Motilal Oswal - MOSL: Morning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddyâ€™s; 3. Diviâ€™s Lab; 4. Marico; 5. Oil Gas; 6. Aviation Monthly

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Motilal Oswal

Team Research

MOSL: Morning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddyâ€™s; 3. Diviâ€™s Lab; 4. Marico; 5. Oil & Gas; 6. Aviation Monthly

â€‹MOrning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddyâ€™s; 3. Diviâ€™s Lab; 4. Marico; 5. Oil & Gas; 6. Aviation Monthly

Todayâ€™s top research idea

Delta Corp: Favorable odds; Dominating in â€˜brick worldâ€™, entering â€˜click worldâ€™

Delta Corp is the leading player in India's underpenetrated gaming market. Gaming is an emerging industry in India; given its paltry size of ~USD150m (Global size of USD183b), the growth potential is huge.

Approval of its casino in Daman is a key growth trigger for DELTA, as it would nearly double its gaming capacity to ~3,000 and further cement its first-mover advantage.

M&A opportunities in the fast-growing online gaming business in India would allow DELTA to leverage its current strength and open up new avenues for growth. It recently announced the acquisition of Adda52.com, an online poker gaming website.

We expect 35% revenue CAGR, 45%/62% EBITDA and PAT CAGR over FY17-19E. EBITDA would be driven by strong operating leverage. We initiate coverage with a Buy rating. Our PT is INR229 (30x FY19E EPS), upside of ~36%.

22/03/2017 30 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/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddyâ€™s; 3. Diviâ€™s Lab; 4. Marico; 5. Oil & Gas; 6. Aviation Monthly

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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