of March 31, 2018, co had over 65,000 empaneled distributors across India marketing the entire range of co s schemes with its largest distribution partner (HDFC Bank Limited) accounted for 10.3% of co s total AUM and 12.1% of co s equity-oriented AUM, while co s second and third largest distributor accounted for 3.2% and 2.6% of its total AUM, respectively. As of March 31, 2018, 60 of co s branches were located in top 15 ( T-15 )cities & 149 were located in B-15 cities in India, where co have the second highest market share of 12.7%, according to CRISIL. Co s share of MAAUM from T-15 and B-15 cities as of March 31, 2018 was 81.9% and 18.1%, respectively. Risk factors A large portion of co total AUM is concentrated in a few schemes. For example, as on March 31, 2018, co s top six equity-oriented schemes constituted 79.1% of co s total equity-oriented AUM and co s top six debt schemes constituted 65.5% of co s total debt AUM. The performance of these schemes has a significant impact on co s AUM and consequently co s revenue. Underperformance by any of these schemes may have a disproportionate adverse impact on the AUM and co s revenue. For Private Circulation only
4 Objects of Offer The objects of the Offer are to achieve the benefits of listing the Equity Shares on the Stock Exchanges and for the sale by the Promoter Selling Shareholders. Further, Company expects that listing of the Equity Shares will enhance co s visibility and brand image and will provide a public market for the Equity Shares in India. Company will not receive any proceeds from the Offer and all the proceeds from the offer will be received by Promoter Selling Shareholders, in proportion to the Equity Shares offered by the respective Promoter Selling Shareholders as part of the offer. Financial Statements Rs Cr Particulars FY15 FY16 FY17 FY18 Total Income Operating Exp EBIDTA EBIDTA Margin (%) Other Income Depreciation EBIT Interest PBT E/O Item PBT After E/O Item Tax PAT Other Comp Inc Adjusted PAT NPM(%) Eq Capital Res & Surplus Non Con Int Net Worth Eq Shares ( In No) EPS ROE (%) ROCE (%) Book Value For Private Circulation only
5 HEM SECURITIES LIMITED MEMBER-BSE,CDSL,SEBI REGISTERED CATEGORY I MERCHANT BANKER Sebi Registration No For Research Analyst: INH MUMBAI OFFICE: 904, A WING. 9 TH FLOOR, NAMAN MIDTOWN, SENAPATI BAPAT MARG, ELPHINSTONE ROAD, LOWER PAREL,MUMBAI PHONE FAX JAIPUR OFFICE: , JAIPUR TOWERS, M I ROAD, JAIPUR PHONE FAX GROUP COMPANIES HEM FINLEASE PRIVATE LIMITED MEMBER-NSE HEM MULTI COMMODITIES PRIVATE LIMITED MEMBER-NCDEX, MCX HEM FINANCIAL SERVICES LIMITED NBFC REGISTERED WITH RBI Disclaimer & Disclosure: This document is prepared for our clients only, on the basis of publicly available information and other sources believed to be reliable. Whilst we are not soliciting any action based on this information, all care has been taken to ensure that the facts are accurate, fair and reasonable. This information is not intended as an offer or solicitation for the purchase or sell of any financial instrument and at any point should not be considered as an investment advice. Reader is requested to rely on his own decision and may take independent professional advice before investing. Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited, Directors and any of its employees shall not be responsible for the content. The person accessing this information specifically agrees to exempt Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and further agrees to hold Hem Securities Limited, Hem Finlease Private Limited, Hem Multi Commodities Pvt. Limited or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The companies and its affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material may from time to time, have long or short positions in, and buy or sell the securities there of, company (ies) mentioned herein and the same have acted upon or used the information prior to, or immediately following the publication. Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the
IPO Report ICICI SECURITIES LTD SUBSCRIBE. Valuation. IPO Details. Research Analyst : Astha Jain
IPO Report ICICI SECURITIES LTD SUBSCRIBE IPO Details Issue Date 22 nd Mar-26 th Mar 2018 Price Band 519-520/Share Bid Lot 28 & in multiplethereof Face Value Rs 5/Share Listing BSE, NSE Offer For Sale
More informationLONG TERM SUBSCRIBE. IPO Report HINDUSTAN AERONAUTICS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report HINDUSTAN AERONAUTICS LTD LONG TERM SUBSCRIBE IPO Details Issue Date 16 th Mar-20 th Mar 2018 Price Band Bid Lot Face Value Listing Offer For Sale Fresh Issue ---- Pre Issue Eq Shares Post Issue
More informationSUBSCRIBE. IPO Report BHARAT DYNAMICS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report BHARAT DYNAMICS LTD SUBSCRIBE IPO Details Issue Date 13 th Mar-15 th Mar 2018 Price Band 413-428/Share* Bid Lot 35 & in multiplethereof Face Value Rs 10/Share Listing BSE, NSE Offer For Sale
More informationAVOID. IPO Report GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. IPO Details. Research Analyst : Astha Jain
IPO Report AVOID IPO Details Issue Date 24 th Sept-26 th Sept 2018 Price Band 115-118/Share * Bid Lot 120 & in multiplethereof Face Value Rs 10/Share Listing BSE, NSE Offer For Sale 29,210,760 Eq Shares
More informationReview Report HDFC AMC - IPO Note. Our View: Subscribe. IPO Financials and Key Detail:
Date: 23-07-2018 Review Report HDFC AMC - IPO Note Our View: Subscribe IPO Financials and Key Detail: Issue Open 25 th JULY, 2018 27 th JULY, 2018 Issue Type Book Built Issue IPO Issue Size Offer for Sale
More informationJuly 24, 2018 HDFC ASSET MANAGEMENT COMPANY LIMITED. SMC Ranking (3.5/5) About the Company. Issue Highlights. Strength. Shareholding Pattern (%)
HDFC ASSET MANAGEMENT COMPANY LIMITED July 24, 2018 SMC Ranking (3.5/5) Issue Highlights Industry Mutual Fund Offer for sale (Shares) 25,457,555 Reservation Portions 3,280,000 Net Offer to the Public 22,177,555
More informationIdea Cellular Ltd. 19 th January, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Idea Cellular Ltd. 19 th January, 2015 BUY CMP Target Price Rs.155.20 Rs.210.00 BSE Code 532822 Market Cap (Rs Cr.) 55,832.96 52 Week High/Low
More informationVa Tech Wabag Ltd. 11 th March, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Va Tech Wabag Ltd. 11 th March, 2014 BUY CMP Target Price Rs.691.30 Rs.870.00 VA Tech Wabag is Indian multinational player technology focused
More informationMarket Snap 12 th May 2018
Weekly ary Market Snap 12 th May 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34915.38 34983.59 35596.15 34977.74
More informationTech Mahindra Ltd 21 st September, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Tech Mahindra Ltd 21 st September, 2013 BUY CMP Target Price Rs.1298.60 Rs.1650.00 Tech Mahindra is a global systems integrator and business
More informationHDFC Standard Life Insurance Company Ltd.
IPO Note: HDFC Standard Life Insurance Company Ltd. Industry: Life Insurance Recommendation: Subscribe Date: November 06, 2017 Issue Snapshot Company Name HDFC Standard Life Insurance Company Ltd. Issue
More informationR.S. Software (India) Ltd. 11 th August, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY R.S. Software (India) Ltd. 11 th August, 2014 BUY CMP Rs.430.00 Target Price Rs.600.00 BSE Code 517447 NSE Code RSSOFTWARE Market Cap (Rs
More informationMarket Snap 26 th May 2018
Weekly ary Market Snap 26 th May 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34848.30 34873.16 35017.93 34302.89
More informationNIIT Technologies Ltd. 15 th February, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY NIIT Technologies Ltd. 15 th February, 2016 BUY CMP Target Price Rs.500.95 Rs.645.00 BSE Code 532541 Market Cap (Rs Cr.) 3065.81 52 Week
More informationBalaji Amines Ltd 22/11/2017 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Balaji Amines Ltd 22/11/2017 BUY CMP Rs. 600.75 Target Price Rs 780.00 BSE Code 530999 NSE Code BALAMINES Market Cap (Rs crore) Rs.1946.43
More informationGeneral Insurance Corporation of India
IPO Note: General Insurance Corporation of India Industry: Insurance Reco: Subscribe Date: October 05, 2017 Issue Snapshot Company Name General Insurance Corporation of India Issue Opens October 11, 2017
More informationDCB Bank Ltd. 18 th August, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY DCB Bank Ltd. 18 th August, 2014 BUY CMP Rs.81.40 Target Price Rs.120.00 BSE Code 532772 NSE Code DCBBANK Market Cap (Rs Cr.) 2040.24 52
More informationMarket Snap 14 th July 2018
Weekly ary Market Snap 14 th July 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 35657.86 35835.10 36740.07 35779.72
More informationMarket Snap 02 nd June 2018
Weekly ary Market Snap 02 nd June 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 34924.87 35074.32 35438.22 34735.11
More informationBulls maintain their grip for the third week in a row
Weekly Commentary Market Snap 17 th November 2018 www.hemsecurities.com www.hemsecurities.com BROKING INVESTMENT BANKING RESEARCH DISTRIBUTION DEPOSITORY Index Previous Close Open High Low Close Change
More informationOFS: Rs. 82 bn. Rs. 700bn at upper price band JM Financial, Axis Capital, BNP Paribas, Citigroup, Deutsche, ICICI Sec., Kotak, SBI Cap.
SBI Life Insurance Co. Ltd. - Best placed amongst peers in Life insurance industry but expensively valued - SUBSCRIBE for long term.. SBI Life Insurance Company Limited was incorporated at Mumbai on October
More informationGabriel India Ltd. 4 th November, 2014 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Gabriel India Ltd. 4 th November, 2014 BUY CMP(As on 3/11/2014) Rs.83.40 Target Price Rs.115.00 BSE Code 505714 NSE Code GABRIEL Market
More informationSBI Life Insurance Company Ltd.
IPO Note: SBI Life Insurance Company Ltd. Industry: Life Insurance Recommendation: Subscribe Date: September 19, 2017 Issue Snapshot Company Name SBI Life Insurance Company Ltd. Issue Opens September 20,
More informationCamlin Fine Sciences Ltd. 27 th June, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Camlin Fine Sciences Ltd. 27 th June, 2015 BUY CMP Target Price Rs.111.85 Rs.145.00 Camlin Fine Sciences is one of the India's leading
More informationJK Paper Ltd 16/02/2018 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING JK Paper Ltd 16/02/2018 BUY CMP Rs 137.55 Target Price Rs 180.00 BSE Code 532162 NSE Code JKPAPER Market Cap (Rs crore) Rs.2414.00 52
More informationV-Guard Industries Ltd 9 th June, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY V-Guard Industries Ltd 9 th June, 2012 CMP Rs.215.00 The V-Guard Group has emerged as one of the most trusted brand in India. VGIL plans
More informationReliance Nippon Life Asset Management Ltd.
IPO Note: Reliance Nippon Life Asset Management Ltd. Industry: BFSI Recommendation: Subscribe Date: October 23, 2017 Issue Snapshot Company Name Reliance Nippon Life Asset Management Ltd. Issue Opens October
More informationPNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016
PNB Housing Finance Ltd. Robust play in Indian HFC sector SUBSCRIBE 24th Oct, 2016 PNB Housing Finance Ltd (PNBHFL) is the fifth largest housing finance company (in terms of loan portfolio) and the second
More informationCeat Ltd 1 st June, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Ceat Ltd 1 st June, 2013 BUY CMP Target Price Rs.107.75 Rs.140.00 Ceat is India s leading tyre company with over 50 years of presence.
More informationMarket Snap. Indices continued to climb up; two week in a row. Weekly Commentary
Weekly ary Market Snap www.hemsecurities.com 14 th October2017 BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Index Previous Close Open High Low Close Change Change (%) Sensex 31814.22
More informationPidilite Industries Ltd 10 th September, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Pidilite Industries Ltd 10 th September, 2012 CMP(as on 8/9/2012) Target Price Rs.200.50 Rs.260.00 Pidilite Industries Ltd. has been a
More informationThe New India Assurance Company Ltd
IPO Note Financials Oct 31, 2017 The New India Assurance Company Ltd The New India Assurance Company Ltd (NIA) is the leader in the non-life insurance in India, controlling hefty 15% market share in terms
More informationCarborundum Universal Ltd 14/11/2017 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Carborundum Universal Ltd 14/11/2017 BUY CMP Rs. 370.00 Target Price Rs 480.00 BSE Code 513375 NSE Code CARBORUNIV Market Cap (Rs crore)
More informationMunjal Showa Ltd 30 th May, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Munjal Showa Ltd 30 th May, 2012 CMP Target Price Rs.79.00 Rs.100.00 Munjal Showa Limited in Hero Group's joint venture with Showa Corporation,
More informationFresh issue: Rs bn OFS: Rs bn Face Value Rs. 5 Price Band Retail & Employee discount. Rs Rs. 912 per share
IPO note: General Insurance Corporation of India (GIC Re): Monopoly in the Indian re-insurance market - SUBSCRIBE General Insurance Corporation of India ( GIC ) was incorporated on November 22, 1972. GIC
More informationIPO NOTE BANDHAN BANK LIMITED
IPO NOTE BANDHAN BANK LIMITED 12 TH -MARCH-2018 Rating: Issue Summary: Price Band (Rs) Face Value (Rs) 10 Market Lot Rs.370-375 per share 40 shares Opens 15 th March, 2018 Closes 19 th march, 2018 Issue
More informationIPCA Laboratories Ltd 26 th August, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY IPCA Laboratories Ltd 26 th August, 2013 BUY CMP(As on 24/8/13) Rs.623.30 Target Price Rs.780.00 BSE Code 524494 NSE Code IPCALAB Market
More informationPSP Projects Ltd. 1 P a g e. Subscribe with Long Recommendation. Term View BACKGROUND
Subscribe with Long Recommendation Term View BACKGROUND Price Band Rs. 205 Rs. 210 (PSP) is a multidisciplinary construction company Bidding Date 17 th Sep - 19 th May 2017 Book Running Lead Manager Registrar
More informationGeneral Insurance Corporation of India Ltd.
General Insurance Corporation of India Ltd. Reco: Subscribe 10 th October, 2017 Fresh Issue of 1.72 Crore Equity Shares & Offer For Sale of 10.75 Crore Equity Shares of FV Rs 5/- each (Rs. 11,372 Crs)
More informationObjects of the Issue
Recommendation SUBSCRIBE Background Price Band Rs. 160 175 Bidding Date Book Running Lead Manager Registrar Sector 18 th Apr 21 th Apr ICICI Sec, Kotak Mahindra Link Intime India Pvt Ltd Retail Application
More informationMinda Corporation Ltd. 29 th December, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Minda Corporation Ltd. 29 th December, 2015 BUY CMP Rs.89.40 Target Price Rs.120.00 BSE Code 538962 Market Cap (Rs Cr.) 1871.14 52 Week
More informationMarket Snap 31 st March 2018
Weekly ary Market Snap 31 st March 2018 BROKING INVESTMENT BANKING l RESEARCH DISTRIBUTION l DEPOSITORY Index Previous Close Open High Low Close Change Change (%) Sensex 32596.54 32536.44 33371.04 32515.17
More informationIPO NOTE. Jan 19, BSE Ltd. About the company. Issue Highlights. Objects of the Issue. Strength. Issue Composition
BSE Ltd. Jan 19, 2017 IPO NOTE Issue Highlights Total Issue (Shares) - Offer for sale 15,427,197 Total Issue (Shares) - Fresh Issue 0 Net Offer to the Public 15,427,197 Issue Size (Rs. Cr.) 1241.89-1243.33
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 informationOctober 24, 2017 RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED. SMC Ranking (3/5) About the Company. Issue Highlights. Shareholding Pattern (%)
RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED October 24, 2017 SMC Ranking (3/5) Issue Highlights Industry Mutual Fund Total Issue (Shares) - Offer for sale 36,720,000 Total Issue (Shares) - Fresh Issue
More informationTATA CAPITAL FINANCIAL SERVICES LIMITED
TATA CAPITAL FINANCIAL SERVICES LIMITED INVESTMENT RATIONALE: The issue offers yields ranging from 8.70% to 9.10% depending up on the Category of Investor and the option applied for. Credit Rating of"
More informationCMP: Rs Target: Rs. 394 Coverage Follow-Up: Hold. Investment Rationale
August 23, 2012 Cera Sanitaryware Ltd Strong growth prospects CMP: Rs. 353.50 Target: Rs. 394 Coverage Follow-Up: Hold Key Share Data Face Value (Rs.) 5 Equity Capital (Rs. Crs) 6.3 Market. Capitalization
More informationMadras Cements Ltd 9 th October, 2012 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Madras Cements Ltd 9 th October, 2012 BUY CMP Target Price Rs.186.35 Rs.240.00 Madras Cements Ltd is the flagship company of the Ramco
More informationHDFC Asset Management Co
IPO Note Financials July 23, 2018 HDFC Asset Management Co HDFC Asset Management Co (HDFC ) is the asset management arm of the HDFC Ltd (Promoter) and was established in 1999. In 2001, Standard Life Investments
More informationGranules India Ltd. 21 st July, 2012
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Granules India Ltd. 21 st July, 2012 CMP Target Price Rs.149.30 Rs.200.00 Granules India is among the leading global manufacturer of highvolume
More informationSubscribe. RETAIL EQUITY RESEARCH HDFC Asset Management Company Ltd. Finance - Others. Most profitable player in India s MF space
IPO Note RETAIL EQUITY RESEARCH HDFC Asset Management Company Ltd Finance - Others Sensex: 36,825 Nifty: 11,134 Subscribe Price Range Rs 1,095. - Rs 1,100. 24 th July, 2018 Most profitable player in India
More informationSeptember 19, 2017 SBI LIFE INSURANCE COMPANY LIMITED. SMC Ranking (3/5) About the Company. Issue Highlights. Strength. Shareholding Pattern (%)
SBI LIFE INSURANCE COMPANY LIMITED September 19, 2017 SMC Ranking (3/5) Issue Highlights Industry Insurance Total Issue (Shares) - Offer for sale 120,000,000 Net Offer to the Public 120,000,000 Issue Size
More informationMarkets in festive mood this week
Weekly Commentary Market Snap 10 th November 2018 www.hemsecurities.com www.hemsecurities.com BROKING INVESTMENT BANKING RESEARCH DISTRIBUTION DEPOSITORY Index Previous Close Open High Low Close Change
More informationSUBSCRIBE. ICICI Lombard General Insurance Co Ltd. Issue Open: Sept 15, 2017 Issue Close: Sept 19, IPO Note Insurance
IPO Note Insurance Sept 14, 2017 ICICI Lombard General Insurance Co Ltd ICICI Lombard is the largest non-life private sector insurer in India. It is a JV between ICICI Bank and Fairfax Financial Holdings
More informationFuture Supply Chain Solutions Ltd
IPO Note Financials Dec 04, 2017 Future Supply Chain Solutions Ltd Incorporated in 2006, Future Supply Chain Solutions Ltd (FSCSL) is one of the largest third-party logistics service providers in India.
More informationSBI Life Insurance Co Ltd
SBI Life Insurance Co Ltd Strong parent backing leaves no scope for doubts SBI Life Insurance is a JV between State Bank of India (SBI-70%), and BNP Paribas Cardiff (26%). The insurer s new business premium
More informationAmrapali Capital & Fin. Ser. Ltd.
Equitymaster Agora Research Private Limited 4 April, 2014 Market data Current price* Market cap * Face value 200 150 100 50 Amrapali Capital S&P BSE SME IPO Rs 44.1 (BSE) Rs 431.2 m Rs10 BSE Code 536737
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 informationMeghmani Organics Ltd 24th Aug 2017 BUY
BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY MERCHANT BANKING Meghmani Organics Ltd 24th Aug 2017 BUY CMP Rs. 72.65 Target Price Rs 95.00 BSE Code 532865 NSE Code MEGH Market Cap (Rs crore) Rs. 1847.49
More informationIndustry: Finance Reco: Subscribe Date: March 09, 2018
IPO Note: Bandhan Bank Ltd. Industry: Finance Reco: Subscribe Date: March 09, 2018 Company Name Bandhan Bank Ltd. Issue Snapshot Issue Opens March 15, 2018 to March 19, 2018 Price Band Rs. 370 to Rs. 375
More informationUjjivan Financial Services Ltd.
IPO Note: Ujjivan Financial Services Ltd. Industry: Microfinance Recommendation: Subscribe Date: April 25, 2016 Issue Snapshot Company Name Ujjivan Financial Services Ltd. Issue Opens April 28, 2016 to
More informationAster DM Healthcare Ltd
IPO Note Healthcare Feb 08, 2018 Aster DM Healthcare Ltd Aster DM Healthcare Ltd (ADHL) is one of the largest private healthcare service providers which operates in multiple GCC states and is an emerging
More informationPNB Housing Finance Ltd.
IPO Note: PNB Housing Finance Ltd. Industry: Housing Finance Recommendation: Not Rated Date: October 20, 2016 Company Name PNB Housing Finance Ltd. Issue Opens October 25, 2016 to October 27, 2016 Price
More informationIndustry: Banking Recommendation: Subscribe Date: August 12, 2016
IPO Note: RBL Bank Ltd. Industry: Banking Recommendation: Subscribe Date: August 12, 2016 Issue Snapshot Company Name RBL Bank Ltd. Issue Opens August 19, 2016 to August 23, 2016 Price Band Rs. 224 to
More informationReliance Nippon Life Asset Management
Ready to enjoy the investment October 26, 2017 R Sreesankar rsreeshankar@plindia.com +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Vidhi Shah vidhishah@plindia.com +91 22 66322258
More informationCompany Overview. Financial Performance
Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Monarch Networth Capital Limited CMP: 26.00 March 23, 2016 Stock Details BSE code 511551 BSE ID MONARCH Face value (
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 informationIndostar Capital Finance
January 2, 2019 Buy Indostar Capital Finance Industry: BFSI Fallen, but not beaten down!!! We recently interacted with the management to get an understanding of the recent developments of the company post
More informationHousing and Urban Development Corporation Ltd.
IPO Note: Housing and Urban Development Corporation Ltd. Industry: Housing Finance Recommendation: Subscribe Date: May 05, 2017 Issue Snapshot Company Name Housing and Urban Development Corporation Ltd.
More informationRITES Limited IPO. RITES Limited IPO. Initial Public Offer - Note. Call Toll Free Issue Highlights:
Issue Highlights: Issuer: Issue Type: 100% Book Built Issue IPO Issue Open: Wednesday, Jun 20, 2018 Issue Close: Friday, Jun 22, 2018 Offer Details (Fresh Issue): 25,200,000 Equity shares (Offer for sale).
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationSteel Strips Wheels Ltd. 6 th August, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Steel Strips Wheels Ltd. 6 th August, 2016 BUY CMP Rs.511.80 Target Price Rs.640.00 BSE Code 513262 Market Cap (Rs Cr.) 794.42 52 Week
More informationLemon Tree Hotels. Stretched Valuations. valuations at this level looks expensive. AVOID. Source: Company Data; PL Research
Stretched Valuations March 26, 2018 Paarth Gala paarthgala@plindia.com +91 22 6632 2242 R Sreesankar rsreesankar@plindia.com +91 22 6632 2214 Rating Price Band Avoid Rs54 56 With 4,697 rooms in 49 hotels
More informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,
More informationKNR CONSTRUCTIONS LTD
14 June 2017 KNR CONSTRUCTIONS LTD CMP INR 210 Initiating Coverage (BUY) Target Price INR 242 Stock Details Industry Construction & Engineering Bloomberg Code KNRC:IN BSE Code 532942 Face Value (Rs.) 2.00
More informationIIFL INDIA GROWTH FUND. (An open ended equity Scheme)
IIFL INDIA GROWTH FUND (An open ended equity Scheme) IIFL INDIA GROWTH FUND (An open ended equity Scheme) This product is suitable for investors who are seeking* capital appreciation over long term; Investment
More informationApollo Hospitals Enterprise Ltd.
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17. Volume No.. I Issue No. 154 Apollo Hospitals Enterprise Ltd. December 19, 2017 BSE Code: 508869 NSE Code: APOLLOHOSP
More informationGateway Distriparks Ltd 1 st July, 2011 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Gateway Distriparks Ltd 1 st July, 2011 BUY CMP Rs 126.75 Target Price Rs 170.00 BSE Code 532622 NSE Code GDL Market Cap (Rs Mn) 13699.51
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 informationIIFL INDIA GROWTH FUND. (An open ended equity Scheme)
IIFL INDIA GROWTH FUND (An open ended equity Scheme) IIFL INDIA GROWTH FUND (An open ended equity Scheme) This product is suitable for investors who are seeking* capital appreciation over long term; Investment
More informationHOLD KOTAK MAHINDRA BANK LTD. Highlights. STANDALONE Result Update: Q3 FY14. CMP Target Price JAN. 29 th, 2014
HOLD CMP 672.00 Target Price 690.00 KOTAK MAHINDRA BANK LTD. STANDALONE Result Update: Q3 FY14 JAN. 29 th, 2014 ISIN: INE237A01028 Stock Data Sector Banking BSE Code 500247 Face Value / Div. Per Share
More information28 th March 2016 TRUSTPLUTUS. Presentation to the Investment Advisory Board: Product Primer
28 th March 2016 TRUSTPLUTUS Presentation to the Investment Advisory Board: Product Primer Disclaimer. DISCLAIMER: This document is provided for assistance only and is not intended to be and must not alone
More informationEMI = GOOD EMI Instalment. Investment. SIP or Systematic Investment Plan offered by Mutual Funds is like a GOOD EMI
EMI = GOOD EMI Instalment Investment = SIP or Systematic Investment Plan offered by Mutual Funds is like a GOOD EMI SYSTEMATIC INVESTMENT PLANS (SIPs) MADE SIMPLE WHAT are SIPs? WHY SIPs? WHERE to invest
More informationFINANCIAL RESULTS FY17-18
Investor Presentation FINANCIAL RESULTS FY17-18 MUMBAI 8 th May 2018 A leading Financial Services Conglomerate Table of Contents 1 Overview Pg. 3-6 2 Business-wise Performance Pg. 7-35 3 Consolidated Financials
More informationIndoStar Capital Finance Ltd.
IPO Note: IndoStar Capital Finance Ltd. Industry: NBFC Date: May 09, 2018 Issue Snapshot Company Name IndoStar Capital Finance Ltd. Issue Opens May 09, 2018 to May 11, 2018 Price Band Rs. 570 to Rs. 572
More informationSBI LIFE INSURANCE COMPANY LIMITED
Analyst: Raj Bardhan Kumar Singh Vol: - IPO/2017/09/19/1.0 19 th September 2017 SBI LIFE INSURANCE COMPANY LIMITED SBI Life is India s leading private life insurer, in terms of New Business Premium generated
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationHoneywell Automation India Ltd
4 Recommendation SUBSCRIBE SUBSCRIBE FROM A LONG TERM VIEW CMP (14/12/2012) Rs. 2,335 Target Price Sector Stock Details N/A Automation BSE Code 500033 NSE Code Bloomberg Code HONAUT HWA IN Market Cap (Rs
More informationITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only
Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18. Volume No.. I Issue No. 186 ITC Ltd September 21, 2018 BSE Code: 500875 NSE Code: ITC Reuters Code: ITC.NS Bloomberg
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 informationNEUTRAL. Neogen Chemicals Ltd. Issue Open: April 24, 2019 Issue Close: April 26, IPO Note Specialty Chemicals
IPO Note Specialty Chemicals April 22, 2019 Neogen Chemicals Ltd. NEUTRAL Issue Open: April 24, 2019 Issue Close: April 26, 2019 Neogen Chemicals Limited (NCL) is one of the leading Indian manufacturers
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationNewgen Software Technologies Ltd
IPO Note IT Jan 12, 2018 Newgen Software Technologies Ltd Incorporated in 1992, Newgen Software Technologies Limited (NSTL) is a New Delhi based IT company and a global provider of Business Process 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 informationOthers (15% of the issue size) Coupon 11.75% 12.00% 12.00% Effective yield 11.75% 12.00% 12.00%
Issuer Issue Recommendation Acceptance Rating AA /Stable by CRISIL and ICRA AA (stable) by ICRA Sector NBFC Source: Company data, Nirmal Bang Research Details of the issue NCD Options I II III Tenor (in
More informationBSE Ltd (BSE) -New Initiatives to drive growth
BSE Ltd (BSE) -New Initiatives to drive growth BSE Ltd (BSE) 18-06-2018 Recommendation : Buy Strong brand recognition CMP : Rs 862 Target : NA % Allocation : 5% Sector : MISC Sensex : 35634 NSE code :
More informationINDIAN TONERS & DEVELOPERS LTD
29 March 2017 INDIAN TONERS & DEVELOPERS LTD CMP INR 160 Initiating Coverage (BUY) Target Price INR 220 Stock Details Industry SPECIALTY CHEMICALS Bloomberg Code INTD:IN BSE Code 523586 Face Value (Rs.)
More informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
More informationSKS Textiles Limited (NSE SME)
SKS Textiles Limited (NSE SME) IPO Fact Sheet SKS Textiles Ltd. Opening Date January 9 th, 2018 Closing Date January 11 th, 2018 BRLMs Aryaman Financial Services Issue Size Rs. 13.32 Crores Shares 8.88
More informationDilip Buildcon Ltd. 1 P a g e. Stock Details. Dilip Buildcon 2.1% Sensex 0.9%
Recommendation BUY CMP 889 Target Price 1324 Sector Stock Details Construction-Roads BSE Code 540047 NSE Code Bloomberg Code DBL DBL IN Market Cap (Rs cr) 12162 Free Float (%) 24.4 52- wk HI/Lo (Rs) 1009/217
More information