10 April 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
29,707
-0.7
Nifty-50
9,198
-0.7
Nifty-M 100
17,398
-0.4
Equities-Global
Close
Chg .%
S&P 500
2,356
-0.1
Nasdaq
5,878
0.0
FTSE 100
7,349
0.6
DAX
12,225
0.0
Hang Seng
10,274
0.0
Nikkei 225
18,665
0.4
Commodities
Close
Chg .%
Brent (US$/Bbl)
54
0.3
Gold ($/OZ)
1,254
0.2
Cu (US$/MT)
5,799
-0.5
Almn (US$/MT)
1,947
0.4
Currency
Close
Chg .%
USD/INR
64.3
-0.4
USD/EUR
1.1
-0.5
USD/JPY
111.1
0.3
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.8
0.1
10 Yrs AAA Corp
8.0
0.1
Flows (USD b)
7-Apr
MTD
FIIs
0.0
0.2
DIIs
0.1
0.1
Volumes (INRb)
7-Apr
MTD*
Cash
325
305
F&O
3,040
3,890
Note: YTD is calendar year, *Avg
YTD.%
11.6
12.4
21.2
YTD.%
5.2
9.2
2.9
6.5
9.4
-2.4
YTD.%
-2.1
8.9
5.0
14.3
YTD.%
-5.4
0.7
-5.0
YTDchg
0.3
0.4
YTD
6.8
0.3
YTD*
278
4,421
Today’s top research theme
YES BANK:
Re-rating led by diversification and balance sheet granularity
Robust capitalization | 2x+ system growth | Best-in-class return ratios
v
Recent capital raise of INR49b has added ~300bp to YES’ CET1 (~13%). With
incremental market share of 3.5%+, aggressive roll-out of retail/SME products
and strong corporate relationships, will drive loan CAGR (FY17-20) of 28%.
v
We expect balance sheet granularity to increase led by higher share of retail
loans (45% by FY20) and CASA ratio improvement (40% by FY20) owing to
strong branch expansion and a complete retail product suite.
v
YES’ credit appraisal is amongst the best with GNPLs less than 1% in a
challenging environment, despite clocking strong loan/PAT CAGR of 23/28%
over FY11-16.
v
Led by robust BV CAGR of 23% (highest in the system), superior RoEs of 20%+,
strong asset quality and increased balance sheet granularity, we believe YES
will bridge valuation gap v/s peers.
Research covered
Cos/Sector
Yes Bank
Info Edge India
Fuel or Engines
Key Highlights
Re-rating led by diversification and balance sheet granularity
Significant improvement in Zomato’s performance in FY17
Economy: Consumers v/s Businesses: Who will win?
Piping hot news
Biz confidence hits record high with cos upbeat on economy: CII
v
“A sharp uptick in business outlook, at the onset of 2017, underpins the hope
Quote of the day
You and I come by road or rail, but
economists travel on infrastructure
that the reform initiatives of the government would unravel a host of
investment opportunities for firms, going forward,” CII said on the surge in the
index.
Chart of the Day: YES BANK - Transformed business model in FY20 – Retail to account for ~45% of overall loan mix
FY11 - Significantly low retail loans, %
9MFY17 Retail banking gaining pace, %
Expect transformed business model by FY20, %
Research Team (Gautam.Duggad@MotilalOswal.com)
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.

In the news today
Kindly click on numbers for the detailed news link
1
Creation of integrated energy
major will not impact mega-
refinery project: Pradhan
The creation of ‘integrated energy
major’ will not affect the
proposed mega refinery project,
which is a combined initiative of
three public sector oil refining-
cum-retailing companies. “There
will no overlaps or conflicts…
2
Iran will cut some benefits to Indian state-run refiners on crude purchases
after New Delhi decided to reduce the amount of oil it buys from the
Persian Gulf nation, people with knowledge of the matter said. National
Iranian Oil Co. will cut the credit period on crude oil sales to 60 days from
90 days for refiners such as Mangalore Refinery & Petrochemicals Ltd. and
Indian Oil Corp., the people said, asking not be identified as the matter
isn’t public yet. Iran will also reduce the discounts it offers on the shipping
of crude to 60% from 80%, they added….
Iran said to cut benefits on oil sales to India’s IOC, MRPL after
reduced import
3
In sync with the jump in
benchmark equity indices, foreign
institutional investments into the
India’s stock markets have been
at record highs. Buying equities
worth Rs. 30,906 crore in March,
Foreign Institutional Investors set
a record for the highest monthly
inflows in the history of India’s
capital markets, according to data
provided…
4
True North-led consortium to
acquire Religare Health Insurance
A consortium of investors led by
True North (formerly India Value
Fund) has acquired Religare
Enterprises’ entire stake in
Religare Health Insurance
Company Ltd (RHI). Prior to the
deal, Religare Enterprises held 80
per cent (on a diluted basis) in
Religare Health Insurance…
At Rs. 30,906 cr, FII equity-buy
in March is highest ever
5
JLR to rev up on Indian roads,
launch 10 models in FY18
JLR wants to put more of its cars
on Indian roads. For this, it is
trying to close the price gap with
competing brands such as
Mercedes and BMW, and offer
more experiential drives to attract
buyers. The iconic brand, part of
the Tata Group, has typically
maintained a premium
positioning in the luxury car
segment, with its models priced
significantly higher than
competition in each segment. …
6
Taxpayers registered under the
new goods and services tax (GST)
regime that is set to be
implemented from 1 July will be
assigned a rating, based on how
promptly they upload invoices,
pay taxes and file returns. The
ratings will be made public on the
GST Network (GSTN) website as
tax authorities seek to build peer
pressure among companies…
10 April 2017
7
CREDAI members launch 352
affordable housing projects
Private real-estate developers on
Sunday launched 352 projects in
53 cities across 17 States with an
investment of Rs. 38,003 crore to
build 2,03,851 affordable houses.
“These housing projects are to be
taken up by the members of
CREDAI (Confederation of Real
Estate Developers’ Associations of
India) across the country…
Taxpayers to be rated on GST
compliance
2

7 April 2017
Update
| Sector:
Financials
Yes Bank
Buy
BSE SENSEX
29,707
S&P CNX
9,198
CMP: INR1,565
TP: INR2,110 (+35%)
Re-rating led by diversification and balance sheet granularity
Robust capitalization | 2x+ system growth | Best-in-class return ratios
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 (%)
n
YES IN
453.8
1570 / 827
5/16/66
704.8
10.3
3855
78.2
n
Financials Snapshot (INR b)
Y/E March
2017E 2018E 2019E
NII
58.6
76.3
96.3
OP
56.3
73.3
92.2
NP
33.3
43.4
54.6
NIM (%)
3.6
3.8
3.8
EPS (INR)
73.5
95.7 120.3
EPS Gr. (%)
21.6
30.3
25.7
BV/Sh. (INR)
469.3 545.5 641.2
ABV/Sh. (INR)
463.6 539.3 632.1
RoE (%)
19.0
18.9
20.3
RoA (%)
1.8
1.9
2.0
P/E(X)
21.3
16.4
13.0
P/BV (X)
3.3
2.9
2.4
Shareholding pattern (%)
As On
Dec-16 Sep-16 Dec-15
Promoter
21.8
21.9
22.0
DII
23.8
23.1
23.6
FII
42.0
42.6
41.4
Others
12.4
12.4
13.1
FII Includes depository receipts
Stock Performance (1-year)
Yes Bank
Sensex - Rebased
1,600
1,350
1,100
850
600
n
n
n
The recent capital raise of INR49b (30% of December 2016 net worth) has added
~300bp to Yes Bank’s (YES) CET1 ratio (~13%). With an incremental market share of
3.5%+, aggressive roll-out of retail/SME products and strong corporate relationships,
YES is expected to register loan CAGR (FY17-20) of 28% – at least 2x of system loan
growth.
YES has increased its branch strength at a 32% CAGR and SA deposits at a 90% CAGR
over FY11-16. The CASA ratio increased from just 11% in FY11 to 33% in 9MFY17. The
2020 CASA target of 40% could be achieved a year in advance, led by YES’ strong
branch expansion plans (2.5x in three years) and roll out of a complete product suite
for corporate/retail customers.
YES has maintained pristine asset quality (GNPLs less than 1%) in a challenging
environment, despite clocking strong loan growth. This speaks well for its credit
appraisal systems, given that the bank has achieved loan/PAT CAGR of 23/28% over
FY11-16.
Robust loan growth, NIM expansion (~20bp led by higher CASA and share of retail
loans) and rising fee income contribution are expected to drive a 27% PAT CAGR
through FY20. This will see RoA improving to ~2% (v/s 1.8% currently) and RoE being
maintained at 20%+.
YES is available at ~30% discount to private banks like HDFCB, IIB and KMB. Robust
BV CAGR of 23% (highest in the system), superior RoEs, strong asset quality and
increased balance sheet granularity (higher share of retail loans + CASA roll out)
should drive a re-rating, in our view. We expect YES to bridge the valuation gap v/s
peers, and thus, reiterate Buy with a target price of INR2,110 (3.3x FY19 BV).
Poised to leverage on investments in franchise, people and technology
YES’ strategy of targeting cash-rich regions (45% of branches concentrated in ~20
districts accounting for 56% of India’s deposit market share) has yielded rich
dividends, with 90% SA deposit CAGR over FY11-16. Continued strong branch
expansion plans (2.5x increase to 2,500 by FY20), increasing ‘feet on street’ and a
more complete product offering are expected to create higher presence and brand
visibility, enabling the bank to fast-track on its retail promise. We believe the CASA
target of 40% could even be achieved by 2019 (v/s its stated objective of 2020).
Full steam ahead on retail – the only missing piece
YES is expected to transform from a largely corporate lending bank to a well-
diversified private sector bank over next five years, with the proportion of branch
banking and retail assets increasing to 45% by FY20 from 31% currently.
Technological differentiation and ability to raise its cross-sell capabilities will be the
key catalysts. With incremental market share of 3.5%+, low-hanging fruits in
retail/SME business and strong corporate relationships, we expect YES to register
28% loan CAGR over FY17-20.
10 April 2017
3

Core PPoP CAGR of ~30% - Best-in-class
Corporate yields are under pressure owing to increasing competitive intensity due
to excess liquidity in the banking system and deepening of bond markets. However,
significant benefit on cost of funds (due to decline in bulk rates and strong CASA
flows), coupled with higher-yielding products (like credit cards and personal loans),
will help YES maintain/improve its near-term margins. Reduction in SA rates (~200bp
differential v/s large banks) by 50bp should help to improve margins by ~10bp and
earnings by ~3%. We factor in ~25bp NIM improvement by FY20E, driving NII CAGR
of 27% over FY17-20E. Corporate fees may come under pressure, but we expect a
sharp pick-up in retail fees led by addition of new value-add products.
Net stress loans one of the lowest in banking system
Structured transactions, adequate collaterals and out of consortium arrangements
have enabled YES to maintain pristine asset quality (GNPA ~85bp, NNPA ~30bp). The
bank has very small amount in OSRL (42bp), SDR (17bp) and 5:25 (9bp), which
provides comfort. Nevertheless, we conservatively factor in credit cost of 65bp, as
against average of 29bp over FY08-16 (the worst phase in terms of asset quality for
the Indian banking system) and 57bp in FY16.
Superior RoE maintained across cycles
YES’ has delivered sustainable RoE of 20%+ despite frequent capital raises. Healthy
NIMs, high contribution of fee income, opex control and pristine asset quality have
been the drivers of its superior performance. Post the recent capital raise of INR49b,
YES’ capitalization is one of the best in the system (CET1 ~13.1%). Our calculations
suggest that despite capital raise, RoE will remain strong at 19-20% over FY18-20.
Transformed balance sheet and strong capitalization to drive market share
gains – re-rating to continue
Core PPoP CAGR is expected to be robust at ~29%, driven by NIM expansion and
strong loan growth. Healthy asset quality and controlled credit costs will allow YES
to deliver ~27% PAT CAGR over FY17-20. We are confident in YES’ ability to generate
retail assets (45% by FY20), which will bridge the valuation gap v/s larger retail
banks. Re-rating will be driven by a) strongest BV CAGR of 23% v/s 15-16% for
HDFC/IIB/KMB, b) pristine asset quality trends, c) increased granularity in the
balance sheet and d) superior RoE of 20%+. YES has been a standout performer over
past three years with 3.7x returns, and we expect the outperformance to continue.
Return ratios will remain best in the system, with RoA of ~2% and RoE of 20%. Based
on residual income model, we raise our price target to IN2,110 (3.3x FY19 BV).
Reiterate
Buy.
10 April 2017
4

Info Edge India
BSE SENSEX
29,927
S&P CNX
9,262
7 April 2017
Update
| Sector:
Technology
CMP: INR837
TP: INR1,000 (+19%)
Buy
Significant improvement in Zomato’s performance in FY17
80% revenue growth; 81% reduction in cash burn
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 (%)
1,012/710
-2/-17/-12
97.3
1.5
67.0
79.0
Zomato detailed some key financials for FY17 on its blog, indicating continued
INFOE IN
traction in the business and also detailing certain unit economics in food delivery.
121.7
Key highlights:
Food ordering drives growth
Zomato reported revenue growth of 80% YoY to USD49m in FY17, contributed by
ad sales (USD38m; 78% of total) and the newly launched food ordering service
(USD9m; +8x YoY). 44% of incremental revenue was driven by food ordering. Exit
revenue in March 2017 was USD5m, implying annualized revenue rate of USD60m.
Financials Snapshot (INR b)
2017E 2018E 2019E
Y/E Mar
7.9
8.9
10.1
Sales
2.2
2.4
2.8
EBITDA
2.2
2.2
2.6
PAT
16.9
17.9
21.0
EPS (INR)
30.1
6.2
17.1
EPS Gr. (%)
159.4 169.6 182.3
BV/Sh. (INR)
11.1
10.9
11.9
RoE (%)
11.1
10.9
11.9
RoCE (%)
38.6
42.8
39.4
Payout (%)
Valuation
47.4
44.6
38.1
P/E (x)
36.7
32.7
27.2
EV/EBITDA (x)
10.1
8.9
7.7
EV/Sales (x)
Shareholding pattern (%)
As On
Dec-16 Sep-16 Dec-15
Promoter
42.6
42.9
43.2
DII
13.1
12.1
10.4
FII
33.3
33.9
35.1
Others
11.0
11.1
11.3
FII Includes depository receipts
Stock Performance (1-year)
Info Edg.(India)
Sensex - Rebased
Unit economics explained
n
n
n
n
Monthly order volumes in March stood at 2.1m (up four-fold YoY), 80% of
which were fulfilled by restaurants and 20% by Zomato.
Zomato has refrained from discounting, and applies it to <2% of the orders.
27% of the orders are discounted by the restaurants themselves.
Despite not discounting, on average, Zomato makes INR21 per order fulfilled
by the restaurant and loses ~INR9 per order it processes by itself. This is
primarily because of higher delivery and processing costs incurred by Zomato
when directly fulfilling.
On average, INR50 per order is paid to delivery partners. It costs its partners
INR62 to fulfill an order received from Zomato. Were Zomato to deliver on its
own, the delivery costs would work out to INR105 per day (lower volume
versus delivery partners).
Model allows less marketing spend
Zomato’s classified business (has 8.5m monthly unique customers in India) makes it
seamless for customers to move and transact (food ordering/table booking). This is
unlike other e-commerce players which pay large amounts to first acquire
customers and then to re-engage them. There is massive room to continue growing
transactions without spending much, as so far <3% of Zomato’s unique visitors are
currently ordering as well.
Valuation and view
n
1,000
940
880
820
760
700
n
n
The sharp reduction in Zomato’s burn is a significant positive, and if revenue
growth momentum continues on this base, the concerns on USD1b valuation
will be abated, particularly considering multiple valuation write-downs and
business shutdowns over past 12 months in the sector.
With the standalone business’ real estate segment struggling amid underlying
market slowdown, the blip in recruitment growth last quarter for INFOE was a
new worry. This will be the first full quarter of demonetization, and thus, the
recruitment business may remain soft for a while.
Amid growth pressure on standalone operations, robust execution in Zomato
will help provide a base for the stock, and continued scale may make a case for
capital raise at higher valuation. We have a
Buy
rating on the stock with a
target price of ~INR1,000 (~20% upside).
10 April 2017
5

F
UEL
Consumers v/s Businesses: Who will win?
The result will be either bad or worse
R
E
NGINES
10 April 2017
F
RIEND
O
F
T
HE
E
CONOMY
Whether demonetization has hurt economic activity or not is an ongoing debate; however, it has certainly hurt
sentiment of different participants in the economy. The future expectation index (FEI; based on forward-looking
surveys of the RBI) of households dipped in 4QFY17, but it remains considerably higher than that of the business
sector. While ~30% of households (the lowest in six quarters) expect the employment outlook to improve, only
~9% of businesses (up from multi-year low of 5.2% in 3QFY17) share this optimism. Further, while ~40% of
households perceive better income next year, only 1% of businesses (ironically the highest in six years) expect
better profit margin. Contrastingly, while a record-high 85% of households expect to increase spending next year,
less than one-third of businesses expect a better order book. As we had discussed
earlier,
this divergence in
expectations of consumers and businesses is one of the key reasons for weak investments amid resilient
consumption. Only one of these participants (consumers/businesses) will turn out to be correct, and the other will
have to change its expectations. In case businesses turn out to be correct, then consumer spending will moderate,
leading to a slowdown. On the other hand, if consumers prove to be correct, then businesses will turn more
confident, most likely resulting in higher inflation. The result, thus, will be either bad or worse. We believe that it
would be better if consumers alter their expectations as that will lead to more sustainable growth after a
transitory phase of slower growth.
While the current
assessment of consumers
and businesses has
generally moved in tandem,
Indian households have
been more optimistic than
businesses over past four
years
After the monetary policy announcement yesterday, the Reserve Bank of India (RBI)
released results of its forward-looking surveys. We find these survey results very
useful, as there are no other quantitative/qualitative measures to gauge what
consumers and businesses are thinking. These surveys include the perceptions of
households/consumers and businesses on a number of parameters, such as
employment, inflation, income (or profit margins for businesses) and spending
(order book). Ideally, the expectations of businesses and consumers should move in
the same direction as both are dependent on each other. The business sector
cannot expect higher demand or better profit margins unless consumers in the
society are confident about their income and spending. Nevertheless, this ideal
situation has been in disequilibrium over past 4-5 years. The RBI’s forward-looking
surveys show that, while the current assessment of consumers and businesses has
generally moved in tandem (barring the latest quarter, which may have been
distorted due to demonetization)
(Exhibit 1),
Indian households have been more
optimistic than businesses over past four years
(Exhibit 2).
Exhibit 2: …but consumers are more optimistic than
businesses
140
130
120
110
100
90
80
CCS: Future index
BEI: Next quarter
Exhibit 1:
C
urrent assessment of consumers and businesses is
in line with each other…
120
110
100
90
80
CCS: Current index
BEI: Current quarter
Source: Reserve Bank of India (RBI), CEIC, MoSL
10 April 2017
6

In conversation
1. M&M: Expecting growth to be higher than rest of the industry
in FY18, Pawan Goenka, MD
n
n
n
n
n
Had an inventory of 50,000 BS III vehicles, including two wheelers, four wheelers
and trucks, around March 20th when the Supreme Court had asked for the
numbers.
Seeing issues at the RTO’s end wherein they are refusing to register the vehicles
purchased before the cut-off date.
It would take a long time, maybe 3-5 months to export the vehicles as there is
no market to take up these vehicles immediately.
The cost of conversion to BS IV will range from as little as Rs 4000 in smaller
commercial vehicles to as high as Rs 2 lakh for trucks.
Confident that the growth for Mahindra would be more than the growth for the
industry and therefore we should see the market share go up.
2. JSW Steel: Can spend Rs6.5k-crore for acquisition, expansion,
Seshagiri Rao, Joint MD and Group CFO
n
n
n
n
Capable of spending up to USD one billion per annum without increasing debt
on capacity expansion and acquisitions.
The company would participate in the auctions of two iron ore mines in Odisha,
would also bid for coking coal mines in Jharkhand.
Talking about the bidding for all the five coking coal mines in the eastern state,
the company is evaluating the deal, will take a call only after the final details are
out.
At present we are buying everything (raw material) today; import around 8
million tonnes of coking coal each year.
3. India Cements: Demand pick-up not yet significant; hopeful of
further price hikes, N Srinivasan, VC & MD
n
n
n
n
Although the demand for cement has not been significant yet, quite optimistic
of seeing an increase in demand going forward.
Increase in volumes and prices are important for a cement industry, to help
manage rising costs. Taking all the necessary steps to protect margins.
The invoice price of cement in Andhra Pradesh had gone up from Rs340 to
Rs360 per bag but the real increase will be more because the cement was
available below the invoice price for some time and that correction will improve
the bottomline of cement companies.
Government’s focus on affordable housing and infrastructure spending has the
potential to increase cement demand but it has not yet translated on ground.
10 April 2017
7

From the think tank
1. No major ripples in the RBI pond. By Himadri Bhattacharya
n
As widely expected, the Monetary Policy Committee (MPC) of the Reserve Bank
of India unanimously voted to keep the policy rate unchanged at 6.25 per cent
in its first bi-monthly review meeting for 2017-18 held on April 6, 2017. The
meeting took place against the backdrop of favourable and improving domestic
and international economic conditions and a bullish equity market display on
the back of significant portfolio inflows and optimism surrounding the Goods
and Services Tax. Although it was almost a foregone conclusion that there would
be no change in the policy rate given the shift in the stance from
‘accommodative’ to ‘neutral’ at the MPC’s last meeting in February, the market
eagerly looked forward to obtaining indications and clues regarding the
trajectory of policy for the rest of the current fiscal year.
2. Fasal Bima Yojana needs fine-tuning. By Rajalakshmi Nirmal
n
A normal monsoon in 2016, after two years of drought, has not only led to a
bountiful harvest for farmers, but also filled the coffers of private insurers. The
Kharif 2016 season resulting in lower claims has helped private insurers in
particular rake in good profits from the Centre’s flagship scheme, the Pradhan
Mantri Fasal Bima Yojana (PMFBY). But a chink in the armour is the short tenure
of the policy that defeats the very purpose for which the scheme was launched.
Private insurers, not bound to bid every season, are unlikely to bet their shirt in
a bad monsoon year.
3. How Narendra Modi government got it right on kerosene
subsidies. By The Financial Express
n
A sharp 20% cut in supplies of subsidised kerosene by the government in the
first eleven months of FY17—this is more than double the previous high of 9% in
FY13—along with an increase in prices by a similar amount, though desirable
from the point of view of subsidy reduction, is probably political suicide. Yet, to
the extent the results of the last set of assembly elections, including in the
populous and poor Uttar Pradesh, can be seen as a verdict on the central
government’s policies on subsidy control, the BJP’s moves seem to have passed
the political test too.
4. RBI constrained by surplus liquidity, weak monetary policy
transmission. By N.R. Bhanumurthy
n
The monetary policy committee has maintained status quo on the policy
interest rate—the repo rate, at which the Reserve Bank of India (RBI) infuses
liquidity into the banking system. On the contrary, it has actually hiked the
reverse repo rate, at which it drains excess liquidity from the system, to 6%, thus
narrowing the policy rate corridor to 25 basis points from the existing 50 basis
points. One basis point is one-hundredth of a percentage point. Further, to
maintain liquidity neutrality, various measures such as variable rate repo
operations, open market operations, issuing cash management bills and market
stabilisation bonds were indicated.
10 April 2017
8

5. Things can only get better. By Chetan Ahya
n
Overall investment growth in the top five developed markets (DMs) and top 10
emerging markets (EMs), excluding China, slowed significantly in the aftermath
of the global credit crisis. In China, although investment growth has remained
higher than in other economies, it almost halved in pace in 2015-16 relative to
the 2000-07 period. However, there are early signs that global investment
growth may be accelerating. Particularly in DMs, investment growth seems to
have troughed during 2Q16 and is now likely to recover meaningfully in 2017
and 2018.
International
6. After the missiles, we need smart diplomacy on syria. By
Antony J. Blinken
n
President Donald J. Trump was right to strike at the regime of Syrian President
Bashar al-Assad for using a weapon of mass destruction, the nerve agent sarin,
against its own people. Mr. Trump may not want to be “president of the world”
but when a tyrant blatantly violates a basic norm of international conduct — in
this case, the ban on using chemical or biological weapons in armed conflict, put
in place after World War I — the world looks to America to act. Mr. Trump did,
and for that he should be commended.
10 April 2017
9

Click excel icon
for detailed
valuation guide
CMP
(INR)
891
84
2,833
1,067
22,745
1,375
25,778
801
520
225
3,217
1,276
218
6,264
468
469
Valuation snapshot
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
Tata Motors
TVS Motor
Aggregate
Banks - Private
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
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
Aggregate
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
TP
% Upside
EPS (INR)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY17E FY18E FY19E FY17E FY18E FY17E FY18E FY17E FY18E FY19E
1,084
94
3,282
1,182
22,924
1,406
28,811
841
598
270
3,390
1,573
-
7,299
609
500
22
12
16
11
1
2
12
5
15
20
5
23
17
30
7
29.3
4.2
133.7
25.3
472.3
89.9
615.4
22.3
23.2
8.4
172.2
61.7
5.4
253.2
11.5
11.2
37.3
43.4
5.2
6.6
154.8 174.0
37.2
50.6
667.8 764.1
107.6 140.6
854.5 1,047.6
29.4
37.4
34.1
43.4
9.8
11.9
185.1 188.3
75.4
89.5
9.9
11.8
307.6 374.1
29.4
62.0
15.2
21.6
30.4
19.8
21.2
42.2
48.2
15.3
41.9
36.0
22.4
26.8
18.7
20.7
40.7
24.7
40.6
41.8
28.2
36.5
23.6
29.1
19.9
25.4
16.0
20.5
29.2
NM
33.3
43.7
7.8
19.6
25.5
22.4
NM
12.1
49.2
10.0
568.6
28.2
33.3
17.9
29.9
34.8
17.7
13.0
47.7
31.7
13.8
16.3
11.8
42.5
12.7
23.9
16.2
18.3
28.7
34.1
12.8
30.2
27.2
15.3
22.9
17.4
16.9
22.1
20.4
15.9
30.9
20.2
21.1
19.5
26.7
16.7
21.6
15.5
15.7
24.1
6.1
27.1
30.1
7.0
16.0
20.4
8.9
9.7
8.5
11.7
9.0
6.8
12.0
17.1
5.0
12.9
25.3
18.4
10.4
37.8
28.7
11.3
13.3
8.7
30.7
11.0
6.0
3.8
5.9
6.3
9.2
2.3
14.7
6.5
2.6
3.9
6.8
3.1
2.5
5.8
1.9
9.6
4.2
2.2
2.4
2.5
1.7
4.4
1.9
1.4
4.2
0.7
4.2
4.9
0.7
4.0
3.0
1.1
0.6
0.6
0.7
0.9
0.4
0.8
1.3
0.5
1.0
7.2
3.9
1.5
13.7
5.9
3.4
2.9
2.7
3.0
2.4
5.0
3.4
5.2
5.5
7.6
2.0
10.6
5.4
2.3
3.4
5.8
2.9
2.3
4.8
1.7
7.8
3.6
2.0
2.2
2.3
1.6
3.8
1.8
1.3
3.7
0.7
3.7
4.3
0.7
3.3
2.7
1.0
0.6
0.6
0.7
0.8
0.3
0.8
1.2
0.5
0.9
5.8
3.2
1.4
11.3
5.4
3.0
2.5
2.4
2.9
2.1
21.7
20.6
29.5
15.7
18.2
16.4
40.7
19.6
12.1
14.5
39.5
14.5
6.4
22.4
4.7
25.1
14.7
6.2
10.9
10.7
9.0
18.5
10.5
7.1
15.5
-21.1
13.5
12.9
9.7
22.1
11.9
5.0
-2.5
5.2
1.4
9.3
0.1
3.0
3.9
2.8
3.2
22.7
29.6
14.4
31.4
19.1
25.9
19.5
23.9
7.2
19.7
22.9
22.3
30.2
20.5
24.5
16.9
40.9
21.6
15.9
15.0
36.2
13.9
10.8
23.0
11.2
27.8
18.0
9.9
11.8
8.9
10.0
18.9
9.8
8.7
16.4
11.6
14.5
15.2
10.0
22.6
13.4
11.9
6.0
7.0
5.8
9.6
5.2
6.7
7.3
9.7
7.0
25.5
19.3
13.9
32.7
18.1
28.3
20.3
29.0
9.6
20.2
22.0
24.9
30.0
23.7
23.4
18.9
36.7
22.9
17.5
16.0
31.9
14.7
11.5
23.1
20.4
31.4
21.2
15.2
13.1
9.6
11.7
19.3
10.5
10.1
17.2
12.5
16.0
17.4
11.3
23.0
14.9
14.8
9.2
10.5
7.3
10.6
6.1
8.3
9.3
13.0
9.2
27.3
20.4
14.5
32.0
17.1
30.5
20.3
32.2
11.6
20.6
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Buy
504
168
165
88
1,439
277
60
1,412
79
874
557
22
1,553
535
134
240
105
1,510
345
68
1,535
75
1,015
450
21
2,110
6
-20
45
20
5
25
13
9
-5
16
-19
-3
36
13.8
7.1
5.7
4.4
56.6
17.3
3.0
48.4
-25.2
26.3
12.7
2.8
79.3
23.9
8.6
6.2
5.2
66.7
17.8
3.8
58.7
13.0
32.3
18.5
3.1
97.0
40.6
10.9
7.4
6.7
79.0
20.5
4.8
71.2
15.4
41.3
24.3
3.8
118.4
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
169
140
305
75
271
143
149
289
152
221
123
300
49
330
114
185
350
172
31
-12
-1
-34
22
-20
24
21
13
7.5
-5.7
25.2
1.5
27.1
0.3
5.3
8.7
8.5
19.0
14.5
35.9
6.4
30.1
21.0
12.4
16.9
30.5
26.1
23.7
57.6
8.6
35.9
26.0
16.6
23.3
45.3
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Not Rated
Buy
Buy
1,199
789
383
381
1,484
955
625
96
336
378
1,276
848
500
348
1,580
1,015
693
-
323
409
6
7
31
-9
6
6
11
-4
8
34.4
44.6
29.6
8.0
46.7
69.3
38.3
8.2
7.9
29.7
47.5
42.8
36.7
10.1
51.7
84.4
46.9
11.1
10.9
34.5
64.0
55.1
42.7
12.0
57.3
102.7
55.3
14.0
14.1
40.0
10 April 2017
10

Click excel icon
for detailed
valuation guide
CMP
(INR)
152
695
184
2,275
1,089
TP
% Upside
(INR) Downside
117
-23
752
8
134
-27
2,500
10
1,225
13
Valuation snapshot
FY19E
16.8
17.6
19.1
17.5
16.7
18.1
15.9
19.1
4.0
66.1
6.0
25.3
19.2
25.1
14.6
16.2
12.7
11.8
14.2
19.0
-11.0
13.2
17.3
17.1
12.7
7.1
13.2
13.2
12.9
14.8
7.7
16.0
14.7
18.5
11.3
20.8
23.5
15.1
13.6
32.4
38.0
68.5
27.1
33.2
21.9
23.1
92.5
28.7
18.1
34.6
42.3
43.2
Company
Reco
PFC
Neutral
Repco Home
Buy
REC
Neutral
Shriram City Union Buy
STF
Buy
Aggregate
Capital Goods
ABB
Neutral
Bharat Elec.
Buy
BHEL
Sell
CG Cons. Elec.
Buy
CG Power & Indu. Sell
Cummins
Neutral
GE T&D
Neutral
Havells
Neutral
Inox Wind
Neutral
K E C Intl
Buy
L&T
Buy
Pennar Eng.
Not Rated
Siemens
Neutral
Solar Ind
Neutral
Suzlon Energy
Not Rated
Thermax
Sell
Va Tech Wab.
Buy
Voltas
Neutral
Aggregate
Cement
Ambuja Cem.
Buy
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Neutral
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Neutral
HUL
Neutral
ITC
Buy
Jyothy Lab
Neutral
Marico
Buy
Nestle
Neutral
Page Inds
Buy
EPS (INR)
P/E (x)
P/B (x)
ROE (%)
FY17E FY18E FY19E FY17E FY18E FY17E FY18E FY17E FY18E
25.7 27.2
30.2
5.9
5.6
1.0
0.9
17.9 17.0
28.6 34.0
40.2
24.3 20.4
3.9
3.3
17.3 17.5
31.4 35.0
40.4
5.9
5.3
1.1
0.9
19.9 19.1
91.8 134.5 164.6 24.8 16.9
3.0
2.6
12.7 16.5
55.3 81.9 100.5 19.7 13.3
2.2
2.0
11.7 15.5
17.2 14.8
3.0
2.7
17.6 18.0
18.4
6.5
5.5
4.6
3.6
26.6
6.0
8.9
17.5
10.5
53.6
5.8
17.0
19.0
0.6
23.5
26.5
13.6
26.1
7.3
5.7
5.5
3.9
30.5
11.0
12.1
16.6
12.3
63.6
7.5
25.7
22.3
0.9
28.4
34.5
14.9
32.6
8.5
5.8
6.7
4.5
36.5
11.4
14.1
17.7
13.5
74.4
10.0
33.5
26.5
1.0
31.5
40.3
16.9
75.0
25.9
31.6
47.2
21.6
36.2
56.5
52.8
10.6
20.4
31.5
22.8
76.4
43.4
29.8
41.4
25.6
30.2
34.8
49.6
43.5
34.8
70.4
15.4
31.9
28.4
76.2
24.1
NM
NM
48.7
44.6
36.0
52.7
46.4
46.7
38.5
42.3
45.7
33.8
47.9
32.6
42.8
49.2
55.7
60.9
52.9
22.9
30.6
39.5
20.2
31.6
30.8
39.1
11.2
17.5
26.5
17.6
50.5
37.0
21.4
34.3
19.6
27.4
29.4
36.1
31.4
18.2
45.4
12.2
18.7
24.9
36.9
22.3
45.0
39.6
36.8
33.9
26.7
47.8
40.2
39.3
34.0
34.7
39.5
30.1
42.9
29.2
37.9
42.7
45.9
47.0
8.9
4.9
1.3
35.8
1.1
7.7
6.7
10.7
1.9
3.2
3.3
2.0
7.0
7.4
-1.7
4.6
3.5
5.0
3.9
2.5
3.3
2.1
4.7
1.7
1.3
3.6
3.9
4.3
3.1
5.5
8.8
4.9
3.5
16.2
17.8
24.4
10.1
12.5
9.6
7.7
33.0
8.6
6.8
14.8
20.9
25.1
7.6
4.3
1.2
24.3
1.1
7.0
6.0
9.6
1.6
2.7
3.0
1.8
6.0
6.4
-1.9
4.3
3.1
4.4
3.5
2.4
3.3
1.9
4.3
1.5
1.3
3.2
3.8
3.7
2.9
4.9
7.3
4.4
3.2
14.3
14.1
22.9
8.6
10.6
8.1
6.8
34.3
7.6
6.2
12.8
18.1
19.8
11.9
20.4
4.0
94.3
5.4
22.6
11.7
20.3
19.2
16.6
10.9
8.6
9.2
18.4
NM
11.6
8.9
17.6
11.2
5.0
7.5
6.0
6.8
11.7
4.0
13.3
5.2
19.6
-3.7
-3.1
19.2
11.5
9.7
32.8
43.1
54.9
28.3
33.8
22.5
24.6
67.6
28.4
16.4
33.3
38.8
41.3
14.4
18.8
4.0
73.3
5.5
23.2
20.7
24.6
15.7
16.8
11.9
10.0
11.9
18.6
-8.8
12.9
16.7
17.1
12.0
6.8
10.4
10.9
9.8
13.2
6.2
13.6
10.5
18.0
6.6
13.1
21.7
13.6
11.9
31.8
39.2
60.1
27.2
33.0
22.2
24.0
78.4
27.6
17.1
32.1
42.3
42.2
1,381
168
175
215
79
964
340
472
185
214
1,687
132
1,299
826
19
974
679
410
1,190
180
115
205
45
990
340
425
175
175
1,660
-
1,340
800
-
781
760
365
-14
7
-34
-5
-43
3
0
-10
-6
-18
-2
3
-3
-20
12
-11
242
1,467
750
2,159
1,055
163
927
451
671
143
104
17,702
4,085
277
1,339
869
2,392
1,067
152
1,103
526
815
167
118
20,072
4,735
14
-9
16
11
1
-7
19
17
22
17
13
13
16
4.9
6.7
33.7 46.7
21.5 41.2
30.7 47.5
68.7 86.6
5.1
8.7
32.6 37.2
5.9
12.2
27.8 30.1
-1.8
3.2
-0.6
2.6
363.2 480.6
91.6 120.5
7.2
58.6
54.4
70.1
111.1
11.9
49.3
17.8
36.2
5.8
4.8
642.3
151.6
1,081
3,349
1,012
281
1,035
1,698
5,202
923
273
341
299
6,608
14,345
1,145
4,065
1,200
310
1,295
1,740
5,410
945
320
380
340
7,010
17,480
6
21
19
10
25
2
4
2
17
11
14
6
22
20.5 22.6
72.2 83.3
21.7 25.8
7.3
8.3
24.5 29.8
37.1 42.9
153.9 173.1
19.3 21.5
8.4
9.3
8.0
9.0
6.1
7.0
118.7 144.0
235.6 305.1
26.7
101.7
31.6
9.7
36.0
49.8
190.8
24.8
11.0
10.5
8.4
171.0
388.4
10 April 2017
11

Click excel icon
for detailed
valuation guide
CMP
(INR)
245
707
7,330
767
2,022
TP
% Upside
(INR) Downside
250
2
740
5
8,790
20
1,030
34
2,520
25
Valuation snapshot
FY19E
13.2
23.4
29.5
16.8
23.8
30.4
26.0
21.7
29.9
23.9
15.3
27.9
13.8
18.8
15.2
6.1
19.1
18.3
56.9
15.9
22.1
19.4
21.0
20.7
29.6
18.9
14.8
46.8
11.8
15.3
25.4
18.6
14.9
43.9
26.8
8.8
15.8
7.0
20.4
22.0
11.1
29.0
29.4
21.6
16.8
28.2
-0.6
17.9
9.9
15.1
Company
Parag Milk
Pidilite Ind.
P&G Hygiene
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
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
Reco
Neutral
Neutral
Buy
Buy
Buy
EPS (INR)
P/E (x)
P/B (x)
ROE (%)
FY17E FY18E FY19E FY17E FY18E FY17E FY18E FY17E FY18E
0.8
6.9
12.5 301.7 35.2
3.0
2.8
1.3
8.2
16.6 18.3
20.5
42.6 38.7 11.0
8.9
27.9 25.4
145.7 167.7 198.8 50.3 43.7 13.6 11.7 29.0 28.8
10.7 14.3
18.4
71.9 53.6
8.6
7.6
12.6 15.0
28.6 42.2
58.7
70.6 48.0 13.3 10.6 20.8 22.1
42.6 37.4 12.6 11.1 29.6 29.6
21.6 28.5
79.3 85.7
56.0 63.8
40.1 47.0
32.2 34.1
12.0 17.7
17.9 22.0
43.0 32.9
76.1 110.9
2.6
3.2
40.6 49.2
6.8
7.7
34.5 55.5
15.8 27.9
61.4 78.6
129.0 157.8
27.1 32.5
13.0 16.1
56.6 76.3
35.8
100.0
79.6
54.6
42.7
23.0
28.5
38.6
147.2
6.5
60.5
11.3
64.4
37.3
88.8
189.9
38.7
18.0
93.4
28.7
27.7
30.7
16.4
34.1
37.9
33.0
14.5
34.9
71.3
21.2
20.4
79.0
40.3
23.0
35.9
24.5
41.8
25.7
27.2
19.3
49.6
37.7
31.6
16.9
13.6
31.7
69.0
19.1
NM
11.4
10.6
17.4
73.8
NM
30.8
48.1
39.2
11.4
14.7
NM
14.7
19.0
11.2
21.8
25.7
27.0
14.0
32.2
25.8
26.8
18.9
24.0
58.4
17.5
18.0
49.1
22.8
17.9
29.4
20.5
33.7
19.1
22.2
16.0
39.2
28.1
16.8
8.9
10.9
23.2
37.4
16.9
40.7
10.5
10.5
15.3
43.0
NM
26.0
31.7
28.4
8.6
11.0
NM
10.9
13.8
11.0
6.2
6.2
9.6
4.2
4.9
7.6
3.6
3.5
3.3
2.1
4.3
3.2
17.7
3.3
4.8
5.8
4.7
8.4
6.2
4.8
2.5
22.0
3.2
2.2
2.3
2.1
3.5
19.9
4.7
1.0
1.9
0.8
3.4
7.5
4.5
7.7
10.7
6.4
1.6
3.9
0.3
2.2
1.4
1.8
5.0
5.2
7.4
3.3
4.4
6.2
3.3
3.2
2.9
1.8
3.3
2.4
21.1
2.9
3.9
5.3
4.0
6.9
5.1
4.1
2.2
16.8
3.0
2.1
2.0
1.8
3.2
13.0
4.2
1.0
1.6
0.7
2.9
6.5
3.8
7.1
8.7
5.6
1.4
3.2
0.3
1.9
1.3
1.7
23.3
24.4
35.9
28.8
14.3
21.4
11.0
25.4
9.8
3.0
20.1
18.8
22.4
8.4
22.8
16.2
19.8
22.2
25.9
17.6
11.5
50.5
8.8
7.2
12.4
16.7
11.0
33.6
26.2
-4.1
18.5
7.7
20.7
10.6
-21.7
25.1
29.1
16.3
15.4
24.0
-7.5
16.2
7.5
13.4
25.5
22.0
30.9
26.0
13.6
26.5
12.2
17.7
12.9
3.3
19.0
15.8
43.0
13.5
23.8
18.1
20.9
22.5
29.3
18.3
14.8
48.6
11.2
12.9
19.4
17.8
13.7
42.0
26.2
2.5
16.8
7.1
20.6
16.3
0.0
27.3
30.3
19.6
17.5
31.8
-4.5
18.7
9.6
15.5
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Not Rated
Buy
621
2,201
1,720
659
1,098
455
589
622
2,658
186
863
139
2,726
638
1,410
4,632
666
544
1,456
630
1,850
2,028
915
800
510
550
600
3,050
240
990
160
2,700
540
1,850
5,000
850
-
1,700
1
-16
18
39
-27
12
-7
-4
15
29
15
15
-1
-15
31
8
28
17
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
175
5,089
1,120
263
141
230
191
-
1,047
314
-
-
9
-7
20
9.0
10.9
102.5 129.9
29.7 39.9
8.3
8.4
16.9
15.7
15.9
21.0
12.3
163.2
44.9
20.1
23.9
25.9
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
100
390
89
288
85
187
1,533
38
774
547
115
450
90
360
90
225
1,533
40
800
610
16
16
1
25
5
20
0
6
3
11
1.4
20.4
-3.6
25.2
8.0
10.8
20.8
-1.8
25.1
11.4
2.7
23.0
2.2
27.4
8.2
12.2
35.7
0.0
29.7
17.3
4.3
26.5
8.5
30.3
8.7
13.9
56.8
1.2
34.5
20.6
Buy
Neutral
Buy
Buy
Buy
Buy
194
284
129
200
74
135
235
268
180
222
83
178
21
-6
39
11
12
32
16.9
19.3
-22.3
13.6
3.9
12.1
22.6
25.7
-17.5
18.3
5.3
12.3
25.4
28.0
-2.2
20.5
5.8
13.0
10 April 2017
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
66
269
493
Valuation snapshot
FY19E
0.5
17.2
26.5
12.7
21.4
14.4
14.5
18.6
18.8
19.2
21.4
11.6
11.7
27.2
11.7
13.4
24.9
20.3
19.7
16.3
28.1
22.7
22.1
14.9
32.1
21.7
14.7
16.0
20.1
40.8
33.0
19.2
17.8
19.7
23.1
Company
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Titan Co.
Aggregate
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
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Aggregate
Others
Arvind
Bata India
Castrol India
Reco
Sell
Neutral
Sell
TP
% Upside
EPS (INR)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY17E FY18E FY19E FY17E FY18E FY17E FY18E FY17E FY18E
30
-55
-7.4 -12.6
0.4
NM
NM
0.8
0.9
-8.1 -15.4
279
4
17.9 28.3
31.4
15.0
9.5
1.7
1.5
11.5 17.0
440
-11
18.9 39.4
45.7
26.1 12.5
4.0
3.2
13.6 28.2
19.7 13.9
1.6
1.5
7.9
10.5
778
335
163
620
458
1,032
114
382
204
460
1,240
15
-13
2
16
15
4
6
15
9
13
-12
55.9
21.7
8.9
53.5
43.7
43.3
12.2
28.6
12.2
22.2
99.6
53.7
28.9
11.0
44.9
39.4
43.8
11.4
33.1
16.1
26.5
113.9
58.4
32.5
13.2
45.8
41.0
49.4
12.8
37.8
17.3
36.2
123.2
12.1
17.8
17.9
10.0
9.1
23.0
8.8
11.7
15.3
18.4
14.1
13.2
84.3
51.6
55.5
15.5
14.8
15.5
15.8
11.3
13.2
18.0
13.0
12.1
15.3
25.9
18.5
13.6
15.5
14.2
16.6
12.6
13.4
14.4
11.9
10.1
22.7
9.4
10.1
11.5
15.4
12.3
12.1
47.8
46.6
47.6
12.8
13.2
14.2
14.7
9.5
12.2
12.9
12.9
9.4
13.1
21.3
16.8
12.4
13.7
11.4
15.3
3.1
2.0
2.1
2.6
2.2
4.8
2.3
1.1
1.3
4.0
1.6
1.8
8.5
10.3
10.2
2.3
3.7
3.8
3.3
1.6
4.9
3.0
2.0
1.6
2.3
9.9
5.7
2.5
2.5
2.5
3.9
2.0
3.6
1.3
-71.0
2.3
6.9
1.9
1.2
1.5
2.1
2.4
2.7
5.6
32.7
2.7
1.8
1.9
2.3
1.9
4.2
2.0
1.1
1.3
3.4
1.4
1.6
9.3
9.0
9.2
2.0
3.6
3.2
3.0
1.4
4.1
2.6
1.9
1.4
2.2
7.9
5.8
2.2
2.2
2.1
3.7
2.0
3.2
1.6
45.7
2.3
6.9
1.7
1.2
1.4
1.8
2.2
2.4
5.0
29.4
27.1
13.0
12.0
27.8
26.0
22.3
29.6
9.8
8.4
23.9
11.6
13.5
10.1
21.5
18.4
14.8
27.0
26.5
23.0
13.7
41.4
17.0
14.1
13.5
16.9
42.5
33.0
20.1
16.8
19.1
23.4
6.5
15.7
-4.2
-50.2
5.7
41.1
11.1
7.3
10.6
17.3
16.0
22.7
14.0
13.5
20.7
20.4
19.7
22.7
10.8
11.1
24.0
12.0
13.5
19.5
20.6
19.3
16.0
27.8
24.4
22.1
15.9
36.6
21.5
14.9
15.9
17.9
41.3
33.4
19.5
17.2
20.4
24.0
Buy
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
675
387
159
535
397
994
107
334
186
408
1,406
Neutral
Neutral
1,039
486
1,110
485
7
0
12.3
9.4
21.7
10.4
29.1
11.8
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Buy
480
849
212
981
130
710
447
556
439
571
1,535
2,427
443
512
925
600
1,000
220
1,250
150
800
530
550
470
730
1,780
2,550
550
540
1,200
25
18
4
27
15
13
19
-1
7
28
16
5
24
6
30
30.9 37.6
57.2 64.3
13.7 14.9
62.0 66.6
11.5 13.8
53.6 58.0
24.9 34.6
42.7 43.0
36.2 46.8
37.4 43.4
59.3 72.1
131.3 144.7
32.5 35.7
33.0 37.5
65.3 81.4
43.1
70.3
16.3
73.3
15.0
60.8
39.4
44.9
52.9
50.5
89.0
154.7
40.2
42.9
92.0
Buy
Buy
Buy
Buy
345
348
87
712
410
435
120
811
19
25
37
14
11.0
15.5
-3.0
6.2
5.1
16.7
-15.4
25.6
9.4
19.9
-16.9
44.1
31.2 67.6
22.4 20.8
NM
NM
114.9 27.8
39.7 825.9
16.7
16.7
17.2
14.1
12.8
14.9
29.2
51.3
31.1
14.5
11.3
29.0
11.7
11.0
12.7
18.2
39.3
28.5
2.9
5.2
15.9 16.7
-25.3 -37.1
924.0 117.3
0.3
2.3
47.4
15.8
4.3
11.9
17.5
17.3
53.2
15.2
1.4
13.3
17.7
18.3
Neutral
Buy
Buy
Buy
Buy
284
843
66
168
195
307
970
73
199
243
8
15
10
19
24
17.0
50.4
3.9
11.9
15.3
19.6
74.7
2.3
14.3
17.7
22.1
82.2
0.8
17.3
20.7
Buy
Buy
Buy
395
558
424
430
495
510
9
-11
20
13.5
10.9
13.6
21.8
14.2
14.9
28.6
17.7
15.2
10.4 14.0 16.3
11.3 13.4 15.0
110.9 108.6 100.4
10 April 2017
13

Click excel icon
for detailed
valuation guide
CMP
Company
Reco
(INR)
Century Ply.
Buy
260
Coromandel Intl Under Review 323
Delta Corp
Buy
182
Dynamatic Tech Buy
2,901
Eveready Inds.
Buy
281
Interglobe
Neutral
1,036
Indo Count
Buy
196
Info Edge
Buy
841
Inox Leisure
Sell
297
Jain Irrigation
Under Review 101
Just Dial
Buy
520
Kaveri Seed
Buy
549
Kitex Garm.
Buy
437
Manpasand
Buy
710
MCX
Buy
1,217
Monsanto
Buy
2,483
Navneet Education Buy
163
PI Inds.
Buy
829
Piramal Enterp.
Buy
1,918
SRF
Buy
1,636
S H Kelkar
Buy
307
Symphony
Sell
1,504
TTK Prestige
Neutral
6,252
V-Guard
Neutral
182
Wonderla
Buy
386
TP
% Upside
(INR) Downside
274
5
-
229
26
3,334
15
287
2
1,010
-2
211
8
1,000
19
230
-23
-
443
-15
577
5
551
26
843
19
1,400
15
2,841
14
210
29
1,046
26
2,200
15
1,825
12
371
21
1,288
-14
5,281
-16
140
-23
393
2
Valuation snapshot
FY19E
28.6
22.7
17.0
24.3
32.4
106.3
27.3
11.9
14.3
14.8
16.2
22.9
27.7
16.3
15.0
39.6
30.9
27.8
18.2
19.1
19.1
66.3
22.2
27.6
17.5
EPS (INR)
P/E (x)
P/B (x)
ROE (%)
FY17E FY18E FY19E FY17E FY18E FY17E FY18E FY17E FY18E
7.7
8.6
11.4
33.6 30.1
8.8
7.3
28.9 26.5
15.9 19.6
25.1
20.2 16.4
3.5
3.1
18.2 20.1
3.3
6.9
7.6
55.8 26.5
4.8
3.6
9.0
15.7
67.6 112.9 166.7 42.9 25.7
5.9
4.8
15.1 20.7
11.4 13.9
16.9
24.7 20.3
7.5
6.0
34.7 33.0
39.0 64.7
78.0
26.6 16.0 18.2 15.4 72.2 104.1
13.7 17.5
21.1
14.3 11.2
4.1
3.0
33.8 30.8
16.9 17.9
21.0
49.8 46.9
5.3
5.0
11.1 10.9
2.5
8.2
11.5 118.8 36.4
4.7
4.1
3.8
11.5
5.5
7.6
10.0
18.1 13.2
1.5
1.5
8.6
11.7
17.2 18.5
22.1
30.3 28.2
4.7
4.1
16.5 15.5
23.4 28.6
36.1
23.4 19.2
3.9
3.7
17.3 19.8
26.0 31.0
36.7
16.8 14.1
4.5
3.7
29.9 28.7
14.9 23.1
38.3
47.6 30.7
3.5
3.2
8.6
9.6
26.3 30.0
42.5
46.2 40.6
4.7
4.5
10.6 11.3
72.9 89.3 109.3 34.0 27.8 10.3
9.7
30.4 35.9
6.6
8.6
10.5
24.5 18.9
6.2
5.2
26.0 30.0
30.4 34.8
43.6
27.3 23.8
7.5
6.0
30.9 27.9
74.5 127.1 164.7 25.7 15.1
2.5
2.3
10.0 15.7
82.4 99.9 125.1 19.9 16.4
3.1
2.7
16.5 17.4
7.7
10.3
13.3
39.9 29.8
5.3
4.7
13.9 16.8
27.0 35.1
42.9
55.7 42.8 30.3 25.8 56.8 65.0
106.9 137.7 176.0 58.5 45.4
9.3
8.4
16.5 19.4
3.7
4.6
5.4
49.1 39.7 13.0 10.4 29.4 29.1
7.0
11.9
16.0
55.2 32.3
5.0
4.5
9.5
14.8
10 April 2017
14

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
Tata Motors
TVS Motor
Banks - Private
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
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
-1.2
-0.9
1.1
-2.0
-0.6
-0.7
0.9
3.0
-1.7
-1.1
0.4
-1.0
-2.6
-0.3
-1.1
4.2
-1.0
-1.2
-1.9
-1.2
0.2
-1.4
-0.5
-0.6
-0.6
-2.2
1.8
0.9
-0.7
-3.1
-0.8
-1.8
-1.6
-3.9
-2.5
-1.6
-1.1
-1.9
0.0
2.1
-1.8
-2.2
0.0
-2.1
0.0
1.5
0.4
-0.8
-1.7
-2.6
-0.8
-0.4
0.9
1M (%)
5.7
-8.4
-1.5
1.8
6.7
17.9
11.0
14.7
5.2
5.1
-2.5
-3.3
8.9
6.4
0.2
10.3
-1.5
7.7
-3.0
3.8
3.8
0.3
-0.3
6.1
11.3
7.0
17.5
5.1
7.2
5.2
10.9
5.3
-2.7
-4.5
15.1
5.1
8.0
2.1
13.9
-3.3
16.7
4.5
8.7
12.1
10.1
-2.1
17.0
7.8
11.2
9.7
18.1
14.5
19.5
12M (%)
2.9
-21.9
19.3
37.2
20.2
26.5
36.6
250.2
67.7
8.4
5.2
16.6
80.4
24.8
49.0
18.1
101.6
105.0
36.3
25.8
20.1
50.2
33.4
31.9
37.8
85.9
17.7
54.0
72.0
11.1
172.5
66.0
84.1
58.9
21.4
71.6
43.6
104.4
52.4
38.3
55.6
34.5
168.8
37.8
114.1
80.2
11.3
128.0
15.0
51.4
Company
Capital Goods
ABB
Bharat Elec.
BHEL
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
Inox Wind
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
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
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
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
1 Day (%)
6.1
1.1
-2.2
-1.2
-1.1
0.5
2.8
1.7
2.0
-1.7
0.2
-2.7
-0.1
1.4
-1.6
-1.4
-3.1
-0.7
-0.2
-1.3
-0.3
2.2
-1.3
-1.1
-0.5
-0.6
0.4
-1.8
0.2
0.8
-0.6
-0.4
-0.2
0.6
-1.1
-0.5
0.3
0.6
-1.1
-0.6
-2.0
0.1
0.0
-0.8
2.0
-0.6
-0.5
0.3
-0.5
0.2
0.2
-1.5
-1.6
1M (%)
14.2
9.3
9.0
15.2
11.3
11.3
21.9
11.6
9.8
28.3
13.6
17.5
7.2
13.6
6.5
11.8
19.2
6.1
7.7
5.7
8.8
13.6
4.8
-0.4
7.6
10.1
2.9
2.1
10.6
12.0
7.8
5.7
9.5
9.4
2.0
-1.0
4.1
0.1
5.8
3.2
-7.0
7.2
4.8
0.2
10.1
5.1
5.4
-1.3
-10.9
5.5
7.5
0.8
-1.0
12M (%)
5.6
44.9
46.6
54.3
12.0
-20.0
46.5
-25.1
71.1
42.6
-18.8
18.5
20.3
32.7
28.6
26.7
51.2
7.2
3.5
97.0
170.3
35.0
87.9
39.4
38.1
59.3
-5.8
27.3
44.5
30.1
26.1
24.0
23.1
13.6
11.3
25.5
-12.3
7.3
28.7
14.5
21.1
12.7
17.5
19.3
15.2
-6.3
-14.3
9.2
64.7
22.4
-12.5
10 April 2017
15

MOSL Universe stock performance
Company
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
Titan Co.
1 Day (%)
-1.7
1.5
0.0
-1.1
-2.0
-1.7
-0.6
-1.6
-0.2
0.3
-2.6
-1.3
-3.0
0.1
-1.8
-1.4
-1.3
6.5
0.3
-0.6
-1.7
-3.6
-1.1
-1.2
-0.4
1.1
0.0
1.6
0.1
-2.0
-0.9
-0.2
-1.5
-2.8
-2.1
-0.7
-1.5
-1.6
-0.9
-1.7
4.6
-0.1
-0.4
2.0
3.1
0.0
-0.3
0.0
-0.5
-0.9
-2.3
-2.1
-0.3
1M (%)
1.8
4.4
0.2
-17.6
-6.8
2.8
-4.3
7.1
1.2
16.3
-3.1
7.7
-2.0
10.3
7.8
5.0
16.8
12.4
4.0
8.6
9.6
0.2
3.1
7.9
5.9
-0.1
0.0
14.1
0.7
4.3
8.0
0.5
3.7
3.3
10.0
-5.1
-8.2
9.9
3.2
2.3
6.6
-1.6
-1.0
1.4
4.9
-4.7
2.1
-0.5
-5.0
3.3
7.7
-1.8
10.5
12M (%)
104.6
42.4
16.0
-38.7
-12.3
6.0
12.8
16.9
-25.6
14.2
-6.4
7.3
-18.1
48.4
5.3
15.0
-16.2
10.0
-3.1
23.5
38.6
16.5
25.3
-2.1
15.2
10.6
19.3
111.4
9.1
118.7
42.6
121.9
93.0
114.2
56.3
90.9
32.6
56.4
212.9
52.2
56.4
51.1
18.0
96.8
93.3
84.1
53.2
39.8
34.5
70.0
35.4
-15.8
43.4
Company
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
NTPC
Power Grid
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
1 Day (%)
-1.7
-0.3
0.5
-1.8
-0.3
-0.7
-0.4
-1.2
3.7
-1.2
-1.5
1.1
-0.8
-0.3
0.2
0.8
2.5
0.9
-1.4
-0.9
0.7
-1.7
0.3
-1.0
-2.2
-0.2
-0.7
0.3
3.3
-1.7
2.7
1.6
-1.0
-1.1
0.5
-0.2
-1.0
-2.6
-0.8
-1.1
-0.7
1.6
-0.1
-2.3
-1.5
-0.8
-0.7
1.8
-0.5
2.0
3.4
-0.5
1M (%)
1.8
-0.8
-5.7
-3.8
-3.7
1.1
-6.7
-6.0
5.1
-7.5
5.3
-2.9
-11.3
3.6
0.8
-4.6
12.0
-19.6
-5.6
-12.0
3.0
3.9
6.4
0.4
0.0
10.7
3.6
7.0
-0.5
6.3
-0.7
18.9
20.4
15.1
1.7
11.8
10.1
-11.4
5.1
3.5
-2.6
10.6
0.4
9.4
1.0
1.6
3.3
7.3
13.7
9.4
2.4
1.2
12M (%)
6.8
2.5
-15.5
-17.0
-10.4
-33.5
19.6
-10.5
-21.2
-17.6
-1.8
0.9
-7.4
-2.5
3.9
-6.8
-20.2
86.8
1.0
78.9
0.5
32.5
39.4
51.5
6.7
13.6
53.0
69.9
128.0
42.5
19.4
4.5
-0.1
9.3
48.2
70.1
-28.7
46.1
-2.4
55.9
47.6
53.7
91.9
47.9
75.9
29.7
31.7
24.5
45.6
178.8
2.0
10 April 2017
16

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
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DIFFERENTIATED PRODUCT GALLERY

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