Ashok Leyland Ashoka Buildcon Bajaj Auto CESC HCL Tech HSIL Infosys IRB Infrastructure Jagran Prakashan Jyothy Laboratories Mahindra & Mahindra Nestle India NIIT Tech Phoenix Mills Power Grid Corporation Tecpro Systems
Here’s the roster for the PINC PowerPicks:
Company Ashok Leyland Ashoka Buildcon Bajaj Auto CESC HCL Tech HSIL Infosys IRB Infrastructure Jagran Prakashan Jyothy Laboratories Auto Infrastructure Auto Power Utilities IT services Diversified IT services Infrastructure Media FMCG Sector CMP (Rs) 25 183 1,430 228 399 123 2,586 145 98 165 692 3,942 200 193 102 180 Recom. BUY BUY BUY BUY BUY BUY ACCUMULATE BUY BUY BUY BUY SELL BUY BUY BUY BUY TP (Rs) 38 321 1,850 346 470 270 2,975 216 148 212 882 3,618 285 265 120 375 Upside (%) 53 75 29 52 18 120 15 49 51 29 28 (8) 43 37 18 108
Market Cap (Rs bn) 66 10 414 29 280 8 1,478 48 31 13 406 380 12 28 472 9
P/E (x) FY12E 9.9 9.4 13.3 5.8 11.4 6.2 17.5 10.0 12.8 29.5 15.1 39.4 6.3 17.8 15.7 5.8 FY13E 8.2 7.1 11.6 5.6 10.8 4.5 15.7 11.6 12.3 13.3 13.1 33.3 5.5 16.2 13.4 4.8
EV/EBITDA (x) FY12E 7.0 5.4 9.4 4.6 6.0 4.0 11.3 7.9 9.7 15.7 11.1 26.5 3.7 15.0 10.8 4.6 FY13E 6.2 4.2 7.9 4.7 5.7 3.1 9.6 7.6 8.4 9.5 9.3 21.9 2.8 12.8 9.7 4.3
Earnings gr. (%) (FY11-13E) 13.4 16.4 16.8 3.6 21.3 45.6 17.6 (4.2) 10.1 20.6 10.5 18.0 7.3 43.1 16.7 17.7
ROE (%) FY12E 23.7 10.9 54.5 9.8 24.5 18.1 24.9 18.2 29.8 8.5 23.7 80.3 22.0 9.0 13.5 21.4
ROCE (%) FY12E 17.9 11.2 68.5 11.3 24.3 14.4 29.7 19.9 31.2 10.5 25.9 88.9 20.3 6.4 9.5 23.1
Mahindra & Mahindra Auto Nestle India NIIT Tech Phoenix Mills Power Grid Corp. Tecpro Systems FMCG IT services Real Estate Power Utilities Material Handling
PINC POWERPICKS is a list of our high-conviction stock ideas, a choice of stocks from across sectors in our coverage universe.
16th January 2012
1 For rating objective and disclaimer, please refer to last page of the report
PINC Research reports are also available on Reuters, Thomson Publishers and Bloomberg PINV <GO>
in +91-22-6618 6377
.5k units of the LCV 'Dost' produced in a JV with Nissan.in +91-22-6618 6339 firstname.lastname@example.org (10)bps 5. which discounts FY13E earnings by 12.6
Sector: Auto CMP: Rs25.0 6. Our FY13 earnings estimate is 11. 2) Significant slowdown in industrial activity leading to a drop in freight rates and operator profitability. the van Stile and 6mt (GVW) goods carrier Partner would be launched over the coming year.9 23.176 11. the domestic MHCV Truck segment has grown 12% YoY in 9MFY12 aided by an increase in freight rates. Additionally two more products from the JV i.9 8.e.7. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 72.1 14.BO
AL 34 30 26 22 18 Jan-11
BSE AUTO (Rebased)
MHCV Passenger LCVs 32 24 16 8 0 Dec-10
MHCV Goods Vol.
(Rs mn) Net Sales EBITDA EBITDA Marg.5 and Rs3.447 7.2% higher than the consensus estimate of Rs2.5x.5 9.596 10.4 FY12E 129.9 YoY % 16. we expect volumes to recover in Q4FY12 with an 18% growth in MHCV truck volumes and a ramp up in LCV 'Dost' volumes.6 19. (%) Adj.co.6 15.9 5.4 (560)bps 30 bps
13.313 2.5 4. We expect a significant ramp-up in volumes for the JV in FY13.2 18.2 YoY % 12. 3) Benefits of Pantnagar operations are already visible in AL's profitability during H1FY12 wherein despite inflationary pressures and low volumes. However.237 1.8% driven by higher contribution from the Pantnagar facility which is eligible for fiscal benefits.687 2.177 12. it has managed to have operating margins at ~10%.2 18.992 10.7
vineet.2 18.in +91-22-6618 6388 nikhil.9 (150)bps (50)bps FY13E 145.913 10.5k units of the Dost in Q4FY12.1 respectively.7 17. Reuters: ASOK.PINC POWERPICKS
ASHOK LEYLAND: BUY. TP-Rs38 (53% upside)
What’s the theme? Despite the macroeconomic headwinds and a high base.5 25. 2) Management expects to increase contribution from Pantnagar facility from 13k units in H1FY12 to 20k units in H2FY12.4 21. Where are we stacked versus consensus? Our earnings estimates for FY12 and FY13 are Rs2. .4 10.095 13. Mcap: Rs66bn Bloomberg: AL IN. The company has targeted a sale of further 7. Ashok Leyland has underperformed the industry with a 1% decline in volumes which is attributable to the high base of H1FY11 and its significant exposure to the Southern region. What will move the stock? 1) Ashok Leyland dispatched 2.119 3.We have a 'BUY' recommendation on the stock with a target price of Rs38.co.7 FY11 111.merchant@pinc. We expect FY12 margins at 10. What will challenge our target price? 1) Increase in prices of raw materials such as steel and rubber affecting profitability.1 8.8 6.0 13. Net Profit Dil.deshpande@pinc. Gr (RHS) 210 150 90 30 (30) Dec-11 (%)
10 bps 21.co.380 15.
Ashoka Buildcon (ABL).6x and 1.835 3. due to unhealthy industry and market dynamics the stock is available at a sharp discount of P/ BV 0.5 FY11 13.6 31.8bn and Rs21.143 26.021 19.4 10.0 1.4 9. respectively.4 20.5% in FY12E and then improve by 34.nair@pinc. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 7.2%
vinod.2 17.1bn.5 YoY % 30. What will challenge our target price? 1) Lower IRR owing to further increase in interest rates.8 33.5% 38.9 1.2 YoY % 29. which is likely by March 2011.2% and 32. 15.4 bps 33.4% lower than consensus estimates respectively. Mcap: Rs10bn Bloomberg: ASBL IN.0 9.2 9.
(Rs mn) Net Sales EBITDA EBITDA Marg.BO
ASBL 340 300 260 220 180 Jan-11
SOTP Particulars BOT Operational (SPV) BOT Operational (Standalone) BOT Under construction Construction business Total Upside (%) Rs/Share 89 31 78 122 321 75. and 4) Adverse impact on tolling charges from any changes in the government policy.2% at our SOTP-based target price of Rs321 vs.2 FY12E 16. We estimate EPC revenue to grow by 23.9x. 3) Slowdown in execution of current orders.3% and 30.co. What will move the stock? 1) The P/E deal.522 19. a well experienced BOT road player with 18 operational project and 6 projects of ~2500kms under construction.2% in FY13E.8% 9.6 10. consensus target of Rs293. Our SOTP-based target price is Rs321. which we believe does not reflect a long term average valuation for the company.co.900 4. We expect top-line growth of 29.6 12.in +91-22-6618 6371
. where BOT is valued at Rs198 and EPC at Rs122 (8x FY12E earnings).4 255 bps 1. The stock offers an upside potential of 75.5% to Rs16. Reuters: ABDL.8% and 14.6 0.020 2.1% to Rs16.4 and Rs25. We believe ABL may offload approximately 20-25% stake for a value of Rs6-7bn.008 19. is likely to become a prominent player in road infra over the next 3 years. consensus forecasts of 28.3 46.691 21.2 1. (%) Adj. wherein ABL will offload stake for a bouquet of 7-8 large BoT road assets.9.818 22.6% 24.2 Percentage 27.1 13.8 204 bps (174)bps
Sector: Infrastructure CMP: Rs183.9 11.1 30.9 804 17.1x. respectively.PINC POWERPICKS
ASHOKA BUILDCON: BUY.yadav@pinc. However.956 2.7bn and Rs22.2 (2. 2) Going ahead we expect ABL to substantially improve its EPC execution as OB has improved to Rs50bn.in +91-22-6618 6379 subramaniam.028)bps (599)bps FY13E 21. TP-Rs321 (75% upside)
What’s the theme? We believe. 2) Lower traffic growth. We value BOT (on a DCF basis) at FY12E and FY13E equity multiples of 1.4 1.9 7. Net Profits Dil.366 25.9bn in FY12E and FY13E vs. Where are we stacked versus consensus? Our FY12 and FY13 earnings estimates are Rs19.
4 26.6 22. (%) Adj. 2) Slowdown in export markets is also a key risk to our volume estimate.7 73.7 (660)bps (710)bps
vineet.8 (10)bps 14. respectively. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 115. The product would first be launched in Sri Lanka wherein the current three-wheeler finds acceptance in the personal segment too.6 35. we expect BJAUT to maintain EBITDA margins near the 20% mark in FY12 and FY13.merchant@pinc.BO
BJAUT 1.400 1. The rupee depreciation. TP-Rs1.257 44. With the help of new product launches and high double digit growth in export markets. we expect Bajaj Auto to achieve overall volume growth of 16. 4) With high realisations in export markets and rich product mix.3 54. We have a 'BUY' recommendation on the stock with a target price of Rs1.1 15. in line with the industry despite increasing email@example.com (70)bps 18.co.4 FY11 159. Reuters: BAJA.4.430.9 18.5% in all export geographies to compensate for the lower export benefit under the Duty drawback scheme.6
Sector: Auto CMP: Rs1.112 19.118 62.3 11.9 (1220)bps (490)bps FY13E 218.200 900 Units ('000s) 600 300 0
Sales grow th (RHS) 100 75 50 25 0 (%)
2-Wheelers 1.090 19.6 18.691 123.in +91-22-6618 6339 tasmai. Net Profit Dil.7 14.0 61.5 65.152 90.5 YoY % 20.4 FY12E 192. 3) BJAUT recently showcased the RE60 touted as an upgrade to the passenger threewheeler.
(Rs mn) Net Sales EBITDA EBITDA Marg.600 1.131 39.836 20.850 (29% upside)
What’s the theme? The high-margin brands Pulsar and Discover.3.3% higher than the consensus estimate of Rs119.752 21.4 YoY % 13.850 discounting FY13E earnings at 15x.2% in FY12 and 11. Our FY13 earnings estimate is 3.PINC POWERPICKS
BAJAJ AUTO: BUY. The rupee depreciation alongwith the price hikes undertaken is expected to boost export profitability. Mcap: Rs414bn Bloomberg: BJAUT IN.5 13.6 firstname.lastname@example.org 1. The company undertook a price hike of 3. increase in benefit rate under the Focused Market Scheme (FMS) and an additional 1% special incentive till FY12 are set to substantially boost export profitability.co.in +91-22-6618 6377
.co.4 15. 2) Exports currently contribute 35% of the total revenues for the company.9% in FY13. What will challenge our target price? 1) Loss of market share and lack of pricing power due to increase in competition would affect the company's ability to pass on cost inflation. What will move the stock? 1) We expect Bajaj Auto to maintain market share with domestic volume growth of 16% in FY12. Where are we stacked versus consensus? Our FY12 and FY13 earnings estimates are Rs107.085 25.5 68.5 and Rs123.200 1. account for 70% of the Bajaj Auto's motorcycle sales thus validating its brand-centric strategy. The company is scheduled to launch a complete upgrade of the Pulsar family and KTM branded motorcycles in Q4FY12 followed by another motorcycle in mid-2012.8 78.7 31.in +91-22-6618 6388 nikhil.8 66.106 107.981 33.
4 4.1 4.005 28.0 10.781 38. What will move the stock? 1) Lower than expected cash infusion by CESC into Spencer's Retail. Net Profits Dil.2 FY12E 46.8 11.power from these projects will be sold largely on long term basis. CESC currently has no merchant exposure and operates all the existing units under a regulatory framework .3 YoY % 15.thus aiding steady cash flow. 2) Faster than expected turnaround of Spencer's Retail and 3) timely commissioning of various under construction projects.9 5.5 email@example.com
Ex isting Ops
hitul. It plans to nearly double its installed capacity to 2.487 28.584 9. Reuters: CESC.6 9. the base generating business will be available at 0. (%) Adj. EPS (Rs) PER (x) RoE (%) ROCE (%) FY10 33.0 0.0 5.0 3.8 YoY % 4.in +91-22-6618 6410 vinod.8 10. Where are we stacked versus consensus? Our FY12 & FY13 PAT estimates are in line with consensus. Unlike its private sector firstname.lastname@example.org 9.233 33. We believe a robust base business would generate sufficient cash to fund capex of the consolidated entity and Spencer's losses.co. TP-Rs346 (52% upside)
What’s the theme? CESC is one of the most efficient power utilities operating at more than 85% PLF.1 (188) 3.251 13.0 FY11 40.946 39.3 8.4GW by FY15 by adding 600MW each at Chandrapur and Haldia .1 6. We value various projects .5x FY13 implied book.105 12.co.4 5. thus reducing risk of backing-down and default.BO
CESC 400 320 240 160 80 Jan-11
Sufficient cashflow to meet capex and Spencer’s losses
Dhariw al 12.5 (70) 7 FY13E 48.533 28.co.8 (46) (46)
Sector: Power Utilities CMP: Rs228.on FCFE basis to arrive at a target price of Rs346 (terminal growth rate 3% and cost of equity 15%) What will challenge our target price? 1) Delay in approval of future tariff orders 2) Higher cash infusion by CESC into Spencer's Retail due to increased losses 3) Delay in bringing in a strategic investor into Spencer's Retail 4) Delay in turnaround of Spencer's Retail
(Rs mn) Net Sales EBITDA EBITDA Marg.4 10.both existing and future .030 30.250 13.in +91-22-6618 6395
.5 11. Mcap: Rs29bn Bloomberg: CESC IN.0 4.PINC POWERPICKS
CESC: BUY.in +91-22-6618 6379 madhura.6 10. All power generated from these units is sold to its distribution arm. thus making CESC the most attractive generator in our coverage universe.8 9.8 3.3 3.133 40. Even at our SoTP-based TP of Rs346/share.7 6.7 (17) 3.0 (Rs bn) 6.joshi@pinc.
6 25.co. for FY13 EBITDA margin and EPS estimates lag the consensus by 46bps and 3% respectively.3 YoY % 28.5 19. 3) Scope for improvement in operating margins through balancing of the employee pyramid by higher fresher hiring and ramping up the utilisation levels 4) Would get substantial benefits from rupee depreciation due to lower hedge positions.scope for expansion
Sector: Information Technology CMP: Rs399.8 21. While EBITDA margin and EPS estimates for FY12 are higher than consensus by 58 bps and 7% respectively.582 37.095 24.599 16.289 36.PINC POWERPICKS
HCL TECH: BUY. EPS (Rs) PER (x) ROE (%) ROCE (%) * June year end 6 FY10 125.729 20.5 24.4 24.1 10. What will challenge our target price? 1) Slowdown in discretionary spending.9 20.3 20. Mcap: Rs280bn Bloomberg: HCLT IN.997 34.0 FY12E 205.6 98 bps 40.628 email@example.com (154)bps 5. and 3) Higher attrition and wage increments.7 427 bps 432 bps FY13E 232.2 35. It has potential to improve margins on the back of an improving employee pyramid and scale efficiencies. 5) Relatively cheaper valuation compared to other large firms Where are we stacked versus consensus? Our revenue estimates marginally differ from consensus by 1% and (0.BO
HCLT 540 480 420 360 300 Jan-11
BSE IT (Rebased)
Infosy s 86% 81% 76% 71% 66% Q1FY10 Q2FY10 Q3FY10 Q4FY10
rohit.4 5.8 FY11 160. HCL Tech is focused on developing capabilities in Enterprise Mobility. Reuters: HCLT.7%) for FY12 and FY13 respectively.in +91-22-6618 6382
. TP-Rs470 (18% upside)
What’s the theme? HCL Tech has capability to win new projects due to its strengths in IMS and package implementation (through AXON) particularly when project restructuring deals are growing faster.029 18.4 firstname.lastname@example.org 17. (%) Adj.
(Rs mn) Net Sales EBITDA EBITDA Marg.3 11.5 21.4 YoY % 13.4 Utilisation rates .6 18.5 13. USD and strengthening of USD against EUR.2 3.268 18.co.1 23.488 17. 2) Appreciation of INR vs.5 16.in +91-22-6618 6372 niraj. What will move the stock? 1) Recent deal wins like transformational deal from AstraZeneca further consolidates HCL Tech's position as one of the leaders in IMS 2) Outperformance in emerging verticals such as energy and utilities and retail.0 20. Cloud Computing and Analytics to complement its existing offerings and is looking for acquisitions for the same.650 25. Net Profits Dil.342 27.
8% 54.3 1.7 10.BO
HSIL 260 215 170 125 80 Jan-11
Building Products 100% 75% 50% 25% 0% FY08 FY09 FY10 52.4 YoY % 29. We have a 'BUY' recommendation on the stock with a target price of Rs270. (%) Adj.1 14. reduced outsourcing and focus on value mix.011 21.5%
47.8. What will challenge our target price? Fall in real estate demand Rise in soda ash prices
(Rs mn) Net Sales EBITDA EBITDA Marg.1%
50.996 3.8 782 12.9 9.5x.9%
email@example.com 15.5 36. respectively.6% 49. sanitary ware and container glass.3 55. Our FY12 earnings estimate is 12% higher than the consensus estimate of Rs17.1 FY11 10. Margin expansion of 317bps to 22.co.4% 50.173 3.785 2.co.323 20.in +91-22-6618 6479 abhishek.7 15.3%
52.0 6.806 27. Where are we stacked versus consensus? Our earnings estimates (EPS) for FY12 and FY13 are Rs20. TP-Rs270 (120% upside)
What’s the theme? HSIL operates in 2 business segments. Improvement in FCF in FY12-FY13e through better operational efficiency.5%
firstname.lastname@example.org 440 bps 389 bps FY13E 17.8 45. Net Profits Dil.8 436 7.2 18.4.7 26.7%
49.0% in FY13e over FY11 on increased realisation.7% 47.458 17. Mcap: Rs8bn Bloomberg: HSI IN.064 18.9 243 bps 69.in +91-22-6618 6398
50.4 YoY % 22.6 72 bps 36.2% 45.5 20. which discounts FY12e earnings by 13.PINC POWERPICKS
HSIL: BUY.042 1.812 22.5 12. What will move the stock? Growth in demand of the user industries of sanitaryware and glass will help engender a CAGR of 27% and 20% for sanitary and glass over FY11-FY13e.5 FY12E 13. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 8.4 9. Reuters: HSNT.6 263 bps 106 bps Revenue breakup
Sector: Diversified CMP: Rs123.5 13.4 4. Strong recall of the flagship brand Hindware enhances HSIL's leadership with 40% share in organised sanitaryware market and advantageous location of container glass plants helped achieve a 70% market share in south India.0 and Rs27.0 1.
500 3.2 15.2% for FY13.450 2.6 (221)bps (277)bps
Sector: Information Technology CMP: Rs2. What will challenge our target price? 1) Prolonged delays in clients' decision making on project ramp-ups and new initiatives.1 (9)bps 24.6 11.0 17. 4) Salary increment will be lower going ahead and rupee depreciation is expected to support margins 5) Potential for utilisation of huge cash (~USD3. 3) Large deal wins in the recent past along with higher client mining gives revenue visibility over a longer term.6 68.7 25.0 24.242 32.co.340 109. 2) The company can exercise the utilisation lever to take care of demand spurt which would boost the operating margins.2 12.7 27. USD and strengthening of USD against EUR.co.5 24.800 2.0 (63)bps 11.in +91-22-6618 6382
. and 3) Higher attrition and wage increments
(Rs mn) Net Sales EBITDA EBITDA Marg.100 Jan-11
BSE IT (Rebased)
Strong employee addition
Gross Addition 20000 16000 12000
Lateral Employ ees added 6000 4500 3000
8000 4000 0 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 1500 0
rohit. (%) Adj.PINC POWERPICKS
INFOSYS: ACCUMULATE. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 227.182 111.7 25. 2) Appreciation of INR vs.anand@pinc. the company maintains an overall hiring guidance for FY12 at 45.4 24.0 29.7bn) for acquisitions.5 62. Reuters: INFY BO
Infosy s 3.4 21.000 campus offers.150 2.586. the management indicated its interest in large-ticket acquisition to plug the gaps and drive growth.420 78.9 94. Where are we stacked versus consensus? Our revenue estimates are inline with consensus for FY12 and marginally lower than consensus for FY13 by 1.3%.3 FY12E 342.640 32.7 YoY % 24. Net Profits Dil.000 and for FY13 has already given 20.5 84. What will move the stock? 1) In anticipation of future demand.414 165.8% higher than consensus EPS for FY12.7 22.591 148.3 FY11 275.9 28.653 124. Infosys has a full-services portfolio with exposure to well-diversified verticals.2 23.010 89.545 31. Mcap: Rs1. EBITDA margin estimates are higher by 112bps for FY12 and 80 bps for FY13.in +91-22-6618 6372 niraj.975 (15% upside)
What’s the theme? We recommend staying with the leader during uncertain times.230 119.0 YoY % 14.9 29.478bn Bloomberg: INFO IN.520 34. it lags the consensus by 1.garhyan@pinc. While our EPS estimate is 1. TP-Rs2.0 (8)bps 40 bps FY13E 390. The new management appears more aggressive on aspects such as inorganic growth and is looking for acquisitions in healthcare vertical and for increasing presence in Europe.
vinod.4 FY11 24. Net Profits Dil. 0.300km of projects in FY12.9 email@example.com% and 20.381 10.0 18.3% to Rs31.9 YoY % 28.1 YoY % 22. the road ahead becomes easier for IRB as it becomes choosier in bidding.524 13.5 22. we believe road BoT segment would fare well and we prefer IRB due to its unique ability to manage and win competitive projects.
(Rs mn) Net Sales EBITDA EBITDA Marg.7 20.3 15. We expect it to maintain an 8% share in NHAI projects.9 4. What will challenge our target price? 1) Lower IRR owing to further increase in interest rates.257 13. 2) Strain on the balance sheet from infusion of Rs12.149 12. Mcap: Rs48bn Bloomberg: IRB IN.7 (225)bps (13.PINC POWERPICKS
IRB INFRASTRUCTURE: BUY. 3) Lower traffic growth.in +91-22-6618 6379 subramaniam.190 42.807 14.2 Percentage 57. (%) Adj.3 6.6bn and Rs39.5 and Rs12.7 15. firstname.lastname@example.org% to Rs31.5. Where are we stacked versus consensus? Our FY12 and FY13 earnings estimates are Rs14. Reuters: IRBI BO
IRB 240 210 180 150 120 Jan-11
SOTP Particulars BOT Construction business Real Estate Total Upside (%) Rs/Share 125 89 3 216 49.2 20.in +91-22-6618 6371
.2% and 22.9% 40.5 FY12E 31.9% 1.3 (201)bps (160)bps FY13E 38.9 4.2 4.196 12.2bn.5 10. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 17.267 39. consensus forecasts of 29.co.3bn and Rs38.co.6 10.2 19.7) (447)bps (483)bps Price performance
Sector: Construction & Infrastructure CMP: Rs145.7) (13.2 21. We strongly believe in IRB's ability to grow and sustain its strong business model.390 8.331 47.220 15.9% lower than consensus estimates respectively. What will move the stock? 1) NHAI is targeting to award 7. We expect top-line growth of 28.6 11. as internal accruals and debt funding from parent entity would suffice requirement.8bn in equity in Ahm-Vado project.6 13.6% and 24. TP-Rs216 (49% upside)
What’s the theme? Despite the infra segment languishing due to fundamental issues. With the Rs35bn Ahm-Vado project under its belt.2bn in FY12E and FY13E vs. 2) IRB can well manage to garner USD1bn order book per annum without any risk of dilution.939 44. and 4) adverse impact on IRB's tolling charges from any change in the government policy.3 20.5 11.6 (267)bps 6.
Sector: Media CMP: Rs98.
Consolidated (Rs mn) Net Sales EBITDA EBITDA Marg.520 8. JPL's well-balanced business model (more than 30% revenue from circulation and other media businesses).9 1.821 29. TP-Rs148 (51% upside)
What’s the theme? We like JPL for its leadership in the UP market (the largest print market in terms of readership and print ad value).105 email@example.com 27.431 7. 2) phased and planned expansion into new media businesses.8 31.8 29.1 FY12E 13.2 YoY % 7.568 29. We have a 'BUY' recommendation on the stock with a target price of Rs148 (18. and 3) a wide portfolio (including Mid-day.9 29. What will move the stock? 1) Momentum in ad revenue.9 28.co.1 (33)bps 16.759 5. Where are we stacked versus consensus? Our FY13 revenue estimate is 5% below consensus.7 33.786 28.in +91-22-6618 6516
. our FY13 EPS estimate of Rs8 is in-line with consensus.419 2.9 2.7 (243)bps (71)bps
firstname.lastname@example.org 6. 2) Broad-based growth across other new media businesses.6 7. underpinned by government spends (UP election in Q4). and 3) Increased competition in markets where JPL has presence.6 33. (%) Adj.0 12.234 4.6 2.210 3. its growth strategy to further increase penetration in terms of circulation in its current market.6 14. 3) Attractive valuations-At CMP. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 9.in +91-22-6618 6412 sakshee.3 6. Mcap: Rs31bn Bloomberg: JAGP IN: Reuters: JAGP BO
Jagran Prakashan 135
ROE 42 34 26 18 10 FY07 FY08 FY09 FY10
(31)bps 3. underpinned by: 1) its well-entrenched position in growing regions such as Bihar and Jharkhand.3 30. We believe the company is well poised to benefit from steady growth in the print media sector. 2) Slowdown in the economy.6 FY11 12.7 12. and monetisation of its readership insulates it from slowdown in advertisements due to the current macroeconomic scenario.PINC POWERPICKS
JAGRAN PRAKASHAN (JPL): BUY.068 28. I-next and Cityplus). Net Profits Dil.7 3.5 YoY % 8.9 16.9 14 bps (189)bps FY13E 14. What will challenge our target price? 1) Increase in imported newsprint prices.co. the stock is trading at an attractive 12xFY13E EPS.2 2.6xFY13E EPS). However.
397 1.6 743 9.4 836 bps 631 bps
Sector: FMCG CMP: Rs165.4 13.2bn @12% discount rate to derive the TP of Rs212.754 1.9 16.BO
Jy othy Lab 340 280 220 160 100 Jan-11
BSE FMCG (Rebased)
Product portfolio post acquisition Brands Ujala Supreme Techno Bright and Ujala Henko Mr White Check Stiff & Shine Maxo & Maxo Military EXO Prill Margo Fa Laundry Business FY11P 2. led by expectation of better performance of the core business and sustainability of Henkel's profitable performance. 2) Delay in achieving growth in Henkel's brands.001 762 73 741 223
email@example.com 1. We assign 16x to FY13E earnings and add Rs12/share NPV on tax saving of Rs1.5 8. What will move the stock? 1) Improvement in standalone business would provide better visibility.9 10. 5) Henkel's sustainable profitability would boost investors confidence. We are bullish on turnaround performance of Henkel India (Henkel) and its profitable performance since acquisition has been encouraging. 3) Debt restructuring can lead to higher interest cost. 6) Merger of Jyothy and Henkel India will engender massive tax benefits of Rs1.3 10. Reuters: JYOI.119 660 1.PINC POWERPICKS
JYOTHY LABORATORIES: BUY.1 55. While 7% price hike on Ujala Supreme along with higher focus on the core business should result into better fabric care growth. the dynamics of the standalone business are still at the same level. Jyothy is among the few companies in the FMCG space which has immense potential for long-term profitability growth. National launch of Exo has already started showing strong numbers and reported 23% growth in H1FY12.5 YoY % 89. TP-Rs212 (29% upside)
What’s the theme? We believe Jyothy Labs' (Jyothy) standalone business should recover from H2FY12 onwards. Net Profits Dil.8 YoY % 17. 2) Full impact of the 7% price increase of Ujala Supreme will support revenue and profitability growth. Mcap: Rs13bn Bloomberg: JYL IN.9 19.3 16.132 9. Except Maxo.000 12.5 19. 3) Exo's national launch benefits has been showing through 23% sales growth in H1FY12.2 17.174 727 11.975 929 15.482 648 61 678 179
Rs mn FY13E 2.8 56.co. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 5.426 1.4 121.2 23.564 2.127 647 982 578 420 242 1.in +91-22-6618 6384
. (%) Adj.3) (34.378 550 400 255 1. 4) Jyothy's revenue mix has improved post the addition of Henkel's 4-5 national brands.239 606 441 284 1.2bn.549 763 1.7 452 5. 4) Sharp rise in input prices due to volatility in crude prices and 5) Inability to attract retail clients in the laundry business.2 FY11 6.5 10.9 1.775 12.8 688 8.8 321 bps 121.4 FY12E 11.7 (208)bps (34.
(Rs mn) Net Sales EBITDA EBITDA Marg. 7) Restructuring of Jyothy's distribution model would improve EBITDA margin by 3% and 8) Debt rationalisation can lead to higher profitability. What will challenge our target price? 1) Further volatility in the core business owing to higher marketing spend.6 29.140 702 60 756 201 FY12E 2.3) (237)bps 15 bps FY13E 13. Where are we stacked versus consensus? Our estimates for FY13 are among the highest on the street.
4) Tractor dispatches.7 31.8 0.1 15.1 34. Mfg.9 4.0 20.5 62.9 YoY % 14.7 and Rs52.9 13.9 28. discounting the standalone business at 13x FY13E earnings.7 25.1 (10)bps 15.181 36. 3) M&M is working on turning around its recent acquisition of South Korean automaker Ssangyong. which have remained soft in Nov and Dec'11 due to seasonality.3% in 9MFY12 aided by the launch of lower end EX variant of the Scorpio and refreshed Bolero.078 52. Our FY13 earning estimate is in line with the consensus estimate. are expected to grow 13. (%) Adj.8 1.co.4 1. rising rural income and increasing non-farm usage of tractors.3 19.1 28.8 0. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 180.436 12.8 firstname.lastname@example.org FY11 227.PINC POWERPICKS
MAHINDRA & MAHINDRA: BUY.758 16.381 29. 2) Pick-up and SCVs segment is expected to maintain its impressive performance with continued contribution coming from Genio and Maxximmo mini van.8% growth in the automobile sector in FY13.9 respectively. We value M&M at Rs882 using SOTP methodology. The company has taken a price hike of up to Rs55k on the vehicle and is expected to reopen bookings shortly alongwith an increase in production capacity from 2k to 3k per month.in +91-22-6618 6388 nikhil. What will challenge our target price? 1) Imposition of additional taxes on diesel powered vehicles or dual pricing for diesel would adversely impact demand for M&M's products.3 61.8 0. Mcap: Rs406bn Bloomberg: MM IN. The farm equipment segment too is expected to grow 8.3 (200)bps 5.1 23.BO
M&M 900 800 700 600 500 Jan-11
BSE AUTO (Rebased)
SOTP Valuation Per share Method (Rs) M&M (Standalone) Tech Mahindra Mahindra Holiday M&M Financial Services Mahindra Lifespace M&M (Treasury Stocks) Swaraj Engines Mahindra Forgings Mahindra Ugine Steel Mahindra Composites Mahindra Navistar SOTP Value (Rs) P/E CMP CMP CMP CMP CMP CMP CMP CMP CMP P/BV 49.5 9. and 2) Global turbulence may delay turnaround at Ssangyong. Reuters: MAHM.8 0.0 30.2% in FY13.9 YoY % 25.0 5.1 M&M Veh.8 63.hetamasaria@pinc. Net Profits Dil.in +91-22-6618 6377
.9 14.7 (430)bps (260)bps FY13E 329. TP-Rs882 (28% upside)
What’s the theme? New launches and strong performance from its existing products has helped M&M retain its dominance in the utility vehicle (UV) and pick-up segments in addition to maintaining healthy margins despite raw material cost increases.575 34.581 14.443 44.co. What will move the stock? 1) The passenger UV segment has grown 17.9% in Q4FY12 Where are we stacked versus consensus? Our FY12 and FY13 earnings forecast are Rs45.7 (80)bps (0)bps
Sector: Auto CMP: Rs692.8 0.in +91-22-6618 6339 tasmai.7 25.8 26.7 28. Two SUVs from the Ssangyong Motors' portfolio (Rexton and Korando) would be assembled at M&M's Chakan facility.8 0.7 15. 2) New offering XUV500 received overwhelming response since its launch in Sep'11.0 email@example.com 42.699 12.0 1.5 FY12E 286.9 8.7 15.1 23.0 25.9 8. given shortage of labour. 3) M&M is expected to launch the mini SUV based on the Xylo in H1FY13 which would provide incremental volumes.533 37.867 45. We expect a 16. (MVML) EV/EBITDA Multiple 13 4 0.5 Value (Rs) 649 34 50 28 51 7 49 2 3 1 1 8 882
(Rs mn) Net Sales EBITDA EBITDA Marg.6 3.co.8 0.
EPS (Rs) PER (x) ROE (%) ROCE (%) CY09 51.648 100.618.1 8. What will challenge our target price? 1) We expect Nestle would focus on retaining the volume market share for Maggi noodles hence there will be volume driven growth going forward.545)bps (5.9 YoY % 22.4 YoY % 23. we expect 31bps and 23bps decline in overall EBITDA margin in CY11E and CY12E respectively.2 18. Higher marketing efforts would be required for retaining leadership position which would exert pressure on profitability.4 95. As a result.900 4.2 57.100 2.
(Rs mn) Net Sales EBITDA EBITDA Marg. Where are we stacked versus consensus? Our estimates and target price are lower than the consensus.9 46. reduction in return ratios and improvement in performance of peers. Net Profits Dil.8 CY11E 76.8 (1.700 3.122 19.8 81.448 20.5 11.1 179.3 20.395 10.8 113.350 18.797)bps CY12E 94.8 9.2 21.300 3. led by the expectation of pressure on EBITDA margin and argument of narrowing down of the Nestle's valuation premium. any delay in such efforts would again help Nestle to earn better profitability. (%) Adj. 2) Nestle currently trades at 33x 12-month forward earnings which is ~30% premium over FMCG sector P/E.188 84. Rising competition along with sharp price hike on all the key brands resulted into volume growth of 9% during 9MCY11 which was slowest in the past 5 years.500 Jan-11
BSE FMCG (Rebased)
Domestic Volume Growth
20% 15% 15%
10% 5% 0% 9MCY07 9MCY08 9MCY09 9MCY10
Source: PINC Research. What will move the stock? 1) Noodles contribute ~35% of the total EBITDA and higher competition would force Nestle to invest more on marketing efforts.in +91-22-6618 6384
.3 88.575 68. Reuters: NEST.609 12.4 80. Company firstname.lastname@example.org 33. we argue that Nestle's P/E premium should reduce further.4 (31)bps 17.3 6.559 20. We assign P/E of 30x on the next 12-months earnings to derive a TP of Rs3.942. 2) We expect ITC. This assumption would result in lower profitability for Nestle and any change in this proposition might change our estimates.618 (8% downside)
What’s the theme? Nestle India (Nestle) underperformed BSE FMCG by 10% during the last 12-months but its valuations are still very expensive. TP-Rs3.7 CY10 62.1 39.co. Mcap: Rs380bn Bloomberg: NEST IN.2 (951)bps (741)bps
Sector: FMCG CMP: Rs3.BO
Nestle 4.8 (23)bps 18. Considering pressure on Nestle's EBITDA margin.3 70. Nestle is in the capacity expansion mode which would force the company to focus more on volume growth. GSK Consumer and HUL to be very aggressive in noodle segment.419 19.8 17.405 118.7 146.PINC POWERPICKS
NESTLE INDIA: SELL.556 15.
What will move the stock? 1) Good performance in the BFSI and travel and transportation email@example.com 21. which contribute ~75% to revenue.in +91-22-6618 6372 niraj.BO
NIIT Tech 250 220 190 160 130 Jan-11
BSE IT (Rebased)
Healthy order book
Order Book Ex ecutable ov er nex t 12 months 600 450 300 150 0
Fresh Order Wins
Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12
rohit.363 19. Moreover.236 17. (%) Adj. 3) Strong order book of USD232mn to be implemented over next 12 months and continued high order bookings.0 20. What will challenge our target price? 1) Prolonged macroeconomic uncertainty in Europe.121 35.3 21. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 9.1 1.3 YoY % 30.co.4 2. 2) Large untapped opportunity in the APAC and Latin American markets. Net Profits Dil.4 (225)bps (15)bps FY13E 18. 2) Sharp currency volatility. Reuters: NITT.5% and 4. Recent acquisition of Proyecta Sistemas and JV with Morris.4%.1 FY11 12. and 4) Project delays and cancellation of government contracts
(Rs mn) Net Sales EBITDA EBITDA Marg.6% than consensus while lag the consensus for FY13 by 1. New service lines would boost non-linear growth and lead to improvement in realisations. 5) Ramp-ups of the major deals won in the recent quarters would substantiate growth 6)High EBITDA margin among mid-tier peers in the IT services business.323 2.4 (208)bps 2. TP-Rs285 (43% upside)
What’s the theme? NIIT Tech has large exposure to high-growth niche verticals such as insurance and travel.3 firstname.lastname@example.org 20.5 16.750 17.9 6.6 12.PINC POWERPICKS
NIIT TECH: BUY. Our EBITDA margin estimates for FY12 are marginally lower than consensus by 26bps and in line with consensus for FY13.co. Where are we stacked versus consensus? Our top-line estimate for FY12 is marginally higher by 1.76bn Bloomberg: NITEC IN.7 19.7 46 bps 13.0 YoY % 14.5 24. will give further thrust to growth through access to untapped markets and presence in newer industries.823 30.7 5.7 1.6 2.889 20.4 FY12E 16. 3) Higher attrition and wage increments.in +91-22-6618 6382
.2 1. 4) New order win announcements continue (won deals worth USD200mn in Q2FY12).7 6. it has a differentiated strategy with development of IPs in emerging technologies (such as cloud computing) & verticals (such as insurance & healthcare).2 20.434 3.2% respectively.138 1.5 (98)bps (30)bps
Sector: Information Technology CMP: Rs200. Our EPS estimates for FY12 & FY13 lag the consensus by 0.6 17.5 9.080 2.5 21. Mcap: Rs11.867 31.
in +91-22-6618 6398
.5 388 bps 231 bps FY13E 4.2bn in FY12E.993 2.8 33.9 16.BO
PHNX 260 220 180 140 100 Jan-11
PHNX one year forward NAV Project High Street Phoenix Market City (Kurla.447 61.3 1. 2)economic slowdown may affect revenue from Market City and HSP. Where are we stacked versus consensus? Our EPS estimates for FY12 and FY13 are Rs10.0 6.25 msf) to provide a strong delta to the company's valuation if it manages to get hospitality FSI (5x).9 12 bps (1)bps
Sector: Real Estate CMP: Rs193.8 17. (iv)The company may further choose to increase stake in the Bengaluru and Chennai market city projects.co. Bengaluru. This will help strengthen the company's rental model. TP-Rs265 (37% upside)
What’s the theme? PHNX's key project. which would enhance stock valuation.102 1. High Street Phoenix (HSP).0 3. Our FY12 earnings estimate is 21% higher than consensus estimate of Rs8.5 86.9 17.3 45.co.8 9.in +91-22-6618 6479 abhishek.725 11.0 620 4. three out of four market cities were operational and expect to deliver higher occupancy going forward. Net Profits Dil. is now fully operational and is likely to generate rental income of Rs2-2.349 2. Pune) Other Residential BARE Investment in Treasure World Developers Investment in Galaxy Entertainment Investment in Phoenix construction Other investments Shangrila hotel HSP Phase IV Share Application Money Less: Net Debt NAV 15% Discount to NAV Target Price NAV (Rs) 142 87 36 10 18 0.2 4.9.2 0.1 26 11 21 21 60.3 5.9 842 email@example.com respectively.4 YoY % 90. (%) Adj. What will move the stock? We see the following near-term stock triggers: (i) Kurla Market City project commenced operation in Q3FY12 and is ramping up (ii) The first phase of Shangri-La Hotel to commence in Q2FY13. Chennai. At present. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 1. We have a 'BUY' recommendation on the stock with a target price of Rs265 after assigning 15% discount to FY12E gross NAV. (iii) HSPPhase IV (at present 0.Rs1.1 (559)bps 86.2 9. PHNX's rental revenue (FY11.570 10.4 474 bps 9. Mcap: Rs28bn Bloomberg: PHNX IN.1 310 45 265
suman.0 1.1 FY12E 3.8bn) comes from HSP and the launch of Pune and Bangalore Market Cities is likely to add ~Rs550mn of rental revenue to the top line in FY12E.firstname.lastname@example.org 66.9 9. Reuters: PHOE.406 66.2 FY11 2.1 4.
(Rs mn) Net Sales EBITDA EBITDA Marg.230 775 63.8 and Rs11.1 6.PINC POWERPICKS
PHOENIX MILLS: BUY.4 YoY % 8. In Q3FY12. What will challenge our target price? 1) Slowdown in execution in Market City projects and extending free rental periods may hamper the holding company's profitability.0 74.
We believe the stock offers safe and steady returns as compared to its private sector peers.9 8.5 (68) 16. (%) Adj.538 86.BO
Pow er Grid 140 120 100 80 60 Jan-11
Steady growth in capitalisation
Capex 280 210 (Rs bn) 140 70 0 FY11
hitul. as it seeks to nearly double this to Rs1.5 9.8 YoY % 16.1 20. 2) Increased capex run email@example.com 9.4 35. Mcap: Rs472bn Bloomberg: PWGR IN.in +91-22-6618 6410 vinod.8 16.5 16. It intends to achieve a yearly capex and ordering run rate of ~Rs200bn and ~Rs180bn respectively during the XIIth Plan.8 (34) 25 FY13E 118.in +91-22-6618 6379 madhura.141 6. Reuters: PGRD. This increased capex run rate should translate into 20% CAGR in its regulated equity over FY11-15E.2 FY12E 101.3 21.983 88.5 15.1 13.5 YoY % firstname.lastname@example.org FY11 84. backing down and SEB defaults (as payments are secured through a tripartite agreement).719 102.7 13.009 74.8 9. Net Profits Dil.6 18.182 61. EPS (Rs) PER (x) RoE (%) ROCE (%) FY10 72.joshi@pinc. What will move the stock? 1) Conversion of its huge CWIP into regulatory assets will translate into increased earnings for the company. PGCIL is insulated from risks like rising fuel cost.5 86 30
Sector: Power Utilities CMP: Rs102.1 30.308 5.PINC POWERPICKS
POWER GRID: BUY. We value PGCIL on FCFE basis to arrive at a target price of Rs120 (terminal growth rate 3% and 13% Ke) What will challenge our target price? 1) Delay in capitalisation of projects under construction & delayed payments by SEBs 2) Lower incentives and STOA income will impact our earnings estimate 3) High debtor days
(Rs mn) Net Sales EBITDA EBITDA Marg.3 13.642 88. In addition.co.593 85.9 25. translating into higher capitalisation and hence higher earnings.9 (180) 16.4 18. It aims to significantly ramp up its capex over the XIIth Plan period.02trn.778 87. Where are we stacked versus consensus? Our FY12 & FY13 PAT estimates are in line with consensus.4 15.in +91-22-6618 6395
.119 7.co.6 13. 3) Healthy growth in its telecom division will offset stagnant earnings in consultancy division and 4) Improving debtor days as distribution tariffs are revised and billing is based on new tariff norms.4 14.800 5. TP-Rs120 (18% upside)
What’s the theme? PGCIL is moving ahead to achieve its XIth Plan capex and capitalisation target of Rs550bn (76% achieved till H1FY12) and Rs320bn (82% achieved till H1FY12) respectively.
Less than estimated order inflows.2 9. we expect incremental order inflows to come from the cement.7 19.4 in FY12 and FY13. impact the bottom line. What will move the stock? Increased pace of order inflow. Improvement in working capital would lead to higher cash flows.628 1.7 24.1 (115) bps 14. Tecpro appears best placed among peers to bag these orders. steel.BO
Tecpro 500 400 300 200 100 Oct-10
60 43.010 15.8 21.9 (490)bps (350)bps FY13E 32.8 7. We expect Tecpro to record 9% growth in order inflow in FY12.7 9.8 21.0 1.0 5.4 4.5 20.096 24.9 14.5 49.5 47. If interest rates stabilise in the near term.565 31. mainly from the power sector. which cannot be passed on to customers and hence.3 22.9 26.736 3.456 13.363 27.9
7.889 4. A healthy (1.5 1.736 14.8 37.594 3.PINC POWERPICKS
TECPRO SYSTEMS: BUY.887 37. We expect 9% growth in order inflow in FY12. TP-Rs375 (108% upside)
What’s the theme? Most of the power BoP orders pertaining to the XIIth Five-Year Plan (including orders for coal and ash handling) are yet to be awarded. (%) Adj. respectively.7 26.0 and Rs37. Where are we stacked versus consensus? We expect EPS of Rs31.6x FY12E revenue) and safe (all orders have achieved financial closure) order book minimises the risk of any delay or cancellations.0
(50)bps 20. Execution of the current order book in a timely and profitable manner. EPS (Rs) PER (x) ROE (%) ROCE (%) FY10 14.5 (10)bps (20)bps
22. Any delay in execution leading to further deterioration of working capital.3 42.0 6.3
Sector: Material Handling CMP: Rs180.9 YoY % 23. Reuters: TPSL.1 YoY % 34. We maintain a BUY recommendation on the stock with a target price of Rs375 (10x FY13E).in +91-22-6618 6551
0 FY07 FY08 FY09 FY10 FY11 FY12E FY13E
ankit. However. We expect Tecpro to achieve a 29% CAGR in revenue and 20% CAGR in profit over FY11-13E.4 23. almost in line with consensus forecasts. Any decline in interest rates would enable the company to improve net profit margins. minerals and mining sectors.
(Rs mn) Net Sales EBIDTA EBIDTA Marg. Mcap: Rs9bn Bloomberg: TPRO IN.982 13. What will challenge our target price? Further rise in interest rates.co.2 1. whereas some analysts forecast de-growth of ~30-35%. the management has guided for ~30% growth in order inflow in FY12.9 FY12E 26. given its past experience. Net Profit Dil.1 FY11 19.5 1. expected in H2FY12.
co.in subramaniam.in hitul.in namrata. Mid caps Real Estate.co.memani@pinc. Mining Metals.vijaywargi @pinc.in email@example.com. Oil & Gas Fertiliser.firstname.lastname@example.org rohit.in krishnamurthy.in 91-22-6618 6366
Vineet Hetamasaria.email@example.com@pinc.co.in harleen. Cement Construction.firstname.lastname@example.org@pinc. Engineering Power Construction Power Fertiliser.in ankit.co.in abhishek. Power.co.co.sanghavi@pinc. CFA Nikhil Deshpande Tasmai Merchant Vinod Nair Ankit Babel Hitul Gutka Subramaniam Yadav Madhura Joshi Satish Mishra Urvashi Biyani Naveen Trivedi Rohit Kumar Anand Niraj Garhyan Namrata Sharma Sakshee Chhabra Bikash Bhalotia Harleen Babber Dipti Vijaywargi Sushant Dalmia.dalmia@pinc. Mid caps Technical Analyst vineet.co. CFA Poonam Sanghavi Suman Memani Abhishek Kumar C Krishnamurthy Head of Research.co.in email@example.com 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 6388 6339 6377 6379 6551 6410 6371 6395 6488 6334 6384 6372 6382 6412 6516 6387 6389 6393 6462 6709 6479 6398 6747
Rajeev Gupta Ankur Varman Himanshu Varia Shailesh Kadam Ganesh Gokhale Equities Equities Equities Derivatives Derivatives rajeev. Auto.in ganeshg@pinc. Cement Auto.co.co.in ashok.in naveent@pinc. Oil & Gas FMCG IT Services IT Services Media Media Metals.in bikash.co.in firstname.lastname@example.org 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 6303 6327 6321 6337 6322 6325
Gaurang Gandhi Hemang Gandhi Ketan Gandhi gaurangg@pinc.RESEARCH
T E A M
Sadanand Raje Head .co.in dipti. Mining Metals.email@example.com@pinc.in firstname.lastname@example.org@pinc.in suman.in 91-22-6618 6400
.in poonam.co.Sales Trading email@example.com 91-22-6618 6400 91-22-6618 6400 91-22-6618 6400
Rakesh Bhatia Head Compliance firstname.lastname@example.org nikhil.in email@example.com@pinc.in rajub@pinc.Institutional Sales Technical Analyst firstname.lastname@example.org urvashi.in email@example.com@firstname.lastname@example.org hasmukhp@pinc. Prajapati Head .email@example.com sushant.raje@pinc. Mining Pharma Pharma Real Estate.co.co.in firstname.lastname@example.org@pinc.in amar.in himanshu.in 91-22-6618 91-22-6618 91-22-6618 91-22-6618 91-22-6618 6486 6380 6342 6349 6347
Mehul Desai Amar Margaje Ashok Savla Sajjid Lala Raju Bhavsar Hasmukh D.in email@example.com sajjid.in niraj. Capital Goods Capital Goods. Auto Ancillary.co. Cement Auto.firstname.lastname@example.org@email@example.com@pinc.co. Auto Ancillary.in ankur.co.co.deshpande@pinc.
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