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  • Heritage Foods

    Heritage, the only listed player in dairy space with 100% of direct milk procurement and 100% B2C sales, enjoys 10-12% market share in organised dairy segment. We expect revenue and PAT CAGR of 10.9% and 23.1% over FY17-20E owing to (a) divestment of its lo...

    Buy Reco. Price: 706.50

  • Sheela Foam

    Sleepwell has ~23% market share in branded mattress market and is expected to benefit from shift in consumer sentiment to branded products and rising urbanisation. We estimate revenue and PAT CAGR of 15% and 31% respectively over FY17-20E. The increasing mi...

    Buy Reco. Price: 1,485.95

  • TVS Motor Co.

    TVSM benefitted from successful launch of Apache RTR310 and refreshed versions of Jupiter and Scooty. Volume growth is expected to remain robust post recent launch of 125cc scooter Ntorq. Based on volume performance and favourable macros (pick-up in urb...

    Sell Reco. Price: 663.00

  • ACC

    Post muted volume growth over CY11-16, ACC reported ~14% volume growth in CY17 driven by ramp-up of 2.5MTPA plant at Jamul, Chattisgarh. We expect higher volumes over next two quarters led by strong demand in Eastern region (low base) and ramp-up of the Jam...

    Reduce Reco. Price: 1,558.65

  • Tata Global

    Company is focusing on (a) turning around/selling loss-making entities, (b) cost rationalisation, and (c) thrust on new growth opportunities. We estimate muted revenue CAGR of 5% over FY17-20E (due to decline in international tea business and sale of Russia...

    Buy Reco. Price: 282.90

  • United Breweries

    UBL is expected to regain volume growth momentum post reopening of outlets after the Supreme Court highway ban on alcohol clarification. Additionally, new product launches in premium products under in Heineken and Kingfisher brands will boost the company&rs...

    Accumulate Reco. Price: 1,125.80

  • United Spirits

    With the impact of highway ban and GST implementation receding, the revenue CAGR is estimated at 5.5% over FY17-20E. Further, with shift in mix towards premium category and lower interest outgo (debt reduction), EBITDA margin is expected to expand by 43...

    Reduce Reco. Price: 3,550.10

  • Sundram Fasten.

    SFL has diversified its product portfolio to reduce over-dependence on fasteners and entered new segments such as pump assembles, shafts, hubs, etc. These products now contribute nearly 50% to overall revenues and have led to ~400bps EBITDA margin expan...

    Accumulate Reco. Price: 596.10

  • The Ramco Cement

    Capacity expansion of 3.1mtpa (primarily in east with capex of ~Rs1,100cr) over 15-20 months would aid volume growth. However, we are cautious on company’s increasing exposure to the eastern market (cement prices are lower than south market) and incre...

    Accumulate Reco. Price: 850.70

  • Grasim Inds

    Grasim Industries is global leader in Viscose Staple Fibre (VSF) and has planned to expand its VSF capacity from 0.5mtpa (present) to 0.79mtpa by FY21E at capex of Rs4,600cr. It also holds ~60% in UltraTech Cement. Moreover, the merger with Aditya Birla Nuv...

    Buy Reco. Price: 1,074.95