diwali crackers 2017 - smctradeonline.com (bjspl) and mallavaram-bhopal-bhilwara-vijaipur (mbbvpl)...

DIWALI CRACKERS 2017

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Sr.No. Co_Name Sector BSE Code NSE Symbol Price Target Upside Potential

FROM SMC RESEARCH DESK ...

1 ICICI Pru Life Insurance 540133 ICICIPRULI 405.05 490 21

2 Guj.St.Petronet Oil & Gas 532702 GSPL 196.25 237 21

3 K P R Mill Ltd Readymade Garments/ Apparells 532889 KPRMILL 759.75 868 14

4 Techno Elec. Capital Goods - Electrical Equipment 533281 TECHNO 350.10 450 28

5 H T Media Media - Print/Television/Radio 532662 HTMEDIA 94.00 127 35

*Closing Price as on 13th October 2017

16th October 2017

Performanceof“DiwaliCrackers2016"releasedon25thOctober2016

Sr.no. Co_Name 24/10/2016 Target Status/ CMP** Target Met date Return

1 D B Corp 390.70 473 370.75 - -5

2 Exide Inds. 201.90 248 Target Met 11-May-17 23

3 GIC Housing Fin 341.55 421 Target Met 5-Apr-17 23

4 Sintex Inds. 84.70 102 Target Met 24-Mar-17 20

5 Triveni Turbine 127.65 165 Target Met 4-Jul-17 29

Average Return 18

SMCRetailResearchcameoutwithareport"DiwaliCrackers2016"on25thOctober2016.Itisapleasuretosharewithyouthatoutoffivestocksrecommendation,

fourstocksmetthetargetsgiveninthereportforoneyearperspective.Theaveragereturngeneratedis18%. *CalculatedeitheronthetargetpriceincaseoftargetmetorotherwisecalculatedontheCMPason13thOctober2017

ICICI Prudential Life Insurance Company Ltd CMP: 405.05 Upside: 21%Target Price: 490

VALUE PARAMETERS

SHARE HOLDING PATTERN (%)

P/E Chart

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ACTUAL ESTIMATES

FY Mar-17 FY Mar-18 FY Mar-19

INVESTMENT RATIONALE:

ICICI Prudential Life Insurance Company is the largest private

sector life insurer in India. ICICI Prudential is a joint venture

between ICICI Bank and Prudential Corporation Holdings, a part

of the Prudential Group, an international financial services

group. The company is one of the first private sector life

insurance companies in India. It commenced operations in

October 2000 and offers a range of life insurance, health

insurance and pension products and services.

The company has continued to focus on savings opportunity

through customer centric product propositions, superior

customer service, fund performance and claims management.

Protection is a big focus area for the company, while it has a

multi-pronged product and distribution approach to tap this

market.

It has maintained a balanced channel mix. Its growth is well

supported by strong performance across channels. For

Q1FY2018, agency channel has highest growth, while growth of

Bancassurance channel was also higher than overall private

sector growth. However, due to relatively stronger growth in

agency.

The company has amongst the largest fund managers in India

with an AUM of Rs 1.27 trillion. Linked funds contributed 71% of

AUM, while the company has a debt equity mix of 54:46. More

than 90% of debt investments are in domestic sovereign or AAA

rated instruments.

The total assets under management of the company have

increased 16% yoy to Rs 126591 crore ends June 2017 over June

2016, which makes the company of the largest fund managers in

India.

The company has a debt equity mix of 54:46 at end June 2017.

Over 90% of debt investments are in AAA rated and Government

Bonds.

The retail weighted received premium or RWRP grew 74.7% in

Q1FY2018, much stronger than industry growth of 28.6% and

Current Mkt.Price (Rs.) 405.05

Face Value (Rs.) 10.00

52 Week High/Low 507.90/273.65

M.Cap (Rs. in Cr.) 58143.59

EPS (Rs.) 8.66

P/E Ratio (times) 46.77

P/B Ratio (times) 8.50

Stock Exchange BSE

Revenue 22155.30 30180.20 34725.40

Ebitda 1451.40 5046.50 2470.40

Ebit 1784.40 1795.60 2107.10

Pre-tax Profit 1784.40 2054.30 2316.50

Net Income 1681.70 1822.40 2003.40

EPS 11.72 12.81 14.72

BVPS 44.63 51.29 57.80

RoE (%) 28.70 27.50 29.70

private industry growth of 45.5%. Consequently, the market

share of the company was strong at 15.3% in Q1FY2018. The

company continues to maintain leadership position amongst

the private companies.

Valuation:

According to the management by focusing on improving

protection business, persistency and costs, the company would

get good growth in coming years. The key strategy of the company

has been to grow the Value of New Business through growing the

protection business, while the company achieved its strategic

goals for FY2017. The company is well capitalized for growth

opportunities. The solvency ratio was at healthy level of 288.6%

end June 2017, which is much above the regulatory requirement

of 150%. Thus, it is expected that the stock will see a price target

of Rs.490 in 8 to 10 months time frame on a one year average

P/Bvx of 9.56x and FY18 BVPS of Rs.51.29.

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GUJARAT STATE PETRONET LIMITED CMP: 196.25 Upside: 21%Target Price: 237

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ACTUAL ESTIMATES



Gujarat State Petronet (GSPL) is a pioneer in developing

energy transportation infrastructure and connecting

natural gas supply sources including LNG terminals to

growing markets.

Going ahead, the government’s focus on clean energy,

floundering domestic oil and gas output and internationally

cheap availability of natural gas will support higher imports

of regassifed-liquefied natural gas (RLNG). Hence, it is

expected that there would be a domestic build up in RLNG

capacity and GSPL would get the benefit on account of

higher gas transmission volumes and expected upward

revision in tariffs.

The Company is working on future expansion projects based

on the demand in various regions around the gas grid. It is

setting up cross country pipelines through its two

subsidiaries- GSPC India Gasnet Ltd (GIGL) and GSPC India

Transco Ltd (GITL). Three projects underway are Mehsana-

Bhatinda pipeline (MBPL), Bhatinda-Jammu-Srinagar

Pipeline (BJSPL) and Mallavaram-Bhopal-Bhilwara-Vijaipur

(MBBVPL) Pipeline. Covering 4,500 km these pipelines are

expected to meet gas demand for states like Gujarat,

Rajasthan, Haryana, J&K, AP, Madhya Pradesh and

Maharashtra. These pipelines would give access to new

markets to the company.

The company believes that development of CGD (City Gas

Distribution) networks along existing / upcoming pipeline

networks helps in ensuring last mile gas connectivity and

availability.

With the rising city gas distribution growth opportunities,

potential shift to natural gas due to environmental and

pollution norms (industrial and CNG) and volumes from

Mundra LNG terminal (FY18 onwards) add support to long-

term volumes of the company.



52 Week High/Low 211.45/119.00

M.Cap (Rs. in Cr.) 11063.93

EPS (Rs.) 9.36



Dividend Yield (%) 0.76

Stock Exchange BSE

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Revenue 1027.60 1253.00 1330.30

Ebitda 976.50 1113.40 1188.40

Ebit 797.40 947.40 1001.20

Net Income 496.60 636.10 691.60

EPS 8.81 11.27 12.60

BVPS 79.77 88.16 98.59

RoE(%) 11.60 13.17 13.05

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Net profit of the company rose 25.8% to Rs 152.52 crore in

the quarter ended June 2017 as against Rs 121.26 crore

during the previous quarter ended June 2016. Sales rose

14.8% to Rs 296.34 crore in the quarter ended June 2017 as

against Rs 258.13 crore during the previous quarter ended

June 2016. With higher demand from industrial consumers

like Essar Oil, OPAL and Torrent Power, GSPL expects better

results in coming quarters.

VALUATION

The company has healthy debt equity ratio of less than 1 and

Net Worth is also increasing gradually. As per the management

of the company, transmission business’s volume growth looking

good due to favorable reforms, increased LNG capacity, lower

gas prices and renegotiated LNG supplier contracts. Thus, it is

expected that the stock will see a price target of Rs.237 in 8 to

10 months time frame on a target P/E of 21x and FY18 (E)

earnings of Rs.11.27.

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K P R Mill Limited CMP: 759.75 Upside: 14%Target Price: 868

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ACTUAL ESTIMATES



KPR Mill Limited is an apparel manufacturing company, which is

engaged in the business of producing yarn, knitted fabric,

readymade garments and sugar. It operates in Domestic and

Export segments geographically.

The Company has production facilities in the State of Tamil

Nadu, India. Its Yarn division has over 353,570 spindles with a

production capacity of approximately 90,000 million tons per

annum. Its fabric division is equipped with automatic circular

knitting machines that can knit over 27,000 million tons per

annum of various kinds of fabric. Its fabric processing unit has a

capacity to process over 9,000 million tons per annum. Its

garment manufacturing facility has a capacity to produce over

95 million garments per annum. The Company has over 66 wind

mills with total captive power generation capacity of

approximately 61.92 megawatts.

The company has initiated capacity expansion of its processing

facility with advanced cold processing technology to meet its

additional requirement. The capacity addition is set to double

from 25 MT from 50 MT per day.

During FY17, it has delivered strong financial and operational

performance; marked repeated growth in revenue and

profitability and reduced Long term debt equity ratio from 0.26

to 0.17 due to higher Garment production; ramping up of 36

million new modem garment capacity; commencement of

commercial operations in the eco-friendly Processing 'Unit 2'.

During Q1FY17, its consolidated revenue grew by 12.1% YoY to

Rs746 crore. Growth in textile business was muted at 1.2% YoY

due to impact to of GST rollout. Sugar segment revenue grew by

471% YoY to Rs 83 crore as unsold inventory was liquidated in

this quarter.



52 Week High/Low 882.00/500.00

M.Cap (Rs. in Cr.) 5614.23

EPS (Rs.) 40.20




Stock Exchange BSE

Revenue 2,706.50 3,150.70 3,488.10

Ebitda 590.70 649.50 724.80

Ebit 441.40 567.20 637.30

Pre-tax Profit 376.90 460.30 544.20

Net Income 286.80 339.70 399.60

EPS 38.17 45.94 54.0

BVPS 174.02 214.68 261.62

RoE(%) 24.04 23.21 22.28

Valuation

The company grew faster than the industry in terms of both

revenue and profit. The impact of GST on textile business is only

temporary in nature. Up gradation of existing yarn capacity to

value added yarns would help to improve realization in textile

segment from 2QFY18 onwards. Along with all these factors, with

improved government policies and new modern garment capacity,

the company is expected to see good growth going forward. Thus,

it is expected that the stock will see a price target of Rs.868 in 8 to

10 months time frame on a target P/E of 18.90x and FY18 EPS of

Rs.45.94.

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TECHNO ELECTRIC & ENGINEERING LIMITED CMP: 350.10 Upside: 28%Target Price: 450

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ACTUAL ESTIMATES



Techno Electric & Engineering Company provides services to all

the three segments within the power sector industry —

generation, transmission and distribution. Apart from the

power sector, it also caters to the needs of steel, fertiliser,

metals and petrochemicals sectors.

In FY17, the company’s revenues grew by 23% to Rs 1,356 crore

in FY17. In the last quarter alone, the company booked orders

worth Rs 500 crore. With a healthy order book position of Rs

2,600 crore, the company is poised to sustain its growth

momentum in the next couple of years.

At present, Power Grid Corporation of India (PGCIL) is its

largest client in the Transmission & Distribution (T&D) space.

Power Grid plans to spend Rs 150,000 crore over the next five

years, which will only means more orders for the company. With

the long-term experience of working with Power Grid and State

Electricity Boards (SEBs), Techno Electric cherry-picks projects

with better profitability.

It works with PSUs who have good discipline and take up mostly

the projects which are multilaterally or bilaterally funded. The

funding from agencies like World Bank, Rural Electrification

Corporation (REC) or Power Finance Corporation (PFC) reduces

risk of payment delays for Techno Electric. The company has an

average receivable period of 70 days — one of the lowest in the

industry.

The company is financially sound and its debt to equity ratio is

comparatively lower than the industry. Moreover, its strong

niche in substation EPC works and ability to compete with large

MNCs has helped the company win contracts and deliver on

profitability and growth.



52 Week High/Low 438.95/261.60

M.Cap (Rs. in Cr.) 3945.01

EPS (Rs.) 18.92




Stock Exchange BSE

Revenue 1,339.10 1,536.20 1,815.90

Ebitda 312.50 352.90 395.70

Ebit 261.70 305.80 366.60

Pre-Tax Profit 272.80 288.70 343.00

Net Income 192.40 227.70 267.40

EPS 16.88 20.63 24.47

BVPS 96.95 112.40 132.09

ROE(%) 18.10 19.20 19.40

VALUATION

The management of the company is confident of the company’s

potential to expand the EPC segment on the back of capex revival,

led by PGCIL and SEBs, with strong visibility of traction in order

book. In FY18, the management has said that it would focus on

closure of projects, which it believes will prune retention money

and improve working capital cycle. Thus, it is expected that the

company would see good growth going forward and the stock will

see a price target of Rs.450 in 8 to 10 months time frame on a one

year average P/E of 21.80x and FY18 (E) earnings of Rs.20.63.

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H T Media Limited CMP: 94.00 Upside: 35%Target Price: 127

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ACTUAL ESTIMATES



HT Media is engaged in printing and publishing of newspapers.

The company's segments include printing & publishing; radio

broadcast & entertainment, and digital.

It runs a Hindi daily, Hindustan, which enjoys leadership

positions in the markets of Bihar, Jharkhand, Delhi, etc and also

runs the second largest English daily Hindustan Times. It has

shown good growth in Hindi advertisement growth on quarterly

basis and the management prospects is positive towards good

growth in hindi advertisement revenue.

The Company has 15 operational FM radio stations - “Fever” in

Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Hyderabad and

UP and “Radio Nasha” in Delhi and Mumbai. It also operates a

job portal in the internet space, called www.Shine.com. This is

in addition to the existing websites livemint.com,

hindustantimes.com and desimartini.com. HT Media also

publishes two Hindi magazines Nandan and Kadambini through

its subsidiary Hindustan Media Ventures Limited.

The digital businesses have also shown good growth. Revenues

from Digital segment crossed Rs 40 crore, up 10%. This growth

was due to growth in Shine.com and Digital Content which

witnessed healthy revenue growth of around 8% & 45%

respectively.

The company has a sound Balance Sheet with ample reserves

and having almost no burden related to debt so shareholders of

the company will get good benefit in long run future.

In quarter ending June FY18, the company has registered an

around 3% sales growth in printing & publishing of newspapers

on sequential basis and saw good growth in digital segment. Net

Profit has registered increased by 47% as compared to last

financial year due to cost control by management.

Radio business revenues grew 30% due to growth of new radio

stations. Radio EBITDA jumped 107% to Rs 11.4 crore. It had a

higher margin of 26%. Newly launched Radio stations will

continue to drive revenue and profitability. Phase three new



52 Week High/Low 108.80/69.50

M.Cap (Rs. in Cr.) 2187.83

EPS (Rs.) 8.14




Stock Exchange BSE

Revenue 2452.10 2557.00 2741.50

Ebitda 298.30 361.00 394.10

Ebit 173.50 281.60 328.20

Pre-tax Profit 307.90 381.70 443.20

Net Income 170.30 197.00 227.60

EPS 7.31 8.49 9.69

BVPS 95.89 105.04 114.85

RoE(%) 8.00 8.20 8.50

radio station gave Rs 12 crore sales which were profitable

sales.

On other development front, recently it has announced

demerger of the entertainment and digital innovation business

of the company into a wholly-owned subsidiary and it’s a

scheme of arrangement between HTML and HT Digital Ventures

(HTDVL), a wholly-owned subsidiary of the company.

According to the management, it would capitalize on growth

opportunities and support entertainment and digital

innovation business.

Valuation

The company grew faster than the industry in terms of both

revenue and profit. The company regained revenue growth in

Print business with heightened focus on yield-led growth and tight

control on costs to improve profitability. Also the company

continues to drive revenue from its newly launched Radio

stations. Along with all these factors, with improved Digital

footprint by executing on digital strategy, the company is

expected to see good growth going forward. Thus, it is expected

that the stock will see a price target of Rs.127 in 8 to 10 months

time frame on a target P/E of 15x and FY18 EPS of Rs.8.49

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herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision. The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their personal independent

views/opinions in respect of the subject company.

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