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Pioneer of City Gas Distribution in Mumbai:Sole authorised distributor of CNG and PNG in Mumbai and adjoining areas - MGL is one of the largest players in City Gas Distribution (CGD) and is the only distributor of CNG and PNG in Mumbai and its adjoining areas. The company has infrastructure exclusivity i.e. exclusive authorisation to lay, build, expand and operate the CGD network in Mumbai till 2020, adjoining areas till 2030 and Raigad district until 2040.
Banco Products (India) Limited is company that is engaged in the business of manufacturing Gaskets and Radiators. The company also exports aftermarket radiators. Banco operates in one segment namely automobile ancillary business. The product portfolio of the company includes radiators, air coolers, Rubber Cork Gaskets, Aluminum Edge Moulded Gaskets, Steel Fiber Composite Gaskets and many more. These products are considered critical components in sealing and cooling applications of Automotive, Power,...
ICICI Securities Ltd | Retail Equity Research We recently met the management of Blue Dart Express Ltd, a preferred logistics express service provider across industries on the Air, Ground and e-tailing segments. The company continues to command its market leadership in the organised air express market with ~46% market share. With addition of a freight aircraft in FY16, Blue Dart now operates a fleet of 6 Boeing 757-200 freighters and manages daily dedicated services of ~504 tonnes. This dedicated aviation and ground infrastructure enables...
Leading automotive and industrial lubricant manufacturing company in India Castrol's strong brand position & superior distribution network allows it to command higher pricing power and premium for its products over its competitors in spite of decline in base oil prices. Castrol, which is the price maker in the Indian automotive lubricant market, will maintain stable realizations, going forward. With revival in industrial lubricants business in half-year ended June 2016, industrial...
Recuperating from Maggi Noodle Fiasco; Opportunity Beckons:Milk Products and Nutrition to grow at a CAGR of 3.1% over CY16E-18E - NIL enjoys a leadership position in Milk and Nutrition segment, the same contributing to around 45% of the company's revenue. Milk Products and Nutrition is expected to grow at a CAGR of 3.1% from CY16E-CY18E on the back of new product launches and the company's strong brand equity.
Largest Crane Rental Company Adapting to Changing Needsof Wind Mill Sector:SML continues to draw major revenues from wind mill sector - Government'starget to add 4000 MW wind power capacity during FY17E and the momentum going ahead to be favourable for SML. We expect wind power capacity addition towitness a growth of 14.8% during FY16-18E leading to a growth of 12.8% in the SML's revenue. The contribution from other sectors such as Power Plant, Refinery/Petroleum products, Cement, Steel & Metals and others are expected to pick up with moderated capacity additions in the next two years.
Arvind has witnessed a steady rise in revenue share from its brand and retail business, which has grown by a healthy 23% CAGR over FY11-15. The company is also looking to expand its product range with focus on the speciality retail like GAP, The Children Place and Aeropostale. Higher contribution from fast growing Brands and Retail business is likely to boost the company's overall revenue and profit growth going forward.
Outlook : Technically, sharp swings are usually followed by consolidation and we’ve been seeing the same in Arvind for last one year. It’s trading within 235-350 price band while sustaining above its long term averages, indicating accumulation. And, it now looks all set for fresh break and to resume uptrend. Traders should go ahead and accumulate in the given range of 328-334 with close below stop loss of 304 for the target of 400.
Over last 12M, DLF share price has risen 18.5% outperforming Nifty by 600bps. Residential Dev Co. performance has been subpar (weak presales/profitability) vs Rental Business, which continues to outperform (new leases at higher rate, limited vacancy). Whilst we expect residential weakness in DLF’s key micromarket Gurgaon to result in longish pre-sales cycle, Rent Co. stake sale will be key from the cash flow perspective. Total fund infusion in two stages of the corporate action is expected at Rs 95-102bn. This will result in Net D/E coming down from 0.85x to 0.25x end FY17E. We resume coverage with a BUY and SOTP-based TP of Rs 191/sh. Stock offers attractive risk-reward.
Valuation : They have adopted DCF methodology to arrive at DLF’s NAV/share. We value the residential real estate business at Rs 30/share, commercial annuity assets at Rs110/share, others - hospitality & project management at Rs 40/share, Land bank at Rs 149/share and reduce net debt at Rs 138/share to arrive at end-FY18E NAV of Rs 191/share for the Company.Resume BUY on DLF with a target price of Rs 191/share. Their valuation is based on 1x our endFY18E NAV forecast.
