22 June 2018
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request your ballot.
Today’s top research idea
ICICI Prudential Life Insurance: (Initiating Coverage) Moving up
the profitability curve
ICICI Prudential Life Insurance life is amongst the market leader in the private
sector life insurance space, aided by its strong brand, distribution capabilities
and product portfolio.
It has increased its market share in retail weighted premium to ~12% in FY18
(~6% in FY12) and has alongside reported sharp improvement in persistency
ratios. This coupled with change in product mix in favor of protection business
and strong cost control has enabled healthy margin expansion (16.5% VNB
margin in FY18 v/s 10.1% in FY17).
We expect margins to improve further to 18.2% by FY20E, boosting average
operating RoEV to ~20% over FY18-20E. We value IPRU at INR480 per share
using P/EV multiple of 2.7x (implied new business multiple of 21x).
Market snapshot
Equities - India
Close
Chg .%
Sensex
35,432
-0.3
Nifty-50
10,741
-0.3
Nifty-M 100
18,507
-0.6
Equities-Global
Close
Chg .%
S&P 500
2,750
-0.6
Nasdaq
7,713
-0.9
FTSE 100
7,556
-0.9
DAX
12,512
-1.4
Hang Seng
11,365
-1.2
Nikkei 225
22,693
0.6
Commodities
Close
Chg .%
Brent (US$/Bbl)
72
-1.5
Gold ($/OZ)
1,267
0.0
Cu (US$/MT)
6,789
0.4
Almn (US$/MT)
2,181
0.6
Currency
Close
Chg .%
USD/INR
68.0
-0.1
USD/EUR
1.2
0.3
USD/JPY
110.0
-0.3
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.8
-0.05
10 Yrs AAA Corp
8.6
-0.05
Flows (USD b)
21-Jun
MTD
FIIs
0.2
-0.7
DIIs
0.1
1.6
Volumes (INRb)
21-Jun
MTD*
Cash
293
310
F&O
17,570
8,369
Note: YTD is calendar year, *Avg
YTD.%
4.0
2.0
-12.4
YTD.%
2.8
11.7
-1.7
-3.1
-2.9
-0.3
YTD.%
8.5
-2.8
-5.8
-3.3
YTD.%
6.4
-3.3
-2.4
YTDchg
0.4
0.7
YTD
-1.1
8.9
YTD*
363
8,221
Research covered
Cos/Sector
ICICI Prudential Life Insurance
EcoScope
Key Highlights
(Initiating Coverage) Moving up the profitability curve
INR to touch 70 against the USD by 1HCY19
Piping hot news
India to raise duties on 29 goods from US
India will raise duties on 29 products from the US, striking back against
Washington’s move to impose higher tariffs on Indian steel and aluminium
exports amid a global trade war that’s broken out as President Donald Trump
seeks to combat what he perceives as unfair terms. The duties, which take
effect August 4, will mean $240 million additional revenue.
Chart of the Day: ICICI Prudential Life Insurance – Moving up the profitability curve
Strong growth in total premium collection
Expect VNB margin to improve to 18.2% by FY20E
Source: Company, MOSL
Source: Company, MOSL
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
Sebi eases IPO norms, tightens
definition of ‘promoter group’
The capital markets regulator,
Securities and Exchange Board of
India (Sebi) on Thursday eased
disclosure norms for initial public
offerings (IPOs) and tightened the
definition of ‘promoter group’ to
prevent fraudulent transactions…
2
The Reserve Bank of India (RBI) on Thursday held its ground and refused to
give any special relief to the power sector from its February circular that
mandates early detection and time-bound resolution of stressed assets. In
a meeting of stakeholders convened by the finance ministry following a
directive of the Allahabad High Court, the central bank, instead, favoured
expeditious resolution by the government and the firms concerned of
sector-specific issues that have led to the huge pile-up of stressed assets in
the sector…
Stressed assets: No special relief to the power sector, says RBI
3
JSW Steel likely to make bid for
ArcelorMittal’s Romanian plant
India’s biggest steelmaker JSW
Steel is expected to make a bid for
ArcelorMittal’s Galati plant in
Romania, three sources told
Reuters, potentially competing
against Ukraine’s Metinvest and
Italy’s Marcegaglia.…
4
Maharashtra may auction
2,000 MW solar capacity by
August 15
The Maharashtra government is
planning to auction around 2,000
MW of solar capacity by August
15. The state’s 1,000 MW solar
auction in May initially faced
troubles, but was eventually
completed. The lowest bid at the
last auction was Rs 2.71/kWh…
5
Adnoc may pick up 25% stake
in Ratnagiri refinery from
Saudi Aramco
Abu Dhabi National Oil Co
(Adnoc), the state-run oil
company of the United Arab
Emirates (UAE), may pick up a
25% stake in the largest global
refinery and petrochemicals
complex coming up at Ratnagiri
in Maharashtra…
6
Tata Motors plans to drive in
50 commercial vehicles this
fiscal
Tata Motors plans to launch
around 50 commercial vehicles
(CVs) this fiscal as it looks to
further consolidate its position in
the segment, a top company
official said…
7
SEBI Initiates Enforcement
Action In NSE Co-Location
Case
Markets regulator SEBI today
said it has initiated enforcement
action against various entities in
the NSE co-location case. "We
have received the NSE
investigation report in the co-
location case... have initiated
enforcement actions," Securities
and Exchange Board Chairman…
22 June 2018
2

Initiating Coverage | Sector: Financials – Life Insurance
ICICI Prudential Life Insurance
BSE Sensex
35,012
S&P CNX
10,629
CMP: INR389
TP: INR480(+23%)
Buy
Moving up the profitability curve
Stock info
Bloomberg
Equity Shares (m)
MCap (INR b)
MCap (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
IPRU IN
1,435
558.4
8.2
507.9/ 363.0
-9/-7/-25
627.5
19.3
ICICI Prudential Life Insurance (IPRU) is amongst the market leader in the private sector
life insurance space, aided by its strong brand, distribution capabilities and product
portfolio. It has increased its market share in retail weighted premium to ~12% in FY18
(~6% in FY12) and has alongside reported sharp improvement in persistency ratios.
This coupled with change in product mix in favor of protection business and strong cost
control has enabled healthy margin expansion (16.5% VNB margin in FY18 v/s 10.1% in
FY17). We expect margins to improve further to 18.2% by FY20E, boosting average
operating RoEV to ~20% over FY18-20E. We value IPRU at INR480 per share using P/EV
multiple of 2.7x (implied new business multiple of 21x). Initiate coverage with BUY.
Financial snapshot (INRb)
Y/E MARCH
FY18 FY19E FY20E
Net Premium
268.1 317.2 384.0
Total Income
382.2 482.7 571.0
Comm & opex
34.3 42.4 50.7
Surplus/deficit
13.6 14.2 16.0
S/h PAT
16.2 19.2 21.6
Total Premium
20.3 19.6 21.2
Gr. (unwtd, %)
Renewal Prem.
22.5 18.8 20.7
growth (%)
Shareholding pattern (%)
June-18
%
ICICI Bank
Prudential Corp.
Others
52.88
25.83
21.29
Growth leadership to sustain; diverse distribution gives distinct advantage
IPRU has delivered ~18% CAGR in new business APE over FY15-18 aided by its
robust distribution mix. Unlike other large bancassurers, IPRU has a balanced
premium sourcing mix between bancassurance, agency, and direct sales channel.
The strong distribution capability will thus enable IPRU to maintain healthy
momentum in new business growth.
Operating metrics improving; margin gap with peers has narrowed
IPRU’s persistency ratios have shown marked improvement over past few years.
This coupled with improvement in cost ratios and favorable product mix has
aided steady margin expansion (16.5% in FY18 v/s 10.1% in FY17). We expect
further expansion in new business margins from 16.5% to 18.2% by FY20E.
Strongly positioned in ULIP products; sensitivity to tax rate has reduced
IPRU has built a strong franchise in ULIP products (>80% of total new business
APE) and yet it has been able to report steady expansion in margins. Owing to
improved profitability the company’s sensitivity to tax-rate has also reduced
significantly while dominance of customer friendly ULIP product has helped
insulate it from potential regulatory changes on traditional products.
Valuation
We value IPRU using the embedded value methodology and estimate the
company to deliver new business value of INR20.4b in FY20E, while operating
RoEV remains healthy at 19.5%. We value IPRU at ~INR684.6b using P/EV
multiple of 2.7x (implied new business multiple of 21x). This implies a PT of
INR480/share – an upside of 23%. We thus initiate coverage with a BUY rating.
ICICI Prudential Life Insurance
Moving up the profitability curve
Nitin Aggarwal
Financials and valuations
INR b
FY17
FY18
FY19E
FY20E
Net
Premium
221.6
268.1
317.2
384.0
Surplus /
Deficit
10.7
13.6
14.2
16.1
S/h
PAT
16.8
16.2
19.2
21.6
VNB
6.6
12.9
16.4
20.4
NBM
(%)
10.1%
16.5%
18.0%
18.2%
EVOP as a
% IEV
16.4%
22.8%
20.1%
19.5%
ROE
(%)
28.7%
24.4%
25.5%
24.1%
EV/Sh,
INR
112.7
130.8
153.5
178.8
P/EV
(x)
3.5
3.0
2.5
2.2
P/EPS
(x)
33.2
34.5
29.1
25.9
P/VIF
(x)
5.9
4.7
4.1
3.5
P/AUM
(%)
45%
40%
34%
29%
Source: Company, MOSL
22 June 2018
3

Strong growth in total premium collection
Total Premium collected
23%
-3%
-22%
-8%
25%
16%
YoY growth (RHS)
22%
18%
21%
Expect VNB margin to improve to 18.2% by FY20E
16.5
10.1
18.0
18.2
5.7
140
135
124
153
192
223
271
320
388
8.0
Source: Company, MOSL
Source: Company, MOSL
Persistency ratios has improved across the curve
13th Month
100%
75%
50%
25%
0%
49th Month
25th Month
61st Month
37th Month
ULIPs remain the dominant business segment
ULIP
4%
13%
5%
14%
PAR
6%
10%
Non PAR
7%
11%
83%
81%
84%
82%
Note: Persistency ratios are including single premium
Source: Company, MOSL
VNB as a % of opening EV has improved sharply
7.9%
4.7%
2.3%
3.0%
8.7%
9.2%
Trend in EVOP as a percentage of IEV
22.7%
15.3%
16.5%
20.1%
19.5%
Source: Company, MOSL
Source: Company, MOSL
Shareholding pattern as of June-18 (%)
We value IPRU at INR480 per share (2.7x FY20E EV)
Embedded value - FY20E
New Business Profit - FY20E
Appraisal Value - FY20E
Fair value / Embedded value
Number of shares, mn
Valuation per share
Implied -
- PE multiple
- New business multiple
- P/VIF
- P/AUMs
Contribution of future business in Appraisal Value
CMP
Upside
256.7
20.4
684.6
2.7
1,435
480
31.7
21.0
4.3
35%
63%
389
23%
13.29
4.00
4.00
52.88
25.83
ICICI Bank ltd
Prudential corp
Azim Premji
Apex Trust Co. ltd
Others
Source: Company, MOSL
Source: Company, MOSL
22 June 2018
4

E
CO
S
COPE
INR to touch 70 against the USD by 1HCY19
BoP deficit and political uncertainty to weaken INR
21 June 2018
The Economy Observer
A number of factors such as the unusual combination of a stronger USD and high crude oil prices, India’s widening twin
deficit, and foreign institutional investor (FIIs) outflows have contributed to the recent ~5% weakening of the INR
against the USD. However, the INR remains strong in real terms against the USD and also against the basket of six
major trading partners’ currencies.
Our analysis of the long-term INR trends suggests that the movement in the USD index (trade-weighted against major
currencies) is the most important determinant of the INR movement, followed by the movement in India’s foreign
exchange reserves (or balance of payments, BoP) and India’s twin deficit (sum of fiscal deficit (FD) and current account
deficit (CAD)). Higher crude oil price, however, does not necessarily imply a weaker INR unless it is accompanied by
capital outflows (or weaker BoP).
Although
we do not expect any
rally in
the USD in 2018 and 2019
, India’s BoP (sum of the current and
capital/financial account) is likely to witness its first deficit in seven years in FY19 versus massive surplus of USD43.6b
in FY18. Further, real GDP growth is likely to remain at sub-7% for the second consecutive year and the twin deficit is
expected to stay at elevated levels of 8.2% of GDP in FY19. Finally, along with the general election in May 2019, five
major states are scheduled for assembly elections between end-2018 and mid-2019.
All the above-mentioned factors are likely to keep the INR under severe pressure. Accordingly, we expect the INR to
touch 70 against the USD by 1HCY19 and average 68.2 in FY19 and 70.9 in FY20. Two uncertainties, however, could
move the INR either side – (1) if the incumbent BJP government registers another grand win in the general elections –
putting political uncertainty behind – capital inflows will improve India’s BoP and the INR could appreciate. (2) On the
contrary, a stronger USD – say because of weakening in the non-US developed world – could make the INR touch 70
sooner than expected.
Considering the recent sharp depreciation in the INR versus the USD and evolving
economic environment, we are revising our FY19/FY20 INR forecasts against the
USD from 66/67.7 to 68.2/70.9. This note is divided into four parts. In section I, we
show that while the INR has weakened in nominal terms, it remains strong in real
terms against the USD as well as against the basket of major trading partners’
currencies. Section II discusses the factors that have contributed to the sharp
weakness in the INR over the last few months. In section III, we delve deeper into
the historical trends of the INR, analyzing the most critical factors for structural
movements in the INR. The final section explains the basis of our INR forecasts.
India’s BoP to worsen in FY19…
Current account balance
(% of GDP)
…and India’s twin deficit* likely to stay elevated
Capital account flows
Twin deficit (% of GDP)
3.7
4.9
2.6
(1.7)
4.5
(1.3)
2.0
(1.1)
1.6
(0.6)
3.5
(1.9)
3.9
2.5
(2.6)
(2.5)
(4.3)
(4.6)
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19F FY20F
FY06
FY08
FY10
FY12
FY14
FY16
FY18
FY20F
* Combined (center + states) fiscal deficit + current account deficit
Source: Reserve Bank of India (RBI), Budgets, CEIC, MOSL
22 June 2018
5

In conversation
1. MOTHERSON SUMI : Group is looking for acquisitions; Vivek
Chaand Sehgal, Chairman
The three plants which are the new greenfield sites are very exciting for
Samvardhana Motherson Peguform (SMP), because by 2019-2020, they will add
approximately $1 billion to the top line.
The good news is that this seems to be the last plant for order book of $17.2
billion.
Don't see margin pressure because these particular things are all inbuilt into the
system. Whatever the start-up costs are have already been written off in our
profit and loss account.
Getting a lot of traction for demand from customers.
Company is at the moment sitting at about $12.50-13 billion and have got to go
close to $18 billion for company and for the group. Have got a huge pipeline of
acquisitions.
2. LIC HOUSING FINANCE : Targeting 15-20% growth in
disbursements and loan book this fiscal; Vinay Sah, Managing
Director and CEO
Targeting a growth of 15 to 20 percent in disbursements and similar growth in
loan book.
Delinquencies in the tier 2 and tier 3 cities was similar to that of other centres.
The delinquencies in the non-salaried class were similar to that of salaried class.
Around 78-80 percent of their loan book consisted of salaried people.
Best performing regions have been the North Central and East Central regions
which comprise of states like UP, Uttaranchal, Bihar, Jharkhand and Odisha.
Affordable housing scheme measures will bring more people under ambit of
number one subsidy under affordable housing and banks will become more
active since they have to meet the targets. All this will increase demand. Going
forward, will see more projects that would fit into this criteria so that people get
benefit of subsidy under affordable housing.
3. BOROSIL GLASS WORKS : Separation of consumer business
and solar business to help focus on aggressive growth; Shreevar
Kheruka, managing director and CEO
Separation of consumer and solar business will help company focus on
aggressive growth.
The scheme results in two listed entities called Borosil Limited, which will have
consumer and scientific products business and Borosil Renewables, which will
have the solar glass business.
Companies had a complicated shareholding structure with cross holdings among
the companies and so it was decided to eliminate the cross holdings and related
party transactions.
In Gujarat Borosil, which will become Borosil Renewables, plan to add capacity
by doubling solar furnace. In consumer business, would focus on storage and
tableware. Therefore, with separate entities and managements, each can chart
their own growth plans.
22 June 2018
6

From the think tank
1. Addressing the insolvency and bankruptcy code’s oversights
and flaws
In recent times, advocates of the Insolvency and Bankruptcy Code (IBC) have
relied on its intentions to steer the discussions about it. They have asserted that
the IBC intends to effectively resolve distressed companies and safeguard the
interest of all stakeholders. If it fails, then the company goes to liquidation. The
bankruptcy law reforms committee (BLRC) envisioned the IBC as “a collective
mechanism for resolving insolvency within a framework of equity and fairness to
all stakeholders to preserve economic value in the process”. We are a long way
from ascertaining whether the process indeed upholds the objectives of fairness,
collective resolution and equality—the three mainstays of an insolvency process.
The IBC sets out a simple proposition: Allow a prospective investor to save the
distressed company through a resolution plan as long as it receives an adequate
number of votes from financial creditors. M.S. Sahoo, the chairman of the
Insolvency and Bankruptcy Board of India, said in an interview that the “privilege”
of selecting a resolution plan for a distressed company has been given to financial
creditors owing to their ability to take business decisions and create value. This
underscores a view that only financial creditors are capable of assessing a plan to
resolve a distressed company.
2. What happens after the sugar high?
Anyone dealing with the after-effects of a sugar high, and the health crisis
associated with it, knows that a sugar-management programme is critical. Sadly,
the government’s plan to deal with India’s sugar high—and the Rs 22,000 crore
of farmer dues associated with this—doesn’t have anything to wean away
farmers from sugar. Like many other government plans, the attempt is only to
reduce the impact for the moment, and leave the rapidly-growing crisis for
another day. While unduly high sugarcane prices are the main reason for why
sugar mills can’t clear their Rs 22,000 crore dues to farmers, the government’s
package is for just Rs 8,500 crore and that number too is based on significant
over-estimation of the benefit—in other words, the package is not going to help
much in even the short run. The package includes an interest subvention of Rs
1,332 crore on Rs 4,440 crore of loans to the industry to set up more ethanol
capacity—while the loans have to be repaid by industry, the package seems to
take into account this as well. The interest subvention is over five years, but
seems to have been fully added as well; industry also argues that the buffer
stock subsidy is based on a lower cost of production than the actual.
3. Building India’s green finance ecosystem
Going green” is no longer jargon but an imperative of the times we live in. All
stakeholders—the government, companies/ banks, individuals—must collectively
own the responsibility to conserve the environment for our future generations.
According to the World Bank, 70% of the global greenhouse gas emissions comes
from infrastructure development, construction, power plants and transport
system operations. The World Health Organization projects that the number of
deaths attributable to the harmful effects of emissions from key infrastructure
industries will rise from the current 150,000 per year to 250,000 by 2030.
Therefore, the challenge before developing economies is: how to modernize
7
22 June 2018

societies, build quality infrastructure and provide efficient transportation services
while minimizing the damage to the environment. India is no exception. The
Narendra Modi government has rightfully put infrastructure development on
mission mode, in the firm belief that good infrastructure will be a force multiplier
for job creation and higher economic activity. The country needs about $4.5
trillion in infrastructure funding by 2040.
International
4. Central bankers often rescue democracy
The history of the financial crisis tells a disturbing tale for those who hold dear
prosperity and democracy. Although this should have been the moment for
representative governments to rise to the occasion, too often political leaders
failed to take the actions needed to preserve the welfare of those who elected
them. The institutions that did the most to help economies recover were the
most technocratic and without a direct popular mandate: the central banks. The
feeble response by democratically elected government, and the resulting ascent
of the central banks, has produced two results. Mainstream politicians have
squandered their moral authority, giving rise to populist forces both in Europe
and in the US. Meanwhile, the world’s leading monetary authorities have faced
accusations of overreach, which will not go away so long as central bankers keep
the powers and the instruments they have obtained. As Paul Tucker, a former
deputy governor at the Bank of England, has written in a new book, Unelected
Power, “Central bankers have become ‘overmighty citizens’ of whom too much
is expected.”
22 June 2018
8

Click excel icon
for detailed
valuation guide
CMP
(INR)
758
135
2833
609
17969
1314
29493
1264
889
251
3632
884
268
8870
307
307
580
Valuation snapshot
Company
Reco
Automobiles
Amara Raja
Buy
Ashok Ley.
Buy
Bajaj Auto
Buy
Bharat Forge
Buy
Bosch
Neutral
CEAT
Buy
Eicher Mot.
Buy
Endurance Tech. Buy
Escorts
Neutral
Exide Ind
Buy
Hero Moto
Neutral
M&M
Buy
Mahindra CIE
Buy
Maruti Suzuki
Buy
Motherson Sumi Buy
Tata Motors
Buy
TVS Motor
Neutral
Aggregate
Banks - Private
Axis Bank
Buy
DCB Bank
Neutral
Equitas Hold.
Buy
Federal Bank
Buy
HDFC Bank
Buy
ICICI Bank
Buy
IDFC Bank
Neutral
IndusInd
Buy
J&K Bank
Buy
Kotak Mah. Bk
Buy
RBL Bank
Buy
South Indian
Buy
Yes Bank
Buy
Aggregate
Banks - PSU
BOB
Buy
BOI
Neutral
Canara
Neutral
Indian Bk
Buy
PNB
Neutral
SBI
Buy
Union Bk
Neutral
Aggregate
NBFCs
Aditya Birla Cap Buy
Bajaj Fin.
Buy
Capital First
Buy
Cholaman.Inv.&Fn Buy
Dewan Hsg.
Buy
GRUH Fin.
Neutral
HDFC
Buy
HDFC Stand. Life Buy
Indiabulls Hsg
Buy
L&T Fin Holdings Buy
LIC Hsg Fin
Neutral
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY18 FY19E FY18 FY19E FY18 FY19E
952
181
3450
806
19291
1845
35572
1530
982
301
4052
1026
274
10525
423
471
635
26
34
22
32
7
40
21
21
10
20
12
16
2
19
38
54
9
27.6
5.4
151.3
17.7
480.6
64.0
799.6
29.1
39.5
8.2
185.1
40.2
9.6
266.7
8.2
22.9
13.9
31.5 38.1
7.3
9.1
167.2 191.7
25.4 32.2
578.6 714.5
84.9 115.3
1,050.3 1,347.1
38.4 51.0
52.4 65.5
10.1 12.8
201.2 229.1
49.3 54.0
13.7 16.6
351.7 446.8
12.0 16.9
43.2 52.9
19.7 28.8
-1.5
23.9
7.3
37.9
1.6
-31.5
27.0
23.8
88.0
0.4
9.5
46.9
107.8
7.3
5.9
15.7
18.7
15.5
-92.8
13.8
-82.3
-1.3
19.4
-31.0
0.3
25.2
LP
21.3
27.3
-25.5
26.3
4.0
14.2
34.9
10.5
43.5
20.4
32.8
31.3
32.0
32.5
23.5
8.6
22.6
43.1
31.8
47.3
88.3
41.5
37.8
1,648
22.4
710.5
21.3
16.9
68.7
7.2
37.9
13.5
24.5
46.1
77.8
31.7
44.7
20.8
25.6
14.7
27.1
23.5
35.8
28.3
32.9
25.0
26.1
13.9
9.5
20.5
27.1
41.0
22.5
46.1
22.7
27.5
25.1
18.7
34.4
37.4
20.5
36.9
43.5
22.5
30.6
19.6
22.0
27.9
33.3
37.6
13.4
41.6
25.7
24.1
18.6
16.9
24.0
31.1
15.5
28.1
32.9
17.0
24.8
18.1
17.9
19.5
25.2
25.5
7.1
29.4
18.6
26.4
17.9
19.1
14.3
25.9
16.7
13.2
23.5
5.4
32.4
24.4
7.1
13.7
22.5
27.5
73.9
30.6
9.2
NM
14.2
NM
20.3
25.9
36.3
12.7
21.5
12.2
52.7
38.1
71.1
10.8
17.3
11.1
4.4
5.5
4.3
6.1
5.5
2.0
11.4
8.2
3.6
4.0
6.2
3.5
2.7
6.4
6.9
1.1
9.6
3.9
2.1
2.1
2.1
1.3
5.0
1.8
0.9
5.0
0.6
5.0
3.4
0.8
3.0
3.3
0.8
0.5
0.6
1.0
0.6
1.1
0.4
0.9
3.8
4.7
3.9
5.1
5.0
1.8
8.6
6.8
3.0
3.6
5.5
3.1
2.4
5.5
5.8
0.9
7.7
3.4
1.9
1.9
2.0
1.2
3.9
1.7
0.9
4.3
0.5
4.6
3.1
0.8
2.5
2.8
0.8
0.5
0.6
0.9
0.7
1.1
0.4
0.8
17.0
23.7
24.2
18.8
15.6
10.3
35.2
21.0
18.3
12.9
33.8
14.2
10.4
18.5
19.5
10.1
25.1
15.4
0.5
10.9
1.4
8.3
17.9
6.7
6.8
16.5
9.1
10.9
11.6
6.6
17.7
10.2
17.1
27.1
24.0
23.2
16.8
12.5
35.0
22.6
19.3
14.4
32.1
14.8
13.1
21.5
24.8
14.2
29.0
18.3
7.4
11.1
10.7
9.0
16.9
10.8
6.9
19.6
9.9
12.0
13.3
11.0
19.9
12.6
513
174
144
82
2057
298
42
1955
54
1313
540
23
333
600
198
185
127
2400
380
65
2150
100
1400
650
34
444
17
14
29
54
17
28
53
10
86
7
20
45
33
1.1
8.0
0.9
4.8
67.8
10.6
3.0
60.2
8.8
32.5
15.1
1.9
18.4
19.4
9.7
7.5
5.8
79.3
17.8
3.2
83.0
10.0
40.5
22.1
3.3
24.3
35.8
11.5
11.9
8.2
94.5
24.1
3.8
104.4
14.4
50.1
29.5
4.6
32.1
84.1 461.9
17.9 21.9
58.1 155.0
42.4 17.3
19.3 30.3
35.2 28.2
19.2 14.1
25.8 32.5
43.6 6.1
23.6 40.4
33.6 35.7
38.8 12.6
32.3 18.1
33.1 32.6
122
94
255
344
83
269
86
163
112
266
371
85
365
97
33
20
4
8
2
36
13
-9.8
-43.2
-63.5
26.2
-50.3
-5.4
-56.5
4.4
1.3
8.3
37.3
-9.6
19.0
-1.5
14.1
4.2
39.9
45.6
8.0
35.2
5.7
PL
LP 218.0 NM
Loss LP 230.0 NM
PL
LP 378.2 NM
-10.4 42.5 22.1 13.1
PL Loss LP
NM
PL
LP 85.6 NM
PL Loss LP
NM
PL
LP 145.2 0.0
42.1
33.4
27.5
19.1
22.8
19.6
18.9
25.8
20.9
49.3
18.7
36.6
48.5
16.5
25.9
16.9
62.0
44.2
85.6
13.0
23.8
12.7
-5.8 2.7
-17.8 0.6
-12.2 1.8
8.3 11.0
-29.6 -6.8
-3.8 7.6
-23.8 -0.7
-8.0 4.1
137
2257
564
1610
632
308
1855
472
1173
161
501
215
2450
960
1930
765
300
2225
475
1650
240
610
57
9
70
20
21
-2
20
1
41
49
22
3.8
5.3
7.5
NA 41.5
46.5 62.3 83.1 45.6 33.9
34.2 44.6 56.8 38.9 30.2
62.3 75.0 89.3 35.5 20.4
37.4 51.7 63.5 26.2 38.4
5.0
5.8
7.0 21.9 17.7
42.0 48.7 57.9 5.3 16.1
5.5
6.6
8.4 23.5 20.4
90.2 108.8 131.5 31.5 20.6
6.8
9.3
13.9 29.5 37.4
39.4 45.0 53.5 3.0 14.3
3.5 2.7 12.4 12.1
8.0 6.7 20.7 20.1
2.1 1.8 13.7 15.6
4.9 4.1 20.6 20.7
2.3 2.0 14.1 17.4
18.2 15.0 32.6 31.2
5.0 4.3 18.4 17.5
3.1 2.6 21.7 21.7
3.9 3.3 30.7 33.2
2.6 2.3 13.4 14.1
2.1 1.8 17.0 17.2
22 June 2018
9

Click excel icon
for detailed
valuation guide
CMP
(INR)
568
490
381
1104
555
2160
1485
TP % Upside
(INR) Downside
750
32
600
23
470
23
1750
59
710
28
2800
30
1950
31
EPS (INR)
FY18 FY19E FY20E
24.4 31.1 38.9
14.5 20.7 26.5
43.0 44.8 48.9
49.9 65.7 87.3
32.9 37.7 44.3
100.8 145.9 175.9
69.1 118.2 141.5
EPS Gr. YoY (%)
FY18 FY19E FY20E
62.2 27.5 25.2
104.9 42.9 27.9
45.6 4.1 9.2
57.7 31.8 32.9
13.1 14.3 17.5
19.5 44.8 20.6
24.7 71.0 19.8
27.2 27.1 24.2
8.1
-8.8
64.1
17.0
14.3
-29.8
-11.2
14.8
30.8
17.4
51.1
22.4
10.9
18.2
-1.2
27.6
11.9
15.2
29.5
31.3
-30.5
109.9
-15.3
-38.1
5.8
-12.3
LP
288.2
LP
29.5
1.1
-12.3
-0.4
37.7
13.5
29.5
41.4
19.5
4.4
18.5
2.6
40.8
27.4
9.2
15.2
36.2
18.6
63.0
38.8
11.3
19.1
34.9
28.1
102.8
20.5
98.7
75.5
72.3
25.7
148.6
367.3
101.0
96.7
30.3
43.8
56.3
17.7
12.6
30.8
29.4
22.0
14.4
19.9
20.3
16.0
19.3
30.6
23.1
18.8
27.4
27.7
14.5
11.0
21.5
31.9
31.0
26.0
48.3
25.3
64.2
71.6
24.0
62.2
41.3
39.7
33.8
35.1
41.3
33.4
Valuation snapshot
P/E (x)
P/B (x)
FY18 FY19E FY18 FY19E
23.3 18.2 3.5 3.1
33.7 23.6 3.2 2.9
8.9
8.5
2.0 1.7
22.1 16.8 3.0 2.6
16.8 14.7 2.7 2.3
21.4 14.8 2.6 2.3
21.5 12.6 2.7 2.3
31.3 24.6 4.6 3.9
60.9
19.1
34.2
43.3
43.1
19.1
28.9
20.4
40.1
47.5
18.5
24.9
50.4
47.1
53.1
16.9
29.9
29.9
32.7
26.8
35.7
39.0
17.6
30.9
44.1
28.9
50.8
95.8
32.0
22.4
39.4
42.9
34.2
59.3
71.3
47.0
49.6
21.9
NM
55.2
36.5
65.1
28.4
52.6
44.2
16.8
26.4
30.6
36.1
18.3
24.4
19.9
28.5
37.3
16.9
21.6
37.0
39.7
32.6
12.2
26.9
25.1
24.3
20.9
17.6
32.4
8.9
17.6
25.6
23.0
20.4
20.5
15.9
11.4
30.2
29.9
21.9
49.0
55.6
40.3
42.8
17.9
183.4
48.0
32.3
55.1
26.1
39.7
ROE (%)
FY18 FY19E
21.3 17.8
10.5 13.1
24.1 21.4
14.3 16.5
16.9 16.7
12.7 16.3
13.1 19.5
14.6 15.9
Company
Reco
MAS Financial
Buy
M&M Fin.
Buy
Muthoot Fin
Neutral
PNB Housing
Buy
Repco Home
Buy
Shriram City UnionBuy
Shriram Trans.
Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Neutral
Cummins
Buy
Engineers India Buy
GE T&D
Neutral
Havells
Buy
K E C Intl
Neutral
L&T
Buy
Siemens
Neutral
Solar Ind
Neutral
Thermax
Buy
Va Tech Wab.
Buy
Voltas
Neutral
Aggregate
Cement
Ambuja Cem.
Neutral
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Johnson
Buy
Sagar Cements
Not Rated
Sanghi Inds.
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Buy
Emami
Buy
Future Consumer Buy
Godrej Cons.
Neutral
GSK Cons.
Neutral
HUL
Buy
ITC
Neutral
Jyothy Lab
Neutral
1206
109
75
653
223
55
680
128
301
533
331
1290
995
1148
1091
408
517
1060
150
70
790
270
63
850
180
305
640
410
1650
1185
1100
1370
575
570
-12
37
-7
21
21
14
25
41
1
20
24
28
19
-4
26
41
10
19.8
5.7
2.2
15.1
5.2
2.9
23.5
6.3
7.5
11.2
17.9
51.8
19.8
24.4
20.5
24.1
17.3
27.3
6.5
2.8
21.3
6.2
3.0
27.9
6.4
10.5
14.3
19.6
59.7
26.9
28.9
33.4
33.4
19.2
32.1
7.3
3.7
27.6
7.5
3.4
33.4
7.7
12.2
17.1
25.5
73.4
31.9
36.8
42.7
38.2
21.4
7.1 6.3 11.6 14.3
3.4 3.1 18.0 18.2
0.8 0.8 2.5 3.2
7.5 6.7 18.1 23.2
17.7 14.1 48.7 43.5
0.9 0.9 4.5 4.8
4.7 4.4 18.3 18.6
3.8 3.5 15.7 17.1
6.5 5.7 17.3 21.2
8.9 7.8 18.7 21.0
4.3 3.5 23.1 20.8
3.2 2.9 13.7 14.3
4.6 4.3 9.1 11.5
9.6 8.0 21.9 22.0
4.5 4.1 8.8 13.2
2.0 1.7 12.4 15.2
4.4 3.9 15.9 15.4
3.3 3.0 11.0 12.0
2.0
2.6
1.6
3.8
1.5
0.6
2.6
3.9
2.2
5.2
2.0
1.1
6.0
3.8
2.9
14.3
21.0
21.0
11.9
6.0
8.5
12.7
7.3
48.7
6.2
6.9
1.8
2.5
1.5
3.4
1.3
0.6
2.4
3.4
2.0
4.3
1.8
1.0
5.1
3.5
2.7
13.1
18.6
19.8
10.8
5.3
8.2
9.9
6.5
46.5
5.8
6.7
6.1
10.1
4.6
10.3
8.6
2.1
6.1
14.2
4.4
5.5
6.5
6.9
16.3
9.3
8.6
25.3
32.9
48.7
25.9
29.2
-2.8
24.9
21.2
78.1
22.3
13.4
7.8
12.4
8.9
11.2
15.9
3.6
9.8
15.7
10.3
22.8
12.0
10.8
18.2
12.2
12.2
27.9
35.5
50.5
26.5
31.3
4.6
23.2
21.4
86.4
23.0
17.1
197
1269
708
2349
1012
108
325
689
110
102
805
83
15291
3619
255
1747
1020
3403
1122
145
451
918
170
137
-
134
19731
4818
29
38
44
45
11
35
39
33
55
35
61
29
33
6.0
47.4
19.8
60.2
57.4
3.5
7.4
23.9
2.2
1.1
25.2
3.7
388.5
84.3
8.1
60.7
40.2
72.6
114.1
6.1
12.7
30.0
5.4
5.0
50.6
7.3
506.3
121.2
10.7
79.6
50.6
107.6
143.0
10.0
21.8
37.2
8.7
7.0
70.6
9.8
683.8
171.3
1254
5966
1177
386
530
52
1165
6071
1594
261
433
1280
6870
1420
435
1380
75
1155
6255
1840
295
425
2
15
21
13
160
45
-1
3
15
13
-2
21.1
83.6
25.0
7.8
24.3
-0.2
21.1
166.5
24.5
9.2
8.2
25.6 30.5 1.9 21.1 19.0
107.4 133.2 13.5 28.4 24.0
29.2 34.6 18.0 16.5 18.5
9.0
10.4 7.2 16.0 15.5
29.6 35.6 -8.5 21.9 20.4
0.3
1.1 Loss LP 284.7
24.3 28.1 11.7 14.9 15.9
187.8 215.6 6.6 12.8 14.8
28.9 35.2 24.7 18.1 21.8
10.0 11.3 9.5 8.8 13.4
10.9 13.0 -26.7 32.7 19.4
22 June 2018
10

Click excel icon
for detailed
valuation guide
CMP
(INR)
335
9842
26369
1038
9943
149
1279
654
TP % Upside
(INR) Downside
360
7
9535
-3
29440
12
1330
28
9390
-6
-
1555
22
687
5
EPS (INR)
FY18 FY19E FY20E
6.4
7.6
9.0
140.0 189.3 209.0
311.1 423.2 564.5
18.1 20.8 23.7
131.3 162.1 187.8
3.5
6.4
9.7
14.9 18.8 23.9
6.7 11.1 14.4
EPS Gr. YoY (%)
FY18 FY19E FY20E
2.0 18.3 18.2
13.2 35.2 10.4
30.3 36.0 33.4
8.1 14.8 14.3
-1.2 23.4 15.8
-2.0 83.8 52.1
71.7 25.8 27.2
26.1 64.3 29.9
10.4 18.7 17.6
Valuation snapshot
P/E (x)
FY18 FY19E
52.3 44.2
70.3 52.0
84.8 62.3
57.4 50.0
75.7 61.3
42.9 23.4
85.8 68.2
97.0 59.0
50.1 42.2
23.8
33.3
19.7
14.3
99.9
24.3
30.1
32.0
35.8
91.6
21.1
15.1
70.8
35.5
16.2
30.6
19.2
36.7
30.7
34.9
39.6
27.5
29.8
20.7
25.8
20.2
13.0
57.5
22.6
24.1
24.0
22.5
48.8
20.4
12.9
48.9
22.5
11.8
17.8
24.8
32.1
17.1
24.5
28.6
29.5
24.7
P/B (x)
FY18 FY19E
17.0 14.8
27.7 24.7
34.7 27.2
14.7 12.0
39.9 33.7
2.1 1.9
12.7 10.9
19.0 12.5
13.3 12.0
ROE (%)
FY18 FY19E
34.0 35.8
40.3 50.2
41.0 43.6
26.1 26.4
57.0 59.7
4.9 8.5
15.8 17.2
19.6 21.2
26.5 28.4
Company
Reco
Marico
Neutral
Nestle
Neutral
Page Inds
Buy
Pidilite Ind.
Buy
P&G Hygiene
Neutral
Prabhat Dairy
Not Rated
United Brew
Buy
United Spirits
Neutral
Aggregate
Healthcare
Alembic Phar
Neutral
Alkem Lab
Buy
Ajanta Pharma
Buy
Aurobindo
Buy
Biocon
Neutral
Cadila
Buy
Cipla
Neutral
Divis Lab
Neutral
Dr Reddy’s
Neutral
Fortis Health
Buy
Glenmark
Neutral
Granules
Buy
GSK Pharma
Neutral
IPCA Labs
Buy
Jubilant Life
Buy
Laurus Labs
Buy
Lupin
Buy
Sanofi India
Buy
Shilpa Medicare Buy
Strides Shasun
Buy
Sun Pharma
Buy
Torrent Pharma Neutral
Aggregate
Infrastructure
Ashoka Buildcon Buy
IRB Infra
Neutral
KNR Constructions Buy
Sadbhav
Buy
Engineering
Aggregate
Logistics
Allcargo Logistics Buy
Concor
Buy
Gateway
Buy
Distriparks
Aggregate
Media
Dish TV
Buy
D B Corp
Buy
Den Net.
Neutral
Ent.Network
Buy
Hathway Cable
Buy
Hind. Media
Neutral
HT Media
Neutral
Jagran Prak.
Buy
522
1961
1043
609
620
411
602
1056
2317
134
602
86
2782
673
737
484
899
5200
394
393
555
1477
500
2400
1560
750
600
460
540
1200
2275
185
535
130
2500
785
1110
586
865
5600
593
481
610
1350
-4
22
50
23
-3
12
-10
14
-2
38
-11
52
-10
17
51
21
-4
8
51
22
10
-9
21.9
58.9
53.0
42.7
6.2
16.9
20.0
33.0
64.7
1.5
28.5
5.7
39.3
19.0
45.6
15.8
46.8
141.7
12.8
11.3
14.0
53.7
25.2 28.2 2.5 14.9 12.0
76.1 100.0 -21.1 29.3 31.4
51.6 65.0 -7.5 -2.6 25.9
46.7 50.0 8.7 9.4 7.1
10.8 19.8 -39.2 73.9 83.3
18.2 20.8 19.1 7.4 14.7
24.9 30.0 28.8 25.0 20.3
43.9 52.6 -17.3 33.0 19.7
102.9 125.7 -10.9 59.1 22.1
2.8
7.3 -85.8 87.8 164.5
29.4 35.6 -27.5 3.4 20.9
6.7
8.7 -21.8 17.8 30.8
56.9 62.3 14.4 44.9 9.3
30.0 39.3 18.1 57.9 31.3
62.6 72.5 23.3 37.3 15.9
27.3 34.3 -10.9 72.1 25.8
36.2 48.0 -17.4 -22.5 32.5
161.8 186.9 9.8 14.2 15.5
23.1 28.5 -0.7 79.6 23.4
16.1 28.1 -65.1 42.6 75.0
19.4 25.4 -46.5 38.5 31.1
50.1 67.1 -2.6 -6.8 34.0
-17.4 20.6 25.1
1.2
26.0
13.8
16.8
3.9
26.5
18.3
17.4
4.4 3.8 19.6 19.4
4.8 4.2 15.1 17.4
4.5 3.8 26.0 20.4
3.1 2.5 23.8 21.1
7.2 6.6 7.2 11.5
5.1 4.3 22.7 20.5
3.4 3.1 11.3 12.9
4.7 4.5 15.5 19.3
3.1 2.7 8.6 12.7
1.1 1.1 1.2 2.2
3.3 2.9 15.6 14.1
1.7 1.5 12.2 12.5
14.1 16.0 19.9 32.7
3.2 2.8 9.3 13.3
2.8 2.3 18.9 21.5
3.5 2.9 11.9 17.8
3.1 2.8 15.8 11.8
5.9 5.4 16.1 16.8
3.0 2.5 10.3 15.6
1.4 1.4 3.9 5.7
3.5 3.2 9.0 11.8
5.4 4.6 20.3 16.8
3.8 3.4 12.7 13.7
9.4
1.1
2.5
2.4
1.9
1.2
3.0
1.8
2.7
1.8
2.1
2.0
3.4
2.0
1.0
0.6
2.1
-30.2 5.8
14.6 14.1
26.5 15.5
12.5 14.4
12.8 13.2
9.5
9.4
5.0
8.8
10.8
13.4
10.1
12.3
226
224
240
296
290
290
375
450
29
29
56
52
-6.3
23.9
19.4
12.9
Loss LP 231.0 NM
17.5 9.0 1.9
9.4
61.8 -28.7 32.6 12.4
17.5 30.5
3.7
23.0
16.9
189.6 13.4
8.6
1.3
17.4 2.9
17.6
14.5
12.1
23.5
18.2
22.0
2.7
2.2
1.3
3.3
1.9
2.9
108
1256
178
163
1553
199
51
24
12
7.3
35.1
4.7
8.9
53.4
9.8
11.7
64.6
11.2
-23.1 23.2 30.5
12.5 52.1 21.0
-32.1 109.0 14.4
1.6
50.1 21.8
LP
16.4
LP
119.5
LP
0.1
-20.8
31.0
14.9
35.8
38.0
33.0
72
257
90
670
30
199
76
142
95
324
90
770
47
237
92
215
33
26
0
15
58
19
21
52
-0.4
17.6
-2.9
6.8
-0.2
23.9
13.2
9.6
2.9
20.5
0.1
14.9
0.8
23.9
10.5
12.6
4.3
24.9
4.0
22.0
2.0
26.3
11.5
15.3
PL
-13.8
Loss
-40.6
Loss
-7.5
78.9
-9.5
46.4 NM
24.4 2.0
21.6 14.6 12.5 2.5
5,545 NM 1,263.2 2.0
47.3 98.6 44.9 3.6
161.9 NM
39.1 2.1
10.2 8.3
8.3
1.1
10.4 5.8
7.3
0.7
21.6 14.7 11.3 2.2
-2.1 7.7
18.4 18.2
-6.3 0.2
3.7 7.7
-1.2 5.2
14.0 12.4
12.8 9.1
14.3 18.4
22 June 2018
11

Click excel icon
for detailed
valuation guide
CMP
(INR)
314
1360
89
15
840
563
TP % Upside
(INR) Downside
469
49
1760
29
130
46
27
86
1200
43
690
22
EPS (INR)
FY19E FY20E
13.2 17.3
38.0 51.2
6.5
8.6
0.1
0.6
35.0 40.6
16.5 19.7
EPS Gr. YoY (%)
FY18 FY19E FY20E
41.1 45.1 31.8
29.9 42.4 34.7
PL
LP 30.7
Loss LP 411.6
11.6 26.2 15.9
8.4 14.1 19.0
10.7 49.7 26.7
Valuation snapshot
P/E (x)
P/B (x)
FY18 FY19E FY18 FY19E
34.6 23.9 3.0 2.7
51.0 35.8 5.9 5.1
NM
13.6 4.5 2.6
NM 115.0 2.8 2.7
30.3 24.0 7.1 6.5
38.8 34.0 7.2 6.1
35.9 24.0 3.9 3.5
8.5
10.8
36.4
11.0
6.6
7.7
9.8
5.6
8.1
6.2
9.1
26.2
10.1
14.3
23.2
14.5
7.8
9.6
22.4
17.8
7.8
6.3
5.9
12.5
14.7
10.5
32.8
53.5
56.5
16.8
13.5
23.0
16.7
18.4
20.5
22.7
20.1
20.1
17.6
29.4
22.0
14.4
13.5
1.3
3.4
0.7
2.9
1.1
1.4
0.9
1.7
1.4
1.2
1.5
6.6
2.3
1.9
5.8
2.0
1.9
1.4
5.1
3.9
1.4
0.9
0.9
3.2
2.1
1.6
1.3
2.8
0.7
2.4
1.0
1.3
0.8
1.3
1.3
1.0
1.4
5.5
2.0
1.7
4.8
1.8
1.7
1.3
4.3
3.5
1.2
0.8
0.9
2.7
1.8
1.5
ROE (%)
FY18 FY19E
9.0 11.8
12.2 15.3
-9.3 24.2
-15.8 2.4
25.2 28.4
19.6 19.4
11.0 14.7
12.8
26.7
-2.7
22.5
9.1
17.7
0.3
22.9
13.3
17.8
11.7
19.4
29.0
11.8
16.7
14.4
31.0
21.0
20.8
26.2
21.3
9.4
8.9
23.3
13.0
13.7
15.5
28.6
2.0
23.9
16.2
17.3
9.0
26.3
17.1
17.4
15.0
23.0
20.8
12.8
22.7
13.2
22.5
14.0
20.8
20.8
16.8
13.7
14.8
23.8
13.2
14.0
Company
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
Aegis Logistics
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
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
Reco
Buy
Buy
Buy
Neutral
Buy
Buy
FY18
9.1
26.7
-1.8
-0.9
27.7
14.5
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
223
290
225
333
66
107
82
198
229
558
371
336
348
394
128
178
85
426
345
705
67
16
54
18
95
66
3
115
51
26
18.9
21.1
-8.5
23.3
5.0
13.1
0.3
23.7
21.3
71.9
26.1
26.8
6.2
30.4
10.0
13.9
8.4
35.2
28.3
90.0
29.3 120.5 38.2 12.1 11.8
30.6 7.2 26.8 14.2 13.7
10.2 Loss LP 64.9 NM
30.5 57.5 30.2 0.2 14.3
10.3 35.3 98.0 3.2 13.0
14.6 31.5 6.4 4.7
8.2
7.1
LP 3,179 -16.3 320.4
39.8 238.1 48.5 13.2 8.3
35.3 40.7 33.0 24.7 10.8
67.4 76.5 25.2 -25.1 7.8
74.8 43.2 4.3 13.0
11.6
48.0
26.0
41.6
13.4
46.3
21.7
12.9
46.8
12.3
35.3
29.1
19.7
74.9
64.5
3.0
20.5
32.0
38.5
-12.4
11.0
16.5
31.0
-13.3
-1.2
-4.8
21.8
20.7
7.9
53.5
-16.1
16.6
58.1
2.5
-14.8
-26.1
13.3
-10.3
-12.0
49.8
72.6
21.6
15.0
12.8
27.9
15.0
9.4
24.2
7.5
14.9
23.0
12.9
0.0
9.1
6.1
7.7
16.8
6.8
10.7
40.2
8.5
16.7
36.7
14.8
6.7
7.1
25.4
15.9
6.9
9.5
10.2
15.1
16.9
11.9
45.7
68.9
73.7
18.5
14.4
26.3
19.2
21.8
25.4
28.8
24.9
24.5
20.5
34.1
27.6
16.1
13.7
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
238
421
340
776
181
315
170
255
832
88
211
160
210
1032
318
528
303
1122
187
426
252
384
936
120
297
218
320
1150
34
25
-11
45
3
35
48
50
12
36
41
37
53
11
5.9
49.8
20.4
21.2
12.2
47.4
23.9
10.1
52.2
12.8
22.2
15.6
13.9
60.9
9.1
41.7
23.8
33.5
12.5
40.3
17.6
11.4
46.8
11.3
33.2
27.0
16.8
70.1
Neutral
Buy
1358
868
2450
1130
80
30
29.7
12.6
41.4
16.2
54.4 180.6 39.1 31.4
20.5 39.5 28.8 26.1
50.9 30.3 26.9
47.1
72.2
21.0
82.3
16.6
92.9
53.9
59.8
66.6
57.2
53.4
88.8
53.9
21.7
24.8 10.3 11.8
4.5 6.9 8.0
21.2 14.2 11.0
3.1 15.1 10.5
6.4
19.6
38.0
13.2
19.8
7.2
37.7
-1.0
38.1
11.8
18.3 10.9
24.0
26.7
23.9
22.3
16.4
16.2
25.5
11.7
1.3
13.0
23.9
9.6
19.4
21.7
18.6
7.2
13.1
13.0
9.3 8.0 20.3 24.3
15.2 13.6 23.9 26.7
16.0 14.2 21.7 25.2
3.4
3.4
6.6
4.3
3.3
7.6
5.9
3.9
3.9
3.3
11.4
8.0
3.2
2.4
3.0
3.1
5.7
3.8
2.8
6.0
5.1
3.5
3.4
3.1
9.0
7.7
2.7
2.0
18.1
25.0
26.9
24.1
18.1
24.0
26.4
24.2
Neutral
Neutral
Sell
Buy
Under
Review
Neutral
Buy
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
708
904
436
1246
276
1687
989
1096
1118
826
1322
1820
685
259
800
1050
390
1400
-
1700
1000
960
1100
860
1400
1750
810
300
13
16
-11
12
38.2
62.6
16.6
64.8
12.7
42.2
66.9
18.9
74.5
15.0
82.3
43.5
54.6
55.7
47.0
45.0
82.9
47.6
19.2
15.4 16.7
33.1
18.8
14.6
16.2
16.7
37.6
29.4
21.5
17.0
32.7
24.3
18.3
18.2
18.7
34.3
35.1
20.8
16.4
1
1
-12
-2
4
6
-4
18
16
66.3
34.4
44.0
45.6
40.4
38.7
66.0
42.6
18.9
22 June 2018
12

Click excel icon
for detailed
valuation guide
CMP
(INR)
1262
Valuation snapshot
Company
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Others
Arvind
Avenue
Supermarts
BSE
Castrol India
Coromandel Intl
Delta Corp
Interglobe
Indo Count
Info Edge
Kaveri Seed
MCX
Navneet
Education
Oberoi Realty
Phoenix Mills
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Tata Chemicals
Team Lease Serv.
Trident
TTK Prestige
UPL
V-Guard
Reco
Buy
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY18 FY19E FY18 FY19E FY18 FY19E
1450
15
52.8 76.1 90.9 1.3 44.3 19.4 23.9 16.6 3.5 3.0 15.3 19.2
5.3 11.0 9.0 21.4 19.3 5.2 4.7 24.2 24.6
581
346
85
730
58
24
40
21
4.1
13.6
-9.6
3.5
1.9
13.7
-12.3
7.5
5.6 -63.3 -53.8 197.1
14.2 -8.1 0.4 3.6
-10.5 Loss Loss Loss
21.1 -67.2 115.3 182.9
-98.8 PL
LP
30.6
106.7
4.8
3.2
16.6
21.6
7.8
28.3
45.5
-21.2
-17.3
8.1
16.1
3.5
13.8
-1.4
37.1
29.1
27.9
20.1
13.8
20.5
18.7
24.3
16.7
9.5
24.8
8.1
9.2
8.2
22.7
11.9
90.3
20.4
NM
174.5
2,925.6
14.0
12.7
23.9
10.2
11.6
11.8
13.9
12.7
33.6
195.7 2.1 2.1 2.4 1.1
20.3 3.0 3.2 15.6 15.2
NM
1.0 1.2 -16.0 -21.9
81.1 34.5 24.2 9.4 35.1
-129 2.1 2.2 0.1 -1.7
10.2
9.8
18.6
8.5
10.2
9.8
11.7
10.2
27.6
87.4
18.1
25.0
17.3
33.4
16.7
9.4
47.5
15.9
26.4
16.7
9.9
31.3
38.2
23.6
21.3
17.9
27.2
15.8
46.9
8.3
32.6
13.9
35.0
8.6
1.1
1.1
0.9
1.2
1.8
1.3
2.0
2.8
8.0
1.0
1.0
0.8
1.1
1.6
1.1
1.8
2.6
36.5
9.2
4.6
8.5
10.9
16.3
10.7
15.4
8.6
78.0
11.0
5.7
9.8
11.6
17.3
10.3
17.6
9.8
Buy
Neutral
Buy
Buy
368
278
61
605
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
268
955
72
25
155
196
75
392
1407
77
36
215
284
77
46
47
7
44
39
45
3
19.2
75.5
3.0
2.4
13.4
16.5
5.3
26.3
97.5
3.9
2.9
15.2
19.9
6.3
Neutral
Sell
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
411
1490
855
170
406
241
1175
70
1184
580
763
125
501
637
1099
796
2539
1780
229
727
3172
58
5736
647
209
460
900
1000
248
557
327
1318
95
1550
591
1050
149
654
737
1350
958
3300
2206
303
941
3400
83
5281
945
167
12
-40
17
46
37
36
12
36
31
2
38
20
31
16
23
20
30
24
32
29
7
43
-8
46
-20
12.2
12.9
43.5
7.0
22.7
5.8
58.3
6.3
22.5
32.0
21.2
5.4
13.5
15.8
21.8
26.7
77.8
80.4
7.1
48.2
43.0
5.3
137.8
44.2
4.5
14.8
17.0
47.4
6.8
23.5
7.2
70.2
7.4
24.9
36.6
28.9
7.5
20.3
22.5
57.2
7.1
27.9
10.2
94.1
8.7
31.8
42.2
33.7
8.3
21.6 36.5
68.4 31.9 32.0 115.3
6.0
2.9
38.8
89.8
35.1
-46.0
31.3
67.8
-14.6
9.0
-2.8
3.7
24.5
20.4
17.1
11.0
14.3
36.5
20.9
4.0
18.4
41.4
34.1
16.6
27.6
15.4
16.6
19.7
24.3
17.9
41.6
20.1
11.0
52.7
18.1
36.0
23.1
37.0
40.2
50.3
29.9
32.6
22.1
32.3
15.1
73.7
11.0
41.6
14.6
46.5
19.9 17.2 18.9 21.1
1.5 1.2 7.6 6.8
16.5 15.5 69.1 63.8
3.8 3.3 22.1 20.6
4.0 3.7 12.3 11.5
6.4 6.0 41.3 37.0
1.4 1.2 13.9 14.1
6.8 6.2 13.4 13.7
3.8 3.4 20.9 22.7
2.8 2.7 7.9 10.4
3.9
2.8
3.4
5.1
5.7
1.9
2.9
3.9
1.7
11.9
1.0
7.1
3.6
11.4
3.5
2.3
2.7
4.3
4.8
1.8
2.6
3.5
1.6
9.5
0.9
6.4
3.0
9.1
17.4 21.8
7.8
9.6
18.8
20.7
7.5
13.7
12.3
24.9
17.6
9.2
18.0
26.9
26.9
25.1
9.6
15.3
22.1
8.7
15.4
13.5
10.2
22.6
11.4
20.7
23.3
28.8
-26.1 38.0 11.3
50.3 48.6 21.4 271.7 -3.4
20.3 26.6 44.2 28.4 30.9
28.8 39.8 115.7 31.8 38.3
33.7 39.9 -20.2 26.3 18.5
119.2 150.3 7.2 53.2 26.1
99.6 129.8 -10.3 23.9 30.2
8.4
11.7 -2.2 18.7 38.5
45.9 54.8 39.7 -4.8 19.5
67.6 98.6 28.0 57.1 45.8
7.0
8.3 -21.8 32.7 18.7
176.1 203.2 4.4 27.8 15.4
46.7 55.6 5.9 5.6 19.2
6.0
6.7 25.3 32.9 12.1
22 June 2018
13

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
NBFCs
Aditya Birla Cap
Bajaj Fin.
Capital First
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
HDFC Stand. Life
Indiabulls Hsg
L&T Fin.Holdings
LIC Hsg Fin
M&M Fin.
Muthoot Fin
1 Day (%)
-1.1
-1.2
-1.4
-3.5
0.9
-1.0
-0.9
0.0
-2.0
-1.1
-0.7
-2.1
-1.9
-0.9
-0.2
0.3
-0.8
-1.1
-0.3
-2.1
-1.4
0.0
1.5
0.8
-0.6
-3.6
-1.1
-0.9
-0.2
-0.9
-2.7
-1.6
-2.5
-2.9
-3.1
-1.7
-3.3
-2.2
-0.4
-0.1
-1.6
0.5
1.4
0.5
-0.2
-1.8
-1.5
1.0
1.0
-1.7
1M (%)
-6.5
0.7
4.2
-12.5
2.0
-3.0
0.2
3.2
0.7
1.7
3.9
6.9
12.5
5.2
-5.3
3.4
3.1
-2.9
-3.5
-10.4
1.9
3.3
2.7
5.5
1.7
6.3
3.1
8.1
-4.7
-0.4
-5.9
-4.7
3.7
12.0
6.6
9.6
-1.0
-4.6
7.2
2.5
4.5
3.0
-6.7
1.9
-3.5
5.8
-3.6
5.2
6.5
-4.6
12M (%)
-9.9
44.4
0.4
4.2
-26.0
-29.8
7.0
40.8
23.7
11.5
-3.6
27.6
11.7
22.1
-2.9
-33.0
6.5
1.1
-16.4
-8.2
-29.4
21.0
2.3
-25.8
30.8
-43.4
32.4
5.2
-20.5
16.2
-27.0
-31.9
-27.8
14.5
-43.0
-7.4
-43.2
Company
MAS Financial Serv.
PNB Housing
Repco Home
Shriram City Union
Shriram Trans.
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
Engineers India
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Johnson
Sagar Cements
Sanghi Inds.
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Future Consumer
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Pidilite Ind.
1 Day (%)
-2.5
0.8
-1.2
-3.4
-0.4
0.2
-2.0
0.5
0.3
2.1
3.1
1.5
0.3
-1.9
-0.6
-1.9
-1.3
-0.7
-0.9
-2.2
-0.1
-0.9
-0.1
-0.4
-0.1
-2.2
-0.7
-1.6
1.2
-0.9
0.4
-1.4
0.9
-2.5
-1.2
-0.9
-1.4
-0.5
-0.7
1.7
-0.8
-1.2
0.1
0.1
-0.5
-1.1
0.7
0.1
1.2
-0.2
-3.4
1M (%)
-2.2
-12.5
-4.0
-1.2
5.4
0.3
-7.0
0.1
-7.2
-7.1
-23.1
-7.9
-8.5
-17.5
1.7
-9.4
-1.8
-3.6
3.8
-4.9
-10.3
-4.8
-5.2
-5.6
-3.1
-14.2
-2.6
-16.9
-14.5
-15.4
-8.7
-0.5
-9.4
-15.4
-4.9
-6.0
-3.5
8.0
-2.5
3.6
4.0
-5.6
7.9
2.3
0.9
-7.6
-1.0
8.3
3.8
14.9
-5.2
12M (%)
-32.3
-37.0
-11.3
48.6
-19.9
-28.8
-17.3
2.7
1.3
-35.5
-25.5
-19.0
-11.7
10.4
34.8
10.4
-25.4
40.3
15.8
-44.3
10.6
-18.1
-23.2
-21.6
-7.4
7.1
-50.3
-34.5
-0.8
-25.0
-13.3
-2.0
-4.6
-12.1
-9.9
8.6
62.6
6.7
34.1
-6.0
54.4
19.2
13.2
41.8
-15.6
12.7
6.1
45.4
61.7
27.0
59.5
-20.7
44.2
37.2
38.0
14.0
4.6
10.0
-35.1
41.8
-17.1
22 June 2018
14

MOSL Universe stock performance
Company
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Laurus Labs
Sanofi India
Shilpa Medicare
Strides Shasun
Sun Pharma
Torrent Pharma
Infrastructure
Ashoka Buildcon
IRB Infra.Devl.
KNR Construct.
Sadbhav Engg.
Logistics
Allcargo Logistics
Concor
Gateway Distriparks
Media
Dish TV
D B Corp
Den Net.
Ent.Network
Hathway Cab.
Hind. Media
HT Media
Jagran Prak.
Music Broadcast
PVR
Prime Focus
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
1 Day (%)
0.4
-2.4
1.1
-2.1
1.1
0.1
-1.0
-1.5
-0.6
0.1
-0.3
-2.5
-2.2
-0.6
1.9
-2.5
-1.2
0.1
-0.5
-0.1
-0.9
-0.3
-0.8
-4.3
-1.7
-0.8
1.2
-0.8
2.0
-0.7
-2.3
-1.5
-3.4
-0.4
-1.4
3.0
2.0
-0.3
-3.7
-0.8
-1.9
-2.8
-0.8
0.6
0.3
0.4
0.5
-1.7
-1.5
-2.1
1M (%)
8.0
-13.7
12.0
4.9
17.6
1.2
5.7
7.5
-1.2
16.9
15.7
-7.0
22.3
-9.5
20.1
-3.6
17.5
0.8
-5.9
22.2
7.9
5.2
-4.1
15.3
25.0
10.6
-7.6
-0.5
-14.8
-17.4
-13.8
-9.4
5.7
1.9
-3.1
-5.6
4.5
10.6
-7.7
0.1
-13.2
-6.4
1.7
8.7
3.8
-10.5
1.5
-2.6
0.0
-6.2
12M (%)
24.3
15.7
63.5
40.7
-1.9
4.8
-31.9
-7.1
84.2
-21.0
11.2
63.9
-13.7
-31.0
-4.3
-38.1
13.2
42.9
5.5
-17.9
-20.9
20.4
-39.0
-56.9
5.0
23.5
13.9
0.2
16.5
-2.8
-38.5
5.5
-30.9
-8.8
-31.6
6.8
-26.4
-25.2
-26.6
-6.8
-22.1
-12.0
-14.1
-18.1
-51.6
-0.9
11.7
13.2
16.6
80.8
Company
JSW Steel
Nalco
NMDC
Rain Industries
SAIL
Vedanta
Tata Steel
Oil & Gas
Aegis Logistics
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
Titan Co.
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NHPC Ltd
NTPC
Power Grid
Tata Power
1 Day (%)
-0.6
-2.6
-1.6
-4.6
-2.3
0.2
-0.9
0.1
2.5
-0.9
-0.2
-0.2
2.4
2.5
0.7
0.5
1.3
-0.7
-1.9
-1.5
1.2
-0.3
-2.4
-0.4
-0.9
1.2
0.2
0.3
1.1
-0.7
3.2
-1.5
2.0
0.1
-0.4
-0.8
-0.3
1.2
-1.1
-2.6
-1.3
0.0
-1.1
0.8
-1.0
-1.0
-1.2
-1.9
0.9
1M (%)
7.6
-10.6
-5.3
-10.9
14.9
-13.9
-3.2
-7.0
6.9
4.4
-8.8
4.1
0.6
3.0
-1.7
-1.1
-11.6
-11.7
-14.0
-0.5
10.8
7.5
-5.2
-7.4
0.9
2.2
5.4
9.9
10.6
-3.7
1.3
6.7
3.4
13.9
2.3
-0.1
-2.2
3.5
2.2
-13.0
15.0
-0.7
-0.7
-5.5
3.1
-4.0
-5.7
-8.0
-5.2
12M (%)
66.4
4.0
-3.7
101.5
44.1
-3.8
14.4
22.7
-3.4
22.9
-2.4
9.8
-10.7
-16.6
16.9
-16.3
-28.8
10.0
-3.3
-5.3
45.6
193.1
66.2
39.4
7.1
69.0
32.0
124.4
104.3
90.6
84.3
92.9
21.3
63.5
51.3
75.0
1.2
45.0
0.6
-25.0
-24.8
-19.6
6.8
6.3
11.7
-26.6
-3.1
-4.9
-8.9
22 June 2018
15

MOSL Universe stock performance
Company
Others
Arvind
Avenue Super.
BSE
Castrol India
Coromandel Intl
Delta Corp
Interglobe
Indo Count
Info Edge
Kaveri Seed
MCX
Navneet Educat.
Oberoi Realty
Phoenix Mills
PI Inds.
Piramal Enterp.
Quess Corp
SRF
S H Kelkar
Tata Chemicals
Team Lease Serv.
Trident
UPL
V-Guard
1 Day (%)
1.2
0.3
-0.5
0.5
-0.8
-1.3
3.5
-2.5
-1.3
-0.6
-2.1
1.3
-0.4
1.1
2.9
-0.4
0.2
-2.5
1.0
-0.3
-0.2
-1.6
-0.9
-0.2
1M (%)
5.1
10.5
6.0
2.1
-8.6
4.1
3.8
-12.1
-0.2
19.7
3.3
-9.1
-3.2
-10.5
-5.6
7.9
-0.8
-5.2
-6.8
-0.9
17.4
6.6
-5.0
-7.3
12M (%)
7.3
82.1
-22.6
-18.2
-5.7
45.6
-5.9
-62.3
21.8
-8.6
-30.6
-32.6
35.6
43.2
-1.7
-11.1
23.0
9.0
-20.1
17.2
139.8
-27.2
-25.3
13.5
22 June 2018
16

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
.
Rs

DIFFERENTIATED PRODUCT GALLERY

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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a)
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specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
No
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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.:022-38281085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.IRDA Corporate Agent-CA0541. 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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