9 March 2018
Market snapshot
Equities - India
Close
Chg .%
Sensex
33,352
1.0
Nifty-50
10,243
0.9
Nifty-M 100
18,887
0.5
Equities-Global
Close
Chg .%
S&P 500
2,739
0.4
Nasdaq
7,428
0.4
FTSE 100
7,203
0.6
DAX
12,356
0.9
Hang Seng
12,335
1.3
Nikkei 225
21,368
0.5
Commodities
Close
Chg .%
Brent (US$/Bbl)
64
-1.2
Gold ($/OZ)
1,322
-0.3
Cu (US$/MT)
6,800
-1.6
Almn (US$/MT)
2,086
0.5
Currency
Close
Chg .%
USD/INR
65.1
0.4
USD/EUR
1.2
-0.8
USD/JPY
106.2
0.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.7
-0.02
10 Yrs AAA Corp
8.3
-0.01
Flows (USD b)
8-Mar
MTD
FIIs
-0.1
0.0
DIIs
0.1
0.1
Volumes (INRb)
8-Mar
MTD*
Cash
343
333
F&O
16,789
10,122
Note: YTD is calendar year, *Avg
YTD.%
-2.1
-2.7
-10.6
YTD.%
2.4
7.6
-6.3
-4.4
5.3
-6.1
YTD.%
-4.8
1.5
-5.7
-7.6
YTD.%
2.0
2.6
-5.7
YTDchg
0.3
0.4
YTD
0.1
2.9
YTD*
397
8,065
Today’s top research idea
Jagran Prakashan: Revenue growth at the cusp of revival
Print business valued attractively at 11x FY19E EPS
Ad revenue is likely to grow at a CAGR of 10% over FY18-20 (FICCI estimates
vernacular print ad market growth of 8-9%), led by (a) revival in ad spends, (b)
better monetization of IRS data, (c) favorable base, and (d) high ad spends in
the run-up to the general elections.
Increased circulation of Naidunia and other publications coupled with yield
improvement should help garner 7% circulation revenue CAGR over FY18-20.
MBL, the radio business, should post 16% revenue CAGR and 29% EBITDA CAGR
over FY18-20, led by higher utilization and yield improvement.
We expect 10% CAGR in consolidated revenue and 17% CAGR in consolidated
EBITDA FY18-20, with the impact of GST/demonetization waning and a
favorable base.
Excluding MBL’s current value, JAGP is trading at an EV/EBITDA of 6x (FY19E),
and at 11x FY19E EPS. We value JAGP at 14x December 2019E EPS (~10%
discount to 3-year average), arriving at a TP of INR215.
Research covered
Cos/Sector
Jagran Prakashan
Key Highlights
Revenue growth at the cusp of revival
Piping hot news
Direct tax collection surges to Rs7.44 trillion in Apr-Feb FY19
Net direct tax collection in the April-February period of 2017-18 showed a
robust 19.5% growth from the year-ago period to Rs7.44 trillion as a result of
the government’s push to widen the tax base and boost revenue. …
Chart of the Day: Jagran Prakashan – Revenue growth at the cusp of revival
Dainik Jagran leads TR Hindi readership (2017, 000’s)
Consolidated revenue to grow at 10% CAGR over FY18-20
Read in last 1 month (12+ years)
Source: IRS 2017, MOSL
Source: MOSL, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

In the news today
Kindly click on textbox for the detailed news link
1
NSE IPO delayed as Sebi returns
settlement plea in algo-trading
case
National Stock Exchange of India’s
(NSE’s) much anticipated initial
public offering (IPO) is likely to be
pushed to 2019 after the market
regulator sent back its consent
plea on the so-called co-location
issue, the bourse said in a
statement. …
2
Donald Trump signs sweeping tariff order, defying trade war
warnings
US President Donald Trump followed through on his pledge to impose stiff
tariffs on imported steel and aluminium, while excluding Canada and
Mexico and leaving the door open to sparing other countries on the basis
of national security. The president signed a proclamation authorizing the
tariffs at a meeting Thursday afternoon with workers from the steel and
aluminium industries. The US will levy a 25% duty on steel imports and
10% on aluminium, the same level Trump promised when he revealed the
plan on 1 March.
3
Mutual Fund Inflows Decline
90% In February
Mutual fund inflows fell nearly 90
percent in February as
investments into money market
funds, used to park short-term
surplus cash, plunged. Investors
pumped Rs 12,092 crore into
mutual fund schemes in February
compared with more than Rs 1
lakh crore in the previous month,
according to data by Association
of Mutual Funds of India. …
4
PNB may be given 1 year to
provision against fraud
The Reserve Bank may provide
four quarters to Punjab National
Bank for making provisions
against the country's biggest ever
banking fraud of Rs 12,646 crore
allegedly masterminded by
billionaire diamantaire Nirav
Modi. The bank has written a
letter to the banking sector
regulator seeking its opinion on
making provisions for the fraud, …
5
Centre seeks nod for $13 bn
extra spending
The government on Thursday
sought parliament’s approval to
spend a net additional ₹853
billion ($13.14 billion) in new
spending in the current fiscal
year ending March 2018, a
finance ministry statement said.
Prime Minister Narendra Modi,
who faces national elections next
year, has pushed up spending on
rural infrastructure and job …
6
Investors upset as four banks
recall Rs 109-bn additional tier
1 bonds
With four banks recalling their
additional tier 1 bonds (AT1),
issued as quasi-equity under Basel-
III regulations, the stage is set for a
slow death of these perpetual
instruments. To date, Rs 761.14
billion of these bonds have been
issued in the local markets,
including by private banks and
Exim Bank of India. …
9 March 2018
7
Indian carriers ready to
splurge on new planes in
booming aviation market
Indian carriers will have an order
book of more than 1,000 aircraft
- the third-largest in the world
after the US and China. With
roughly 550 commercial aircraft
in service now, the new
acquisition will translate into 2.2
planes on order for every single
aircraft in service. Day One of
the Hyderabad aero show was all
about these lofty numbers, …
2

9 March 2018
Jagran Prakashan
BSE SENSEX
33,352
S&P CNX
10,243
Update
| Sector: Media
CMP: INR159
TP: INR215 (+35%)
Buy
Revenue growth at the cusp of revival
Print business valued attractively at 11x FY19E EPS
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
JAGP IN
327
209 / 156
2/-15/-31
56.7
0.9
44
39.2
Ad revenue is likely to grow at a CAGR of 10% over FY18-20 (FICCI estimates
vernacular print ad market growth of 8-9%), led by (a) revival in ad spends, (b) better
monetization of IRS data, (c) favorable base, and (d) high ad spends in the run-up to
the general elections.
Increased circulation of Naidunia and other publications coupled with yield
improvement should help garner 7% circulation revenue CAGR over FY18-20.
MBL, the radio business, should post 16% revenue CAGR and 29% EBITDA CAGR over
FY18-20, led by higher utilization and yield improvement.
We expect 10% CAGR in consolidated revenue and 17% CAGR in consolidated EBITDA
FY18-20, with the impact of GST/demonetization waning and a favorable base.
Excluding MBL’s current value, JAGP is trading at an EV/EBITDA of 6x (FY19E), and at
11x FY19E EPS. We value JAGP at 14x December 2019E EPS (~10% discount to 3-year
average), arriving at a TP of INR215.
Financials Snapshot (INR b)
Y/E MARCH
FY18E FY19E FY20E
Net Sales
23.5
26.0
28.6
EBITDA
6.1
7.1
8.3
NP
3.2
4.1
5.0
EPS (INR)
10.4
13.1
16.0
EPS Gr (%)
-2.3
26.4
21.5
BV/Share (INR)
63.4
72.4
84.2
P/E (x)
15.5
12.2
10.1
P/BV (x)
2.5
2.2
1.9
EV/EBITDA (x)
7.3
5.8
4.5
RoE (%)
15.3
18.4
19.4
RoCE (%)
14.5
17.0
18.0
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
60.9
60.9
60.8
DII
15.3
14.0
12.4
FII
9.2
10.5
15.4
Others
14.6
14.6
11.5
FII Includes depository receipts
Stock Performance (1-year)
Jagran Prakashan
Sensex - Rebased
250
225
200
175
150
Growth levers lined up for resurgence in ad revenue
As the impact of GST-related hiccups is waning, print ad revenues are expected to
grow at a healthy 10% CAGR over FY18-20, on the back of recovery in ad spends led
by increased launches across the FMCG and auto space. JAGP should further gain
due to its leadership in recent IRS ratings, which should help command higher ad
rates. Besides, higher government and political ad spends in FY19 – pre-election
year of 2019 general elections and low base bodes well.
Yield improvement to drive circulation revenue
Circulation revenue is likely to witness a soft 7% CAGR over FY18-20, driven by yield
improvement and increase in
Naidunia
circulation copies contributing 2-3% to
overall growth. However, increase in newsprint cost poses a threat. We believe
JAGP is well positioned to absorb the increase in newsprint cost on (1) reduced
share of imports, (2) lower pagination, and (3) 5-7% increase in price/copy.
Print – continues to garner increased eyeballs
IRS 2017 indicates a 40% surge in total readership (TR) to 385m; flat on an average
readership (AIR) basis at 173m though. Readership of Hindi dailies registered a 45%
increase to 176m, with
Dainik Jagran
leading the TR/AIR, with 70.3m/20.2m
readership. Further, in UP (key HSP market),
Dainik Jagran
maintains leadership,
with 39.8m/11.9m TR/AIR. This should support better ad yields in FY19.
9 March 2018
3

Radio – a key growth catalyst
We expect MBL, JAGP’s 70% subsidiary to grow faster at 16% CAGR over FY18-20,
driven by (1) higher utilization at existing and new stations, led by revival in ad
spends across sectors (including government), (2) yield improvement, and (3) low
base (FY17). Besides, its unique asset-light business model should enable MBL to
enjoy robust capital efficiency, with RoIC reaching 26% by FY20.
EBITDA to witness robust 17% CAGR over FY18-20
Structural reforms impacted performance in the last two years and FY19 seems to
be the year of recovery. Healthy ad and robust radio revenues are expected to steer
growth. We believe JAGP would witness 10%/17% revenue/EBITDA CAGR over FY18-
20. Further, though rising newsprint cost could pose a hurdle to margin expansion,
with JAGP’s three-pronged controls, we expect margins to reach 29% by FY20.
Valuation and view
JAGP currently trades at 12.2x FY19E and 10.1x FY20E EPS, and at an EV of 5.8x
FY19E and 4.5x FY20E EBITDA. Excluding MBL, the core print business trades at 10.7x
FY19E and 8.9x FY20E EPS, and at an EV of 5.5x FY19E and 4.3x FY20E EBITDA.
Factoring MBL’s target value, the core print business is valued at just 10x FY19E EPS
and an EV of 5x FY19E EBITDA. Thus, JAGP’s healthy valuation is largely on the back
of MBL, while print is still valued miserly. The company should continue to generate
healthy FCF and RoIC of over 20% in FY19/20. If growth resumes in FY19, it should
be a key trigger point in driving healthy valuations. We value JAGP at 14x December
2019E EPS (~10% discount to 3-year average), arriving at a TP of INR215.
9 March 2018
4

In conversation
1. SBI : Power is a stressed sector for entire banking space; Sunil
Srivastava, Deputy MD
Power is a stressed sector for the entire banking sector. There is a problem
related to distribution and DISCOMS' (Distribution Companies) health.
Addressing these issues in a short possible time of six months is going to be
very-very difficult.
34 thermal power plants under stress.
DISCOMS looking at buying cheap power over exchange than honouring their
contract.
Central Electricity Regulatory Commission (CERC) is taking time in revising
tariffs.
There are still a few power plants that could be classified as non-performing
assets (NPAs). However, not all gas-based power plants are under stress.
2. V-MART RETAIL: Not looking at acquiring Vishal Megamart
currently; Lalit Agarwal, CMD
Foreign institutional investors are understanding company’s business.
Looking at growing with the 'Bharat Story'.
Have Rs 50 crore of cash on books currently.
Open to talks with other retailers for acquisition.
Not looking at acquiring Vishal Megamart currently.
3. VIDEOCON : Confident of repaying banks; it's only a question
of time; Venugopal Dhoot, Chairman
Total debt at INR 20,000 crores for Videocon International.
Working capital loans given are not in default.
Indian banks have nothing to do with loans taken from foreign banks. Have been
servicing all foreign loans.
NCLT order has not been passed till now.
No bank will have to take any haircut.
Have properties worth INR 7,000 crores. Expect much more interest coming in
for company’s assets.
Cancellation of telecom license led to the issue where company stands now.
Videocon d2h and Dish TV merger will take place in 4-5 days.
4. SANGHI IND : Company will generate cash surplus for next
two years; Bina Engineer, Director
Board has approved issuing non-convertible debenture (NCD) as part of their
fund-raising plans.
In 2016, company had raised NCD at 15.5 percent for the equal amount. The old
NCDs were carrying a cost of 15.5 percent and new NCDs are carrying a coupon
of about 10.5 percent.
Primary objective was to redeem the debt and this is not an additional debt.
Company is well-funded for the capacity expansion plan.
Company will generate a cash surplus for the next two years.
9 March 2018
5

From the think tank
1. An indo-french maritime partnership
French President Emmanuel Macron is coming to India, and preparations are
afoot to make his visit a memorable one. On top of the agenda for discussions,
reportedly, is maritime security. In a series of preparatory visits, French officials
have underlined the need for a deeper nautical partnership with India. During a
visit to New Delhi in October 2017, defence minister Florence Parly stressed
“strategic cooperation in defence”, particularly maritime cooperation in South and
South-East Asia. Earlier this year, foreign minister Jean-Yves Le Drian came calling,
highlighting the need for stronger security measures in the Indian Ocean Region
(IOR). Official accounts suggest Indo-French naval cooperation is aimed at
securing the critical sea lanes. The desire to pool operational resources in littoral
Asia is driven ostensibly by the need to effectively combat security threats—
piracy, trans-national crime and terrorism—as also to build security capacities in
the Indian Ocean. For New Delhi, however, the more substantive pay-off of a
nautical pact with France is a potential expansion of the Indian Navy’s operational
footprint across the Indo-Pacific region. France, Indian analysts point out, is the
only European power with a strong military presence in both the Indian Ocean
(Réunion and Mayotte) and the Pacific (French Polynesia and New Caledonia). Its
utility as a catalyst for India’s cross-theatre maritime outreach is immense.
2. Why china is winning in India’s Neighbourhood
Even before Narendra Modi took over as India’s prime minister, he decided to
invite the leaders of SAARC (South Asian Association for Regional Cooperation)
countries and Mauritius to attend his swearing-in ceremony. In a way,
“neighbourhood first” was the first policy decision of the Modi government. His
first foreign visit after assuming office was to Bhutan. Shortly, he became the
first Indian prime minister to visit Nepal in 17 years. By now, he has visited all
the countries in the neighbourhood except the Maldives. Yet, the
neighbourhood remains a headache for the Modi government. At the moment,
the biggest problem is the Maldives where President Abdulla Yameen has gone
against India’s repeated warnings and imposed a state of emergency. It is not
difficult to figure out that China’s backing is giving Yameen the confidence to
snub India. In Nepal, K.P. Oli, another pro-China leader, is now back as the prime
minister. Beijing helped him get elected by brokering an alliance of the left
parties to take on the pro-India Nepalese Congress. While Sri Lanka and
Bangladesh are currently being ruled by ostensibly pro-India regimes, New Delhi
has enough reasons to worry even in those two countries. The pro-China
Mahinda Rajapaksa’s party won big in the recently concluded local body
elections in Sri Lanka. And Bangladesh’s Sheikh Hasina government is not happy
with the Indian response to the Rohingya refugee crisis.
9 March 2018
6

3. Why BJP can’t afford to take its middle class votebank for
granted
In its last full budget ahead of the 2019 Lok Sabha elections, the Narendra Modi-led
Bharatiya Janata Party (BJP) government had sops for almost every interest group
in the country. Only the middle class seemed to have been left out: rather than tax
cuts or sops, it has had to contend with higher cesses. An analysis of class-wise
voting trends suggests that Modi and his party can’t afford to take the support of
the middle class for granted. Data from past election studies conducted by the
Lokniti research program at the Centre for the Study of Developing Societies (CSDS)
shows that the middle and upper middle classes form the core support base of the
party, especially in urban India.
4. NPPA chief goes, now fix the NPPA
Pressure from the pharmaceuticals industry, many public-health activists have
argued, is what got the government to transfer National Pharmaceutical Pricing
Authority (NPPA) chief Bhupendra Singh before his term was over. While Singh is
to be blamed for arrogating too many powers to himself, the government must
share the blame. So, in the case of coronary stents, albeit after a high court order,
it was the central government that listed them under Schedule I of the Drug Price
Control Order (DPCO), which brought them under NPPA’s purview—it could have,
instead, negotiated bulk deals with manufacturers for government hospitals or
even for those who are insured by public sector insurance firms; indeed, this
should have been done for many other medicines’ supplies to primary health
centres.
International
5. The US has squandered its steel superiority
Donald Trump wants to help the steel industry in this country, and he’s
announced plans for protective tariffs, claiming that “trade wars are good, and
easy to win”. By way of explanation, Trump claims that steel—and many other
industries—has been “decimated by decades of unfair trade and bad policy.”
He’s correct about one thing: this has been a problem many decades in the
making. But it’s a problem rooted in disastrous decisions made by the steel
companies themselves. At the end of World War II, American steel had no real
challengers. It produced nearly three quarters of the world’s steel, and the
factories of its biggest competition—Japan and Germany—lay in ruins. Giants
like US Steel looked poised to dominate the world for the foreseeable future.
Instead, the industry was lapped by foreign producers—and unfair trade
practices were simply not a factor. Instead, the blame lies with US
manufacturers who held on to the so-called “open hearth” method of steel
production decades after its expiration date.
9 March 2018
7

Click excel icon
for detailed
valuation guide
CMP
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Aggregate
Banks - Private
AU Small Finance
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
(INR)
794
144
2925
749
18097
1545
27702
1231
855
209
3586
727
224
8733
316
346
646
TP
Valuation snapshot
% Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
Down-
(INR)
FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
side
1035
158
4031
880
21951
1899
34764
1540
714
268
3986
884
303
10972
437
515
741
30
10
38
17
21
23
25
25
-16
29
11
22
36
26
38
49
15
28.3 34.7 41.4 0.9
4.9
6.2
7.7
7.8
150.3 174.1 201.6 6.5
20.2 26.8 35.2 54.2
459.1 595.2 731.7 -3.0
63.1 84.7 111.7 -32.3
829.4 1,053.0 1,335.0 34.5
28.2 38.5 51.3 20.1
36.6 45.6 54.9 90.4
8.0 10.2 11.6 -1.3
185.0 200.1 212.6 9.4
37.7 43.9 48.4 37.8
9.6 12.2 15.1 107.8
275.6 369.9 471.3 10.8
8.1 12.5 17.5 5.0
28.0 57.9 58.5 41.1
13.9 25.1 33.9 18.5
19.9
10.6
14.7
7.4
0.9
5.5
67.0
12.5
3.0
61.1
8.6
32.7
15.8
1.9
18.2
15.3
31.0
9.0
6.6
6.5
80.6
16.5
3.2
78.9
12.2
41.5
22.7
3.8
23.9
21.6
44.6
10.9
10.2
8.2
100.9
21.0
3.9
101.4
16.8
54.2
30.3
4.9
30.8
-42.8
-4.4
5.3
-81.6
13.3
18.0
-18.3
0.4
27.0
LP
22.0
33.0
-22.6
24.8
15.6
22.7
26.7
15.8
32.7
29.6
34.1
27.0
36.7
24.3
27.5
8.2
16.4
27.2
34.2
54.7
107.1
80.5
45.2
43.9
111.4
22.2
616.0
19.1
20.3
32.0
7.0
29.2
41.6
26.9
43.7
97.1
31.2
35.1
19.4
24.0
15.8
31.5
22.9
31.9
26.8
33.2
20.6
13.6
6.2
10.1
23.9
27.4
39.6
1.1
34.9
15.1
41.1
43.7
21.4
53.4
26.1
25.2
27.6
21.9
28.5
37.7
30.5
33.2
30.4
28.8
29.8
42.0
222.3
89.1
14.5
84.7
65.3
158.0
71.3
42.4
34.2
27.5
21.5
26.1
23.4
16.3
25.2
22.1
28.1
29.4
19.5
37.2
39.4
24.5
33.4
43.7
23.3
26.0
19.4
19.3
23.3
31.7
39.1
12.4
46.4
24.2
54.9
35.4
21.9
152.0
17.0
27.6
23.8
16.4
27.8
7.2
33.0
28.8
13.1
16.9
26.5
13.8
NM
19.9
8.3
17.0
80.0
NM
277.5
42.0
35.7
18.6
23.1
13.2
54.2
41.8
91.4
13.2
22.9
23.2
16.8
28.0
30.4
18.2
26.3
31.9
18.8
20.4
17.9
16.6
18.3
23.6
25.2
6.0
25.7
16.6
38.2
16.8
17.9
21.2
14.3
23.0
18.0
15.3
21.5
5.1
26.0
20.0
6.6
12.9
19.6
8.1
87.5
6.7
6.9
11.4
14.3
16.2
12.6
29.0
26.3
14.3
19.5
10.4
45.6
36.7
80.2
11.5
4.5
6.2
4.5
7.2
5.7
2.4
10.6
8.4
3.5
3.3
6.2
3.0
2.3
6.4
7.0
1.7
10.6
4.3
7.2
2.0
2.0
2.1
1.5
3.9
2.2
1.1
4.4
0.6
4.3
2.9
0.9
2.8
2.9
0.8
0.6
0.5
0.9
0.5
1.1
0.5
0.8
3.9
5.4
4.0
6.0
5.2
2.1
8.0
7.0
3.0
2.9
5.4
2.7
2.0
5.5
5.9
1.3
7.9
3.6
6.1
1.8
1.8
1.9
1.3
3.4
2.0
1.0
3.7
0.6
3.7
2.6
0.8
2.4
2.6
17.3
22.1
24.2
21.0
15.2
10.1
36.2
21.0
17.2
12.6
34.0
14.4
10.4
19.8
19.2
14.7
24.9
17.9
14.1
5.9
10.1
1.4
9.4
16.2
8.1
6.8
17.0
8.9
13.2
12.2
6.9
17.6
10.8
18.3
24.7
25.3
23.5
17.9
12.3
34.6
23.9
17.3
14.4
32.0
14.4
11.7
22.8
25.4
24.3
35.3
21.7
17.2
11.1
10.4
9.5
9.8
15.9
10.1
6.9
19.1
11.9
14.3
13.8
12.7
19.9
13.1
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
584
520
162
141
93
1851
297
49
1696
62
1081
456
25
308
705
710
188
205
149
2400
405
65
2076
100
1220
680
38
410
21
36
16
46
60
30
36
31
22
62
13
49
51
33
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
134
100
250
282
97
257
96
185
150
415
430
215
375
145
38
51
66
53
122
46
51
9.8
-15.6
12.6
34.1
5.7
3.2
-40.5
16.7
1.1
37.3
40.6
8.5
18.0
5.9
23.7 182.1 70.7
3.7 Loss LP
70.6 -33.0 196.8
46.5 16.4 19.3
15.7 -8.8 49.5
29.7 978.7 459.4
15.3
PL
LP
-72.8 2,102
NA
42.3
38.9
34.5
26.5
22.1
8.0
5.4
32.8
45.2
35.4
30.2
18.7
26.8
18.8
14.0
13.9
15.4
0.8 2.0 5.5
0.6 -6.5 0.6
0.5 2.3 6.8
0.8 10.8 11.9
0.5 2.9 4.3
1.1 1.6 8.4
0.4 -16.7 2.7
0.7 0.3 5.7
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
155
1625
638
1428
496
538
1798
431
1205
225
2330
960
1520
720
540
2260
485
1630
45
43
50
6
45
0
26
13
35
3.7
5.3
7.6
45.6 61.7 82.8
34.2 44.6 56.8
61.8 73.3 89.1
37.4 47.5 59.9
9.9 11.8 14.6
43.0 49.0 57.0
4.7
5.4
6.7
91.1 105.1 128.3
4.1 3.1 12.6 12.4
5.7 4.8 20.1 19.8
2.4 2.1 13.7 15.6
4.3 3.6 20.4 20.2
1.8 1.5 14.0 15.8
16.2 13.4 32.9 32.2
4.9 4.3 17.6 16.5
2.9 2.4 21.7 21.1
3.7 3.3 29.9 30.4
9 March 2018
8

Click excel icon
for detailed
valuation guide
CMP
Company
L&T Fin Holdings
LIC Hsg Fin
MAS Financial
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Indu.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
Reco
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
(INR)
159
486
587
419
381
1118
550
1959
1328
TP
(INR)
240
608
750
575
475
1750
740
2500
1750
% Upside
EPS (INR)
Down-
FY18E FY19E FY20E
side
51
7.4 11.0 13.5
25
38.5 44.3 52.6
28
18.6 24.2 30.0
37
13.9 19.2 23.0
25
43.8 44.8 49.3
57
51.4 69.0 92.3
34
33.4 39.0 46.0
28
114.2 140.0 166.8
32
78.7 104.8 125.9
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
42.2
0.6
24.0
95.8
48.1
62.4
14.6
35.4
42.1
28.2
47.1
15.2
29.6
38.7
2.3
34.4
16.8
22.6
33.1
22.8
23.2
18.7
24.1
19.4
10.2
33.7
18.1
19.2
20.2
22.6
21.3
12.6
31.5
30.2
8.7
21.8
16.5
17.2
16.9
27.7
14.5
11.0
24.3
21.8
8.5
16.2
14.1
14.0
12.7
22.5
47.4
18.6
29.5
31.9
37.0
42.3
25.0
33.5
36.2
22.0
22.1
36.3
33.1
33.7
13.8
31.2
26.1
28.3
24.8
19.1
35.2
9.2
19.5
18.1
22.5
24.0
27.4
25.3
18.2
12.6
36.9
30.2
23.4
43.9
46.1
36.6
36.0
34.7
44.9
35.8
46.4
3.1
1.9
4.4
2.8
1.9
3.0
2.6
2.3
2.4
4.2
2.6
1.7
3.9
2.6
1.7
2.6
2.2
2.0
2.1
3.6
15.9
16.4
20.2
10.9
24.3
14.7
16.9
14.1
14.9
15.0
19.7
16.5
17.0
12.5
21.0
17.4
16.9
15.2
17.5
15.8
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
1429
148
86
784
240
79
783
388
503
411
1283
1101
982
1168
480
632
1240
210
80
780
305
90
1040
435
640
385
1650
1285
1100
1250
700
630
-13
42
-7
-1
27
14
33
12
27
-6
29
17
12
7
46
0
19.8
7.1
3.0
16.6
5.1
1.1
23.2
10.6
11.4
16.1
49.0
19.8
24.4
28.6
33.2
18.0
30.1
7.9
2.9
24.6
6.5
1.9
31.3
11.6
13.9
18.7
58.1
30.4
29.6
34.7
34.8
20.2
35.0 12.1 52.0 16.2 72.1
8.4 12.6 12.0 6.3 20.8
4.0 123.6 -2.6 37.5 28.7
31.2 36.0 48.2 26.9 47.3
7.7
9.8 26.1 18.4 46.7
3.0 -72.2 63.3 58.8 69.2
37.1 -12.4 34.6 18.6 33.7
13.2 84.1 9.6 13.9 36.7
17.2 19.4 21.6 24.1 44.1
24.1 35.5 16.6 28.5 25.6
69.3 15.7 18.8 19.2 26.2
34.6 10.9 53.8 13.8 55.8
36.7 18.4 21.5 23.7 40.2
39.0 -7.4 21.4 12.5 40.9
38.4 76.0 4.9 10.3 14.5
23.0 16.4 12.4 13.8 35.1
17.2 19.9 18.8 31.3
10.9
76.9
50.6
107.6
145.0
10.4
76.9
25.0
38.8
10.3
6.3
70.6
12.0
724.2
178.4
29.5
31.3
-69.0
41.2
-47.5
-33.4
31.8
34.7
-10.8
LP
713.3
LP
102.0
10.0
-7.4
-7.7
38.4
31.1
378.7
41.5
235.5
101.9
27.3
97.2
25.3
66.8
113.1
101.0
53.5
3.0
53.0
74.3
30.4
23.6
19.5
39.0
21.4
37.7
36.0
35.2
27.2
88.7
33.4
39.7
34.6
66.2
31.1
31.2
39.2
32.6
91.6
49.7
30.9
39.4
23.0
44.3
30.1
45.8
53.9
36.6
19.4
38.1
46.2
40.9
8.4 7.3 11.6 15.4
3.7 3.3 17.9 18.0
1.0 1.0 3.4 3.3
9.4 8.7 20.4 28.3
20.5 16.8 50.6 49.8
1.2 1.2 1.7 2.7
5.4 5.0 16.7 20.8
8.2 7.1 24.1 22.7
8.5 7.5 19.4 20.8
5.5 4.6 21.6 21.0
3.3 3.0 13.0 14.1
5.1 4.7 9.1 12.9
7.4 6.3 20.0 20.6
4.7 4.3 12.1 13.4
2.3 2.1 17.1 15.8
5.6 4.9 16.9 16.8
3.4 3.2 11.0 12.2
2.3
3.2
1.9
4.5
1.6
0.9
3.5
3.3
4.1
3.0
5.8
2.3
2.0
6.2
4.3
3.3
13.9
17.8
21.0
10.2
12.3
10.9
8.1
42.5
2.2
3.1
1.8
4.0
1.3
0.8
3.0
2.9
3.6
2.7
4.8
2.1
1.7
5.4
3.9
2.9
12.3
15.4
19.7
9.1
10.8
9.5
7.4
42.3
6.1
10.1
2.1
9.4
5.2
2.2
16.4
7.7
14.4
6.6
11.2
6.5
10.8
17.6
9.7
8.0
26.9
33.9
49.9
25.4
29.0
23.6
20.7
76.5
8.0
12.6
9.6
12.0
15.7
4.4
17.8
13.8
15.9
10.3
20.9
12.0
14.6
15.7
13.5
12.5
29.6
35.8
55.5
26.7
33.2
22.6
21.6
91.4
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Not Rated
Buy
Buy
Buy
236
1545
811
2723
1099
148
1022
415
732
150
120
921
112
16096
4110
290
1781
1234
3328
1242
148
1343
470
847
179
159
-
157
22424
5131
23
15
52
22
13
0
31
13
16
19
33
40
39
25
6.0
47.4
8.9
54.7
35.6
3.7
44.4
9.4
24.3
3.3
2.2
25.2
5.8
423.0
89.0
8.3
62.2
42.4
77.4
119.4
7.6
56.5
18.5
30.5
5.5
4.7
50.6
8.9
435.8
136.2
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
1126
4849
1035
325
1085
1079
6572
1293
1270
5995
1365
415
1505
1065
6350
1585
13
24
32
28
39
-1
-3
23
21.6
84.2
24.0
7.6
24.0
20.9
161.0
23.1
25.6 30.8 2.7 18.8 20.2 52.2
105.1 131.5 14.3 24.8 25.1 57.6
28.3 33.8 12.9 17.9 19.7 43.2
9.0
10.5 4.5 19.2 16.2 42.9
31.3 37.3 -9.6 30.5 19.1 45.2
24.1 27.5 10.6 15.1 14.2 51.6
183.8 215.7 3.1 14.1 17.4 40.8
27.9 32.9 17.6 20.7 18.1 56.0
9 March 2018
9

Click excel icon
for detailed
valuation guide
CMP
Company
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Laurus Labs
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR Constructions
Sadbhav Engineering
Aggregate
Logistics
Aegis Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Aggregate
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cable
Reco
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Not Rated
Buy
Neutral
(INR)
259
346
303
7712
20656
275
871
9276
166
1024
3013
TP
(INR)
278
380
345
7882
27490
314
1050
9303
-
1380
3515
% Upside
EPS (INR)
Down-
FY18E FY19E FY20E
side
8
9.0 10.2 11.4
10
8.1 10.7 13.3
14
6.4
7.6
9.0
2
140.0 159.1 192.3
33
297.1 415.7 549.8
14
8.9 12.4 16.8
21
17.7 20.8 24.1
0
142.1 171.3 200.8
3.5
6.4
9.7
35
14.1 17.4 22.9
17
32.9 57.0 78.7
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
6.6
-27.7
1.2
13.2
24.5
147.7
5.7
6.9
-2.0
62.0
22.9
9.0
13.7
32.0
19.2
13.6
39.9
38.7
17.8
20.5
83.8
23.9
73.4
18.5
12.4
24.2
18.4
20.8
32.2
35.6
15.5
17.3
52.1
31.2
38.1
17.3
28.9
42.6
47.7
55.1
69.5
30.8
49.2
65.3
47.7
72.8
91.7
44.3
25.4
32.3
40.0
48.5
49.7
22.2
41.8
54.2
26.0
58.8
52.9
37.4
21.5
25.0
20.5
12.1
55.0
18.5
21.3
22.8
18.9
53.8
16.8
13.6
41.5
22.8
12.8
17.8
19.2
31.3
15.4
16.2
23.6
21.5
21.3
24.1
8.7
21.2
24.0
14.9
25.1
12.6
24.4
18.8
22.1
6.3
6.0
14.8
23.2
27.7
3.2
11.5
36.7
2.3
10.2
15.9
11.9
5.8
5.8
14.0
21.7
22.2
2.8
9.9
30.7
2.1
8.9
11.8
10.8
22.8
13.8
33.0
43.4
39.9
10.8
25.2
61.2
4.9
14.9
17.3
26.9
23.8
18.3
36.0
46.2
44.6
13.3
25.4
61.8
8.5
16.2
22.3
28.9
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
543
2226
1348
589
600
388
577
1001
2146
148
552
108
2279
666
799
518
771
5070
408
660
515
1316
555
2500
1840
820
600
500
600
1100
2575
185
550
175
2500
750
1110
613
940
5600
749
989
675
1400
2
12
36
39
0
29
4
10
20
25
0
62
10
13
39
18
22
10
84
50
31
6
23.9
66.8
54.0
44.5
7.6
16.8
22.4
32.9
74.4
-0.8
30.6
6.3
49.1
21.4
47.8
19.0
32.3
141.7
13.3
14.1
13.6
48.0
25.3 30.1 10.8 5.9 19.0 22.7
88.9 109.9 -10.5 33.2 23.5 33.3
65.8 81.4 -5.8 21.9 23.6 25.0
48.7 53.6 13.2 9.4 10.1 13.2
10.9 19.8 -25.3 43.1 81.5 78.7
21.0 24.4 18.5 25.0 15.8 23.1
27.0 33.0 40.9 20.6 22.0 25.7
44.0 52.7 -17.7 33.9 19.7 30.5
113.2 145.0 2.4 52.2 28.0 28.8
2.8
7.3
PL
LP 164.5 NM
32.9 41.1 -22.2 7.7 24.7 18.1
7.9
11.0 -12.4 25.2 38.7 17.1
54.9 61.1 42.9 11.9 11.2 46.4
29.2 37.3 33.2 36.6 27.7 31.1
62.6 72.5 29.5 30.9 15.8 16.7
29.1 35.7 7.0 52.7 22.8 27.2
40.2 54.1 -43.0 24.6 34.6 23.9
161.8 186.9 9.8 14.2 15.5 35.8
26.5 33.4 -5.0 99.2 26.1 30.6
40.8 55.7 -56.2 188.8 36.7 46.7
21.9 27.9 -48.1 61.4 27.7 38.0
61.3 78.5 -12.9 27.6 28.0 27.4
-17.4 33.1 25.1 28.4
9.5
24.6
14.0
16.0
19.1
21.3
18.2
17.4
LP
24.8
41.2
27.1
79.9
-3.0
-17.3
14.9
101.0
-13.6
30.2
8.6
43.3
8.5
17.6
27.6
15.4
37.7
18.1
29.8
32.3
29.1
4.6 3.9 21.8 19.7
5.2 4.5 16.7 19.3
6.0 4.8 27.0 26.2
2.9 2.4 24.6 21.6
7.0 6.4 8.9 11.6
4.8 4.0 22.7 23.7
3.3 2.9 12.8 13.6
5.1 4.6 16.6 21.2
2.8 2.5 10.0 13.7
1.2 1.2 -0.7 2.2
3.0 2.6 16.4 15.3
2.0 1.8 13.2 13.9
11.1 12.7 23.9 30.5
3.1 2.8 10.5 13.0
3.0 2.5 19.7 21.4
3.6 3.0 14.1 18.3
2.4 2.2 10.4 12.0
5.7 5.3 16.1 16.8
3.2 2.7 11.0 19.0
2.1 1.9 4.6 12.1
3.3 3.0 8.8 13.3
4.6 4.0 17.6 19.9
3.6 3.2 12.6 14.8
2.2
1.2
3.7
3.5
2.1
10.6
2.0
3.2
2.1
3.4
2.1
1.1
3.2
3.1
1.8
8.0
1.8
3.0
2.0
3.1
5.5
15.5
23.6
13.5
13.3
31.6
11.7
11.2
6.5
11.6
8.9
13.4
16.2
13.7
12.3
36.3
15.3
12.9
10.7
14.0
33.2
20.9
0.2
8.4
5.2
Buy
Neutral
Buy
Buy
229
215
296
384
290
250
375
460
27
16
26
20
5.3
25.4
16.9
13.9
Buy
Buy
Neutral
Buy
245
162
1248
200
303
223
1469
237
24
38
18
19
6.5
8.9
41.9
6.2
9.7
12.9
51.2
10.6
12.5
14.9
58.2
13.1
80.4
-9.3
10.3
-9.0
12.0
50.1
44.2
22.3
71.3
31.5
28.0
15.8
13.5
23.4
16.8
Buy
Buy
Neutral
Buy
Buy
68
320
95
698
34
101
420
90
820
47
49
31
-5
17
38
-0.5
18.8
-2.9
8.3
-0.2
1.6
23.0
0.1
16.4
0.8
3.4
PL
LP 109.9 NM 42.4 16.9 12.1 -11.9
27.6 -7.6 22.0 20.1 17.0 13.9 3.2 2.7 20.1
4.0 Loss LP 5,545 NM 1,332.2 2.1 2.1 -6.3
28.7 -27.7 98.0 75.7 84.5 42.7 3.7 3.5 4.5
2.0 Loss LP 161.9 NM 44.7 2.4 2.3 -1.2
9 March 2018
10

Click excel icon
for detailed
valuation guide
CMP
Company
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
PC Jeweller
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
Reco
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
(INR)
226
88
159
377
1304
95
16
896
564
TP
(INR)
305
117
215
469
1760
130
27
1225
705
% Upside
EPS (INR)
Down-
FY18E FY19E FY20E
side
35
25.9 28.8 32.4
33
11.8 12.1 12.7
35
9.9 12.5 15.2
25
8.2 13.5 17.8
35
22.1 37.3 51.5
37
2.5
5.8
7.9
66
-0.9 0.1
0.6
37
27.7 35.8 42.5
25
13.7 17.6 21.0
EPS Gr. YoY (%)
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
0.2
59.3
-6.9
27.8
7.8
100.6
Loss
11.6
2.1
12.1
11.3
2.6
26.4
64.9
68.7
137.5
LP
29.1
28.7
43.8
12.6
4.9
21.5
31.4
37.9
36.4
411.6
18.7
19.3
28.1
8.7
7.9
7.5
7.3
16.1 12.7
45.8 27.8
59.0 34.9
38.8 16.3
NM 128.7
32.3 25.0
41.3 32.1
36.6 25.4
8.2
9.4
32.2
12.1
12.5
8.9
17.2
9.4
7.4
9.1
9.2
10.7
13.5
26.6
15.5
11.5
10.9
28.1
18.7
10.1
8.0
7.7
14.7
13.7
11.3
51.1
17.2
51.3
40.2
15.3
14.8
19.4
16.4
15.9
18.8
20.0
16.5
16.9
15.7
23.0
1.2
0.8
2.5
3.6
5.8
4.0
3.1
8.1
7.0
5.1
1.5
6.4
0.7
2.6
1.3
1.6
0.8
3.3
2.0
1.6
1.8
2.5
1.8
6.4
2.2
2.5
1.7
6.4
4.8
1.7
0.9
1.0
3.7
1.8
1.6
1.1 15.1 14.6
0.7 11.5 10.6
2.2 15.3 18.4
3.2 8.2 12.2
5.0 10.2 15.3
2.5 11.6 18.9
3.0 -15.8 2.4
7.4 26.1 30.9
5.9 18.2 20.0
4.4 14.0 17.4
1.3
4.4
0.7
2.2
1.2
1.5
0.8
2.5
1.8
1.4
1.5
2.2
1.7
5.4
2.0
2.2
1.5
5.4
4.4
1.5
0.8
1.0
3.1
1.6
1.5
14.0
35.3
-3.6
20.2
-0.9
18.4
-1.0
24.7
15.1
15.9
12.3
22.7
11.3
16.1
14.6
24.9
17.3
20.8
28.0
20.2
7.1
10.0
23.9
12.8
12.9
16.8
55.7
2.3
19.5
9.8
17.3
4.8
29.8
25.4
16.3
16.8
21.8
12.8
22.0
13.6
20.2
14.4
20.8
24.4
16.2
10.5
12.8
22.9
12.7
13.2
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Buy
Neutral
223
313
234
289
64
124
74
382
308
635
344
342
361
339
79
215
71
480
416
778
55
9
54
17
24
73
-4
26
35
22
19.5
21.6
-11.5
20.7
-0.5
13.7
-0.9
25.6
23.8
57.7
27.0
33.3
7.3
24.0
5.1
14.0
4.3
40.6
41.7
69.4
27.9 127.9 38.6 3.0 11.4
32.1 9.6 54.6 -3.8 14.5
11.9 Loss LP 63.4 NM
23.7 39.8 15.9 -1.0 14.0
5.3
PL
LP
2.6 NM
14.7 37.6 2.2 4.7 9.1
6.5 Loss LP 50.2 NM
44.6 165.9 58.6 9.8 14.9
43.4 57.4 74.8 4.2 12.9
61.5 51.9 20.4 -11.5 11.0
66.7 55.4 1.7 14.3
45.8
33.8
42.3
13.9
36.4
42.4
12.5
54.6
12.2
42.2
24.3
18.9
74.3
-22.0
17.4
28.2
40.1
-14.7
-7.7
7.4
27.0
-15.0
-22.6
7.1
24.3
19.6
3.4
9.2
22.0
59.6
4.1
-9.4
-9.4
17.2
-3.6
-7.7
56.7
32.5
13.4
10.3
11.8
11.3
4.6
28.7
8.3
15.8
21.1
13.2
1.2
5.0
3.3
4.1
17.9
11.6
10.6
11.7
16.5
42.4
16.1
10.4
9.9
32.9
18.0
9.3
12.6
10.2
16.6
15.1
12.6
66.2
21.8
65.2
51.1
17.2
15.4
21.5
18.0
17.6
21.4
25.0
18.9
19.7
19.3
27.3
Buy
Sell
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
442
437
873
199
361
382
311
1009
117
328
180
235
912
549
388
1014
188
530
513
416
1228
114
425
230
318
1111
24
-11
16
-5
47
34
34
22
-2
30
28
35
22
37.7
26.5
20.6
12.3
34.7
38.7
9.4
55.9
12.6
26.1
17.6
14.1
60.4
41.2
32.3
32.9
12.8
31.5
35.0
11.1
53.9
11.6
40.9
23.3
16.0
66.6
Neutral
Buy
Buy
2009
336
817
2185
685
990
9
104
21
30.3
15.4
12.5
39.3
19.5
15.9
51.6 186.2 29.6 31.3
24.9 44.4 26.6 27.6
19.8 38.8 27.0 24.1
48.6 27.2 26.0
45.9
68.9
20.9
78.6
17.2
86.1
47.8
54.6
60.6
60.5
51.5
18.1
3.1
21.2
2.6
0.8
18.5
31.5
12.9
17.4
14.4
30.8
12.1
3.8
10.9
9.7
10.5
13.7
24.6
14.8
16.9
22.8
18.4
13.2
7.5
13.4
11.2
29.1
15.2
17.2
8.3
16.2
14.3
18.2
14.9 15.2 22.5 29.8
3.4 2.9 16.9 18.4
13.8 12.8 23.4 25.9
9.8 8.9 19.2 22.2
3.0
3.7
5.4
4.2
2.4
6.1
5.2
3.2
3.1
3.3
8.8
2.7
3.4
4.7
3.6
2.1
4.9
4.5
2.9
2.8
3.1
7.0
17.4
25.1
26.9
24.3
14.3
32.1
19.9
15.3
16.1
17.8
36.0
17.8
23.9
25.8
23.1
13.8
29.0
24.0
18.7
17.6
21.0
33.8
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
621
949
357
1157
212
1405
818
830
880
832
1004
675
950
340
1250
219
1400
725
800
800
900
1236
9
0
-5
8
3
0
-11
-4
-9
8
23
36.2
61.7
16.6
64.4
12.0
65.7
32.7
43.9
44.6
43.1
36.8
40.6
64.1
18.4
70.7
13.3
74.7
40.8
50.4
52.2
53.0
43.6
9 March 2018
11

Click excel icon
for detailed
valuation guide
CMP
Company
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue Supermarts
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet Education
Oberoi Realty
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Team Lease Serv.
Trident
TTK Prestige
UPL
V-Guard
Reco
Neutral
Buy
Neutral
Buy
(INR)
3002
608
285
900
TP
(INR)
2700
700
300
1100
Valuation snapshot
% Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
Down-
FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
side
-10
130.6 147.3 161.0 -2.1 12.8 9.3 23.0 20.4 7.2 6.2 30.4 32.9
15
39.2 40.9 47.7 26.8 4.5 16.6 15.5 14.9 3.1 2.7 20.6 19.5
5
17.9 18.5 21.2 6.0 3.2 14.7 15.9 15.4 2.8 2.4 17.2 16.7
22
54.2 64.1 85.2 4.0 18.3 33.1 16.6 14.1 2.5 2.2 15.7 16.4
4.2 5.1 11.1 19.2 18.3 4.8 4.2 25.0 23.1
69
15
38
21
3.5
3.9
14.0 16.2
-10.7 -11.6
2.4 11.6
7.2 -68.7 12.2 84.4 115.3
17.8 -6.1 16.5 9.7 23.6
-9.7 Loss Loss Loss NM
23.6 -75.8 383.2 102.9 257.0
PL Loss LP -433.9
31.1
103.2
4.0
3.2
16.2
21.3
7.9
23.8
71.1
11.4
-18.1
7.5
20.7
-5.8
14.5
-8.4
63.6
17.8
2.0
2.9
45.1
93.7
-8.7
48.2
-42.2
49.0
79.5
41.6
-16.0
21.9
3.6
22.3
124.2
-12.2
14.5
-3.5
9.1
11.6
8.4
4.4
8.9
25.3
44.9
7.3
-15.4
28.5
15.1
20.9
49.0
26.3
23.8
37.4
21.0
8.7
-5.9
20.4
40.7
42.5
19.3
32.0
12.5
18.5
47.2
41.1
20.6
28.4
253.5
47.7
20.6
40.0
24.2
31.6
37.5
28.1
27.8
9.7
32.9
16.2
8.4
10.7
3.1
9.5
4.6
8.6
10.3
34.1
33.4
16.6
8.6
4.3
4.5
34.0
24.1
44.4
17.7
27.1
17.0
35.6
18.5
18.4
17.6
-3.5
27.3
16.4
27.1
32.1
17.7
47.9
25.8
15.4
17.9
12.1
16.6
11.1
18.6
11.0
12.9
11.6
16.4
13.6
34.9
102.8
44.9
18.3
29.0
21.6
52.7
31.5
20.2
12.4
51.4
13.9
42.0
35.7
24.7
18.7
36.5
43.5
29.2
28.0
22.3
34.5
50.5
9.3
48.6
16.6
51.4
102.7
20.3
NM
53.2
-1,538
11.4
10.3
22.0
8.6
11.2
9.6
11.0
10.8
28.2
74.8
37.1
16.9
30.8
18.0
37.5
22.1
16.9
9.4
45.7
11.7
28.5
25.3
20.5
14.6
10.3
29.4
24.2
20.0
17.9
26.2
36.7
7.3
38.1
15.1
38.7
2.4 2.3 2.1
4.1 4.2 17.0
1.3 1.6 -18.1
12.6 10.2 4.6
2.4 2.5 -0.6
7.4
1.1
1.2
0.9
1.3
1.8
1.7
2.0
6.9
1.0
1.2
0.9
1.2
1.6
1.5
1.9
44.7
10.6
6.7
8.5
10.5
16.5
10.8
14.8
2.3
20.4
-20.9
21.2
-0.2
60.8
10.4
5.5
10.8
11.3
17.5
14.5
17.3
Buy
Neutral
Buy
Buy
401
330
80
618
680
380
110
750
Buy
Buy
Sell
Buy
Buy
Buy
Sell
306
983
79
27
165
195
80
401
1408
61
37
210
282
74
31
43
-23
39
27
45
-7
18.5
88.8
4.3
2.4
12.9
16.9
4.9
26.8
95.2
3.6
3.1
14.8
20.4
7.3
Neutral
Sell
Sell
Neutral
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
396
1290
715
767
203
522
312
371
1292
93
1200
475
378
744
2598
142
498
962
857
2330
1848
273
2187
67
6705
712
230
402
920
578
950
242
523
382
458
1307
117
1550
664
467
1100
3293
194
608
1300
988
3500
2040
343
2700
114
5281
945
167
1
-29
-19
24
19
0
22
24
1
26
29
40
24
48
27
37
22
35
15
50
10
26
23
71
-21
33
-28
11.3
12.6
15.9
41.8
7.0
24.1
5.9
11.7
64.0
7.5
23.4
34.2
9.0
20.8
105.0
7.6
13.6
22.1
29.3
83.1
82.9
7.9
43.3
7.2
137.8
43.0
4.5
14.1
17.2
19.3
45.5
6.6
29.0
8.3
16.7
76.4
9.9
26.3
40.6
13.2
29.4
126.6
9.7
48.2
32.7
35.4
116.4
103.0
10.4
59.6
9.2
176.1
47.2
6.0
18.8
23.0
22.4
49.4
6.9
30.3
11.2
20.8
110.4
11.7
33.4
47.4
17.9
34.9
149.9
11.4
46.5
41.6
41.2
147.9
136.0
12.2
88.1
11.6
203.2
55.6
6.7
2.7 2.6 8.0 9.4
18.3 15.6 19.0 22.6
6.2 5.5 14.6 15.7
1.6 1.2 8.5 7.4
19.6 18.5 69.1 61.8
4.5 3.9 22.5 23.4
5.2 4.7 12.6 13.2
7.9 6.4 27.1 32.0
7.4 6.9 46.8 42.1
1.8 1.5 16.0 17.4
6.8 6.1 13.7 14.0
3.4 3.0 23.4 27.1
3.5 3.2 7.4 11.8
2.9 2.7 7.9 11.0
7.6 6.6 32.5 34.5
4.2 3.6 23.9 26.9
2.8 2.3 7.8 24.2
5.4 4.3 21.7 21.0
6.1 5.1 22.6 22.9
2.1 1.9 8.9 10.2
3.0 2.7 14.1 15.9
4.4 4.0 13.4 16.0
8.2 6.7 17.7 20.1
1.1 1.0 12.6 14.5
8.3 7.4 18.0 20.7
3.9 3.3 26.3 23.6
12.5 10.0 26.9 28.8
9 March 2018
12

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Banks - Private
AU Small Fin. Bank
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
1 Day (%)
2.8
2.3
0.5
0.8
1.2
1.0
0.9
-0.4
2.1
1.7
0.7
2.5
-1.5
0.6
2.2
-0.6
1.9
1.8
1.4
2.5
0.6
3.7
0.9
3.6
1.0
-0.4
-0.1
-0.4
0.5
2.7
-1.6
1.3
-1.4
0.2
-0.9
1.2
4.1
0.6
0.4
0.3
1.5
0.9
-0.5
0.5
2.0
-1.3
0.7
0.5
-1.0
-0.3
1.2
1M (%)
-1.9
7.4
-7.2
-1.5
-7.6
1.3
-1.5
3.8
-5.7
-0.8
0.0
-3.5
3.4
-3.3
-13.3
-7.7
-2.9
-3.2
-8.5
-4.0
-1.3
-1.7
-1.5
-11.2
-7.1
1.6
-13.0
3.0
-5.9
-9.2
-8.1
-14.0
-30.2
-22.5
-17.2
-39.3
-14.8
-23.1
-7.9
-2.0
-7.5
8.9
-3.4
5.5
-0.8
-2.2
-8.3
-2.8
-5.8
-6.6
-11.8
12M (%)
-4.5
58.4
2.1
44.0
-17.2
33.4
18.0
75.3
73.2
-1.4
9.6
11.7
10.6
48.9
33.7
-25.2
54.7
Company
MAS Financial Serv.
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
1 Day (%)
0.2
-2.4
1.4
-1.0
0.2
-0.1
-0.8
0.6
-0.3
1.8
2.9
0.2
-1.0
0.5
1.5
1.6
0.6
-2.1
-0.5
0.5
0.9
0.5
-1.9
-1.8
0.4
-1.3
2.3
0.6
-0.5
0.7
-0.5
3.4
-1.7
2.7
-0.6
-0.1
1.6
-0.3
-0.9
0.5
-1.7
-1.0
-0.3
0.1
-0.3
0.4
-0.8
0.1
-0.4
1.5
-0.3
0.4
1M (%)
-2.4
-10.2
-7.1
-0.7
-0.6
-10.6
-6.1
-9.9
8.2
-1.1
-10.7
-6.8
-6.4
-3.5
15.6
-4.8
-10.3
-6.4
-2.5
-16.1
5.4
-9.7
-8.7
-19.8
-2.6
-1.0
-8.6
-1.6
-0.6
0.6
-4.3
-10.5
-6.1
-8.5
-5.2
-1.2
0.1
4.8
-6.0
-4.3
-2.7
6.0
5.7
-2.9
-5.5
-2.3
1.0
10.3
0.1
-5.5
-1.6
-0.1
12M (%)
12.7
-11.7
1.9
38.1
19.0
6.7
-18.5
43.0
28.0
13.0
-9.1
34.7
18.7
152.0
30.5
-8.3
35.4
34.2
-15.2
64.0
4.7
10.7
17.3
44.4
31.4
-7.8
19.0
1.6
14.4
10.9
26.5
25.5
82.8
1.6
8.2
10.1
57.8
11.2
18.4
5.4
33.0
26.8
48.5
-2.1
-6.6
8.9
21.8
43.9
24.6
30.0
34.3
2.0
4.3
-15.2
10.5
33.1
19.0
-17.9
27.7
-12.8
31.1
-4.8
23.0
4.6
-15.6
-20.4
-12.7
0.1
-31.4
-4.8
-34.3
50.5
-3.5
52.4
51.3
47.6
31.5
40.8
31.9
-14.6
49.6
8.4
9 March 2018
13

MOSL Universe stock performance
Company
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Laurus Labs
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Aegis Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
1 Day (%)
0.0
0.4
-2.2
1.1
0.5
1.6
-0.6
-0.7
2.1
-0.6
1.0
-0.1
0.5
-1.3
0.1
-0.3
-1.1
0.4
1.4
-0.5
0.7
-0.3
-0.9
-1.8
-0.7
0.5
0.1
1.6
-1.5
7.1
-2.9
-0.1
0.7
0.7
-2.1
-2.8
-0.2
4.0
-0.5
0.6
-1.1
-0.1
1.4
0.3
0.6
0.6
0.2
-0.7
1.1
0.8
1M (%)
-13.9
-3.2
-4.5
-0.9
2.3
-3.7
-2.2
-2.4
-4.0
-6.0
-2.7
-1.5
17.5
-4.5
-8.8
-7.1
11.8
-17.5
-5.3
2.0
6.8
-21.5
-7.5
-11.7
-4.1
-2.2
-3.7
-3.3
-5.1
-7.9
-16.1
-7.1
-8.6
-7.9
-2.8
-15.9
-0.3
-12.6
-6.6
-8.9
-6.0
3.9
-7.7
-7.6
-18.8
-11.0
-3.3
-9.3
8.7
-12.1
12M (%)
32.1
31.8
34.6
-10.0
12.4
-21.3
-11.6
66.8
-12.2
-2.2
29.3
-24.8
-17.3
-38.3
-16.5
-15.5
20.9
8.7
-46.7
0.1
18.9
-35.5
-42.4
-24.3
-2.5
25.3
-6.0
63.9
36.9
20.8
-1.4
27.3
-21.1
-31.7
-16.0
16.9
-14.9
-11.1
-15.9
5.3
-15.7
-2.3
18.6
-56.9
21.2
9.9
17.3
5.7
91.3
Company
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
PC Jeweller
Titan Co.
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NHPC Ltd
NTPC
Power Grid
Tata Power
1 Day (%)
-0.1
1.8
0.8
4.0
0.7
-0.2
-2.0
-0.3
-0.9
1.2
-0.6
0.8
0.7
0.5
0.0
0.8
-2.9
-0.4
0.4
2.2
1.5
2.7
0.5
-0.8
0.1
0.7
1.2
0.5
2.2
-1.6
-1.4
0.3
-0.3
1.1
-0.9
0.1
-0.1
0.6
-0.5
0.0
-0.1
0.8
-0.2
1.3
2.1
-0.2
1.3
0.9
1.1
1M (%)
-5.0
-11.1
-6.9
-0.4
-13.8
-1.6
-5.4
-7.5
-5.5
2.5
-4.2
-9.9
-0.9
6.9
3.0
-1.1
-9.8
-4.5
-5.4
0.9
0.3
-12.1
2.1
-0.5
0.4
5.8
2.0
-4.0
2.2
11.7
-4.8
6.2
4.7
0.9
1.2
0.1
-1.6
-4.2
-6.6
-5.8
-7.2
-0.3
1.9
-0.9
-3.8
-7.1
1.0
0.8
-6.1
12M (%)
62.5
-13.8
-11.8
263.9
24.1
22.3
42.5
4.1
12.4
28.9
23.1
5.1
2.0
50.7
18.2
13.3
0.0
-6.5
21.7
41.1
90.3
78.6
85.9
33.5
12.1
61.0
14.8
59.5
100.5
74.2
42.2
111.2
33.9
38.8
19.4
24.0
15.4
-1.6
11.2
6.6
-25.1
-17.2
-4.5
21.3
28.1
-10.9
5.2
-0.1
-2.7
9 March 2018
14

MOSL Universe stock performance
Company
Others
Arvind
Avenue Super.
Bata India
BSE
Castrol India
Coromandel Intl
Delta Corp
Eveready Inds.
Interglobe
Indo Count
Info Edge
Kaveri Seed
Manpasand
MCX
Monsanto
Navneet Educat.
Oberoi Realty
PI Inds.
Piramal Enterp.
Quess Corp
SRF
S H Kelkar
Team Lease Serv.
Trident
UPL
V-Guard
1 Day (%)
1.9
-0.7
1.2
-1.5
1.7
-2.7
-1.3
-2.1
1.1
1.5
-0.8
3.2
-1.3
0.1
0.9
2.1
3.9
0.3
1.2
0.7
2.7
0.1
1.7
-1.3
1.3
1.2
1M (%)
-1.6
10.6
0.5
-8.0
3.9
-4.4
-6.9
-3.1
2.9
-12.2
-2.6
0.2
-7.1
0.6
4.1
2.7
4.4
4.5
-13.9
-0.3
0.1
-3.7
-1.1
-9.4
-0.8
5.5
12M (%)
1.4
43.7
-17.0
-0.8
62.2
82.8
61.2
46.9
-44.8
45.5
-8.1
6.2
-33.2
5.1
-3.3
46.9
4.1
22.7
51.4
18.0
-5.1
140.5
-14.1
0.6
30.8
9 March 2018
15

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

NOTES
9 March 2018
16

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all
jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall
be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees
to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL
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.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm
Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MSE); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100.
Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real
Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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