25 September 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
31,922
-1.4
Nifty-50
9,964
-1.6
Nifty-M 100
18,394
-2.9
Equities-Global
Close
Chg .%
S&P 500
2,502
0.1
Nasdaq
6,427
0.1
FTSE 100
7,311
0.6
DAX
12,592
-0.1
Hang Seng
11,109
-0.8
Nikkei 225
20,296
-0.3
Commodities
Close
Chg .%
Brent (US$/Bbl)
57
1.3
Gold ($/OZ)
1,296
0.2
Cu (US$/MT)
6,416
-0.4
Almn (US$/MT)
2,137
-0.5
Currency
Close
Chg .%
USD/INR
64.8
-0.1
USD/EUR
1.2
0.5
USD/JPY
112.1
-0.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.7
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
22-Sep
MTD
FIIs
-0.2
-1.1
DIIs
0.1
1.5
Volumes (INRb)
22-Sep
MTD*
Cash
340
322
F&O
6,997
5,637
Note: YTD is calendar year, *Avg
YTD.%
19.9
21.7
28.2
YTD.%
11.8
19.4
2.3
9.7
18.2
6.2
YTD.%
2.2
11.8
16.2
25.4
YTD.%
-4.5
13.5
-4.3
YTDchg
0.1
0.0
YTD
5.7
8.1
YTD*
292
5,323
Today’s top research idea
Dish TV India: Cost synergies not fully factored in stock price;
Expect healthy EBITDA growth for merged entity in FY19
v
Videocon D2H’s merger should drive synergies of INR2.4b/INR4b in FY19/20
(management expects synergies of INR5.1b in FY19), implying combined
EBITDA of INR26.8b/INR31.9b in FY19/20.
v
DITV’s ARPU should gradually recover, as (a) the effects of demonetization
wane, (b) HD contribution rises, (c) GST leads to better tax compliance by
LCOs and (d) competitive intensity diminishes with consolidation.
v
DD Freedish remains a near-term risk, but the FTA market may not favorably
offset broadcaster’s loss of Pay TV subscription revenue. Thus, the risk of DD
Freedish may subside beyond 1-2 years.
v
We expect DTH operators to be insulated from RJio’s wireline launch, given it
will be more urban-specific with slow scalability and high ARPU offerings.
v
DITV is trading at EV of 5.8x FY19E EBITDA, including merger synergies. Buy
with a TP of INR106 (8x FY19E EBITDA of INR26.8b, incl. synergies).
Research covered
Cos/Sector
Dish TV
Hindustan Unilever
Cement
Key Highlights
Cost synergies not fully factored in stock price
Expect gradual improvement
North companies better placed for 2HFY18
Piping hot news
Opec, Russia hold steady on cuts as oil market improves
v
The Organization of Petroleum Exporting Countries (Opec) and Russia said
they were about halfway toward clearing a global oil glut and urged fellow
producers to stay focused and finish the job, while stopping short of additional
action to reassure a jittery market.
Chart of the Day: OMCs’ earnings are highly sensitive to GRM; expect OMCs to clock
strong GRM in 2QFY18
Sensitivity to USD1/bbl change in GRM (%)
IOC
Expect USD9.5/bbl GRM in 2QFY18 vs
USD6.5/bbl in 1QFY18 and USD4.3/bbl
in 2QFY17
HPCL
Expect USD10/bbl GRM in 2QFY18 vs
USD8.8/bbl in 1QFY18 and USD4.2/bbl
in 2QFY17
BPCL
Expect USD10/bbl GRM in 2QFY18 vs
USD4.9/bbl in 1QFY18 and USD4.6/bbl
in 2QFY17
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 textbox for the detailed news link
1
Indian stocks see net outflows
from FIIs so far in FY18
Foreign investments in Indian
stocks so far in this fiscal year,
show net outflows as expensive
valuations and tensions in Korean
peninsula weighed on investor
sentiment. US Federal Reserve’s
unwinding plan also bothered
investors, but asset managers say
the impact of it is …
2
Poor rain, floods may bring down rice output by 1.9 mt in kharif
season
The country's rice output is likely to fall by 1.9 million tonnes (mt) to 94.48
mt in kharif season this year due to poor rain as well as floods.
According to official sources, production of pulses and coarse cereals is
estimated to have fallen, dragging the overall foodgrains output in kharif
(summer-sown) season to 134.67 mt from record 138.52 mt during last
kharif season. Kharif foodgrains basket comprises rice, pulses and coarse
cereals. Harvesting will start from next month. Barring sugarcane, the
production of all major kharif crops is likely to decline…
3
Vodafone moves Supreme
Court, seeks access to cost
model used to calculate IUC
Vodafone India has approached
the Supreme Court seeking access
to the cost model used by the
telecom regulator to calculate
how much one operator must pay
another to connect calls between
their networks…
4
IUC charge cut may trigger a
faster shift to VoLTE services
The 57% cut in interconnect usage
charge and decision to scrap it
altogether from January 2020 is
likely to drive incumbent telecom
operators such as Bharti Airtel,
Vodafone India and Idea Cellular
to rapidly launch and expand
calling over VoLTE technology, and
unveil more bundled offers to
protect their turf…
5
Indian Oil, HPCL, BPCL eyeing
electric vehicles, renewables
business
Wary of being left behind in the
race for renewables and electric
vehicles, oil marketing companies
are quietly drawing up plans to
expand their modest presence in
renewable energy space…
6
Aditya Birla’s acquisition bid
may value Aleris Corp at $2.5
billion
Billionaire Kumar Mangalam
Birla’s Aditya Birla Group is
readying a bid for aluminium
maker Aleris Corp., according to
two people directly aware of the
development. The group’s bid may
assign a $2.5 billion enterprise
value for Cleveland, Ohio-based
Aleris, the people cited above said
on condition of anonymity…
25 September 2017
7
Essar to set up 4 small &
medium LNG terminals
Essar Ports is looking to set up a
cluster of small and medium sized
terminals for handling liquefied
natural gas on India’s west and
east coasts to capitalise on the
growing demand for the cleaner
fuel…
2

Dish TV India
BSE SENSEX
32,370
S&P CNX
10,122
25 September 2017
Update
| Sector:
Media
CMP: INR78
TP: INR106(+36%)
Buy
Cost synergies not fully factored in stock price
Expect healthy EBITDA growth for merged entity in FY19
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 (%)
DITV IN
1,066
111 / 70
-3/-39/-36
83.1
1.3
516
35.6
DITV’s stock price has declined 27% in the last six months on weak revenue/EBITDA
performance. Though ARPU expectations remain moderate and DD Free Dish remains a
near-term risk, we believe the current stock price does not factor in the high synergies
expected from the merger of Videocon D2H. We reiterate Buy.
Merger to provide stimulus to margins
Videocon D2H’s merger should drive synergies of INR2.4b (340bp synergy gains) in
FY19 and INR4b (510bp synergy gains) in FY20, implying combined EBITDA of
INR26.8b in FY19 and INR31.9b in FY20. Videocon’s high content cost of 40% of
total revenues (INR82/subscriber/month against DITV’s 30% or
INR51/subscriber/month) should get rationalized. Additionally, GST of 18% as
against 15% service tax and 6-7% entertainment tax should help save an additional
400-500bp.
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E MARCH
Net Sales
30.1
32.3
35.6
EBITDA
9.7
10.1
12.0
Adj. NP
1.1
1.1
2.6
Adj. EPS (INR)
1.0
1.0
2.4
Adj. EPS Gr. % -84.2
-1.0 136.2
BV/Sh (INR)
4.6
5.6
8.0
P/E (x)
76.1
76.8
32.5
P/BV (x)
16.9
13.9
9.7
EV/EBITDA (x)
9.4
9.1
7.2
RoE (%)
25.1
19.9
35.2
RoCE (%)
25.5
16.9
25.5
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
64.4
64.4
64.4
DII
8.2
8.2
7.3
FII
17.3
16.8
19.1
Others
10.1
10.6
9.3
FII Includes depository receipts
Stock Performance (1-year)
Dish TV
Sensex - Rebased
116
102
88
74
60
DD Free Dish a near-term risk, but long-term economics unfavorable
DD Free Dish has drawn high interest from broadcasters in the recent auctions,
posing a risk to current Pay TV subscribers and 40m-45m phase-IV analog
subscribers yet to get digitized. We believe chasing advertisement revenue from
the FTA market at the cost of subscription revenue is unfavorable for broadcasters.
Their loss of subscription revenue share from DD Free Dish subscribers is INR3.8b
higher than the corresponding FTA ad market opportunity. This would increase to
INR13.3b, assuming 30m Phase-IV analog subscribers shift to DD Free Dish.
ARPU under pressure in the near term, but should recover gradually
DITV’s ARPU, which has been under pressure for 3-4 quarters, should gradually
recover, as (a) the effects of demonetization wane, (b) HD contribution rises, (c)
GST leads to better tax compliance by LCOs, and (d) competitive intensity
diminishes with consolidation. We expect flat ARPU in FY18 and build a moderate
2% ARPU CAGR over FY17-20.
OTT could take time share, but complete shift of users unlikely
OTT did not impact usage of Pay TV even during RJio’s free data period. RJio’s
wireline launch could be a threat to DTH players. However, given that it will be
urban region specific, with slow scalability and high ARPU offerings, we believe
DTH operators should be insulated.
Attractively priced; below 6x on EV/EBITDA (including merger gains)
For the combined entity, we expect 9% revenue CAGR and 17% EBITDA CAGR over
FY17-20. This is on the back of 8%/1% CAGR in net subscribers/ARPUs and
including EBITDA synergies of INR2.4b/INR4b in FY19/20E. We believe merger
synergies are not fully captured in valuations. DITV is valued at an EV of 6.4x
25 September 2017
3

FY19E merged EBITDA of INR24.4b, excluding synergies. The stock is trading at an EV
of 5.8x FY19E and 4.5x FY20E EBITDA if we factor merger synergies of INR2.4b in
FY19 and INR4b in FY20 (significantly lower than the management’s expectation of
INR5.1b synergies in FY19). We remain positive on DITV, with a TP of INR106 (8x
FY19E EBITDA of INR26.8b including merger synergies of INR2.4b).
Exhibit 1: Valuation (INR m)
Dish + Videocon
EBITDA (excl. synergies)
Market Cap
Net Debt
Enterprise Value
EV/EBITDA (x)
EBITDA Synergies
EBITDA (incl synergies)
Enterprise Value
EV/EBITDA (x)
Target Multiple (x)
Enterprise Value
Net debt
Market Cap
No of Shares (m)
Target Price (INR)
CMP (INR)
Upside (%)
FY19E
24,372
1,44,670
10,896
1,55,566
6.4
2,443
26,815
1,55,566
5.8
8.0
2,14,522
10,896
2,03,626
1,924
106
78
36%
FY20E
27,898
1,44,670
-2,318
1,42,352
5.1
4,056
31,954
1,42,352
4.5
8.0
2,55,636
(2,318)
2,57,954
1,924
134
78
72%
Source: Company, MOSL
Exhibit 2: Dish TV India – 1-year forward EV/EBITDA trend
EV/EBDITA (x)
50
38
26
14
2
14.4
12.3
7.3
Peak( x)
Avg (x)
Median (x)
Min (x)
44.9
Source: MOSL, Company
25 September 2017
4

Hindustan Unilever
BSE SENSEX
31,922
S&P CNX
9,964
22 September 2017
Update | Sector: Consumer
CMP: INR1,240
TP: INR1,400 (+13%)
Expect gradual improvement
CSD segment yet to recover to normalcy
Buy
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)/Vol m
Free float (%)
HUVR IN
2,164.3
1286 / 783
1/29/25
2683.2
41.4
1283
32.8
We spoke with Hindustan Unilever’s (HUL) management to understand the latest trends
in its business. Key takeaways:
n
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
313.0 346.2 392.7
EBITDA(INR b)
60.5
70.5
83.5
Net Profit
42.5
49.7
59.2
EPS
19.6
22.9
27.4
EPS Gr. (%)
1.9
16.9
19.2
BV/Sh. (INR)
30.0
30.3
32.5
P/E (x)
62.9
53.9
45.2
P/BV (x)
41.2
40.8
38.1
RoE (%)
66.5
76.2
87.2
RoCE (%)
88.5 101.0 115.9
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-17 Mar-17 Jun-16
67.2
5.6
13.5
13.8
67.2
5.7
13.3
13.9
67.2
5.0
14.0
13.8
n
n
FII Includes depository receipts
Stock Performance (1-year)
n
GST impact – recovering, but still not completely out of woods
Ø
Wholesale in the south and west regions has returned to normative levels.
Other parts are still lagging, though.
Ø
Cash and Carry is picking up some slack from the slowdown in wholesale.
Ø
For July sales, offline reconciliation on GST has been done with all leading
distributors. It will take until October for complete reconciliation.
Ø
Canteen Stores Department (CSD) is going through a transformation on
checks and balances. Thus, up-stocking has not yet happened. Sales are not
completely normal even now from this channel.
Ø
Rural demand is expected to improve gradually. Early to call out now.
Ø
There have been clear signs of pressure on small players; expect market
share improvement for organized and larger players with direct reach.
GST accounting – detailed impact to be explained with 2QFY18 results
Ø
Turnover will reset downward because of passing on of GST benefits.
Ø
Multiple cost lines items of P&L will benefit from input credits. These have
also been passed on.
Ø
Absolute EBIT and EBITDA will not change on GST accounting, but margins
will be higher.
Ø
Management will explain GST accounting-related impact in detail post
2QFY18 results.
Other points worth noting
Ø
No significant price changes in the quarter.
Ø
Input costs for items like palm oil and crude-led raw materials have been
moving up, but not worryingly so.
Ø
Competitive intensity on advertising is not low. HUL did not call out their
advertising levels.
Ø
Lever Ayush outside south India has progressed well in terms of
distribution in the first couple of months of launch. Too early to call out
response on demand.
Ø
Last year, it had dividend income from subsidiaries in the September
quarter, which is likely this year as well.
Valuation and view:
We expect HUVR to report 18% PAT CAGR over FY17-19,
as against 6.1% in the last three years, 10.6% in the last five years and 10.7% in
the last 10 years. While valuations are not cheap at 45.2x FY19E EPS (given
potentially strong earnings growth), we believe premium valuations are
justified, particularly as return ratios and dividend yield remain best-of-breed.
We maintain our
Buy
rating on the stock with a target price of INR1,400 (46x
Sep’ 2019E EPS; 10% premium to three-year average valuations).
25 September 2017
5

Sector Update | 21 September 2016
Cement
Average national price declines ~1%
MoM in Aug/sept (Prices in
INR/bag)
National Average Prices
North companies better placed for 2HFY18
All-India average cement prices lower by 5% QoQ
n
n
n
n
Please refer our previous update on
cement prices for August 2017
Cement prices were down marginally by 1% MoM in the first half of September 2017,
led by price weakness in the north region on account of seasonally weak demand.
All-India average cement prices for 2QFY18 declined 5% QoQ, led by the north and
south regions, as exit prices of 1QFY18 were weaker than average cement prices for
the quarter. Average prices for the north and south regions in 2QFY18 will likely be
lower by 5% and 6% QoQ, respectively.
All-India cement demand continues to be stable. Demand in north is stable, but
witnessing some moderation in east. Demand in south continues to be flattish-to-
marginally negative. Western region has seen demand pick-up post seasonal weakness
in July.
North players are likely to witness relatively good volume growth in 2HFY18 (v/s south
players) due to a favorable base. Additionally, easing of supply addition in north may
result in better profitability for 2HFY18.
Cement price correction marginal at 1% MoM on all-India average level
All-India cement price correction for the first half of September was marginally
lower by 1% MoM, as price correction in north was offset by largely flat prices
elsewhere. Cement prices in north corrected by 3% MoM, as demand weakened due
to heavy rains. Cement prices in south/west/east/central were largely flattish MoM,
with select regions like Hyderabad, Mumbai and Ahmadabad witnessing price
increases in the first week of September.
All-India average cement prices down 5% QoQ due to weak exit prices in
1QFY18
All-India cement prices are estimated to be lower by 5% QoQ in 2QFY18 due to weak
exit prices in 1QFY18 v/s average prices for the quarter. Retail cement prices were
lower QoQ due to the pass-through impact of GST. Cement prices in north and south
are likely to be lower by 5%/6% QoQ, as exit prices of 1QFY18 of both north and
south were lower by ~3% than average prices for the quarter.
Demand stable, but seasonal weakness seen
North is witnessing moderate demand growth, driven by a favorable base.
Additionally, underutilization of the Binani Cement asset is resulting in better
market share for residual players. Demand in south continues to be muted, with
strong demand from AP/Telangana offset by weakness in TN and Kerala. Demand in
east for 2QFY18 has moderated due to floods and the sand mining ban in Bihar.
Central demand remains impacted by sand mining issues in UP. After witnessing
weakness in July, the west region, particularly Gujarat, witnessed stable demand
improvement in August-17.
25 September 2017
6

North is better placed for 2HFY18 v/s south
North players are likely to see better earnings growth v/s south-based players in
2HFY18, led by a favorable base and easing of supply addition. Demand in north was
severely impacted in 2HFY17 by demonetization, while south was relatively
insulated due to lower proportion of cash-based economy. Additionally, with easing
supply addition in north over the next 18 months, price improvement due to
demand stabilization is likely to be higher in the region in 2HFY18. Demand in south
continues to be impacted by weakness in TN on account of political instability and
sand shortage issues with increased price volatility in the region.
25 September 2017
7

In conversation
1. SBI Life: Received overall positive feedback on pricing, Arjit
Basu, MD & CEO
n
n
n
n
Seeing large demand from institutional investors, high net-worth individuals and
retail.
Looking forward to a good closure on subscription by end of day.
IPO has received overall positive feedback on pricing.
Getting our growth in the last one-two years from the huge potential that is
available in the bank franchise, which is still very underpenetrated.
2. Reliance Home Finance: Targeting return on assets of 1.5% by
FY20, Ravindra Sudhalkar, CEO
n
n
n
Company looking to grow loan book at 50 percent compound annual growth
rate (CAGR) over the next three-to-four years.
Looking to maintain net interest margin (NIM) at 3.5 percent and grow housing
finance business to 60 percent by FY20.
Targeting return on assets of 1.5% by FY20.
3. Prataap Snacks: Scope for margin improvement; should grow
more than market; Amit Kumat, MD & CEO
n
n
n
n
n
n
Yellow Diamond our bigger brand.
Getting into sweet snacks and some healthy snacks categories.
On inconsistency in margins, have seen a lot of volatility in raw material pricing
which has resulted in ups and downs of profit. However, have taken some major
changes in the last quarter of last year which is giving good results currently.
Company has strong presence in the markets of Mumbai, Maharashtra, Delhi,
Haryana and eastern part of the country and currently plans to concentrate on
Uttar Pradesh (UP), Punjab, Rajasthan and southern part of the country.
Current capacity of the company is 80 percent.
Lot of scope for margin improvement. Should be able to grow more than the
market.
4. SBI: Recapitalisation of banks just one factor to help revive
investment in India; Rajnish Kumar, MD
n
n
n
n
n
Recapitalisation of banks not the only solution for revival of the investment in
India, just one of the factors.
Bank as of now not in requirement of capital and other banks which might need
it more. Therefore, government will have to prioritise and SBI could be at the
end of the list.
Dynamics of demand and supply will have to be addressed. Credit growth for
the bank has been muted so far and expect it to be around 7-8 percent for FY18,
so the need for capital may not been felt.
Although the yields have risen on back of the news of recapitalisation of banks,
not necessary that bank lending rates may rise. So, unlikely that the non-banking
financial companies (NBFCs) may come under strain.
The interest rates are reasonable for anyone to borrow.
25 September 2017
8

From the think tank
1. All that glitters in India’s market isn’t golden
n
The Indian stock market seems unstoppable. Its major indices have risen over 20%
this year, making it one of Asia’s best performers. Indian investors have piled into
more than $7.2 billion worth of stock in 2017 and foreigners have bought almost
$7 billion. Yet corporate earnings have hardly recovered enough to justify such
exuberance. The quarter between April and June was bad even for some of India’s
most blue-chip companies, and smaller firms are hurting even more. By some
estimates, India is the most expensive stock market in the world when prices are
compared with earnings estimates going forward; the benchmark Nifty index is
trading at a forward valuation of well over 20, compared to an average in the past
five years of around 16. So what’s going on? At least some foreign investors have
decided that Indian stock prices have run far ahead of fundamentals; they’ve
begun to shed some of their India holdings in the last couple of months. But
Indian investors have happily taken up the slack—even though it’s hard to find
anyone reasonable in Delhi or Mumbai who claims that earnings will recover
anytime soon.
2. Telecom wars: all arguments fall flat on face of TRAI; whose
cause is it really serving?
n
The bible of Trai is the Telecom Regulatory Authority of India Act. Like in a court
of law a witness has to take a vow that whatever the witness will say has to be
nothing but the truth, similarly the regulator is expected to take a vow to further
the objectives provided in the preamble to the Trai Act for which the regulator is
appointed. The preamble, inter alia, provides to protect the interest of service
providers and customers of the telecom sector, and to ensure orderly and timely
growth of the sector. Any decision of the regulator must satisfy these
stakeholders, and if all of them feel they are not going to benefit, then the
decision needs to be reviewed as to whose cause is being served by the decision
of the regulator.
3. On clean energy, India has wind at its back, sun ahead
n
To combat climate change, the world is taking recourse to production of green
and renewable energy like solar and wind, along with other forms of clean
energies like hydro, biomass, natural gas and nuclear. Of these, achieving solar
and wind energy targets in particular is very important for India. Let us evaluate
the present state of installation/generation of our solar and wind energy targets
planned to be achieved by 2022, which comprise of 100GW of solar and 60GW
of wind power. This target of 160GW is, perhaps, likely to be raised to 275GW
by 2027 when solar and wind energy production may overtake coal-based
thermal power. This would be a landmark step towards creating a ‘new India’, if
and when it happens
25 September 2017
9

4. Listen hard, Mark Zuckerberg. Google’s turned up the audio
in India
n
Facebook Inc. lost so much time peddling a controlled internet-lite to India’s
poor, it let Google score a lead where it truly matters: digital payments in the
only billion-plus-people market open to Western tech firms. This week Google
launched Tez, which means “fast” in Hindi, as an online payment application
custom-built for the nation. Early users complained of glitches, but those are
fixable. What’s important is that by hitting the market before Zuckerberg’s
planned WhatsApp payment method, Google got the Indian government’s
blessing for an innovation that could become an emerging-market standard:
audio QR. Quick response codes have put the Chinese digital payments market
far ahead of Western counterparts, and Singapore wants to copy the model.
China’s revolution was spearheaded by Baidu Inc., Alibaba Group Holding Ltd
and Tencent Holdings Ltd. The homegrown BAT trinity used its control of e-
commerce to beat both cash and plastic on convenience and costs.
International
5. Dollar peg at Centre of Hong Kong’s china problem
n
With a brief blog post last week, Joseph Yam reopened one of the biggest
debates facing China’s economy: is it time to scrap Hong Kong’s currency peg to
the US dollar. Yam helped establish the link in 1983 and later served as chief
executive of the Hong Kong Monetary Authority (HKMA). His talk of the city’s
“dilemma” acting as the main conduit between China and the rest of the world
turned heads partly because of the timing. This argument has raged on and off
since Asia’s 1997 crisis. But the divergent paths of a rising yuan and sliding US
currency is exacerbating already considerable bubble troubles. That tension will
only increase as China relaxes capital controls. As Yam puts it, Hong Kong’s
“small” economy risks being subsumed by “huge” capital inflows that make
Hong Kong’s housing market the world’s least affordable. Inflation pressures are
rising faster than wages. Having to track US monetary policy is akin to a giant
pump adding ever more air to imbalances. Real estate, for example, is already
getting a big lift from mainland millionaires and billionaires spiriting cash into a
city that serves as China’s financial green zone. It is no coincidence that Bitcoin
and other cryptocurrencies are a big hit in China (or that Beijing is clamping
down on their use).
25 September 2017
10

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
27.4
25.1
23.0
47.0
45.4
18.6
51.5
43.2
31.8
25.8
22.4
23.7
44.6
32.5
20.8
54.0
29.3
32.9
26.4
30.8
23.6
32.1
18.1
24.6
35.6
NM
38.1
43.4
13.5
24.7
30.6
23.7
NM
17.4
35.3
9.3
NM
22.1
880.5
16.1
99.2
55.4
44.8
31.5
24.7
19.2
66.6
38.0
18.0
38.7
16.7
27.2
22.1
22.2
33.7
39.3
18.4
37.0
34.6
17.1
22.8
20.0
18.8
24.3
28.7
18.3
44.0
25.2
23.1
22.1
89.7
21.1
26.7
18.6
20.7
27.6
19.9
31.5
28.7
10.2
19.5
24.6
14.9
NM
10.8
8.4
7.9
7.5
23.6
17.9
14.4
17.6
39.1
29.6
23.4
20.3
15.1
54.5
33.7
14.4
27.7
15.3
5.1
5.5
5.2
6.9
7.5
2.9
16.0
8.2
3.2
3.6
7.5
3.0
2.8
6.7
2.4
12.5
5.0
2.2
2.7
2.4
2.2
5.4
2.0
1.3
5.1
0.7
4.9
4.6
1.1
3.8
3.5
0.9
0.7
0.7
0.5
0.9
0.4
0.8
1.2
0.4
0.9
10.6
5.3
3.3
4.1
2.3
20.0
7.0
4.3
4.6
3.0
4.4
4.8
4.7
6.0
6.7
2.6
11.9
6.9
2.8
3.2
6.5
2.7
2.5
5.9
2.1
10.3
4.4
2.1
2.2
2.3
1.8
4.7
1.9
1.3
4.5
0.7
4.4
3.2
1.1
3.3
3.1
0.9
0.7
0.7
0.5
0.8
0.3
0.8
1.2
0.4
0.8
8.6
4.3
2.9
3.5
2.0
16.4
6.4
3.8
4.0
2.6
20.3
23.1
25.3
16.2
15.8
16.9
37.1
20.8
10.6
13.9
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.8
9.5
9.9
18.3
10.2
5.6
15.4
-27.0
13.8
12.3
9.5
18.9
11.5
4.0
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
12.0
18.0
14.4
32.5
18.9
25.5
12.4
19.4
17.3
23.2
22.2
19.2
18.0
14.8
37.0
21.6
17.3
14.1
34.6
13.9
10.8
20.1
12.3
25.7
17.4
9.3
11.4
2.6
10.0
18.8
8.9
6.3
17.3
3.5
15.0
13.6
10.8
18.3
12.5
6.1
-5.2
6.2
5.8
10.9
4.6
3.2
7.0
3.0
4.6
24.3
16.1
13.3
18.6
14.1
33.0
19.3
28.2
15.6
18.2
19.9
27.0
24.0
22.8
20.7
17.3
35.4
23.3
18.3
15.0
31.5
14.9
11.5
22.8
26.6
33.6
22.3
14.7
11.8
8.7
10.5
19.6
9.5
6.9
18.5
7.2
16.3
13.9
12.7
19.5
14.2
12.4
3.0
9.1
7.3
11.2
5.4
5.9
11.4
6.1
8.3
25.9
28.0
15.6
19.0
15.6
32.8
18.4
31.3
19.1
18.5
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.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg Fin
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Not Rated
Buy
Buy
Buy
CMP
(INR)
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
28
3
8
10
2
17
14
4
15
29
1
27
9
32
-4
28.0
4.6
132.3
26.2
473.1
93.3
612.7
23.5
20.0
8.1
169.1
54.3
5.4
248.6
19.8
11.7
28.2
37.9
5.2
7.0
137.2 163.6
36.5
50.5
547.2 705.7
94.2 126.8
852.9 1,092.8
29.3
37.9
37.1
45.8
9.2
11.0
189.3 199.1
68.5
82.4
9.9
11.8
281.7 374.5
22.4
59.8
14.4
23.7
769
986
114
118
3,039 3,281
1,228 1,353
21,492 21,994
1,733 2,029
31,523 35,854
1,014 1,059
636
732
209
269
3,788 3,818
1,286 1,634
239
-
8,075 8,819
411
542
634
612
Neutral
Neutral
Buy
Buy
Buy
Buy
Neutral
Under Review
Neutral
Buy
Under Review
Buy
Buy
505
185
155
114
1,825
277
58
1,708
76
1,023
516
29
361
545
192
201
139
2,000
366
62
-
91
1,153
-
34
427
8
4
29
22
10
32
8
19
13
16
18
15.4
7.0
5.0
4.8
56.8
15.3
2.3
47.9
-31.3
26.8
11.9
2.2
14.6
21.8
8.4
1.7
5.4
68.2
14.9
2.8
61.9
3.8
32.4
18.0
2.9
18.5
38.1
10.4
6.1
6.8
82.1
17.0
3.2
76.8
8.2
41.0
23.7
3.7
22.9
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Neutral
142
145
326
54
271
128
138
262
130
198
149
360
49
382
150
184
341
140
40
2
10
-8
41
17
34
30
8
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
8.1
9.5
-11.2
30.1
6.4
34.4
17.1
5.8
14.6
9.0
20.8
6.6
47.0
8.6
38.3
21.4
11.0
26.8
19.1
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
1,860
941
777
1,138
568
542
1,783
1,243
202
638
1,800
820
925
1,400
630
450
1,900
1,350
200
708
-3
-13
19
23
11
-17
7
9
-1
11
33.6
21.0
24.6
46.0
29.6
8.1
46.8
69.0
5.2
38.2
47.6
31.8
33.3
56.0
37.7
9.9
52.9
86.3
7.3
41.6
62.9
68.7
44.3
67.3
47.1
12.1
59.0
108.4
10.6
48.9
25 September 2017
11

Company
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
Shriram City Union
STF
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
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
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
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Reco
Not Rated
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
CMP
(INR)
100
410
488
126
616
163
2,070
999
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
-
8.6
10.8
12.5
459
12
7.1
13.9
17.8
550
13
29.5 38.2
44.2
117
-7
25.7 27.2
30.2
800
30
29.1 34.5
39.3
134
-18
31.4 35.0
40.4
2,800
35
84.3 121.7 164.1
1,330
33
55.6 80.0 102.4
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
11.6
9.3
2.5
2.3
24.0 25.9 26.9
57.9 29.6
3.7
3.4
6.5
12.0 14.2
16.5 12.8
3.0
2.5
19.4 21.5 21.2
4.9
4.6
0.8
0.7
17.9 17.0 16.8
21.2 17.9
3.4
2.9
17.4 17.5 17.0
5.2
4.7
1.0
0.8
19.9 19.1 19.1
24.5 17.0
2.7
2.4
11.7 15.0 17.6
18.0 12.5
2.0
1.8
11.7 15.0 16.9
21.7 18.2
3.7
3.2
16.8 17.6 18.1
72.3
26.1
60.4
58.0
45.2
19.3
33.8
68.1
51.7
25.8
28.0
14.8
76.5
44.4
25.7
28.4
20.8
33.3
36.5
55.0
46.8
31.4
68.7
17.3
31.2
28.2
58.2
26.0
NM
388.3
46.1
41.6
37.9
57.8
57.8
51.8
42.0
42.1
48.4
31.8
63.1
31.9
33.8
63.5
24.5
28.4
42.6
42.0
38.9
32.4
42.0
45.1
23.4
25.5
11.5
60.1
37.8
18.5
29.2
17.9
30.6
31.8
38.6
34.0
22.5
38.8
16.5
22.0
24.0
41.7
25.9
35.7
30.4
38.5
43.6
32.5
54.7
49.9
45.0
39.4
41.5
42.5
31.4
54.0
28.9
38.7
9.2
5.4
1.0
9.4
24.6
1.2
6.6
9.7
9.4
5.0
3.3
1.5
7.1
8.2
-1.5
3.9
3.4
5.1
4.1
2.8
3.7
2.2
4.8
1.9
1.1
3.8
3.4
4.5
3.3
5.6
8.0
4.6
3.6
15.3
19.0
23.5
11.1
14.5
11.8
6.7
40.2
7.2
6.3
8.0
4.1
1.0
8.8
18.2
1.2
6.1
8.5
8.4
4.2
3.0
1.3
6.2
7.0
-1.6
3.5
2.9
4.6
3.7
2.6
3.5
2.0
4.3
1.7
1.0
3.3
3.2
3.9
3.0
4.8
6.8
4.2
3.3
14.0
15.6
22.3
9.5
12.3
9.1
6.6
38.8
7.1
6.4
12.7
20.6
1.6
18.0
76.4
6.2
21.2
12.4
18.2
21.2
12.5
10.2
9.3
19.8
NM
14.3
16.8
18.0
11.2
5.1
7.9
7.3
7.2
11.5
3.4
14.4
6.0
19.0
-3.2
1.4
18.4
11.6
9.6
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
12.6
17.0
3.4
21.4
49.7
3.0
19.7
21.5
18.6
19.5
12.4
11.6
10.3
19.8
-8.8
12.7
17.6
15.8
11.7
7.0
10.6
9.2
11.6
10.9
4.7
14.8
7.9
16.1
8.8
17.0
19.1
10.1
10.3
26.7
34.3
50.8
26.0
32.0
24.2
21.1
73.1
24.8
16.5
15.8
16.9
3.5
29.6
49.7
3.7
22.8
22.7
20.7
20.9
13.8
12.6
13.7
20.9
-11.0
12.8
17.4
16.0
12.9
7.9
13.1
12.2
13.4
13.9
6.6
17.5
12.1
17.5
12.8
22.9
19.1
14.0
12.7
28.1
34.5
58.2
26.3
33.9
22.8
22.6
82.8
26.3
18.4
Sell
Buy
Sell
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
Not Rated
Neutral
Buy
Sell
1,424
181
130
747
211
79
895
390
494
306
1,185
104
1,364
916
16
877
618
514
1,200
215
100
650
250
80
1,180
395
455
295
1,380
-
1,355
900
-
830
800
430
-16
19
-23
-13
18
1
32
1
-8
-4
16
-1
-2
-5
29
-16
19.7
6.9
2.1
12.9
4.7
4.1
26.5
5.7
9.6
11.9
42.3
7.1
17.8
20.6
0.6
30.8
29.8
15.5
22.4
7.4
4.6
17.5
5.0
2.0
27.7
9.3
10.9
13.1
46.5
9.1
22.7
24.2
0.9
30.0
34.6
16.8
31.6
8.2
4.9
26.1
6.4
2.5
35.0
11.3
13.8
16.4
56.2
11.2
33.0
30.0
1.0
33.2
39.8
19.1
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
269
308
1,691 1,622
923
1,150
2,664 3,282
1,175 1,276
176
201
952
1,277
405
519
709
806
158
185
106
140
17,737 22,360
3,994 4,936
15
-4
25
23
9
14
34
28
14
17
32
26
24
4.9
7.0
36.1 49.8
29.4 40.9
38.8 68.7
67.9 71.3
5.6
8.0
33.7 39.7
7.0
9.7
27.3 27.4
-1.6
4.4
0.3
3.5
384.4 460.4
96.1 91.5
8.2
65.0
58.9
89.9
102.7
11.8
54.4
16.4
34.4
7.1
5.6
547.8
138.8
Neutral
Buy
Buy
Neutral
Buy
Neutral
Sell
Buy
Neutral
Neutral
1,215
4,260
1,100
305
1,118
915
4,972
1,240
268
380
1,200
4,660
1,285
315
1,310
995
4,500
1,360
280
395
-1
9
17
3
17
9
-9
10
4
4
21.0 22.2
73.7 85.3
21.2 24.4
7.2
7.7
26.5 26.9
18.9 21.5
156.1 158.1
19.6 22.9
8.4
9.3
11.2
9.8
26.5
104.6
29.8
9.1
33.1
24.7
182.1
27.3
10.3
11.1
25 September 2017
12

Company
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
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
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.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Siti Net.
Sun TV
Reco
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Not Rated
Buy
Neutral
CMP
TP
% Upside
(INR) (INR) Downside
321
355
11
7,168 6,160
-14
19,025 19,600
3
238
245
3
814
810
0
8,328 8,800
6
132
-
808
980
21
2,465 2,525
2
FY17
6.3
118.0
238.7
3.6
16.7
132.9
3.5
8.7
26.7
EPS (INR)
FY18E FY19E
6.8
8.2
115.1 133.6
294.7 398.4
9.1
12.5
18.1
20.6
151.6 176.0
3.5
6.4
9.9
14.0
34.5
51.5
P/E (x)
FY17 FY18E
51.1 47.1
60.8 62.3
79.7 64.6
66.1 26.1
48.6 45.1
62.6 54.9
37.4 37.9
93.1 81.7
92.2 71.4
47.3 42.7
22.6
23.8
20.8
18.4
34.8
34.4
36.7
24.4
33.8
14.6
16.0
17.0
70.7
32.5
18.0
17.9
31.1
41.6
29.4
19.6
37.5
22.9
24.4
17.6
40.9
34.4
33.3
13.4
16.1
31.1
73.1
18.1
NM
71.9
10.3
13.3
16.7
60.4
59.4
NM
32.9
23.9
24.5
23.0
16.1
36.5
27.3
27.7
28.9
30.9
69.0
14.6
15.0
51.9
31.5
14.1
24.5
30.0
27.6
20.0
34.1
30.3
23.6
26.8
15.3
32.2
31.0
25.2
7.1
13.0
26.1
73.8
15.6
NM
61.4
9.4
12.4
14.5
41.6
39.5
NM
28.7
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY19E
17.8 15.3 36.7 34.9 37.7
22.9 21.3 39.0 35.5 38.1
31.9 25.6 40.0 39.6 43.1
3.0
2.7
6.0
11.0 13.3
12.6 10.3 28.2 25.2 23.5
39.2 32.6 39.3 64.9 62.8
1.9
1.8
5.2
4.9
8.5
9.2
8.4
10.2 10.7 13.6
18.5 12.9 21.3 18.0 20.3
13.0 12.0 27.5 28.2 29.2
4.8
5.1
6.8
4.5
4.4
7.2
3.7
5.5
3.3
1.6
3.9
3.1
10.2
2.7
3.0
3.4
5.3
5.1
3.1
3.4
7.6
4.9
4.1
2.6
18.1
3.6
2.4
1.8
2.5
3.9
16.3
4.3
1.6
4.6
1.8
0.9
2.4
4.0
5.9
3.5
7.8
4.2
4.4
5.5
3.6
4.1
6.0
3.4
5.0
3.1
1.4
3.2
2.2
11.9
2.5
2.5
3.1
5.0
4.3
2.8
3.4
6.2
4.3
3.8
2.3
13.8
3.4
2.3
1.6
2.1
3.6
13.3
3.8
1.8
4.3
1.5
0.8
2.4
3.7
5.2
3.7
7.2
23.0
23.4
37.7
27.6
12.3
23.0
10.2
23.5
9.7
11.3
24.7
21.1
14.5
8.6
18.1
20.9
17.1
14.4
10.7
18.5
22.2
23.8
17.0
12.6
50.5
10.8
7.3
12.4
16.7
12.4
25.1
25.5
-12.0
6.7
19.0
7.1
17.6
11.2
10.4
-23.5
23.6
19.0
19.2
26.5
24.8
11.1
23.9
12.1
18.1
10.6
2.1
21.6
17.7
23.0
8.2
19.5
13.2
16.6
17.0
14.7
10.0
22.5
19.5
14.0
16.0
48.6
11.3
9.4
19.4
17.8
13.8
19.9
25.8
-5.3
7.2
17.3
6.9
16.5
9.3
14.0
-4.1
25.0
20.4
20.5
25.9
22.1
14.5
26.3
13.2
19.4
14.3
4.9
20.9
18.8
30.9
12.2
19.6
16.0
18.1
20.4
20.2
14.7
20.7
21.5
16.3
16.8
46.8
12.4
12.4
25.4
18.6
15.4
35.2
26.6
0.7
10.7
17.3
6.4
17.4
12.4
18.2
6.2
28.8
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Not Rated
Neutral
489
1,800
1,213
724
355
489
584
969
2,457
151
628
123
2,428
522
664
1,014
4,016
582
949
513
488
1,263
510
1,830
1,606
850
330
555
520
720
2,400
220
775
200
2,500
430
905
1,125
4,820
805
1,300
515
-
1,350
4
2
32
17
-7
13
-11
-26
-2
46
23
63
3
-18
36
11
20
38
37
0
7
21.6 20.5
75.7 73.5
58.4 52.8
39.3 44.9
10.2
9.7
14.2 17.9
15.9 21.1
39.7 33.6
72.6 79.6
10.3
2.2
39.3 42.9
7.2
8.2
34.4 46.8
16.1 16.6
37.0 47.1
56.6 41.4
129.1 133.6
14.0 21.1
32.3 47.4
26.1 15.1
13.0 16.1
55.2 53.4
25.5
91.6
64.2
50.0
14.2
24.1
26.0
40.0
120.1
5.6
51.7
11.5
54.9
26.8
56.7
56.3
160.6
30.4
74.8
23.3
18.0
67.3
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
173
4,189
1,306
227
112
273
212
-
1,214
272
-
-
23
-7
20
9.8
11.2
102.5 129.9
38.0 42.1
6.8
8.4
16.9
9.0
15.9
21.0
13.3
163.2
48.6
12.4
23.9
25.9
Buy
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
75
370
89
821
266
99
179
388
1,219
25
818
106
450
90
928
350
90
225
469
1,628
32
860
42
22
2
13
32
-9
25
21
34
27
5
1.0
20.4
-8.6
11.4
25.9
7.4
10.8
6.4
20.5
-1.8
24.9
1.0
23.7
-2.7
13.4
28.3
7.9
12.4
9.3
30.9
-0.3
28.5
2.4
27.6
0.3
21.7
33.6
8.1
14.1
14.0
46.9
0.4
35.9
25 September 2017
13

Company
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
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
Reco
Buy
CMP
(INR)
522
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
630
21
23.1 14.7
18.9
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
22.6 35.4
8.6
7.4
24.7 22.6 24.5
40.9 31.6
5.7
5.3
14.1 16.6 19.3
27.0
14.9
NM
16.7
20.7
12.3
NM
20.4
17.3
23.4
10.2
17.6
40.9
22.3
10.8
9.5
32.7
8.6
17.0
10.0
19.8
16.9
13.1
137.5
66.6
73.9
16.7
14.8
19.6
14.3
10.0
14.1
18.6
15.8
13.7
17.0
30.1
18.8
14.8
17.4
14.4
16.8
35.6
26.2
NM
25.0
37.3
11.7
13.2
NM
11.3
22.0
9.8
NM
12.9
10.1
15.4
10.0
15.0
22.4
17.6
9.5
7.8
28.8
13.5
11.8
10.0
16.1
14.5
11.8
92.9
56.7
61.6
14.4
14.3
17.1
14.4
11.2
13.0
16.1
15.2
12.3
14.8
25.1
18.7
13.5
16.2
14.5
16.7
91.0
21.7
NM
78.2
206.7
1.8
4.0
0.4
2.6
1.4
1.7
0.7
1.9
2.0
1.8
3.1
1.8
7.0
2.5
3.3
1.9
6.9
2.2
0.9
1.0
4.2
1.8
1.7
11.3
12.6
12.7
2.7
3.7
4.8
3.0
1.5
4.9
3.0
2.1
1.8
2.6
9.4
5.6
2.4
2.8
2.3
3.9
2.3
4.7
1.1
12.2
2.6
1.6
4.3
0.4
2.2
1.4
1.6
0.7
1.8
1.8
1.7
2.6
1.6
5.6
2.2
2.7
1.6
5.8
2.0
0.9
0.9
3.5
1.6
1.6
10.4
11.5
11.6
2.4
3.3
4.1
2.7
1.4
3.8
3.0
2.2
1.7
2.5
7.6
6.0
2.2
2.7
2.1
3.8
2.3
4.0
1.4
10.5
2.6
7.4
24.4
-7.9
17.3
7.2
12.8
-6.7
9.7
15.7
7.6
32.4
9.6
17.8
11.6
32.4
21.2
21.0
31.4
5.7
10.1
23.2
11.6
13.3
8.2
20.6
17.2
16.2
27.5
26.5
22.0
14.3
40.4
16.8
13.2
13.7
17.0
37.1
32.6
18.4
16.9
17.2
22.9
14.3
31.5
-4.9
21.3
6.5
15.2
-9.1
14.2
18.6
11.2
28.4
11.3
27.6
13.2
31.0
22.5
21.9
15.5
7.5
9.4
23.7
12.1
13.4
11.1
21.3
18.9
16.6
24.9
25.7
19.6
13.0
33.0
17.3
14.5
14.4
17.9
33.5
31.1
17.4
16.1
15.0
22.8
15.4
38.0
0.6
20.8
7.7
15.6
-5.3
20.4
16.2
14.0
25.1
12.4
27.4
14.2
24.2
17.5
20.9
17.0
8.0
10.9
25.5
12.1
13.1
14.0
22.2
19.6
17.3
23.8
23.1
19.3
14.2
29.4
20.1
16.2
15.4
20.7
32.2
33.5
16.9
16.1
17.9
22.0
3.8
19.4
-21.7
33.6
2.8
Buy
Neutral
Buy
Buy
Neutral
Buy
Sell
Buy
Neutral
231
293
139
247
76
122
58
308
655
310
301
194
297
63
180
30
361
669
34
3
39
20
-17
47
-48
17
2
8.6
19.7
-20.9
14.8
3.7
10.0
-6.2
15.1
37.9
19.8
22.2
-15.8
21.9
3.5
12.4
-7.7
23.9
65.1
24.5
29.3
2.0
25.7
4.2
12.1
-4.2
37.4
64.3
Buy
Sell
Sell
Neutral
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Neutral
492
397
834
196
439
409
1,437
128
329
164
225
818
640
346
691
171
583
558
1,152
113
316
195
274
941
30
-13
-17
-13
33
37
-20
-11
-4
19
22
15
48.3
22.6
20.4
8.8
40.7
43.0
44.0
14.8
19.3
16.4
11.4
48.3
49.1
26.5
37.2
11.1
45.9
52.6
49.9
9.4
27.9
16.5
14.0
56.5
51.6
31.3
46.1
13.3
42.9
46.9
56.3
11.7
31.1
19.7
17.9
62.8
Sell
Neutral
1,376
602
850
565
-38
-6
10.0
9.0
14.8
10.6
20.7
12.6
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
511
885
268
898
119
780
463
614
519
641
846
2,502
458
294
751
600
950
250
1,050
140
880
450
610
540
750
996
2,350
490
270
950
17
7
-7
17
18
13
-3
-1
4
17
18
-6
7
-8
27
30.6 35.4
59.8 61.8
13.7 15.7
62.9 62.2
11.9 10.6
55.5 60.2
24.9 28.7
38.9 40.3
38.0 42.3
37.7 43.3
28.1 33.7
133.4 133.6
30.9 34.0
16.9 18.1
52.1 51.9
41.9
65.9
16.5
67.2
13.1
68.0
32.9
43.0
48.7
52.0
39.8
147.7
36.8
19.1
70.0
Buy
Buy
Buy
Buy
395
390
78
681
490
480
110
775
24
23
41
14
11.1
14.9
-1.1
27.2
4.3
17.9
-10.9
8.7
6.6
20.4
-11.3
26.1
6.7
2.5
16.2 19.8
-1.6 -17.3
132.2 14.5
6.9
1.2
25 September 2017
14

Company
Reco
Coal India
Buy
CESC
Buy
JSW Energy
Sell
NTPC
Buy
Power Grid
Buy
Tata Power
Sell
Aggregate
Others
Arvind
Neutral
Avenue Supermarts Neutral
Bata India
Under Review
BSE
Neutral
Castrol India
Buy
Century Ply.
Neutral
Coromandel Intl Buy
Delta Corp
Buy
Dynamatic Tech
Buy
Eveready Inds.
Buy
Interglobe
Neutral
Indo Count
Neutral
Info Edge
Buy
Inox Leisure
Sell
Jain Irrigation
Under Review
Just Dial
Neutral
Kaveri Seed
Buy
Kitex Garm.
Buy
Manpasand
Buy
MCX
Buy
Monsanto
Buy
Navneet Education Buy
Quess Corp
Buy
PI Inds.
Buy
Piramal Enterp.
Buy
SRF
Buy
S H Kelkar
Buy
Symphony
Sell
Team Lease Serv. Buy
Trident
Buy
TTK Prestige
Neutral
V-Guard
Neutral
Wonderla
Buy
CMP
(INR)
254
1,013
73
166
210
81
TP
% Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
305
20
14.9 19.8
22.0
1,360
34
51.9 88.9
99.3
49
-33
3.8
3.4
2.7
211
27
12.0 13.3
15.7
262
25
14.2 17.4
20.6
71
-12
7.4
7.3
7.3
P/E (x)
P/B (x)
ROE (%)
FY17 FY18E FY17 FY18E FY17 FY18E FY19E
17.0 12.8
6.4
6.1
37.8 47.6 50.5
19.5 11.4
1.3
1.2
6.5
10.6 10.8
19.1 21.7
1.2
1.1
6.3
5.3
4.2
13.9 12.5
1.4
1.3
10.5 10.9 11.9
14.7 12.1
2.2
2.0
16.2 17.3 17.8
10.9 11.1
1.8
1.7
17.1 15.8 14.2
15.5 12.7
2.3
2.1
14.5 16.4 17.2
30.6
135.1
53.6
24.4
27.5
28.5
26.2
64.4
32.0
23.2
24.1
8.2
67.6
69.3
18.0
22.1
27.9
11.8
76.4
43.6
28.7
21.7
82.2
22.8
37.8
17.9
35.6
58.9
41.2
14.7
47.8
52.7
50.3
29.3
81.5
46.1
23.7
27.1
25.2
18.1
33.5
19.2
21.9
17.4
12.1
48.7
28.8
13.1
20.9
15.6
9.9
48.1
36.9
23.6
19.3
43.1
25.0
26.4
19.2
33.9
39.7
43.4
11.7
45.8
42.1
29.5
2.7
16.8
7.0
2.0
31.1
7.7
4.4
4.9
4.4
7.5
19.9
2.5
6.5
4.0
1.5
3.0
3.6
3.2
4.8
4.1
8.1
5.4
11.1
6.4
3.6
2.8
4.6
21.8
7.2
1.8
8.6
12.6
4.6
2.6
14.7
6.3
2.0
28.0
6.4
3.8
3.3
3.6
6.1
17.7
2.0
5.9
3.5
1.5
2.6
3.8
2.6
4.5
3.8
7.3
4.7
4.8
5.4
3.3
2.5
4.2
19.2
6.2
1.6
7.9
10.3
4.1
10.3
9.1
12.0
17.9 19.3 23.0
13.9 14.4 15.8
8.3
8.5
7.7
115.2 108.9 99.2
31.1 27.7 29.6
17.5 22.5 23.4
8.1
12.5 12.9
15.1 20.7 24.3
37.7 30.8 30.1
86.2 107.5 137.7
34.8 18.6 18.3
10.2 12.7 13.1
5.9
12.5 16.2
8.6
11.7 14.8
14.8 13.4 13.7
13.6 23.3 27.4
29.8 28.6 27.6
7.3
8.5
13.5
9.9
10.7 13.9
31.6 32.5 34.5
26.8 26.0 27.4
19.0 15.6 15.0
32.8 23.4 22.9
9.8
13.0 16.4
16.6 13.7 16.0
13.7 12.9 15.2
43.3 51.6 54.5
19.2 15.3 19.5
13.0 14.5 16.1
19.5 18.0 20.7
27.4 26.9 28.8
9.5
14.8 17.5
379
1,037
725
1,000
375
248
436
197
2,165
299
1,112
107
1,060
231
100
386
531
218
969
1,083
2,475
168
822
760
2,746
1,540
258
1,392
1,600
97
6,311
189
352
375
882
-
1,100
489
323
523
243
3,334
358
1,312
129
1,130
240
-
465
738
394
926
1,230
3,295
215
990
894
3,044
1,648
298
1,288
1,990
114
5,281
167
393
-1
-15
10
30
30
20
24
54
20
18
21
7
4
20
39
80
-4
14
33
28
20
18
11
7
16
-7
24
17
-16
-11
12
12.4
7.7
13.5
41.0
13.6
8.7
16.6
3.1
67.6
12.9
46.0
13.0
15.7
3.3
5.5
17.5
19.1
18.6
12.7
24.8
86.2
7.8
10.0
33.4
72.6
85.9
7.2
23.7
38.8
6.6
132.1
3.6
7.0
12.9
12.7
15.7
42.2
13.9
9.8
24.1
5.9
112.9
13.6
63.9
8.9
21.8
8.0
7.6
18.5
34.0
22.1
20.2
29.4
105.1
8.7
19.1
30.4
104.1
80.2
7.6
35.1
36.8
8.3
137.8
4.5
11.9
18.6
17.6
19.4
44.6
14.0
12.9
29.0
8.1
166.7
16.3
93.7
10.8
24.7
12.0
10.0
21.1
41.0
26.2
30.9
40.7
126.7
10.8
27.8
35.8
144.6
103.0
9.9
42.9
56.0
10.4
176.1
6.0
16.0
25 September 2017
15

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.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
-0.5
-2.6
-1.3
-1.9
-0.4
-0.5
-1.0
-0.9
-4.7
-3.9
-2.6
-0.5
0.2
-0.7
-0.5
-2.5
-1.4
-4.3
-2.1
-3.9
-0.8
-2.8
-2.8
-1.2
-1.9
-0.8
-3.1
-5.6
-4.3
-2.5
-3.9
-4.1
-3.7
-3.5
-4.3
-2.9
-2.5
-4.4
-2.9
-2.6
-4.9
-2.5
-4.5
-0.3
-0.4
-3.1
-4.1
-3.4
-4.1
-3.4
-3.1
-4.8
-4.3
-1.6
-6.1
-1.6
1M (%)
1.4
13.9
10.9
7.9
-1.9
6.4
1.7
4.7
5.9
6.1
-2.5
-6.4
-1.7
7.7
10.1
8.9
1.2
4.1
-0.1
8.0
4.2
-5.6
5.9
5.1
-4.9
5.4
2.8
10.2
5.3
1.7
4.4
-0.3
0.4
-6.5
7.2
-0.1
-4.5
0.6
10.5
10.7
11.9
-0.4
24.4
6.8
1.9
5.6
19.5
0.1
8.9
1.4
9.9
7.8
-2.3
6.7
4.2
-3.8
12M (%)
-25.6
36.2
3.9
32.9
-8.2
46.9
27.2
66.3
7.5
7.1
-9.0
24.7
44.3
-26.3
81.6
-14.7
50.9
-17.4
55.4
39.5
10.6
-16.9
40.1
-7.9
28.6
71.5
39.2
44.7
-16.3
21.7
8.9
-27.8
25.5
-1.8
-2.3
1.8
-10.8
65.0
16.0
8.2
2.2
95.0
69.8
26.1
55.2
115.1
9.4
2.3
14.3
27.0
2.5
-28.3
31.9
-15.8
-1.9
Company
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
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
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
1 Day (%)
-1.5
-3.9
-2.5
-5.0
-3.2
-3.6
-2.3
-3.8
-3.3
-1.5
-3.5
-4.0
-2.9
-2.7
-4.1
-4.9
-2.2
-3.9
-2.7
-3.4
-2.9
-3.9
-2.1
-4.0
-4.1
-2.5
-1.4
-3.5
-2.3
-3.6
-4.2
-1.2
-1.7
-1.5
-1.8
-0.7
-2.3
-1.5
-1.2
-0.4
-5.0
-0.7
0.3
-0.7
-2.2
-3.0
-0.4
-1.3
0.8
-3.9
-2.4
0.1
-3.5
-3.7
-2.3
-2.8
-1.3
1M (%)
5.4
1.5
3.5
2.2
-2.7
0.3
0.0
1.1
4.6
2.9
5.9
10.8
7.8
6.8
1.6
0.1
1.4
-2.0
-1.6
-5.5
-2.3
4.2
5.7
0.8
-6.1
-1.7
6.8
4.9
-1.7
3.3
0.5
7.5
1.4
1.6
1.3
1.8
3.0
-7.2
3.2
-5.2
1.6
2.0
8.3
10.8
0.1
-0.4
2.5
0.9
0.8
-1.3
-4.6
2.8
5.4
4.1
8.2
4.4
4.4
12M (%)
23.2
44.1
-11.8
42.5
32.8
-2.9
-1.4
12.4
20.6
140.0
18.6
-38.4
8.0
38.9
2.8
-0.3
11.1
35.4
1.2
1.5
39.6
48.6
43.0
16.1
18.7
-14.3
16.6
-22.0
-0.8
3.9
0.2
1.9
25.0
12.8
6.6
-7.0
14.9
-20.6
36.2
5.1
9.1
12.2
10.5
26.1
-24.6
15.2
20.9
11.3
-7.7
6.8
-25.1
3.8
-40.6
-15.5
10.5
24.9
-4.1
25 September 2017
16

MOSL Universe stock performance
Company
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Shasun
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.
Ent.Network
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
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 Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
Titan Co.
1 Day (%)
-2.2
-1.2
-0.8
-0.1
-4.4
-0.4
-8.8
-3.6
-1.8
-1.0
0.2
-3.6
-1.2
1.1
-6.0
0.2
-1.4
-2.9
-1.8
-2.8
-3.9
-2.0
1.2
-6.4
-0.9
-2.8
-2.8
-1.1
-0.2
-5.1
0.4
-1.3
-2.6
-5.2
-3.7
-8.2
-3.0
-7.3
-5.0
-5.2
-4.5
-4.7
-0.9
-2.4
-0.4
-3.9
-3.0
-1.1
-5.3
-3.5
0.0
-0.9
-2.4
-2.8
-1.2
-2.7
1M (%)
53.7
23.8
6.4
4.4
-3.5
3.1
27.5
-6.5
7.3
0.6
5.7
4.1
9.0
10.5
3.3
7.0
2.5
2.3
-0.8
4.0
0.1
-5.2
-2.6
5.5
3.1
-2.2
7.2
2.1
6.0
-4.0
1.2
17.2
1.0
1.3
1.9
8.1
6.4
9.3
0.3
-1.5
5.1
5.7
-3.5
5.5
8.6
4.3
-2.6
-3.4
14.1
3.2
19.3
3.2
-1.7
4.6
1.3
-2.2
12M (%)
-27.1
-22.0
-13.8
-32.5
0.3
-13.1
-14.8
6.7
-33.7
-6.5
4.1
-7.8
-34.7
-2.8
-23.2
-10.7
-23.9
22.1
-13.7
-19.8
38.6
-23.9
-7.8
13.1
0.3
-6.3
18.5
-4.2
-1.7
-27.4
61.0
-0.9
50.1
31.4
69.5
40.2
66.2
18.5
18.4
83.2
73.9
23.4
35.9
33.8
30.0
59.5
41.4
91.5
43.0
7.9
-4.9
32.1
50.3
41.1
45.3
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
Tata Power
Others
Arvind
Avenue Super.
Bata India
BSE
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.
Quess Corp
SRF
S H Kelkar
Symphony
Team Lease Serv.
Trident
TTK Prestige
V-Guard
Wonderla
1 Day (%)
1.6
1.7
-1.6
-1.3
-3.5
0.0
0.2
-0.5
-3.6
0.1
-2.8
-0.9
-0.4
1.0
0.1
-1.1
0.6
-2.6
-3.2
0.1
-3.8
-4.6
-1.1
-0.7
-3.2
-3.9
-3.1
-2.8
-1.5
-1.4
-0.5
-1.9
-4.6
-2.1
-3.7
-2.1
-7.5
-2.4
-1.0
-4.5
-4.0
-4.7
-0.9
0.8
-0.4
-0.9
-3.9
-2.6
-3.1
-2.9
-4.0
-2.0
-1.8
-2.7
-4.8
-0.2
-5.4
-1.6
1M (%)
-0.4
1.1
1.5
2.4
8.0
5.0
1.7
4.3
7.1
3.5
4.6
0.3
4.4
1.3
-4.0
-6.3
0.6
-11.0
10.9
5.8
8.6
20.2
-0.7
-4.4
0.7
5.0
8.4
6.2
-0.4
-3.2
-2.4
3.4
13.9
1.1
0.5
-9.7
6.8
12.8
0.3
6.7
6.3
0.0
-5.6
18.0
10.5
1.3
8.4
4.8
6.5
-4.8
5.4
4.9
12.6
7.9
18.8
-0.9
4.4
4.9
12M (%)
7.9
12.1
37.5
-15.2
-9.1
22.3
-9.1
16.0
25.9
6.4
9.3
5.2
0.8
22.1
-27.3
20.8
3.9
-6.4
27.6
-22.5
57.5
-7.2
5.9
17.6
5.9
10.8
41.7
-20.3
1.3
74.7
14.0
-27.3
10.6
24.2
-33.8
24.8
-14.4
3.4
-17.4
46.8
-34.6
31.1
3.1
1.3
64.1
-7.6
45.3
50.4
-5.1
-15.6
19.2
43.6
75.1
30.8
40.6
-8.2
25 September 2017
17

NOTES
25 September 2017
18

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations
as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to
determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the
views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time
without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities
functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is
being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such 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: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; 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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