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3QSY2014 Result Update | Tyre

July 25, 2014

MRF

BUY

Performance Highlights

CMP
Target Price

Y/E Sept. (` cr)


Net sales
EBITDA
EBITDA margin (%)
Reported PAT

3QSY2014

3QSY2013

% chg (yoy)

2QSY2014

% chg (qoq)

3,337
489
14.7
230

3,051
483
15.8
227

9.4
1.2
(119)bp
1.3

3,299
412
12.5
171

1.2
18.6
215bp
34.7

`23,872
`29,332

Investment Period

12 Months

Stock Info
Tyre

Sector
Market Cap (` cr)

Source: Company, Angel Research

For 3QSY2014, MRF reported a good set of numbers. Its top-line grew 9.4% yoy
to `3,337cr, above our estimate of `3,218cr. The raw material cost as a
percentage of sales declined by 124bp yoy to 63.7%. Though the EBITDA margin
declined by 119bp yoy to 14.7%, it expanded by 215bp on a sequential basis.
The net profit for the quarter came flat on a yoy basis at `230cr but it was 8.2%
higher than our estimate of `213cr.
Diversified portfolio coupled with strong replacement demand to drive revenue:
MRFs diversified portfolio, with a leading position in a majority of the segments,
will help it in reaping early benefits of revival in auto demand. This would be on
the back of improved consumer sentiments after the general elections. Further,
robust growth in the auto industry during FY2009-12 provides huge opportunity
in replacement market, which will aid revenue growth for the company.
Low rubber prices to aid margins: During 3QSY2014, the price of rubber in the
domestic market declined by 14.4% yoy; rubber currently trades at `140/kg in the
domestic market. Considering the estimated surplus of 200,000 tonne in global
natural rubber supply in 2014, as per a report by the Economist Intelligence Unit,
we expect rubber prices to remain at lower levels. This will help the company in
stabilizing its EBITDA margin.
Outlook and valuation: We expect MRF to post a CAGR of 8.6% in net sales over
SY2013-15 to `14,312cr, while the EBITDA margin is expected to be at 15.1% in
SY2015. Consequently, the net profit is expected to grow at a CAGR of 13.7%
over SY2013-15 to `1,036cr. At the current market price, MRF is trading at a PE
of 9.8x its SY2015E earnings and at a P/BV of 1.8x for SY2015E. We have
revised our recommendation on the stock to Buy with a target price of `29,332

10,124
325
1.1

Net Debt (` cr)


Beta

24749/12350

52 Week High / Low


Avg. Daily Volume

1747

Face Value (`)

10.0
26272

BSE Sensex
Nifty

7831

Reuters Code

MRF.BO

Bloomberg Code

MRF IN

Shareholding Pattern (%)


Promoters

27.4

MF / Banks / Indian Fls

9.7

FII / NRIs / OCBs

34.1

Indian Public / Others

29.4

Abs. (%)
Sensex
MRF

3m

1yr

3yr

7.4

28.8

38.6

14.3

65.9

217.5

based on a target P/E of 12.0x for SY2015E.


Key Financials (Standalone)
Y/E March (` cr)
Net Sales
% chg
Net Profit
% chg
EBITDA (%)
EPS (`)
P/E (x)
P/BV (x)
RoE (%)
RoCE (%)
EV/Sales (x)
EV/EBITDA (x)

SY2012
11,870
21.8
572
32.6
10.6
1,350
17.7
3.5
22.2
22.5
1.0
9.0

SY2013
12,131
2.2
802
40.2
14.6
1,892
12.6
2.8
24.7
28.3
0.9
5.9

Source: Company, Angel Research; Note: CMP as of July 24, 2014

Please refer to important disclosures at the end of this report

SY2014E
13,118
8.1
843
5.1
14.3
1,988
12.0
2.3
20.8
27.6
0.8
5.5

SY2015E
14,312
9.1
1,036
22.9
15.1
2,444
9.8
1.8
20.8
29.1
0.7
4.7

Milan Desai
+91- 22- 3935 7800 Ext: 6846
milan.desai@angelbroking.com

MRF | 3QSY2014 Result Update

Exhibit 1: 3QSY2014 performance


Y/E Sept (` cr)

3QSY14

3QSY13

yoy chg (%)

2QSY14

qoq chg (%)

9MSY2014

9MSY2013

% chg

Net Sales

3,337

3,051

9.4

3,299

1.2

9,836

8,984

9.5

Net raw material

(1.8)

6,380

5,888

8.4

64.9

65.5

2.9

552

423

5.6

4.7

(0.7)

1,583

1,342

2,127

1,983

7.3

2,167

(% of Sales)

63.7

65.0

(124)bp

65.7

Staff Costs

191

153

25.2

186

5.7

5.0

73bp

5.6

529

432

22.5

533

(% of Sales)
Other Expenses
(% of Sales)

30.6
18.0

15.9

14.2

170bp

16.2

16.1

14.9

2,848

2,568

10.9

2,886

(1.3)

8,516

7,653

11.3

Operating Profit

489

483

1.2

412

18.6

1,320

1,331

(0.8)

OPM

14.7

15.8

(119)bp

12.5

215bp

13.4

14.8

(139)bp

54

48

63

175

147

Depreciation

106

93

106

312

276

Other Income

20

11

41

17

PBT

349

351

37.6

874

924

(% of Sales)

10.5

11.5

8.9

10.3

Tax

119

123

43.4

293

306

(% of PBT)

34.1

35.2

32.7

33.5

33.1

230

227

34.7

581

618

5.9

6.9

34.7

581

618

34.7

1,370

1,458

Total Expenditure

Interest

Extraordinary income
Reported PAT
PATM
Adjusted PAT
Equity capital (cr)
EPS (`)

6.9

7.4

230

227

543

536

(0.4)

254
7.7

(3.6)

83

1.3

171

1.3

171

1.3

403

5.2
4

(5.4)
(4.2)

(6.0)
(6.0)
(6.0)

Source: Company, Angel Research

Revenue beats estimate, net profit above expectation


MRF reported a good set of numbers for 3QSY2014. Its top-line witnessed a
growth of 9.4% yoy to `3,337cr, above our estimate of `3,218cr. The raw material
cost as a percentage of sales declined by 124bp yoy to 63.7%. Though the EBITDA
margin declined by 119bp yoy to 14.7%, it expanded by 215bp on a sequential
basis. The net profit came flat on a yoy basis at `230cr, but it was 8.2% higher
than our estimate of `213cr.

Exhibit 2: Actual vs. Estimate (3QSY2014)


Particulars (` cr)

Actual

Estimate

Variation (%)

Total Income

3,337

3,218

3.7

EBIDTA

489

470

4.1

EBIDTA margin (%)

14.7

14.6

0.4

Adjusted PAT

230

213

8.2

Source: Company, Angel Research

July 25, 2014

MRF | 3QSY2014 Result Update

Investment rationale
Diversified product portfolio to drive revenue growth
MRF has a diversified portfolio with a leading position in passenger car, motor
cycle, tractor front tyre and medium and heavy vehicle (MHCV) tyre segment. Of
the total tonnage off-take of MRF, the MHCV segment constitutes 47.9%, followed
by passenger car (11.2%), motor cycle (10.2%) and light commercial vehicle
(LCV-9.3%). Despite sluggish automobile demand in India, where MHCV and
passenger car segments de-grew by 29% and 8% yoy, respectively, in SY2013,
MRF reported a marginal growth of 2.2% in net sales. Going forward, we expect
the auto industry to show signs of recovery on the back of improved consumer
sentiments after the general elections. MRFs diversified portfolio will help it to reap
early benefits of this recovery; thus the company could witness firm revenue growth
on this account.

Exhibit 3: Product portfolio mix (Tonnage FY2012)


Tractor
11%

Motor cycle
10%

Passenger Car
11%

LCV
9%

Scooter (2/3wheelers)
6%
Others
5%

Exhibit 4: Segment wise market share (FY2012)


35

25

29

28

30

29
26

25

22

20

19

20
15

13

11

10

10

0
MHCV
48%

Source: Crisil Report, Angel Research

MHCV Tyre

Passenger Car
Tyre
MRF

Motorcycle
Tyre
Apollo Tyre

Tractor Front
Tyre

Tractor Rear
Tyre

Ceat

Source: Crisil Report, Angel Research

Improvement in demand from OEMs


During SY2013, the auto industry has witnessed a dip in production across most
segments resulting in bleak demand from OEMs. However, the replacement tyre
demand was stable resulting in 2.2% yoy growth in net sales. With the new
government at helm, there is a strong possibility that the auto sector will do well.
Accounting for this along with stable demand from the replacement tyre segment,
we expect MRF to perform well in SY2015.

Lower rubber prices to help in sustaining EBITDA margin


Rubber prices have been volatile during the last two years and have been declining
in the recent past due to a number of reasons, viz A) slowdown in demand for
automobiles B) import of natural rubber through duty free channels accounted for
50% of the total consumption during FY2013 and has risen to 7.38lakh metric
tonne year till date (YTD; till July SY2014) due to favorable international prices.
As per a report published by the Economist Intelligence Unit, global surplus of
natural rubber may reach 200,000 metric tonne in 2014. Due to such global
surplus coupled with delay in revival in auto demand, rubber is expected to trade
at an average price of `145/kg for SY2014-SY2015. Thus, we expect MRFs
EBITDA margin to improve by 50bp over SY2013-15 to 15.1%.
July 25, 2014

MRF | 3QSY2014 Result Update

Exhibit 5: Domestic and International rubber price trends


220

International Price

Domestic Price

(`/kg)

200
180
160
140

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

120

Source: Angel Research

July 25, 2014

MRF | 3QSY2014 Result Update

Financials
Exhibit 6: Key assumptions
Particulars (%)

SY2014E

Change in tyre realization


Change in tyre volume sales
Change in rubber price

SY2015E

8.3

9.0

(8.0)

0.1

Source: Angel Research

Pickup in OEM demand to drive revenue growth


MRF is expected to post an 8.6% CAGR in revenue over SY2013-15 from
`12,131cr in SY2013 to `14,312cr in SY2015, owing to improvement in demand
for OEMs along with stable demand from the replacement tyre segment.

Exhibit 7: Pickup in OEM demand to drive revenue growth


35

31.6

14,000

30.7

21.8

8,000

14,312

13,118

(` cr)

10,000

12,131

12,000

30
25
20
15

11,870

2,000

9,743

4,000

7,453

6,000

SY2010

SY2011

SY2012

(%)

16,000

9.1 10
8.1

2.2

0
SY2013

Revenue (LHS)

SY2014E

0
SY2015E

Revenue growth (RHS)

Source: Company, Angel Research

EBITDA and PAT margins to improve


The effects of the lower rubber prices are being reflected in the companys current
quarter numbers and will carry over into SY2015. However, we expect the benefits
of lower costs to be offset by an increase in employee and other expenses. We
therefore expect EBITDA margins to decline by 30bp yoy to 14.3% in SY2014 and
improve gradually to 15.1% in SY2015. We are also increasing our estimate of
interest expense for SY2014 as the quantum of loans has increased in 1HSY2014.
Consequently, we estimate the net profit to post a 13.7% CAGR over SY2013-15
to `1,036cr in SY2015.

July 25, 2014

MRF | 3QSY2014 Result Update

6.0

70.0

66.0
65.2

4.0
2.0

63.3
64.1

SY2011

SY2012

SY2013

EBITDA margin

SY2014E

6.0

600

62.0

200

60.0

5.0

4.8

4.6
4.4

400

64.0

4.0

SY2010

SY2011

SY2012

SY2013

SY2014E

SY2015E

3.0
2.0

SY2015E

RM/Net sales (RHS)

PAT (LHS)

Source: Company, Angel Research

8.0
7.0

6.4

800

68.0

8.2

6.6

1,036

8.0

1000

843

70.4

72.0

(%)

10.0
(%)

10.6

7.2

802

15.1

12.0

1200

572

14.0

74.0

432

14.3

341

14.6

73.1

(` cr)

16.0

Exhibit 9: Steady growth in net profit

(%)

Exhibit 8: Lower rubber prices to aid EBITDA margin

PAT margin (RHS)

Source: Company, Angel Research

Outlook and valuation


We expect MRF to post a CAGR of 8.6% in net sales over SY2013-15 to `14,312cr
while the EBITDA margin is expected to be at 15.1% in SY2015. Consequently, the
net profit is expected to grow at a CAGR of 13.7% over SY2013-15 to `1,036cr. At
the current market price, MRF is trading at a PE of 9.8x its SY2015E earnings and
at a P/BV of 1.8x for SY2015E. We recommend a Buy rating on the stock with a
revised target price of `29,332, based on a target P/E of 12.0x for SY2015E
earnings.

Price

2x

5x

8x

Jul-14

Jan-14

Jul-13

Jan-13

Jul-12

Jan-12

Jul-11

Jan-11

Jul-10

Jan-10

Jul-09

Jan-09

30,000
27,000
24,000
21,000
18,000
15,000
12,000
9,000
6,000
3,000
0

Jul-08

(`)

Exhibit 10: One-year forward P/E band

11x

Source: Company, Angel Research

Exhibit 11: Relative valuation


Apollo Tyres

FY2016E

Sales
(` cr)
15,873

MRF

SY2015E

14,312

Year end

OPM
(%)
13.3

PAT
(` cr)
1,153

EPS
(`)
22.8

ROE
(%)
19.1

P/E
(x)
7.8

P/BV
(x)
1.4

EV/EBITDA
(x)
4.4

EV/Sales
(x)
0.6

15.1

1,036

2,444

20.8

9.8

1.8

4.7

0.7

Source: Company

July 25, 2014

MRF | 3QSY2014 Result Update

Risks
Volatile rubber prices: Natural rubber is the major raw material used in the
manufacture of tyres. Domestic rubber prices have declined from the level of
`168/kg in 3QSY2013 to average levels of `144/kg in 3QSY2014 and to
`140/kg currently. Increase in rubber prices would have a negative impact on the
companys EBITDA margin and consequently on its profit.
Hike in import duty on rubber: In the wake of falling domestic rubber prices, the
Central Government has increased the import duty on natural rubber to a lower of
20% or `30/kg, from the currently lower of 20% or `20/kg. Any further upward
revision in import duty will have an adverse impact on MRFs profitability.
Slowdown in automobile sector: Automobile demand in India has been declining
since SY2011. Of the total tyre consumption in terms of tonnage, original
equipment manufacturers (OEMs) account for ~36%. If the demand from OEMs
continues to be sluggish, it will impact the revenue growth of the company.

Exhibit 12: Domestic vehicle sales trend


40

Passanger Car

MHCV

LCV

Motor Cycle

30
20

(%)

10

8.3

(4.1)

(10)
(20)

(20.8)
(27.2)

(30)

2QSY14

1QSY14

4QSY13

3QSY13

2QSY13

1QSY13

4QSY12

3QSY12

2QSY12

1QSY12

4QSY11

3QSY11

2QSY11

(40)

Source: Company, Angel Research

July 25, 2014

MRF | 3QSY2014 Result Update

Company Background
MRF manufactures rubber products such as tyres, tubes, flaps, tread rubber and
conveyor belts. The company is present across all categories of tyres. MRF is a
market leader in the tyre industry with an ~24% market share as on FY2012. The
company is also a leader in the passenger car tyre segment with a 24.8% market
share and holds a third position in the MHCV segment with a 22.3% market share.
MRF also exports tyres to over 65 countries in America, Europe, Middle East, Japan
and the Pacific region.

Exhibit 13: Overall Market Share (FY2012)


Goodyear
India, 4.9
Birla Tyres, 8.9

MRF Tyres, 24.4

Others, 17.6

Ceat Ltd., 9.3

Apollo Tyres,
20.6

JK Industries,
14.3
Source: Crisil Report, Angel Research

July 25, 2014

MRF | 3QSY2014 Result Update

Profit & Loss Statement (Standalone)


Y/E Sept (` cr)

SY2011

SY2012

SY2013

SY2014E

SY2015E

Gross sales

10,645

13,062

13,453

14,548

15,873

Less: Excise duty


Net Sales
% chg
Net Raw Materials
Personnel

1,192

1,322

1,430

1,561

11,870

12,131

13,118

14,312

30.7

21.8

2.2

8.1

9.1

7,115

8,353

7,899

8,413

9,065

447

514

603

735

794

Other

1,380

1,743

1,862

2,099

2,290

Total Expenditure

8,942

10,609

10,365

11,246

12,150

802

1,261

1,767

1,872

2,162

(1.1)

57.3

40.1

5.9

15.5

8.2

10.6

14.6

14.3

15.1

Depreciation & Amort.

248

301

373

416

460

EBIT

554

960

1,394

1,456

1,703

% chg

0.8

73.3

45.2

4.5

16.9

(% of Net Sales)

5.7

8.1

11.5

11.1

11.9

Interest & other charges

98

159

196

242

213

EBITDA
% chg
(% of Net Sales)

Other Income

25

32

29

45

57

(% of sales)

0.3

0.3

0.2

0.3

0.4

482

833

1,227

1,258

1,547

PBT
% chg

(8.9)

73.0

47.3

2.6

22.9

Tax

274

261

425

415

510

(% of PBT)

56.9

31.3

34.6

33.0

33.0

PAT (reported)

612

572

802

843

1,036

(404)

224

Minority interest
Extraordinary (Exp)/Inc.
Tax on extraordinary exp
ADJ. PAT

432

572

802

843

1,036

% chg

26.5

32.6

40.2

5.1

22.9

4.4

4.8

6.6

6.4

7.2

Basic EPS (`)

1,018

1,350

1,892

1,988

2,444

Fully Diluted EPS (`)

1,018

1,350

1,892

1,988

2,444

26.5

32.6

40.2

5.1

22.9

(% of Net Sales)

% chg

July 25, 2014

902
9,743

MRF | 3QSY2014 Result Update

Balance Sheet (Standalone)


Y/E Sept (` cr)

SY2011

SY2012

SY2013

SY2014E

SY2015E

Equity Share Capital

Preference Capital

Reserves& Surplus

2,294

2,854

3,641

4,471

5,495

SOURCES OF FUNDS

Equity share warrants

Shareholders Funds

2,298

2,858

3,645

4,475

5,499

Total Loans

1,549

1,659

1,562

1,796

1,590

Deferred Tax Liability

142

187

222

245

245

Other Long Term Liabilities

827

957

1,080

972

729

Long Term Provisions

50

87

75

64

70

4,865

5,748

6,585

7,552

8,132

Gross Block

3,832

5,063

5,475

6,296

6,989

Less: Acc. Depreciation

1,860

2,149

2,505

2,921

3,381

Net Block

1,971

2,914

2,970

3,375

3,608

Capital Work-in-Progress

1,042

415

359

377

396

73

425

906

1,024

1,024

146

57

138

207

207

24

30

35

35

35

3,079

3,371

3,850

4,259

4,726

56

61

331

578

595

189

211

167

171

215

Inventory

1,526

1,646

1,795

1,854

2,109

Debtors

1,309

1,454

1,556

1,657

1,808

Total Liabilities
APPLICATION OF FUNDS

Investments
Long Term Loans and adv.
Other noncurrent assets
Current Assets
Cash
Loans & Advances

Other current assets

Current liabilities

1,471

1,464

1,672

1,725

1,864

Net Current Assets

1,608

1,907

2,177

2,534

2,862

Mis. Exp. not written off


Total Assets

July 25, 2014

4,865

5,748

6,585

7,552

8,132

10

MRF | 3QSY2014 Result Update

Cash Flow Statement (Standalone)


Y/E Sept (` cr)
Profit before tax
Depreciation
Change in Working Capital
Other income
Direct taxes paid

SY2012

SY2013

SY2014E

SY2015E

482

833

1,227

1,258

1,547

248

301

373

416

460

(466)

(294)

(0)

(110)

(311)

645

443

248

(45)

(57)

(274)

(261)

(425)

(393)

(510)

634

1,023

1,422

1,126

1,128

(Inc.)/Dec. in Fixed Assets

(1,008)

(603)

(357)

(839)

(711)

(Inc.)/Dec. in Investments

(352)

(481)

(118)

(Decr)/Incr in Long term prov.

50

38

(12)

(11)

(Incr)/Decr In L.T loans & adv.

(170)

82

(85)

(69)

25

32

29

45

57

Cash Flow from Operations

Other income
Others
Cash Flow from Investing
Issue of Equity
Inc./(Dec.) in loans
Dividend Paid (Incl. Tax)
Others
Cash Flow from Financing
Inc./(Dec.) in Cash
Fixed Deposit

July 25, 2014

SY2011

43

(126)

12

(1,061)

(929)

(895)

(993)

(648)

1,021

241

26

126

(450)

(12)

(12)

(13)

(13)

(13)

(570)

(317)

(315)

438

(89)

(301)

114

(462)

11

226

247

17

44

Opening Cash balances

45

56

61

331

578

Closing Cash balances

56

61

331

578

595

11

MRF | 3QSY2014 Result Update

Key Ratios
Y/E Sept (` cr)

SY2011

SY2012

SY2013

SY2014E

SY2015E

P/E (on FDEPS)

23.5

17.7

12.6

12.0

9.8

P/CEPS

14.9

11.6

8.6

8.0

6.8

P/BV

4.4

3.5

2.8

2.3

1.8

Dividend yield (%)

0.1

0.1

0.1

0.1

0.1

EV/Sales

1.2

1.0

0.9

0.8

0.7

14.4

9.0

5.9

5.5

4.7

2.4

2.0

1.6

1.4

1.2

EPS (Basic)

1,017.8

1,349.9

1,892.0

1,988.2

2,444.3

EPS (fully diluted)

1,017.8

1,349.9

1,892.0

1,988.2

2,444.3

Cash EPS

1,601.7

2,060.1

2,771.6

2,968.2

3,528.9

29.1

25.0

30.0

30.0

30.0

5,418

6,740

8,597

10,555

12,969

EBIT margin

5.7

8.1

11.5

11.1

11.9

Tax retention ratio

0.7

0.7

0.7

0.7

0.7

Asset turnover (x)

2.6

2.4

2.4

2.4

2.3

10.2

13.6

18.3

17.5

18.6

Cost of Debt (Post Tax)

5.4

6.8

8.0

9.7

8.4

Leverage (x)

0.6

0.4

0.1

0.0

(0.0)

13.1

16.4

19.2

17.8

18.6

ROCE (Pre-tax)

14.0

18.1

22.6

20.6

21.7

Angel ROIC (Pre-tax)

18.1

22.5

28.3

27.6

29.1

ROE

21.6

22.2

24.7

20.8

20.8

Asset Turnover (Gross Block)

2.7

2.7

2.3

2.2

2.2

Inventory / Sales (days)

49

49

52

51

51

Receivables (days)

40

42

45

46

46

Payables (days)

50

51

50

56

56

WC cycle (ex-cash) (days)

49

52

56

53

54

Net debt to equity

0.6

0.4

0.1

0.0

(0.0)

Net debt to EBITDA

1.8

0.9

0.2

0.1

(0.0)

Interest Coverage (EBIT / Int.)

5.7

6.0

7.1

6.0

8.0

Valuation Ratio (x)

EV/EBITDA
EV / Total Assets
Per Share Data (`)

DPS
Book Value
Dupont Analysis

ROIC (Post-tax)

Operating ROE
Returns (%)

Turnover ratios (x)

Solvency ratios (x)

July 25, 2014

12

MRF | 3QSY2014 Result Update

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement

MRF

1. Analyst ownership of the stock

No

2. Angel and its Group companies ownership of the stock

No

3. Angel and its Group companies' Directors ownership of the stock

No

4. Broking relationship with company covered

No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

July 25, 2014

Buy (> 15%)


Reduce (-5% to -15%)

Accumulate (5% to 15%)


Sell (< -15%)

Neutral (-5 to 5%)

13

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