23 June 2017
C
orner
O
ffice
the
Interaction with the CEO
Nascent market
Strong barriers to entry offer high growth opportunities
Page Industries
Among the elite, affluent and aspirers category of customers, PAGE’s men's
innerwear products account for only 18.5% of the potential market, while its
women's innerwear products command an even lesser share of 6-7%. Athleisure
(referred by the company as its sports and leisurewear products) has ~6% share,
while socks too has about similar share of the potential market. This indicates that
that the opportunity for growth is immense even without getting into the mass
market.
There is also potential for cross-selling – Jockey men’s innerwear customer base can be
leveraged to grow the athleisure and socks (6% share each) segments.
Mr Vedji Ticku —
Chief Executive Officer
Key highlights:
Mr. Vedji Ticku, B.E. (Mech),
Among the elite, affluent and aspirers category of customers, PAGE’s men's innerwear
has been Chief Executive
products account for only 18.5% of the potential market, while its women's innerwear
Officer of Page Industries
products command an even lesser share of 6-7%. Athleisure (referred by the company as its
Limited (PAGE) since
sports and leisurewear products) has ~6% share, while socks too has about similar share of
February 2016 and
Executive Director since
the potential market.
May 2017. He has been with
The company plans to ramp-up its production capacity at a CAGR of 17% over the next
PAGE since May 1997, and
three years.
has also served as its Chief
A strong focus on Exclusive Brand Outlets (EBOs) and Jockey Comfort Zones is the key driver
Operating Officer, General
of incremental sales growth.
Manager of Sales &
Strong brand equity of ‘Jockey’, a wide and increasing distribution reach, commendable
Marketing and General
Manager of Sales. Mr Ticku
design ability and a robust manufacturing setup are its key advantages.
joined the company as
Regional Sales Manager for
There is no change to our forecasts. We maintain Buy with a revised target price of INR19,125
the south zone. After
(target multiple maintained at 45x June 2019E EPS, at a 15% discount to three-year average
setting up the business
P/E). Unlike retail peers, PAGE has exhibited the ability to maintain strong double-digit volumes
successfully there, he was
growth and high RoEs, justifying high valuations. We believe PAGE is a compelling, capital-
promoted to Senior Sales
efficient, long-term lifestyle play on the premiumizing innerwear category. A widening product
Manager in 2001, with
additional charge of the
and brand portfolio, coupled with distribution expansion, will aid its market share and drive
north zone. Mr Ticku has
multiple years of growth, in our view.
more than 25 years of
experience in the fields of
Category details
sales, marketing, general
Jockey is the pioneer in establishing the premium segment innerwear category in
administration and
India. Its focus remains on the category above the mass level (i.e., elite, affluent and
corporate affairs. He has
previously worked with
aspiring customers). However, the brand’s market share in this target segment
Eureka Forbes Limited.
remains small, despite exhibiting rapid growth post its entry in the country.
What does PAGE do differently?
Macro factors driving growth for the company are: (i) higher disposable income, (ii) strong brand affinity in the buying
group (ages between 15 and 34), (iii) urbanization and (iv) strong appeal for Jockey.
Strong design ability at local level and design expertise of Jockey Inc. are the key advantages. Barring the US and
parts of Western Europe, Jockey operates via a master franchisee route in other markets. The company has a
team of 43 people designing premium products and focusing on new categories.
PAGE’s extensive manufacturing facility with 17 factories and 20,000 employees is another key advantage. Hand
stitching also brings in the skill factor into play.
Krishnan Sambamoorthy
(Krishnan.Sambamoorthy@motilaloswal.com); +91 22 6129 1545
Vishal Punmiya
(Vishal.Punmiya@motilaloswal.com); +91 22 6129 1547
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

C
orner
O
ffice
the
Addition of newer categories is also driving volumes growth. There has been
significant addition to the leisurewear collection in the past year. Boys’ wear has
been launched, and girls’ wear is under development. Recently, the focus has
been intensified on socks and towels. Non-innerwear and innerwear segments
have separate heads, and the target for distributors/sales force is based on
category and not on volumes.
The Indian Market Research Bureau (IMRB) reckons that the Jockey brand
scores highly on mass (reach) and esteem (aspirational in nature) measures in
both the men’s and women’s innerwear categories.
Distribution advantage
In the innerwear segment, the company has over 690 distributors in 1,400
towns in India, with a reach to over 50,000 outlets. Management plans to grow
its outlet reach by 5-6% every year. There is large growth opportunity in existing
stores as well. Around 6,000 of its 50,000 stores are growing at a rate of ~30%.
In addition to EBOs and Multi Brand Outlets (MBOs), the products are also
available in large format stores like Shopper’s Stop and Central, as well as online
(~2% of sales). In recent years, the company has encouraged its MBOs to
continue with usual operations but also keep a large proportion of Jockey
products (Jockey Comfort Zones, or JCZ). In fact, sales of Jockey products from
JCZs are 15-20x that of an MBO.
PAGE has a 320-member sales team, of which 200 are for innerwear. The
company’s sales team incentives are based on secondary sales.
The EBO advantage
PAGE was also the first innerwear company in India to have EBOs. These have
been particularly useful as the traditional MBOs have space constraints and are
not exclusive ‘Jockey’ brand sellers.
EBOs are franchisee-owned and operated, with buying done via distributors.
76% of 360 EBOs (of which, 18 are women’s wear-only stores) are located in the
high street and 24% are in malls.
MBOs are a combination of third parties, distributors, and MBOs having access
to real estate.
EBOs get additional 7% retail incentives. However, EBO outlets have to pay the
distributor within 15-20 days, whereas MBOs get a period of 45-60 days to do
so.
Targets
The target is to increase production capacity from 260 mill pieces to 400 mill
pieces between December 2016 and December 2019, at a CAGR of 17%.
EBOs already account for 16% of sales. Out of 360 EBOs, ~100 have been added
in the past one year. While management did not share EBO addition plans, it did
state that EBOs will be a big driver of incremental growth. Operating metrics are
remarkable, and many stores achieve cash breakeven within 4 months. In many
EBOs, sales are as high as a piece every second.
PAGE was the only apparel player (let alone innerwear players) to post double-
digit volumes growth over the past two years. This year, management expects
faster volume growth than in FY17 (+13%).
23 June 2017
2

C
orner
O
ffice
Opportunity for Speedo
the
India is the fastest growing swimwear market.
The promoters of PAGE have been licensees of both Jockey and Speedo for ~28
years in the Philippines, and thus, understand the businesses well.
Other factors driving growth:
a) Premium housing societies mostly have swimming pools
b) Swimming is increasingly considered as a life skill, and is part of various
rehabilitation programs
c) Resorts at key tourist locations mostly have swimming pools in their premises
d) Schools have also started including swimming as a physical activity
Speedo’s share is only 6% of the target market and only 8% among those who
swim twice a week in summer.
Valuation and view
We believe PAGE is a compelling, capital-efficient, long-term lifestyle play on the
premiumizing innerwear category. A widening product and brand portfolio,
coupled with distribution expansion, will drive the company’s market share and
multiple years of growth, in our view.
Aggressive focus on EBOs, new products and JCZs will support 17% volume
growth (which we are forecasting for the next two years).
Unlike retail peers, PAGE has shown the ability to maintain strong double-digit
volumes growth and high RoEs, justifying high valuations.
There is no change to our EPS forecasts. While GST rate of 5% is beneficial to the
company (as against 8-9% earlier), we are not building in additional volumes or
margins due to the uncertainty over minimum wages hike in Karnataka. While
textiles had been kept out of the ambit of minimum wage increase, there has
been an appeal against the same and a decision is expected in the next two
months.
Maintain
Buy
with a revised target price of INR19,125 (target multiple
maintained at 45x June 2019E EPS, at a 15% discount to three-year average P/E).
23 June 2017
3

C
orner
O
ffice
the
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Ch.
Other Inc.- Rec.
PBT
Change (%)
Tax
Tax Rate (%)
Adjusted PAT
Change (%)
Reported PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Provisions
Net Curr. Assets
Def. Tax Liability
Appl. of Funds
E: MOSL Estimates
2012
6,966
40.0
5,504
1,462
52.2
21.0
106
67
52
1,341
52.8
441
32.9
900
53.7
900
2013
8,758
25.7
6,992
1,766
20.8
20.2
114
80
85
1,657
23.6
531
32.1
1,125
25.1
1,125
2014
11,877
35.6
9,326
2,551
44.5
21.5
139
142
65
2,335
40.9
797
34.1
1,538
36.7
1,538
0.0152
2015
15,430
29.9
12,240
3,190
25.1
20.7
176
167
86
2,933
25.6
973
33.2
1,960
27.5
1,960
2016
18,041
16.9
14,204
3,837
20.3
21.3
241
178
13
3,431
17.0
1,116
32.5
2,315
18.1
2,315
2017
21,462
19.0
17,169
4,293
11.9
20.0
247
180
82
3,948
15.1
1,285
32.6
2,663
15.0
2,663
(INR Million)
2018E
2019E
26,126
32,189
21.7
23.2
20,695
5,431
26.5
20.8
248
94
105
5,194
31.6
1,693
32.6
3,501
31.5
3,501
25,313
6,876
26.6
21.4
296
89
129
6,620
27.4
2,158
32.6
4,462
27.4
4,462
2012
112
1,546
1,658
759
2,417
1,504
428
1,076
165
18
2,457
1,726
437
31
263
1,263
373
155
734
1,194
36
2,417
2013
112
2,024
2,135
1,007
3,142
1,860
538
1,322
138
10
3,248
2,350
581
46
271
1,518
473
216
830
1,730
57
3,142
2014
112
2,778
2,890
1,632
4,522
2,404
676
1,728
36
0
5,092
3,626
727
35
705
2,239
586
423
1,230
2,853
95
4,522
2015
112
3,756
3,868
1,573
5,440
3,059
886
2,173
1
0
6,061
4,435
884
44
698
2,680
821
504
1,355
3,381
114
5,440
2016
112
5,187
5,299
949
6,248
3,286
1,120
2,167
4
0
7,445
5,408
1,024
86
926
3,289
941
640
1,708
4,156
79
6,248
2017
112
6,546
6,658
887
7,544
3,728
1,367
2,361
241
521
8,577
6,229
1,099
206
1,044
4,045
1,112
706
2,227
4,532
112
7,544
(INR Million)
2018E
2019E
112
112
8,297
10,305
8,408
987
9,395
4,533
1,615
2,918
241
521
10,333
6,871
1,288
936
1,237
4,507
1,217
787
2,503
5,826
112
9,395
10,416
787
11,203
5,337
1,911
3,427
241
521
12,678
8,202
1,499
1,489
1,488
5,553
1,587
882
3,084
7,125
112
11,202
23 June 2017
4

C
orner
O
ffice
the
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Debtor Days
Creditor Days
Inventory Days
Leverage Ratio
Debt/Equity (x)
Cash Flow Statement
Y/E March
Profit before Tax
Depreciation
Other Non Cash & Non-oper. activities
Incr in WC
Direct Taxes Paid
CF from Operations
Incr in FA
Free Cash Flow
Pur of Investments
CF from Invest.
Incr in Debt
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2012
80.7
90.2
148.6
37.0
53.3
2013
100.9
111.1
191.4
50.0
57.6
2014
137.9
150.4
259.1
60.0
50.9
2015
175.7
191.6
346.8
72.0
48.9
2016
207.6
229.2
475.1
85.0
49.3
80.5
72.9
10.4
48.8
35.2
0.5
54.3
39.3
41.0
2.9
18
16
88
0.5
52.7
42.4
43.6
3.2
21
18
85
0.6
53.2
42.6
42.9
3.1
20
16
92
0.4
50.7
41.6
40.9
3.1
19
17
95
0.2
43.7
41.7
42.0
3.1
19
18
100
0.1
2017
238.7
260.9
596.9
87.0
43.7
70.0
64.0
8.7
43.4
28.0
0.5
40.0
40.4
42.9
3.1
18
17
99
0.1
2018E
313.9
336.1
753.8
134.1
50.0
53.2
49.7
7.1
34.2
22.2
0.8
41.6
42.1
49.0
3.1
17
16
92
0.1
2019E
400.0
426.6
933.9
188.0
55.0
41.7
39.1
5.7
26.9
17.9
1.1
42.8
43.9
53.3
3.1
16
16
85
0.0
2012
1,341
106
59
147
-427
1,226
-271
955
18
-253
-503
-402
-63
-968
5
26
31
2013
1,657
114
74
-457
-516
871
-435
436
16
-419
238
-596
-80
-438
14
31
46
2014
2,335
139
122
-1,098
-750
747
-511
237
22
-489
625
-756
-139
-270
-11
46
34
2015
2,933
176
96
-569
-966
1,670
-534
1,136
2
-531
-59
-899
-170
-1,128
10
34
44
2016
3,431
241
165
-733
-1,116
1,988
-228
1,760
13
-214
-624
-1,142
35
-1,731
43
43
86
2017
3,948
247
98
-257
-1,285
2,751
-618
2,133
-439
-1,057
-62
-1,164
-135
-1,361
333
-127
206
(INR Million)
2018E
2019E
5,194
6,620
248
296
-11
-40
-563
-746
-1,693
-2,158
3,175
3,972
-805
2,370
105
-700
100
-1,750
-49
-1,699
775
161
936
-805
3,167
129
-676
-200
-2,454
-44
-2,698
598
891
1,489
23 June 2017
5

This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company (ies) and/sector(s), if any, covered in the report and may be distributed by it and/or its
affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does
the
not constitute an offer, invitation or
inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek
professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for
future performance, future returns are not guaranteed and a loss of original capital may occur.
Disclosures
C
orner
O
ffice
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a some
companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or its affiliates are
seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may educate investors
on investments in such business . The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and
interpreting information. Our research professionals are paid on twin parameters of performance & profitability of MOSt.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, MOSt
generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals or affiliates
may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment
decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing among other things, may give rise to real or potential conflicts of interest.
MOSt and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies
mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an
advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing
whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the affiliates of MOSt even though there might exist an inherent
conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not
match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set of customers having various
objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or employees from,
any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt or any of its affiliates or employees free
and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained herein is based on publicly available data or other
sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a
subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or summary of the securities, markets or developments referred to in the
document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons that
may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the
implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or for
any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any compensation
for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities mentioned in this
report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have requested to
SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
List of associate companies of Motilal Oswal Securities Limited -
Click here to access detailed report
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or
indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research receive
compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
Analyst ownership of the stock
Served as an officer, director or employee -
Page Industries
No
No
NOTES
A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which
would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has
an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to
SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in
Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a
registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the
absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This
document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be
engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by
the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal
Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore,
may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the
Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar
Varun.kumar@motilaloswal.com
Contact : (+65) 68189232
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
23 June 2017
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
Motilal Oswal Securities Ltd
6