Motilal Oswal - MOSL: Morning India (22/August/17): 1. NTPC 2. Infosys 3. Marico (Corner Office) 4. MindTree Consulting 5. Gateway Distriparks

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Motilal Oswal

Team Research

MOSL: Morning India (22/August/17): 1. NTPC 2. Infosys 3. Marico (Corner Office) 4. MindTree Consulting 5. Gateway Distriparks

â€‹MOrning India (22/August/17): 1. NTPC; 2. Infosys; 3. Marico (Corner Office); 4. MindTree Consulting; 5. Gateway Distriparks

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Todayâ€™s top research idea

NTPC: Kudgi and Solapur projects on track; Earnings growth to accelerate; valuations attractive

NTPC has strong pipeline of CoDs. There is good visibility of 3.7GW of organic and 1GW of inorganic growth at NTPCsa. This will add INR81b or 18.4% to regulated equity in FY18.

In addition, 445MW will be added to commercial capacity of JVs in FY18. The visibility of CoDs for FY19 too is improving, with expected commissioning of 2.65GW in FY18. We expect regulated equity to grow at ~20% CAGR and consolidated PAT to grow at 12% CAGR over FY17-20. Capitalization would start to outpace capex, boosting RoE and driving stock re-rating.

The stock trades at 1.3x FY19E BV. We value the stock at INR204/share even after factoring 150bp regulatory risk to RoE from FY20 in our DCF model. Buy.

Piping hot news

ONGC board approves HPCL takeover

The board of state-owned Oil and Natural Gas Corp today gave 'in-principle' approval to acquire government's 51.11 per cent stake in Hindustan Petroleum Corp Ltd, the company said in a regulatory filing.

22/08/2017 26 EN

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Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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MOSL: Morning India (22/August/17): 1. NTPC 2. Infosys 3. Marico (Corner Office) 4. MindTree Consulting 5. Gateway Distriparks

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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