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OCTOBER 12, 2012
PRIVATE CLIENT RESEARCH
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x)
RoE (%) P/ABV (x)Name of the Company Cap Report on latest price
Reco as on (Down-
(Rs mn) Date Report target* 12-Oct side) FY12E FY13E FY12E FY13E
FY12E FY13E FY12E FY13E(Rs) (Rs) (Rs) (%)
Banking
Allahabad Bank 70,100 13-Sep-12 121 140 ACCUMULATE 140 (0.1)
36.7 34.0 3.8 4.1 21.2 16.7 0.8 0.7Andhra Bank 61,386 08-Aug-12 99
109 REDUCE 110 (0.6) 24.0 23.4 4.6 4.7 19.2 16.6 0.9 0.9
Axis Bank 462,660 01-Oct-12 1,136 1,230 ACCUMULATE 1,120 9.9
102.7 120.1 10.9 9.3 21.3 20.5 2.2 1.8
Bank of Baroda 320,538 31-Jul-12 672 870 BUY 777 11.9 121.4
128.1 6.4 6.1 21.7 18.8 1.3 1.1
HDFC Bank 1,481,120 16-Jul-12 587 590 ACCUMULATE 631 (6.5) 22.0
28.3 28.7 22.3 18.7 20.5 5.0 4.3
ICICI Bank 1,203,343 30-Jul-12 928 1,108 BUY 1,045 6.1 56.1 66.0
18.6 15.8 11.2 12.0 2.1 1.9
Indian Bank 81,785 25-Jul-12 190 215 ACCUMULATE 190 13.0 40.6
43.3 4.7 4.4 19.4 18.0 1.0 0.9
Indian Overseas Bank 63,401 02-Aug-12 73 84 ACCUMULATE 80 5.6
13.2 13.1 6.0 6.1 11.1 9.5 0.7 0.7
Jammu & Kashmir Bank 54,997 10-Aug-12 938 1,080 BUY 1,134
(4.8) 165.6 202.3 6.8 5.6 21.2 21.8 1.4 1.2
Punjab National Bank 278,246 30-Jul-12 715 736 REDUCE 820 (10.3)
144.0 140.4 5.7 5.8 20.1 16.2 1.3 1.1
State Bank of India 1,511,014 13-Aug-12 1,888 2,078 ACCUMULATE
2,252 (7.7) 174.5 177.4 12.9 12.7 15.7 13.5 2.2 2.2
Union Bank of India 111,807 30-Jul-12 164 175 REDUCE 203 (13.8)
32.5 33.3 6.2 6.1 14.8 13.5 1.1 1.1
NBFCs
HDFC Ltd 1,088,093 12-Jul-12 678 720 ACCUMULATE 740 (2.7) 27.9
33.3 26.5 22.2 22.7 24.2 6.1 5.3
IDFC 228,442 17-Aug-12 142 165 BUY 151 9.2 10.3 12.2 14.7 12.4
13.2 14.2 1.9 1.7
LIC Housing Finance 121,790 26-Jul-12 241 275 ACCUMULATE 256 7.3
18.1 22.1 14.2 11.6 18.9 18.7 2.4 2.1
Mahindra & Mahindra Financial Services 84,537 31-Jul-12 693
830 BUY 883 (6.0) 60.4 75.3 14.6 11.7 22.8 23.9 3.2 2.7
Shriram Transport Finance Co 144,211 25-Jul-12 565 580
ACCUMULATE 644 (9.9) 55.6 62.2 11.6 10.4 24.6 23.9 2.6 2.3
S
STOCK RECOMMENDATIONS
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STOCK RECOMMENDATIONS October 12, 2012
Kotak Securities - Private Client Research For Private
Circulation 5
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x)
RoE (%) EV/EBIDTA (x)
Name of the Company Cap Report on latest price Reco as on
(Down-(Rs mn) Date Report target* 12-Oct side) FY12E FY13E FY12E
FY13E FY12E FY13E FY12E FY13E
(Rs) (Rs) (Rs) (%)
Metals
Hindustan Zinc 577,387 17-Aug-12 122 112 SELL 137 (18.0) 13.1
13.7 10.4 10.0 20.7 18.5 6.5 6.2
Tata Steel Ltd 426,641 01-Oct-12 401 402 REDUCE 421 (4.5) 51.5
34.7 8.2 12.1 13.3 8.0 6.7 6.4
Oil & Gas
Cairn India Ltd 624,006 09-Oct-12 330 370 ACCUMULATE 327 13.1
41.6 53.3 7.9 6.1 18.2 18.6 5.1 3.2Castrol India Ltd * 161,746
17-Jul-12 276 281 REDUCE 327 (14.1) 10.8 12.9 30.4 25.4 61.2 64.5
20.8 17.4
Gujarat State Petronet Ltd (GSPL) 44,824 07-Sep-12 74 77 REDUCE
80 (3.6) 9.8 8.6 8.2 9.3 23.3 17.3 5.7 5.7Indraprastha Gas (IGL)
36,421 30-Jul-12 230 260 ACCUMULATE 260 (0.1) 21.9 29.8 11.9 8.7
26.5 29.0 6.9 5.3
Oil India Ltd 294,779 09-Aug-12 482 526 ACCUMULATE 490 7.3 57.7
67.3 8.5 7.3 20.0 20.5 3.9 2.7
Petronet LNG 122,288 28-Aug-12 150 164 ACCUMULATE 163 0.6 14.1
14.6 11.6 11.2 33.0 26.9 8.5 7.7
Power
NTPC 1,392,749 03-Aug-12 163 170 ACCUMULATE 169 0.7 11.2 11.8
15.1 14.3 13.1 12.8 10.8 11.3Tata Power Company Ltd 243,233
12-Sep-12 95 101 ACCUMULATE 103 (1.5) 3.0 4.4 34.2 23.3 - 8.6 10.3
7.8
Real EstatePhoenix Mills Ltd 29,050 25-Sep-12 193 237 BUY 201
18.2 7.3 9.0 27.5 22.3 6.2 7.4 19.6 12.9
ShippingABG Shipyard Ltd 19,151 18-Sep-12 345 370 ACCUMULATE 376
(1.7) 36.3 39.2 10.4 9.6 9.4 9.2 7.6 6.9
GE Shipping Company 38,182 13-Apr-12 260 286 ACCUMULATE 251 13.9
15.6 18.6 16.1 13.5 3.9 4.5 6.4 5.7
Mercator Ltd 5,041 27-Sep-12 22 34 BUY 21 58.5 0.8 2.4 26.8 8.9
0.9 2.5 4.5 4.1Shipping Corporation of India 24,351 14-Aug-12 53 47
SELL 58 (18.3) - - - - - - - 43.7
Source: Kotak Securities - Private Client Research
- All recommendations are with a 9-12 month perspective from the
date of the report/update. Investors are requested to use their
discretion while deciding the timing,quantity of investment as well
as the exit.
* Figures for CY11 & CY12
** Financials are for FY11 & FY12 - September year end
*** Financials are for FY11 & FY12 - October year end
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