Detailed Report | Sector: Financials
12 Annual Global Investor Conference
BSE Sensex
28,797
S&P CNX
8,867
th
Bajaj Finance
Buy
CMP: INR1,152
TP: INR1,275 (+11%)
Mr Rajeev Jain
MD and CEO
Bajaj Finance
CEO TRACK
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
12M Avg Val (INR M)
Free float (%)
BAF IN
535.5
1,180 /468
11/64/116
616.9
9.2
810
42.7
Non-bank with the structure of a bank
Takeaways from CEO track
Business construct to deliver 3% RoA and 18-20% RoE
Financial Snapshot (INR b)
Y/E Mar
2017E 2018E
NII
54.6
69.8
PPP
35.9
46.9
PAT
18.5
23.7
EPS (INR)
34.6
44.2
EPS Gr. (%)
44.9
27.8
BV/Sh. (INR) 166.3 204.0
RoAonAUM % 3.5
3.4
RoE (%)
22.8
23.9
Payout (%)
14.0
14.0
Valuations
P/E (x)
33.3
26.1
P/BV (x)
6.9
5.6
Div. Yield (%)
0.2
0.3
Relative to Index
Bajaj Finance (BAF) is a non-bank with a bank’s strategy and structure, both on the
assets and liabilities side. It caters to the diverse needs of multiple segments, with
33 products for retail, SME and commercial clients. BAF has a strategic business unit
(SBU) organization design, with horizontal common utility support functions to drive
domain expertise, scalability and operating leverage. It strives to achieve an optimal
2019E
mix of risk and profit, thus attaining a sustainable business model. Mr Jain believes
89.5
BAF has the business construct to deliver sustainable RoA of 3% and RoE of 18-20%.
61.7
31.9
59.5
34.7
254.9
3.4
25.9
14.0
19.4
4.5
0.4
Cross-selling expert – Focus to mine existing credit tested customers
BAF mainly targets affluent and mass affluent customers, and focuses on (a) product
& process innovations, (b) customer experience, and (c) cross-selling to create a
profitable business model. While it attempts to add new clients, it places higher
emphasis on retaining existing clients for a lifetime. BAF has a customer franchise of
17.18m of which 9.24m are cross sell franchise,(moreover these customer are
bureaus best customers with CIBIL score of +750) which growing at ~30% per year.
This gives it a sizable pool to cross-sell to.
BAF has developed significant competence in cross-selling products to its existing
customers. It recognizes the twin advantages of cross-selling: (1) better asset quality
– existing clients are already credit-tested; therefore, delinquencies are lower, and
(2) cost savings – new customer acquisition involves sizable costs. In 1QFY17, BAF
disbursed 2.5m loans – 1.1m were new customers, while 1.4m (57% of the loans
disbursed) were existing customers.
BAF uses a metric – products per customer (PPC) – to evaluate its ability to cross-
sell. PPC measures the cumulative products bought by a customer over their
lifetime. It has an internal PPC benchmark of three products for retail customers and
five products for SME customers. It regularly reports its PPC data. Currently, its
overall PPC stands at 2.88; in the SME business, it is 3.78.
Sunesh Khanna
(Sunesh.Khanna@MotilalOswal.com); +91 22 3982 5521
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com)/Piran
Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
September 2016
advised to refer through important disclosures made at the last page of the Research Report.
1
Investors are
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Bajaj Finance
12 Annual Global Investor Conference
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Strong risk management framework has led to stable asset quality
In-house credit history database + CIBIL checks:
BAF implemented the usage of
credit bureau, CIBIL, from FY09. It also has an in-house credit history database of
over 5m of its customers (especially for consumer durable and two-wheeler loans).
The effective usage of this database along with CIBIL scores has helped BAF maintain
good asset quality. Once the credit record is approved, BAF disburses loans
instantly — a three-minute turnaround time compared to three days in FY08.
Tight vigil on portfolio:
BAF follows strong risk management practices. It maintains a
tight vigil on its loan portfolio, which enables it to take prompt corrective measures
when necessary. In the past have detected asset quality alerts in construction
equipment and infrastructure portfolios have taken the corrective action at an early
stage and exited the business without deep losses. BAF involves dealers in the
credit disbursement process by a unique arrangement. If credit losses on loans
disbursed through a specific dealer are below the initial estimation, it pays an
incentive to the dealer. This motivates the dealer to do his bit in ensuring timely
collections.
Effective use of technology:
BAF extensively uses technology to map customer
credit history and track portfolio risk. It identifies trends in delinquent loans across
time lines or geographies and then changes the loan appraisal policy to reduce
credit losses in the future. It also monitors collections across business lines. Besides
making extensive use of CIBIL, it maintains an in-house credit history database. It
prepares an application and fraud scorecard before disbursing any loan.
The FinTech revolution and macro trends in retail financial services
#1. From lending companies using technology to digital companies doing lending
Technology will completely change the way the lending business is conducted. A
revolution is currently underway – while traditional finance companies (banks and
NBFCs) are acquiring capabilities in technology to remain competitive in an
increasingly digital world, technology companies (FinTechs) are attempting to do
what players like Amazon did in merchandise retailing.
Traditional finance companies are capital intensive, highly regulated and have
strong risk management systems. FinTech’s have a challenger mindset, with no
baggage and a technology obsession. Mr. Jain believes that the capabilities
traditional finance companies have represent 70% effort for a digital financial
services company, while the capabilities that the FinTechs have represent 30%
effort. Despite several years of existence, FinTechs in the US only account for 0.5%
of retail assets because of regulatory, funding and risk management challenges.
To survive, traditional finance companies will have to change their mindset from
that of a lending company using technology to that of a digital company doing
lending. Like FinTechs, they will have to (a) have an obsession with technology, (b)
have a challenger mindset, and (c) innovate continuously.
September 2016
2

Bajaj Finance
12 Annual Global Investor Conference
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#2. From growth at speed to growth at hyper scale and hyper speed
BAF disburses 2.5m loans in a year. To scale up to 6m loans a year, it will need a
different orientation and approach. To deliver hyper scale at hyper speed it will have
to make serious investments in cloud computing, big data capabilities, machine
learning and operational/process revamps.
#3. From customer service to customer obsession
Traditional financial services companies are known for services not for customer
experience. The future belongs to companies that innovate continuously and have
service delivery and customer experience at the epicenter of functioning. Customer
retention and mining is becoming increasingly important. In BAF’s experience, for
instance, the credit loss rate for existing customers is just a third of the credit loss
rate for new customers. So, the mantra is to mine existing customers. To get the
maximum share of his wallet, companies will have to be obsessed with the
customer. They will have to focus on customer-centric products, processes and
policies, and provide maximum convenience to the customer while transacting.
Exhibit 1:
Customer franchise of +17m customers of which over 9m are cross sell
customers
Source: Company, MOSL
Exhibit 2:
Business product launch journey
Source: Company, MOSL
September 2016
3

Bajaj Finance
12 Annual Global Investor Conference
Exhibit 3:
AUM grew at CAGR of 67% from FY09-16…
AUM Growth (INR b)
88
59
73
34
0
25
40
Source: Company, MOSL
76
131
175
37
241
35
324
36
442
35
597
28
764
28
978
YoY Growth (%)
th
Exhibit 4:
… whereas GNPLs have fallen from .6% in FY08 to 1.23% in FY16
GNPA(%)
9.60
7.1
NNPA(%)
8.10
5.5
4.90
2.2
2.90
0.8
FY11
1.20
0.1
FY12
1.10
0.2
FY13
1.18
0.3
FY14
1.51
0.5
FY15
1.23
0.3
FY16
FY08
FY09
FY10
Source: Company, MOSL
Exhibit 5:
Loan mix: from captive 2 wheeler lender in FY08..
Exhibit 6:
..to most successful diversified lender now
BFS
RM Rural Direct & 3W
2W
CF Infra.4%
1%
3%
1%
8% CD
1% FIG
LAS 1%
14%
VF
Lifestyle
6%
3%
1% Digital
SEHL
2%
7%
PL
9%
LAP
SLP
18%
6%
HL
Prof. loan BL
4%
10%
3%
Source: Company, MOSL
RoA (%)
3.8
FY08
LAS, 12%
PL, 6%
CD, 16%
2W, 66%
Source: Company, MOSL
Exhibit 7:
RoEs improved from 1% t over 21%
RoE (%)
3.8
2.5
0.8
1.9
1.2
3.2
8.0
19.7
24.0
21.9
19.5
20.4
21.1
3.8
3.4
3.1
3.2
Source: Company, MOSL
September 2016
4

Bajaj Finance
12 Annual Global Investor Conference
Exhibit 8:
9 year PAT CAGR of 68%...
163.6
176.2
PAT (INR b)
PAT Growth(%)
th
68.5
0
FY09
1
FY10
2
FY11
64.6
4
FY12
45.5
6
FY13
21.6
7
FY14
24.9
9
FY15
42.4
13
FY16
Source: Company, MOSL
Exhibit 9:
..whereas loan loss grew only 22% during last 9 years
8.01
6.29
3.36
1.44
1.08
1.08
1.29
1.34
Credit Cost (%)
Source: Company, MOSL
Exhibit 10:
57% of the business is from existing customer
New customers
Repeat customers
Exhibit 11:
..resulting 2.88 product per customer
Loan product
Fee product
43%
57%
1.42
1.13
Upto 12 MOB
1.58
1.73
1.14
Upto 18 MOB
1.16
Upto 24 MOB
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Geographic Presence
(No of branches)
Consumer presence
SME presence
Rural presence
Total presence
FY13
91
57
148
FY14
114
80
70
264
FY15
161
119
232
512
FY16 1QFY17
193
272
262
283
397
481
852
1,036
Exhibit 13: Active distribution points
CD retailer
Digital retailer
Lifestyle retailer
Retail EMI
2W Dealers
Source: SME- DSA
Rural retailer
Total
FY13
3,500
850
FY14
4,900
1,600
FY15
7,000
2,650
1,150
FY16 1QFY17
9,400 10,800
5,200 7,000
3,200 2,500
2,400
3,000 3,100
800
800
3,200 3,300
24,800 29,900
Source:
2,600
400
7,350
3,000
700
1,500
9,800 16,000
2,600
700
September 2016
5

Bajaj Finance
12 Annual Global Investor Conference
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Investment rationale
Diversified and de-risked portfolio – a key strength
BAF has a diverse set of growth drivers in the portfolio versus peers. A diverse
portfolio comprising of profit maximizers and scale builders helps reduce cyclicality
in growth and asset quality. Its well-thought diversification strategy has worked well
– over FY10-16, when peers were facing cyclical headwinds, BAF’s AUM grew from
INR40b to INR496b, and its GNPLs dropped from 4.9% 1.2%.
Cross-selling expert
A well-diversified credit portfolio, focus on cross-selling, customer acquisition, and
systematic expansion in delivery channels (both physical and virtual) should help
BAF to sustain its robust AUM growth. It has a total customer franchise of 17.18m,
of which 9.24m is a cross-sell franchise growing at 30% every year. These, along with
its small market share, should help sustain 30% AUM CAGR in the next three years.
Market share gains to continue
BAF is the largest consumer durables and lifestyle financier in India. It has been
continuously gaining market share in these businesses. Continuous market share
gain and strong distribution has created entry barriers for competitors. One of the
key strengths that BAF has built is a quick turnaround time, unmatched by most
other retail financiers. Other than purchases using credit cards, BAF sees very little
competition in consumer durable financing, which gives it pricing power.
Focusing on reducing cost to income ratio
Due to the retail nature of its business, cost ratios are on the higher side. It is
targeting to utilise technology to help in reducing operating costs. BAF is looking to
reduce its reliance on third-party direct selling agents (DSAs) for business sourcing,
as origination costs are higher via the DSA channel as compared to internal sourcing.
It has stopped doing salaried loan against property loans via DSA since. Most of the
self-employed home loans are also direct. The cost/income ratio in the home loans
business is 43% currently, BAF is targeting to reduce it.
Well-managed asset quality; tested management capabilities
Despite lower growth and pressure on asset quality for peers, BAF continues to
clock healthy growth and its asset quality is among best. The management has not
only demonstrated its ability to gain market share, but has also been alert to
potential asset quality risks. It has withdrawn from or slowed down in segments like
construction equipment financing, three-wheeler financing, and loans against
property (LAP) on time, averting asset quality shocks.
Timely investment in automation, analytics and technology
BAF has been proactive in making timely investments in technology and
automation, which will help reduce operating and delivery cost over time. It
continues to increase its market share in the consumer business, as it enjoys near-
monopoly status in businesses like lifestyle financing. However, higher share of
incremental growth will be driven by low-yielding mortgage business, which will
September 2016
6

Bajaj Finance
12 Annual Global Investor Conference
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exert some pressure on yields. Yet, superior blended margins, focused fee income
strategy, and low credit cost will keep core profitability strong.
Valuation and view
BAF continues to increase its market share in consumer business, as it has almost
monopoly in some of the business like lifestyle financing; however higher share of
incremental growth will be driven by low yielding mortgage business which will
exert some pressure on yields, however superior blended margins, focused fee
income strategy and low credit cost will keep core profitability strong. We value BAF
based on residual income model assuming earnings CAGR of 12% by FY35E,
Rf=7.70%, β=0.75, risk premium of 5% and terminal growth rate of 5.5%. We expect
net profit to grow at CAGR of 36% over FY16-18E and RoEs to touch 24% by FY18E.
The stock is currently trading at 7x/5.7x FY17/18E BV. We value the stock at a target
price of INR1,275. Maintain
Buy.
September 2016
7

Bajaj Finance
12 Annual Global Investor Conference
Exhibit 14:
Financials: Valuation metrics
66
Rating
CMP
Mcap
EPS (INR)
P/E (x)
BV (INR)
P/BV (x)
RoA (%)
RoE (%)
FY18
11.3
19.6
14.4
15.4
23.1
17.6
9.1
9.0
11.7
13.7
11.7
9.5
6.5
8.7
12.1
6.8
11.8
5.8
10.1
6.2
th
(INR) (USD b) FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17
ICICIBC*
Buy
274
24.2
17.2
19.9 12.5
9.9
144
158
1.43
1.24
1.13 1.17 10.6
HDFCB
Buy
1,291
49.4
58.4
70.2 22.1 18.4
332
386
3.89
3.34
1.90 1.89 18.9
AXSB
Buy
613
22.1
31.8
37.4 19.3 16.4
243
274
2.52
2.24
1.32 1.31 13.8
KMB*
Buy
819
22.8
26.8
34.0 30.6 24.1
207
240
3.95
3.41
1.61 1.82 14.2
YES
Buy
1,277
8.1
78.8
99.2 16.2 12.9
390
469
3.27
2.72
1.80 1.84 22.0
IIB
Buy
1,214
10.9
50.5
63.8 24.0 19.0
334
389
3.63
3.12
1.92 1.96 16.2
IDFC Bk
Buy
64
3.3
3.3
4.0
19.6 15.9
43
46
1.50
1.40
1.19 1.08
7.9
FB
Buy
73
1.9
3.9
4.7
18.7 15.7
50
54
1.46
1.37
0.67 0.67
8.0
DCBB
Buy
121
0.5
7.4
8.6
16.4 14.1
69
78
1.75
1.56
0.98 0.93 11.3
JKBK
Neutral
78
0.6
17.6
21.2
4.4
3.7
146
162
0.54
0.48
0.99 1.05 12.7
SIB
Buy
24
0.5
3.1
3.7
7.9
6.6
30
33
0.81
0.74
0.61 0.64 10.7
Private Aggregate
144.4
21.1 17.7
2.81
2.49
SBIN (cons)* Buy
264
31.1
14.7
24.3 17.9 10.9
234
253
1.20
1.10
0.47 0.54
7.9
PNB
Neutral
145
4.3
10.8
12.8 13.4 11.3
193
204
0.75
0.71
0.31 0.34
5.7
BOI
Neutral
123
1.7
-10.8 21.6 -11.5
5.7
239
255
0.52
0.48 -0.16 0.29 -4.6
BOB
Buy
172
6.0
14.1
20.0 12.2
8.6
157
173
1.09
1.00
0.47 0.60
9.3
CBK
Neutral
311
2.6
25.4
34.8 12.3
8.9
497
524
0.63
0.59
0.24 0.30
5.2
UNBK
Buy
149
1.6
22.4
39.1
6.7
3.8
314
348
0.48
0.43
0.37 0.58
7.4
OBC
Neutral
130
0.7
16.7
24.2
7.8
5.4
410
428
0.32
0.30
0.23 0.30
4.2
INBK
Buy
229
1.7
24.8
31.4
9.2
7.3
300
324
0.77
0.71
0.56 0.64
8.5
ANDB
Buy
62
1.9
2.9
8.2
21.2
7.6
129
136
0.48
0.46
0.15 0.39
2.3
Public Aggregate
51.5
16.2 10.5
0.82
0.77
Banks Aggregate
195.9
19.6 15.0
1.71
1.57
HDFC*
Buy
1,411
33.8
34.6
37.9 28.7 22.9
194
217
4.47
3.55
1.85 1.83 19.5
LICHF
Buy
583
4.5
40.4
50.1 14.4 11.6
214
254
2.73
2.30
1.52 1.56 20.5
IHFL
Buy
795
5.1
68.2
84.0 11.7
9.5
280
315
2.84
2.53
3.74 3.78 25.6
GRHF
Buy
318
1.8
8.3
10.7 38.2 29.8
28
35
11.21 9.01
2.33 2.34 32.4
REPCO
Buy
851
0.8
30.4
39.7 28.0 21.4
180
215
4.74
3.96
2.15 2.20 18.3
DEWH
Buy
300
1.3
30.5
38.2
9.8
7.8
194
222
1.55
1.35
1.25 1.34 16.7
Housing Finance
47.2
22.4 18.8
4.50
3.97
RECL
Neutral
242
3.6
59.2
68.6
4.1
3.5
336
389
0.72
0.62
2.63 2.55 18.9
POWF
Neutral
125
5.0
24.0
25.5
5.2
4.9
149
167
0.84
0.75
2.37 2.12 16.8
Infra Finance
8.6
4.7
4.2
0.79
0.69
SHTF
Buy
1,223
4.2
68.4
84.6 17.9 14.5
503
570
2.43
2.14
1.96 2.01 14.4
MMFS
Buy
353
3.0
13.9
18.1 25.4 19.5
118
131
3.00
2.70
1.92 2.19 12.3
BAF
Buy
1,152
1.9
34.6
44.2 33.3 26.1
166
204
6.93
5.65
3.48 3.38 22.8
MUTH
Buy
365
2.2
28.0
33.6 13.1 10.9
159
180
2.30
2.03
3.66 3.57 18.7
SKSM
Buy
779
1.5
48.8
52.5 16.0 14.8
157
210
4.95
3.71
6.30 4.48 36.7
Asset Finance
12.8
14.3 11.6
2.31
2.09
NBFC Aggregate
68.6
14.1 12.1
2.54
2.25
Financials
264.5
17.8 14.1
1.87
1.71
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries
19.0
21.4
28.2
33.5
20.1
18.4
18.9
16.2
15.6
14.5
23.9
19.9
28.6
September 2016
8

Bajaj Finance
12 Annual Global Investor Conference
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Financials and Valuations
Income Statement
Y/E MARCH
Interest Income
Interest Expended
Net Interest Income
Change (%)
Other Operating Income
Other Income
Net Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions and W/Offs
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Proposed Dividend
Balance Sheet
Y/E MARCH
Capital
Reserves & Surplus
Net Worth
Borrowings
Change (%)
Other liabilities & provisions
Total Liabilities
Investments
Change (%)
Advances
Change (%)
Net Fixed Assets
Other assets
Total Assets
E: MOSL Estimates
2013
29,248
12,057
17,191
37.5
1,689
177
19,057
33.7
8,523
10,534
39.2
1,818
8,716
2,803
32.2
5,913
45.5
747
2014
37,896
15,732
22,163
28.9
2,429
419
25,011
31.2
11,511
13,500
28.2
2,588
10,912
3,722
34.1
7,190
21.6
802
2015
51,200
22,483
28,717
29.6
2,618
364
31,699
26.7
14,284
17,415
29.0
3,846
13,569
4,591
33.8
8,979
24.9
903
2016
69,566
29,269
40,297
40.3
3,477
792
44,566
40.6
19,492
25,074
44.0
5,429
19,646
6,861
34.9
12,785
42.4
377
2017E
93,854
39,302
54,552
35.4
4,764
901
60,216
35.1
24,346
35,870
43.1
7,589
28,281
9,757
34.5
18,524
44.9
2,316
2018E
123,175
53,325
69,850
28.0
5,955
951
76,756
27.5
29,811
46,944
30.9
10,812
36,132
12,466
34.5
23,667
27.8
2,958
(INR Million)
2019E
160,680
71,187
89,493
28.1
7,146
951
97,590
27.1
35,865
61,725
31.5
13,055
48,670
16,791
34.5
31,879
34.7
3,985
(INR Million)
2019E
1,071
135,412
136,483
900,068
32.0
11,929
1,048,481
13,268
8.0
1,011,312
32.0
2,900
21,001
1,048,481
2013
991
32,677
33,668
133,490
30.5
11,051
178,209
53
-4.0
167,440
36.3
1,762
8,957
178,211
2014
995
38,914
39,909
197,496
47.9
8,776
246,180
282
436.3
229,710
37.2
2,199
13,990
246,180
2015
1,003
46,996
47,999
266,908
35.1
13,206
328,112
3,323
1,077.9
311,995
35.8
2,492
10,303
328,112
2016
1,071
72,175
73,246
370,247
38.7
6,903
450,397
10,341
211.2
433,144
38.8
2,870
18,210
464,565
2017E
1,071
87,990
89,061
503,141
35.9
8,284
600,486
11,375
10.0
571,751
32.0
2,880
14,481
600,486
2018E
1,071
108,196
109,267
681,870
35.5
9,941
801,077
12,285
8.0
766,146
34.0
2,890
19,757
801,077
September 2016
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Financials and Valuations
Ratios
Y/E MARCH
Spreads Analysis (%)
Yield on Advances
Cost of borrowings
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
RoA on AUM
Int. Expended/Int.Earned
Secur. Inc./Net Income
Efficiency Ratios (%)
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Net NPAs to Adv.
CAR
Tier 1
Valuation
Book Value (INR)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
OPS (INR)
OPS Growth (%)
Price-OP (x)
Dividend per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
2013
20.2
10.2
9.9
11.7
2014
19.1
9.5
9.6
10.8
2015
18.9
9.7
9.2
10.4
2016
18.7
9.2
9.5
10.6
2017E
17.8
9.0
8.8
10.6
2018E
17.7
9.0
8.7
10.3
2019E
17.5
9.0
8.5
9.9
21.9
3.8
3.9
41.2
8.9
19.5
3.4
3.5
41.5
9.7
20.4
3.1
3.2
43.9
8.3
21.1
3.2
3.3
42.1
7.8
22.8
3.5
3.6
41.9
7.9
23.9
3.4
3.5
43.3
7.8
25.9
3.4
3.7
44.3
7.3
44.7
28.8
46.0
29.6
45.1
31.6
43.7
32.3
40.4
34.1
38.8
34.8
36.8
35.3
125.4
0.2
22.0
18.7
116.3
0.3
21.0
18.0
116.9
0.5
18.0
14.2
117.0
0.3
19.5
16.1
113.6
0.4
17.0
14.0
112.4
0.5
17.5
13.0
112.4
0.0
19.5
16.0
68
17.0
66.8
17.2
11.9
21.3
96.5
21.3
16.1
54.2
1.5
0.1
80
14.4
78
14.8
14.5
21.1
79.7
27.1
27.6
42.5
1.6
0.1
96
12.0
91
12.7
17.9
23.9
64.3
34.7
28.0
33.2
1.8
0.2
137
8.4
133
8.7
23.9
33.4
48.3
46.8
34.8
24.6
2.5
0.2
166
6.9
166
6.9
34.6
44.9
33.3
67.0
43.1
17.2
2.5
0.2
204
5.6
204
5.6
44.2
27.8
26.1
87.7
30.9
13.1
3.2
0.3
255
4.5
255
4.5
59.5
34.7
19.4
115.3
31.5
10.0
4.4
0.4
September 2016
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SECTOR GALLERY
September 2016
11

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