1. business and industrial

1QSY2015 Result Update | Tyre
February 13, 2015
MRF
BUY
Performance Highlights
CMP
Target Price
Y/E Sept. (` cr)
Net sales
EBITDA
EBITDA margin (%)
Reported PAT
1QSY2015
1QSY2014
% chg (yoy)
4QSY2014
% chg (qoq)
3,353
626
18.7
324
3,201
419
13.1
180
4.8
49.5
559bp
79.8
3,361
608
18.1
317
(0.2)
3.1
61bp
2.1
Source: Company, Angel Research
`40,703
`47,548
Investment Period
12 Months
Stock Info
Tyre
Sector
Market Cap (Rs cr)
17,263
Net Debt
For 1QSY2015, MRF reported an excellent set of numbers. Its top-line grew by
4.8% yoy to `3,353cr. During the quarter, the company’s raw material cost as a
percentage of sales surprised positively, declining by 729bp yoy to 57.9%.
Employee expense as a percentage of sales increased by 55bp yoy to 6.0% and
other expenses as a percentage of sales increased by 115bp yoy to 17.4%. Aided
by a lower raw material cost, the EBITDA margin witnessed a 559bp yoy increase
to 18.7%, which is 261bp higher than our estimate. During the quarter, the other
income increased by 157.7% yoy to `26cr. On the back of strong operational
performance, the net profit increased by 79.8% yoy to `324cr, bettering our
estimate of `287cr.
Improving OEM demand coupled with stable replacement demand to drive
revenue: MRF’s diversified portfolio, with a leading position in a majority of its
segments, will help it in reaping benefits from a revival in auto demand. This
would be on the back of improved consumer sentiments after formation of a
stable government at the center. Further, robust growth in the auto industry during
FY2009-12 provides huge opportunity in the replacement market, which will aid
revenue growth for the company, going forward.
Low rubber prices to aid margins: During 1QSY2014, the price of rubber in the
domestic market declined by 23.9% yoy; rubber currently trades at `~134/kg in
the domestic market. Considering the high global inventory levels, cheaper synthetic
rubber and lower demand from China, we expect rubber prices to remain at lower
levels. This will help the company in maintaining its EBITDA margin.
107
Beta
0.8
52 Week High / Low
41672 / 18701
Avg. Daily Volume
2,186
Face Value (Rs)
10
BSE Sensex
28,805
Nifty
8,712
Reuters Code
MRF.BO
Bloomberg Code
MRF IN
Shareholding Pattern (%)
Promoters
27.2
MF / Banks / Indian Fls
35.0
FII / NRIs / OCBs
8.8
Indian Public / Others
Abs. (%)
Sensex
MRF
29.0
3m
1yr
3yr
2.8
40.9
62.1
26.2 112.1 338.7
Outlook and valuation: We expect MRF to post a CAGR of 6.5% in net sales over
SY2014-16E to `14,970cr, while the EBITDA margin is expected to be at 18.8% in
SY2016E. Consequently, the net profit is expected to grow at a CAGR of 26.6%
over SY2014-16E to `1,440cr. At the current market price, MRF is trading at a PE
of 12x its SY2016E earnings and at a P/BV of 2.4x for SY2016E. We have revised
our recommendation on the stock to Buy with a target price of `47,548 based
on a target P/E of 14.0x for SY2016E.
Key Financials (Standalone)
Y/E March (` cr)
Net Sales
% chg
Net Profit
% chg
EBITDA (%)
EPS (`)
P/E (x)
P/BV (x)
RoE (%)
RoCE (%)
EV/Sales (x)
EV/EBITDA (x)
SY2013
12,131
2.2
802
40.2
14.6
1,892
21.5
4.7
24.7
28.3
1.5
8.1
SY2014E
13,198
8.8
898
11.9
14.6
2,117
19.2
3.8
22.0
28.8
1.3
7.3
SY2015E
13,878
5.2
1,286
43.2
18.5
3,031
13.4
3.0
25.0
35.7
1.2
6.0
Source: Company, Angel Research; Note: CMP as of February 12, 2015
Please refer to important disclosures at the end of this report
SY2016E
14,970
7.9
1,440
12.0
18.8
3,396
12.0
2.4
22.2
34.3
1.1
5.1
Milan Desai
+91- 22- 3935 7800 Ext: 6846
[email protected]
1
MRF | 1QSY2015 Result Update
Exhibit 1: 1QSY2015 performance
Y/E Sept (` cr)
1QSY15
1QSY14
yoy chg (%)
4QSY14
qoq chg (%)
SY2014
SY2013
% chg
Net Sales
3,353
3,201
4.8
3,361
(0.2)
13,198
12,131
8.8
Net raw material
(7.0)
1,999
(2.9)
8,379
7,899
6.1
63.5
65.1
12.1
733
603
5.6
5.0
1.7
2,158
1,862
1,941
2,086
(% of Sales)
57.9
65.2
Staff Costs
202
175
(% of Sales)
Other Expenses
(% of Sales)
6.0
5.5
584
520
59.5
15.4
180
12.1
574
5.4
15.9
17.4
16.3
16.3
15.3
2,727
2,782
(2.0)
2,754
(1.0)
11,270
10,365
8.7
Operating Profit
626
419
49.5
608
3.1
1,928
1,767
9.1
OPM
18.7
13.1
559bp
18.1
61bp
14.6
14.6
5bp
60
59
56
232
196
Depreciation
116
99
111
423
373
Other Income
26
10
25
66
29
PBT
476
271
1,339
1,227
(% of Sales)
14.2
8.5
10.1
10.1
-
Tax
152
91
441
425
3.9
(% of PBT)
32.0
33.6
31.8
32.9
34.6
-
-
-
-
-
-
-
324
180
2.1
898
802
11.9
6.8
6.6
-
2.1
898
802
11.9
4
4
-
2.1
2,118
1,892
11.9
Total Expenditure
Interest
Extraordinary income
Reported PAT
PATM
Adjusted PAT
Equity capital (cr)
EPS (`)
9.6
5.6
324
180
4
4
763
424
17.1
21.4
75.6
465
2.3
13.8
67.3
148
79.8
317
79.8
317
79.8
747
2.9
9.4
4
9.1
Source: Company, Angel Research
Results impress, EBITDA margin steals the show
For 1QSY2015, MRF reported an excellent set of numbers. Its top-line grew by
4.8% yoy to `3,353cr, below our estimate of `3,540cr. During the quarter, the
company’s raw material cost as a percentage of sales surprised positively,
declining by 729bp yoy to 57.9%. Employee expense as a percentage of sales
increased by 55bp yoy to 6.0% and other expenses as a percentage of sales
increased by 115bp yoy to 17.4%. Aided by lower raw material cost, the EBITDA
margin witnessed a 559bp yoy increase to 18.7%, which is 261bp higher than our
estimate. During the quarter, the other income has increased by 157.7% yoy to
`26cr. On the back of a strong operational performance, the net profit increased
by 79.8% yoy to `324cr, bettering our estimate of `287cr.
Exhibit 2: Actual vs. Estimate (1QSY2015)
Particulars (` cr)
Actual
Estimate
Variation (%)
Total Income
3,353
3,540
(5.3)
EBIDTA
EBIDTA margin (%)
Adjusted PAT
626
569
10.1
18.7
16.1
16.2
324
287
12.6
Source: Company, Angel Research
February 13, 2015
2
MRF | 1QSY2015 Result Update
Investment rationale
Improvement in demand from OEMs
During SY2014, the auto industry has witnessed a dip in production across most
segments resulting in bleak demand from OEMs. However, the replacement tyre
demand was stable resulting in 8.8% yoy growth in net sales. We expect the auto
sector to do well owing to improved consumer sentiment, declining fuel prices and
availability of easy financing options. Green shoots of recovery are visible as
MHCV sales have improved in 1QSY2015, positing a 41.1% yoy growth, while
passenger car sales grew by 6.6% yoy for the same period. Accounting for this
along with stable demand from the replacement tyre segment, we expect MRF to
perform well in SY2015 and SY2016.
Exhibit 3: Domestic vehicle sales trend
50
Passanger Car
MHCV
LCV
Motor Cycle
40
41.1
30
(%)
20
10
6.6
(5.4)
(9.3)
0
(10)
(20)
(30)
1QSY15
4QSY14
3QSY14
2QSY14
1QSY14
4QSY13
3QSY13
2QSY13
1QSY13
4QSY12
3QSY12
2QSY12
1QSY12
(40)
Source: Company, Angel Research
Lower rubber prices to help in sustaining EBITDA margin
MRF’s EBITDA margin expansion in the past year and current quarter has been on
the back of steady decline in raw material prices. Domestic natural rubber prices
have followed the global trend, which have declined due to excess production by
rubber producing countries - Thailand, Indonesia and Malaysia, and drop in
demand from China. Additionally, with declining oil prices and a decline in the
price of styrene butadiene rubber (SBR) which is also used for manufacturing tyres,
raw material costs are expected to remain at lower levels.
Rubber prices have slightly recovered, both globally and in India, due to Thai
government aggressively purchasing rubber from local markets and owing to an
agreement between the Kerala Government and 12 leading tyre companies
requiring them to buy the commodity locally at a higher price in return for the
government refunding half the purchase tax (5%) to the companies and the other
half being refunded as a claim on the value added tax collected from the buyers.
However, media reports indicate that this agreement is already facing issues as the
various rubber growers associations have cited violation of the agreement by tyre
companies. We believe that natural rubber prices will likely remain at current levels
of `132-`135/kg in the near future and expect prices to remain stable, going
forward. Thus, we expect MRF’s EBITDA margin to improve by 420bp over
SY2014-16E to 18.8%.
February 13, 2015
3
MRF | 1QSY2015 Result Update
Exhibit 4: Domestic and International rubber price trends
230
International Price
Domestic Price
210
(`/kg)
190
170
150
132
130
110
110
Feb-15
Nov-14
Aug-14
May-14
Feb-14
Nov-13
Aug-13
May-13
Feb-13
Nov-12
Aug-12
May-12
Feb-12
90
Source: Angel Research
Financials
Exhibit 5: Key assumptions
Particulars (%)
SY2015E
SY2016E
Change in tyre realization
(1.5)
-
Change in tyre volume sales
7.0
8.0
Change in rubber price
(6.5)
-
Source: Angel Research
Pick-up in OEM demand to drive revenue growth
The auto industry has witnessed sluggish growth over the past three years in India.
However, we expect the OEM demand and replacement demand to improve
significantly with an improvement in consumer sentiments and economic revival.
MRF is expected to post a 6.5% CAGR in revenue over SY2014-16E from
`13,198cr in SY2014 to `14,970cr in SY2016E.
Exhibit 6: Pick-up in OEM demand to drive revenue growth
35
30.7
(` cr)
21.8
8,000
30
14,970
10,000
13,198
12,000
13,878
14,000
25
20
15
6,000
11,870
12,131
2,000
8.8
9,743
4,000
SY2011
SY2012
SY2013
0
Revenue (LHS)
7.9
10
5
5.2
2.2
(%)
16,000
0
SY2014E
SY2015E
SY2016E
Revenue growth (RHS)
Source: Company, Angel Research
February 13, 2015
4
MRF | 1QSY2015 Result Update
EBITDA and PAT margins to improve
The effects of the lower rubber prices are being reflected in the company’s current
quarter numbers and will carry over into SY2015. We expect EBITDA margins to
improve to 18.5% in SY2015E and 18.8% in SY2016E. Consequently, we estimate
the net profit to post a 26.6% CAGR over SY2014-16E to `1,440cr in SY2016E.
71.0
1400
1000
12.0
65.0
10.6
63.0
63.5
4.0
58.7
2.0
SY2012
SY2013
SY2014E
EBITDA margin
SY2015E
59.0
400
57.0
200
55.0
0
4.4
7.0
6.0
4.8
5.0
4.0
SY2011
SY2012
SY2013
SY2014E
SY2015E
SY2016E
3.0
2.0
SY2016E
RM/Net sales (RHS)
PAT (LHS)
Source: Company, Angel Research
10.0
8.0
6.8
800
600
61.0
58.4
6.0
6.6
1,440
8.0
65.2
11.0
9.0
1,286
10.0
(` cr)
1200
67.0
(%)
69.0
9.6
9.3
(%)
1600
14.0
16.0
(%)
14.6
73.0
898
14.6
18.8
802
18.0
18.5
70.4
572
20.0
Exhibit 8: Steady growth in net profit
432
Exhibit 7: Lower rubber prices to aid EBITDA margin
PAT margin (RHS)
Source: Company, Angel Research
Outlook and valuation
We expect MRF to post a CAGR of 6.5% in net sales over SY2014-16E to
`14,970cr while the EBITDA margin is expected to be at 18.8% in SY2016.
Consequently, the net profit is expected to grow at a CAGR of 26.6% over
SY2014-16E to `1,440cr. At the current market price, MRF is trading at a PE of
12.0x its SY2016E earnings and at a P/BV of 2.4x for SY2016E. We recommend a
Buy rating on the stock with a revised target price of `47,548, based on a target
P/E of 14.0x for SY2016E earnings.
Exhibit 9: One-year forward P/E band
54,000
Price
48,000
4x
8x
12x
16x
42,000
(`)
36,000
30,000
24,000
18,000
12,000
6,000
Feb-15
Aug-14
Feb-14
Aug-13
Feb-13
Aug-12
Feb-12
Aug-11
Feb-11
Aug-10
Feb-10
0
Source: Company, Angel Research
February 13, 2015
5
MRF | 1QSY2015 Result Update
Exhibit 10: Relative valuation
Year end
Sales
(` cr)
OPM
(%)
PAT
(` cr)
Apollo Tyres
FY2017E
MRF
SY2016E
EPS
(`)
14,810
15.2
1,100
21.6
14,970
18.8
1,440
3,396.3
ROE
(%)
P/E
(x)
P/BV
(x)
EV/EBITDA
(x)
EV/Sales
(x)
16.5
8.7
1.4
5.6
0.7
22.2
12.0
2.4
5.8
1.1
Source: Company
Risks
Volatile rubber prices: Natural rubber is the major raw material used in the
manufacture of tyres. Domestic rubber prices have declined from the level of
`158/kg in 1QSY2014 to average levels of `120/kg in 1QSY2015. Increase in
rubber prices would have a negative impact on the company’s EBITDA margin and
consequently on its profit.
Hike in import duty on rubber: In the wake of falling domestic rubber prices, the
Central Government has increased the import duty on natural rubber to a lower of
20% or `30/kg, from the currently lower of 20% or `20/kg. Any further upward
revision in import duty will have an adverse impact on MRF’s profitability.
Slowdown in automobile sector: Automobile demand in India has been declining
since SY2011. Of the total tyre consumption in terms of tonnage for the industry,
original equipment manufacturers (OEMs) account for ~36%. If the demand from
OEMs continues to be sluggish, it will impact the revenue growth of the company.
February 13, 2015
6
MRF | 1QSY2015 Result Update
Company Background
MRF manufactures rubber products such as tyres, tubes, flaps, tread rubber and
conveyor belts. The company is present across all categories of tyres. MRF is a
market leader in the tyre industry with an ~24% market share as on FY2012. The
company is also a leader in the passenger car tyre segment with a 24.8% market
share and holds a third position in the MHCV segment with a 22.3% market share.
MRF also exports tyres to over 65 countries in America, Europe, Middle East, Japan
and the Pacific region.
Exhibit 11: Overall Market Share (FY2012)
Goodyear
India, 4.9
Birla Tyres, 8.9
MRF Tyres, 24.4
Others, 17.6
Ceat Ltd., 9.3
Apollo Tyres,
20.6
JK Industries,
14.3
Source: Crisil Report, Angel Research
February 13, 2015
7
MRF | 1QSY2015 Result Update
Profit & Loss Statement (Standalone)
Y/E Sept (` cr)
Gross sales
Less: Excise duty
Net Sales
% chg
Net Raw Materials
Personnel
Other
SY2012
SY2013
SY2014
SY2015E
SY2016E
13,062
13,453
14,649
15,405
16,617
1,192
1,322
1,451
1,527
1,647
11,870
12,131
13,198
13,878
14,970
21.8
2.2
8.8
5.2
7.9
8,353
7,899
8,379
8,153
8,739
514
603
733
819
883
1,743
1,862
2,158
2,345
2,530
10,609
10,365
11,270
11,317
12,153
1,261
1,767
1,928
2,561
2,818
% chg
57.3
40.1
9.1
32.8
10.0
(% of Net Sales)
10.6
14.6
14.6
18.5
18.8
Depreciation & Amort.
301
373
423
465
534
EBIT
960
1,394
1,505
2,096
2,283
% chg
73.3
45.2
8.0
39.3
8.9
8.1
11.5
11.4
15.1
15.3
159
196
232
241
217
Total Expenditure
EBITDA
(% of Net Sales)
Interest & other charges
Other Income
32
29
66
59
79
(% of sales)
0.3
0.2
0.5
0.4
0.5
PBT
833
1,227
1,339
1,914
2,145
% chg
73.0
47.3
9.1
43.0
12.0
Tax
261
425
441
629
705
(% of PBT)
31.3
34.6
32.9
32.9
32.9
PAT (reported)
572
802
898
1,286
1,440
Minority interest
-
-
-
-
-
Extraordinary (Exp)/Inc.
-
-
-
-
-
Tax on extraordinary exp
ADJ. PAT
572
802
898
1,286
1,440
% chg
32.6
40.2
11.9
43.2
12.0
4.8
6.6
6.8
9.3
9.6
Basic EPS (`)
1,350
1,892
2,117
3,031
3,396
Fully Diluted EPS (`)
1,350
1,892
2,117
3,031
3,396
32.6
40.2
11.9
43.2
12.0
(% of Net Sales)
% chg
February 13, 2015
8
MRF | 1QSY2015 Result Update
Balance Sheet (Standalone)
SY2012
SY2013
SY2014
Equity Share Capital
4
4
4
4
4
Preference Capital
-
-
-
-
-
Reserves& Surplus
2,854
3,641
4,513
5,774
7,189
Shareholders’ Funds
2,858
3,645
4,518
5,778
7,193
Total Loans
Y/E Sept (` cr)
SY2015E SY2016E
SOURCES OF FUNDS
Equity share warrants
1,659
1,562
1,903
2,074
1,970
Deferred Tax Liability
187
222
235
235
235
Other Long Term Liabilities
957
1,080
1,145
859
644
Long Term Provisions
87
75
92
97
104
5,748
6,585
7,892
9,042
10,147
Gross Block
5,063
5,475
6,328
7,150
8,223
Less: Acc. Depreciation
2,149
2,505
2,899
3,364
3,898
Net Block
Total Liabilities
APPLICATION OF FUNDS
2,914
2,970
3,429
3,787
4,325
Capital Work-in-Progress
415
359
627
658
200
Investments
425
906
1,088
1,088
1,088
Long Term Loans and adv.
57
138
224
224
224
Other noncurrent assets
30
35
42
42
42
3,371
3,850
4,387
4,949
6,099
61
331
708
1,016
1,827
211
167
137
208
225
Inventory
1,646
1,795
1,800
1,939
2,121
Debtors
1,454
1,556
1,708
1,749
1,887
Current Assets
Cash
Loans & Advances
Other current assets
-
-
35
37
39
Current liabilities
1,464
1,672
1,905
1,705
1,831
Net Current Assets
1,907
2,177
2,483
3,244
4,268
Mis. Exp. not written off
Total Assets
February 13, 2015
-
-
-
-
-
5,748
6,585
7,892
9,042
10,147
9
MRF | 1QSY2015 Result Update
Cash Flow Statement (Standalone)
Y/E Sept (` cr)
Profit before tax
Depreciation
Change in Working Capital
Other income
Direct taxes paid
SY2013
SY2014
SY2015E
SY2016E
833
1,227
1,339
1,914
2,145
301
373
423
465
534
(294)
(0)
71
(452)
(214)
443
248
280
(59)
(79)
(261)
(425)
(428)
(629)
(705)
1,023
1,422
1,685
1,239
1,683
(Inc.)/Dec. in Fixed Assets
(603)
(357)
(1,120)
(854)
(615)
(Inc.)/Dec. in Investments
(352)
(481)
(182)
-
-
(Decr)/Incr in Long term prov.
38
(12)
17
5
8
(Incr)/Decr In L.T loans & adv.
82
(85)
(93)
-
-
Other income
32
29
66
59
79
Cash Flow from Operations
Others
(126)
12
(455)
-
-
Cash Flow from Investing
(929)
(895)
(1,768)
(790)
(528)
-
-
-
-
-
Issue of Equity
Inc./(Dec.) in loans
241
26
405
(115)
(318)
Dividend Paid (Incl. Tax)
(12)
(13)
(25)
(25)
(25)
(317)
(315)
(328)
-
-
(89)
(301)
52
(140)
(344)
5
226
(31)
309
811
Others
Cash Flow from Financing
Inc./(Dec.) in Cash
Fixed Deposit
February 13, 2015
SY2012
-
44
408
-
-
Opening Cash balances
56
61
331
708
1,016
Closing Cash balances
61
331
300
1,016
1,827
10
MRF | 1QSY2015 Result Update
Key Ratios
SY2012
SY2013
SY2014
SY2015E
SY2016E
P/E (on FDEPS)
30.2
21.5
19.2
13.4
12.0
P/CEPS
19.8
14.7
13.1
9.9
8.7
P/BV
6.0
4.7
3.8
3.0
2.4
Dividend yield (%)
0.1
0.1
0.1
0.1
0.1
EV/Sales
1.6
1.5
1.3
1.2
1.1
14.6
10.0
9.0
6.7
5.8
3.2
2.7
2.2
1.9
1.6
EPS (Basic)
1,349.9
1,892.0
2,117.1
3,031.2
3,396.3
EPS (fully diluted)
1,349.9
1,892.0
2,117.1
3,031.2
3,396.3
Cash EPS
2,060.1
2,771.6
3,114.7
4,127.0
4,656.6
25.0
30.0
50.0
50.0
50.0
6,740
8,597
10,652
13,623
16,960
EBIT margin
8.1
11.5
11.4
15.1
15.3
Tax retention ratio
0.7
0.7
0.7
0.7
0.7
Asset turnover (x)
2.4
2.4
2.4
2.2
2.1
13.6
18.3
18.4
22.4
21.8
Cost of Debt (Post Tax)
6.8
8.0
9.0
8.1
7.2
Leverage (x)
0.4
0.1
0.0
(0.0)
(0.1)
16.4
19.2
18.7
22.3
19.9
ROCE (Pre-tax)
18.1
22.6
20.8
24.8
23.8
Angel ROIC (Pre-tax)
22.5
28.3
28.8
35.7
34.3
ROE
22.2
24.7
22.0
25.0
22.2
Asset Turnover (Gross Block)
2.7
2.3
2.2
2.1
1.9
Inventory / Sales (days)
49
52
50
49
49
Receivables (days)
42
45
45
46
46
Payables (days)
51
55
58
55
55
WC cycle (ex-cash) (days)
52
56
50
53
57
Net debt to equity
0.4
0.1
0.0
(0.0)
(0.1)
Net debt to EBITDA
0.9
0.2
0.1
(0.0)
(0.3)
Interest Coverage (EBIT / Int.)
6.0
7.1
6.5
8.7
10.5
Y/E Sept (` cr)
Valuation Ratio (x)
EV/EBITDA
EV / Total Assets
Per Share Data (`)
DPS
Book Value
Dupont Analysis
ROIC (Post-tax)
Operating ROE
Returns (%)
Turnover ratios (x)
Solvency ratios (x)
February 13, 2015
11
MRF | 1QSY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
MRF
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
February 13, 2015
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
12