MRF Ltd BUY. Sector- Tyres &Allied Microsec Research. Investment Highlights
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- Vivien Ross
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1 MRF Ltd DII 10.73% BUY Market Data Current Market Price (INR) 13, Target Price 15, Upside Potential 14% 52 Week High/Low (INR) /9521 Market Capitalization (In INR Cr) 5, Shareholding Non Institution 57.73% We rate MRF Limited a BUY. MRF is India's No.1 tyre manufacturing company. It manufactures various tyres for passenger cars, two-wheelers, trucks, buses, tractors, light commercial vehicles and off-the-road tyres. MRF is a market leader in the tyre industry with a market share of ~ 27%. Currently, MRF exports tyres to over 65 countries including America, Europe, Middle East, Japan, and the Pacific region. It presently has overseas offices in Dubai, Vietnam and Australia. Investment Highlights Sector- Tyres &Allied Fall in rubber and Crude oil prices resulting in margin improvement for tyre companies: Despite the falling rupee and sluggish demand, the correction in rubber prices and crude oil prices are resulting in margin improvement for tyre companies. Domestic rubber and crude oil prices have come down by 24.5% and 15.6% respectively from its peak. FII 4.33% Promoter and Promoter Group 27.21% STOCK SCAN BSE Code NSE Code MRF Bloomberg Ticker MRF IN Reuters Ticker MRF.BO Face Value (INR) Equity Share Capital (In INR Cr) 4.24 Beta vs Sensex 1.01 Average Daily Volume 10,034 Dividend Yield 0.19% PEG Ratio N.A Strong PAT Growth in H2 SepFY13: The company has shown robust growth in profit in the half year ending Sep FY13. PAT of the company has grown by 48.59% to INR390.8 crore in comparison to INR263 crore. EBITDA margin of the company improved from 9.98% to 14.28% and PAT margin improved from 4.8% to 6.59% on back of falling rubber and crude oil prices. Strong Research and development: The company has managed to carry out the R&D activities efficiently and likely to do so in the future. The R&D activity have helped the company in many ways like development of new products for domestic and export market, development of new raw materials for specific application, development of new formulation, development of new technique in making process improvements, development of new equipment and modification of existing machinery Apr Jul Oct Jan 13 CLOSE(MRF Ltd.) CLOSE(NIFTY) Saroj Singh Executive Research ID ssingh2@microsec.in - 1 -
2 Industry Snapshot Market share Indian Tyre Industry(%) Others Tyre, 26% Ceat, 12% MRF Tyre, 27% Apollo Tyres, 19% JK Tyre, 16% In India, ~65% of tyre demand comes from replacement market, in which the T&B (Truck &Bus) segment contributes ~57% to the total volume. T&B tyre segment is highly dominated by MRF, Apollo, CEAT and JK tyre. Currently top four players possess ~74% market share in Indian tyre Industry. Peer Group Comparison Sales EBITDA EBITDA ROE (%) (23rd Apr 2012) No.of EPS EPS P/E P/E Company FY12 FY12 (%) PAT FY12 PAT (%) EPS FY12 FY12 D/E CMP share MCAP FY13E FY14E FY13E FY14E *MRF Ltd 11,967 1, , Apollo Ltd 12,153 1, Ceat Ltd 4, J K Tyres 6, Source: ACE, Company Database. * MRF Ltd year ending on September. Financials in INR crore. Automobile Domestic sales growth trends Category Passenger Vehicles 21% 12% 0% 26% 28% 5% 3% Commercial Vehicles 33% 5% 22% 39% 29% 18% 2% Three Wheelers 12% 10% 4% 26% 19% 2% 5% Two Wheelers 12% 8% 3% 26% 26% 14% 3% Grand Total 14% 5% 1% 26% 26% 12% 3% Valuation At the CMP of INR13828, the stock is trading at a P/E of 7.8x its FY13E EPS of INR1773 and 7.4x its FY14E EPS of INR1860. The company has sound business model and ROE of 22.5%. We assign a P/E multiple of 8.5x to its FY14E EPS to arrive at a Target price of INR15810 for a time period of months. Key Concern Tyre Industry is related with the automobile sector, if there is any slowdown in the auto sector for a longer period of time, the demand of tyres will have a negative impact
3 : Phone No.: Ajay Jaiswal: President, Investment Strategies, Head of Research: Fundamental Research Name Sectors Designation ID Nitin Prakash Daga IT, Telecom & Entertainment AVP Research Naveen Vyas Midcaps, Market Strategies AVP Research Sutapa Roy Economy Research Analyst s roy@microsec.in Sanjeev Jain BFSI Research Analyst sjain@microsec.in Anik Das Mid Cap Research Analyst adas4@microsec.in Neha Majithia Mid Cap Research Analyst nmajithia@microsec.in Soumyadip Raha Mid Cap Executive Research sraha@microsec.in Saroj Singh Mid Cap Executive Research ssingh2@microsec.in Associate Research Kapil Bhati Mid Cap Executive kbhati@microsec.in Technical & Derivative Research Vinit Pagaria Derivatives & Technical VP vpagaria@microsec.in Ranajit Saha Technical Research Sr. Manager rksaha@microsec.in Institutional Desk Dhruva Mittal Institutional Equities Sr. Manager dmittal@microsec.in Puja Shah Institutional Desk Dealer pdshah@microsec.in PMS Division Siddharth Sedani PMS Research AVP ssedani@microsec.in Ketan Mehta PMS Sales AVP ksmehta@microsec.in Research: Financial Planning Division Shrivardhan Kedia FPD Products Manager Research skedia@microsec.in Research Support Subhabrata Boral Research Support Asst. Manager Technology sboral@microsec.in Recommendation Expected absolute returns (%) over 12 months Strong Buy >20% Buy between 10% and 20% Hold between 0% and 10% Underperform between 0% and 10% Sell < 10% MICROSEC RESEARCH IS ALSO ACCESSIBLE ON BLOOMBERG AT <MCLI> - 3 -
4 Microsec Benchmark its Research Benchmarking Fundamental Research 50.00% st As on 31 Mar % 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Nifty CNX Midcap An amount of ` 1,00,000 invested individually in all 196 stocks ie, ` 1,96,00,000 investment as and when recommended has appreciated to ` 2,54,17,093 giving a return of 29.7 percent. On the same basis Nifty has given a return of 9.2 percent and CNXMID CAP has given a return of 9.6 percent. Microsec benchmark its Research and the same is updated on our website at Come, strike the right balance through Benchmarking Research. Plan and monitor your resources through
5 Recommendation Expected absolute returns (%) over 12 months Strong Buy >20% Buy between 10% and 20% Hold between 0% and 10% Underperform between 0% and -10% Sell < -10% Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. Investors should use this research as one input into formulating an investment opinion. Additional inputs should include, but are not limited to, the review of other. This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned or an official confirmation. Microsec Capital Limited is not responsible for any error or inaccuracy or for any losses suffered on account of information contained in this report. This report does not purport to be offer for purchase and sale of share/ units. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material 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 discussed herein or act as advisor or lender I borrower to - such 4 - company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. The same persons may have acted upon the information contained here. No part of this material may be duplicated in any form and/or redistributed without Microsec Capital Limited prior written consent.
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Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 January 31, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 6,035; Sensex: 19,895 CMP Target Price Rs71 Rs66 Potential
More informationABB LTD (INDIA) RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 168.6 bn Price Rs. 795.80 BSE Sensex 16,741.30 Reuters Bloomberg Avg. Volume (52 Week) ABB.BO ABB IN 0.11 mn 52-Week High/Low Rs. 856.95 / 344 Shares Outstanding
More informationNTPC LIMITED RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 1,457.0 bn Price Rs. 176.70 BSE Sensex 9,201.85 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.06 mn 52-Week High/Low Rs. 227 / 113 Shares Outstanding
More informationCompany Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Eastern Treads Ltd CMP: 91.20 February 11, 2016 Stock Details BSE code 531346 BSE ID EASTRED Face value ( ) 10 No of
More informationReligare Investment Call
v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321
More informationMaruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
More informationJindal SAW Limited Sector: Iron & Steel Products
Q4 & FY18 - Results Update Jindal SAW Limited Sector: Iron & Steel Products 28th May 2018 CMP (INR) (As on 25th May 2018) 107.40 Target (INR) 210 Upside(%) 95% Recommendation Strong Buy BSE Code 500378
More informationResult Update. Skipper. Sell
Skipper Sell Result Update Muted ordering, slower execution increased cost leads to tepid growth For Q2FY19, the revenue grew 1.6% YoY to ` 5,239.6mn, grew 9.5% QoQ from ` 4787mn. EBITDA declined 43.2%
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More informationTechno Electric & Engineering
Result Update Techno Electric & Engineering Downgrade to Reduce (Prev. Accumulate) Techno is countering the slowing T&D business by going to overseas markets for orders. It continues to manage its balance
More informationPraj 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 informationINDIAN OIL CORPORATION LIMITED RESEARCH
RESULTS REVIEW Indian Oil Corporation Ltd. Hold Share Data Market Cap Rs. 439.99 bn Price Rs. 369.0 BSE Sensex 15,185.32 Reuters Bloomberg Avg. Volume (52 Week) IOC.BO IOCL IN 0.19 mn 52-Week High/Low
More informationShemaroo Entertainment
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Result Update India (Entertainment) Institutional Research Shemaroo Entertainment Buy CMP ` 330 Target / Upside
More informationBharat Petroleum Corporation Ltd
Institutional Equity Research Key data 19 June 2008 Sector Oil& Gas Market Cap Rs.7bn/US$2.3bn 52 Wk H/L (Rs) 560/260.25 Avg. daily vol. (6 month) 799,179 BSE Code 500547 NSE Code BPCL Bloomberg BPCLIN
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Q3FY18 Result Update Consumer Durables Symphony Ltd. BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M
More informationHold Target Price: Rs 574
03 MAY 2017 Quarterly Update Hold Target Price: Rs 574 Q4FY17: Macro overhang persists SQS India BFSI Ltd delivered a modest performance in Q4FY17, with earnings (PAT) coming in at Rs 4.4 Cr, down 58.8%
More informationFY17 FY18 FY19E FY20E
3-Aug-15 3-Oct-15 3-Dec-15 3-Feb-16 3-Apr-16 3-Jun-16 3-Aug-16 3-Oct-16 3-Dec-16 3-Feb-17 3-Apr-17 3-Jun-17 3-Aug-17 3-Oct-17 3-Dec-17 3-Feb-18 3-Apr-18 3-Jun-18 Result Update STRONG BUY * August 6, 218
More informationHero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
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More informationSymphony. Q3FY18 Result Update Strong performance; valuations expensive. Sector: Consumer Durable CMP: ` 1,970. Recommendation: HOLD
Symphony Q3FY18 Result Update Strong performance; valuations expensive Sector: Consumer Durable CMP: ` 1,970 Recommendation: HOLD Market statistics Current stock price (`) 1,970 Shares O/S (cr.) 7.0 Mcap
More informationMaruti Suzuki India Ltd. 25 th August 2011
CMP: Rs.1115 Recommendation: BUY Target Price: Rs.1424 Key Data Financial Year End March Market Cap (Rs. Cr.) 32,228 Market Cap (USD Bn.) 7.0 52 Week H/L 1599.9/1087.2 Avg. 12M volumes ('000) (BSE+NSE)
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationMaruti Suzuki India Ltd.
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18. Volume No.. I Issue No. 192 Maruti Suzuki India Ltd. November 19, 2018 BSE Code: 532500 NSE Code: MARUTI Reuters
More informationMargins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%
RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding
More informationHavells India. Q4FY17 Result Update Strong Sales growth; Margins stable. Sector: Consumer Durable CMP: ` 515. Recommendation: BUY
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BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 1) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Dec-16
More informationResult Update. Diversified Voltas Ltd BUY. Target Price Rs 197. Key Data. Key Highlights. One Year Price / Volume Chart
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More informationInvestment Rationale. Strong Parentage. Renewed focus of Ricoh Japan in India. Margin (%) Adj PAT
0 4 Recommendation BUY Delisting Offer Price - Still a long way CMP Rs. 73 Target Price Rs. 89 Sector Stock Details Comm. Trading & Distribution BSE Code 517496 NSE Code Bloomberg Code NA RPGR IN Market
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
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