Motilal Oswal - MOSL: Morning India (23/April/18): 1. HDFC Bank; 2. Maruti Suzuki (More of the same); 3. Healthcare; 4. EcoScope; 5. Indiabulls Hous.; 6. Mahindra CIE; 7. Phoenix Mills

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Motilal Oswal

Team Research

MOSL: Morning India (23/April/18): 1. HDFC Bank; 2. Maruti Suzuki (More of the same); 3. Healthcare; 4. EcoScope; 5. Indiabulls Hous.; 6. Mahindra CIE; 7. Phoenix Mills

MOrning India (23/April/18): 1. HDFC Bank; 2. Maruti Suzuki (More of the same); 3. Healthcare; 4. EcoScope; 5. Indiabulls Hous.; 6. Mahindra CIE; 7. Phoenix Mills

Today’s top research idea

Maruti Suzuki – More of the same: increasing share, margins & growth; Upgrade cycle to continue led by higher volumes and margins

MSIL would be the biggest beneficiary of rural market recovery and first time buyers coming back as reflected in Alto sales growing 5.6% in FY18.
MSIL is targeting ~4k sales outlets (~12.8% CAGR in FY18-20E), alongwith focus on upgrading entire network to improve customer experience.
Further timely capacity addition to ensure CAGR of 13% in FY18-20 in volumes. Mar-18 annualized production stood at 2.07m units, with additional ~250k units capacity coming up by Jan-19 (~60k for 4QFY19).
MSIL's EBIT margin to improve by 220bp to ~14.3% in FY20 due to (a) continued mix improvement, (b) discount reduction, (c) lower royalty, (d) ramp-up at Gujarat plant, and (e) benefits of operating leverage. Maintain Buy.

Piping hot news

Economic recovery on firm footing: RBI governor Urjit Patel

India is witnessing a revival in investment activity after several quarters of downturn, putting the nation's economic recovery on a surer footing, Reserve Bank of India (RBI) governor Urjit Patel said at the International Monetary and Financial Committee meeting in Washington DC.

23/04/2018 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 (23/April/18): 1. HDFC Bank; 2. Maruti Suzuki (More of the same); 3. Healthcare; 4. EcoScope; 5. Indiabulls Hous.; 6. Mahindra CIE; 7. Phoenix Mills

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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