This document provides stock recommendations and analysis from an investment strategy report. It recommends 10 stocks across sectors like banking, infrastructure, and automotive that are expected to outperform the market. The stocks are categorized as high return on equity and cheap relative to benchmarks, high return on equity and cheap relative to peers, value stocks, stocks with potential for value unlocking, stocks where promoters have increased stakes, and turnaround stocks. For each recommendation, it provides details on the company, industry drivers, financial projections, and rationale for upside potential. The overall view is bullish on Indian growth and attractiveness for foreign investment.
Equities remain in vogue as bond yields adjust, the spread on SB/Junk continuing to narrow, this dynamic should be enough to see appetite remain for equity investments. The gains in the S&P 500 were the broadest since 1994, every instance where 80% of the 500 companies gained was followed by additional gains the following year. Caution against unbridled optimism, corporate valuations are the richest since 2000 and margins the highest on record. Shiller P/E, the cycle adjusted P/E ratio, is now at 25.6, 55.2% higher than the historical mean of 16.5.
Már Wolfgang Mixa analyzes the investment opportunities between Icelandic government bonds and stocks. He finds that historically, comparing bond yields to stock price-to-earnings ratios has indicated when bonds provide higher returns than stocks. Applying this methodology to Iceland in 2001, Mixa determines that government bonds were offering returns around 4 times higher than Icelandic stocks at 2.5%, making bonds the prudent first choice for Icelandic investments given their guaranteed income. However, anticipated interest rate cuts could make stocks more attractive if profits rise accordingly, though this remains uncertain compared to the secure returns from bonds.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
The document provides an overview and analysis of various financial markets in India from the perspective of ACMIIL, including:
- Equity markets are consolidating after reaching new highs in July. Nifty faces resistance at 5850 and support at 5620-5610. IT, FMCG and pharma sectors have outperformed while banking, metals and realty have underperformed.
- Exide Industries is recommended as a stock pick due to expectations of strong growth in the replacement auto battery segment and improved revenue mix driving margin expansion.
- Pfizer India is recommended due to its large cash reserves which could be used for acquisitions to accelerate growth, and an attractive valuation of around 14 times estimated
Equities remain in vogue as bond yields adjust, the spread on SB/Junk continuing to narrow, this dynamic should be enough to see appetite remain for equity investments. The gains in the S&P 500 were the broadest since 1994, every instance where 80% of the 500 companies gained was followed by additional gains the following year. Caution against unbridled optimism, corporate valuations are the richest since 2000 and margins the highest on record. Shiller P/E, the cycle adjusted P/E ratio, is now at 25.6, 55.2% higher than the historical mean of 16.5.
Már Wolfgang Mixa analyzes the investment opportunities between Icelandic government bonds and stocks. He finds that historically, comparing bond yields to stock price-to-earnings ratios has indicated when bonds provide higher returns than stocks. Applying this methodology to Iceland in 2001, Mixa determines that government bonds were offering returns around 4 times higher than Icelandic stocks at 2.5%, making bonds the prudent first choice for Icelandic investments given their guaranteed income. However, anticipated interest rate cuts could make stocks more attractive if profits rise accordingly, though this remains uncertain compared to the secure returns from bonds.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
The document provides an overview and analysis of various financial markets in India from the perspective of ACMIIL, including:
- Equity markets are consolidating after reaching new highs in July. Nifty faces resistance at 5850 and support at 5620-5610. IT, FMCG and pharma sectors have outperformed while banking, metals and realty have underperformed.
- Exide Industries is recommended as a stock pick due to expectations of strong growth in the replacement auto battery segment and improved revenue mix driving margin expansion.
- Pfizer India is recommended due to its large cash reserves which could be used for acquisitions to accelerate growth, and an attractive valuation of around 14 times estimated
Narnolia Securities Limited initiated KPIT stock at a CMP of Rs 115 (14 Jan 2013) and now, it achieved its target of Rs 177. We advice to book profit on the stock because of its premium valuation. For information visit our website http://www.narnolia.com/
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
- Markets in India were largely flat for the week, with the Sensex up 0.2% and Nifty up 0.1%. Mid and small cap indices outperformed large caps.
- The BSE Oil & Gas index gained 2.7% led by a 3.9% gain in Reliance Industries, which makes up 58.8% of the index. Other oil marketing companies like HPCL and BPCL also witnessed gains.
- Aurobindo Pharma is initiated with a Buy rating and target price of Rs. 1,330 based on an SOTP valuation. The company has transformed from a low margin API player to a high margin formulations player, and its financial metrics are
Zensar Technologies reported lower than expected earnings for the third quarter. Revenue declined 1% quarter-over-quarter due to seasonal impacts and furloughs, while profit fell 28% due to currency fluctuations. However, management remains confident in the company's growth trajectory and expects double-digit growth in the enterprise services business for fiscal year 2015. While maintaining a "Buy" rating, the analyst raised the target price to Rs. 440, citing healthy order pipeline and near-term earnings visibility. At the current market price of Rs. 386, the stock trades at 5.6 times estimated earnings for fiscal year 2015.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Deepak nitrite limited multibagger 2021 & SIGN-UP new multibaggerfuturecapsadvisor
This article can explore the possibility of Deepak Nitrite Limited as a Multibagger 2021 Stock based on Value Investing principles. Deepak Nitrite Limited is an outstanding chemical manufacturing company incorporated and based in India.
https://futurecaps.com/portfolio/deepak-nitrite-limited-multibagger-analysis-2021-2/
DEEPAK NITRITE LIMITED Company Profile | Research Cosmos srisaihyp
The report DEEPAK NITRITE LIMITED Company Profile is a detailed document covered company’s Overview, History, SWOT Analysis, Products/Services, Facts, Financials, Key Executives, Competitors, Tech Intelligence, IT Outsourcing, IT Management, Recent Developments and Strategy Evaluation.
Avail Sample of the report for more information @
https://www.researchcosmos.com/request/deepak-nitrite-limited-company-profile-overview-history-swot-analysis-products-services-facts-financ/4604510
The document provides an analysis of preferred shares and their strong performance in 2017 despite rising interest rates. Some key points:
- Preferred shares are up between 7.8-9.7% year-to-date, outperforming other fixed income assets. Variable-rate preferreds have led gains due to demand for their fixed coupons.
- Investors remain hungry for yield as Treasury and credit yields remain low. This has driven some to move down the capital structure into preferred shares for higher yields.
- While preferred shares have rallied, the total return outlook may now be more limited. The analysis recommends investors review preferred stock allocations and holdings to ensure diversification and manage risks.
This Project deals with the comparative study of 2 companies listed in S&P 500 for their performance evaluation & ratio analysis for the 3 financial years.
- Intact Financial Corporation is Canada's largest home, auto and business insurer with a 17.3% market share in a fragmented industry.
- IFC has consistently outperformed the industry over the past 10 years in terms of premium growth, combined ratio, and return on equity.
- IFC aims to continue growing profitably through organic growth, margin improvement, claims management, pricing and segmentation, and investments and capital management.
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
Wim Plast Limited is an Indian plastics company that manufactures plastic molded furniture and bubbleguard sheets. The company has grown its 'cello' brand throughout India and sees opportunities in the growing plastic industry as Indian per capita plastic consumption is expected to double in the next 5 years. Wim Plast has manufacturing facilities in Daman, Baddi, Chennai and depots across major Indian states.
Jindal Steel & Power is undergoing $9 billion in steel and power expansion projects backed by resource availability and cash flows. Profitability depends on iron ore and coal prices, which are improving. The stock trades at 1.1x FY14 P/B. The analyst initiates coverage with a neutral rating and target price of Rs. 285, citing improving steel business fundamentals but challenging near-term profitability.
The document discusses Andhra Bank, an Indian bank. It recommends reducing exposure to the bank's stock and assigns a target price of Rs. 66 per share, down from the previous target. It cites multiple challenges for the bank, including high impairment of assets, poor earnings quality, and high deposit costs. The bank's asset quality remains weak, with gross and net non-performing assets above industry averages. Restructured assets make up 10.6% of total assets and are expected to rise further. Only 82% of assets would need to service 100% of liabilities, a challenge given the bank's stressed fundamentals.
The document summarizes Hindenburg Research's analysis of Eros International's recent earnings report, which found several red flags:
1) Eros claims to be well-capitalized but plans a shelf offering and recently sold shares in its key subsidiary, suggesting ongoing liquidity issues.
2) Financing costs are spiking and short-term debt is high, while a promised debt refinancing deal has still not materialized.
3) Revenue declines in key markets were offset by questionable growth in "Rest of World", and receivables and days sales outstanding metrics point to ongoing collection problems.
4) The reported doubling of Eros' content library is difficult to reconcile with financials and the
The proxy fight for board seats at Oshkosh Corporation is underway, with Icahn Associates nominating six directors. While OSK's stock performance has lagged peers, the company has significant defense business exposure. Icahn will argue OSK has failed to execute on acquisitions or develop business segments. Shareholders will evaluate if change is needed and if Icahn's nominees can add value, considering four have Icahn ties raising independence questions.
- Eros International claims to be well-capitalized, yet has sold shares in its key subsidiary and plans a shelf offering for additional capital, suggesting ongoing liquidity issues.
- The company's financing costs have spiked significantly and it faces over $260 million in short-term debt and contractual obligations due within the year.
- Hindenburg Research has numerous questions about Eros' accounting, revenues, receivables, content library additions and film slate investments that the company has not adequately answered.
- Given the combination of liquidity risks, worsening financials, and unresolved accounting issues, Hindenburg believes Eros' problems could make the company insolvent within the next 6 months.
The Small Cap Focused Growth portfolio underperformed its benchmark in Q1 due to disappointing guidance from two large holdings, SPS Commerce and The Advisory Board, which fell 39% and 33% respectively. Additionally, investor sentiment turned negative towards the portfolio's focus on high secular growth stocks, favoring lower growth, lower volatility stocks. However, the portfolio manager remains confident that focusing on companies capable of sustained high growth will generate strong long-term returns, as short-term volatility in stock prices often diverges from long-term earnings potential.
Narnolia Securities Limited initiated CMC stock at a CMP of Rs 1208 (5th June 2013) and now, it achieved
its target of Rs1690, we advice to book profit on the stock because of its premium valuation. For investment information contact us on our website http://www.narnolia.com/index.php/contact-us/
Shree Cement very good strategy for capacity expansion. We are positive to buy stocks with Target Price Rs.4791. Also why positive outlook in sector 2014 and earning guidance for FY15E on IT industry
The key points from the document are:
1) The Indian stock market indices reversed early gains and ended lower on worries that interest rates may be raised again in September.
2) Reliance Industries signed an agreement to acquire a 60% stake in shale gas assets in Pennsylvania from Carrizo Oil & Gas for $392 million.
3) KEC International won new orders worth Rs. 250 crore for transmission and substation projects in India and abroad.
HDFC Bank reported a 32.6% rise in net profit to Rs 837 crore for the fourth quarter of FY2010, in line with estimates. Strong business growth, improved profitability and asset quality, and a rise in low-cost current and savings account deposits were key positives. The bank maintained its buy rating with a target price of Rs 2,220, believing HDFC is well positioned for growth as the economy improves.
Narnolia Securities Limited initiated KPIT stock at a CMP of Rs 115 (14 Jan 2013) and now, it achieved its target of Rs 177. We advice to book profit on the stock because of its premium valuation. For information visit our website http://www.narnolia.com/
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
- Markets in India were largely flat for the week, with the Sensex up 0.2% and Nifty up 0.1%. Mid and small cap indices outperformed large caps.
- The BSE Oil & Gas index gained 2.7% led by a 3.9% gain in Reliance Industries, which makes up 58.8% of the index. Other oil marketing companies like HPCL and BPCL also witnessed gains.
- Aurobindo Pharma is initiated with a Buy rating and target price of Rs. 1,330 based on an SOTP valuation. The company has transformed from a low margin API player to a high margin formulations player, and its financial metrics are
Zensar Technologies reported lower than expected earnings for the third quarter. Revenue declined 1% quarter-over-quarter due to seasonal impacts and furloughs, while profit fell 28% due to currency fluctuations. However, management remains confident in the company's growth trajectory and expects double-digit growth in the enterprise services business for fiscal year 2015. While maintaining a "Buy" rating, the analyst raised the target price to Rs. 440, citing healthy order pipeline and near-term earnings visibility. At the current market price of Rs. 386, the stock trades at 5.6 times estimated earnings for fiscal year 2015.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Deepak nitrite limited multibagger 2021 & SIGN-UP new multibaggerfuturecapsadvisor
This article can explore the possibility of Deepak Nitrite Limited as a Multibagger 2021 Stock based on Value Investing principles. Deepak Nitrite Limited is an outstanding chemical manufacturing company incorporated and based in India.
https://futurecaps.com/portfolio/deepak-nitrite-limited-multibagger-analysis-2021-2/
DEEPAK NITRITE LIMITED Company Profile | Research Cosmos srisaihyp
The report DEEPAK NITRITE LIMITED Company Profile is a detailed document covered company’s Overview, History, SWOT Analysis, Products/Services, Facts, Financials, Key Executives, Competitors, Tech Intelligence, IT Outsourcing, IT Management, Recent Developments and Strategy Evaluation.
Avail Sample of the report for more information @
https://www.researchcosmos.com/request/deepak-nitrite-limited-company-profile-overview-history-swot-analysis-products-services-facts-financ/4604510
The document provides an analysis of preferred shares and their strong performance in 2017 despite rising interest rates. Some key points:
- Preferred shares are up between 7.8-9.7% year-to-date, outperforming other fixed income assets. Variable-rate preferreds have led gains due to demand for their fixed coupons.
- Investors remain hungry for yield as Treasury and credit yields remain low. This has driven some to move down the capital structure into preferred shares for higher yields.
- While preferred shares have rallied, the total return outlook may now be more limited. The analysis recommends investors review preferred stock allocations and holdings to ensure diversification and manage risks.
This Project deals with the comparative study of 2 companies listed in S&P 500 for their performance evaluation & ratio analysis for the 3 financial years.
- Intact Financial Corporation is Canada's largest home, auto and business insurer with a 17.3% market share in a fragmented industry.
- IFC has consistently outperformed the industry over the past 10 years in terms of premium growth, combined ratio, and return on equity.
- IFC aims to continue growing profitably through organic growth, margin improvement, claims management, pricing and segmentation, and investments and capital management.
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
Wim Plast Limited is an Indian plastics company that manufactures plastic molded furniture and bubbleguard sheets. The company has grown its 'cello' brand throughout India and sees opportunities in the growing plastic industry as Indian per capita plastic consumption is expected to double in the next 5 years. Wim Plast has manufacturing facilities in Daman, Baddi, Chennai and depots across major Indian states.
Jindal Steel & Power is undergoing $9 billion in steel and power expansion projects backed by resource availability and cash flows. Profitability depends on iron ore and coal prices, which are improving. The stock trades at 1.1x FY14 P/B. The analyst initiates coverage with a neutral rating and target price of Rs. 285, citing improving steel business fundamentals but challenging near-term profitability.
The document discusses Andhra Bank, an Indian bank. It recommends reducing exposure to the bank's stock and assigns a target price of Rs. 66 per share, down from the previous target. It cites multiple challenges for the bank, including high impairment of assets, poor earnings quality, and high deposit costs. The bank's asset quality remains weak, with gross and net non-performing assets above industry averages. Restructured assets make up 10.6% of total assets and are expected to rise further. Only 82% of assets would need to service 100% of liabilities, a challenge given the bank's stressed fundamentals.
The document summarizes Hindenburg Research's analysis of Eros International's recent earnings report, which found several red flags:
1) Eros claims to be well-capitalized but plans a shelf offering and recently sold shares in its key subsidiary, suggesting ongoing liquidity issues.
2) Financing costs are spiking and short-term debt is high, while a promised debt refinancing deal has still not materialized.
3) Revenue declines in key markets were offset by questionable growth in "Rest of World", and receivables and days sales outstanding metrics point to ongoing collection problems.
4) The reported doubling of Eros' content library is difficult to reconcile with financials and the
The proxy fight for board seats at Oshkosh Corporation is underway, with Icahn Associates nominating six directors. While OSK's stock performance has lagged peers, the company has significant defense business exposure. Icahn will argue OSK has failed to execute on acquisitions or develop business segments. Shareholders will evaluate if change is needed and if Icahn's nominees can add value, considering four have Icahn ties raising independence questions.
- Eros International claims to be well-capitalized, yet has sold shares in its key subsidiary and plans a shelf offering for additional capital, suggesting ongoing liquidity issues.
- The company's financing costs have spiked significantly and it faces over $260 million in short-term debt and contractual obligations due within the year.
- Hindenburg Research has numerous questions about Eros' accounting, revenues, receivables, content library additions and film slate investments that the company has not adequately answered.
- Given the combination of liquidity risks, worsening financials, and unresolved accounting issues, Hindenburg believes Eros' problems could make the company insolvent within the next 6 months.
The Small Cap Focused Growth portfolio underperformed its benchmark in Q1 due to disappointing guidance from two large holdings, SPS Commerce and The Advisory Board, which fell 39% and 33% respectively. Additionally, investor sentiment turned negative towards the portfolio's focus on high secular growth stocks, favoring lower growth, lower volatility stocks. However, the portfolio manager remains confident that focusing on companies capable of sustained high growth will generate strong long-term returns, as short-term volatility in stock prices often diverges from long-term earnings potential.
Narnolia Securities Limited initiated CMC stock at a CMP of Rs 1208 (5th June 2013) and now, it achieved
its target of Rs1690, we advice to book profit on the stock because of its premium valuation. For investment information contact us on our website http://www.narnolia.com/index.php/contact-us/
Shree Cement very good strategy for capacity expansion. We are positive to buy stocks with Target Price Rs.4791. Also why positive outlook in sector 2014 and earning guidance for FY15E on IT industry
The key points from the document are:
1) The Indian stock market indices reversed early gains and ended lower on worries that interest rates may be raised again in September.
2) Reliance Industries signed an agreement to acquire a 60% stake in shale gas assets in Pennsylvania from Carrizo Oil & Gas for $392 million.
3) KEC International won new orders worth Rs. 250 crore for transmission and substation projects in India and abroad.
HDFC Bank reported a 32.6% rise in net profit to Rs 837 crore for the fourth quarter of FY2010, in line with estimates. Strong business growth, improved profitability and asset quality, and a rise in low-cost current and savings account deposits were key positives. The bank maintained its buy rating with a target price of Rs 2,220, believing HDFC is well positioned for growth as the economy improves.
The markets registered new 52-week highs but were unable to sustain gains, closing in the red. Key indices like Nifty and Sensex saw narrow range trading, indicating indecisiveness. Support levels for the indices are seen at 18,000 and 5,400. Stocks like BGR Energy and India Infoline showed positive bias while RCOM and Gail showed negative bias according to technical analysis. Pivot points are provided for various stocks to watch their movement in relation to support and resistance levels.
The document provides an analysis of the Indian stock market indices and various companies on June 3, 2010. It summarizes that the key benchmark indices ended up 1% as buying increased in blue chip stocks. ONGC held an analyst meeting where they expected a gas price hike to boost profits and planned increased oil and gas production. Tata Motors inaugurated an expanded new plant for Tata Nano in Gujarat. Sun Pharma rejected an offer to sell its stake in Taro Pharmaceuticals.
HDIL is initiating coverage with a buy recommendation and target price of Rs356 per share. HDIL's Mumbai International Airport redevelopment project is on track to generate significant revenue. The company is also set to benefit from strong land development rights (TDR) prices in Mumbai, which have recovered in recent years. At the current price of Rs284 per share, HDIL is trading at a 28% discount to the analyst's 1-year forward estimate of net asset value (NAV) of Rs395 per share. The target price of Rs356 represents a 10% discount to the estimated 1-year forward NAV.
1) Sintex Industries reported a 1QFY2011 revenue growth of 37.5% year-over-year driven by strong performance in its monolithic, standalone pre-fab, and domestic custom moulding segments.
2) Net profit grew 30.1% year-over-year but declined 43.2% quarter-over-quarter due to one-time losses.
3) The analyst maintains a "Buy" rating on Sintex Industries with a target price of Rs385, citing the company's dominant position in the domestic plastics market, improving margins from international subsidiaries, and attractive valuations.
Balaji Telefilms posted disappointing quarterly results, with its top-line declining 32% year-over-year and 14% quarter-over-quarter due to a decrease in total programming hours as three shows went off air. While average programming rates increased sequentially, the company reported an operating loss for the quarter. Going forward, the company expects financial performance to remain under pressure due to low visibility in its programming slate and reduced programming hours.
TCS reported strong double-digit revenue growth of 13% quarter-over-quarter for the second quarter of fiscal year 2011. Revenue growth was broad-based across all verticals and services, with discretionary services and infrastructure management seeing particularly robust growth above 15%. Margins also expanded significantly by 86 basis points due to favorable currency movements, productivity gains, and SG&A efficiencies. Hiring continued at a rapid pace, though utilization rates remained high. The company's client base further strengthened with the addition of large clients.
Marico reported mixed financial results for the second quarter of fiscal year 2011. While overall volume growth was strong at 15%, price cuts taken in core brands constrained top-line growth to 12.5% year-over-year. Earnings grew 14.8% driven by lower taxes and other income, but operating profit rose only 4.5% as gross margins contracted sharply due to rising input costs. The company's international business and hair oils portfolio posted robust growth, but margins are expected to recover only gradually as further price hikes are implemented.
The market indices opened lower due to weak global cues but closed down around 2% each. The top gainers were RCOM up 4.27% and top losers were DLF down 6.25%. Most sectors closed in the red with Metal down 3.99% and Realty down 3.89%. The document provides analysis on the market movement and support and resistance levels for various stocks.
- Alembic reported strong revenue growth of 27.8% YoY driven by its domestic formulation business, which grew 27.3% YoY. However, operating margins remained flat at 11.9% due to higher contribution from the lower margin domestic API business.
- Net profit grew 64.3% YoY to Rs. 22 cr, helped by revenue growth and lower interest costs.
- The analyst maintains a Neutral rating and has valued Alembic on a sum-of-the-parts basis, arriving at a target price of Rs. 74 per share.
Bosch reported strong financial results for the third quarter of 2010 that were better than expected. Net sales grew 31.9% year-over-year due to recovery in the commercial vehicle cycle and pre-buying before new emission norms. EBITDA margins expanded due to improved operating leverage, despite rising input costs. Net profit grew 21.2% year-over-year, ahead of estimates. The company maintained its Accumulate rating based on anticipated good automotive demand growth and technology-intensive industry position.
The market indices closed lower, with the Nifty down 2.28% and Sensex down 2.20%. Metals and realty sectors saw the largest losses of around 3-3%. Maruti, Sun Pharma, and Cipla were the top gainers, while JP Associates, Sterlite, and Unitech saw the largest declines of around 5%. The report notes the markets opened lower and momentum moved downward, closing near the day's lows. It expects further declines if indices close below 16540/4960 support levels. Upside bounce to 16690-16743/5013-5029 is also possible.
- The Indian stock market opened flat but gained momentum and moved into positive territory, though selling pressure limited gains. The Sensex and Nifty closed down 0.3% and 0.2% respectively.
- Mid and small cap indices outperformed, gaining 0.8% and 1.1%. Select frontline stocks like RCOM and M&M rose 2-4% while HDFC and HUL fell 1-3%.
- Axis Bank plans to raise $200 million in commercial paper to fund its overseas branches. GSK Consumer is looking to expand into new food and beverage categories like health foods.
SpiceJet reported strong financial results for the 1st quarter of FY2011, with net sales growing 34.9% year-over-year to Rs708cr, above expectations. Operating margins expanded significantly to 8.3% due to higher passenger loads. Net profit increased 109.6% to Rs55cr, also above estimates, driven by improved operating efficiency. The analyst maintains an 'Accumulate' rating on SpiceJet, expecting sales and profits to grow rapidly in the coming years as the company expands its fleet and benefits from strong industry demand fundamentals.
The technical report provides a daily market summary of key Indian indices and stocks. It notes that the indices opened lower and traded with negative bias throughout the day, closing marginally lower. It identifies top gainers and losers. The report also analyzes sectoral performance and provides support and resistance levels for key stocks. Pivot points are given to identify potential trading zones.
IGL reported a 27.7% year-over-year increase in net profit to Rs51.5cr for the fourth quarter of FY2010, which was lower than expected due to lower gross gas margins and slower CNG volume growth quarter-over-quarter. Operating margins expanded by 75 basis points year-over-year to 32.6% due to revenue growth and recovery of overdrawl charges. However, concerns remain regarding the sustainability of high margins given IGL's reliance on subsidized gas prices. The analyst recommends reducing exposure to the stock and sets a target price of Rs210.
The document provides a summary of market performance and outlook for November 2, 2010. Key points include:
- Indian markets gained over 1% on positive global cues and strong domestic manufacturing data.
- The RBI monetary policy is expected to raise repo and reverse repo rates by 25 basis points each to combat high inflation, but may not raise CRR due to current liquidity issues.
- Auto sales grew strongly in October for most major companies like Maruti, M&M, and Hero Honda. Cement despatches also grew over 10% for major companies.
- 2QFY2011 results beat estimates for JAL but missed for Lupin and JK Tyres due to higher costs.
The summary provides an overview of the key information from the technical report:
1) The indices closed flat with the Nifty at 5416 and Sensex at 18074, after recovering from an initial drop due to weak global cues.
2) On the daily chart, prices breached an upward trendline but closed above it, suggesting further upside if indices trade above 17973/5431.
3) Sectoral performances were mixed with banking gaining while IT lost ground.
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
The fund manager provides a summary of the DSP Equity Opportunities Fund's investment strategy and current portfolio positioning. The fund focuses on companies with capable management, good growth trends, and balance sheets when available at a margin of safety. The current portfolio has overweight positions in financials, pharma, and cement companies. Specific overweight stocks include ICICI Bank, HDFC Bank, Axis Bank, SBI, Bank of Baroda, Dr. Reddy's, Alkem, Sun Pharma, Ultratech Cement, Dalmia Bharat, and ACC. The fund manager avoids expensive consumer stocks and index heavyweights where the risk-reward is not favorable.
- Indian GDP growth is expected to moderate to around 7% in 2012 due to weakening exports and industrial growth, but strong domestic consumption and rural demand should support the economy.
- Select sectors like IT, telecom, private banks, autos, FMCG, pharma are expected to perform well in 2012 given their earnings visibility.
- Interest rates may start declining in the second half of 2012 which could boost sectors like infrastructure and lift the stock market.
- The rupee is expected to appreciate to 48-47 levels against the dollar by the end of 2012.
Avant Garde wealth Mgmt - Quarterly letter - 1303Gaurav Jalan
- The document provides an analysis of investment trends, corporate profits, consumption patterns, and their impact on stock market valuations. It finds that declining new project announcements suggest a decline in capital expenditures and corporate profit growth over the next few years.
- It also discusses trends in the gold market, finding that recent price declines do not necessarily indicate the end of the secular bull market. Investor behavior and ongoing monetary easing by global central banks support ongoing gold demand and price appreciation over the long term.
- The portfolio has not changed much but individual stock positions are reexamined given recent sharp price moves. Returns have been subdued in the difficult market environment.
This document provides an analysis of the Canadian asset management industry. It finds that the industry has matured but remains very profitable, with expected annual growth of around 8% driven by market performance of 6% and net sales of 2%. While industry consolidation has increased competition, the top 10 managers still control around 80% of retail assets under management. Banks have gained the most market share this decade. The document also examines trends like growth in balanced funds and segregated products, reflecting a reduced appetite for risk among retail investors. It provides ratings and price targets for several asset managers.
Angel Broking Research Top Picks July 2016Alina157681
The document discusses Angel's top stock picks for July 2016. It recommends large cap stocks like Amara Raja Batteries, Bharat Electronics, HCL Technologies, and HDFC Bank that are expected to benefit from recovery in corporate earnings, consumption, and government spending. It also provides mid cap picks such as Blue Star, Dewan Housing, Goodyear India, and Siyaram Silk Mills that will gain from trends in consumption, infrastructure development, and a good monsoon. The stocks are analyzed based on their financials, industry drivers, and growth prospects.
IntroductionThe company that has been researched is the Toyota .docxmariuse18nolet
Introduction:
The company that has been researched is the Toyota motor Corporation
Ticker symbol
TM
Exchange
New York Stock Exchange (NYSE)
No of common shares outstanding
1,583,714,334
Industry
Consumer goods
Country
Japan
Toyota Motor Corporation is considered to be a leading automaker headquartered in Japan. The human resources vertical employed 317,734 people and was the largest automobile manufacturer by production. Founded in 1937, the automaker has grown and has its presence in all countries of the world .the Toyota motor corporation group is considered to be one of the largest conglomerates in the world
A. Provide a rationale for the U.S. publicly traded company that you selected, indicating the significant factors driving your decision as a financial manager
Some financial highlights of the company which favorably incline towards investing in this company:
1. The third quarter result of the financial results of the firm showed that on a consolidated basis,
a. net revenues for the period totaled 19.12 trillion yen, an increase of 17.8 percent compared to the same period last fiscal year.
b. Operating income increased from 818.5 billion yen to 1.85 trillion yen,
c. Income before income taxes was 2.02 trillion yen.
d. Net income increased from 648.1 billion yen to 1.52 trillion yen
e. Operating income increased by 1.03 trillion yen.
Some of the major contributors to the increase in income were cost reduction efforts and favorable currency fluctuations. The global sales of automobiles under the group registered a 25% increase globally.
As the financial manger of a company, my instincts towards advising a client to invest in a company are grounded by strong fundamentals. Toyota Motor Corporation has been very strong in its financial fundamentals. Companies whose financial fundamentals are very strong make good investments portfolios.
Such firms are called blue chip companies and trades very selectively on the stock markets are can be studied in depth for any investment purposes. Such firms rarely indulge themselves in any kind of compliance issues are generally favored by investors.
Toyota Motor Corporation is one such stock that as a finance manager I would recommend to buy and hold because the firm has been in the news for all the right reasons and for its future plans of expansion with very strategic mergers and acquisitions. The firm’s product ranges especially the new line of green automotive ranges have caught the fancy of al countries and it is expected that the company will be giving a return of more than 22% to its shareholders (toyotaglobal.com).
B. Determine the profile of the investor for which this company may be a fit, relative to that potential investor's investment strategy. Provide support for your rationale.
The profile of a suitable investor for the company would be a conservative risk taker. The investor would like to buy the stock and hold it for long periods so as to partake of the .
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
The document summarizes a research report on First Capital Realty Inc. that was issued on May 8, 2012 by RBC Capital Markets. Some key points:
- First Capital Realty reported Q1/12 FFO per share of $0.25, which was in line with expectations and a 3% increase over Q1/11. Occupancy slipped modestly.
- Same-property NOI growth is expected to improve to a range of 1-2% in 2012, up from 0.1% growth in Q1/12. Healthy leasing spreads were achieved on renewals.
- The acquisition pace has slowed, but $150-200 million is planned for redevelopments and
1) TCS management commented on its Q4 FY2014 earnings call that revenue growth will be lower than the previous quarter due to weak seasonality, and margins will decline 40-50 bps due to currency movements and higher investments.
2) However, the outlook for FY2015 is positive as management expects robust demand and healthy growth across markets except India.
3) While Q4 growth may be lower than expected, TCS' strong fundamentals including a healthy deal pipeline and focus on emerging technologies support maintaining a "Buy" rating with a target price of Rs. 2510 per share.
The quarterly letter provides an update on portfolio performance and the manager's views. It notes that portfolio performance remains healthy but expectations for future returns should be realistic given high valuations. Specifically, the manager expects the index to return 10-12% annually over the next 5 years as valuations decline from monetary policy changes and normalization in private markets. The manager prefers positions in private banks, life insurance, and select industries and remains underweight consumer and IT given rich valuations.
The document provides a bullish outlook for the Indian stock market, specifically the Sensex, over the next few years. It predicts that economic reforms by the new Indian government will revive growth to around 6% by fiscal year 2015. This will lead to high double-digit returns in equities and a Sensex target of 38,500 by March 2017. Midcap stocks are also expected to outperform the broader market and potentially double over the next three years due to undervaluation and stronger earnings momentum as the investment cycle revives.
- The document provides an analysis and outlook on the Indian stock market by Centrum Research.
- It upgrades the FY11 EPS target to Rs. 1,030 but remains defensive in the near term due to concerns about valuations of around 19x, which is higher than appropriate levels given GDP growth projections.
- It expects a 15% correction in markets and recommends buying value picks after the correction. Top sectors identified are retail, sugar, pharma, media, healthcare and real estate while views on other sectors vary.
Avant garde wealth mgmt - Quarterly letter - 1306Gaurav Jalan
The document summarizes the analysis of a basket of 251 Indian consumer companies by Avant Garde Wealth Management. It finds that while consumer stocks have strong earnings growth and return on equity, their valuations are currently at historic highs relative to earnings. Historically, high valuations for consumer stocks have coincided with weaker future returns despite ongoing earnings growth. The document also discusses the impact of the US Federal Reserve's comments about tapering quantitative easing, which caused short-term turmoil in global asset markets. It questions whether the Fed will actually be able to normalize monetary policy and raise interest rates given its enormous balance sheet.
The portfolio returned 2.1% in the second quarter, outperforming its benchmark. Since inception in 2007, the strategy has earned an annualized return of 10.0% versus 5.0% for the benchmark, placing it in the top 4% of its peers. During the quarter, strong stock selection in technology and services drove positive returns, while concerns over economic recovery impacted defensive sectors. A provider of procurement software, Sci-Quest, helped performance as it was awarded a new state contract, while an auto parts e-commerce site, US Auto Parts, declined on lower website traffic. Looking ahead, the economic outlook is mixed but portfolio companies remain well positioned for growth.
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities are high relative to history but have corrected and become more reasonable recently. Small and mid-cap stocks remain attractively valued relative to large caps.
- The fund focuses on investing in companies with strong
The document provides an analysis of the R Model Portfolio for August 2021. It summarizes that the portfolio continued to outperform benchmarks in July despite market volatility. Some top performing stocks in the portfolio like Sagar Cements and KNR Constructions delivered strong returns of 14-20% in the month. The portfolio has replaced Indian Energy Exchange with DLF to gain exposure to the recovering real estate sector. Robust corporate earnings in the first quarter also supported the market. Key factors to monitor in the near-term include the RBI policy meeting, progress of the monsoon season, and spread of the Delta variant.
The Greenlight Capital funds returned -4.9% in Q4 2012, bringing the year-to-date return to 7.9%. Since inception in 1996, Greenlight Capital has returned 1,829% cumulatively. The disappointing Q4 performance reduced the year from good to average. Losses in short positions, particularly Green Mountain Coffee Roasters, and declines in Apple shares hurt performance. Some long positions like General Motors gained. The macro book achieved a small profit from gains in shorting the Yen, though gold and European sovereign debt declined.
Right Horizons market outlook for 2016 - stay investedRight Horizons
This document discusses India's economic outlook and the performance of various mutual fund portfolios. It notes that India is expected to grow at around 7-8% through 2020 according to Goldman Sachs. Several factors are positive for 2016, including lower commodity prices and higher infrastructure spending. The document highlights the performance of various mutual fund portfolios managed by the company, showing they have outperformed comparable funds over various time periods. It sets a target for the Sensex to end 2016 over 30,000, representing 22% upside from current levels.
The Indian markets are expected to open higher, tracking gains in most Asian markets. Spain has asked for a bailout of up to €100 billion for its banking system. Chinese exports grew more than expected in May. In India, shares extended gains for a fifth session despite weak global cues as major central banks held off on additional stimulus. The key support and resistance levels for the Nifty are 5,023 and 5,114 respectively. L&T has bagged orders worth Rs. 483 crore to build commercial vessels in Qatar. Vedanta Resources has acquired a 24.5% stake in Raykal Aluminium for Rs. 201 crore.
Axis Bank reported a 27.0% year-over-year increase in net profit to Rs. 942 crore for the first quarter of fiscal year 2012, in line with analyst estimates. Business growth momentum slowed as advances declined 7.4% quarter-over-quarter and deposits fell 3.0% quarter-over-quarter, moderating the bank's cash-deposit ratio to 40.5% from 41.1% last quarter. However, asset quality remained healthy with slippage ratio declining to 0.8% and gross and net NPA ratios stable.
1) For 1QFY2012, Electrosteel Castings reported 16.4% sales growth but margins declined due to higher raw material costs. EBITDA fell 18.2% and net profit declined 7.2%.
2) While sales volumes grew, costs increased more due to a rise in raw material costs as a percentage of sales.
3) The company maintains a buy recommendation due to initiatives in steelmaking and backward integration that should lower costs starting in FY2013 and valuation remains attractive.
1) For 1QFY2012, Persistent Systems reported revenues of ₹224 crore, up 5.2% over the previous quarter and 23.6% over the same period last year.
2) EBITDA was ₹40 crore, up 5.3% over the previous quarter but margins declined.
3) PAT was ₹28 crore, down 16.8% over the previous quarter due to higher taxes.
4) Management maintained revenue guidance of 29% growth for FY2012 and expects PAT to remain flat despite higher tax rates.
HT Media reported a 22.7% year-over-year increase in revenue to ₹494 crore for the first quarter of FY2012. Revenue was also up 5.8% quarter-over-quarter. Advertising revenue grew 17% year-over-year, with 18% growth in English and 15% growth in Hindi. Operating profit rose 11.8% year-over-year to ₹87.8 crore due to higher other income and lower tax rates, although operating margins contracted by 174 basis points. The company maintained its Accumulate rating based on expectations of continued revenue growth and margin expansion.
The summary is:
1) The derivative report analyzes the performance of the Nifty futures, options, and key stocks from the previous trading session on July 18, 2011.
2) It provides details on changes in open interest, premium levels, volatility, and turnover for various derivatives contracts.
3) Trading strategies and technical analysis is also given for some stocks along with risk-reward profiles of sample spreads trades for the Nifty.
The market ended lower, with the Sensex and Nifty closing down 0.3%. Mid- and small-cap indices closed higher. Select heavyweights like Hindalco Industries and BHEL gained 1-3%, while TCS and Tata Motors lost 1-2%. In corporate news, Motherson Sumi Systems agreed to acquire an 80% stake in Peguform for €141.5 million. HDFC Bank, Cadila Healthcare, Crompton Greaves, and Ashok Leyland are scheduled to announce their quarterly results. The trend for the day will be decided by whether Nifty trades above or below the levels of 18,533/5,572 in early trade.
- GSM subscriber additions in India continued their declining trend in June 2011, with net additions of 9.6 million, down 10% from the previous month.
- All major operators except BSNL reported a drop in subscriber additions. Bharti and Vodafone each added 2.1 million subscribers.
- The total GSM subscriber base reached 598.8 million in June 2011, with Bharti, Vodafone, Idea and BSNL maintaining their major market shares.
The document provides a technical analysis of the Indian stock market indices Sensex and Nifty for the week of July 16, 2011. It summarizes that the indices declined over 1.5% for the week and are currently trading in a range between 18,326/5496 on the downside and 19,132/5740 on the upside. It notes that a break above or below this range would dictate the direction of the upcoming trend. The analysis also lists pivot levels for 50 Nifty stocks to watch in the coming week.
The document provides a summary of derivative market activity in India for July 18, 2011. Key points include:
- Nifty futures open interest increased 0.67% while Mini Nifty increased 3.48% as the market closed at 5581.10
- Nifty July futures closed at a premium of 5.85 points and August futures at a premium of 22.60 points
- Implied volatility of at-the-money options decreased from 18% to 17.3%
- Total open interest in the market was Rs. 135,158 crore with stock futures open interest at Rs. 34,675 crore.
The indices opened flat but traded choppily throughout the day. Metal, auto and realty stocks declined while IT stocks gained. The indices are currently trading in a range between 18,326-18,810/5496-5653 on the downside and 19,132-19,094/5740-5700 on the upside. A break above these resistance levels could lead to further gains while a break below support could result in losses extending to 17,805-17,950/5350-5400. Pivot levels for 50 Nifty stocks are provided.
- The key Indian stock indices declined slightly, with the Sensex and Nifty closing down 0.3%.
- GSM subscriber additions in India continued their declining trend in June across most major operators such as Idea, Bharti Airtel, and Vodafone. Total GSM subscriber addition was 9.6 million, down 10% from the previous month.
- Tata Motors reported flat annual global sales growth in June 2011 compared to the previous year.
- South Indian Bank reported a 41.2% year-over-year increase in net profit to Rs. 82 crores for the first quarter of fiscal year 2012, slightly below analyst estimates.
- Business growth remained strong, with advances growth of 31.2% and deposits growth of 35.5% year-over-year. However, net interest margins compressed by 29 basis points sequentially to 2.8% due to a sharp rise in the bank's cost of deposits.
- Non-interest income was boosted by treasury gains, but fee income growth was modest. Asset quality was stable with gross and net NPAs rising marginally, and provision coverage at a comfortable 73.1%.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
The document summarizes the Indian stock market outlook and performance on July 15, 2011. It reports that domestic indices closed with modest gains of 0.1-0.4%, while global indices declined. Wholesale price inflation in India rose to 9.44% in June 2011, above estimates and persisting above 9% for seven months, driven by increases in primary articles and fuel costs. Key benchmark levels are identified for determining if the market may continue rallying or correct in the near term.
The summary is:
1) The derivative report analyzes the movement in Nifty futures, options, and individual stocks between July 14-15, 2011.
2) Nifty futures open interest decreased while mini Nifty open interest increased as the market closed at 5599.80.
3) Implied volatility of at-the-money options increased from 17.6% to 18%.
The Sensex and Nifty indices opened lower and traded with volatility, closing marginally lower. On the sectoral front, Realty, Banks and Healthcare gained while IT and FMCG fell. The advance-decline ratio favored advancing stocks. On the daily chart, prices tested but did not close above the downward gap area of 18,679-18,589/5,601-5,580 levels. Immediate resistance is seen at 18,735/5,633, while 18,449/5,541 is crucial support.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
This document summarizes a derivative report from India Research dated July 13, 2011. Some key points:
- The Nifty futures open interest increased 0.51% while Minifty futures open interest rose 8.2% as the market closed at 5526.15.
- Implied volatility of at-the-money options increased from 18% to 19.75%. PCR-OI decreased from 1.20 to 1.15.
- Total open interest of the market is Rs. 125,816 crore and stock futures open interest is Rs. 33,500 crore.
- FII were net sellers of Rs. 969 crore in the cash market segment. Put-call
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Please refer to important disclosures at the end of this report.
Investment wisdom distilled
In a recent report, “Finding Alpha returns at 20,000 Sensex”, we had discussed
proven strategies for picking stocks that could give positive returns, even if the Sensex
remained range-bound due to the current premium valuations. Continuing that
discussion, in this month’s strategy, we have added more colour to the perennial
themes of High RoE Businesses and Deep Value Sectors. We have also introduced a
couple of new themes viz., companies where promoters have increased their stakes
and depressed margin companies.
High RoE companies, cheap relative to Sensex
When it comes to leaders in any sector, we prefer to compare their valuations with the
Sensex, because on purely peer comparison they will usually look expensive
(justifiably). On this criteria, viz., inherently high-RoE leaders that are trading at a
lower premium to the Sensex than their 5-year averages, we have included 2 stocks
that we expect to give alpha returns going forward.
RIL, for instance, has historically traded at 18.5% discount to Sensex P/BV, but is
currently trading at 33% discount, which we believe is too less, considering 34%
earnings CAGR over FY2010-12E due to KG Basin ramp-up as well as improved
outlook on ROICs and cash redployment due to shale gas, broadband and power
ventures. United Phosporous is also one of the leading companies in its sector,
operating in a high RoE, high entry-barrier business and trading at a substantial 33%
discount to the Sensex P/E, while over FY2005-08 it used to trade at equal to Sensex
valuations.
High RoE companies, cheap relative to Peers / historical valuations
Looking at the IT sector, we find that although the Tier 1 stocks are already trading at
reasonably high valuations, some of the next-rung stocks are trading at a significant
discount to the Tier 1 stocks due to near-term, company-specific overhang – a perfect
recipe for our next Alpha category. In the case of our top pick from this space,
Mphasis, for instance, we believe the current 40% discount to Tier 1 IT companies
does not reflect its parentage of one of the largest IT companies globally (HP-EDS),
which is driving rapid growth and bringing it closer to Top Tier status.
In the Cap goods space, we like Blue Star, given its high RoE profile of over 40% and
cyclical upturn in sales (22% CAGR expected over FY2010-12E). Moreover, the stock is
trading at 10% discount to Voltas, even though Voltas has a high exposure to the
Middle East markets where growth visibility is relatively lower at present, while Blue
Star is a domestic-focused player. The bearings industry is expected to strong growth
on the back of the expected uptick in the industrial and auto segments. In this space,
we like Fag Bearings, the second largest player in the industry, with strong MNC
parentage and 30-33% RoCE. The stock is trading at an attractive 10.0x CY2012E
P/E, which is at a 15% discount to peers.
Value stocks
Value investing is a perennial strategy, working especially well in stocks trading below
book value. Here, we have covered Electrosteel Casting, where we believe the market
is not factoring substantial potential upsides from its Coal and Iron ore mines – the
stock is trading at just 0.7x FY2012E BV, providing substantial margin of safety. In the
case of Finolex Cables, valuations are unjustifiably depressed due to temporary forex
losses and in our view, fail to capture the underlying profitability of the company’s
cable business as well as the significant market value of its investments in group
company Finolex Industries.
From the real estate sector, our Top Pick is Anant Raj. We are positive on this stock
due to its strong balance sheet, inexpensive valuations (trades at 1.2x FY2011E P/BV
and 29% discount to our one year forward NAV) and generating ~54% of its GAV
from Office and Retail sectors which are witnessing strong traction.
Market Strategy
October 12, 2010
Top Picks
Company CMP (Rs) TP (Rs)
High ROIC & Cheap relative to Sensex
RIL 1,048 1,260
United Phosphorous 182 228
High ROIC & Cheap relative to Peers
Blue Star 477 589
FAG Bearing 859 1,035
Mphasis 660 872
Value Stocks
Anant Raj 149 178
Electrosteel Casting 47 72
Finolex Cables 59 85
Value Unlocking
Alembic 62 74
GE Shipping 324 396
Buyback / Promoters increasing stake
LMW 2,490 2,819
Surya Roshni 113 143
Turnaround Stocks
Denso India 103 136
ICICI Bank 1,127 1,350
Note: Investment period – 12 Months
BSE Sensex (20,250) and Price as on October 8, 2010
Angel Portfolio
Sector Weightage(%) Stocks
Auto &
Ancillaries
8.0 Maruti, FAG Bearings,
Denso
Banking 26.0 SBI, Axis Bank, ICICI
Bank, HDFC Bank
FMCG 3.0 ITC
Hotels 3.0 Taj GVK
Infra &
Cap
Goods
15.0 Blue Star, L&T, LMW,
Nagarjuna
Construction
Media 3.0 Jagran Prakashan
Metals 6.0 Electrosteel Castings,
Tata Sponge
Oil & Gas 10.0 Reliance Industries
Pharma 6.0 Cipla, Aurobindo
Pharma
Real Estate 3.0 Anant Raj Industries
2. October 12, 2010 2
Market Strategy
Value Unlocking
We find substantial value unlocking potential in the two stocks we have included under
this category – Alembic and GE Shipping. We believe that de-merger of Alembic into
Alembic and Alembic Pharma is a long term positive as it unlocks value for both the
businesses and paves the way to rope in future investors. In the case of GE Shipping,
the stock is trading at cheap valuations of 0.7x FY2012E BV, not capturing the
improvement in Tanker Freight rates recently. Moreover, the company intends to list its
97.62% subsidiary, Greatship Ltd (GIL) by 2HFY2011E through fresh equity issuance.
We believe this will unlock potential value of the Offshore business, which globally
trades at higher multiples than the Shipping business due to high earnings visibility.
Buyback / Promoters increasing stake
Empirically and intuitively, in companies where buybacks have been announced or
promoters have increased their stake, this has generally been a good lead indicator of
improvement in earnings and hence, stock returns. Taking this as a starting point,
amongst various such stocks, we have picked Lakshmi Machine Works and Surya
Roshni, where we believe the fundamentals are poised for significant improvement,
which valuations still don’t reflect.
Turnaround stocks
Lastly, stocks covered under this category are those where we believe the companies
are set for a material improvement / revival in their operating margins and sustainable
RoEs. For instance, in case of ICICI Bank, we believe the management’s focus on
improving CASA share and exiting unprofitable loan segments will drive a material
improvement in the company’s sustainable RoEs from 9.7% in FY2010 to 15.5% in
FY2012E, with further improvement likely in FY2013E as well. We expect this to drive a
substantial rerating of the stock.
Denso India is a subsidiary of the US $30bn global auto ancillary major, Denso Corp.,
which has strong relations with global auto majors, viz. Suzuki, Honda and Toyota.
Given the company’s MNC profile and strong product range, current margins are too
low and are expected to show material improvement. We have factored in 7.3%
EBITDA margins in FY2012E vs. 4.8% in FY2010, the drivers being localization,
increased bargaining power and measures by Bank of Japan to curb further Yen
appreciation. Moreover, the stock is available at cheap valuations of 1.1x FY2012E BV.
Invest in Alpha stocks
We remain bullish on India’s growth prospects and attractiveness for receiving
continued foreign investments. Looking at Sensex valuations of 16.1x FY2012E EPS,
valuations while not cheap, are not stretched either. Hence we maintain an overweight
stance in our model portfolio on sectors such as banking, infrastructure and Cap
goods. At the same time, we recommend the top picks discussed in this note, for
generating Alpha returns.
3. October 12, 2010 3
Market Strategy
Top Picks
High ROIC & Cheap relative to Sensex
Reliance Industries (CMP: Rs.1,048/ TP: Rs.1,260/ Upside: 20%)
RIL’s stock price has borne the brunt of negative news flows on account of slower
ramp-up of KG Basin gas, subdued refining and petrochemical margins and
concerns over the redeployment of the cash flows. However, we believe that the
current price has discounted the worst case scenario and there is potential upside
for the stock from the current levels.
We expect RIL’s profitability to register 34% CAGR over FY2010-12E driven by
improvement in refining margins coupled with ramp up of oil and gas production
at the KG Basin. Moreover, increase in the share of E&P in the profit matrix will in
turn reduce exposure to cyclical segments.
We expect the company's foray in the newer ventures (such as shale gas,
Broadband and power) along with discovery and monetisation of its upstream
portfolio to keep it on high-growth orbit going ahead. Moreover, the same is also
likely to resolve the concerns over the redeployment of the cash flows. On the
valuation front, the stock is relatively under-valued trading at 1.8x FY2012E P/BV.
Moreover, RIL is trading at ~33% discount to Sensex in terms of FY2012E P/BV,
even though estimated RoIC for FY2012E continues to be as high as 18.0%.
Hence, we maintain a Buy on RIL, with a Target Price of Rs1,260, translating into
an upside of 20% from current levels.
One-year forward Premium/Discount to Sensex P/BV
Source: Company, Angel Research
Comparison with Sensex
Earnings growth (FY2010-12E CAGR) FY2012E P/BV
Company 34.0 1.8
Sensex 19.7 2.7
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 234,754 17.4 22,718 69.5 15.0 15.1 2.1 9.2 1.6
FY2012E 243,596 20.0 28,530 87.2 16.4 12.0 1.8 7.2 1.4
Source: Company, Angel Research
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
Apr-04
Oct-04
Apr-05
Oct-05
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
(%)
Prem/Disc to Sensex P/BV Avg Prem/Disc to Sensex P/BV(sinceFY2005)
4. October 12, 2010 4
Market Strategy
United Phosphorous (CMP: Rs.182/ TP: Rs.228/ Upside: 25%)
United Phosphorus (UPL) figures among the Top-5 generic Agrichemical players in
the world, with a presence across major markets like the US, EU, Latina America
and India.
Total off-patent market is worth US $29bn, of which a mere US $16bn is currently
being catered by the generic players. Furthermore, 61% of the same is controlled
by the five largest generic players including UPL. Further, given the high entry
barriers by way of high investments, entry of new players is also restricted. Thus,
amidst this scenario and on account of having a low cost base, we believe that UPL
enjoys an edge over competition and is placed in sweet spot to leverage the
upcoming opportunities in the global Generic space
Over FY2010-12E, we expect UPL to post 9% and 22% CAGR in Sales and PAT,
respectively. We expect RoCE and RoE to improve from 14% and 19% in FY2010
to 20% each in FY2012E.
At current valuations of 10.3x FY2012E EPS, the stock is attractively valued. Over
FY2005-08, UPL traded in-line with Sensex P/E, however post global meltdown
and deterioration in core business, stock has been trading at discount. With
improvement in earning and RoEs, current P/E discount of 33% against Sensex is
unwarranted, hence we maintain our Buy recommendation on the stock with
Target Price of Rs228.
Comparison with Sensex
Earnings growth (FY2010-12E CAGR) FY2012E PE
United Phosphorous 18.7 10.3
Sensex 19.7 16.1
Source: Angel Research
One year forward Premium/Disc to Sensex P/E
Source: C-Line, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 5,830 20.3 652 14.1 19.3 12.9 2.2 7.6 1.5
FY2012E 6,406 21.3 814 17.6 19.9 10.3 1.9 6.3 1.3
Source: Company, Angel Research
(50)
(40)
(30)
(20)
(10)
0
10
20
30
40
Apr-04
Aug-04
Dec-04
Apr-05
Aug-05
Dec-05
Apr-06
Aug-06
Dec-06
Apr-07
Aug-07
Dec-07
Apr-08
Aug-08
Dec-08
Apr-09
Aug-09
Dec-09
Apr-10
Aug-10
(%)
Prem / Disc to Sensex P/E Avg Prem/Disc to Sensex P/E (Since FY2005)
5. October 12, 2010 5
Market Strategy
High ROIC & Cheap relative to Peers
Blue Star (CMP: Rs.477/ TP: Rs.589/ Upside: 23%)
Blue Star operates in a high value add space, as indicated by its high RoE profile
of over 40%. The company is poised for strong growth in the years to come, based
on positive business outlook across all its segments and a healthy order book of
Rs1,976cr, which is 1.1x FY2010 sales of the Electro Mechanical Projects and
Packaged Air Conditioning Systems (EMPPACS) segment. The acquisition of DS
Gupta Construction will complement the company’s service bouquet, which would
now have a strong presence in the plumbing and fire fighting space.
Going ahead, we expect the demand from the traditional IT and office segments to
improve, driving the growth of the company. We expect the sales to grow at a
CAGR of 22.3% over FY2010-12E.
At the CMP, the stock is trading at reasonable valuations of 15.4x FY2012E EPS,
compared to a P/E of 17.2x for Voltas, even though Voltas has a high exposure to
the relatively weaker Middle East markets, while Blue Star is a domestic-focused
player. We believe that this is a good entry point into the stock, keeping in view its
strong growth prospects. We have valued the stock at P/E of 19x FY2012E EPS and
arrived at a target price of Rs589.
Blue Star trading at a Discount to Peers
FY2012E PE FY2012E RoE (%) FY2010-2012E PAT Growth
Blue Star 15.4 40.4 18.8
Voltas 17.2 29.1 23.7
Source: Company, Angel Research; * Note: Blue Star's peers include only Voltas
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 3,061 10.5 222 24.6 40.1 19.4 7.0 13.4 1.4
FY2012E 3,778 10.7 279 31 40.4 15.4 5.6 10.7 1.1
Source: Company, Angel Research
FAG Bearing (CMP: Rs.860/ TP: Rs.1,035/ Upside: 20%)
FAG Bearing (FAG) is India’s second largest player in the Indian bearing industry
with a total market share of ~15%, and a market leader in the spherical roller
bearing segment with a market share of ~55%. FAG is a member of the Schaeffler
Group, Germany, a global leader in rolling element bearing segment and one of
the most prominent player in the industry. We believe that the robust demand in
the auto and industrial segments will aid FAG in registering a CAGR of ~17% in
net sales and ~25% in net profit over CY2009-12E.
We believe that there is likely to be a substantial uptick in the industrial segment in
the next three-four quarters driven by increase in demand from capital good
companies. Also auto segment is likely to grow driven by 12.3% CAGR in auto
sector volumes. The company has a strong customer base (Maruti, M&M, Tata
Motors, GM, Ford, Daimler Chrysler, etc.) in this segment.
The company’s net asset turnover remains high (over ~6x in CY2010E) due to
largely depreciated assets. Its strong business model enables it to record robust
and consistent RoCE in the range of 30-33%. Cash flow generation is also
expected to remain healthy. On the valuation front, the stock is attractively priced
6. October 12, 2010 6
Market Strategy
at 10.0x CY2012E EPS vs. the peer average of 11.7x CY2012E EPS. We rollover to
CY2012E and recommend a Buy on the stock, with a Target Price of Rs1,035,
valuing the stock at 12x CY2012E earnings.
Relative valuations
CY2012E P/E 5-year average P/E CY2012E P/E Peer average
FAG Bearings 10.0 9.7 11.7
Source: Bloomberg, Company, Angel Research
Peer valuations
Company CMP (Rs) Mcap (Rs cr) EPS (Rs) RoE (%) P/E (x) P/BV (x) EV/EBITDA (x)
FAG 860 1,429 53.7 19.3 16.0 3.1 9.3
SKF 587 3,097 29.2 21.6 20.1 4.3 12.0
Timken 164 1,046 6.9 13.2 24.0 3.2 17.3
NRB 54 264 6.6 16.9 8.3 1.4 5.1
Source: Company, Angel Research; Note: Valuation on TTM basis
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
CY2010E 1,049 18.3 118 70.9 22.9 12.1 2.5 6.3 1.1
CY2011E 1,185 18.0 128 76.7 20.4 11.2 2.1 5.4 1.0
CY2012E 1,326 17.4 143 86.3 19.2 10.0 1.8 4.7 0.8
Source: Company, Angel Research
Mphasis (CMP: Rs.660/ TP: Rs.872/ Upside: 32%)
The company steered the pricing headwind from HP’s renegotiation exercise very
prudently by making up the cuts in application services with higher price points in
Infrastructure services. The major pricing review overhang is done and, going
forward, management expects a stable pricing arrangement with HP given that the
50% of rate card pricing will remain fixed and 50% will be market driven
Management is focused on enhancing the company’s growth trajectory in the
Non-HP business going forward. This initiative coupled with the effective rate card
implementation, which has witnessed cost optimisation, would see improved
operational performance for Mphasis going ahead.
Mphasis has strong cash position of Rs1,487cr as on July 2010, which would help
it to go for acquisitions of strategic fit in the size of US $50mn–$100mn annual
revenue run rate.
Considering the company’s parentage of one of the largest IT companies globally
(HP-EDS), driving rapid growth and bringing it closer to Top Tier status, we expect
Mphasis to be rerated from the FY2012E P/E of 10.8x that it is currently trading at.
We value the stock at 14.3x FY2012E EPS of Rs60.9 (at 35% discount to Infosys’
target PE of 22x and in line with target multiple for HCL Tech) and maintain our
Buy rating on the stock with a Target Price of Rs872.
Relative valuations
FY2012E P/E 5-year average P/E
Avg FY2012E P/E
for Tier 1 cos.
Mphasis 10.8 11.6 18.3
Source: Company, Angel Research
7. October 12, 2010 7
Market Strategy
Peer valuations
FY2012E FY2012E FY2012E FY2010-FY12E FY2012E FY2012E
P/BV(x) P/E(x) EV/EBITDA EPS CAGR(%) ROCE(%) ROE(%)
Infosys 5.2 21.4 13.8 14.5 25.4 24.2
TCS 6.1 20.1 13.4 15.6 41.5 33.8
Wipro 4.1 18.0 11.4 16.6 17.6 24.4
HCL Tech 3.3 13.8 7.8 33.2 17.1 23.8
Mphasis 2.4 10.8 6.0 8.4 43.6 24.1
Source: Company, Angel Research
Key Financials
Y/E Op Inc. NIM PAT EPS ABV ROA ROE P/E P/ABV
March (Rs cr) (%) (Rs cr) (Rs) (Rs) (%) (%) (x) (x)
FY2011E 6,083 25.4 1,237 58.9 30.5 11.2 3.1 7.2 1.8
FY2012E 7,101 24.2 1,279 60.9 24.1 10.8 2.4 6.0 1.4
Source: Company, Angel Research
Value Stocks
Anant Raj Industries (CMP: Rs.149/ TP: Rs.178/ Upside: 19%)
There had been various litigation surrounding Huaz khas project resulting in delay
of launch which has been sorted out. The management has indicated that the
project is back on track and would be launched soon after Diwali. The said
property is of 0.27mn sq ft and going rates in vicinity is in range of
Rs25,000-30,000/sq. ft. We expect this project to contribute Rs400cr of profit over
FY2011-13E i.e 30% of our profit estimates.
We believe, the Indian Office sector is in the recovery phase of the property cycle.
We have begun to see an improvement in the absorption of new supply in 1H
2010 in most key metros. Recent trends in the top seven cities of India indicate that
absorption levels have improved significantly (vis-à-vis prior years), and in a few
cases they have exceeded the new supply by 1.5x. NCR, Pune and Chennai have
shown the maximum improvement. Anant Raj Industries (ARIL) has already
constructed some 3mn sq. ft. of ready leasable assets in the NCR region. The
company currently has two projects (retail mall of 0.75mn sq. ft. in Delhi and IT
Park of 1.1mn sq. ft. in Manesar), which we believe will start generating rental
income from FY2011E itself. Further, ARIL has five operational hotels, most of
which are located in Delhi.
ARIL remains our top pick in the real estate sector, given a strong balance sheet,
inexpensive valuations (trades at 1.2x FY2011E P/BV) and generating
approximately 54% of its GAV from Office and Retail sectors which are witnessing
strong traction. The stock is trading at a discount of 29% to our one year forward
NAV of Rs209. Hence we maintain a Buy on stock with a Target Price of Rs178
(15% discount to our one-year forward NAV).
8. October 12, 2010 8
Market Strategy
ARIL’s Valuation summary
1 Yr forward NAV (Rs per share)
Commercial 128
Hospitality 52
Residential 46
Other 11
Total 237
Add: Net Cash 9
Less: Present value of taxes (38)
NAV/share (Rs) 209
Target Price (Rs) 15% discount to NAV 178
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 491 52.7 209 6.6 5.6 22.4 1.2 16.4 8.6
FY2012E 995 58.2 434 13.8 10.6 10.8 1.1 8.2 4.8
Source: Company, Angel Research
Electrosteel Castings (CMP: Rs47/ TP: Rs.72/ Upside: 54%)
Electrosteel’s (ECL) backward integration initiatives through coking coal mine at
Parbatpur (Jharkhand), which is already operational, is expected to result in
expansion of EBITDA margin by 329bp over FY2010-12E.
The company is also awaiting final environmental clearance for its iron ore mine at
Kodolibad (Jharkhand), which will further lower costs, but has not been factored in
our estimates.
ECL is venturing into steel-making through its associate Electrosteel Steels, which is
setting up a 2.2mn tonne steel plant expected to begin progressive commissioning
from October 2010E. The plant is expected to be fully commissioned by June
2011E.
Currently, the stock trades at 0.8x FY2011E and 0.7x FY2012E P/BV. On a P/E
basis, the stock trades at 7.2x FY2011E and 6.9x FY2012E earnings. We maintain
a Buy on the stock, valuing the Core business at 8x FY2012E FDEPS and its
investments in the Steel business at 1x Book Value.
SOTP Valuation
(Rs)
FY2012E EPS 6.7
Multiple (x) 8
Value Per share 53
Steel business 19
Target Price 72
Source: Company, Angel Research
9. October 12, 2010 9
Market Strategy
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 1,706 26.2 246 6.5 14.2 7.2 0.8 5.5 1.5
FY2012E 1,818 28.0 254 6.7 13.1 6.9 0.7 4.9 1.4
Source: Company, Angel Research
Finolex Cables (CMP: Rs.59/ TP: Rs.85/ Upside: 45%)
Finolex Cables is poised for strong growth over the next few years, owing to entry
in the verticals of High Tension (HT) and Extra High Voltage (EHV) Cables and
market share expansion in the existing Low Tension (LT) Cables segment.
The rapid ramp up of production at the Roorkee plant has already started
delivering results. The company has further increased the capacity at this plant by
50%. The proximity to the growing North Indian markets and tax benefits from this
plant are expected to boost the turnaround of the company.
Company’s derivatives losses are expected to decline going ahead. By FY2012E,
these losses are estimated to decline to Rs 24cr from Rs76cr in FY2010.
We believe attractive valuations of 6.3x FY2012E EPS and 1.1x FY2012E BV
provides a good entry point for investors. We have valued the stock at 9x FY2012E
EPS which result into target price of Rs85. Moreover, the company has a holding in
Finolex Industries, which has a book value of Rs152cr but a market value of
Rs483cr. This is not captured in our target price, providing further upside potential.
Market Value of investment in Finolex Industries
FY12 Net Worth
(Rs cr)
Market Cap
(Rs cr)
P/BV
Book Value of
Investment (Rs cr)
Market Value of
Investment (Rs cr)
827 896 1.1 152 483
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 2,050 10.1 91 5.9 13.4 9.9 1.3 4.4 0.4
FY2012E 2,458 10.2 143 9.3 18.5 6.3 1.1 3.7 0.4
Source: Company, Angel Research
Value Unlocking
Alembic (CMP: Rs.62/ TP: Rs.74/ Upside: 19%)
Alembic has announced de-merger of its Pharma business (comprises its domestic
formulation, international generic and API businesses) into a separate company
named Alembic Pharma.
With this, Alembic plans to insulate its relatively high-margin Pharma business
from the loss-making Pen-G business (API facility at Vadodara). Alembic also plans
to develop its 70 acre land asset going forward.
We believe that de-merger of the company into two - Alembic and Alembic
Pharma - is a long term positive as it unlocks value for both the businesses and
paves the way to rope in future investors. We recommend Buy on the stock valuing
Alembic on a SOTP basis with a Target Price of Rs74 implying an upside of 19%
from current levels.
10. October 12, 2010 10
Market Strategy
SOTP Valuation
Rs
Alembic Pharma (PE 10x FY2012E EPS) 47
Alembic's 30% stake in Alembic Pharma (20% holding company discount) 11
Alembic API business (EV/Sales @ 0.6x FY2012E Sales) 5
Land bank (70 acre @ Rs2.2cr per acre) 11
Per Share Value 74
Source: Company; Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 1,266 12.4 74.8 5.6 18.9 11.1 1.9 7.7 0.9
FY2012E 1,393 12.0 84.8 6.4 18.5 9.8 1.7 7.0 0.8
Note: Alembic estimates currently includes the demerged pharma business
GE Shipping (CMP: Rs.324/ TP: Rs.396/ Upside: 22%)
As per Clarksons, 13% and 14% of the existing fleet of crude and product tankers
will be added in CY2010E respectively. However, accelerated phase out of single
hull tankers, which account for 12% of the existing global tanker fleet, will relieve
supply-side pressures and keep the freight rates at current sustainable levels over
the medium term. GE Shipping (Gesco) will be a key beneficiary of higher tanker
freight rates as it derives around 46% of its consolidated revenues from the Tanker
Segment.
The company intends to list its 97.62% subsidiary, Greatship Ltd (GIL) by
2HFY2011E through fresh equity issuance. We believe this will unlock potential
value of the Offshore business, which globally trades at higher multiples than the
Shipping business due to high earnings visibility. We have valued Gesco's Offshore
business at 5.0x FY2012E EV/EBIDTA which is at a discount to Great Offshore
(5.6x FY2012E EV/EBITDA) and fetches Rs107/share.
We value Gesco on SOTP basis, with its Shipping business contributing
Rs289/share (15% discount to NAV) and its Offshore business contributing
Rs107/share (5.0x FY2012E EV/EBIDTA). Based on our Target Price of Rs396, the
implied EV/EBITDA, P/BV, P/E multiple works out to 6.2x, 0.9x, and 5.9x
respectively, on FY2012E basis. Thus, on account of trading at a significant
discount to its global peers, we recommend a Buy on stock.
Valuation summary
Particulars Value ( Rs cr)
Shipping segment
Tanker segment 3,212
Bulk segment 567
NAV- discounted @ 15% 3,779
Offshore segment
Offshore FY2012E EBIDTA 561
EV (at EV/EBIDTA of 5.0x) 2,778
Less debt (5,300)
Add Cash 3,900
Add Advances 920
Total 6,077
Value per share 396
Source: Company, Angel Research
11. October 12, 2010 11
Market Strategy
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 2,985 37.7 686 45.0 11.5 7.2 0.8 7.4 2.8
FY2012E 3,833 40.2 1,028 67.5 15.5 4.8 0.7 5.5 2.2
Source: Company, Angel Research
Buyback / Promoters increasing stake
Lakshmi Machine Works (CMP: Rs.2,490/ TP: Rs.2,819/ Upside: 13%)
Lakshmi Machine Works (LMW) is the market leader in textile machinery space in
India, the world’s second largest market, giving it strong competitive advantages.
The company has a strong service network, with service centres in each textile hub
of the country, again a strong advantage over its European peers. LMW also has
the advantage of having a huge client base of about 1300 out of the total universe
of 1600 players. LMW has proved its technological prowess by developing its
products using in-house research and development for the past 15 years.
LMW has a strong order book of Rs3,300cr, with the current quoted delivery time
of 8-10 months. We have assumed 60% of the order book to be executed in
FY2011E. As per our estimates, the company has seen strong order inflows in
1QFY2011 of about Rs600cr, which is more than 90% of the total order inflow in
the entire FY2010. Going ahead, we believe that the deferment of orders would
reduce, as yarn demand outlook is strong and spinning players are operating at
high utilization levels of around 95%.
Moreover, the promoters have announced a buyback of shares at a maximum
price of Rs2,045/share, giving a limited downside to the stock price.
We believe reasonable valuations of 13.4x FY2012E EPS provides a good entry
point for investors. We have valued the stock at 15x FY2012E EPS which result into
target price of Rs2,819.
Share buy-back details
Price for buyback Date of announcement Buyback amount (Rs cr) Market Cap (Rs cr)
Rs 2,045 /share 28-Jul-10 230 (Max.) 3,079
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 1,883 14.3 158 127.9 16.2 19.5 3.0 8.4 1.2
FY2012E 2,487 14.8 230 186.1 20.5 13.4 2.6 5.5 0.8
Source: Company, Angel Research
12. October 12, 2010 12
Market Strategy
Surya Roshni (CMP: Rs.113/ TP: Rs.143/ Upside: 25%)
Surya Roshni has completed a large capacity expansion program across all
products in the lighting and steel division. The new capacities are expected to
contribute to strong top-line growth of 23.8% CAGR over FY2010-12E.
The contribution of the high-margin lighting division to sales is expected to
increase from 29.5% to 33.6% over FY2010-12E. This asset-light nature of the
expanded capacity would marginally improve the RoE of the company from 19.7%
to 20.4% over FY2010-12E, despite the reduction in the D/E ratio of the company
from 2.5x to 1.3x over the same period.
The promoters have subscribed to two rounds of warrants, one of which has
already been partially converted. We expect the outstanding warrants also to be
converted into equity, thereby increasing the promoters’ stake to 55.0% by
FY2012E from 29.1% currently. The promoters would infuse Rs133cr into the
company through these warrant conversions.
We believe attractive valuations of 5.7x FY2012E EPS provides a good entry point
for investors. We have valued the stock at 6.6x FY2012E EPS which result into
target price of Rs143.
Preferential allotment plan
Date of
Warrant
allocation
Warrant Conversion
Price (Rs/share)
Expected Year
of conversion
Amount
invested
(Rs cr)
% increase in
promoter stake
14-Dec-09 59 FY2011 37.8 62.2
12-Jul-10 83 FY2012 94.9 40.6
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 2,293 7.2 60 13.6 19.5 8.3 1.4 6.3 0.4
FY2012E 2,751 7.5 87 19.9 20.4 5.7 1.0 5.4 0.4
Source: Company, Angel Research
Turnaround Stocks
Denso India (CMP: Rs.103/ TP: Rs.136/ Upside: 32%)
Denso is a subsidiary of Denso Corp., a US $30bn enterprise, which has strong
relations with global auto majors, viz. Suzuki, Honda and Toyota. Besides strong
relations with global majors, Denso Corp. provides strong financial backing and
technological knowledge to Denso, which will help the company to expand
capacity as well as add new products to its portfolio in the future to cater to the
growing domestic demand.
With the huge spurt in demand for automobiles, OEMs have witnessed a
supply-side constraint from auto ancillary companies. This has resulted in a
considerable increase in the bargaining power of these companies. Denso on the
back of its strong balance sheet is likely to be a preferred supplier going forward.
13. October 12, 2010 13
Market Strategy
On the back of strong growth witnessed by the OEMs, we expect Denso to witness
a 17% CAGR in sales over FY2010-12E. Given the company’s MNC profile and
strong product range, current margins are too low and are expected to show
material improvement. We have factored in 7.3% EBITDA margins in FY2012E vs.
4.8% in FY2010, the drivers being localization, increased bargaining power and
measures by Bank of Japan to curb further Yen appreciation. Consequently, the
company’s net profit is expected to increase at a 49% CAGR over FY2010–12E.
Denso has traded at a five-year average of 9x one-year forward earnings.
Currently, the stock is trading at 6.8x FY2012E EPS and we value the company at
9x FY2012E EPS. We recommend a Buy rating on Denso with a Target Price of
Rs136, implying an upside of 32%.
Improving EBITDA margins to result in higher RoEs
Particulars FY06 FY07 FY08 FY09 FY10 FY11 FY12
Sales (Rs cr) 361 421 466 531 736 884 1016
PAT (Rs cr) 21.0 27.7 27.8 18.1 18.9 21.2 42.1
Operating Margin (%) 11.8 11.6 9.8 6.1 4.8 4.8 7.3
ROE (%) 16.9 18.4 16.2 9.6 9.4 9.9 17.5
Source: Company, Angel Research
Key Financials
Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March (Rs cr) (%) (Rs cr) (Rs) (%) (x) (x) (x) (x)
FY2011E 884 4.8 21.2 7.6 9.9 13.6 1.3 6.4 0.3
FY2012E 1,016 7.3 42.1 15.1 17.5 6.8 1.1 3.3 0.2
Source: Company, Angel Research
ICICI Bank (CMP: Rs.1,127/ TP: Rs.1,350/ Upside: 20%)
The Bank is well-positioned to gain CASA market share on the back of substantial
branch expansion from 955 in 3QFY2008 to 2,016 in 1QFY2011 as well as credit
market share on the back of strong Capital Adequacy at 20.2% (Tier-I at 14.0%).
Net Interest Margins of the Bank are expected to sustain on the back of increase in
CASA ratio to 42.1% in 1QFY2011 from 29% in FY2009.
On the back of an improving economic environment, NPA losses are expected to
start declining. The Bank has also done lower restructuring of loans than PSU
Banks (7.1% of Net Worth v/s 40%+ for most PSU Banks). As a result, we expect
NPA provisions /Assets to decline sharply to 0.5% by FY2012E (from 1.2% in
FY2010)
We expect the bank to deliver strong earnings CAGR of 31.0% over FY2010-12E
and a ROE of 15.5% by FY2012E vs. 9.7% in FY2010. The stock is trading at
attractive valuations of 2.3x FY2012E P/ABV on a standalone basis. Hence, we
maintain a Buy on the stock with a Target Price of Rs1,350 valuing the core bank
at 2.9x FY2012E P/ABV and assigning a value of Rs254 for its subsidiaries.
14. October 12, 2010 14
Market Strategy
Depressed risk-adjusted NIMs to improve going forward
Particulars FY06 FY07 FY08 FY09 FY10 FY11E FY12E
Net Op Inc (Rs cr) 9,224 13,599 17,081 16,875 15,591 16,673 20,992
PAT (Rs cr) 2,540 3,110 4,158 3,423 4,024 5,028 6,906
Risk-adj NIMs* (%) 1.2 1.1 1.2 1.1 1.0 1.5 1.8
ROA (%) 1.1 0.9 0.8 0.9 1.0 1.2 1.4
ROE (%) 14.8 13.4 10.3 9.2 9.7 11.7 15.5
*Risk-adjusted NIMs=(NIMs - provisioning expenses) as % of assets
Key Financials
Y/E Op Inc. NIM PAT EPS ABV ROA ROE P/E P/ABV
March (Rs cr) (%) (Rs cr) (Rs) (Rs) (%) (%) (x) (x)
FY2011E 16,673 2.4 5,028 45.1 487 1.2 11.7 25.0 2.4
FY2012E 20,992 2.5 6,906 61.9 520 1.4 15.5 18.2 2.3
Source: Company, Angel Research
21. October 12, 2010
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com
Website: www.angeltrade.com
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22. October 12, 2010
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