Praj Industries (PRAIN)
|
|
- Adelia Bradley
- 6 years ago
- Views:
Transcription
1 Result Update October 18, 211 Rating matrix Rating : Buy Target : 96 Target Period : months Potential Upside : 25% WHAT S CHANGED Praj Industries (PRAIN) 77 Key Financials Crore FY1 FY11 FY12E FY13E Net Sales EBITDA Net Profit EPS (Rs) Valuation summary FY1 FY11 FY12E FY13E P/E Target P/E EV / EBITDA Price to BV RoNW(%) RoCE (%) Stock data Market Capitalization 1423 crore Total Debt (FY11-Standalone) crore Cash (FY11-Standalone) 137 crore EV 1286 crore 52 week H/L 95.5 / 61.5 Equity capital 37 crore Face value 2 MF Holding (%) 7.6 FII Holding (%) 14.5 Price movement 7, 6, 5, 4, 3, 2, Aug-1 Analyst s name Nov-1 Feb-11 Price (R.H.S) Sanjay Manyal sanjay.manyal@icicisecurities.com Parineeta Poddar parineeta.poddar@icicisecurities.com May-11 Nifty (L.H.S) Jul PRICE TARGET... Changed from to 96 EPS (FY12E)... Changed from 3.6 to 3.5 EPS (FY13E)... Changed from 5.6 to 5.1 RATING...Unchanged Stellar performance Praj Industries put up a stellar performance in Q2FY12 with net sales increasing by 111.6% YoY from 18.2 crore in Q2FY11 to crore in Q2FY12. Though raw material costs were higher during the quarter, 64% of net sales compared to 58.8% in Q2FY11, a considerable rationalisation in employee cost, from 17.3% in Q2FY11 to 1.7% in Q2FY12, helped the company to improve its margins. Margins for the quarter stood at 8.4% against 7.9% in Q2FY11. Consequent to the higher sales and margins, Praj s earnings jumped by 13.7% during the quarter to 2.5 crore from 8.9 crore in the corresponding quarter last year. Highlights of the quarter Praj received orders worth 27 crore (~52% international orders, ~48% domestic orders) during Q2FY12 with the total order book at the end of the quarter at 9 crore ((~55% international, ~45% domestic). The company inaugurated its two new facilities at Kandla and Jejuri (near Pune) during the quarter. The Kandla plant manufactures high thickness pressure vessels and static equipment while the Jejuri plant produces a range of bio-tech products used in the production of ethanol, beer and sugar. The company has also formed a wholly owned subsidiary, Praj South Africa PTY Ltd. and Praj Tanzania in Africa to execute its operations in Africa. Valuation At the CMP, the stock is trading at 21.8x and 15x its FY12E and FY13E EPS of 3.5 and 5.1, respectively. With the increasing order inflows especially from international operations and improvement in orders from the non-ethanol business, we expect the revenues of the company to grow at a higher rate. Further, margins are also expected to sustain at current levels led by the higher international orders composition. We have valued the stock at 14x its FY13E EPS of 5.1 and added the cash value of 25/share to arrive at the target price of 96. Exhibit 1: Financial Performance ( Crore) Q2FY12 Q2FY12E Q2FY11 Q1FY11 YoY(%) QoQ(%) Net Sales EBITDA margin (%) bps -88bps Depreciation Other Income Reported PAT EPS ( ) ICICI Securities Ltd Retail Equity Research
2 Exhibit 2: Sales ( crore) and outstanding order book at end of the quarter ( crore) A constant improvement in order execution and order book position is driving revenue growth for the company Q2FY1 Q3FY1 Q4FY1 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Closing Order Book (LHS) Sales (RHS) Exhibit 3: Quarterly order inflow ( crore) The company has had the highest order inflow during the quarter over the last eight quarters Q2FY1 Q3FY1 Q4FY1 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Order Inflow Exhibit 4: Quarterly EBITDA margin trend Better cost management in spite of higher raw material cost has helped the company to improve its margins by ~5 bps from 7.9% in Q2FY11 to 8.4% in Q2FY Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 ICICI Securities Ltd Retail Equity Research Page 2
3 Exhibit 5: Composition of outstanding order book (% comparison domestic vs. international) The company s order book has witnessed an improvement in the composition of international orders in the total outstanding order book position of 9 crore Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Int'l orders Domestic Revising estimates With the improvement in inflow of new orders, 27 crore in Q2FY12 (highest in the last eight quarters) and traction in the non-ethanol business, we believe the company s revenues would grow at a higher rate in FY12E and FY13E. However, we are cautious on the margins front on the back of higher raw material costs. Therefore, we have revised our estimates for FY12E and FY13E. Exhibit 6: Revising Estimates FY12E FY13E Old New % Change Old New % change Revenue EBITDA (12.5) (15.7) EBITDA Margin % bps bps PAT (3.1) (8.9) EPS (3.1) (8.9) ICICI Securities Ltd Retail Equity Research Page 3
4 Exhibit 7: ICICIdirect.com Coverage Universe Praj Industries Sales ( crore) EPS ( ) PE (x) EV/E (x) RoNW (%) RoCE (%) Idirect Code PRAIN CMP 77 FY Target 96 FY12E MCap Upside 24.8% FY13E Everest Kanto Cyliders Idirect Code EVEKAN CMP 71 FY Target 14 FY12E MCap 76.8 Upside 46.8% FY13E Nitin Fire Protection Idirect Code NITFIR CMP 37 FY Target 23 FY12E MCap Upside -37.8% FY13E Exhibit 8: Recommendation History Aug-1 Sep-1 Nov-1 Dec-1 Feb-11 Mar-11 May-11 Jun-11 Jul-11 Price Target Price Exhibit 9: Recent Releases Date Event CMP Target Price Rating 12-Oct-1 Q2FY11 Result Update HOLD 1-Jan-11 Q3FY11 Preview 83 8 HOLD 25-Jan-11 Q3FY11 Result Update HOLD 8-Apr-11 Q4FY11 Preview HOLD 3-May-11 Q4FY11 Result Update BUY 5-Jul-11 Q1FY12 Result Preview HOLD 25-Jul-11 Q1FY12 Result Update 91 HOLD ICICI Securities Ltd Retail Equity Research Page 4
5 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 Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/2% for large caps / midcaps, respectively; Buy: Between 1% and 15%/2% for large caps / midcaps, respectively; Hold: Up to +/-1%; Sell: -1% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1 st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai 4 93 research@icicidirect.com ANALYST CERTIFICATION We /I, Sanjay Manyal, Parineeta Poddar, 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. It is confirmed that Sanjay Manyal Parineeta Poddar 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 Sanjay Manyal, Parineeta Poddar 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. ICICI Securities Ltd Retail Equity Research Page 5
Reliance 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 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 informationGE Shipping (GESHIP) Striking valuation. Result Update. Rs 262 WHAT S CHANGED. Valuation. February 8, Rating matrix.
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 3. 3. 3379.9 33. EBITDA 166.1 916.4
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationI Direct. nstinct. July 13, 2017
I Direct nstinct July 13, 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 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 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. 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 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 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 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 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 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 informationFineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
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 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 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 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 informationPrabhat Dairy Ltd. RESULT UPDATE 8th June, 2018
RESULT UPDATE 8 th June, 2018 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 8 th June, 2018 2 Under Expansion Mode CMP
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 informationBritannia Industries Ltd.
. RESULT UPDATE 30th May, 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 30 th May, 2017 2 Growth Path ahead CMP INR 3419 Target
More informationTaj GVK Hotels (TAJGVK) 167
Result Update Rating matrix Rating : Buy Target : 195 Target Period : 12- months Potential Upside : % What s Changed? Target Changed from 190 to 195 EPS FY18E Changed from 1.5 to 2.0 EPS FY19E Changed
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 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 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 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 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 informationHotel Leela (HOTLEE) 22
Result Update Rating matrix Rating : Drop Coverage Target : NA Target Period : NA Potential Upside : NA What s Changed? Target EPS FY15E EPS FY16E Rating NA Unchanged Unchanged Changed from Sell to Drop
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 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 informationEquity Advised Portfolio Service (EAPS) External Circulation Permitted January Monthly Update
Equity Advised Portfolio Service (EAPS) External Circulation Permitted January 2018- Monthly Update Salient Features - EAPS What does the service cover? What is not covered? Process Eligibility Tariff
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 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 informationBritannia Industries Ltd.
. RESULT UPDATE 9th 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 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 informationBalanced Funds. Mix of stability and performance. Mutual Funds. Robust long term performance track record
Mutual Funds Mix of stability and performance funds are hybrid funds that invest in a mix of equity and debt instruments. Most balanced funds predominantly maintain 65-70% exposure to equities while the
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
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 informationMetals & Mining. Chinese steel production on declining trend. Monthly Update. ICICI Securities Ltd Retail Equity Research.
Monthly Update Index Performance Return % 1M 3M 6M 12M BSE Metals 2 9 18 30 BSE 5 2 9 19 NSE 5 1 7 19 Source: Reuters, ICICIdirect.com Research Domestic steel production Month on Month (MT) Jan18 Jan17
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 informationDerivatives Thematic Report
July 15, 215 Derivatives Thematic Report Strong MF flows outperforming FII flows. Historically it bodes well for broader markets Nifty likely to hit 88 post consolidation... Research Analyst Amit Gupta
More informationPunjab National Bank
Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery
More information