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Coverage universe Board Line : (9122)-66505050
Div Yield Perf
FY13 FY14 FY15FY13-15
CagrFY13 FY14 FY15 FY13 FY14 FY13 FY14 FY13 FY14 FY15 FY14 FY15 1m 3m 1y
Autos 51,865 115 12.1 15.6 12.8 11.0 8.0 6.2 3.8 3.1 26.1 26.1 24.7 1.3 1.5 3.0 23.2 16.3
Abhijeet Naik Dir-5060
Tata Motors 390 18,352 48 32.3 42.8 50.2 24.7 12.1 9.1 7.8 5.6 4.2 3.3 2.5 29.1 31.0 27.4 0.3 0.3 4 35 46 O-PF 415
M & M 945 9,312 19 53.1 61.7 61.6 7.7 17.8 15.3 15.3 12.0 10.6 3.8 3.2 24.3 23.5 20.0 1.4 1.6 9 20 2 O-PF 1,010
Bajaj Auto 1,939 8,973 14 105.2 122.9 138.4 14.7 18.4 15.8 14.0 13.9 10.6 7.1 5.8 43.7 40.6 37.8 2.8 3.1 (7) 12 4 SELL 1,950
Maruti 1,663 8,037 18 79.2 95.3 119.3 22.7 21.0 17.5 13.9 10.1 7.9 2.7 2.4 14.2 14.5 15.9 0.8 1.1 10 32 11 BUY 2,000
Hero Motocorp 2,046 6,535 13 106.1 106.3 132.9 11.9 19.3 19.2 15.4 11.3 10.3 8.2 7.3 45.6 40.0 44.2 3.2 3.9 1 8 11 SELL 1,885
Ashok Leyland 15 655 3 0.5 (1.4) (1.0) - 28.4 (11.0) (15.1) 9.6 33.7 0.9 1.0 3.3 (8.7) (6.8) - - (8) 24 (45) O-PF 20
Banks/Financials 122,254 540 8.7 9.9 10.2 8.4 1.5 1.3 16.1 13.7 15.0 2.3 2.6 1.2 22.2 (10.6)
Aashish Agarwal Dir-5075
State Bank 1,785 19,534 72 258.5 213.9 280.8 4.2 6.9 8.3 6.4 1.0 0.9 16.0 15.3 11.2 2.3 2.4 3.7 17.5 (15.6) BUY 1,970
ICICI Bank 1,044 19,275 73 72.2 83.5 96.4 15.6 14.5 12.5 10.8 1.8 1.6 11.2 13.1 13.8 2.4 2.8 2.1 30.0 0.9 BUY 1,230
HDFC Bank 653 25,033 42 28.3 34.2 42.0 21.9 23.1 19.1 15.5 4.3 3.7 20.3 20.7 21.6 1.0 1.3 (2.9) 16.2 (4.0) BUY 760
HDFC 807 20,151 50 31.4 36.8 43.4 17.7 25.7 21.9 18.6 5.0 4.5 22.7 22.0 21.6 1.8 2.1 (0.3) 17.7 1.0 BUY 970
Axis Bank 1,116 8,377 82 110.7 121.0 147.8 15.6 10.1 9.2 7.5 1.6 1.4 18.5 16.0 17.1 1.7 2.1 (6.3) 27.2 (13.5) BUY 1,300
Indusind Bank 413 3,459 23 21.4 23.5 29.6 17.5 19.3 17.6 14.0 2.8 2.5 17.2 15.1 16.6 1.0 1.2 (2.9) 19.5 4.7 BUY 530
PNB 526 2,975 18 137.1 106.9 135.3 (0.6) 3.8 4.9 3.9 0.6 0.5 15.7 11.1 12.9 6.0 6.0 5.9 14.6 (30.3) O-PF 525
Power Finance 152 3,218 7 33.5 34.4 39.8 9.0 4.6 4.4 3.8 0.8 0.7 19.7 17.6 17.8 4.5 5.2 21.2 43.8 (16.6) U-PF 124
REC 221 3,493 6 38.7 40.5 46.8 10.0 5.7 5.5 4.7 1.3 1.1 23.7 21.1 20.7 3.7 4.2 18.8 29.1 0.7 U-PF 185
Bank of Baroda 608 4,097 21 106.0 94.3 114.0 3.7 5.7 6.4 5.3 0.8 0.7 15.1 11.9 13.1 3.5 3.5 2.3 32.3 (16.7) O-PF 700
Canara Bank 232 1,644 11 64.8 49.9 62.7 (1.7) 3.6 4.7 3.7 0.4 0.4 12.1 8.6 10.2 5.6 5.6 (0.1) 14.7 (47.0) U-PF 240
IDFC 102 2,464 24 12.1 11.9 13.7 6.1 8.4 8.5 7.4 1.1 1.0 14.1 12.6 13.1 2.5 2.9 (1.0) 28.4 (37.8) BUY 115
Max India 210 894 1 21.4 3.4 3.6 (58.8) 9.8 61.3 57.7 1.8 1.8 19.0 2.9 3.1 1.1 1.2 14.0 25.0 (11.8) BUY 295
Bank of India 206 1,962 14 47.0 40.9 49.5 2.7 4.4 5.0 4.2 0.5 0.5 12.3 9.9 11.1 4.9 4.9 13.2 49.9 (24.6) U-PF 200
Union Bank 117 1,119 11 37.6 30.1 35.3 (3.2) 3.1 3.9 3.3 0.4 0.4 13.6 10.2 11.2 6.8 6.8 (4.6) 10.1 (49.9) U-PF 116
OBC 188 876 6 45.5 37.1 49.3 4.1 4.1 5.1 3.8 0.4 0.3 10.7 8.2 10.2 4.9 4.9 18.1 45.4 (41.1) SELL 140
Corp. Bank 272 664 1 93.8 64.4 80.2 (7.5) 2.9 4.2 3.4 0.4 0.4 16.1 10.2 12.0 7.0 7.0 0.9 7.8 (33.6) SELL 245
Yes Bank 362 2,088 78 36.6 38.6 45.3 11.3 9.9 9.4 8.0 2.2 1.9 24.8 21.8 21.4 2.0 2.4 1.8 53.5 (16.6) O-PF 400
J&K Bank 1,200 930 0 217.6 225.3 254.0 8.1 5.5 5.3 Na 1.2 1.0 23.6 20.8 20.2 4.3 4.9 (3.2) 10.9 (10.9) BUY 1,420
Cement 22,201 25 11.1 15.7 15.8 12.7 8.3 8.7 2.3 2.1 15.9 14.0 15.5 1.3 1.5 (5.2) 16.2 (11.4)
Vivek Maheshwari Dir-5053
UltraTech Cement 1,854 8,130 6 95.9 98.2 127.3 15.2 19.3 18.9 14.6 11.5 11.4 3.3 2.9 18.7 16.4 18.2 0.5 0.5 (4.9) 19.5 (1.3) O-PF 2,175
Ambuja Cements 179 4,414 6 9.3 8.7 11.0 9.0 19.2 20.6 16.2 10.4 11.9 3.1 2.9 16.6 14.5 17.2 2.6 3.1 (7.0) 11.9 (13.2) SELL 170
Grasim 2,542 3,734 4 272.5 292.7 347.0 12.9 9.3 8.7 7.3 4.6 4.7 1.2 1.0 13.6 12.8 13.5 0.9 0.9 (6.9) 13.2 (20.8) BUY 3,500
ACC 1,068 3,209 7 65.7 57.1 75.4 7.1 16.3 18.7 14.2 9.3 10.6 2.7 2.5 16.8 13.8 17.0 2.8 3.3 (6.0) 13.3 (23.2) O-PF 1,300
Shree Cement 4,350 2,424 1 243.3 237.8 265.1 4.4 17.9 18.3 16.4 8.6 8.9 4.2 3.4 27.7 20.6 18.6 0.4 0.5 (1.8) 20.8 (0.5) BUY 4,500
India Cement 59 291 2 6.1 4.5 5.5 (5.0) 9.7 13.2 10.7 7.4 8.3 0.4 0.4 4.6 3.3 4.0 3.4 3.4 24.6 25.7 (30.3) O-PF 55
Cap goods & infra. 33,541 102 (11.4) 11.5 15.3 15.5 9.8 12.5 2.1 1.9 18.2 12.8 11.7 1.8 1.9 7.1 37.0 (13.3)
Rajesh Panjwani Dir-852 26008271
BHEL 148 5,785 20 27.0 16.7 13.2 (30.2) 5.5 8.9 11.2 3.5 6.4 1.2 1.1 23.7 12.9 9.6 3.7 3.7 7.6 32.8 (34.0) SELL 130
Mahesh Nandurkar, CFA Dir-5079
L&T 1,005 14,880 39 53.7 50.6 56.0 2.0 18.7 19.8 18.0 14.6 15.5 2.7 2.5 15.7 13.2 13.3 1.2 1.3 6.0 42.4 (7.2) O-PF 910
Abhishek Tyagi Dir-5055
Crompton 120 1,227 4 (0.6) 5.3 7.4 NA (212.3) 22.7 16.1 23.3 13.5 2.1 1.7 (1.0) 8.3 10.3 1.5 1.5 24.6 49.3 2.8 SELL 88
Thermax 639 1,218 0 26.9 25.2 31.3 7.9 23.8 25.4 20.4 15.7 14.6 4.1 3.7 18.3 15.2 16.9 1.1 1.1 2.9 14.3 12.1 SELL 500
Normalized EPS RoAEP/BTarget
PriceRec
EV/ Ebitda
Name Price
(Rs)
Mkt Cap
(US$m)
3m Avg
T/O
(US$m)
P/E
Coverage universe Board Line : (9122)-66505050
Div Yield Perf
FY13 FY14 FY15FY13-15
CagrFY13 FY14 FY15 FY13 FY14 FY13 FY14 FY13 FY14 FY15 FY14 FY15 1m 3m 1y
Normalized EPS RoAEP/BTarget
PriceRec
EV/ Ebitda
Name Price
(Rs)
Mkt Cap
(US$m)
3m Avg
T/O
(US$m)
P/E
Consumer 106,750 149 19.9 40.3 33.8 28.0 28.1 23.6 14.1 11.7 37.8 37.8 38.3 1.6 1.9 (5.3) 6.1 8.5
Vivek Maheshwari Dir-5053
ITC 311 39,426 41.1 9.4 10.9 12.9 17.0 32.9 28.6 24.1 22.9 19.6 11.0 9.9 36.1 36.5 38.7 2.2 2.4 (8.6) 4.3 5.6 BUY 405
HUL 589 20,365 15.2 15.5 17.1 18.3 8.7 38.0 34.5 32.2 43.5 29.5 55.5 33.3 108.1 121.0 93.9 2.0 2.1 (0.9) (1.2) 8.7 SELL 520
Nestle India 5,299 8,172 4.2 116.9 131.3 159.1 16.7 45.3 40.3 33.3 27.4 23.6 26.4 20.8 67.4 57.6 58.0 1.2 1.9 (4.2) 12.7 14.7 O-PF 5,850
Asian Paints 507 7,775 10.6 11.6 13.1 16.1 17.9 43.8 38.8 31.5 27.6 23.9 14.4 12.1 36.2 33.9 35.1 1.1 1.4 (1.4) 23.6 22.9 U-PF 505
United Spirits 2,588 6,017 43.3 10.4 34.0 58.0 136.5 249.6 76.2 44.6 37.4 33.0 8.6 4.8 3.1 8.1 10.2 0.1 0.1 (1.5) 22.0 24.8 SELL 2,100
GSK Consumers 4,399 2,959 0.9 77.9 39.3 154.3 40.7 56.5 112.0 28.5 49.9 107.3 18.1 43.5 29.5 22.9 59.0 0.4 1.5 (3.1) 10.1 19.5 SELL 4,275
Godrej Consumer 861 4,685 2.8 20.4 23.4 28.5 18.2 42.3 36.7 30.2 31.4 26.3 8.8 7.6 22.7 22.2 23.1 0.7 0.9 3.5 6.8 21.0 U-PF 850
Colgate 1,246 2,711 3.1 36.5 35.0 39.1 3.4 34.1 35.6 31.9 28.5 27.7 34.6 29.4 107.4 89.4 88.2 2.2 2.4 (2.6) 2.7 (12.6) SELL 1,100
Dabur 165 4,607 4.8 4.4 5.3 6.3 19.7 37.5 31.2 26.2 28.9 23.5 13.6 10.7 40.0 38.4 36.5 1.1 1.4 (9.6) 5.2 32.8 O-PF 190
Marico 207 2,136 1.4 6.0 7.3 8.5 19.7 34.8 28.5 24.3 22.5 19.2 6.7 8.3 24.6 26.1 30.2 0.7 0.8 (2.0) - (4.0) BUY 252
Titan 225 3,188 8.7 8.2 9.0 10.3 12.6 27.5 24.8 21.7 18.6 18.0 10.1 7.9 42.5 35.9 32.5 1.1 1.2 (8.0) 1.3 (26.0) SELL 245
Jubilant 1,260 1,318 5.9 21.0 22.1 30.5 20.4 59.8 57.0 41.3 33.1 28.8 18.9 14.2 37.3 28.4 29.8 - - 10.8 18.3 0.8 O-PF 1,275
Metals & Mining 52,742 113 12.7 9.8 9.5 7.8 6.1 5.8 0.8 0.7 8.5 8.3 9.3 1.5 1.6 107.2 157.6 104.6
Abhijeet Naik Dir-5060
Coal India 263 26,578 13 27.5 26.0 28.9 2.5 9.6 10.1 9.1 5.8 5.3 3.4 3.0 39.0 31.8 31.2 5.2 5.8 (5.7) 1.1 Na BUY 340
SAIL 66 4,367 5 5.3 5.0 5.8 5.0 12.6 13.2 11.4 9.8 11.5 0.7 0.6 5.4 4.9 5.5 3.0 3.0 10.3 46.7 (15.9) SELL 45
Tata Steel 392 6,086 41 3.4 31.0 30.9 200.7 114.5 12.6 12.7 7.8 6.6 1.1 1.0 0.9 8.5 7.9 2.6 2.6 21.7 43.9 4.2 SELL 250
Hindalco 118 3,912 18 15.5 10.5 12.9 (8.7) 7.6 11.2 9.2 8.9 9.1 0.7 0.6 9.5 5.9 6.7 1.2 1.2 8.5 19.5 5.3 SELL 95
Sesa Sterlite 176 8,356 33 33.6 32.8 38.2 6.6 5.2 5.4 4.6 3.4 2.9 0.7 0.6 15.0 12.8 13.1 0.3 0.3 (12.9) 4.7 2.2 SELL 145
JSW Steel 891 3,443 15 43.2 12.1 71.0 28.2 20.6 73.7 12.6 7.0 7.0 1.2 1.2 5.6 1.6 8.9 1.1 1.4 4.7 71.4 20.9 SELL 630
Oil & Gas 118,720 113 12.8 10.1 9.8 7.9 5.5 5.4 1.4 1.3 14.5 13.7 15.2 2.3 2.6 (1.6) 6.8 3.8
Vikash Jain Dir-5015
Reliance Ind. 841 43,479 48 64.4 69.0 84.6 14.5 13.1 12.2 9.9 8.8 7.7 1.5 1.4 11.9 11.7 13.0 1.1 1.2 (5.2) 4.7 6.9 O-PF 1,000
ONGC 287 39,298 17 28.3 29.6 38.9 17.2 10.1 9.7 7.4 4.1 3.5 1.6 1.5 16.8 15.7 18.4 3.1 3.5 1.1 10.7 15.0 BUY 360
IOC 201 7,806 2 18.3 22.3 33.6 35.4 11.0 9.0 6.0 6.3 7.9 0.8 0.7 7.2 8.3 11.7 2.5 4.0 0.9 (3.4) (22.8) O-PF 225
Gail 329 6,674 6 31.7 33.2 32.4 1.0 10.4 9.9 10.2 6.5 7.3 1.7 1.5 17.5 16.4 14.4 2.7 2.7 (4.3) 12.2 (3.2) O-PF 380
Cairn India 324 9,909 15 63.2 64.0 65.7 2.0 5.1 5.1 4.9 3.5 2.9 1.3 1.1 25.1 23.0 19.6 3.7 3.7 3.3 5.0 (1.1) BUY 425
Oil India 463 4,452 3 59.7 55.3 69.7 8.0 7.8 8.4 6.6 3.1 3.2 1.4 1.3 19.4 16.4 18.4 3.7 4.5 1.8 4.4 0.9 BUY 600
BPCL 325 3,757 10 26.0 17.3 24.7 (2.5) 12.5 18.7 13.1 4.8 6.4 1.4 1.3 11.5 7.3 9.7 0.9 1.2 (6.9) 12.0 (1.1) BUY 425
HPCL 204 1,105 5 26.7 17.3 22.6 (7.9) 7.6 11.8 9.0 4.0 8.1 0.5 0.5 6.7 4.2 5.4 2.9 4.0 6.6 14.5 (26.4) U-PF 210
Petronet LNG 122 1,462 2 15.3 10.4 12.5 (9.8) 8.0 11.7 9.8 5.6 7.5 2.1 1.8 28.8 16.6 17.8 2.7 2.7 (2.8) (2.2) (24.1) BUY 160
Pharmaceuticals 51,521 97 22.3 27.5 23.5 18.4 19.1 16.1 6.0 5.2 24.0 23.7 25.6 0.9 1.1 (1.4) 11.8 29.9
Hemant Bakhru Dir-5063
Sun Pharma 573 18,980 18 17.2 23.4 27.0 25.2 33.3 24.5 21.2 23.6 17.3 7.9 7.2 26.2 30.6 29.5 0.5 0.6 (6.2) 15.3 63.7 BUY 730
Dr Reddy's 2,411 6,558 11 98.8 118.4 128.9 14.2 24.4 20.4 18.7 20.3 15.9 5.6 4.5 25.7 24.6 22.1 0.7 0.8 0.2 11.3 34.9 O-PF 2,825
Cipla 386 4,960 9 19.2 20.6 23.0 9.3 20.1 18.8 16.8 14.8 14.4 3.4 3.0 18.5 17.0 16.5 0.7 0.8 (7.1) (2.6) (1.2) O-PF 470
Ranbaxy 421 2,848 31 13.1 2.6 43.8 NA 32.1 162.7 9.6 12.7 15.7 4.5 4.5 15.5 2.8 40.1 0.6 2.3 6.5 11.4 (16.4) O-PF 450
Glaxosmithkline 2,396 3,247 1 68.4 79.8 98.4 19.9 35.0 30.0 24.3 23.3 23.2 10.0 9.3 29.0 32.0 36.4 2.6 3.1 (1.0) 6.2 16.9 SELL 2,130
Lupin Ltd 865 6,203 13 29.3 37.3 44.0 22.5 29.5 23.2 19.7 18.8 15.1 7.4 5.9 28.5 28.3 26.6 0.7 0.9 (2.7) 14.3 50.6 BUY 1,075
Cadila Healthcare 743 2,432 2 31.9 33.7 39.1 10.6 23.3 22.0 19.0 17.5 19.2 5.2 4.4 23.7 21.6 21.3 1.0 1.2 11.8 13.2 (9.4) O-PF 765
Torrent Pharma 466 1,262 1 25.6 29.6 34.1 15.5 18.2 15.7 13.7 14.6 13.0 5.5 4.4 33.1 31.4 29.2 1.6 1.8 12.7 15.7 43.5 BUY 575
Divis Laboratories 1,163 2,469 4 45.4 52.5 62.6 17.5 25.6 22.2 18.6 17.9 15.7 6.2 5.2 26.0 25.5 25.6 1.5 1.7 19.3 23.8 (1.2) N-R Na
Biocon Ltd 372 1,191 3 25.4 20.2 23.1 (4.7) 14.6 18.5 16.1 13.1 11.2 2.8 2.5 20.5 14.3 15.0 2.0 2.3 11.9 9.6 33.2 O-PF 405
Ipca Laboratories 679 1,370 2 23.7 33.9 45.8 39.0 28.7 20.0 14.8 16.8 12.2 5.5 4.5 21.3 24.7 26.7 0.7 0.7 (1.6) 8.3 50.1 O-PF 800
Coverage universe Board Line : (9122)-66505050
Div Yield Perf
FY13 FY14 FY15FY13-15
CagrFY13 FY14 FY15 FY13 FY14 FY13 FY14 FY13 FY14 FY15 FY14 FY15 1m 3m 1y
Normalized EPS RoAEP/BTarget
PriceRec
EV/ Ebitda
Name Price
(Rs)
Mkt Cap
(US$m)
3m Avg
T/O
(US$m)
P/E
Power 41,476 40 3.8 10.5 11.7 10.2 10.1 9.1 1.4 1.2 12.8 10.6 11.5 2.7 3.0 0.3 12.8 (17.8)
Rajesh Panjwani Dir-852 26008271
NTPC 149 19,619 9 15.3 13.0 12.9 (8.1) 9.7 11.4 11.5 10.8 9.7 1.5 1.4 16.4 12.9 12.0 3.4 3.7 2.4 20.7 (5.3) O-PF 155
Abhishek Tyagi Dir-5055
Jindal Steel & Power Ltd 250 3,740 10 35.2 28.4 31.1 (6.0) 7.1 8.8 8.0 7.3 8.3 1.1 1.0 16.8 11.9 11.6 0.6 0.6 4.9 8.7 (34.2) U-PF 250
NHPC 18 3,502 2 2.0 1.9 2.1 0.9 8.8 9.5 8.6 8.0 6.8 0.7 0.7 8.5 7.4 7.9 3.9 4.2 (3.3) 8.5 (23.9) O-PF 20
PowerGrid 94 6,980 7 9.1 9.2 10.7 8.2 10.3 10.2 8.8 10.1 8.8 1.7 1.3 17.0 15.8 15.3 3.1 3.2 (5.9) (1.5) (20.5) BUY 122
Tata Power 78 2,948 5 4.8 3.4 4.5 (3.3) 16.3 23.0 17.4 8.0 7.7 1.7 1.6 10.3 7.2 8.8 1.5 1.5 (3.0) 4.3 (24.9) O-PF 85
Adani Power 35 1,599 2 (9.7) (7.1) 1.1 NA NA (4.9) 31.0 51.5 18.3 2.3 2.1 (44.9) (45.2) 6.5 - - 4.0 (0.4) (30.2) SELL 25
JPVL 17 818 2 1.2 1.4 2.3 NA NA 12.4 7.5 14.5 12.1 0.8 0.8 5.9 6.2 9.9 - - (4.7) 48.1 (54.0) BUY 30
JSW Energy Ltd 49 1,275 1 6.7 5.9 5.7 (7.7) 7.2 8.2 8.5 6.4 5.7 1.3 1.1 18.5 14.8 12.9 2.9 3.3 5.0 28.9 (20.4) O-PF 51
CESC 386 772 1 49.2 47.0 48.6 (0.6) 7.8 8.2 7.9 6.4 6.0 1.0 0.9 13.8 11.9 11.2 1.8 1.8 11.7 29.1 31.5 U-PF 385
Software 186,962 476 12.9 23.2 18.2 16.0 16.6 12.4 6.3 5.1 29.6 31.1 28.8 1.6 1.9 0.2 8.9 37.5
Nimish Joshi Dir-5054
TCS 1,994 62,467 49 71.2 93.5 106.4 22.2 28.0 21.3 18.7 20.7 14.8 9.5 7.4 37.9 39.2 35.4 1.8 2.1 (3.6) 8.4 53.9 O-PF 2,300
Infosys 3,316 30,461 63 164.8 184.0 217.2 14.8 20.1 18.0 15.3 14.4 12.0 4.8 4.0 25.7 24.2 24.2 1.7 2.3 (0.5) 8.5 34.2 O-PF 3,600
Accenture Ltd (US$) 77 52,427 236 4.2 4.4 5.5 14.8 18.6 17.7 14.1 10.5 9.9 11.2 9.4 67.7 59.0 61.7 1.6 1.6 5.1 7.1 14.9 O-PF 84
Tech Mahindra 1,720 6,394 35 84.5 125.6 129.8 24.0 20.4 13.7 13.2 12.0 8.4 5.8 4.1 35.9 35.2 27.0 0.2 0.2 11.6 26.2 92.3 U-PF 1,600
Wipro 475 18,728 25 24.9 31.0 33.7 16.3 19.1 15.3 14.1 14.0 11.0 4.1 3.4 21.6 24.4 22.2 1.7 2.1 (1.3) 4.4 40.5 U-PF 515
HCL Tech. 1,060 11,840 24 52.0 76.8 90.5 32.0 20.4 13.8 11.7 13.3 9.0 5.7 4.5 31.6 36.7 34.3 1.3 1.4 (1.8) 11.8 64.8 O-PF 1,225
InfoEdge 463 809 1 5.1 5.9 7.1 18.7 91.4 78.2 64.8 38.4 29.1 8.3 6.9 19.5 19.3 19.4 0.0 0.0 15.2 56.7 28.6 O-PF 375
eClerx 1,139 548 1 58.7 87.9 95.7 27.7 19.4 13.0 11.9 12.4 8.4 7.8 5.8 43.9 49.9 41.1 2.6 3.1 16.2 44.8 56.8 O-PF 1,050
Telecom 39,448 70 50.7 31.8 25.6 9.6 8.0 2.1 1.9 4.3 6.4 7.3 0.5 0.5 (2.9) 13.8 38.4
Deepti Chaturvedi Dir-5066
Bharti 327 20,913 27 6.0 9.4 12.6 44.9 54.6 34.8 26.0 8.5 7.3 2.6 2.2 4.5 6.8 8.1 0.3 0.3 (4.8) 11.3 0.1 U-PF 315
Reliance Communications 135 4,465 26 3.3 6.3 6.7 43.9 41.5 21.6 20.0 10.4 9.4 0.8 0.8 1.9 3.7 3.9 - - (6.7) 20.9 94.6 SELL 101
Idea Cellular 174 9,217 16 3.1 4.7 5.6 35.9 56.9 37.4 30.8 12.0 8.9 4.0 3.7 7.4 10.3 11.4 0.3 0.3 1.1 11.9 73.5 SELL 130
Bharti Infratel 161 4,853 1 5.3 6.2 7.1 15.9 30.3 26.0 22.5 8.8 7.8 1.8 1.8 6.4 6.8 7.7 1.9 2.2 1.7 22.9 - U-PF 152
Media 8,615 21 15.0 24.8 22.2 20.9 14.0 11.9 5.3 4.8 20.3 20.5 21.7 1.7 1.9 (6.3) 6.8 0.8
Deepti Chaturvedi Dir-5066
Sun TV 376 2,367 5 18.0 19.4 22.2 11.1 20.9 19.4 16.9 10.0 8.8 5.1 4.7 25.9 25.2 25.9 3.1 3.3 (11.6) (0.1) (3.3) O-PF 455
Zee Entertainment 251 3,862 11 7.5 8.9 9.7 13.3 33.3 28.4 26.0 24.7 20.2 6.2 5.4 19.8 20.3 19.5 1.0 1.2 (6.1) 10.4 25.5 BUY 323
Dish TV 52 879 4 (1.2) (0.6) 0.7 NA (43.8) (83.7) 73.6 11.7 10.0 (35.3) (12.3) 100.6 21.8 (18.3) - - 1.4 22.3 (33.6) BUY 63
Jagran Prakashan 81 428 0 8.1 5.8 6.5 (10.7) 9.9 13.8 12.4 9.7 8.4 2.9 2.6 30.4 19.9 20.5 3.7 4.3 (4.7) (4.4) (21.3) U-PF 88
HT Media 81 305 0 7.1 7.3 7.6 3.2 11.4 11.0 10.7 7.5 7.2 1.2 1.1 11.0 10.3 9.7 0.6 0.6 (7.5) (11.4) (19.4) O-PF 101
DB Corp 264 775 0 11.9 14.8 16.9 19.1 22.2 17.8 15.6 13.0 10.2 4.7 4.1 22.3 24.7 24.7 2.3 2.7 3 12 BUY 305
Real estate 8,539 45 26.1 17.9 14.2 11.2 13.6 10.8 0.8 0.7 4.5 5.4 6.5 1.4 1.7 0.1 13.8 (32.8)
Mahesh Nandurkar, CFA Dir-5079
DLF 150 4,259 25 4.5 4.1 6.5 20.0 33.3 36.3 23.1 19.4 15.0 1.0 1.0 3.0 2.7 4.1 1.3 1.7 (1.3) 14.9 (27.2) O-PF 170
Unitech 16 652 9 0.8 0.7 0.9 8.1 19.5 21.1 16.7 29.7 39.4 0.4 0.4 1.8 1.7 2.1 - 0.3 (9.6) (5.5) (47.1) U-PF 17
Oberoi Realty 190 997 1 15.4 16.1 21.6 18.6 12.3 11.8 8.8 8.4 7.6 1.5 1.4 12.8 12.0 14.4 1.1 1.1 7.4 16.1 (33.4) BUY 257
Godrej Properties 176 562 0 17.7 17.4 19.7 5.4 9.9 10.2 9.0 11.4 9.4 1.2 0.8 9.6 9.4 8.4 2.3 2.6 (4.5) (14.6) (39.3) U-PF 190
JP Infratech 19 414 0 5.0 5.3 6.0 9.7 3.7 3.5 3.1 7.1 5.4 0.4 0.4 11.6 11.5 12.1 5.4 6.5 5.1 21.1 (59.5) BUY 28
HDIL 47 317 8 1.8 15.7 13.9 181.7 26.9 3.0 3.4 8.8 6.0 0.2 0.2 0.7 6.1 5.2 - - 14.8 36.3 (55.5) SELL 42
Prestige 144 807 1 8.7 10.2 15.4 32.9 16.5 14.1 9.4 12.0 9.6 1.8 1.7 11.8 12.4 16.5 1.0 1.2 (0.6) 26.6 (11.5) BUY 171
Abhinav Sinha Dir-5069
Sobha Developers 337 529 1 22.1 27.6 34.0 23.9 15.2 12.2 9.9 8.4 7.3 1.5 1.4 10.5 12.2 13.7 2.4 2.7 6.2 39.8 (3.1) BUY 363
CLSA Universe 845,867 1,915 12.7 17.3 15.6 13.1 10.8 9.5 2.6 2.3 16.1 15.9 16.8 1.5 1.7 0.7 14.6 10.9
Sensex 20,425 1,225 1,342 1,569 13.2 16.7 15.2 13.0 10.9 9.4 2.7 2.4 17.2 16.8 17.4 1.7 1.9 (1.2) 13.7 8.4
Key to CLSA/CA Taiwan investment rankings: BUY: Total return expected to exceed market return AND provide 20% or greater absolute return; O-PF: Total return expected to be greater than market return but less than 20% absolute return; U-PF: Total return expected to be less than market return but expected to provide a positive absolute return; SELL: Total return expected to be less than market return AND to provide a negative absolute return. For relative performance, we benchmark the 12-month total return (including dividends) for the stock against the 12-month forecast return (including dividends) for the local market where the stock is traded. We define stocks we expect to provide returns of 100% or higher including dividends within three years as “Double Baggers”.
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IMPORTANT: The content of this report is subject to and should be read in conjunction with the disclaimer and CLSA's Legal a nd Regulatory Notices as set out at www.clsa.com/disclaimer.html, a hard copy of which may be obtained on request from CLSA Publ ications or CLSA Compliance Group (18/F, One Pacific Place, 88 Queensway, Hong Kong, telephone +852 2600 8888) and/or CA
Taiwan Compliance (27/F, 95, Section 2 Dun Hua South Road, Taipei 10682, Taiwan, telephone +886 2 2326 8188). 05/08/2013
