Vous êtes sur la page 1sur 10

RESULT REVIEW

BUY
TP: Rs 445 |  26% MAYUR UNIQUOTERS | Textiles | 24 August 2017

Modest performance; outlook improving BUY

While Mayur Uniquoters (MUNI) posted modest Q1FY18 results with Arun Baid
revenue/PAT growth of just 8.8%/4.1% YoY, we reiterate BUY given +91 22 6138 9300
arun.baid@bobcaps.in
(1) stronger traction in both domestic and export auto markets, (2) an ongoing
revival in the footwear segment and (3) the planned commissioning of new
PU/PVC plants in H2FY19. Management expects double-digit growth in FY18
with stable margins. We model for a revenue and PAT CAGR of ~17% each over
FY17-FY20 and have a Sep18 TP of Rs 445 for the stock set at 19x fwd P/E.

Result highlights: MUNI reported Q1FY18 revenue growth of 8.8% YoY to Ticker/Price MUNI IN /Rs 353
Market cap US$ 253mn
Rs 1.4bn with volumes rising ~9% YoY. Growth was backed by higher domestic
Shares o/s 46mn
auto market sales (+34% YoY) and exports (+20% YoY), whereas footwear 3M ADV US$ 0.3mn
revenue declined ~4%. EBITDA margins contracted 110bps YoY to 28.8% 52 wk high/low Rs 462/Rs 311
primarily due to lower gross margins (160bps), limiting the growth in operating Promoter/FPI/DII 61%/22%/6%
Source: Bloomberg
profit and adj. PAT to 4.9% and 4.1% YoY respectively.

Footwear revival ahead: MUNI has posted modest growth over the past two
STOCK PERFORMANCE
years due to a decline in the footwear segment (40% revenue share). With the
Mayur Uniquoters
GST rollout, we expect a shift in this highly unorganised market towards 500

450
organised players, which should support a 9.8% revenue CAGR for MUNIs
400
footwear business over FY17-FY20. MUNI has guided for commissioning of the
350
PU and PVC plants by Q3FY19 and Q4FY19 respectively, lending further 300
Sep-16
Aug-14

Jan-17

Aug-17
Mar-15

Feb-16

May-17
Jul-15

Jun-16
Dec-14

Nov-15

growth visibility.

Auto continued momentum: MUNI is the market leader in Indias PVC Source: Bloomberg

synthetic leather industry and also caters to US auto OEMs a market which
no other domestic company has managed to penetrate. We expect continued
momentum in the automotive business due to the addition of new customers
and higher orders from existing clientele.

KEY FINANCIALS
Y/E Mar FY16 FY17 FY18E FY19E FY20E
Net profit (Rs mn) 768 743 852 946 1,185
EPS (Rs) 16.8 16.2 18.6 20.7 25.9
EPS growth (%) 23.0 (3.3) 14.7 11.1 25.3
ROE (%) 24.8 20.6 20.5 19.8 21.7
P/E (x) 21.0 21.8 19.0 17.1 13.6
EV/EBITDA (x) 12.1 11.9 10.6 9.3 7.6
Source: Company, BOBCAPS Research

BOB Capital Markets Ltd is a wholly owned subsidiary of Bank of Baroda


Important disclosures, including any required research certifications, are provided at the end of this report.
MAYUR UNIQUOTERS

RELATIVE STOCK PERFORMANCE

Mayur Uniquoters BSE Sensex


130
120
110
100
90
80
70

Sep-16

Jan-17
Aug-14

Aug-17
Mar-15

Feb-16

May-17
Jul-15

Jun-16
Dec-14

Nov-15
Source: Bloomberg

QUARTERLY PERFORMANCE
(Rs mn) Q1FY18 Q1FY17 YoY (%)
Total revenues 1,408 1,294 8.8
Total raw material consumed 793 708 12
% of sales 56.3% 54.7% -
Employee expense 67 73 (8)
% of sales 4.8% 5.6% -
Other expense 143 127 13
% of sales 10.2% 9.8% -
Total expenditure 1003 908 11
% of sales 71.2% 70.1% -
EBITDA 405 386 4.9
% of sales 28.8% 29.9% (108bps)
Depreciation 42.3 41.7 1
Other income 23.5 24.4 (4)
Interest cost 2.2 4.2 (48)
PBT 384 365 5.3
Taxes 128 118 8
Effective tax rate (%) 33.2 32.4 -
APAT 257 247 4.1
Source: Company, BOBCAPS Research

EQUITY RESEARCH 2 24 August 2017


MAYUR UNIQUOTERS

Earnings call highlights


 Management expects to commission the PU plant by Q3FY19 and MUNI has already paid
for the land. The total capex for this plant is pegged at ~Rs 1bn and it will have a capacity of
~12mn metres p.a. The company will initially start with one line of ~6mn metres and then
commission another line of ~6mn metres over the next six months. Management expects
100% capacity utilisation from the first line within a year of commencement.

 The new PVC leather plant in Madurai, Tamil Nadu, will be commissioned by Q4FY19 and
will entail capex of Rs 400mn-500mn. This plant would enable the company to move closer
to its customers and thus lead to higher volume offtake as well as customer addition.

 MUNI has Rs 1.4bn of cash on its books as of 30 Jun 2017. Management plans to meet the
planned capex primarily from internal accruals, though some loans would be taken for the
machinery to avail of the subsidy benefit from TUF (Textile upgradation fund).

 Management plans to keep the revenue contribution from footwear at 40% levels and is
focussing more on the automotive segment which has better margins and higher
growth prospects.

 The company has seen increased demand from the footwear segment post-GST and is
hopeful of witnessing growth here in FY18. Footwear segment revenues increased
~23% QoQ and the trend looks healthy in Q2FY18 as well.

 Auto major Mercedes has conducted an audit of the company in Mar17 and another audit is
scheduled for November. Orders from Mercedes may come in from FY19 upon successful
completion of these audits.

 MUNI expects strong growth to continue in the domestic automotive replacement market
going ahead. However, the demand for furnishings has witnessed a slowdown due to
demonetisation and GST implementation.

 The company is hopeful of maintaining its FY17 margins going ahead.

EQUITY RESEARCH 3 24 August 2017


MAYUR UNIQUOTERS

DIVERSIFIED REVENUE MIX


(% of Export (Gen) Export (OEM) Auto OEM Auto Replacement
revenue) Footwear Others PU synthetic leather
100% 7% 6% 6% 7% 6% 6% 5%
8% 11%
4%
38% 37% 36%
54% 49% 46% 31%
59% 56%
50% 18% 19% 21%
12% 14% 20%
9% 9% 8% 8% 8%
9% 7% 6% 7% 7%
7%
7% 20% 19% 22% 22% 22% 20%
14% 18% 19%
0% 3% 3% 5% 7% 7% 8% 8% 8% 7%
FY12 FY13 FY14 FY15 FY16 FY17A FY18E FY19E FY20E
Source: Company, BOBCAPS Research

REVENUE GROWTH EXPORT REVENUES - HEADING NORTHWARDS

(Rs mn) Revenues % growth (R) (Rs mn) Exports % growth (R)
28%
10,000 23% 30% 2,500 35% 40%
22%
2,057
8,000 7,761
6,056 20% 2,000 1,793
5,063 1,563 30%
6,000 4,696 4,956 4,817 5,325 1,439
1,500 1,283 1,323
3,805 10%
4,000 14% 1,082 15% 15% 20%
(2%) (3%) 11%
8% 0% 1,000
2,000 19% 9% 9%
10%
500 3%
0 (10%)
FY13

FY15
FY14

FY17E

FY18E

FY20E
FY16E

FY19E

0 0%
FY14 FY15 FY16 FY17 FY18E FY19E FY20E
Source: Company, BOBCAPS Research Source: Company, BOBCAPS Research

OPERATING MARGINS PAT GROWTH

(% ) (Rs mn) APAT % growth (R)


26.1 26.5 26.3 25.9 25.7 54%
27 1,500 60%
1,185
25 37%
946 25% 40%
23 1,000 852
768 743
20.1 19.6 14% 11%
21 578 625 20%
17.8 421 23% (3%)
19 500
16.0 15.9 274 15% 0%
17 15.4 8%
15 0 (20%)
FY10

FY14

FY16

FY17
FY11

FY13

FY15
FY12

FY18E

FY20E

FY15
FY12

FY14

FY16

FY20E
FY13

FY17

FY18E
FY19E

FY19E

Source: Company, BOBCAPS Research Source: Company, BOBCAPS Research

PVC SYNTHETIC LEATHER VOLUME (MN METERS) PVC SYNTHETIC AVERAGE REALISATION (RS/METER)

(Mn meter) Sales % growth (R) (Rs/Meter) Avg Realizaiton % growth (R)
40 25% 213 213
19% 32.6 215 4.2% 6%
29.1 20% 209
30 14% 26.2 210 205 4%
23.2 24.3 23.9 206 207
21.3 15%
20 10% 205 3.5% 200 2%
17.9 200 2.3%
11% 12% 2.2%
9% 5% 200 0%
10 9% (2%)
5% 0% (0.4%) (2.8%) 0.3%
195 (3.4%) (2%)
0 (5%)
190 (4%)
FY13

FY17
FY15
FY14

FY16

FY18E

FY20E
FY19E

FY15

FY18
FY14

FY16

FY19
FY13

FY17

FY20
E
E

Source: Company, BOBCAPS Research Source: Company, BOBCAPS Research

EQUITY RESEARCH 4 24 August 2017


MAYUR UNIQUOTERS

Valuations and View


 MUNI is the market leader in Indias PVC synthetic leather industry and also caters to US
auto OEMs a market which no other domestic company has managed to penetrate.

 With domestic footwear demand expected to revive for organised players and continued
traction in domestic/export automotive markets, we expect MUNI to witness a
revenue/PAT CAGR of ~17% each over FY17-FY20 along with strong return ratios
(ROE/ROCE of 21.7%/20.4% in FY20).

 MUNI does not have many directly comparable peers its closest peer set would be
footwear-related and auto ancillary companies.

PEER COMPARISON
Mkt Cap PAT CAGR (%) PER (x) EV/EBIDTA (x) ROE (%)
Company name
(Rs mn) FY17-19E FY19E FY19E FY19E
Bata India 85,824 22.1 33.4 20.3 16.1
Relaxo Footwear 59,465 19.3 33.8 18.5 18.6
Bharat Forge 2,67,236 28.7 26.6 16.3 18.7
Amara Raja Batteries 1,32,756 16.8 20.4 11.6 19.7
Exide Industries 1,72,168 14.3 19.0 11.3 15.4
Average - 20.2 26.6 15.6 17.7
Mayur Uniquoters 16,322 13.0 17.1 9.3 19.8
Source: Bloomberg, BOBCAPS Research

 MUNI has traded at an average P/E of ~19x one-year forward over the past five years
(three-year average P/E of ~24x) and we believe valuations are sustainable. We recommend
a BUY on the stock with a Sep18 TP of Rs 445 (19x P/E Sep19).

1 -YEAR FORWARD P/E


(Rs) Price 12x 15x 18x 21x 25x
600

500

400

300

200

100

0
Sep-14
Jan-13

Aug-17
Aug-12

Feb-15

Mar-17
Oct-16
Jul-15

May-16
Apr-12

Apr-14
Jun-13

Dec-15
Nov-13

Source: Company, BOBCAPS Research

Key risks
 Competition from unorganised players: MUNI operates in a highly fragmented market with
several unorganised players who may pose stiff competition and erode the
companys growth.

 Failure/delay in commissioning of PU/PVC plant: Delays in setting up the proposed


greenfield PU/PVC facility or a failure to do so could adversely affect growth prospects.

EQUITY RESEARCH 5 24 August 2017


MAYUR UNIQUOTERS

FINANCIALS

Income Statement
Y/E Mar (Rs mn) FY16 FY17 FY18E FY19E FY20E
Total revenue 4,956 4,817 5,325 6,056 7,761
EBITDA 1,293 1,278 1,400 1,569 1,994
EBIT 1,132 1,111 1,204 1,349 1,703
Net interest income/(expenses) (26) (27) (6) (7) (5)
Other income/(expenses) 59 43 93 92 98
Exceptional items 0 0 0 0 0
EBT 1,165 1,127 1,290 1,434 1,796
Income taxes (397) (385) (439) (487) (611)
Extraordinary items 4 46 0 0 0
Min. int./Inc. from associates 0 0 0 0 0
Reported net profit 772 789 852 946 1,185
Adjustments (4) (46) 0 0 0
Adjusted net profit 768 743 852 946 1,185
Source: Company, BOBCAPS Research

Balance Sheet
Y/E Mar (Rs mn) FY16 FY17 FY18E FY19E FY20E
Accounts payables 375 460 474 555 806
Other current liabilities 184 220 218 280 358
Provisions 113 25 122 139 178
Debt funds 276 120 70 80 50
Other liabilities 50 42 42 42 42
Equity capital 231 229 229 229 229
Reserves & surplus 3,125 3,620 4,216 4,879 5,566
Shareholders' fund 3,356 3,849 4,445 5,108 5,795
Total liabilities and equities 4,354 4,716 5,371 6,204 7,229
Cash and cash eq. 1,163 1,417 1,594 1,151 1,532
Accounts receivables 987 969 1,132 1,191 1,743
Inventories 649 835 741 985 1,099
Other current assets 130 172 178 220 290
Investments 0 0 0 0 0
Net fixed assets 1,321 1,258 1,662 2,592 2,500
CWIP 79 39 39 39 39
Intangible assets 26 26 26 26 26
Deferred tax assets, net 0 0 0 0 0
Other assets 0 0 0 0 0
Total assets 4,354 4,716 5,371 6,204 7,229
Source: Company, BOBCAPS Research

EQUITY RESEARCH 6 24 August 2017


MAYUR UNIQUOTERS

Cash Flows
Y/E Mar (Rs mn) FY16 FY17 FY18E FY19E FY20E
Net income + Depreciation 933 956 1,048 1,166 1,477
Interest expenses 26 27 6 7 5
Non-cash adjustments (14) 0 0 0 0
Changes in working capital (210) (177) 35 (185) (368)
Other operating cash flows 0 0 0 0 0
Cash flow from operations 735 805 1,089 988 1,114
Capital expenditures (159) (65) (600) (1,150) (200)
Change in investments (212) (227) (253) 350 (400)
Other investing cash flows 0 0 0 0 0
Cash flow from investing (371) (292) (853) (800) (600)
Equities issued 0 (253) 0 0 0
Debt raised/repaid (185) (155) (50) 10 (30)
Interest expenses (26) (27) (6) (7) (5)
Dividends paid (141) (41) (255) (284) (498)
Other financing cash flows (86) (10) 0 0 0
Cash flow from financing (437) (486) (312) (281) (532)
Changes in cash and cash eq (73) 27 (76) (93) (19)
Closing cash and cash eq 193 220 144 51 32
Source: Company, BOBCAPS Research

Per Share
Y/E Mar (Rs) FY16 FY17 FY18E FY19E FY20E
Reported EPS 16.9 17.2 18.6 20.7 25.9
Adjusted EPS 16.8 16.2 18.6 20.7 25.9
Dividend per share 3.5 1.0 4.7 5.2 9.1
Book value per share 72.5 84.1 97.1 111.6 126.6
Source: Company, BOBCAPS Research

Valuations Ratios
Y/E Mar (x) FY16 FY17 FY18E FY19E FY20E
EV/Sales 3.1 3.2 2.8 2.4 1.9
EV/EBITDA 12.1 11.9 10.6 9.3 7.6
P/E 21.0 21.8 19.0 17.1 13.6
P/BV 4.9 4.2 3.6 3.2 2.8
Source: Company, BOBCAPS Research

DuPont Analysis
Y/E Mar (%) FY16 FY17 FY18E FY19E FY20E
Tax burden (Net income/PBT) 65.9 65.9 66.0 66.0 66.0
Interest burden (PBT/EBIT) 102.9 101.4 107.2 106.3 105.5
EBIT margin (EBIT/Revenue) 22.8 23.1 22.6 22.3 21.9
Asset turnover (Sales/Avg. total
117.1 106.2 105.6 104.6 115.5
asset)
Leverage (Avg. total asset/Avg.
136.9 125.9 121.6 121.2 123.2
equity)
ROE 24.8 20.6 20.5 19.8 21.7
Source: Company, BOBCAPS Research

EQUITY RESEARCH 7 24 August 2017


MAYUR UNIQUOTERS

Ratio Analysis
Y/E Mar FY16 FY17 FY18E FY19E FY20E
YoY growth (%)
Sales (2.1) (2.8) 10.6 13.7 28.1
EBITDA 30.4 (1.1) 9.6 12.0 27.2
EPS 23.0 (3.3) 14.7 11.1 25.3
Profitability & Return ratios (%)
EBITDA margin 26.1 26.5 26.3 25.9 25.7
EBIT margin 22.8 23.1 22.6 22.3 21.9
Adjusted profit margin 15.5 15.4 16.0 15.6 15.3
Adjusted ROAE 24.8 20.6 20.5 19.8 21.7
ROCE 21.6 19.3 18.7 18.4 20.4
Working capital days
Receivables (days) 70 74 72 70 69
Inventory (days) 80 103 95 91 86
Payables (days) 45 43 43 42 43
Ratios (x)
Gross asset turnover 2.7 2.5 2.3 1.9 2.0
Current ratio 1.2 1.1 1.1 1.0 1.2
Net interest coverage ratio 44.3 41.0 191.1 187.3 378.4
Adjusted debt/equity (0.3) (0.3) (0.3) (0.2) (0.3)
Source: Company, BOBCAPS Research

EQUITY RESEARCH 8 24 August 2017


MAYUR UNIQUOTERS

Disclaimer
Recommendation and Absolute returns (%) over 12 months
BUY. We expect the stock to deliver greater than 15% absolute returns.
HOLD. We expect the stock to deliver between -5% and 15% absolute returns.
SELL. We expect the stock to deliver less than -5% absolute returns.
Not Rated (NR). We have no investment opinion on the stock.

As of 24 August 2017, out of 58 rated stocks in the BOB Capital Markets coverage universe, 42 have BUY ratings, 10 are rated HOLD and 6 are rated SELL. None of
these companies have been investment banking clients in the last 12 months.

Analyst Certification
I, Arun Baid, MBA (Finance), Research Analyst, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect my views about the subject issuer(s) or securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the
specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated persons of BOBCAPS.

Terms and conditions and other disclosures


BOB Capital Markets Limited (BOBCAPS) is engaged in the business of Institutional Stock Broking and Investment Banking. BOBCAPS is a member of the National
Stock Exchange of India Limited and BSE Limited and is also a SEBI-registered Category I Merchant Banker. BOBCAPS is a wholly owned subsidiary of Bank of Baroda
which has its various subsidiaries engaged in the businesses of stock broking, lending, asset management, life insurance, health insurance, wealth management, portfolio
management, etc.
BOBCAPSs activities were neither suspended nor has it defaulted with any stock exchange authority with whom it has been registered in the last five years. BOBCAPS
has not been debarred from doing business by any Stock Exchange / SEBI or any other authority. No disciplinary action has been taken by any regulatory authority against
BOBCAPS impacting its equity research analysis activities.
BOBCAPS has obtained registration as Research Entity under SEBI (Research Analysts) Regulations, 2014 having registration No.: INH000000040 valid till
03rd February, 2020
The BOB Capital Markets research team hereby certifies that all of the views expressed in this report accurately reflect our personal views about the subject company or
companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or
views expressed in this report.
BOB Capital Markets Ltd. generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the
securities or derivatives of any companies that the analysts cover. Additionally, BOB Capital Markets Ltd. generally prohibits its analysts and persons reporting to analysts
from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral
or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and
investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware
that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our
relationships with the company or companies that are the subject of this material is provided herein.
This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be
illegal. We are not soliciting any action based on this material. It is for the general information of clients of BOB Capital Markets Ltd. It does not constitute a personal
recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation
in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the
investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not
a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. BOB Capital Markets Ltd. does not provide tax advice to its
clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment in certain transactions including those involving futures,
options, and other derivatives as well as non investment-grade securities that give rise to substantial risk and are not suitable for all investors. The material is based on
information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current
opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance,
or other reasons may prevent us from doing so.
We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or
"short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein and may from time to time add to or dispose of
any such securities (or investment). We and our affiliates may act as market maker or assume an underwriting commitment in the securities of companies discussed in this
document (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or
advisory services for or relating to those companies and may also be represented in the supervisory board or any other committee of those companies.
For the purpose of calculating whether BOB Capital Markets Ltd. and its affiliates hold, beneficially own, or control, including the right to vote for directors, 1% or more of
the equity shares of the subject, the holding of the issuer of a research report is also included.
BOB Capital Markets Ltd. and its non-US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to
non-US issuers, prior to or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an
adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign

EQUITY RESEARCH 9 24 August 2017


MAYUR UNIQUOTERS

currencies, affectively assume currency risk. In addition, options involve risks and are not suitable for all investors. Please ensure that you have read and understood the
current derivatives risk disclosure document before entering into any derivative transactions.
In the US, this material is only for Qualified Institutional Buyers as defined under rule 144(a) of the Securities Act, 1933.No part of this material may be (i) copied,
photocopied, or duplicated in any form by any means or (ii) redistributed without BOB Capital Markets Ltd.s prior written consent. No part of this document may be
distributed in Canada or used by private customers in the United Kingdom.
Research analyst or his/her relatives do not have any material conflict of interest at the time of publication of this report. Research analyst has not received any compensation
from the subject company in the past 12 months. BOBCAPS or its research analyst or his/her relatives do not have any financial interest in the subject company. BOBCAPS
may have received compensation from the subject company in the past 12 months. BOBCAPS may from time to time solicit or perform investment banking services for
the company(ies) mentioned in this report. BOBCAPS or its associates may have material conflict of interest at the time of publication of this research report.
BOBCAPS or its research analyst is not engaged in any market making activities for the subject company. BOBCAPS may have managed or co-managed a public offering
of securities for the subject company in the past 12 months.
BOBCAPS or its research analyst or his/her relatives do not have actual/beneficial ownership of one per cent or more securities in the subject company at the end of the
month immediately preceding the date of publication of this research report.
BOBCAPSs associates may have financial interest in the subject company. BOBCAPSs associates may hold actual / beneficial ownership of one per cent or more
securities in the subject company at the end of the month immediately preceding the date of publication of this research report.
BOBCAPS or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject
company for any other assignment in the past twelve months.
BOBCAPS or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date
of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other
advisory service in a merger or specific transaction.
BOBCAPS or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from
the companies mentioned in the report in the past twelve months.
The research analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the
research report. Accordingly, neither BOBCAPS nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.
It is confirmed that Arun Baid, MBA (Finance), Research Analyst of this report, has not received any compensation from the companies mentioned in the report in the
preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
It is confirmed that Arun Baid, MBA (Finance), Research Analyst, does not serve as an officer, director or employee of the companies mentioned in the report.

EQUITY RESEARCH 10 24 August 2017

Vous aimerez peut-être aussi