PeerlessSecuritiesLimited Peerle March, 2 | Peerless Master Picks ess Master Pi 2018 Edition. icks
PeerlessSecuritiesLimited
Peerless MasterMarch, 2018 Edition.
| Peerless Master Picks
Peerless Master PicksMarch, 2018 Edition.
Picks
Peerless Securities Limited
Stock Picks for March, 2018
28th February, 2018
COMPANY SECTOR
BRITANNIA Consumer Staples
GODREJ PROPERTIES Realty
INFOSYS IT
SUPREME
INDUSTRIES Plastics
ASHOK LEYLAND Commercial Vehicles
*CMP indicates closing price as on 28th
Note: All price target for 12 months period.
| Peerless Master Picks
Stock Picks for March, 2018
CMP
(INR) RATING
MARKET
CAP(INR CR)
Consumer Staples 4994 BUY 59730
780 BUY 16993
1173 ACCUMULATE 256450
1189 BUY 15116
Vehicles 142 ACCUMULATE 41359
*CMP indicates closing price as on 28th February, 2018
All price target for 12 months period.
POTENTIAL
TARGET
POTENTIAL
UPSIDE
5500 10.13%
950 21.79%
1280 9.12%
1450 21.95%
160 13.07%
Peerless Securities Limited
Market Outlook
Indian markets faced a significant sell-off since start of February and benchmark Nifty corrected around 7.5
life highs and with a deeper correction in mid and small cap stocks.
Rising bond yields is a concern for markets uptrend with US 10
are perilously close to 3 percent level commonly seen
up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in ne
term. Given the valuation in US markets, any surge in yield
is hurting all markets globally.
A rising rate cycle could put a snag in the equity Bull Run, We think markets can still rise along with an uptrend in
interest rates… up to a point. Markets can absorb rising interest rate in a growing economy to a certain extent. They can
go in tandem as long as it does not impact economic expansion. If economic growth indicators starts weakening in
coming days with rising interest rates, that would pose a real
In India, We will see a strong acceleration in corporate earnings going ahead. The GST has been a positive for large
corporate entities and their margins. The Indian economy is clearly recovering and multiple real
show the acceleration. There will be tricky hand
but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky a
create volatility. The macro could not support any further multiple expansion.
We recommend sticking investors to companies which are in steady earnings growth trajectory for generate alpha and use
current volatility to upgrade the quality of portfol
auto, discretionary & non discretionary consumption, organised retail, infra, healthcare & hospitality, and auto ancillary
universe.
| Peerless Master Picks
off since start of February and benchmark Nifty corrected around 7.5
life highs and with a deeper correction in mid and small cap stocks.
Rising bond yields is a concern for markets uptrend with US 10-year Treasury yields hovering around 2.80
are perilously close to 3 percent level commonly seen as critical. US yields have spiked as the average hourly wages went
up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in ne
term. Given the valuation in US markets, any surge in yield would impact market inversely. The risk
A rising rate cycle could put a snag in the equity Bull Run, We think markets can still rise along with an uptrend in
n absorb rising interest rate in a growing economy to a certain extent. They can
go in tandem as long as it does not impact economic expansion. If economic growth indicators starts weakening in
coming days with rising interest rates, that would pose a real challenge to current market valuation.
In India, We will see a strong acceleration in corporate earnings going ahead. The GST has been a positive for large
corporate entities and their margins. The Indian economy is clearly recovering and multiple real
show the acceleration. There will be tricky hand-off, as rising interest rates could force some P/E multiple compression,
but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky a
The macro could not support any further multiple expansion.
We recommend sticking investors to companies which are in steady earnings growth trajectory for generate alpha and use
current volatility to upgrade the quality of portfolio and invested in growth stocks.We are overweight in Private banking,
auto, discretionary & non discretionary consumption, organised retail, infra, healthcare & hospitality, and auto ancillary
off since start of February and benchmark Nifty corrected around 7.5 percent from
year Treasury yields hovering around 2.80-2.90 per cent
as critical. US yields have spiked as the average hourly wages went
up by 2.9 per cent in its latest reading. That strokes the inflation fear and fears of accelerated Fed tightening cycle in near
The risk-off sentiment in US
A rising rate cycle could put a snag in the equity Bull Run, We think markets can still rise along with an uptrend in
n absorb rising interest rate in a growing economy to a certain extent. They can
go in tandem as long as it does not impact economic expansion. If economic growth indicators starts weakening in
challenge to current market valuation.
In India, We will see a strong acceleration in corporate earnings going ahead. The GST has been a positive for large
corporate entities and their margins. The Indian economy is clearly recovering and multiple real economy data points
off, as rising interest rates could force some P/E multiple compression,
but surging earnings could allow markets to move up despite the multiple (P/E) fade. This could be always tricky and
We recommend sticking investors to companies which are in steady earnings growth trajectory for generate alpha and use
We are overweight in Private banking,
auto, discretionary & non discretionary consumption, organised retail, infra, healthcare & hospitality, and auto ancillary
Peerless Securities Limited
UPDATE ON JANUARY 2018 STOCK
How Benchmark Index
OPEN:11044 HIGH: 10276
STOCK CALL INITATED
AT (INR)
M&M 751
GRASIM 1166
HINDUSTAN UNILEVER 1368
CROMPTRON GREAVES
CONSUMER ELECTRICALS 276
ASHOK LEYLAND 119
PERSISTENT SYSTEMS 718
| Peerless Master Picks
UPDATE ON JANUARY 2018 STOCK
How Benchmark Index- Nifty moved in February
HIGH: 10276 CLOSE:10493
CALL INITATED DATE
POTENTIAL
TARGET RATING
PRICE(28 FEB
2018)
29-Dec-17 860 ACCUMULATE
29-Dec-17 1350 BUY
29-Dec-17 1550 ACCUMULATE
29-Dec-17 320 BUY
29-Dec-17 145 BUY 141.5
29-Dec-17 830 BUY 855.00
UPDATE ON JANUARY 2018 STOCK PICKS
February 2018
CLOSE:10493
PRICE(28 FEB
2018) REMARKS
728 OPEN
1153 OPEN
1318 OPEN
232 OPEN
141.5 OPEN
855.00 CLOSED
Peerless Securities Limited
Britannia Industries Ltd.Sector: Consumer Staples |NSECODE:BRITANNIA
India’s second largest biscuit maker, Britannia Industries Ltd., is in a
sweet spot, as its increasing market share and possible margin expansion is
likely to guarantee a healthy performance in the long run.
We initiated coverage on the stock with accumulate rating price of Rs
5,500, implying an upside potential of 11% from current levels.
The company is well positioned to gain market share in biscuit
at 32 percent now and is expected to move up by 100
year over the next three to four years.
Launch of premium products, increasing distribution in the 'Hindi' belt and
gradual shrinking of the unorganised sector after
will help expand market share.
Moreover, falling input costs give a push to the company's erstwhile
margin compression. We expect agricultural inflation to remain soft over
the next two to three years, which, along with supply chain
will aid in margin recovery.
Technical Study Technical Study Technical Study Technical Study • The stock after consolidation for 12 weeks started its upmove breaking
above 4800 with good volumes and taking support at its
13wema(weekly exponential moving average). Thereafter it started its
higher top higher bottom formation on weekly chart.
• The stock also has given v pattern recovery and breakout of the pattern
• with momentum indicators Weekly Stochastics and Directional
Indicator showing positive trend in medium term
• We expect the stock price to reach v pattern breakout target of Rs 5500
in next 12 month period.
| Peerless Master Picks
Britannia Industries Ltd. Sector: Consumer Staples |NSECODE:BRITANNIA
Britannia Industries Ltd., is in a
sweet spot, as its increasing market share and possible margin expansion is
likely to guarantee a healthy performance in the long run.
We initiated coverage on the stock with accumulate rating price of Rs
5,500, implying an upside potential of 11% from current levels.
The company is well positioned to gain market share in biscuits, which is
at 32 percent now and is expected to move up by 100-150is basis points
Launch of premium products, increasing distribution in the 'Hindi' belt and
gradual shrinking of the unorganised sector after goods and services tax
Moreover, falling input costs give a push to the company's erstwhile
margin compression. We expect agricultural inflation to remain soft over
the next two to three years, which, along with supply chain efficiencies,
The stock after consolidation for 12 weeks started its upmove breaking
above 4800 with good volumes and taking support at its
13wema(weekly exponential moving average). Thereafter it started its
higher top higher bottom formation on weekly chart.
ck also has given v pattern recovery and breakout of the pattern
with momentum indicators Weekly Stochastics and Directional
Indicator showing positive trend in medium term
We expect the stock price to reach v pattern breakout target of Rs 5500
Company Data
Market Cap (cr)
52 week high (Rs)
52 week low (Rs)
3m average volume NSE (Mn.)
Beta
Face value ( RS )
Key Financials
Category
Net Sales (Cr)
EBITDA (Cr)
PAT (Cr)
Net
ProfitMargin (%)
Book Value (Rs.)
EPS
P/BV
RoNW(%)
RoCE(%)
BUY | PERIOD: 12 Months
CMP: Rs 4994 | Target: Rs 5500
0%
17.70%
15.18%
6.07%
5.75%4.59%
Q3 FY 17
Company Data
Market Cap (cr) 59,730
52 week high (Rs) 5065.8
52 week low (Rs) 3045.30
3m average volume NSE (Mn.) 0.17
Beta 0.62
Face value ( RS ) 2.00
Key Financials
FY17 FY16 FY15
8577 8097 7296
1251 1141 740
843 749 622
ProfitMargin (%) 10.0% 9.42% 8.67%
Book Value (Rs.) 215 141 103
70.31 62.44 51.90
15.72 18.88 20.95
32.6% 44% 50.3%
22.3% 24.4% 25.2%
BUY | PERIOD: 12 Months
CMP: Rs 4994 | Target: Rs 5500
0%
50.70%
Q3 FY 17-18 Shareholdings
Promoters
ForeignPromoter
ForeignInstitutions
GeneralPublic
NBanksMutualFun
ds
FinancialInstitution
s
Others
Peerless Securities Limited
Godrej Properties Ltd.Sector: Realities |NSECODE:GODREJPROP
For Q3FY18, Godrej Properties Ltd’s revenue from operation grew by
21% YoY to Rs627.03cr as against Rs518.25cr in Q3FY17. The
company’s EBITDA margin has decreased by 1,591bps YoY to 7.4% as
against 23.3%, led by a rise of 46.7% YoY in the cost of sales.
company’s adj. PAT decreased by 59.3% YoY to Rs30.31cr as against
Rs74.4cr on the back of higher cost of sales and 10.59% YoY rise in
effective tax rate to 44.98%. Profit after tax and share of associates came
in at Rs25.94cr. Following recent updates
company.
� The company has added three new projects in January, 2018 with a
total area of 5.25mn sq.ft. The company has a total develop
of ~150mn sq.ft as of Q3FY18.
� Gurgaon market is picking up.
� Launch pipeline is looking robust.\
� EBITDA margin was impacted due to contribution from low margin
BKC segment and GST impact.
� Huge consolidation is occurring in the real estate sector post GST and
RERA reforms.
� Vikhroli land parcel monetisation will begin soon, the company is
awaiting approvals.
� Most of the micro markets are end user markets (70
are not property investors. Therefore the risk of competition from
investors in property is low. Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook � Price is following strong pattern of upward parallel channel in higher
top higher bottom formation. In all upmove, price is moving in strong
bullish candle formation with low volume sideways consolidative
correction. This shows inherent strength in the sto
� It has also taken double bottom support around its 720 levels and
moved above momentum indicator level of 7wema(7 weekly moving
average) which shows strength in the stock.
� Price is likely to reach target of Rs 950 following the pattern of
channel target in a time frame of 1 year.
| Peerless Master Picks
Godrej Properties Ltd. NSECODE:GODREJPROP
For Q3FY18, Godrej Properties Ltd’s revenue from operation grew by
21% YoY to Rs627.03cr as against Rs518.25cr in Q3FY17. The
company’s EBITDA margin has decreased by 1,591bps YoY to 7.4% as
against 23.3%, led by a rise of 46.7% YoY in the cost of sales. The
company’s adj. PAT decreased by 59.3% YoY to Rs30.31cr as against
Rs74.4cr on the back of higher cost of sales and 10.59% YoY rise in
effective tax rate to 44.98%. Profit after tax and share of associates came
in at Rs25.94cr. Following recent updates has come regarding the
The company has added three new projects in January, 2018 with a
total area of 5.25mn sq.ft. The company has a total develop-able area
EBITDA margin was impacted due to contribution from low margin
Huge consolidation is occurring in the real estate sector post GST and
Vikhroli land parcel monetisation will begin soon, the company is
Most of the micro markets are end user markets (70-80%) i.e. buyers
are not property investors. Therefore the risk of competition from
Price is following strong pattern of upward parallel channel in higher
top higher bottom formation. In all upmove, price is moving in strong
bullish candle formation with low volume sideways consolidative
correction. This shows inherent strength in the stock.
It has also taken double bottom support around its 720 levels and
moved above momentum indicator level of 7wema(7 weekly moving
average) which shows strength in the stock.
Price is likely to reach target of Rs 950 following the pattern of
get in a time frame of 1 year.
Company Data
Market Cap (cr)
52 week high (Rs)
52 week low (Rs)
3m average volume NSE (Mn.)
Beta
Face value ( RS )
Category
Net Sales (Cr)
EBITDA (Cr)
PAT (Cr)
Net
ProfitMargin (%)
EPS (RS)
Book Value (Rs.)
P/BV
RoNW(%)
RoCE(%)
BUY | PERIOD: 12
CMP: Rs 780
22.62%
51.27%
9.60%
5.95%
5.48%5.00%
Q3 FY 17-
Company Data
Market Cap (cr) 16993
52 week high (Rs) 911
52 week low (Rs) 357
3m average volume NSE (Mn.) 0.20
Beta 1.15
Face value ( RS ) 5.0070
Key Financials
FY17 FY16 FY15
Net Sales (Cr) 240.3 239.4 403.4
113.6 33.3 143.7
124.2 30 127.9
ProfitMargin (%) 27.1% 8.9% 24.7%
5.77 1.44 6.42
Book Value (Rs.) 89.87 97.17 96.22
4.29 3.05 2.61
6.39% 1.43% 6.66%
6.36% 1.43% 6.62%
BUY | PERIOD: 12 Months
CMP: Rs 780 | Target: Rs 950
22.62%
-18 Shareholdings
ForeignInstitutions
ForeignPromoter
GeneralPublic
FinancialInstitutions
NBanksMutualFunds
Others
CentralGovt
Peerless Securities Limited
Infosys Ltd. Sector: IT |NSECODE:INFY
Infosys expects strong macro to translate into better fiscal 2019. Ramp
of deal wins will propel growth in banking vertical. Challenges remain in
retail and telecom; other verticals strong. Infosys
digital. We do not expect any meaningful changes to strategy or
organisation structure. Tailwinds such as the weakening rupee vis
vis the dollar works in the favour of IT sector. The weakening rupee
would boost the margin of Infy which earns more than 60 percent of its
revenue from US markets.
Banking, financial services and insurance (BFSI),retail, technology, and
communication verticals-expected to contribute 64
Infy –to be one of the biggest beneficiaries of US tax reforms.
Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook
The stock is in long term uptrend over supertrend and is following up in
upward parallel channel. After taking support around its parallel channel
support , price consolidated and recently broke above the downtrending
line which suggests trend reversal to uptrend.
Pattern wise structure seems to be u pattern formation and major technical
indicators indicates strength in the stock. U pattern is likely to be
completed in medium term.
We expect price target of 1280 in medium term which is completion of
pattern formation.
| Peerless Master Picks
Infosys expects strong macro to translate into better fiscal 2019. Ramp-up
of deal wins will propel growth in banking vertical. Challenges remain in
retail and telecom; other verticals strong. Infosys has strong capabilities in
digital. We do not expect any meaningful changes to strategy or
organisation structure. Tailwinds such as the weakening rupee vis-à-
vis the dollar works in the favour of IT sector. The weakening rupee
n of Infy which earns more than 60 percent of its
Banking, financial services and insurance (BFSI),retail, technology, and
expected to contribute 64-70% of the revenue of
ficiaries of US tax reforms.
The stock is in long term uptrend over supertrend and is following up in
upward parallel channel. After taking support around its parallel channel
support , price consolidated and recently broke above the downtrending
uptrend.
Pattern wise structure seems to be u pattern formation and major technical
indicators indicates strength in the stock. U pattern is likely to be
We expect price target of 1280 in medium term which is completion of U-
Company Data
Market Cap (cr)
52 week high (Rs)
52 week low (Rs)
3m average volume NSE (Mn.)
Beta
Face value ( RS )
Key Financials
Category
Net Sales (Cr)
EBITDA (Cr)
PAT (Cr)
Net
ProfitMargin (%)
EPS (RS)
Book Value (Rs.)
P/BV
RoNW(%)
RoCE(%)
ACCUMULATE
CMP: Rs 1173 | Target: Rs 1280
51.27%
9.60%
5.95%
5.48%5.00%
Q3 FY 17
Company Data
Market Cap (cr) 256450
52 week high (Rs) 1221
52 week low (Rs) 860
3m average volume NSE (Mn.) 4.66
Beta 0.42
Face value ( RS ) 5.00
Key Financials
FY17 FY16 FY15
59289 53983 47300
18938 17657 16386
13818 15786 12164
ProfitMargin (%) 23.3% 29.2% 25.7%
60.16 68.73 105.9
Book Value (Rs.) 296.2 248.9 418.7
3.45 4.89 5.29
20.3% 27.6% 25.3%
20.2% 27.6% 25.3%
ACCUMULATE | PERIOD: 12 Months
CMP: Rs 1173 | Target: Rs 1280
22.62%
5.00%
Q3 FY 17-18 Shareholdings
ForeignInstitutions
ForeignPromoter
GeneralPublic
FinancialInstitutions
NBanksMutualFunds
Others
CentralGovt
Peerless Securities Limited
Supreme Industries Ltd.Sector: Plastic Products|NSECODE:SUPREMEIND
Supreme Industries Limited (SIL) is the most prominent plastic piping
product player in India, with a market share of 14% in the organized
domestic market.
The organized market currently accounts for 60% of the total market. Under
GST regime, the shift in market share to the organized from the
unorganized sector will benefit the largest players like Supreme with (300
plastic product and916 partner) gain market share at a faster pace going
forward.
Further, the company makes a conscious effort to enhance its existing
offerings in its product basket as well as make new offerings across
industries (infrastructure, affordable housing,
Government infuses a significant outlay for their progress.
Te expansion of its overall capacity beyond FY2018, surge in Government
pending in key sectors where SIL has a strong presence and the fact that it’s
significant. Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook
� The stock has been in long term uptrend and following higher top higher
bottom formation. It also has been taking strong support around its
200ema and bounces back strongly to make new high over
term. Currently the stock is around its long term 200ema from where
upmove is likely
� Momentum indicators are at oversold zone and historically the stock
bounces back from such points. Trend indiator MACD is just on
formation of positive signal as it has given positive crossover. ROC has
also turned above positive zone and showing strength to move up from
current level
� The stock is expected to break above its previous high as we expect
price target of Rs 1450 in medium term from current support zone
| Peerless Master Picks
Supreme Industries Ltd. Sector: Plastic Products|NSECODE:SUPREMEIND
Supreme Industries Limited (SIL) is the most prominent plastic piping
product player in India, with a market share of 14% in the organized
The organized market currently accounts for 60% of the total market. Under
GST regime, the shift in market share to the organized from the
unorganized sector will benefit the largest players like Supreme with (300
partner) gain market share at a faster pace going
Further, the company makes a conscious effort to enhance its existing
offerings in its product basket as well as make new offerings across
industries (infrastructure, affordable housing, Agriculture, etc) wherein the
Government infuses a significant outlay for their progress.
Te expansion of its overall capacity beyond FY2018, surge in Government
pending in key sectors where SIL has a strong presence and the fact that it’s
The stock has been in long term uptrend and following higher top higher
bottom formation. It also has been taking strong support around its
200ema and bounces back strongly to make new high over medium
term. Currently the stock is around its long term 200ema from where
Momentum indicators are at oversold zone and historically the stock
bounces back from such points. Trend indiator MACD is just on
t has given positive crossover. ROC has
also turned above positive zone and showing strength to move up from
The stock is expected to break above its previous high as we expect
price target of Rs 1450 in medium term from current support zone
Company Data
Market Cap (cr)
52 week high (Rs)
52 week low (Rs)
3m average volume NSE (Mn.)
Beta
Face value ( RS )
Key Financials
Category
Net Sales (Cr)
EBITDA (Cr)
PAT (Cr)
Net
ProfitMargin (%)
EPS (RS)
Book Value (Rs.)
P/BV
RoNW(%)
RoCE(%)
BUY | PERIOD: 12 Months
CMP: Rs 1189
51.27%
9.60%
5.95%
5.48%5.00%
Q3 FY 17
Company Data
Market Cap (cr) 15116
week high (Rs) 1476
52 week low (Rs) 983
3m average volume NSE (Mn.) 0.06
Beta 0.71
Face value ( RS ) 2.00
Key Financials
FY17 FY16 FY15
4978 3326 4691
585 338 475
379 213 315
ProfitMargin (%) 8.5% 7.16% 7.42%
29.86 16.78 24.85
Book Value (Rs.) 122.2 96.1 88.4
8.92 7.68 7.62
24.4% 17.4% 28%
22.3% 15.1% 21.6%
BUY | PERIOD: 12 Months
CMP: Rs 1189 | Target: Rs 1450
22.62%
51.27%
5.00%
Q3 FY 17-18 Shareholdings
ForeignInstitutions
ForeignPromoter
GeneralPublic
FinancialInstitutions
NBanksMutualFunds
Others
CentralGovt
Peerless Securities Limited
Ashok Leyland Ltd.Sector: Commercial Vehicles |NSECODE:ASHOKLEY
Ashok Leyland is a dominant player in HCV and LCV and expects a
growth of over 15 percent in FY 18-19 while demand picks up in global
markets along with domestic is set to improve the overall top line
bottom line of the company.With the new line of products, it may
continue to improve the business line and see a jump in volumes as well.
The stock is unfolding the growth story in terms of business and same is
being replicated in terms of price behavior. Any correction in Ashok
Leyland is seen an opportunity for long-term investors to buy.
Technical OutlookTechnical OutlookTechnical OutlookTechnical Outlook
� Ashoke Leyland stock price has been in its classical uptrend as it has
been moving up strongly after breakout of W pattern above 110
levels. The structure has taken above 1 year to complete the
breakout and such long term breakout projects Fibonnacci target
price of 200% and 261% of Rs 164.
� Momentum indicators of the stock RSI and Stochastic are showing
strength which adds positive signal for
buy signal for the stock.
� We expect price target of Rs 160 in time frame of 1 year.
| Peerless Master Picks
Ashok Leyland Ltd. Sector: Commercial Vehicles |NSECODE:ASHOKLEY
Ashok Leyland is a dominant player in HCV and LCV and expects a
19 while demand picks up in global
markets along with domestic is set to improve the overall top line and
bottom line of the company.With the new line of products, it may
continue to improve the business line and see a jump in volumes as well.
The stock is unfolding the growth story in terms of business and same is
ior. Any correction in Ashok
term investors to buy.
Ashoke Leyland stock price has been in its classical uptrend as it has
been moving up strongly after breakout of W pattern above 110
he structure has taken above 1 year to complete the
breakout and such long term breakout projects Fibonnacci target
Momentum indicators of the stock RSI and Stochastic are showing
strength which adds positive signal for the stock. MACD has given
We expect price target of Rs 160 in time frame of 1 year.
Company Data
Market Cap (cr)
52 week high (Rs)
52 week low (Rs)
3m average volume NSE (Mn.)
Beta
Face value ( RS )
Key Financials
Category
Net Sales (Cr)
EBITDA (Cr)
PAT (Cr)
Net
ProfitMargin (%)
EPS (RS)
Book Value (Rs.)
P/BV
RoNW(%)
RoCE(%)
ACCUMULATE
CMP: Rs 141.50
22.62%
51.27%
9.60%
5.95%
5.48%5.00%
Q3 FY 17-18 Shareholdings
Company Data
Market Cap (cr) 41359
52 week high (Rs) 142.20
52 week low (Rs) 80.75
3m average volume NSE (Mn.) 12.56
Beta 2.09
Face value ( RS ) 1.00
Key Financials
FY17 FY16 FY15
20933 19632 14234
1665 1558 341
1223 721 334
ProfitMargin (%) 6.10% 3.83% 2.46%
4.24 2.54 1.20
Book Value (Rs.) 21.53 15.79 14.40
3.93 6.88 5.11
19.9% 16.0% 8.17%
16.0% 8.82% 8.17%
ACCUMULATE | PERIOD: 12 Months
CMP: Rs 141.50 | Target: Rs 160
22.62%
18 Shareholdings
ForeignInstitutions
ForeignPromoter
GeneralPublic
FinancialInstitutions
NBanksMutualFunds
Others
CentralGovt
Peerless Securities Limited
RATING PARAMETER
BUY
ACCUMULATE
REDUCE
SELL
NOTE
TECHNICAL CALL RATING PARAMETER
BUY A condition that indicates a good time to buy a stock. The exact c
the indicator that an analyst isusing.
SELL A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by
the indicator that an analyst isusing.An instru
specified price. They serve to either protect your profits or limit yourlosses.
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This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon itas an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Peerless SecuritiesLtd.Itdoesnotconstituteapersonalrecommendationortakeintoaccounttheparticfinancialsituations,orneedsofindividualclients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable thougcannot be guaranteed. Neither Peerless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and vato in this material may go up or down. Past performance is not a guide for futureperformance.
Certain transactions -including those involving futures, options and other derivatives as well as nonand are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock's price mopposed to focusing on a company's fundamentals and as such, may not match with a r
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to updatinformation discussed in this material, there may be regulatory, others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and group company/associate companies may make investment decisions that are inconsistent with the recommendations expressedherein.
PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason inclreasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breacommunication services or inability of the PSL to present the data. In no event shall PSL be liable for any damages, inclindirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by
We and our affiliates/associates, group companies, officers, direpositions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transand earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of intererelated information and opinions at the time of publication of Research Report or at the time of public appearance. Peerlehave proprietary long/short position in the above mengeneral in nature and does not consider risk appetite or investment objective of particular investor; readers are requprofessional advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peenot provide any promise or assurance of favourable view for a particular industry or sector or business to take into consideration all the risk factors including their financial condition, suitability to risk return profile and t
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly or views expressed in thisreport.
Details of Associates and group companies are available on our website i.e.
Research Analyst has served as an officer, director or employee of
subject company(ies): No Research Analyst’s financial interest in the
subject company(ies): Yes
Peerless Securities Limited has financial interest in the subject company (ies): Yes
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Disclaimer
We expect the stock to deliver more than 15% returns over the next 12months
We expect the stock to deliver 6% - 15% returns over the next 12months
We expect the stock to deliver 0% - 5% returns over the next 12months
We expect the stock to deliver negative returns ov
Target prices are for a period of 12-month perspective. Returns stated in the rating parameter are for our internalbenchmark.
TECHNICAL CALL RATING PARAMETER
A condition that indicates a good time to buy a stock. The exact circumstances of the signal will be determined by
the indicator that an analyst isusing.
A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by
the indicator that an analyst isusing.An instruction to the broker to buy or sell stock when it trades beyond a
specified price. They serve to either protect your profits or limit yourlosses.
DISCLOSURE / DISCLAIMER in 1995, is a subsidiary of Peerless General Finance & Investment Co Ltd. PSL is a corporate trading
member of Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI) & National Stock Exchange king, services rendered in connection with distribution of primary market issues and financial products like
mutual funds and fixed deposits, and depositoryservices.
Peerless Securities Ltd is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observatiadvise/warning/ deficiency letters/ or levied minor penalty on PSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange/ SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point oftime.
ces to clients as well as our prospects.
This document is not for public distribution and has been furnished to you solely for your information and must not be reprodother person. Persons into whose possession this document may come are required to observe these restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed f an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the
general information of clients of Peerless SecuritiesLtd.Itdoesnotconstituteapersonalrecommendationortakeintoaccountthepartic
have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness rless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document.
The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of theto in this material may go up or down. Past performance is not a guide for futureperformance.
including those involving futures, options and other derivatives as well as non-investment grade securities and are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company'sfundamentals.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to updatinformation discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and
looking statements are not predictions and may be subject to change without notice. Our proprietary trading and te companies may make investment decisions that are inconsistent with the recommendations expressedherein.
PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason inclreasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breacommunication services or inability of the PSL to present the data. In no event shall PSL be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by the PSL through thisreport.
and our affiliates/associates, group companies, officers, directors, and employees, Research Analysts may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities
brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. Peerless Securities Ltd (PSL) may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requ
onal advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peenot provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice beforeinvesting.
that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations
Details of Associates and group companies are available on our website i.e. www.peerlesssec.co.in
ector or employee of
subject company(ies): No Research Analyst’s financial interest in the
Peerless Securities Limited has financial interest in the subject company (ies): Yes
15% returns over the next 12months
15% returns over the next 12months
5% returns over the next 12months
We expect the stock to deliver negative returns over the next 12months
month perspective. Returns stated in the rating parameter are for our internalbenchmark.
ircumstances of the signal will be determined by
A condition that indicates a good time to sell a stock. The exact circumstances of the signal will be determined by
ction to the broker to buy or sell stock when it trades beyond a
General Finance & Investment Co Ltd. PSL is a corporate trading member of Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI) & National Stock Exchange of India Limited
king, services rendered in connection with distribution of primary market issues and financial products like
ry Limited (NSDL) and Central Depository Services (India) Limited
stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued
y on PSL for certain operational deviations. We have not been debarred from doing business by t oftime.
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any
. This report is not to be construed f an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the
general information of clients of Peerless SecuritiesLtd.Itdoesnotconstituteapersonalrecommendationortakeintoaccounttheparticularinvestmentobjectives,
h its accuracy or completeness rless Securities Ltd, nor any person connected with it, accepts any liability arising from the use of this document.
lue of the investments referred
investment grade securities - involve substantial risk ovement and trading volume, as
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis the compliance or other reasons that prevent us from doing so. Prospective investors and
looking statements are not predictions and may be subject to change without notice. Our proprietary trading and te companies may make investment decisions that are inconsistent with the recommendations expressedherein.
PSL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of
uding without limitation direct or the PSL through thisreport.
ctors, and employees, Research Analysts may: (a) from time to time, have long or short action involving such securities
brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein st with respect to any recommendation and
ss Securities Ltd (PSL) may tioned scrip(s) and therefore may be considered as interested. The views provided herein are
general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent onal advice before investing. This should not be construed as invitation or solicitation to do business with PSL. Peerless Securities Ltd does
group in any manner. The investor is requested ake professional advice beforeinvesting.
that all of the views expressed in this report accurately reflect his or her personal views about the subject company ed to specific recommendations
Peerless Securities Limited
Research Analyst has actual/beneficial ownership ofpreceding the date of publication of Research Report:No
Peerless Securities Ltd has actual/beneficial ownership of 1% or more securities of the subject company (ipreceding the date of publication of Research Report: No
We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associatecompensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or oassociates may have received any compensation for products or services other than investment banking or merchant bankingfrom the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits(ies) or third party in connection with the research report. Our associates may hav
Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at timmediately preceding the date of publication of ResearchRep
Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report.
"A graph of daily closing prices of securities is available at years" icon in the price chart)."
Analyst Certification
I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in threflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our cdirectly or indirectly related to the specific recommendation(s) or view(s) in thisubject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in thend of the month immediately preceding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject coreport. I/we have not served as officer/director etc in the subject company.
Name E-mail
Amartya Ray [email protected]
Kaushik Hore [email protected]
Peerless Securities Limited: Registered Office:
Telephone No.: 033 4050 2700, Fax No.: 033 2243 6941. Website:
SEBIRegistrationNo.: NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency
IN-DP-NSDL-96-99, DP
CIN:U67120WB1995PLC067616
Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to the risk factors including their financial condition, suitability to risk return profile and the like and take professional advisecurities are subject to market risk, please read all the related documents carefully before iDisclosure Document (refer to SEBI website) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.
Compliance Officer: Mr. Raj Kumar Mukherjee. Call: 033
Peerless Securities LimitedRegistered Office:
1, Chowringhee Square, 2nd Floor, Kolkata-
Phone: +91-33-4050-2700/6450-2002/2243
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Research Analyst has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report:No
Peerless Securities Ltd has actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report: No
We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associatefor investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or o
associates may have received any compensation for products or services other than investment banking or merchant bankingfrom the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies).
Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at timmediately preceding the date of publication of ResearchReport.
Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report.
"A graph of daily closing prices of securities is available at www.nseindia.com(Choose a company from the list on the browser and select the "three
I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in threflect my/our views about the subject issuer(s) or securities. I/we (Research Analyst) also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in th
receding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject coreport. I/we have not served as officer/director etc in the subject company.
: Registered Office: Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.
033 4050 2700, Fax No.: 033 2243 6941. Website: www.peerlesssec.co.in
NSE INB/INE/INF 230821137, BSE INB010821131, BSE Currency- SEBI registered; AMFI ARN 2103, NSDL:
99, DP ID: IN300958; CDSL: IN-DP-CDSL-505-2009; Research Analyst INH300002365,
CIN:U67120WB1995PLC067616
Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Investments in
securities are subject to market risk, please read all the related documents carefully before investing. Please read the SEBI prescribed Combined Risk ) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into
ideration all the risk factors before actually trading in derivative contracts.
Mr. Raj Kumar Mukherjee. Call: 033-4050-2700, Email: [email protected]
Securities Limited
700 069
2002/2243-5942, Fax: +91-33-2243 6941
1% or more securities of the subject company(ies) at the end of the month immediately
es) at the end of the month immediately
We or our associates may have received compensation from the subject company (ies) in the past 12 months. We or our associates may have received for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our
associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company
e financial interest in the subject company(ies).
Our associates/Group Companies may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month
a company from the list on the browser and select the "three
I/We, author/s (Research Team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately ompensation was, is, or will be
s report. I/we or my/our relative or PSL may have financial interest in the subject company. Also I/we or my/our relative or PSL or its associates does not have beneficial ownership of 1% or more in the subject company at the
receding the date of publication of the research report. Since associates/group of PSL is engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/s mentioned in this
Peerless Mansion, 1 Chowringhee Square, 2nd Floor, Kolkata 700069.
SEBI registered; AMFI ARN 2103, NSDL:
Research Analyst INH300002365,
Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all ce before investing. Investments in
nvesting. Please read the SEBI prescribed Combined Risk ) prior to investing. Derivatives are a sophisticated investment device. The investor is requested to take into