2011 Top Picks: Anagram: Growth Momentum to Continue

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Top Picks for 2011 (click on company name for report)

C & C Construction

Supreme Infrastructure (India)

Diamond Power Infrastructure

Glenmark Pharmaceuticals

J B Chemicals & Pharmaceuticals

IL&FS Investment Managers

Balkrishna Industries

(click on company name above for report)


Growth Momentum to Continue ....

Balkrishna Industries: 2011 Top Picks: Anagram

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Balkrishna Industries Ltd.


Balkrishna Ind has presence in niche Off-the highway (OHT) Tyre
market and majorly exports farm, construction and mining tyres.
Leveraging on the structural benefit the company is expanding
its capacity by 90% by 2013 and it has sufficient headroom to
increase prices and maintain margins which will have minimal
risk on cash flows and capex plans. Company has delivered
superior performance in past with 30% earnings CAGR over past
5 years and average ROE of 27%.

J B Chemicals & Pharmaceuticals: 2011 Top Picks: Anagram

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J B Chemicals & Pharmaceuticals



Ready to Storm the Domestic Market
J B Chem as a part of its future strategy to accelerate growth in the
domestic market, expects increased sales through key brands focus and
strengthening its presence in the rural market, it also plans to increase
its field force from 450 to around 800 by the end of this fiscal and to
2000 by end of next financial year. With these initiatives taken by the
company it is expected to clock a CAGR of 19% over FY10-13E, above
the industry growth rate of 13-15% and strengthen its position in the
domestic market.

Glenmark Pharmaceuticals: 2011 Top Picks: Anagram

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Glenmark Pharmaceuticals



Strong Core business growth to support earning momentum
Glenmark over the last few quarters has seen a revival in the financials
driven by the strong growth in its core business with healthy growth
coming in from across all the geographic segments of the company. Our
conservative estimate sees a CAGR of 19% over the next 3 years in its
base business driven by the sustained high growth in the domestic
formulation segment and turnaround of the US operations owing to the
flurry of ANDA approvals (14 approvals from Apr-Dec 2010) and niche
product launches. Further glenmark is expected to record a CAGR of
28% over FY10-13E in the other markets where it is present considering
the company’s significant investments in these markets and expected
high growth in the Latin American market and other Semi-Regulated
markets.

Diamond Power Infrastructure: 2011 Top Picks: Anagram

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Diamond Power Infrastructure

Diamond power infra is the only EPC player with major captive
facilities (80% of the project cost) which gives the company an
advantage (higher margins & lesser volatility, lower cost of carry)
over other EPC player who outsources 60 to 70% of the project
work. With adequate liquidity in place, and experience in T&D
over years DPIL will be able to monetise on $100 bn spend in
T&D sector. Moreover company has not only targeted to increase
top-line but has made constant efforts to improve and sustain
margins through backward integration (Conductors, EPC and
cables).

Supreme Infrastructure (India): 2011 Top Picks: Anagram

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Supreme Infrastructure (India) Ltd


We initiate coverage on Supreme Infrastructure (India) Ltd (SIIL)
with FY12 end target price of Rs 343 per share i.e. 38% upside
from the current market price. Our SOTP based target price
incorporates Rs 319 per share value of the core EPC business
where it enjoys higher than industry operating margins of around
17%, Rs 20.4 per share from its Manor Wada Bhiwandi road BOT
project which is expected to be benefitted from the commercial
/ industrial belt along the highway and Rs 3.8 per share value
from its Kasheli Bridge BOT project where it is sharing 10% of
the total revenue.

C & C Construction : 2011 Top Picks: Anagram

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C & C Construction


C & C Construction is a Gurgaon based infrastructure developer
providing engineering, procurement and construction services in
India and Afghanistan. While historically the company has focused
on projects in roads and highways, it has lately diversified into
power transmission, water & sanitation and commercial buildings.
In India the company mainly works for various state and central
authorities like NHAI, PWD Punjab, AAI etc.

IL&FS Investment Managers: 2011 Top Picks: Anagram

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IL&FS Investment Managers Ltd

First Mover Advantage
The company is reaping the benefits of first mover advantage in the
space of infrastructure focused fund that was introduced in 1996.
Recognizing the latent potential and investment needs of the real estate
sector, it took initiative in bringing private equity in real estate in 2005.
The company is the first to structure participation of Foreign Institutions
in the PE framework.