PC Tata Chem 202890446

TataChemicals
Overseassubsidiarydisappoints;cashflowstoremainstressed
PhillipCapital (India) Pvt. Ltd.
11February2013
FERTILISER:QuarterlyUpdate
Results disappoint: Tata Chemicals topline has been inline with estimates;
howeverEbitdadisappointedsignificantly(almostbyabout18%).Keyreasonsfor
divergenceare1/largestquarterlylossofRs620mninBMGLsubsidiary(thisis
despite consolidation of British salt) and 2/lower than estimated profits in
domestic fertilizers. Unfavorable prices/cost pressures in Africa and lower
demandintheUKhalvedmargins qoqto7%.AsaresultoverallEbitdadegrew
19%qoqtoRs5.1bn.Thelongtermforexrevaluationfurtherstressedtheweak
EbitdabyaboutRs810mn.ThefallinEbitdawaslargelymadeupbyhigherother
income(inclRs1.3bnonaccountofforexgains;adjforcomparison)andlower
tax;whichcurtailedfurtherfallinreportedPATtoRs2.24bn(degrew13%qoq).
However,theadj.PATofRs1.33bn,degrew40%qoq;muchbelowourest.
BMGLand domesticfertilizer; marginwoesenlarged in Q3:Domesticfertilizer
division continues to be under stress; with overall Ebitda/mt at Rs 2247/mt
against average of 8 qtr avg of Rs 2,700/mt; a fall of about 20%. We expect in
P&K, Tata Chem to have earned wafer thin margins of about US$ 20~25/mt.
Furtherexpensivefeedandunfavourablerealizations,pressuredAfricasodaash
operations and that of UK has been under stress due to stiff competition. We
dontseethewoesforthetwinassetsreversinganytimesoon.
Q3review&outlookofkeybusinessesacrossgeography
Tata Chem (domestic): Weak INR and easing feed costs helped post 8% gr in
chemical EBIT qoq. Fertiliser margins were pressured by weak P&K margins.
HelpedbyweakINR,weexpectchem.marginstoremainhealthyinthenearterm
BMGL: Cost pressures, stiff competition, weather related uncertainty could
continuetoexertpressureonoperations/results
GCIP:Withutilizationratesalreadyat97%;thegrowthseemstobetaperingoff.
Likely lower realizations in FY14% (down by 2~3%) and likely increase in
feedcosts (shale gas prices expected to rise) we expect margins to remain
subdued.WealsohighlightmarginsforGCIPhavecomeofffrom30%inQ2FY12
toabout24%atpresent.WeexpectEbitdatolikelyshrinkthanrise
IMACID:Onalowerbase,weexpectresultstoimprovebutbelikelysubdued
Rallis:Competition,costpressuresonaweakdemandbackgroundhavehardhit
thenumbers,weexpectmarginstoimprovesomewhatinFY14E
Others:LossesincreasedfromRs37mntoRs170mnqoq
Cut estimates, downgrade to Neutral: We cut our estimates significantly going
by 1/muted growth in GCIP 2/persisting margin pressures (for P&K) and
lengthened working capital cycle led by delayed subsidy reimbursements and
3/no firm timelines on addressing operational issues in BMGL. While volumes
couldpullbackinH1FY14E;thesustenanceofmarginsremainsuncertain.Wesee
heightened need for cash, given scheduled debt repayments, capex funding
(Babrala,TripuraandGabonUreaprojects)andlengthenedworkingcapitalcycle
followingdelayedsubsidyreimbursementsfromthegovernment.Thisdoesraise
prospectsofmonetizinginvestments(mktvalueoflistedinvtisRs40/sh;valueof
unlistedinvestmentcouldalmostequalitscurrentdebtofRs70bn)inbridging
the resource deficit. However, considering the nearterm headwinds that cloud
earningsoutlook,wedowngradeourratingtoNeutralandlowerPTtoRs385(Rs
400earlier).
DowngradetoNeutral
TTCHIN|CMPRS355
TARGETRS385(+9%)
CompanyData
O/SSHARES(MN):
MARKETCAP(RSBN):
MARKETCAP(USDBN):
52WKHI/LO(RS):
LIQUIDITY3M(USDMN):
FACEVALUE(RS):
255
90
1.7
382/299
4.3
10
ShareHoldingPattern,%
PROMOTERS:
FII/NRI:
FI/MF:
NONPROMOTERCORP.HOLDINGS:
PUBLIC&OTHERS:
31.1
15.9
28.5
3.0
21.6
PricePerformance,%
ABS
RELTOBSE
1mth
5.7
4.3
3mth
11.2
7.8
1yr
2.4
7.6
PriceVs.Sensex(Rebasedvalues)
140
120
100
80
Apr10 Jan11 Oct11 Jul12
TataChem
BSESensex
Source:PhillipCapitalIndiaResearch
OtherKeyRatios
Rsmn
FY12 FY13E
FY14E
NetSales
136,551 153,111 153,396
EBITDA
21,527 18,856 21,956
NetProfit
8,376 3,931
7,773
EPS,Rs
32.9
34.3
35.1
PER,X
10.8
11.5
10.1
EV/EBIDTA,x
6.4
8.2
6.7
EV/NetSales,x
1.0
1.0
1.0
ROE,%
13.2
12.2
11.5
Source:PhillipCapitalIndiaResearchEst.
GauriAnand(+912266679943)
ganand@phillipcapital.in
SaurabhRathi(+912266679951)
srathi@phillipcapital.in
11February2013/INDIAEQUITYRESEARCH/TATACHEMICALSQUARTERLYUPDATE
Quarterlyresults
Rsmn
NetSales
(Inc)/Decinstock
As%ofSales
RawMaterialConsumed
As%ofSales
Costoftradedgoods
As%ofSales
EmployeeExpenses
As%ofSales
Power&Fuel
As%ofSales
Freight&forwardingcharges
As%ofSales
OtherExpenses
As%ofSales
TotalExpenditure
EBITDA
EBIDTA%
Depreciation
EBIT
EBIT%
Interestexpenses
Exceptionalitems
OtherIncome
PBT
TotalTax
Taxrate%
PAT
ShareofProfitsinAssoc
Minorityint
RPAT
APAT
OPM%
NPM%
AEPS
Q2FY13
41,655
(2,221)
5
11,027
26
8,656
21
2,811
7
4,063
10
4,308
10
6,709
16
35,353
6,303
15
1402
4,901
12
1144
124
760
4,393
1158
26
3,235
1
667
2,568
2,253
15.1
5.4
8.8
Q3FY12
37,939
(222)
1
12,365
33
5,243
14
2,535
7
3,793
10
3,553
9
3,989
11
32,541
5,398
14
1228
4,170
11
1111
468
613
3,204
645
20
2,559
22
300
2,238
2,441
Q3FY13
41,705
2,918
7
13,356
32
2,943
7
2,796
7
4,529
11
4,157
10
5,908
14
36,606
5,099
12
1378
3,721
9
1184
813
1730
3,454
733
21
2,722
8
473
2,241
1,331
14.2
6.4
9.6
12.2
3.2
5.2
Source:Company,PhillipCapitalIndiaResearch
2of9
yoy%
9.9
1417.2
8.0
43.9
10.3
19.4
17.0
48.1
12.5
5.5
QoQ%
0.1
231.4
21.1
66.0
0.5
11.5
3.5
11.9
3.5
19.1
12.2
10.8
1.7
24.1
6.6
73.6
182.2
7.8
13.6
3.5
558.2
127.5
21.4
36.8
6.3
62.4
57.8
0.1
45.5
15.9
1540.0
29.1
12.7
40.9
45.5
40.9
9MFY12
102,574
5,732
6
31,721
31
17,055
17
7,085
7
10,697
10
9,984
10
11,167
11
85,781
16,793
3,727
13,066
13
3,062
1,017
2,224
11,211
2,636
24
8,574
22
1,560
6,992
7,080
16.4
6.9
27.8
9MFY13
113,569
1,266
1
30,627
27
14,109
12
8,415
7
12,208
11
12,196
11
18,852
17
97,672
15,897
yoy%
10.7
122.1
4,147
11,749
10
3,572
1,553
3,326
9,950
2,341
24
7,609
20
1,705
5,884
5,660
11.3
10.1
9.3
15.8
20.1
14.0
5.0
22.2
20.0
3.4
17.3
18.8
14.1
22.2
68.8
13.9
5.3
16.7
52.6
49.5
11.2
11.2
11.3
TataChems30.6%stakeinEPMMiningisvaluedatRs8bnorRs32/sh
EPMMining(EPM)EPMisaUS$200mnmarketcapcompanyfocusedondevelopinga
premiumspecialtypotashfertilizer(namedSulfateofPotash)inUtah,USA.Itclaimsto
control102,000acresofbrinedepositwitharesourcepotentialof100mmtatdepthof
only 300 feet. According to EPM, its likely to be on of the lowest cost producer as it
wouldprocessnaturalSOPbysolarevaporationmethod.GiventhenaturalSOP(priced
atUS$675/mt)isatabout40%premiumtoMOP(pricedatUS$475/mt),theprofitsare
likelytobemuchhigher.
EPMhascommenceddrillingandawaits43101filingforresourceconfirmationwhichit
hasfiledthismonth.EPMexpectstaxbreaksfortheprojectongroundsthatitwouldbe
abletogenerateemployment,notwithstandingthetaxbenefitsitestimatesNPVofUS$
527 mn (10% discount rate) with commercial production in 2016. Tata Chem has
invested about Rs 800 mn (US$ 16 mn) for 30.6% stake in EPM Mining. We work the
valueofTataChemsinvestmentinEPMMiningatUS$158mnorRs8bn.
AboutSOPSulfateofPotash(SOP)isapremiumproductforchloridesensitivecrops.
Thisisahighvaluefertilizerthathasworldwidedemandofmorethan6mmtandisused
mainly on high value specialty crops like Citrus fruits, Strawberries, Peaches, some
vegetables,tobaccoandcotton.
EPMminingdetails
NameoftheProduct
ResourceEstimate
EPMMIniingMarketCap
Estimatedrealisation/costs
MOP
SOP
Costofproduction
EstRevin2016
EstEbitdain2016
ProjectedNAV(@10%discount)
TataChem'sholding
inEPMMining
inEPMMining
Investedamount
ValueinEPM(30.6%stake)
inmmt
US$mn
$/mt
$/mt
$/mt
US$mn
US$mn
US$mn
mnsh
%stake
US$mn
US$mn
SulfateofPotash
100
200
Source:EPMMiningVenturesInc.Presentation
DerivationofPriceTargetDeepValue
FigsinRs.Mn.
Fert&Chembusiness
InvestmentsQuoted
Investmentsunquoted
Valueoffirm
Add:CashFY14E
Less:DebtFY14E
Enterprisevalue
TargetPriceRs.
CMPRs.
Upsidefromcurrentlevels%
FY14E
142,712
9,680
2,586
154,978
5,028
61,339
98,667
385
355
9
3of9
Comments
Valuedat6.5xfY14Eebitda
quotedinvtassumedat30%discounttocmp
30%stakeinepmmining
475
675
130
621
276
527
37
30.60%
16
158
Segmentalbreakup
Rsmn
Revenues
InorganicChemicals
Fertilisers
OtherAgriInputs(Rallis)
Others
Total
Less:Intersegmentrevenue
Netsales/incomefromoperations
EBIT
InorganicChemicals
Fertilisers
Others
Total
As%ofSales
InorganicChemicals
Fertilisers
Others
PBIT%
InorganicChemicals
Fertilisers
Others
As%ofPBIT
InorganicChemicals
Fertilisers
Others
Q2FY13
19,102
17,229
5,378
257
41,966
311
41,655
3,278
1,663
998
(37)
5,902
45.9
41.4
12.9
17.2
9.7
18.6
14.5
55.5
28.2
16.9
0.6
Q3FY12
Q3FY13
yoy%
QoQ%
16,670
17,287
4,168
176
38,300
361
37,939
19,252
18,431
4,266
214
42,162
458
41,705
15.5
6.6
2.3
21.8
10.1
26.8
9.9
0.8
7.0
20.7
16.6
0.5
47.2
0.1
2,609 2,706
1,672 1,153
230
422
(254) (170)
4,257 4,110
3.7
31.0
82.9
33.2
3.4
17.5
30.7
57.8
356.5
30.4
43.9
45.6
11.0
46.2
44.2
10.2
15.6
9.7
5.5
144.7
14.1
6.3
9.9
79.3
61.3
39.3
5.4
6.0
65.8
28.1
10.3
4.1
4of9
9MFY12
48,237
41,916
12,757
527
103,437
862
102,574
9,229
4,110
1,629
556
14,413
47.0
40.9
12.4
19.1
9.8
12.8
105.5
64.0
28.5
11.3
3.9
9MFY13
yoy%
57,005
42,638
14,087
706
114,435
867
113,569
18.2
1.7
10.4
34.0
10.6
0.5
10.7
9,496
3,096
1,831
340
14,083
2.9
24.7
12.4
38.7
2.3
50.2
37.5
12.4
16.7
7.3
13.0
48.2
67.4
22.0
13.0
2.4
TCL'sOverseasoperationalperformancereview
GCIP
NetSales(Rsmn)
EBIT(Rsmn)
EBIT%
SalesVolumes(000Mt)
RealisationRs/Mt
Re/USD
RealisationUS$/Mt
EBIT/Mt(INR)
EBIT/Mt(US$)
BMGL
NetSales(Rsmn)
EBIT(Rsmn)
EBIT%
SalesVolumes(000Mt)
RealisationRs/Mt
Re/USD
RealisationUS$/Mt
EBIT/Mt(INR)
EBIT/Mt(US$)
IMACID(Rsmn)
NetSales
EBIT
EBIT%
APAT
Q1FY13
Q2FY13
6,690
1,780
27
575
11,635
54.2
215
3,096
57
6,450
1,510
23
566
11,396
55.2
206
2,668
48
5,810
740
13
299
19431
54.2
358
2475
46
5,790
750
13
289
20035
55.2
363
2595
47
420
100
24
120
1,740
100
6
70
Q3FY13 Comments
6,900 Capacityexpansionssupportstoplinegr.
1,630 Improvesonalowerbase
24
629
10,970 Changeinproductmix;lowersrealisation
54.2
203
2,591
48
5,560 Revenuedegrewledbylowerrealisations
370 CostpressurespullsmarginsdowninKenya
7
288 Kenyaproductiondegrewalmost20%;howeverhigherinventoryhelpsreportsflatsalesvol.qoq
19306
54.2
357 Changeinproductmix;lowersrealisation
1285
24
2,030 Volumesimproveonalowerbase,howeverlowerrealisationshurttoplinegrowth
80
4
60
Operatingmarginsperformance(%)
TCL consl. EBIT margins
Salesvol.('000mt)
Fert. Div. margins
2,500
Chem. Div. margins
30.0
Soda Ash
Urea
DAP/NPK
Salt
2,000
20.0
10.0
1,500
0.0
1,000
-10.0
-20.0
500
-30.0
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Q1FY11
Q2FY11
Q3FY11
Q4 FY11
Q1 FY12
Q2 FY12
Q3 FY12
Q4FY12
Q1 FY13
Q2 FY13
Q3 FY13
5of9
Q1FY09
Q2FY09
Q3FY09
Q4FY09
Q1FY10
Q2FY10
Q3FY10
Q4FY10
Q1FY11
Q2FY11
Q3FY11
Q4 FY11
Q1 FY12
Q2 FY12
Q3 FY12
Q4FY12
Q1 FY13
Q2 FY13
Q3 FY13
-40.0
Financials
CashFlow
IncomeStatement
Y/EMar,Rsmn
Netsales
Growth,%
Totalincome
Operatingexpenses
EBITDA(Core)
FY12
FY13E
FY14E
FY15E
136,551
153,111
153,396
157,295
Pretaxprofit
23
12
136,551
153,111
153,396
157,295
115,024
134,254
131,440
134,883
21,527
18,856
21,956
22,412
Y/EMar,Rsmn
FY12
FY13E
FY14E
FY15E
13,834
9,982
11,994
13,309
Depreciation
5,087
5,521
5,457
5,557
Chginworkingcapital
4,719 20,168
322
403
Totaltaxpaid
3,808
3,423
3,765
Otheroperatingactivities
3,619
4,700
4,700
4,700
4,700
Growth,%
15.5(12.4)16.4 2.1
Cashflowfromoperatingactivities
15,094
3,585
19,051
19,400
Margin,%
15.8 12.314.3 14.2
5,921
Capitalexpenditure
9,619
7,890
5,184
Depreciation
5,087
5,521
5,457
5,557
Chgininvestments
1,618
EBIT
16,440
13,335
16,499
16,855
Cashflowfrominvestingactivities
11,236
7,890
5,184
5,921
Growth,%
15.5(12.4)16.4 2.1
Freecashflow
3,858 11,475
13,867
Margin,%
15.8 12.314.3 14.2
Debtraised/(repaid)
6,116
6,994
8,950
Interestpaid
4,270
5,740
5,674
4,715
OtherNonOperatingIncome
3,188
3,939
1,170
1,170
Dividend(incl.tax)
2,905
2,905
3,195
3,195
Otherfinancingactivities
9,930
9,930
9,930
9,930
Cashflowfromfinancingactivities
2,512
3,290 13,615 16,483
NonrecurringItems
1,524
1,553
Pretaxprofit
13,834
10,010
11,994
13,309
Netchgincash
Taxprovided
3,439
3,619
3,423
3,765
8,376
7,869
7,773
8,747
ValuationRatios&PerShareData
NetProfit
Growth,%
23.3 4.62.1 10.9
NetProfit(adjusted)
8,3768,7598,943 9,917
Unadj.shares(m)
255 255255 255
Wtdavgshares(m)
255 255255 255
BalanceSheet
Y/EMar,Rsmn
5,220
1,346 14,765
251
3,004
FY15E
FY12
FY13E
FY14E
EPS,Rs
32.9
34.3
35.2
34.3
BVPS,Rs
269.4
292.6
318.8
345.2
DPS,Rs
11.0
10.0
10.0
11.0
Returnonassets(%)
7.6
5.4
6.6
6.9
Returnonequity(%)
13.2
12.2
11.5
10.3
29.1
17.7
19.9
20.3
3.2
1.9
2.2
2.3
19.9
8.6
10.9
11.5
8.1
FY12
FY13E
FY14E
FY15E
ReturnonInvestedcapital(%)
Cash&bank
16,780
4,881
5,028
2,830
RoIC/Costofcapital(x)
Debtors
23,107
27,266
27,317
28,011
RoICCostofcapital(%)
Inventory
18,634
20,230
19,806
20,325
Returnoncapitalemployed(%)
9.4
6.6
7.8
8,555
8,555
8,555
8,555
Costofcapital(%)
9.2
9.1
9.0
8.9
67,076
60,932
60,706
59,722
RoCECostofcapital(%)
0.3
(2.6)
(1.2)
(0.8)
6,097
6,097
Loans&advances
Totalcurrentassets
Investments
6,097
6,097
Assetturnover(x)
2.5
2.3
1.9
2.0
Grossfixedassets
100,211 105,703 113,593
118,777
Sales/Totalassets(x)
0.8
0.8
0.8
0.9
Less:Depreciation
56,267
61,788
67,245
72,802
Sales/NetFA(x)
2.9
3.0
3.0
3.0
Add:CapitalWIP
5,492
7,890
5,184
5,921
Workingcapital/Sales(x)
0.1
0.2
0.2
0.2
Netfixedassets
49,436
51,805
51,532
51,896
Receivabledays
61.8
65.0
65.0
65.0
65,594
63,587
63,587
63,587
Inventorydays
49.8
48.2
47.1
47.2
189,546 183,765 183,266
182,645
Payabledays
46.6
50.0
50.0
50.0
Currentratio(x)
1.6
2.1
2.1
2.0
Noncurrentassets
Totalassets
Currentliabilities
42,943
29,002
28,722
29,301
Quickratio(x)
1.1
1.4
1.4
1.3
Provisions
15,439
12,962
13,190
13,422
Interestcover(x)
3.9
2.3
2.9
3.6
Totalcurrentliabilities
58,382
41,964
41,913
42,723
Dividendcover(x)
3.3
3.4
3.2
3.1
Noncurrentliabilities
64,131
69,351
62,357
53,407
PER(x)
10.8
11.5
10.1
9.1
122,513 111,314 104,270
96,130
Price/Book(x)
1.3
1.2
1.1
1.0
EV/EBIT(x)
6.4
8.2
6.7
6.2
Totalliabilities
Paidupcapital
2,548
2,548
2,548
2,548
Reserves&surplus
61,632
66,596
72,344
79,064
EV/NOPLAT(x)
7.6
10.1
7.9
7.5
Shareholdersequity
68,661
74,572
81,231
87,951
EV/CE
0.9
1.0
0.9
0.9
189,546 183,765 183,266
182,645
Totalequity&liabilities
Source:Company,PhillipCapitalIndiaResearchEstimates
6of9
RecommendationHistory
Recommendation
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
7of9
Target,Rs
CMP,Rs
385
400
428
400
450
375
340
287
355
307
363
351
390
349
305
258
Date
11/02/13
01/06/12
14/02/12
28/01/11
01/11/10
5/8/2010
2/2/2010
14/09/09
Management
VineetBhatnagar(ManagingDirector)
SajidKhalid(HeadInstitutionalEquities)
JigneshShah(HeadEquityDerivatives)
(9122)23002999
(9122)66679972
(9122)66679735
Research
Automobiles,ITServices
DeepakJain
NehaGarg
VarunVijayan
Banking,NBFCs
ManishAgarwalla
SachitMotwani,FRM
Consumer,Media,Telecom
NaveenKulkarni,CFA,FRM
EnnetteFernandes
VivekanandSubbaraman
Cement
VaibhavAgarwal
(9122)66679758
(9122)66679996
(9122)66679992
(9122)66679962
(9122)66679953
(9122)66679947
(9122)66679764
(9122)66679766
(9122)66679967
Economics
AnjaliVerma
Engineering,CapitalGoods
AnkurSharma
JisharThoombath
Metals
DhawalDoshi
DharmeshShah
Infrastructure
VibhorSinghal
RaheelArathodi
Oil&Gas,Fertiliser
GauriAnand
SaurabhRathi
(9122)66679943
(9122)66679951
SunilKamath(SalesTrader)
ChetanSavla(SalesTrader)
RajeshAshar(SalesTrader)
(9122)66679747
(9122)66679745
(9122)66679746
(9122)66679969
(9122)66679759
(9122)66679986
(9122)66679769
(9122)66679974
(9122)66679949
(9122)66679768
Retail,RealEstate
AbhishekRanganathan,CFA
NehaGarg
Midcaps
KapilBagaria
RaheelArathodi
Technicals&Quant
NeppolianPillai
ShikhaKhurana
Sr.ManagerEquitiesSupport
RosieFerns
(9122)66679952
(9122)66679996
(9122)66679965
(9122)66679768
(9122)66679989
(9122)66679948
(9122)66679971
Sales&Distribution
KinshukTiwari
PawanKakumanu
ShubhangiAgrawal
DipeshSohani
(9122)66679946
(9122)66679934
(9122)66679964
(9122)66679756
MayurShah(Execution)
GurudattUchil(Execution)
(9122)66679945
(9122)66679750
SINGAPORE
PhillipSecuritiesPteLtd
250NorthBridgeRoad,#0600RafflesCityTower,
Singapore179101
Tel:(65)65336001Fax:(65)65353834
www.phillip.com.sg
ContactInformation(RegionalMemberCompanies)
MALAYSIA
PhillipCapitalManagementSdnBhd
B36BlockBLevel3,MeganAvenueII,
No.12,JalanYapKwanSeng,50450KualaLumpur
Tel(60)321628841Fax(60)321665099
www.poems.com.my
HONGKONG
PhillipSecurities(HK)Ltd
11/FUnitedCentre95QueenswayHongKong
Tel(852)22776600Fax:(852)28685307
www.phillip.com.hk
JAPAN
PhillipSecuritiesJapan,Ltd
42NihonbashiKabutocho,Chuoku
Tokyo1030026
Tel:(81)336662101Fax:(81)336640141
www.phillip.co.jp
INDONESIA
PTPhillipSecuritiesIndonesia
ANZTowerLevel23B,JlJendSudirmanKav33A,
Jakarta10220,Indonesia
Tel(62)2157900800Fax:(62)2157900809
www.phillip.co.id
CHINA
PhillipFinancialAdvisory(Shanghai)Co.Ltd.
No550YanAnEastRoad,OceanTowerUnit2318
Shanghai200001
Tel(86)2151699200Fax:(86)2163512940
www.phillip.com.cn
THAILAND
PhillipSecurities(Thailand)PublicCo.Ltd.
15thFloor,VorawatBuilding,849SilomRoad,
Silom,Bangrak,Bangkok10500Thailand
Tel(66)222680999Fax:(66)222680921
www.phillip.co.th
FRANCE
King&ShaxsonCapitalLtd.
3rdFloor,35RuedelaBienfaisance
75008ParisFrance
Tel(33)145633100Fax:(33)145636017
www.kingandshaxson.com
UNITEDKINGDOM
King&ShaxsonLtd.
6thFloor,CandlewickHouse,120CannonStreet
London,EC4N6AS
Tel(44)2079295300Fax:(44)2072836835
www.kingandshaxson.com
UNITEDSTATES
PhillipFuturesInc.
141WJacksonBlvdSte3050
TheChicagoBoardofTradeBuilding
Chicago,IL60604USA
Tel(1)3123569000Fax:(1)3123569005
AUSTRALIA
PhillipCapitalAustralia
Level37,530CollinsStreet
Melbourne,Victoria3000,Australia
Tel:(61)396298380Fax:(61)396148309
www.phillipcapital.com.au
SRILANKA
AshaPhillipSecuritiesLimited
Level4,MillenniumHouse,46/58NavamMawatha,
Colombo2,SriLanka
Tel:(94)112429100Fax:(94)112429199
www.ashaphillip.net/home.htm
INDIA
PhillipCapital(India)PrivateLimited
No.1,CBlock,2ndFloor,ModernCenter,JacobCircle,K.K.Marg,MahalaxmiMumbai400011
Tel:(9122)23002999Fax:(9122)66679955www.phillipcapital.in
8of9
DisclosuresandDisclaimers
PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives and Private Client Group. This
reporthasbeenpreparedbyInstitutionalEquitiesGroup.Theviewsandopinionsexpressedinthisdocumentmayormaynotmatchormaybecontraryattimes
withtheviews,estimates,rating,targetpriceoftheotherequityresearchgroupsofPhillipCapital(India)Pvt.Ltd.
ThisreportisissuedbyPhillipCapital(India)Pvt.Ltd.whichisregulatedbySEBI.PhillipCapital(India)Pvt.Ltd.isasubsidiaryofPhillip(Mauritius)Pvt.Ltd.References
to"PCIPL"inthisreportshallmeanPhillipCapital(India)Pvt.Ltdunlessotherwisestated.ThisreportispreparedanddistributedbyPCIPLforinformationpurposes
onlyandneithertheinformationcontainedhereinnoranyopinionexpressedshouldbeconstruedordeemedtobeconstruedassolicitationorasofferingadvicefor
thepurposesofthepurchaseorsaleofanysecurity,investmentorderivatives.TheinformationandopinionscontainedintheReportwereconsideredbyPCIPLtobe
validwhenpublished.ThereportalsocontainsinformationprovidedtoPCIPLbythirdparties.Thesourceofsuchinformationwillusuallybedisclosedinthereport.
WhilstPCIPLhastakenallreasonablestepstoensurethatthisinformationiscorrect,PCIPLdoesnotofferanywarrantyastotheaccuracyorcompletenessofsuch
information.AnypersonplacingrelianceonthereporttoundertaketradingdoessoentirelyathisorherownriskandPCIPLdoesnotacceptanyliabilityasaresult.
Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily an indication to future
performance.
Thisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificpersonwhomayreceivethisreport.
Investorsmustundertakeindependentanalysiswiththeirownlegal,taxandfinancialadvisorsandreachtheirownregardingtheappropriatenessofinvestinginany
securitiesorinvestmentstrategiesdiscussedorrecommendedinthisreportandshouldunderstandthatstatementsregardingfutureprospectsmaynotberealized.
InnocircumstancesitbeusedorconsideredasanoffertosellorasolicitationofanyoffertobuyorselltheSecuritiesmentionedinit.Theinformationcontainedin
theresearchreportsmayhavebeentakenfromtradeandstatisticalservicesandothersources,whichwebelievearereliable.PhillipCapital(India)Pvt.Ltd.oranyof
its group/associate/affiliate companies do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions
expressedreflectjudgmentsatthisdateandaresubjecttochangewithoutnotice
Important:Thesedisclosuresanddisclaimersmustbereadinconjunctionwiththeresearchreportofwhichitformspart.Receiptanduseoftheresearchreportis
subjecttoallaspectsofthesedisclosuresanddisclaimers.Additionalinformationabouttheissuersandsecuritiesdiscussedinthisresearchreportisavailableon
request.
Certifications: The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the
researchanalystspersonalviewsaboutallofthesubjectissuersand/orsecurities,thattheanalysthavenoknownconflictofinterestandnopartoftheresearch
analysts compensationwas,isorwill be,directly orindirectly,relatedtothe specific views orrecommendationscontainedinthis researchreport.TheResearch
Analystcertifiesthathe/sheorhis/herfamilymembersdoesnotownthestock(s)coveredinthisresearchreport.
Independence:PhillipCapital(India)Pvt.Ltd.hasnothadaninvestmentbankingrelationshipwith,andhasnotreceivedanycompensationforinvestmentbanking
servicesfrom,thesubjectissuersinthepasttwelve(12)months,andPhillipCapital(India)Pvt.Ltddoesnotanticipatereceivingorintendtoseekcompensationfor
investmentbankingservicesfromthesubjectissuersinthenextthree(3)months.PhillipCapital(India)Pvt.Ltdisnotamarketmakerinthesecuritiesmentionedin
thisresearchreport,althoughitoritsaffiliatesmayholdeitherlongorshortpositionsinsuchsecurities.PhillipCapital(India)Pvt.Ltddoesnotholdmorethan1%of
thesharesofthecompany(ies)coveredinthisreport.
SuitabilityandRisks:Thisresearchreportisforinformationalpurposesonlyandisnottailoredtothespecificinvestmentobjectives,financialsituationorparticular
requirementsofanyindividualrecipienthereof.Certainsecuritiesmaygiverisetosubstantialrisksandmaynotbesuitableforcertaininvestors.Eachinvestormust
makeitsowndeterminationastotheappropriatenessofanysecuritiesreferredtointhisresearchreportbaseduponthelegal,taxandaccountingconsiderations
applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be
positivelyoradverselyaffectedbychangesinforeignexchangeorinterestrates,aswellasbyotherfinancial,economicorpoliticalfactors.Pastperformanceisnot
necessarilyindicativeoffutureperformanceorresults.
Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be
reliable, but neither PCIPL northe research analystrepresents or guarantees that the information contained herein is accurate or complete and it should not be
relieduponassuch.Opinionsexpressedhereinarecurrentopinionsasofthedateappearingonthismaterialandaresubjecttochangewithoutnotice.Furthermore,
PCIPLisundernoobligationtoupdateorkeeptheinformationcurrent.
Copyright:ThecopyrightinthisresearchreportbelongsexclusivelytoPCIPL.Allrightsarereserved.Anyunauthorizeduseordisclosureisprohibited.Noreprintingor
reproduction,inwholeorinpart,ispermittedwithoutthePCIPLspriorconsent,exceptthatarecipientmayreprintitforinternalcirculationonlyandonlyifitis
reprintedinitsentirety.
Caution: Riskoflossin tradingin canbe substantial.You should carefully consider whethertradingisappropriate foryouinlightofyourexperience,objectives,
financialresourcesandotherrelevantcircumstances.
PhillipCapital(India)Pvt.Ltd.
2ndFloor,CBlock,ModernCentre,Mahalaxmi,Mumbai400011
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3,290 13,615 16,483

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100,211 105,703 113,593

189,546 183,765 183,266

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189,546 183,765 183,266

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