Arun Mukherjee

Full Name Stock1 Thesis Duration and Target

Vinit Bolinjkar Sanghi Industries Low cost cement producer in a cement deficit state with faster volume n price growth vis a vis 140
industry. Adequate lignite supply and sea transportation to keep power and freight costs under
check.
Ashok Sarda Biocon The company owns 73pc in syngene. Thus the market cap excluding Syngene valuation is quite 3 years
reasonable considering IP of biosimilar pipeline they have built over last 10/12 years.
Malaysian facility will generate good revenues next year onwards. The chairman s comment of
doing 1 billion USD in 18/19 Indicates 70 pc growth in sales which will generate 40 pc growth in
profits next year. The company is going through learning phase of compliance to US,
European & Japanese regulators. Once it corrects the observations made by them it will be able
to export to these markets and other markets easily. Partnership with Mylan for marketing will
help both in compliance and marketing.

Vinay Pandit Rajratan Global Wires Thailand business to 4x in net 5 years. Margin trajectory to change to 16-18% vs 13-14%. Target Rs 2000 over next 18 months
Strong mgmt profile. Oligopoly market similar to AIA engineering.
CA Jetha Punjabi Dish TV Established Player, Potential synergies from Videocon D2H, Stock has corrected recently and CMP Rs 75. Target 15 Mths at Rs 105
hence less downside, Improving ARPU
ajay kumar Rain Industries one of the largest producer of calcined petroleum coke (CPC) and coal tar pitch (CTP)in the have invested last year and plan to hold
world, both used in Aluminium industry, so fortunes linked to the industry..what is working for atleast for 18-24 months or till the cycle
him: quite a polluting industry so developed mkt has stopped producing more actually lot of starts turning
them reducing capacity. China due to its environmental production also reducing supply..so in a
sweet spot with suply reducing and demand increasing, debt overhang has been sorted to a
large extent, valuation: still quite cheap even though has run up a lot, risk: mgmt a bad capital
allocator

Alok Nangalis Indiabulls Real Estate Last year ibreal increased stake in IPIT (indiabulls properties investment trust) to 51 odd % 2 years, 700 + from cmp 230
listed at sgx exchange, as per the norms ibreal came up with open offer for the rest.

IPIT has unrealised property sales of Rs. 25000 cr which will now be coming into the books of
ibreal, due to which the profits of ibreal might increase 4-5x in the next 2 fy.

The promoters have increased their stake and then sold some in last couple of quarters, few
funds have purchased good qty shares in last month around 235 levels, even RJ had bot 50
lakh shares around 49 odd levels (not sure whether he is still holding)

The quality of management has been always in question though.

I feel there is still much more upside left in ibreal considering the above factors.

Hemant Shah City Union Bank Benefit from lower NPA under new Ind AS compared to peers. NIM one of the best around 4%. 2 years and Rs 250
Focus on CASA will increase NIM further. other fee income focus through Bancaassurance.
Adequate Capital Adequacy..LCR and Leverage. Simple product offering. Diversified Sectors of
Advances. Low Concentration on deposits. Digitisation where ever required. Steady growth of
branches though there is Concentration in TN state.

Mihir jhaveri Lumax auto tech Beneficiary of bs vi Double in 2 years

Nipun Goel Sintex Plastics The company recently split into two companies. Sintex plastics has 70-80 percent of the 1 year
revenues and all the subsidiary businesses under it are bound to grow manifold. The stock at
CMP clearly has the potential to give 30-40 percent return by next Diwali.
Arvind Gupta Apollo tyre Rubber prices, expansion plan and anti dumping duty to benefit Apollo tyre. 18 months
Sanjay Manyal Apex frozen foods One of the best export stories. Into the shrimp export almost entirely to US. It's peers like Avanti 15 months.
has seen more than 25% cagr sales growth in last five years. The company has 20% indiginous
shrimes farming. Risk - export subsidy of 6%. If govt decides to withdraw it then the margins
would be impacted negatively. Valuation wise trading at 15x fy19 earnings. Strong buy. Target:
500 in next 12-15 months.

Shuvam Sinha Prima plastics Doing well in all 3 geographies. Business should start picking up soon. Current price provides 2-3 years
good entry point as stock has corrected from 315 to 220.
Vivek Mittal Dish Tv comapny is on the path of recovery from losses and expected to deliver profit again from here 6-12 months. target is 100
on. q2 will be a fantastic qtr and Arpu will cross Rs 160 and debt reduction exercise will start
again. last phase of digitisation is expected to complete by next year which will benefit the
company.
parin savla Hi tech pipes ltd Good expansion in place Sky is the limit.
Jagadesh Agro Tech Foods Ltd (ATFL) ATFL is building a platform to launch a vast portfolio of food products, both proprietary and from 2 years
ConAgras portfolio which could grow revenues and margins substantially going forward.
Company has spent around Rs. 150 Cr as capex over the past 5-6 years to set up new plants
for the foods business, where the company is firmly on track to achieve the target of increasing
the share of food business in sales to 50% in coming years. As major investment phase is over,
companys growth is expected to gather pace in the near term with at least two new product
launches every year. Company is currently focusing on growing distribution and launching
additional products with negligible advertising spends, strategically invested in building
distribution and back-end capabilities before embarking on aggressive product launches and
advertising campaigns. Besides focusing on Western snacks, the company made selective
entry into Indian snacks category with Sundrop Peanuts and is now planning to expand this
product range so as to take advantage of the rapidly growing Snacks market in India. While
company is expecting to maintain flattish growth in edible oil segment, its food business is
expected to witness increased traction and drive its future growth.

Jignesh Shah Tata global beverages Focusing on improving capital efficiency, changing leadership of Tata grp, Pl refer to slides 1 to 3 yrs
7/8/9 of last put on bseindia.Com
Priyank Ril Jio 3-5 years
Mayur Sampat Premier explosive Manufacturer of fuel for rockets, price not going below 325 at 425 levels, big demand Multibaggers stock hold forget
Amit Mehta Piramal Enterprises Excellent promoter, good capital allocation, strong growth in Financials segment. Demerger Stick for long term. Should consistently
story. give more than 30% return
Siddhesh Mhatre Prataap Snacks Ltd (PSL) PSL is the among the fastest growing organized snacks food company Duration 3 years, Target INR 2000
in India with highest increase in market share over 2010 to 2016. Its market share increased by
3% when compared to the likes of Balaji wafers (2%), which is yet another fast growing
company in the market, ITC (2%), Parle foods (0%), Haldirams (-1%), Pepsico (-4%). Sales
CAGR growth of 27% in the last 4 years implants confidence in the company's ability to drive
growth. However, volatility in margins and limited pricing power at INR 5 price point (80% of
sales) is a concern for the company. The company has undertaken various measures like bulk
buying, reduction in grammage and forward contract in Palm oil which will reduce volatility going
ahead. Capacity expansion in Indore and Guwahati, INR1bn marketing and brand-building
spend over FY18-20, increased focus on South India and entry into new segments like
multigrain snacks and chocolate-based confectionary will lead to high growth in sales going
ahead. We believe high sales growth and operating leverage to play out resulting in margin
expansion of ~10% (currently ~4.5%) (DFM Margin ~9.7% and Tasty Bite ~15.3%) which can
result in sharp increase in profitability and improvement in ROE (PSL 4.2%, DFM 21.7% and
Tasty Bite 31.1%) going ahead. However execution of the same will remain a key investment
risk. At the upper price band of INR 938, the issue will be priced at TTM P/E of 218x but a P/S
of 2.4x (3.9x for DFM and 5.7x for Tasty Bites).

sunil agarwal Indiabulls Ventures Consumer business story. 1-2 years, 600+
Niraj Agarwalla JSPL Valuations are cheap. Company reported continuing cash generation and some reduction in 1 year
debt during FY17. Increase in utilization and margins and reducing capex will lead to better debt
servicing ability. JSPLs EBITDA and cash flows have improved driven by increase in steel
prices and volumes. However full recovery is still some time away as volume ramp up and
demand conditions for power and steel improve. Target of Rs 200/share

SANJEEV HOTA COSMO FILMS Will benefit from capacity expansion and also incremental contribution from value added I expect a return of close to 50% from
products , likely to contribute close 70% in next three years will keep the margins less current levels in next 15-18 months.
vulnerable to change in RM cost. Stock is trading at around less than 5x FY20 EPS on a
conservative basis.
Deepak Poddar Edelweiss Strong scalability possible for its NBFC Business which will drive strong growth for the company Rs 400 in 1 year
for next 3-5 years. In addition, huge housing finance opportunities also bodes well for the
company on which they are focusing.
Sagar Sanghvi Infosys Buy Back @ Rs 1050 would pull the stock near 1023. 2 months
Sudhir Padiyar Superhouse Industries Superhouse Ltd is a fully integrated Leather product company One of the largest The stock could be a doubler (or more)
manufacturers and exporters of mens shoes, ladies footwear, leather garments etc, in Formal, over the next 2-3 years
Fashion, Sports, Safety segments It is one of the larget manufacturers of leather
accessories in India; belts, bags, purse, etc.. Leather Apparel, High quality Socks, Fashion
apparel, Safety and Riding products. It is the worlds number one unit in manufacturing of
breeches, riding boots and riding products. It owns brands like Allen Cooper, Double Duty,
Himalayan ~84% of its revenues are contributed by exports - of which 70% to European
countries, 20% USA and 10% domestic Historically, the company had a fairly decent
revenue run rate (Rs 825 crores in FY15) as well as PAT runrate (Rs 37 crores in FY15)
Overall depressed condition of the international markets, over the last 2 years, exert pressure
on not only revenues but also margins. (Revenues of Rs. 680 crores and PAT of Rs. 8.60 crores
in FY17) These, in my opinion, seem to be bottoming out in the near future. Not only this,
domestic newsflows impacting consumption (demon, GST) also seem to be behind us.
While currency depreciation over the last couple of weeks should sentimentally augur well for
exporters, strategically the company has initiated expansions in USA, Latin America and
Russia. These efforts, initiated over the last 1.5 years should start yielding dividends in the near
future The capex (~Rs 100 crs) done over the last 4 years gives sufficient headroom for
the company to benefit from operating leverage that may result from any expansion in
revenues. Incremental capex (for the next 2-3 years) restricted to mere mantainence capex.
The new generation, who took education in UK, are already in the business. Zafar Amin, the
elder son is looking after production and operations, younger one (started last year) is focused
on domestic business expansion Currently it has 32 owned and franchise stores
(Revenue 66 crores in 2017) which is expected to grow @40-50% CAGR in the future. In
fact Company has started focusing on domestic side 3 years back and now it had aggressive
plans. Strong cash flow from operations - Rs 59 crores of CFO in FY17 Not much
leverage; with the Long-term debt @~ Rs. 41 crores, while the short term debt stands at ~Rs.
158 crores The regular theme which applies to most domestic consumption themes in
India - Post GST, companies may benefit from a shift from the unorganized sector applies to
this company as well, as 80% of leather production in India is estimated from the unorganized
sector With a pullback in revenues this year onwards, one can assume a PAT of Rs. 15-18
crores in FY18 and then back to its earlier PAT run rate of Rs. 30 crores in FY19 Recovery in
international markets, a pull back in currency, strategic expansion in newer geographies, focus
on building up revenue contribution from domestic sales as well etc make this story quite
interesting. * With several other consumption stories like Bata, Mirza, Liberty etc, trading at
1.5-3. 5times of sales, Superhouse looks attractive @0.30Xsales, making it a strong investment
case.
Sudipto L&T It is an ever enhancing Idea and will grow in value as long as India progresses. 10 years
Aditya Tantia Rain Ind Acquisitions made by company has been turned around and debts being repaid from profits of 350 to 400 in 12 to 18 months
companies acquired. Second largest producer of CPC and CPT chemical in the world. Price of
CPC has more than doubled in last 1 year. This chemical has not turned from buyers market to
sellers market. Aluminium industry is major consumer of this chemical and price of aluminium
on upward territory. Potential US listing next year could be major trigger. Clean management
with focus on business. Although have been recommending this from Rs 50 onward , has high
potential of multibagger from here too
NALIN SHAH SONA KOYO STEERING Sona Koyo forms part of JTEKT Corporation Japan. JTEKT Corporation, Japan holds 6-8 Months and 140
SYSTEMS LTD leadership position in the manufacturing and sale of steering systems, driveline components,
bearings, Machine tools, electronic control devices and home accessory equipments. Sona
Koya is Indias largest manufacturer of steering systems and is the supplier of choice to major
auto manufacturers, supplying steering gears, columns and RPS assemblies to almost all Indian
passenger car and utility vehicle manufacturers.
JKEKT Corp pany has recently completed its open offer subsequent to which JKEKT Corp has
a controlling interest of 70.45%. We believe this acquisition by the world no.1 steering system
maker should enable Sona Koyo to encash on the growing automotive market in India and
substantially scale up the operations of the Indian company, its profitability and market cap.
In Q1FY2018 the companys topline grew 12% to Rs. 332 Crs (Rs. 298 Crs), whereas the
EBITDA grew by 21% to Rs. 32.5 Crs (Rs. 26.7 Crs) and PAT surged by 180% to Rs. 5.6 Crs
(Rs 2 Crs).

With its dominant position in the world market, strong financial resources, large management
bandwidth and state of
the art technology, JTEKT should be able to substantially improve its position in the Indian
market, which is becoming an auto hub of the world, with all worlds best known names like
Suzuki Corporation, Honda, VolksWagen,Mercedes group,Toyota Group, Renault present in
India, in addition to Indian automotive giants like
Tata Motors, Bajaj Auto, Mahindra & Mahindra, Ashok Leyland,Eicher Motors etc.

Sona probably was unable to service such large number of customers, number of new vehicle
launches due to its
own limitations and hence the performance of the company was subdued, inspite of large
opportunities. With JTEKT in the drivers seat, the company should be able to encash this large
opportunity in the Indian markets and probably may also service some of the adjacent Asian
markets from its India operations.

Vivek Agarwall Omkar specialty chemicals Company has shown decent growth in past and expected to continue so going forward. 1 yr
Promoter has infused 60 crs into company by selling his shares, to meet co requirements, which
will be converted into equity by means of rights issue soon. Debt is manageable at 152 CRS vs
ebitda of 60 crs. Further it has a 10% stake in lasa supergenerics, worth about 40 CRS today. At
a ttm pe of almost 6x it is cheap and factors in all the negatives. Specialty chemicals is the next
pharma

Ankur Jubilant Foodworks 1. Slowdown of e-commerce food aggregators to arrest SSSG fall 1700 - 1800
2. Menu revisions, discontinuation of discounts And store rationalization to help margins
3. Discontinuation of McD in north India may be near term tailwind
Rajiv mehra Apar Industries Leader in conductor and transformer oil business with market share of 23% and 45%. It is Target 1400-1500 (100% upside) in 3
moving up the value chain with higher efficiency products leading to better margins. Strong years
balance sheet with decent ROE's and expected to grow at 15% CAGR for the next few years.

Rajiv mehra Apar Industries Leader in conductor and transformer oil business with market share of 23% and 45%. It is Target 1400-1500 (100% upside) in 3
moving up the value chain with higher efficiency products leading to better margins. Strong years
balance sheet with decent ROE's and expected to grow at 15% CAGR for the next few years.

Jinesh Sarat HCC Its a contra pick. Things have been improving giving reasonable visibility on its turnaround. In Long Term Play (3-5 yrs), TP - 55 (in 2
Sheth FY'17 became the first company to successfully complete S4A (50% of its standalone debt years)
converted to equity), Working capital stretched because of significant claims which is getting
released due to the push from Niti Aayog and CCEA. Claims of around 2,406 cr have been
awarded, only 839 collected. Further claims of around 5762 cr is in arbitration process, where
judgement would be spread over couple of years. Lavasa had been a standstill for quite a few
years now. However, the recent agreement by the lenders to invoke RBIs strategic debt
restructuring (SDR) norms to convert part of their 5,100 cr loans into equity could be a major
trigger, this might lead to loosing of majority stake in Lavasa leading to deconsolidation under
INDAS which would make the balance sheet leaner. They have been focusing on managing
working capital, which is the key in this business. Also the performance of its Swiss subsidiary
Steiner has been improving. An OB of 23,000 cr (Inc.L1) (5.5x standalone revenue) provides
good visibility. At a MCap of 3,376 cr, it is trading at 7x FY19e EV/EBITDA, 20x P/E, 0.9x EV/S
& 1.2x P/B, looks reasonably valued. But it is to be noted that it is a patience play and is in
middle of turnaround which may get delayed or disrupted in case it is not able to recover claims
or Lavasa restructuring doesnot fall in place and govt. projects awards slows down, additionally
infrastructure has not been a fancied sector amongst investors hence appreciation would not
come in anticipation of turnaround but once actually numbers start flowing in. So its a patience
game.

Dhimant Mehta Honeywell automation Very well placed in its business segment. Monopoly in its business services. Very well growth My target is RS 25000 for next Diwali.
potential.
Good CAGR. Most of fundamental ratios are excellent.

Technically also in strong momentum.

Vijayaraghavan Sun TV TN digitisation to gather pace plus recovery in ad revenues should lead to strong margins. 18 months
Discount to Zee should narrow on multiples.
Dipesh Mehta Infosys The stock currently trades at ~6% FCF yield. Clarity on CEO, buyback+dividend yield (closer to 12-24 months
double digit in FY18) and stability in performance would drive valuations higher. Near term
uncertainty about management changes and growth/margin uncertainties likely to get over in
nexthe couple of quarters.
Saday Sinha Bharat Electronics BEL has strong order pipeline (4.5x FY17 revenue). Next 2-3 Yrs
Present govt focus on make in India as our import component is very high (60%). We import
almost 13% of global arms import.
BEL is better placed with unmatched infra facilities. Their R&D exp has gone up - 10% of sales
in FY17 vs only 4% in FY09.
They have 9 mfging facilities and developed 15 pdts last yr. Not only this their 87% of FY17 rev
came from indigenous developed pdts.
Valuation: reasonable given sustainable order inflows, LT earnings potential n improvement in
the return ratios.
22x Fy 19 earnings
14-15x Ev/Ebitda with healthy return ratios (RoE: 20%, RoCE: 22-23%)
Mkt cap is 40000 cr. There could be drop in margin to 19% as they r having more n more
integrated projects but Ebitda is likely to grow at 15% cagr during next 2 yrs.
Ajay M Sumeet Industries Limited 1. Micro cap company having presence in textile sector. 1 year and target price is 60
2. Company has been posting good profit growth in the recent times
3. Deeply undervalued - currently trades at 5x PE while other textile players are trading at
around 10x.
4. Planning to come up with rights issue to put up power plant to save power cost and improve
its margins further.

Mohan lal KWALITY LTD. It is available at attractive price, just because of bad news which can't be correct. 3 year Target Rs 250.
Tejwani
Manoj singla Mayur uniquoter This is a pvc leather company making car seats and other products. After a difficult time, things 1 year holding period. Target 600 from
are looking up for the company with good order book. Further mngt is bidding for a new 381 currently
Mercedes contract and hopes to win it next yr. This should lead to acceleration in growth and
rerating. Stock has not done anything in this mkt and relatively cheap.
Rizwan Ahmed East India Hotel (EIHOTEL) 1) Improving demand-supply dynamics - likely to improve occupancy and ARR Duration - 18 months, CMP 135, &
Khan 2) Improving margin thanks to cost rationalization Target - 225
3) Robust expansion plan to propel steady growth
4) Technical parameters in place to support the fundamental view

(Disclaimer - I have it in my personal portfolio)

Mohan lal HSIL Ltd P/E, P/B are quite reasonable. Hindware a established brand in sanitary ware. Good market 3 years Target 1000
Tejwani share. Growth is good. Future growth plan and CPVC pipes manufacture plan encouraging.
Bhaskar Future Retail Good play on retail and move from unorganised to organised. 15 mn sq ft of area which is the 3 times. 3 years.
Bukrediwala largest in India. Rev per sq ft expected to increase from 14000 per sq ft to 20000 per sq ft in 3
years. As that happens, there is a high op leverage play thats there. With rev per sq ft moving
up, can deliver ebitda of 3500-4000 cr in fy 20. Dmart is at 30000 rev per sq ft. So can it not go
to 20000, why not, specially with economy uptick, gst and mgt focus on profitability. Valuation of
20x on ebitda takes it to mcap of 80000 cr.

Prashant Goel Orient hotels Stock recently touched its all time high level of 48 levels in may 17 by trvling 19 weeks of time 5-6 weeks
from 20 levels. And again reach in correction phase and make the low of 32 levels in august
2017. Currently stock trade at 40 levels and i expect atleast 10-12% upward movemnt
remaining to reach at 80% retracement.
Payal Goenka Graphite India Oligopoly market... shortage of graphite electrodes due to China closed down its unit to clamp 2 years
down on pollution story to a be there for next two years
Anupam Misra CCCL CCCL is a hyderabad based EPC company with strong credentials. The stock has been beaten 2 Year, 172%, Return, Target - INR
down over the past 3-4 yrs due to liquidity issues, industry slowdown and high leverage. The 14/sh
company is in the process of finalising a package for conversion of debt into equity and other
instruments. Further, the order book of INR 900 Cr and room for future orders with a unused
300 Cr NFB limits which shall help the company achieve future orders. The company is in
discussions with equity investors to acquire upto 150 Cr to ease WC position. Presently, the
company has submitted bids for iNR 1700 Cr + additional 3000 Cr orders in pipeline. The
management is ex L&T and are ex technocrats, very high reputation and are looking to make a
comeback. With the turnaround and INR 1000 Cr Revenue/100 Cr EBITDA the company can be
valued at 8-10x i.e. 1000 Cr EV, less 450 Cr WC = 550 Cr Eq Value i.e. Sh Price - INR 14/sh

Asutosh Kumar Indiabull Housing Finance Loan book growth cagr will remain at ~25% along with improved funding scenario for the 5 years
Mishra company. Further, opex will continue to come trend down. As a result profitability will continue to
grow at strong pace. Hence we see the company as one of the best play in HFC segment.

AMITAVA Avantel Ltd The company is having specialisation in integrating technologies related to wireless front 3 yrs, and target of Rs. 800
CHATTERJEE end,Satellite communication,Embedded systems, signal processing and Network management
by enabling universal access to knowledge.They have been granted industrial license for design
and manufacture of EW,Radar and Satcom system. They have also a recipient of Patent
Certificate for Integrated Ultra high frequency system for Voice and Data communication to work
with Indian Satellite.This unique features have enabled them to have a rich and long clientele of
Indian army,Indian navy,Indian railways,Boeing,ISRO,DRDO,Indian coast guard,Larsen &
Toubro,Griffon Hoverwork etc.,to name a few.
This virtually debt.free company has a market capital of 92 Crores and the projects awarded by
this tech. savvy govt.it is bound to show its mettle.

Mihir Ajmera IDFC ltd Valuation low on account of high Hold co discount >50%. Hold co discount to reduce as IDFC 2 years. Tgt 120
bank's performance improves. IDFC MF value >4000cr. IDFC Ltd SOTP fair value > current M
Cap and any deal with Shriram closer to FV should provide some upside while downside seems
limited.
Ashok Lodha Uflex Ltd UFLEX Ltd is the largest flexible packaging company in India and emerging player in the global Duration: 1.5 -2 years tgt : 900
market. It is also the most integrated company to have presence in all verticals of flexible
packaging value chain.
Company has world class manufacturing facilities World class manufacturing facilities of
packaging films in India, Dubai, Mexico, Egypt, Poland and USA (Current Capacity 337,000
TPA) and of packaging products at multiple locations in India (Current Capacity- 90,000 TPA),
which ensures reliability of quality and assured timely delivery.
Presently the Indian Aseptic Liquid Packaging Market is growing @17-18% per annum and the
market is expected to double up in the next five years to approximately 20 billion packs per
annum.
Apart from TetraPak, Uflex will be the second player in the segment in India. - a natural
beneficiary.
Of the 7 billion pack capacity plant, 50% (3.5 billion) has been commissioned. In FY18, the
company expects to produce 1.5 billion packs, while 100% utilization (3.5 billion) is expected to
be achieved next year.
Also, the other half (3.5 billion) is expected to be commissioned in 2019 and the company
expects to produce 7 billion packs by FY20.

Key Drivers
Aseptic Packaging to drive future growth
Change in product mix
Volume recovery in FMCG to drive growth
Higher utilization and better product mix
Diversified product mix negates rely on fewer products

Yash Golechha Simplex casting Turnaround story company has change focus from low margin business to high margin 250 in two years
business hope for a great move. Disclosure I am holding same
Rakesh Roy Skipper Ltd Healthy transmission order book and promising Domestic outlook in the transmission 12 Month, Traget- 300
segment

Strategic location and backward integration in the tower segment, an edge over Peers

PVC Products from regional to national player with strong focus on diversified product
portfolio

De-risking region centric concentration via growing export book

Company to grow its EPC business on selective basis

Laxmikant Kabra Pudumjee Paper Products Ltd.
Pudumjee Paper Products Ltd. Is India's leadimg producer of paper products and Hygiene 1 year with a price target of double i.e.
Products. Paper product division is Pioneering with a humble beginning through offering 64
specialty paper products like Glassine and Greaseproof Papers for packaging applications, the
company has grown over the years to expand the products offering through range of special
papers and soft tissues. Today, the company is proud to have an installed capacity of over
60,000 Tonnes per annum (TPA) that represents a full range of high quality specialty paper
manufacturing in the country from a single location.

Company is engaged in manufacturing and marketing of series of hygiene products being used
in day to day life style. Company also provides hygiene solutions for Railways, airports, hotels,
catering, hospitals, offices etc.

Company achieved sales turnover of over 500 cr and PAT of 20 cr. Expected CAGR is 10 to
15% in next 3 years.

Siddhartha Asian Granito It is among the top four ceramic tile brands in India with country wide distribution network. 1 year, Target Rs625
Khemka Strong network of 5,300 dealers. Exports its products across 53 countries. Domestic:Export Mix
is 94:6. Focus on changing the market segmentation to B2C. Currently mix of Institutional to
Retail is 65:35. The company is targeting a mix of 50:50. Asian Granito India looks to achieve
Rs. 2,000 crore turnover by 2020 as the company focusses on quartz stone and marble
segment. The company will focus on high value products, including glazed vitrified tiles (GVT),
digital ceramic tiles and marble and quartz.

Pramod k Suyog telematics Highly secured business, high ebita, high growth for next 3 years 3 years - 1000
Pushkaraj Ashok Leyland Technical Consolidation Breakout 1 year
Kanitkar
Karan Bagga IDFC LTd IDFC Ltd will be benifited the most with Sriram transport merger. December 17/ 100
Karan Bagga IDFC LTd IDFC Ltd will be benifited the most with Sriram transport merger. December 17/ 100
Vishal jajoo Saregama Product carvaan is doing extremely well. Company has taken recent price hike in the 650 by march 2018
product.Company can post eps of rs. 10 in fy18 compared to rs.4 in fy17
Soumya Malani JM Financial A diversified financial bet which will be a play on the capital market boom, the migration from 40-50% in a year with 7-8% allocation
physical savings to financial savings(Demo effect) and the shift from unorganised to the
organised players(Demo+Rera should result a huge shift from unorganised to organised realty
arena where JM is particularly strong with great asset quality). JM fits all the criteria perfectly.
JM is also well capitalized with no immediate fund infusion needs and the size of the NBFC is
expected to grow to around 18000crs, with the real estate lending book alone growing to about
12500-13000crs in the next 3-4 years.

ML Kumavat Kiri Industries Kiri Industries is highly undervalued. Currently its available at PE of 11 as against Industry PE of 6 months from now
20. At consolidated level its at 4.21 PE. Moreover, it has dispute with Dystar in which it has
37.5% stake. The court case is going on in Singapore to divest its stake in Dystar. As per that
the present worth of Dystar is around 11000 cr. Out of which, kiris share 37.57% = 4132 cr
approximately and likely to be changed according to the ruling rate of the US$. If at a
conservative valuation, Kiri gets half of the worth of Dystar then it will get 2000 Cr which is
almost double its present market cap. Once the case is settled it see value of Kiri to Rs 1200-
1500 level.

SAMEER Divis Laboratories Divis received environmental clearance for modernization of bulk drug unit at Chippada and Duration - 3 months, Target - 1050
Annavaram villages in Visakhapatnam. Company has a cash of 700cr with import alert being
removed for unit -2 Visakhapatnam plant the company will look for expanding the production
units
Jaspreet Singh Asahi Songwon Colors Asahi Songwon Colors (ASAH) is one of the leading organic Blue pigment company from Rs550 in one year.
Arora Gujarat, incorporated in 1990 and promoted by the Jaykrishna family. ASAH primarily
manufactures CPC Blue (70%) and Beta Blue pigment (30%) (products are primarily used in
ink, paint, plastics). With an aim to become global leader in blue pigment, and shift end user
basket from ink to paint & plastics (fast growing), in last 2 years, through its in-house R&D,
ASAH added high value specialty pigments like Beta15.4, Alpha15.0 & 15.1 in its product
portfolio. With an installed capacity of 12,700 tpa, its manufacturing plant is located at
Vadodara. It supplies products to global leaders of pigment and ink manufacturers and 70%
comes from revenue from export (largely from US, EU & Japan).

After a period of six to seven years, the in-house development of value-added variants of the
Blue family (Beta 15.4, Alpha15.0 & 15.1 pigments (used in paint & plastic) in FY17 enabled the
company to 1) move up its business from semi-commodity to specialty pigments 2) shift the
focus from low/mid-end market to a more specialised market 3) expand end-user industry
basket from ink to fast-growing paint & plastics 4) improve its margin profile. ASAH increasingly
focusing on products that have a niche, value-add and are eco-friendly.

Top 4 global leading pigment & ink manufacturers contributes 70% of ASAH total revenue
(FY16: 80%, aiming for 50% in next 2-3 years). To reduce client concentration, ASAH is
gradually adding new clients (it takes 1.5-2 years to acquire a new client). Revenue from new
client is expected to increase from the current 10% to >25% in next 2-3 years, and also with
new product launches, ASAH is expanding its end-user basket from ink to fast-growing paint &
plastics industry.

A minimal capex of Rs300mn in next 2 years for Debottlenecking of CPC blue and finished
pigment capacity, and emphasis on higher utilisation expected to fuel growth and margins &
RoCE to remain healthy.

We expect revenues/PAT to grow at a CAGR of 17/21% over FY17-20e, due to 1) launch of new
high-value products 2) de-bottlenecking of CPC blue and finished pigment capacity, 3)
expanding end-user basket from ink to paint & plastics 4) greater emphasis to increase
utilisation.
Samir Kapadia Kwality Ltd. - CMP - Rs. 100 Kwality Ltd is one of the largest private dairy company with 4.3 Mn liter capacity per day and Target of Rs. 255 or 2.5x or ~ 45% pa by
capacity utilization of ~ 75%, in the dairy industry which is valued at Rs. 6,671 Bn in FY16 and is FY20E
currently into very sweet spot and is expected to grow at a very healthy rate of 15% CAGR till
FY2020E to reach Rs. 11,543 crs. It already has its Presences in high producing states of
Rajasthan 11%, UP 18% and Haryana 5%, together which accounting for 34% of
countries milk production. Further company is currently shifting business model from B2B to
B2C which would enable it to reduce its working capital cycle and improve its margin going
forward. It has also expanded its capacity by 9 lac litres/day for value-added product categories
like Cheese, Paneer, UHT Milk, Flavoured Milk, Table Butter, amongst others, thereby taking the
total capacity to 4.3 Mn liters / day from 3.4 Mn liters per days. Mgmt. expects Sales growth of
7-10% over the next 3 years to reach a Revenue target of Rs. 9, 000 crs by FY20E while it
expects EBITDAM to improve gradually from 6.7% to 9% and PATM to improve from 2.7% to 4-
5% by FY20E. In terms of NWC Days, Mgmt. has guided for reduction going forward to 50-55
days by FY20E from current 98 days as on FY17.

In terms of peer comparison and valuation, Kwality Ltd, in spite of having similar margin profile
and RoE is considerably undervalued. Promoter holding is strong @ 64% + KMP holds ~
10.66%.

Akshay Sterlite Technologies World's 6th largest optical cable manufacturer with integrated solutions delivery platform. CMP 245 TP 350 in 1 year
Rakhecha Deploys FTTH (Fibre to the Home) networks and allows content providers/communication (Conservative)
players to plug in to FTTH and offer services to consumers. Sector enjoys strong Tail wind on
account of shift to 4G/5G rollout. Coy is also a major player in the smart city roll out. Solid order
book and strong entry barriers makes this a solid buy.

Jay Doshi Vinati Organics - Market leading position in the product categories, in which it operates Forever
- high margins with attractive returns ratios with low leverage
Avinnash Capri Global Capital CGCL caters to the capital needs of MSMEs through its SME & Retail Lending vertical by 12 to 18 months TP expected around
Gorakssakar offering them multiple products such as MSME business Loans, Working Capital Term Loans, Rs 175 (eqrlier recommended at Rs 82)
Term Loans Against Property Rentals and Term Loans for Purchase of Property.

CGCLs Construction Finance vertical offers construction funding to Real Estate Developers and
it provides multiple solutions in the structured credit space such as Project Funding, Acquisition
Financing, Structured Debt Financing, Receivables Discounting, Inventory Funding and
Advisory
Performance of the MSME Segment in the last 12 months

Book Size Rs increased from Rs 757.04 crs in FY16 to Rs 1213.79 crs in FY17 up by 60% on
YoY basis
Performance of the Construction Segment in the last 12 months

Book Size Rs increased from Rs 353.53 crs in FY16 to Rs 602.80 crs in FY17 up by 71% on
YoY basis

CGCL enjoys a strong balance sheet with reasonable debt of around Rs 587 crs on the
balance sheet as on FY17 as compared to a tangible networth of Rs 1160 crs as on March
2017.
We expect that going ahead overall bottomline growth in the next 2 years starting FY17
onwards should easily touch 35-40% and with reasonable debt and healthy cash flows being
generated.
On the bottomline level we expect the company to record a PAT of Rs 87.55 crs in FY18E. Thus
on a conservative basis, CGCL should record a EPS of Rs 5 for FY18E. For FY19E and FY20E
our expectation is that earnings traction for CGCL will be strong and remain attractive wherein
we expect a EPS of Rs 7 and Rs 9 respectively

Sunil Bhansali Engineering Polymers Increasing usage of engineering polymers as lower cost alternatives in manufacturing across 1 year
various industries. High domestic demand absorbing all domestic production. Long structural
growth cycle ahead.

Stock2
Vinit Bolinjkar Intense Technologies Worst is over. Story to pan out from q4. Duration two years. Target 600
Ashok Sarda Andhra Sugar The company has huge upside as it's profits from new power plant will be approx.30/ 40 cr. It's 3 years
subsidiaries like JOCIL and Andhra Petro doing well. It is actually a pharma cum fine chemicals
cum heavy chemicals and sugar company. Dividend yield of 2 to 2.5 pc. Very reputed
management.
Vinay Pandit ITL Industries Large global orders to spur core business growth of 50% cagr. BHEL bogies supply post restart 12 month. Rs 100 cr market cap from
of Railways business to spur growth. current 40-45 cr
CA Jetha Punjabi PTC Financial (PFS) CMP Rs 37, Book Value Rs 40, Div Yield 4%, Strong Promotors, Stock needs re-rating. 15 Mths with Target of Rs. 50

ajay kumar Granules in pharma space, mfg paracetamol, metaformin, ibuprofen,,moving up the ladder..regularly about 2 years
increasing the FD revenue proportion as compared to just making API..no major FDA issues
yet. JV with omnichem and china JV increasingly showing results, doing lot of expansion that
shd start showing results in Fy 2020
Alok Nangalis Kamat Hotels Management focuses on reducing debt to 150 crs from 350 crs now with in a year. Settlement 1 year, 200 bucks cmp 106
done with canara bank which was npa. Sold stake in few properties to edelweiss arc for working
capital arrangements. Current year eps expected to be 40 bucks.
Hemant Shah eClerx Loss on Subsidiary provided for. Acquisition of 2 new Subsidiary to assist in revenue. Pick up 2 years and Rs 1850
expected in North America geography which has a Concentration of 66%. Focus on digital
services. Stable USD INR to lower costs of hedging and give stable gains.
Focus is on delivery utilisation efficiency. Focus on shifting existing 1 client to high growth client
exceeding 10% of revenue.

Mihir jhaveri Minda corp Turnaround of jv Double in 2 years

Nipun Goel Cimmco The stock is majorly owned by Titagarh Wagons. It is into the tractor business and also 3-5 years
venturing into defence, besides being into the wagon business. The company is a turn around
case and even the land value it has is double its market capitalisation. The stock can be a
multibagger if both the tractor and defence business hits the bullseye.
Arvind Gupta Na Na Na
Sanjay Manyal EPC industrie One of the best story for micro irrigation. Drip & sprinkler irrigation. Concentrated in 400 in 18 months
Maharashtra & westen india, which is considered as dry patch of india specifically vibharb &
maratwada. Sugarcane is one of the important crop in Maharashtra, which require a lot of water.
Maharashtra govt has made it mandadary for sugarcane farmers to get the micro irrigation for
sugarcane. Q2 would be extremely bad due to Higher GST rate. But has huge opportunity in
micro irrigation. Target - 400 in next 18 months

Shuvam Sinha Motilal oswal Going to be a financial giant in coming years with big emphasis on housing finance, MF, 3-4 years
Investment banking and broking. This would be a 1lakh crore company in future.
Vivek Mittal High ground mumbai based epc company, get tpc orders from IOC, HPCL and recently got order from indian 1 year tgt 20
railway for water infra project. debt is 149 cr and Mcap is 140 cr.. promoters holds 49% and just
2% is pledged...FY19 expected eps is Rs 2
parin savla Krishana Phoschem Limited 30 cr. Capital expansion sky is the limited. Multibagger story.
Jagadesh Tata Chemicals Ltd., Tata Chemicals vast geographical presence and various capacity expansions on board are FY20
expected to continue to drive its future growth. TCLs sale of low-margin urea business for
around Rs. 2670 Cr and its negotiations for the potential sale of its fertilizer business (for about
Rs. 400-500 Cr) would reduce its dependence on commoditised business, while growing the
share of value-added products such as speciality chemicals. Further, the divestiture of urea
business would help de-risk the company from policy-related uncertainties, thus easing its
working capital cycle and debt reduction. Also, possible pickup in demand for Soda Ash with
improved rural demand and infrastructure spends of the government into roads, railways and
urban development is expected to aid margins for the company. In the short term, the addition
of significant domestic and global capacity (especially in Turkey) along with expiry of existing
anti-dumping duties on soda ash in 2017 for India are likely to exert some pressure. TCL has
plans to double sales of de-regulated businesses from the current levels by 2020 and also
expects to grow its food portfolio substantially by FY 20, which would augur well for long term
growth of the company.

Jignesh Shah Tata chemicals Changing leadership of Tata group, sell off of commodity business and to focus on consumer 1 to 3 yrs
businesses
Priyank ICICI bank Relative undervaluation 3-5 years
Mayur Sampat Godrej industries Manufacturing Ballistic Missile huge demanding Buy as Multi Baggers
Amit Mehta Virinchi First generation IIT IIM as promoters, technology slow growth plus stable. Hospital business Expecting it to give more than 30% Cagr
capex done results yet to reflect in the bottom line. Given its tech DNA they could use mix
healthcare and digital technology and provide differentiated products
Siddhesh Mhatre Dewan Housing Finance Ltd DHFL would be a key beneficiary to take advantage of the affordable Duration 2 years, Target - INR 665
(DHFL) housing scheme given their presence in tier II/III cites and lower
ticket size. With sustained margins and improving leverage by
divestments of non-core assets (such as life insurance business)
and cost rationalization, we believe DHFL will clock healthy return
ratios going ahead. The stock trades at ~15% discount to the
average P/BV of other HFCs and we expect consistent performance
to drive re-rating and narrowing the gap with the peers. The stock
currently trades at a TTM P/BV of 2.1x.

sunil agarwal Aditya Birla Capital Big business plans and good value in sub holdings 1-2 years, 450+
Niraj Agarwalla WPIL Company has planned to repay 90 crores of debt in 2018 with expected EBIDTA of 100-110 2 years
crores vs 70 crores in 2017 and around 140-150 cr in FY19. No major capex for next 2-3 years
and depreciation in Rutchi pump to go down also in FY19. Thus overall interest and
depreciation cost will also go down meaningfully over next two years thus boosting return ratios.
So WPIL LTD is expected to do 50-55 crores of PAT in FY18 and 80cr+ in FY19. Assuming 20x,
potential market cap could be 1600crs against Mcap of around 485crs currently

SANJEEV HOTA Phoenix mill Will share latter, still working on it. My target expectations is based on initial reading expect 50% return in next 15-18 months

Deepak Poddar Max ventures Diverse opportunity. The outlook of core business of speciality film has changed dramatically Rs 150 in one year
post the investment done by Japan's Toppan printing as they would be a ready customer for the
company. In addition they have huge opportunity in the real estate space which can create huge
alpha for the company and investors
Sagar Sanghvi CESC de-merger would result in value unlocking 4-5 months
Sudhir Padiyar Viaan Industries 24-36 months minimum, and the stock
Viaan Industries could be a 10 bagger (or more) if
A multi division company, promoted by Raj Kundra and Shilpa Shetty execution handled properly. We need to
Historical (FY17) revenue and profit contribution is largely from its mobile trading division, keep a close watch on the execution.
in which the company gets feature phones outsourced from China and mostly sells it in CIS
countries.
This is set to change, starting FY18 itself, with various initiatives that the company has
taken over the previous couple of quarters, making it possible for the company to earn
significant non-linear revenues (from Q3FY18 onwards)
Content development vertical - Viaan Inds is engaged in developing a content for Viacom
18 (Colors); a 13-episode animation series called Adventures of AliBaba, which promises to be
very different in terms of the quality of animation as well as the production content from all other
peers in India.
o Reality shows - 1st reality show Aunty Boli Lagao Boli developed by Viaan; developed by
Viaan and aired on Colors, every Sunday from 12 pm 1 pm. The show is aimed at being very
different from other reality shows (reverse price bid auction for a car in every weekly episode)
and thereby engage larger audiences.
o ChaseBid app a unique reverse price bid auction app, developed by Viaan, in which the
audience need to bid for a low and unique bid for products put up for auction on their site. This
is done by purchasing bid packages online from the site. With the app being developed
inhouse, and most of the products on the site being sponsored by the brands, increasing
popularity of the concept can make a significant impact to its bottomline
o Poker app Formatted by Viaan, Match IPL is the 1st Indian poker tournament to get
associated with the International Federation of Poker (IFP), the governing body of the poker
sporting discipline. Match IPL is amongst the very few poker leagues played with virtual money,
unlike several other apps in which players play with real money. With one time fees being
received from the 1st 8 teams, Viaan intends hosting poker leagues in India in which these 8
teams compete amongst each another. The winning team gets to represent team India at the
Poker World Cup hosted by IFP.
o Their wellness vertical (direct selling model, company to consumer) should see sizeable
traction with strong incremental distributor and SKU additions. That said, a recent tie-up with a
large pan-India distributor should act as a catalyst in strong revenue contribution from this
vertical in the near future.
With multiple revenue streams kicking in from the current year onwards (most of them
already commissioned, as explained earlier), chances of strong non-linear revenue growth from
cannot be ruled out. In most verticals, such revenues could straight flow into the PBT (with costs
Sudipto Axis Bank of
It isthe
anvertical being covered
undervalued bysignificant
Bank with sponsorships etc), making
government it even
holdings . It more
will bepromising.
very handy for the 5 years
government when mid sized private sector Banks are consolidated.
Aditya Tantia Dhanlaxmi Bank Turn around. NPA coming down . Should be out of RBIs PSA rule. Profit increasing now Q on Q 100 in 12 to 18 months
. On 900 cr of Macap its very cheap considering its 300 branches. Per branch valuation very
attractive. Management very conservative now
NALIN SHAH Kwality Ltd Kwality is amongst the largest and fastest growing private dairy company in India today with 6-8 months and 140
milk processing capacity of 43 Mn Lts/ day through its six state of the art plants strategically
located close to key North Indian markets. The Company has successfully begun commercial
production in its new unit at Softa plant, Haryana, dedicated primarily for value-added products
The company has embarked upon its journey to focus on B2C Model and has already launched
few of its high margin value added products such as tetra pack flavoured milk, cheese,curd, and
is in the process of launching others such as Chaach, paneer, table butter, etc. The company
has targeted a revenue growth rate of 10-12% for the next 3 years achieving Rs.9,000-10,000
Crs by FY2020, with EBITDA Margins growing gradually to 9.5-10% and PAT Margins to 5-6%
by FY2020. Till last year the B2B to B2C business was in the ratio of 70:30 and through
expansion of the new unit, a better product mix focused on the consumer business, the
company plans to achieve the ratio of B2B to B2C at 30:70, providing a huge boost to the three
tier bottom line- EBITDA, PBT, PAT.

We believe that, at a CMP of Rs. 99 the stock currently trading at a P/E multiple of 14 times, is
significantly undervalued than the industry average of 41 times hence providing an excellent
investment opportunity for investors. In line with the normally rich valuations of FMCG
companies, dairy products companies also command strong Market Cap/Revenue valuation at
2.7 times (for Hatsun Agro) and 1.2 times (Parag Milk) whereas Kwality commands only 0.34
times hinting at reasonable valuations and greater potential for capital appreciation in line with
improvement in the overall performance.

The milk and dairy products market in India is estimated at over Rs.6 lakh Cr growing at 15%
CAGR annually. Many top class FMCG companies like Britannia, ITC and many more have
declared their intentions to aggressively enter this market which offers one of the most attractive
business opportunities. Therefore the existing players like Kwality Ltd. have huge opportunity in
terms of the growth, expansion, market reach and creating good wealth for their shareholders.

Vivek Agarwall Indo count industries It is beaten down and factors in all the negatives. It has done capex and so has huge operating 1.5yr
leverage. Once growth happens next year, it's numbers will improve. Being asset lite model, it is
low debt. Being 3rd biggest supplier to US from India, and expanding to other geographies, it is
likely to benefit sooner rather than later.
Ankur Westlife Developments 1. Lowest cost F&B option 300
2. Biggest footprint
3. Best placed to win north india franchise
Rajiv mehra Mirc electronics Loss making company on the verge of turning around. Management working on exiting its non 3 years with a target of 3x-5x frm cmp of
core assets and becoming debt free and investing in product launches brand building and rs. 28
distribution channel. If all goes well company in 3 years could double its turnover and make an
ebitda in excess of 100crore. With other white consumer good companies trading at very high
multiples this company has got good scope to rerate if business picks up and management can
turn it around and sweat their assets and brand equity.

Rajiv mehra Mirc electronics Loss making company on the verge of turning around. Management working on exiting its non 3 years with a target of 3x-5x frm cmp of
core assets and becoming debt free and investing in product launches brand building and rs. 28
distribution channel. If all goes well company in 3 years could double its turnover and make an
ebitda in excess of 100crore. With other white consumer good companies trading at very high
multiples this company has got good scope to rerate if business picks up and management can
turn it around and sweat their assets and brand equity.

Jinesh Sarat Talwalkars Another Contra bet. Only listed play in fitness & lifestyle industry combined. Industry is highly Long term (3-5 years) TP - (400 in 2
Sheth unorganized and underpenetrated. Demerger into Gym and Lifestyle business should happen years, both lifestyle and gym combined)
within a couple quarters, leading to better ROIs for the Gym business. Tied up with Snap for
operating master franchises in 6 asian countries including Singapore, Malaysia, Thailand,
Bangladesh (although wasn't required because of huge opportunity in India itself), venturing into
Srilanka, visibility on its aggressive gym opening plans in India (organic plus inorganic), David
Lloyd Club business - regulatory permission obtained recently, have been doing a lot of things in
lifestyle business like introduction of reduce (diet sachets & supplements), zorba (yoga), zumba
(aerobics and Latin dance-inspired fitness programme), Nuform (time-efficient weight loss
programme thru imported high end equipment), spa, massage, tying up with Mickey Mehta. Its
real estate properties are valued at 100-120 cr (possibility of monetization post demerger),
promoter infused 41 cr at 318 per share recently @19% higher rate than CMP of 267. The
management is always on the look out for acquisitions (although a bit of concern but the
management has assured that they will always do acquisitions thru internal generation). At a
MCap of 794 cr, it is trading at 5.8x FY17 EV/EBITDA, 12x P/E, 3.5x EV/S & 1.6x P/B, looks
reasonably cheap. But it does not seem to be in favour amongst investors hence has been
trading cheap. Perhaps wainting till the time demerger happens and monetization of land bank
materializes and it starts generating decent cash flow from each of its verticals.

Dhimant Mehta Steel cast Ltd. Out of troubled. Water. Future visibility is very sound & growth oriented. RS 250 by next Diwali.
Vijayaraghavan Birla Corp Sizable capacities of 15.5mt in a strong cluster. Operating and financial leverage upside 18 months
Dipesh Mehta Dish TV Dish TV stock corrected significantly on back of concerns over higher churn and fall in ARPU 12-24 months
driven by freedish, Rjio and demonetisation. Impact of demonetisation is receding. Market is
ignoring benefits expected from videocon d2h merger.
Saday Sinha Piramal Enterprises Piramal enterprises; Next 2-3 yrs
They started off as a healthcare co and later diversified into financials n Information
Management services

Has 3 key businesses

a) Financial services: rev contribution is 39% in fy17. Largely 2 segments here- wholesale
business (lending + alternative AUM) is at Rs.35380 cr while retail business... got HFC license
and Rs.4600 cr invested in shriram grp.
* They have become very formidable player in real estate financing. Within 7 yrs, developer
finance book is 31000 cr (35-36% of HDFC ltd book built over several yrs).
* Focus remains on top quality developers with A grade forming about 70% of its portfolio.
* They are having end to end financing solutions from pvt equity to mezzanine lending to LRD to
now housing.
* Well diversified portfolio. The share if mezzanine book is down to 35% from 93% in FY15 and
100% in FY14. Residential construction finance is now >50%
* HFC could be future growth drivers. Current outlays is 1000 cr. They can leverage strong
reach (349 projects in top 6 cities). They would use tech n analytics in underwriting n
disbursements.
* RoE: 25%+ during last 8 qrs.
RoA: 4.5%
Spread: 7% with GNPA at 0.2%

Another segment is structured financing such as last mile funding, promoter funding etc. This
has grown 2x in last 12 months and has security cover of 1.5-2.0x. This is still a relatively small
book at rs3600 cr.
b) Pharma: contributed 47% of revenue in FY17
* Its global pharma has grown at 17% cagr over FY11-17
* They have acquired niche capabilities Injectables (coldstream) or HPAPI (ash stevens)
* Has 13 manufacturing facilities which are USFDA approved
* Their future strategy is to move up in the value chain with higher capacity utilization and
increase in margin through operating leverage. Services/pdt mix to change from 50:50 to 30:70
* Targeting Indian business to touch 1000 cr by 2020 from 540 cr now. They are amongst top 5
OTC player with strong distribution network.
* And n next 2 yrs, this segment will have rev of 6500-7000 cr with 20-25% ebitda margin
(similar to jubilant n glenmark at present moment)
c) Health Insight & Analytics which contributes 14% to rev.
Ajay M NMDC *1.Has
It is >10
one yrs relationship
of the with
largest iron allcompany
ore top 10 customers
in India. 18 months and target is 240
2. High dividend paying company with dividend yield of around 7%
3. The company has got a mandate to offload its steel plant which would fetch them around 15k
cr.
4. As the govt is looking to monetise from PSU s these entire 15k cr might be used for buy back
or dividend which results in sizable return to shareholders.

Mohan lal Greaves Cotton P/E and P/B are reasonable. ROCE above 20 from last 5 years. 3 year Target Rs 300
Tejwani
Manoj singla Jk lakshmi cement North and west based mid sized cement player. Expanded capacity in fy17. Improved rural Expect 600 in 1 year
housing demand and infrastructure build out should help cement sector. Jk lakshmi with new
capacity is well placed to capture this uptick and can deliver strong numbers over next 2 years.
Stock very cheap on ev per tonne basis
Rizwan Ahmed Amtek Auto Idea is based on Technical observation rather than fundamental (fundamental story will build-up Duration - 18 months, CMP - 22.55,
Khan as stock price will surge) Target - 115

1) Observing long-term accumulation (believing it to be smart-money)

2) Stock price near completion of a long-term bearish pattern

(Disclaimer - I have it in my personal portfolio and adding it more)

Mohan lal Sintex Plastics. Old group. Defense, auto sectors exposure. After demerger we can see correct figure on year 3 years Target 250
Tejwani ending. It will be trade at minimum 15 times of earning.
Bhaskar Stylam Good laminate co. Capacity expansion over. Domestic expected to grow at strong rate. Intl 3 times in 3 years.
Bukrediwala steady growth. Margin levers there. Roce to improve from 18% to 25% with increase in
utilisation and margins. Recently raised capital from lighthouse. Will use that to reduce debt.
Valuations reasonable at 10x fy19 operating profits.
Prashant Goel Zee media It is one of the largest news netwrk in india with 11 channels. Comony recently accquire radio 42-43 in next 1-2 months
business (Big Fm) from reliance broadcasting network. Company's leading channel zeenews
has seen a sharpe movement in the last 6 mnths. Management is confident of 20-25%
advertisement revenue in H2 of FY 18 and 16.5-17% CAGR advertisement revenues in next 3
years. Being among the top players in the market and focus on advertisement yield
improvement compny expect 15% cagr over next 3 years. As group is pro current government.

Improved urban ratings of channels and radio fm, demerger of loss making entities and superior
growth in current business reflect the superior returns ratio and cash flows.

Payal Goenka Finolex industries Getting into cpvc n non agri in big time... candidate for rerating 2 years
Anupam Misra Infinite Computer Infinite Computer is a well established IT player with strong relationships with fortune 1000 1 Year, 50%, 300/sh
companies. The company has been in operations since 1998 (one of the early entrants) and
has offices in 19 locations globally incl. US, Germany, UK, SE Asia, India. In the last few years,
the company has been facing flat profits but it has been maintaining an EBITDA of INR 180 -
200 Cr. At present levels the stock trades at INR 700 Cr market cap + zero debt - EV - 700 Cr
vs. EBITDA - 200 Cr. At these levels even with muted growth the company is undervalued by
atleast 3-4x EBITDA i.e. upside of INR 600 - 800 Cr. Further, Q1 nos have shown a significant
increase in revenues indicating that the market is not shrinking which is the issue which many
investors have about this company. I expect with the $ turnaround + revival in IT story shall
result in an even bigger gain for this company. It may be noted that the Company did a buyback
in 2016 @ 270/sh (presently 211/sh).

Asutosh Kumar Equitas Holding Catching its when young. We see Equitas as one of the best placed to capatlize upon the vast 5 "years
Mishra opportunity in Indian financial segment. Best party we like about the company is management
pedigree, which gives us confidence that it will able to deliver strong growth with higher
profitability.
AMITAVA Sintex Industries The company,usually known as a trusted name for water storage,demerged recently into two 3 yrs, and target of Rs. 100
CHATTERJEE companies and this became the textile and Yarn business unit. They have already had a
glorious journey of 85 glorious years.They have got the unique technology to process the cotton
into high quality sustainable yarns and revolutionised the textile industry with quality no touch
yarn through state of art technology,They can make 100% cotton combed yarns,100% cotton
carded yarns,compact yarns,blended yarns,contamination free yarns,ply yarns,TFO/Multifold
yarns,ring spun yarns,and many more speciality yarns like dyed yarns,metange yarns ,linen
yarns,core spun,eli twist etc.They have recently renewed the old machineries to make it highly
productive.These unique features have to long clientele of almost all famous brands like Lousis
Phillipe,Reid & teylor,Vanheusen,Allan Solly,Arrow,Nike,BOSS,Diesel,Tommy Hilfiger etc.
With a present p/e of 6 and book value of 69 it looks very attractive while compared to Peers.

Mihir Ajmera Axis Bank Corporate bank at low valuations given stress in asset quality. Asset quality stress likely near 2 years. Tgt 700
bottom. Towards end of year, expect some pickup in investment cycle which should aid these
corporate banks. >45% of the book is Retail which is growing strong and moving steady in
digital banking initiatives.
Ashok Lodha GNFC Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) is engaged in Duration: 1.5-2 years TGT : 750+
operating businesses in the industrial chemicals, fertilizers and information
technology (IT) products space. GNFC is engaged in manufacturing and selling
fertilisers such as urea and ammonium nitro-phosphate under the Narmada
brand.70 % of its revenue and profits comes from chemical division mainly TDI and other
chemicals.It is only manufacturer of TDI (Toulene di iscosynate )in whole south east asia.GNFC
is free cash flow generating co generating nearly nearly 600 cr in cash.Company aspire to be
debt free this financial year .With significant rise in prices of TDi and other chemicals the
company can report better numbers than Q1 of FY 17 in coming quarters.With 50 rs eps
expected next year and 60-65 eps expected if fy19 this stock is available at 7 times next year
expected earning and 6 times fy19 earning.Significant re-rating is due as it is getting valuation
of a fertiliser company instead of Specialty chemical company

Yash Golechha Bombay dyeing Completion of project will give good amount of profit going forward and development of wadia 400 target in two years
trust property by Bombay realty subsidiary of Bombay dyeing would also
Rakesh Roy GNA Axel, One of the leading domestic player in Rear axel 12 Month/Traget-450

60% market share in the domestic tractor market

Exports demand to drive revenue growth. Exports are likely to grow by >20% in line healthy
growth of Class 8 Trucks

Expanding its axle capacity from 3 Million to 4 Million by FY 18

Exports demand to drive revenue growth

Laxmikant Kabra South Indian Bank This is one of the oldest private sector bank in India and does not require any thesis. I can only 2 years with a price target of 70
say just buy and hold!! Must in your portfolio!!
Siddhartha Shree Pushkar Chemicals & The company is into dye intermediates with zero effluent discharge. SPCL has over a period of 350
Khemka Fertilisers time treated its main effluents prudently thereby inventing new avenues for sales including
fertilisers, soil conditioner and cattle feed. As of FY17, SPCL has set up an integrated dyestuff
facility (3000 TPA) which the management plans to double to 6000 TPA. As of FY16, SPCL was
predominantly a pure dye intermediates which contributed 70% of sales, fertilisers - 21%, acid
complex - 7% and cattle feed - 2%. With the increased dyestuff capacity, Dyestuff sales are
expected to increase from Rs40 crore (13% of sales) in FY17 to Rs150 crore (32% of sales) in
FY19E.

Pramod k Jyothy labs Rural consumption, well oiled distribution, focused on quality products - value for money 3 years - 700
Pushkaraj Escorts Consolidation Breakout year
Kanitkar
Karan Bagga Prakash Industries The company is doing well. As the realisation in the Q2 will Good I am expecting a good results. 1 year / 225
Company is also doing its demerger of PVC Pipe unit as well as expanding its sponge iron
capacity by 0.2 mm TPA.
Karan Bagga Prakash Industries The company is doing well. As the realisation in the Q2 will Good I am expecting a good results. 1 year / 225
Company is also doing its demerger of PVC Pipe unit as well as expanding its sponge iron
capacity by 0.2 mm TPA.
Vishal jajoo Munjal showa Despite being the largest manufacturer of shock absorbers, trades at less than half of no. 2 350 by march 2018
player gabriel...with buoyant numbers from hero, which is 77 pc of sales, munjal showa with
debt-free status and cash equivalent of 20 pc of market cap should do well
Soumya Malani Kisan Mouldings Company should be able to do PBT of around 10-11 crores and has no tax obligation due to 60% return in one year with allocation of
accumulated losses. Rishav is a dynamic guy and is focussing a lot on cleaner leaner books of 10% (my buying price is lower at around
accounts, increasing margins and improving topline growth. Has been focussed and Rs 60 hence high allocation)
implemented more or less whatever he had promised yet. Price Pipes IPO valuation shall also
be a trigger for further re-rating.

ML Kumavat Aditya Birla Capital Ltd It is a wonderful and a brilliant combination of businesses in this company. It is very focussed 24 months
with decent growth rate and quality management. Aditya Birla Capital is a conglomerate of
financial services such as the NBFC, Insurance, Mutual Fund etc.The stock is for long term.
Currently its available at very reasonable valuation. Target price is Rs 400 in 2 years from now.

SAMEER Everest kanto Cylinder SVC debt has been reduced from 262 Cr to 146.51 Cr. With EPS - 7.03, PE - 5.44. The stock is Target - 75 duration, 3 months
a very lucrative in current valuations.
Jaspreet Singh V2 Retail V2 is Indias fastest growing value fashion retailers trying to capture a large pie of the growing Rs660 in one year.
Arora value apparel market which has peers like Max, FBB, Reliance Trends and V-Mart. After
investing on building its processes, control mechanism and talent base for last few years, V2 is
now set to grow its footprint aggressively from 38 stores currently to 100 stores in 3-4 years.

V2 is already operating at best in class sales per sq ft per month of Rs1100 and sees it
improving further led by a gradual increase in average realizations, improving traction from 15
stores opened in FY17 and better footfalls overall as it passes on the GST benefits to
consumers and provides even better value.
Margins again are best in class around 9.5% and can improve some more led by operating
leverage, cost efficiencies and a superior sales mix in favor of private label products.

Implementation of in-house tools have helped it sharply improve the inventory cycle and
achievement of debt-free status by disposing of non-core assets and equity fund raising will
ensure opening of 15-20 stores pa without any debt requirement.

Samir Kapadia Reliance Capital Ltd. Reliance Capital Limited is an Indian diversified financial services holding company promoted Target - Rs. 1400 by 2020E
by ADAG Reliance Group. It has businesses spread over the following BFSI segments: -
1) Finance & Investments (Corporate lending and investment activities) It contributes 12%
of TR or Rs. 2,084 crs, while it accounts for 32% or Rs. 489 crs of Total PBT;
2) Asset Management (MF Business 92% and PMS Business 8% of the total AUM) It
contributes 7% of TR or Rs.1,308 crs, while it accounts for 29% or Rs. 450 crs of Total PBT;
3) General Insurance (includes Motor 47%, Health 25%, Fire & Engg. 13% and Others
15% of Total) - It contributes 28% of TR or Rs.4,906 crs, while it accounts for 8% or Rs. 130 crs
of Total PBT ;
4) Life Insurance (includes Traditional Insurance Business 77% of TR and ULIP 23% of
TR) - It contributes 32% of TR or Rs.5,792 crs, while it accounts for -4% or Rs. -61 crs of Total
PBT ;
5) Commercial Finance It contributes 11% of TR or Rs.1, 953 crs, while it accounts for 22%
or Rs. 342 crs of Total PBT;
6) Home Finance It contributes 6% of TR or Rs.1, 114 crs, while it accounts for 9% or Rs.
138 crs of Total PBT;
7) Others (includes other financial and allied services) - It contributes 4% of TR or Rs. 672 crs,
while it accounts for 4% or Rs. 55 crs of Total PBT;

Accordingly company has guided for and is under process for unlocking substantial vale by
separately listing its business.

Akshay Mold Tek Packaging Mold Tek is a proxy play on FMCG sector. Company provides Packaging solutions(Pails - CMP 301, TP 390 in 1 year
Rakhecha Plastic buckets that carry paints, lubricants, other corrosive chrmicals) Company is expanding (Conservative)
clientele to FMCG space to cater to edible oils, shampoo, consumable syrups etc. Has won
orders from Marico for some of their product distribution in NE region.
Jay Doshi DHFL Growth to come from higher number of affordable housing plans. The stock is available at 5 yrs
attractive valuations given the higher return rations and leverage.
Avinnash Kesar Petroproducts Limited KPL is presently a leading manufacturer of Phthalocyanine Blue Crude and its downstream 18 months TP Rs 80 (Earlier
Gorakssakar products in India and contribute upto 15% of the entire Copper Phthalocyanine market of India recomended at Rs 54)
enjoying a global presence in 15 countries. Within the Pignmebts product basket KP has a
product Capacity (MTA) of CPC Blue Crude of 18,000 tpa, Alpha Blue 2,400 tpa & Beta Blue
3,600 tpa. In Dye intermediates it makes K - Acid 840, Gamma Acid 360, Vinyl Sulphone 1,200
and Sulpho VS 600. KPL has its plant located at Lote Parshuram in Maharashtra.
KPL reported a strong set of Q1FY18 numbers with net sales totaling Rs 42.60 crs with EBIDTA
placed at Rs 9.90 crs from Rs 7.30 crs in Q1 last year. The PAT in Q10 FY18 grew by 46% YoY
to Rs 8 crs as compared to Rs 5.50 crs in Q1 last year.

For FY17 the company has recorded net sales of Rs 173 crs, a EBIDTA of Rs 25.90 crs and a
PAT of Rs 20.10 crs from Rs 12.1 crs last year.
KPLs clientele comprises established players like Sudarshan Chemicals, Heubach Colours,Sun
Chemicals, Unilex Colours & Chemicals, Jaysynth, Kolourjet Chemicals, Mallack, Hind Prakash
and Alliance Organics LLP. In FY17 Pigments accounted for 93% of revenues while the rest
came from Dye intermediates.
KPL caters to electronics, automotive, food packaging, textiles, Inks, Plastics, Rubber, Paints
and various other industries.KPL presently accounts for 8% of the global CPC Blue Crude (and
downstream products) market due to a high quality commitment from the management. Also
KPL has strategically decided to focus more on value added pigments rather than dye
intermediates where margins are better and opportunity is huge.
KPL enjoys a strong balance sheet with a virtually debt free position of Rs 4 crs on the balance
sheet as on FY17 as compared to a tangible networth of Rs 88.30 crs as on March 2017.
More Importantly both key operating parameters like ROCE, ROE are placed around 25% and
32% respectively which we believe look attractive but which are likely to remain stable despite
the higher volume base as volume growth improves further.
We expect that going ahead overall bottomline growth in the next 2 years starting FY17
onwards should easily touch 35-40% and with no debt and healthy cash flows being generated
and no large capex expected in the next 2 years, we expect KPL to generate healthy internal
accruals making the capital structure healthy. Our expectation is that ROCE and ROE by FY19
should touch 25% and 31% respectively
On a rough cut basis, in FY18, Revenue is expected to touch Rs 211 crs.

On the bottomline level we expect the company to record a PAT of Rs 33 crs in FY18E. Thus on
a conservative basis, KPL should record a EPS of Rs 3.5 for FY18E. For FY19E and FY20E our
expectation is that earnings traction for KPL will be strong and remain attractive wherein we
Sunil Himadri Specialty Chemicals expect a EPS
Producer of Rsfor
of abuse 4.65 and ion
lithium Rs 5.90 respectively.
batteries. Entering strong up cycle. Already supplying to a 1 year
global EV manufacturer. Lithium batt go into smartphones and new iot devices.