Huhtamaki Paper Products Ltd Bloomberg Code: HPPL IN

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Huhtamaki Paper Products Ltd Bloomberg Code: HPPL IN"

Transcription

1 Materials - Containers & Packaging Oct 01, 2015 Bloomberg Code: HPPL IN India Research - Stock Broking Backed by Acquisition, Set to Augment Market Share New acquisition: In FY15, HPPL acquired 100% of Positive Packaging Industries Limited, India (PPIL). PPIL is well established in this packaging market with better technology, well established infrastructure and good customer base. Entry into new markets and synergy benefits are expected to push the growth of the company. Strong market share in fragmented flexible packaging segment: HPPL is leader in consumer packaging. It is among the top three flexible packaging companies in India serving various large and mid corporate players in the FMCG business. Most of the product line manufactured by the company goes largely in the consumer goods industry. It provides services to over 50 customers worldwide. Growth in consumer goods: As most of the products of HPPL go into consumer products, any revival in the growth of the segments like FMCG and expected positive growth from other sectors such as Healthcare, E-Commerce are expected to drive the growth of the company. Strong parent: With revenue of Rs Bn, its parent company Finland based Huhtamaki Oyj is one of the top 10 consumer packaging companies in the world. It is amongst the top market leaders with good market share in Europe & US. Valuation and Outlook With sizable market position in the domestic flexible packaging products, HPPL established well with good growth in topline and bottomline in the domestic flexible packaging with zero debt on books (prior to acquisition). To further strengthen its presence in the established markets, HPPL acquired PPIL. This acquisition led to sharp drop in RoE% and RoCE% as the synergy benefits and operating leverage could take time to unfold: and are expected to increase post At CMP of Rs.273, the stock is currently trading at PE of 18.7x on CY17E EPS. Considering the strong MNC parent, proven performance of the HPPL, new acquisition which is leading to consolidation and the expected synergy benefits, we initiate coverage and assign PE of 22.0x on CY17E EPS with a BUY rating for target price Rs.322, representing an upside potential of 18% for the company in the long term. Key Risks 1) Raw material prices. 2) Highly competitive sector. Recommendation (Rs.) BUY CMP (as on Sep, 30, 2015) 273 Target Price 322 Upside (%) 18 Stock Information Mkt Cap (Rs.mn/US$ mn) / wk High/Low (Rs.) 334 / 167 3M Avg. daily volume (mn) 0.1 Beta (x) 0.8 Sensex/Nifty / 7905 O/S Shares(mn) 72.7 Face Value (Rs.) 2.0 Shareholding Pattern (%) Promoters 68.8 FIIs 1.2 DIIs 5.5 Others 24.5 Stock Performance (%) 1M 3M 6M 12M Absolute (3) Relative to Sensex (2) Source: Bloomberg Relative Performance* Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 HPPL IN Source: Bloomberg; *Index 100 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sensex Sep-15 Exhibit 1: Valuation Summary (Rs. Mn) YE Dec (Rs. Mn) CY13 CY14 CY15E CY16E CY17E Net Sales EBITDA EBITDA Margin (%) Adj. Net Profit EPS (Rs.) RoE (%) PE (x) , *Represents multiples for CY13 & CY14 are based on historic market price For private circulation only. For important information about Karvy s rating system and other disclosures refer to the end of this material. Karvy Stock Broking Research is also available on Bloomberg, KRVY<GO>, Thomson Publishers & Reuters Analyst Contact Jagannadham Thunuguntla

2 Company Financial Snapshot (Y/E Mar) Profit & Loss (Rs. Mn) CY15E CY16E CY17E Net sales Optg. Exp (Adj for OI) EBITDA Depreciation Interest Other Income PBT Tax Adj. PAT Profit & Loss Ratios EBITDA margin (%) Net Profit margin (%) P/E (x) EV/EBITDA (x) Dividend yield (%) Balance sheet (Rs. Mn) CY15E CY16E CY17E Total Assets Net Fixed assets Current assets Other assets Total Liabilities Networth Debt Current Liabilities Deferred Tax Balance Sheet Ratios RoE (%) RoCE (%) Net Debt/Equity Equity/Total Assets P/BV (x) Exhibit 2: Shareholding Pattern (%) Company Background With 68.8% ownership of The Paper Products with Finland based Huhtamaki Oyj, the company is renamed as Huhtamaki Paper Products Ltd in May HPPL is a pioneer in technology and market leader in flexible packaging in India. HPPL produces a wide range of custom designed film, foil and paper based laminate structures for primary packaging of products in solid, powder or liquid form, in consumer pack sizes. It also offers a range of labeling options. It has 4 plants at Thane, Silvassa, Hyderabad & Rudrapur which have got certified from various global agencies. Silvassa and Hyderabad plants also hold US DMF (Drug Master Files) certification, required by pharmaceutical customers. Its major subsidiary Webtech Labels is specialized in manufacturing high-end pressure sensitive labels, especially to pharmaceutical customers. HPPL has international business division across 4 continents and over 50 customers. It also manufactures lined cartons and systems for primary packaging of powders and solids. solids. In FY15, HPPL acquired 100% of Positive Packaging Industries Ltd, India (PPIL). Cash Flow (Rs. Mn) CY15E CY16E CY17E PBT Depreciation Interest (net) Tax (230) (289) (463) Changes in WC (1614) (841) (335) CF from Operations Capex (6069) (500) (670) Investment CF from Investing (5480) (420) (580) Change in Equity Change in Debt (510) Dividends (244) (175) (175) CF from Financing 4838 (675) (1207) Change in Cash (79) Exhibit 3: Geographical Revenue Segmentation (Rs. Mn) DIIs 5.5% FIIs 1.2% Others 24.5% Promoters 68.8% CY12 CY13 CY14 Domestic Export Source: BSE, Karvy Research 2

3 New acquisition to drive the growth: Oct 01, 2015 PPIL is a highly respected and quality manufacturer of flexible packaging products. It is well established in flexible packaging market with better technology, robust infrastructure and good customer base, operating through six manufacturing plants in India around Mumbai and Bengaluru. Both HPPL and Positive Packaging Products are into Primary packaging i.e. the packaging in which products are filled and are in direct contact. Positive Packaging has strong hold in African markets and exports which hover around 40% of total sales. Hutamaki PPL will also start exporting some of its products to African markets, wherein it was not present earlier. Huhtamaki, through this acquisition of PPIL, is basically looking to increase is presence in the various emerging markets. This, along with synergy benefits, could help both the companies to further strengthen market position in domestic and international markets. HPPL took a substantial expansion in 2014 with capex close to Rs.700 to Rs.750 Mn. Sizable market share in fragmented flexible packaging segment: HPPL is leader in consumer packaging. It is among the top three flexible packaging companies in India serving various large and mid corporate players in FMCG sector. Most of the product line manufactured by the company is largely consumed in the consumer goods industry. It provides service to over 50 customers worldwide, with around 20% of revenue from exports. The flexible packaging business in India is highly fragmented in nature. There are numerous smaller players with revenue less than Rs 5000 Mn. As much as around 50% of the market is still in unorganized space. Expected revival in growth in consumer goods sector: With diverse products, most of them go into consumer products. Any revival in the growth of the segments like FMCG and expected positive growth from other sectors such as Healthcare and E-Commerce are expected to drive the growth of the company. Pressure Sensitive Labels, Specialised Pouches, Shrink Sleeves, Wet Strength Labels and Specialized Cartons are few of its products. The company s future course is dependent on the health and buying behavior of the big players in the FMCG and Healthcare sectors. Fast increasing array of packaged foods & consumption products, growth in innumerable brands and the long term positive outlook on FMCG goods are expected to drive the demand for flexible packaging products. Considering the demand from packaging dependent main sectors such as FMCG, Healthcare and E-commerce, flexible packaging industry is expected to grow around 12% to 14%. HPPL deals with the large and mid corporate who are more into organized retail like HUL, etc. Strong Parent Company: With revenue of Rs.200 to Rs.210 Bn, its parent company Huhtamaki Oyj is one of the top 10 consumer packaging companies in the world. It is among the top market leaders with strong market share in Europe and US. Its main businesses are: Flexible Packaging Films, Food Service and Molded Fibre. Kraft, Costco, Nestle, McDonald s and Unilever are its major customers. It is present in Europe, US and emerging markets. Focus on NASP Programme: Its innovation program called NASP (New Applications, Structures and Products/Processes) which focuses more on adding value to the brands packaged at cost efficiencies. Its main objectives are to create new business through finding new applications & markets and to introduce new packaging products and structures. It protects or even improves existing business share from customers by creating improved packaging solutions, or improving cost competitiveness. It successfully delivered various innovative products in tea, coffee, shampoo, confectionery and pickle. During 2014, the NASP sales were around 29% of total sales. With more focus on delivering innovative products at very effective cost points will help to increase the penetration of customer products, the growth in these segments likely to continue. 3

4 Exhibit 4: Business Assumptions Y/E Dec (Rs. Mn) CY14 CY15E CY16E CY17E Comments Consolidated Revenue Revenue Growth (%) EBITDA EBITDA Margins (%) PAT (normalized) PAT Growth (%) 18.0 (30.9) Fully Diluted EPS (Rs) Fully Diluted EPS Growth (%) 1.7 (30.9) The revenue from PPIL is going to drive the growth in CY15E and CY16E. Significant jump in CY15 is because of PPIL s acquisition. EBITDA Margins (%) are expected to be maintained as lower crude oil prices are expected to be low. Interest costs for the new acquisition are affecting the bottomline. Capex (ex. Acquisition) - cash capex (806) (6069) (500) (670) High capex in CY15 is due to acquisition. Net CFO Net Debt (1561) Free Cash Flow 132 (5506) Good growth in last few years Exhibit 5: % 4.9% 4.0% 6% 3.2% 4% 2.1% 2% 0% CY13 CY14 CY15E CY16E CY17E Sales (Rs. Mn) Net Profit (%) With CAGR of 8% in sales in the last three years, the company generated revenue of Rs Mn in CY14. Mainline flexibles and Labeling materials, which form the bulk of consumer packaging business, had a sales revenue growth of 13.3%. The small specialized cartons business had a negative growth of 5%, primarily due to lower off-take from seeds customers. The company s exports in 2014 grew by 5.7% to Rs 2223 mn over Stable Operating profit margins Exhibit 6: % 10.9% 11.0% % 9.5% 10.4% 9.8% 8.9% 9.2% 8.6% 8.0% CY13 CY14 CY15E CY16E CY17E EBITDA (Rs Mn) EBITDA Margin (%) Over the years, the company is maintaining the operating profit margins around 8-10%. In CY14, the operating profit margins declined in few specialized segments with volatile crude oil prices showing negative trend. In the long run, management is looking for EBITDA margins between 9% to 11%. 4

5 On Debt and Capex Exhibit 7: CY13 CY14 CY15E CY16E CY17E Borrowings (Rs Mn) Capex & Acquisitions (Rs. Mn) Prior to acquisition, HPPL is zero debt company with normal capex of around Rs Mn. Post the acquisition, the debt on the books has increased significantly as most of the debt is funded through loan raised from its parent company and debt of newly acquired company. The company has done sizable capex around Rs 600 Mn in CY14. The normal capex is around Rs Mn. Return Ratios (%) Exhibit 8: CY13 CY14 CY15E CY16E CY17E RoE% RoCE% RoE% is expected to decrease in CY15E because of high interest costs on debt raised for inorganic growth. It is expected to decrease from 13.5% in CY14 to 7.7% in CY15E but expected to improve in CY17E on the back of expected growth in topline and improvement in operating profit margins. The RoCE% is also expected to decrease in CY15E because of the new acquisition which has cumulative debt of around Rs 2500 mn but is expected to improve from 11.6% in CY15E to 15.2 in CY17E. Others In order to part fund the acquisition of PPIL, HPPL has allotted mn equity shares of FV of Rs. 2 each to Huhtamaki group in Aug This has increased HPPL s equity capital from Rs mn as on June 30, 2014 to Rs mn. Acquisition: On 8th July, 2014, the company and the shareholders of Positive Packaging Industries Limited, India, ( Positive ) had entered into a definitive agreement, pursuant to which the company on 30th January, 2015, acquired 100% of outstanding shares of Positive. This has been completed, after obtaining all necessary approvals. The total enterprise value was Rs Mn inclusive of debt and debt like items of Rs Mn, subject to closing adjustments. The net amount paid by the company towards the acquisition is Rs Mn. In addition, the company has incurred expenses towards acquisition amounting to Rs.49.2 Mn, out of which Rs 31.5 Mn has been debited to investment account. 5

6 Exhibit 9: Company Snapshot (Ratings) Low High Quality of Earnings 33 Domestic Sales 33 Exports 33 Net Debt/Equity 33 Working Capital Requirement 33 Quality of Management 33 Depth of Management 33 Promoter 33 Corporate Governance 33 6

7 Valuation & Outlook With sizable market position in the domestic flexible packaging products, HPPL established well with good growth in topline and bottomline in the domestic flexible packaging with zero debt on books (prior to acquisition). To further strengthen its presence in the established markets, HPPL acquired PPL. With this acquisition, the debt on the books raised to around Rs 5500 Mn and is among the top 2 players in Flexible packaging industry. This acquisition led to sharp drop in RoE% and RoCE% as the synergy benefits and operating leverage could take time and are expected to increase post Consolidation of the top players supported by strong parent backup and strong operating cash flow are expected to augur well for the company in the long term. At CMP of Rs.273, the stock is currently trading at PE of 18.7x on CY17E EPS. Considering the strong Multi National Company (MNC) parent, proven performance of the HPPL, new acquisition which is leading to consolidation and the expected synergy benefits, we initiate coverage and assign PE of 22.0x on CY17E EPS a with a BUY rating for target price Rs.322, representing an upside potential of 18% for the company in the long term. Exhibit 10 (a): Comparative Valuation Summary CMP (Rs.) Mcap EV/EBITDA (x) P/E (x) EPS (Rs.) (Rs. Mn) CY15 CY16E CY17E CY15 CY16E CY17E CY15 CY16E CY17E HPPL** Uflex * Source: Bloomberg, Karvy Research, *Uflex Financial Year Ending is March 31st. **HPPL CY15 numbers are estimates. Exhibit 10 (b): Comparative Operational Metrics Summary CAGR % (FY15-17E) RoE (%) Price Perf (%) Net Sales (Rs. Mn) Sales EBITDA EPS CY15 CY16E CY17E 3m 6m 12m CY15 CY16E CY17E HPPL** Uflex * Source: Bloomberg, Karvy Research, *Uflex Financial Year Ending is March 31st, **HPPL CY15 numbers are estimates. Key Risks yvolatile Raw material prices: Based on the petro-chemicals outlook, there is a risk of high volatility. High volatality in raw material costs could put pressure on the gross and operating profit margins. yhighly competitive sector: The sector is highly competitive sector with many unorganised players. 7

8 Financials Exhibit 11: Income Statement YE Dec (Rs. Mn) CY13 CY14 CY15E CY16E CY17E Revenues Growth (%) Operating Expenses EBITDA Growth (%) Depreciation & Amortization Other Income EBIT Interest Expenses PBT Tax Adjusted PAT Growth (%) 18.0 (30.9) Exhibit 12: Balance Sheet YE Dec (Rs. Mn) CY13 CY14 CY15E CY16E CY17E Cash Sundry Debtors Inventory Loans & Advances Investments Net Block CWIP Total Assets Current Liabilities & Provisions Debt Deferred Tax liability Total Liabilities Shareholders Equity Reserves & Surplus Total Networth Minority Interest Total Networth & Liabilities

9 Exhibit 13: Cash Flow Statement YE Dec (Rs. Mn) CY13 CY14 CY15E CY16E CY17E PBT Depreciation Interest Tax Paid (250) (150) (230) (289) (463) Inc/dec in Net WC (339) (160) (1614) (841) (335) Other Income (35) (67) (80) (80) (90) Cash flow from operating activities Inc/dec in capital expenditure (382) (806) (6069) (500) (670) Inc/dec in investments 56 (1315) Cash flow from investing activities (216) (2043) (5480) (420) (580) Inc/dec in borrowings (47) (29) (510) Issuance of equity Dividend paid (190) (205) (244) (175) (175) Interest paid (38) (31) (499) (510) (522) Cash flow from financing activities (285) (675) (1207) Net change in cash 9 (41) (79) Exhibit 14: Key Ratios YE Dec CY13 CY14 CY15E CY16E CY17E EBITDA Margin (%) EBIT Margin (%) Net Profit Margin (%) Dividend Payout ratio Net Debt/Equity (0.1) (0.3) RoE (%) RoCE (%) Exhibit 15: Valuation Parameters YE Dec CY13 CY14 CY15E CY16E CY17E EPS (Rs.) DPS (Rs.) BV (Rs.) PE (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) ; *Represents multiples for CY13 & CY14 are based on historic market price 9

10 Stock Ratings Absolute Returns Buy : > 15% Hold : 5-15% Sell : <5% Connect & Discuss More at (Toll Free) Live Chat f in You Tube Disclaimer Analyst certification: The following analyst(s), Jagannadham Thunuguntla, who is (are) primarily responsible for this report and whose name(s) is/are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report. Disclaimer: Karvy Stock Broking Limited [KSBL] is a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling and related services. Therefore associates of KSBL are likely to have business relations with most of the companies whose securities are traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking Limited and are subject to change without any notice. This report is based on information obtained from public sources, the respective corporate under coverage and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KSBL. While we would endeavor to update the information herein on a reasonable basis, KSBL is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent KSBL from doing so. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. This report and information herein is solely for informational purpose and shall 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. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KSBL will not treat recipients as customers by virtue of their receiving this report. 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. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither KSBL nor any associate companies of KSBL accepts any liability arising from the use of information and views mentioned in this report. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. Actual results may differ materially from those set forth in projections. y Associates of KSBL might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. y Associates of KSBL might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity. y KSBL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. y Compensation of KSBL s Research Analyst(s) is not based on any specific merchant banking, investment banking or brokerage service transactions. y KSBL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. y KSBL or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. y KSBL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. y Accordingly, neither KSBL nor Research Analysts have any material conflict of interest at the time of publication of this report. y It is confirmed that KSBL and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. y It is confirmed that Jagannadham Thunuguntla, Research Analyst did not serve as an officer, director or employee of the companies mentioned in the report. y KSBL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. y Neither the Research Analysts nor KSBL have been engaged in market making activity for the companies mentioned in the report. y We submit that no material disciplinary action has been taken on KSBL by any Regulatory Authority impacting Equity Research Analyst activities. Karvy Stock Broking Limited Plot No.31, 6th Floor, Karvy Millennium Towers, Financial District, Nanakramguda, Hyderabad, , India Tel: ; Fax: For More updates & Stock Research, visit 10

HCC BUY. Infrastructure January 29, 2016

HCC BUY. Infrastructure January 29, 2016 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15 Jan-16 India Research Infrastructure January 29, 2016 QUARTERLY REVIEW Bloomberg: IN Reuters: HCNS.BO BUY Better margins drive earnings s

More information

Just Dial Ltd Bloomberg Code: JUST IN

Just Dial Ltd Bloomberg Code: JUST IN Communications - Internet Media Oct 14, 215 Bloomberg Code: JUST IN India Research - Stock Broking India s local search engine, warming up with add-on services Just Dial is now into a platform where people

More information

BUY. Key Risks. Technology - Technology Services - Information Services. Nov 19, 2015. CRISIL Ltd. Recommendation (Rs.)

BUY. Key Risks. Technology - Technology Services - Information Services. Nov 19, 2015. CRISIL Ltd. Recommendation (Rs.) Technology - Technology Services - Information Services India Research - Stock Broking Economic recovery to boost revenues across business segments: The rating revenues witnessed 8% growth in 214 compared

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares

More information

GAIL (India) Ltd. INR 346

GAIL (India) Ltd. INR 346 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported

More information

Quant Picks United Breweries

Quant Picks United Breweries October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i

More information

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI

PI Industries. 2QFY16 Result Review HOLD. Custom synthesis restricted 2Q revenue growth ; maintain HOLD. Sector: AGRI $Com panyname$ Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) HOLD PI Industries Ltd. Custom synthesis

More information

Flexituff International Ltd. (FIL)

Flexituff International Ltd. (FIL) s $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 (Wholly owned subsidiary of Bank of Baroda) Q2FY16 Result Review BUY Flexituff International Ltd. (FIL)

More information

Company Overview. Industry Overview. Financial Performance

Company Overview. Industry Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Trident Limited CMP: 52.70 January 13, 2016 Stock Details BSE code 521064 BSE ID TRIDENT Face value ( ) 10 No of shares

More information

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED.

ICICI Securities Limited BPCL (BHAPET) Subsidy burden drags bottomline in the red. Result Update. Valuation WHAT S CHANGED. Result Update Rating matrix Rating : Hold Target : 727 Target Period : 12-15 months Potential Upside : 6% Key Financials ( Crore) FY1 FY11E FY12E FY13E Revenues 122359.9 151625.2 186429.1 183147.7 EBITDA

More information

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH

SUPREME INDUSTRIES LTD Plastic Products HOLD RETAIL EQUITY RESEARCH Q2FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH SUPREME INDUSTRIES LTD Plastic Products BSE CODE:509930 NSE CODE: SUPREMEIND Bloomberg CODE: SIL IN SENSEX: 24,470 HOLD CMP Rs725

More information

Khambatta Securities Ltd.

Khambatta Securities Ltd. Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue

More information

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research.

Graphite Electrodes. Imposition of antidumping duty augurs well. Sector Update. ICICI Securities Ltd Retail Equity Research. Sector Update Rating matrix Target price Company Old New CMP Potential Upside HEG 225 275 238 19% Graphite India 85 15 91 18% Target period 12-15 months Price performance (%) Return % 1M 3M 6M 12M HEG

More information

Tube Investments of India Ltd Bloomberg Code: TI IN

Tube Investments of India Ltd Bloomberg Code: TI IN Industrials - Manufactured Goods - Fabricated Metal & Hardware Dec 14, 2015 Bloomberg Code: TI IN India Research - Stock Broking Cycles Business to Outperform while other Segments Recover Gradually Cycles

More information

Navin Fluorine International

Navin Fluorine International RESULTS REVIEW 2QFY16 29 OCT 2015 Navin Fluorine International INDUSTRY CHEMICALS CMP (as on 29 Oct 2015) Rs 1,579 Target Price Rs 1,800 Nifty 8,112 Sensex 26,838 KEY STOCK DATA Bloomberg NFIL IN No. of

More information

Indo Count Industries Ltd Bloomberg Code: ICNT IN

Indo Count Industries Ltd Bloomberg Code: ICNT IN Aug 26, 215 Consumer Discretionary - Apparel & Textile Products Aug 26, 215 Bloomberg Code: ICNT IN India Research - Stock Broking Home Textile Segment - Key Growth Driver Higher contribution from Bed-Linen

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty

More information

Minda Industries Ltd. INR 886

Minda Industries Ltd. INR 886 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Automobiles RESULT UPDATE Minda Industries Ltd. INR 886 Profit boosted by margins ACCUMULATE In Q3FY16, Minda Industries

More information

Britannia Industries

Britannia Industries Rally in Input costs near term drag, Maintain BUY June 20, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs2,641

More information

Mangalam Cement Weak volumes marred performance

Mangalam Cement Weak volumes marred performance CMP* (Rs) 206 Market Cap. (Rs bn) 5.5 Free Float (%) 72 Shares O/S (mn) 26.7 Mangalam Cement Weak volumes marred performance Mangalam Cement (MCL) delivered a weak performance in 2Q but was marginally

More information

Tree House Education & Accessories

Tree House Education & Accessories 2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1

More information

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH

Accumulate. Exide Industries Ltd(EIL) Automobile Ancillaries RETAIL EQUITY RESEARCH Q3FY16 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH Exide Industries Ltd(EIL) Automobile Ancillaries BSE CODE: 500086 NSE CODE: EXIDEIND Bloomberg CODE: EXID IN SENSEX: 23,759 Accumulate

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

Strong operational performance

Strong operational performance ABB India Equity Research Engineering & Capital Goods February 8, 2016 Result Update Emkay Your success is our success Strong operational performance CMP Target Price Rs1,134 Rs1,407 ( ) Rating Upside

More information

Simplex Infrastructures

Simplex Infrastructures 2QFY216 Result Update Infrastructure November 17, 215 Simplex Infrastructures Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq) Net

More information

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022

BUY. KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16. CMP 226.50 Target Price 260.00. JANUARY 9 th 2015 SYNOPSIS ISIN: INE164B01022 BUY CMP 226.50 Target Price 260.00 KELLTON TECH SOLUTIONS LTD Result Update (CONSOLIDATED): Q1 FY16 JANUARY 9 th 2015 ISIN: INE164B01022 Index Details Stock Data Sector IT Software Products BSE Code 519602

More information

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights

BUY. Muted Q3; Brands & Retail story to unfold ARVIND. Target Price: Rs 344. Segmental highlights 05 FEB 2016 Quarterly Update BUY Target Price: Rs 344 Muted Q3; Brands & Retail story to unfold Arvind s Q3 consolidated revenue at Rs 21.6 bn (Rs 20.7 bn in Q3FY15) was marginally below our estimate of

More information

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment

Salzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment $CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Salzer Electronics Ltd. Steady

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 196.40 Target Price 225.00 STYLAM INDUSTRIES LIMITED Result Update (PARENT BASIS): Q2 FY16 DECEMBER 16 th. 2015 ISIN: INE239C01012 12 th h, 2013 Index Details Stock Data Sector Plastic Products

More information

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers

HOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 1,213 Q4 earnings beat but order backlog flat s Q4CY15revenue at Rs24bnwasin line withour expectation of Rs24bn. EBITDA margin improved 290 bps YoYand

More information

The Ramco Cements. Source: Company Data; PL Research

The Ramco Cements. Source: Company Data; PL Research Robust performance; remains the best play on Southern region February 09, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price

More information

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research

Mphasis. FY17 could be a year of revenue growth. Source: Company Data; PL Research FY17 could be a year of revenue growth February 08, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs440 Target Price Rs510 Implied Upside 15.9% Sensex 24,617 Nifty

More information

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16 BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

RamKrishna Forgings Ltd.

RamKrishna Forgings Ltd. January 3, 2014 RamKrishna Forgings Ltd. Poised for Growth CMP INR 81 Target INR 117.2 Coverage Follow Up BUY Key Share Data Face Value (INR) 10 Equity Capital (in INR Million) 211.0 Market Cap (in INR

More information

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research

Coal India (COALIN) Maharatna available at fair valuation. Offer for Sale Note. Floor Price 358. ICICI Securities Ltd Retail Equity Research Offer for Sale Note Rating matrix Rating : Subscribe Issue Details Auction Date January 3, 215 Issue Size 22613 crore* No of Shares on offer 63.16 crore * Fresh Issue Nil *Based on floor price, considering

More information

Jubilant Life Sciences

Jubilant Life Sciences Radiopharma, Niacin continues to drive sales, margins October 30, 2015 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs401 Target Price Rs578 Implied Upside 44.1% Sensex 26,838 Nifty

More information

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research Strong margins, improved inflows! January 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,228 Target Price Rs1,353

More information

Trident Ltd Bloomberg Code: TRID IN

Trident Ltd Bloomberg Code: TRID IN Consumer Discretionary - Apparel & Textile Products Aug 7, 215 Bloomberg Code: TRID IN India Research - Stock Broking Strengthening its global leadership in Home Textile Segment Trident is amongst world

More information

Techno Electric & Engineering Limited

Techno Electric & Engineering Limited Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:

More information

Kotak Mahindra Bank Rs 685

Kotak Mahindra Bank Rs 685 India Equity Institutional Research BANKS RESULT UPDATE Kotak Mahindra Bank Rs 685 Smooth merger; benefits to accrue HOLD KMB s consolidated PAT for Q4FY15 stood at INR 9.5 that primarily on the back of

More information

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights

HOLD. The case of missing sales growth ZYDUS WELLNESS. Target Price: Rs 780. Q3highlights The case of missing sales growth Zydus Q3 net sales at Rs1.1 bn was up 3% on a like-to-like basis (Q3 15 had Rs 223 mn additional excise duty credit from prior periods), below our estimate of 6%. The company

More information

Bharat Petroleum Corporation Ltd. (BPCL)

Bharat Petroleum Corporation Ltd. (BPCL) Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 COMPANY RESULTS REPORT REVIEW Nifty: 8,296; Sensex: 26,819 November 15, 2016 Bharat Petroleum

More information

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015

Coal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015 17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.

More information

Pidilite Industries. Source: Company Data; PL Research

Pidilite Industries. Source: Company Data; PL Research Bountiful margin expansion in a tepid demand scenario February 03, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate

More information

Va Tech Wabag. Source: Company Data; PL Research

Va Tech Wabag. Source: Company Data; PL Research Weak execution, guidance hints a strong Q4FY16 February 08, 2016 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs577

More information

Bharat Electronics (BHAELE)

Bharat Electronics (BHAELE) Company Update Rating Matrix Rating Matrix Rating : Buy Target : 1560 Target Period : 12-15 months Potential Upside : 24% What s changed? Target Unchanged at 1560 EPS FY17E Unchanged at 57.8 EPS FY18E

More information

Aurobindo Pharma. Source: Company Data; PL Research

Aurobindo Pharma. Source: Company Data; PL Research Earnings in line; Strong guidance for FY17E maintained February 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs691 Target Price Rs943 Implied Upside 36.5% Sensex 23,759 Nifty

More information

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016 JSW Energy Ltd. Interest expenses dragged the bottom-line JSW Energy Ltd. (JSWEL) reported a mixed set of numbers for Q3 FY16 quarter. The company reported a consolidated total operating income of Rs.

More information

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights

HOLD HEXAWARE TECHNOLOGIES. Q4 lackluster; CY16 holds promise. Target Price: Rs 252. Q4earnings concall highlights 05 FEB 2016 Quarterly Update HOLD Target Price: Rs 252 Q4 lackluster; CY16 holds promise Hexaware s Q4CY15 performance was lower than our estimates. Revenue growth and margin were largely impacted due

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 170.30 Target Price 196.00 GEOMETRIC LTD Result Update (CONSOLIDATED): Q2 FY16 DECEMBER 17 th 2015 ISIN: INE797A01021 12 th h, 2013 Index Details Stock Data Sector IT Consulting & Software BSE

More information

Butterfly Gandhimathi (GANAP) 188

Butterfly Gandhimathi (GANAP) 188 Result Update Rating matrix Rating : Buy Target : 240 Target Period : 12 months Potential Upside : 27% What s changed? Target EPS FY16E EPS FY17E Rating Quarterly performance Unchanged Unchanged Unchanged

More information

HOLD ASTRAL POLYTECHNIK. Q3 muted; recovery ahead. Target Price: Rs 377. Key highlights. Key drivers

HOLD ASTRAL POLYTECHNIK. Q3 muted; recovery ahead. Target Price: Rs 377. Key highlights. Key drivers 11 FEB 2016 Quarterly Update HOLD Target Price: Rs 377 Q3 muted; recovery ahead Astral sq3fy16 results were impacted due to: (1) adverse raw-material prices in pipe division (~Rs 80 mn), (2) closure of

More information

Bata India Ltd. (BIL)

Bata India Ltd. (BIL) Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Q2FY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Bata India Ltd. (BIL) Cloudy quarter sunshine ahead;

More information

Research Analysts. September 30, 2015

Research Analysts. September 30, 2015 Stocks on the move Scrip I-Direct Code Action Target Stoploss Hitachi Home and Life Solutions AMTAPP Buy in the range of 1380.00-1400.00 1640.00 1280.00 Time Frame: 3 Months Research Analysts Dharmesh

More information

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747)

Reliance Industries. (CMP/TP: `732/1,006) (Buying Range: `732 to `747) (CMP/TP: `732/1,006) (Buying Range: `732 to `747) Core business margins to stabilise: RIL reported robust refining margins of US$10.2/bbl in 1HFY2012. However, during 3QFY2012, Singapore gross refining

More information

Indo Count Industries Ltd (INDCOU)

Indo Count Industries Ltd (INDCOU) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY11 FY12 FY13 FY14 FY15 Net Sales 708.2 779.7 1,186.8 1,467.6 1716.9 EBITDA

More information

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16

RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS. Earnings Presentation Q2 FY16 RAJESH EXPORTS LIMITED GLOBAL PRESENCE IN GOLD AND GOLD PRODUCTS Earnings Presentation Q2 FY16 Company Overview COMPANY OVERVIEW Rajesh Exports Ltd. (REL) was incorporated in 1989. Currently REL is a leader

More information

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months

Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months Gladiator Stocks: Phillips Carbon Black (PHICAR) Time Frame: Six months CMP: 160.00 00 Buying Range: 155.00-160.00 160 Target: 196.00 Stop loss: 137.00 Upside: 25% Stock Data 52 Week High / Low 162.95/80

More information

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead

BUY GUJARAT STATE PETRONET. Operationally in line; other income surprises. Target Price: Rs 160. Valuations comfortable. Visible triggers ahead 05 FEB 2016 Quarterly Update BUY Target Price: Rs 160 Operationally in line; other income surprises GSPL s Q3FY16PAT at Rs 1.2bn was higher than our estimate (Rs 1.1bn) due to higher other income at Rs

More information

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00

Research Analysts. June 30, 2016. Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Stocks on the move Scrip IDi I-Direct tcode Action Target Stoploss Lupin LUPIN Buy in the range of 1520.00-1550.00 1770.00 1388.00 Time Frame: 3 Months Research Analysts Dharmesh Shah dharmesh.shah@icicisecurities.com

More information

Smruthi Organics Limited BSE Scrip Code: 590046

Smruthi Organics Limited BSE Scrip Code: 590046 Smruthi Organics Limited BSE Scrip Code: 590046 Pharmaceuticals September 21, 2012 Equity Statistics Current Market Price Rs. 218.1 52 Week High / Low Rs. 273.9 / 155 Market Capitalisation Rs. crores 83.2

More information

Granules India Ltd. INR 113

Granules India Ltd. INR 113 India Equity Institutional Research Pharma RESULT UPDATE Granules India Ltd. INR 113 Misses expectation BUY Result highlights Net sales for the quarter grew by a moderate 8% YoY to INR 3,449mn below our

More information

Larsen & Toubro. Source: Company Data; PL Research

Larsen & Toubro. Source: Company Data; PL Research Order inflow surprise, challenges on profitability continues! January 29, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,102

More information

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015

HEG Ltd (HEG) 160. Performs well. Result Update. ICICI Securities Ltd Retail Equity Research. November 10, 2015 Result Update Rating matrix Rating : Hold Target : 175 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 185 to 175 EPS FY16E Unchanged from 9.1 to 9.5 EPS FY17E Unchanged

More information

UltraTech Cement Ltd.

UltraTech Cement Ltd. Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 October 31, 212 COMPANY RESULTS REPORT REVIEW UltraTech Cement Ltd. Rich valuation overlooks strong performance

More information

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765

Cipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765 India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. Rs. 741 One off revenues from Nexium supply drives earnings HOLD Result highlights Cipla s Q1FY16 result beats our estimates due to higher

More information

Private drilling fluid technology service leader

Private drilling fluid technology service leader 21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service

More information

BUY. Lower realization impacts earnings CAIRN INDIA. Target Price: Rs 155. Analyst call highlights

BUY. Lower realization impacts earnings CAIRN INDIA. Target Price: Rs 155. Analyst call highlights 25 JAN 2016 Quarterly Update BUY Target Price: Rs 155 Lower realization impacts earnings Despite flat QoQ oil and gas production, Cairn s Q3FY16 PAT slumped to Rs 87mn (vs. Rs 6,727 bn in Q2FY16) due to

More information

Results impacted by subdued demand

Results impacted by subdued demand India Equity Research Agri Input & Chemicals January 25, 2016 Result Update Coromandel International Results impacted by subdued demand Emkay Your success is our success CMP Target Price Rs165 Rs225 (

More information

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.

Research Analysts. Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121. Stocks on the move Scrip IDi I-Direct Code Action Target Stoploss Granules GRANUL Buy in the range of 142.00-146.00 168.00 133.00 EID Parry EIDPAR Buy in the range of 128.00-134.00 170.00 121.00 Time Frame:

More information

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD Index Details SWARAJ ENGINES LTD Result Update (PARENT BASIS): Q4 FY16 Stock Data Sector Auto Parts & Equipment BSE Code 500407 Face Value 10.00 52wk. High / Low (Rs.) 1207.90/762.00 Volume (2wk. Avg.)

More information

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38.

EQLine Research and Services Pvt Ltd. yoy (%) 2QFY16 (27.0) 70,901 41.3 16.7 8,045 30.8. 531bp 7,290. 736bp 11.3 6,720 38. 3QFY216 Result Update Oil & Gas Reliance Industries ACCUMULATE Performance highlights CMP Target Price Consolidated (Rs cr) 3QFY16 3QFY15 yoy (%) 2QFY16 qoq% Net revenue 68,261 93,528 (27.) 7,91 (3.7)

More information

Share gains with healthy margin uptick; Retain Buy

Share gains with healthy margin uptick; Retain Buy Colgate-Palmolive India Equity Research Consumers January 23, 2015 Result Update Emkay Your success is our success Share gains with healthy margin uptick; Retain Buy CMP Target Price Rs1,913 Rs1,940 (

More information

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold

Sundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement

More information

Sphere Global Services Limited

Sphere Global Services Limited Sphere Global Services Limited Date: 13 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 3.95^ Face Value : ` 1 per share 52 wk High / Low : ` 9.35 / 31.1

More information

Bharat Petroleum Corporation Ltd. (BPCL)

Bharat Petroleum Corporation Ltd. (BPCL) Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 February 14, 2016 COMPANY RESULTS REPORT REVIEW Bharat Petroleum Corporation Ltd. (BPCL)

More information

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com.

SOHO China (410) Buy Nov 20, 2009. Company update. 4 Acquisitions within 6 Months. Samson Man, CFA (852)-2532-1539 samson.man@firstshanghai.com. SOHO China (410) Company update Buy Nov 20, 2009 4 Acquisitions within 6 Months Purchase Nexus Centre in Beijing. SOHO China announced to acquire Nexus Centre in Beijing. Total GFA is 103,340 sqm. Total

More information

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India.

Polaris BUY. Virtusa acquires majority in Polaris. Institutional Equity Research. November 05, 2015. Target Price Rs220. IT India. CMP* (Rs) 204 Market Cap. (Rs bn) 20 Free Float (%) 71 Shares O/S (mn) 100 Polaris Virtusa acquires majority in Polaris Virtusa Corp has purchased promoter and Citi s stake in Polaris of 53% for Rs220

More information

Axis Bank. Strong core performance. Source: Company Data; PL Research

Axis Bank. Strong core performance. Source: Company Data; PL Research Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

Outlook and valuation

Outlook and valuation February 9, 2016 Neutral Bajaj Auto Industry: Auto and Auto Components Industry View: Positive l Result Update Downgrade on export worries Q3 FY16 results came above our expectations despite exports worries

More information

JLR Nov-15 wholesale up 24% YoY to 51,021 units

JLR Nov-15 wholesale up 24% YoY to 51,021 units BSE Sensex S&P CNX 25,036 7,613 9 December 2015 Update Sector: Automobiles Tata Motors CMP: INR394 TP: INR471 (+20%) Buy Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 M.Cap. (INR b)/(usd b) 1,338/20

More information

Bharat Earth Movers (BEML)

Bharat Earth Movers (BEML) 2QFY2016 Result Update Capital Goods November 13, 2015 Bharat Earth Movers (BEML) Performance Highlights Quarterly highlights - Standalone Y/E March (` cr) 2QFY16 1QFY16 2QFY15 % chg (yoy) % chg (qoq)

More information

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins

Emkay. Revenues traction improves; Retain BUY HSIL. Healthy revenue performance; miss on margins HSIL India Equity Research Others February 3, 2016 Result Update Emkay Your success is our success Revenues traction improves; Retain BUY CMP Target Price Rs271 Rs370 ( ) Rating Upside BUY ( ) 36.6 % Healthy

More information

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015

SAIL (SAIL) 56. Dismal performance. Result Update. ICICI Securities Ltd Retail Equity Research. August 17, 2015 Result Update Rating matrix Rating : Sell Target : 50 Target Period : 12 months Potential Upside : -11% What s Changed? Target Changed from 60 to 50 EPS FY16E Changed from 4.8 to 1.1 EPS FY17E Changed

More information

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research

Sadbhav Engineering. Weak execution, but strong order outlook. Source: Company Data; PL Research Weak execution, but strong order outlook February 09, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs299 Target Price Rs340

More information

India Equity Research Telecommunications September 2, 2015 Management Meet Update

India Equity Research Telecommunications September 2, 2015 Management Meet Update Bharti Infratel India Equity Research Telecommunications September 2, 2015 Management Meet Update Emkay Your success is our success Data demand to accelerate growth CMP Rs396 Target Price Rs505 ( ) Rating

More information

Reliance Industries. Refining business under pressure: RIL s GRM declined sharply. 31% YoY and 45% QoQ to Rs17bn.

Reliance Industries. Refining business under pressure: RIL s GRM declined sharply. 31% YoY and 45% QoQ to Rs17bn. Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Reliance Industries 21 January 2012 Reliance Industries Result Review Rating: Hold Current Price: Rs793 Target

More information

East India Hotels (EIH) Ltd Growing Strategically

East India Hotels (EIH) Ltd Growing Strategically East India Hotels (EIH) Ltd Growing Strategically BSE Code 500840 NSE Code EIHOTEL Bloomberg Code EIH@IN Face Value 10 CMP Rs 224 Market Cap Rs 11.7bn (as on August 27th 2004) Share Holding Pattern Others

More information

HCL Technologies BUY. Performance Highlights CMP. `857 Target Price `1,132. 1QFY2016 Result Update IT. 3-year price chart

HCL Technologies BUY. Performance Highlights CMP. `857 Target Price `1,132. 1QFY2016 Result Update IT. 3-year price chart 1QFY2016 Result Update IT October 21, 2015 HCL Technologies Performance Highlights (` cr) Consl. 1QFY16 4QFY15 % chg (qoq) 1QFY15 % chg (yoy) Net revenue 10,097 9,777 3.3 8,735 15.6 EBIT 1,979 1,976 0.2

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14

Year-end Dec 2013A 2014E 2015E 2016E Key data. # Priced at market close, 29/09/14 This research is intended for UK institutional investors only and market professionals. It is not intended for retail customers and any retail customer should seek professional, independent advice before

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

BUY. JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16. CMP 298.00 Target Price 340.00. DECEMBER 29 th 2015.

BUY. JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16. CMP 298.00 Target Price 340.00. DECEMBER 29 th 2015. BUY CMP 298.00 Target Price 340.00 JYOTHY LABORATORIES LTD Result Update (CONSOLIDATED BASIS): Q2 FY16 DECEMBER 29 th 2015 ISIN: INE668F01031 12 th h, 2013 Index Details Stock Data Sector Household Products

More information

Tata Motors Ltd. Buy. New launches at domestic business as well as JLR to drive growth. February 12, 2016

Tata Motors Ltd. Buy. New launches at domestic business as well as JLR to drive growth. February 12, 2016 February 12, 2016 Buy Tata Motors Industry: Auto and Auto Components Industry View: Positive l Result Update New launches at domestic business as well as JLR to drive growth JLR margins in line, standalone

More information

S.H.Kelkar &Co. Ltd. Buy. Proxy FMCG Play. Outlook & Valuation. November 16, 2015

S.H.Kelkar &Co. Ltd. Buy. Proxy FMCG Play. Outlook & Valuation. November 16, 2015 November 16, 2015 Buy S.H.Kelkar &Co. Ltd Industry: Fragrance and Flavor Industry View: Overweight Initiating Coverage Proxy FMCG Play SHK is the largest domestic fragrance manufacturer with ~ 20.5% market

More information

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) BUY CMP 534.00 Target Price 615.00 TECH MAHINDRA LIMITED Result Update (CONSOLIDATED BASIS): Q2 FY16 NOVEMBER 19 th 2015 ISIN: INE669C01036 12 th h, 2013 Index Details Stock Data Sector IT BSE Code 532755

More information

Higher other income drive the quarter

Higher other income drive the quarter Gujarat State Petronet India Equity Research Oil & Gas February 4, 2016 Result Update Emkay Your success is our success Higher other income drive the quarter CMP Target Price Rs136 Rs163 ( ) Rating Upside

More information