Potential Upside

47.1% 

CMP*

Rs. 361/312

 Target

Rs. 459

• Strong visibility on commercial launches and future orders to culminate in sustainable growth starting FY18. With bulk of capex investments already made, and prudent spending over the next 2-3 years, DCAL could generate US$ 80-90mn free cash flows p.a. Higher EBITDA margins and reducing leverage would bring down interest costs and lower effective tax rate will contribute significantly to boost earnings.

Potential Upside

9.7%

CMP*

Rs. 1039/1147

Target

Rs. 1258

• Investments made by Infosys in digital transformation, analytics, cloud, cyber security and AI would help the company to serve emerging demands of clients in these areas. Infosys scores ahead of its large cap IT Peers like Wipro, HCL Tech etc in next gen tech services like IoT, block chain, cyber security etc being an early adopter and having higher exposure to BFSI and Manufacturing which will adapt to these fast. The incoming CEO could bring fresh thrust and direction to the business growth of Infosys.

Potential Upside

28.01%

CMP*

Rs. 226

Target

Rs. 133

• Strong Ad spend on the back of coming elections and robust growth in Radio and Digital Segment will drive growth momentum in the coming years.

Potential Upside(%)

30.70%

CMP*

Rs. 535

Target

Rs. 745

• With strong order book of ~Rs 8300cr, it provides revenue visibility of next 36-48 months, bidding pipeline (~> Rs 10000 crore), core competency in both shipbuilding & ship repair, debt-free status, best-in-class working capital cycle, reliability in execution places Cochin Shipyard in a sweet spot

 Potential Upside

36.86%

 CMP*

Rs. 465

 Target

Rs. 635

• After the rights issue of Rs 300cr, Mahindra Life is well capitalised and has one of the lowest D/E of 0.1x. Stock trades at 1.1x FY20E Price/Book and ~14x EPS.