Research Scorecard

March 2014

Key pillars of our equity proposition

Intensive Research

Innovative & flexible products

Dedicated team for fundamental, derivative

and technical research

to cater to every clients need

Total 26 fundamental research analysts

covering 198 companies across sectors

Customised

research

solutions

for

derivatives

Strong service platform

Dedicated equity advisors to guide you on

Online reporting systems for tracking

transactions,

profitability,

in

product

and

Execution

Margins

Liquidity

Institutional services offered to our HNI

clients

Online and mobile platforms for trading

and account tracking

flexibility

Institutional & Corporate Services

the markets

Provide

service features

investing or trading using cash, equities or

Offer innovative and unique products

securities

Block deals

VWAP trading

Compliance reporting and monitoring

services for employee accounts

position and cash movement

Research Philosophy

Stock selection basis

Momentum

Fundamentals

Financials of the company

Growth prospects of the industry and

and historical averages

company

Quality of management

Competitive landscape

Transaction volume

Technicals

Valuations

Stock price movement vis--vis market

Stock price vis--vis:

Chart based parameters

Peers

Moving average price

Earnings quality

Trend reversals

Intrinsic value

Historical cycles

Patterns

Research catering to client needs

Fundamentals

Momentum

Technicals

Long term
Investing

Medium term
Investing

Short term
Trading

Intra day
Trading

High

Low

Absent

Research basket

Long term
Investing

Medium term
Investing

Short term
Trading

Intra day
Trading

Three to five years perspective Equity model portfolio

Twelve to 15 month perspective Detailed company reports

Others Muhurat Picks and Annual Strategy Picks

Three months perspective

Pick of the Week

Seven to 30 days perspective

Monthly and Weekly Calls Technical & Derivatives

Stocks on the Move, Positional Derivatives and Volatility Insight

One to three days perspective

Daily Calls Technical, Momentum and Derivatives

Intra-day Calls BTST, Margin and Derivatives

Research Performance Long Term Investing

Detailed Company Coverage

Overall Basket

Coverage: 198 companies

Target achieved: 131 companies (66% strike rate)

Nano Nivesh

Initiated: 6 companies

Company

Initiation price

CMP

Atul Auto

97

354

280

264.9

108

89

102

-17.9

Dlink India

27

29

40

6.9

Wim Plast

329

603

480

83.3

Siyaram Silk Mills

306

309

406-449

1.0

Butterfly Gandhimathi Appliances

262

299

335

14.1

Setco Automotive

Fair Value Return (YTD%)

Comment
Date of initiation
The initiation fair value price had been achieved on
November 29, 2012. This was | 160-180 and then
subsequently upgraded to | 205 and |280.These target
prices have been achieved. We have advised all long- September 14, 2012
term investors to hold on to the stock while short-term
investors have been advised to book 50% profit in the
stock.
The stock is trading below the recommended price. We
have revised our target price downwards to | 102 from
March 20, 2013
earlier fair value price of | 140-150. We continue to have
a positive view on Setco
We remain bullish on the stock and maintain our fair
value assessment. Investors can continue to hold the
March 20, 2013
stock
We remain positive on the stock based on the expected
strong earnings in the next two years and attractive
April 2, 2013
multiples. We advise our long term investors to hold on
to the stock till our next update.
Keeping the low liquidity nature of the stock in mind,
December 13, 2012
investors can use dips to rationally buy the stock
March 3, 2014

Equity Model Portfolio (rejigged on December 27, 2013) Large Cap

Earlier
Name of the company
Auto
Maruti Suzuki
Tata Motors DVR
BFSI
HDFC
HDFC Bank
SBI
Axis Bank
Infrastructure
L&T
FMCG
Nestle
ITC
Metals & Mining
Coal India
Hindustan Zinc
Oil and Gas
ONGC
Reliance
Pharma
Lupin
Sun Pharma
IT
Infosys
TCS
Wipro
Telecom
Bharti Airtel
Media
Zee Entertainment
Retail
Titan
Total

Now
Weightage(%)
9
5
4
22
6
6
6
4
5
5
13
3
10
4
2
2
11
3
8
7
3
4
18
6
8
4
4
4
4
4
3
3
100

Name of the company

Auto
Maruti Suzuki
Tata Motors DVR
Bajaj Auto
BFSI
HDFC
HDFC Bank
SBI
Axis Bank
Power, Infrastructure & Cement
L&T
Ultratech Cement
FMCG
Nestle
ITC
Metals & Mining
NMDC
Oil and Gas
Reliance
Pharma
Lupin
Sun Pharma
IT
Infosys
TCS
Wipro
Telecom
Bharti Airtel
Media
Zee Entertainment
Retail
Titan
Total

10

Weightage(%)
12
5
4
3
19
6
6
3
4
8
5
3
13
3
10
3
3
10
10
7
3
4
19
7
8
4
3
3
3
3
3
3
100

Equity Model Portfolio (rejigged on December 27, 2013) Midcap

Earlier
Name of the company
Auto
Exide Ind.
IT
Info Edge
Eclerx
BFSI
J&K Bank
Yes Bank
FMCG
Kansai Nerolac
Dabur India
Tata Global Beverages
Pharma
Cadilla
Glenmark
Retail
Navneet Publications
Media
Sun TV
Capital Goods
Cummins
Realty/Infrasturcture
Container Corporation of India
Oberoi Realty
Total

Now
Name of the company
Auto
Bosch
IT
Info Edge
BFSI
J&K Bank
IndusInd Bank
FMCG
Kansai Nerolac
Dabur
Tata Global Beverages
Pharma
Cadilla
Natco Pharma
Retail
Navneet Publications
Media
Sun TV
Capital Goods
Cummins
Realty/Infrasturcture/Cement
Container Corporation of India
Oberoi Realty
Shree Cement
Total

Weightage(%)
6
6
12
6
6
16
8
8
20
8
6
6
16
8
8
6
6
6
6
6
6
12
6
6
100

# Indicative diversified portfolio has 70%

weightage to large cap and 30% to midcap

11

Weightage(%)
8
8
6
6
16
8
8
20
8
6
6
14
8
6
6
6
6
6
6
6
18
6
6
6
100

Equity Model Portfolio

Performance (return since inception)#

All the three portfolios continue to outperform their respective benchmark indices, indicating that
our picks have been more consistent and stable vis--vis their respective indices on an average

50

44.7

39.4

40
27.5

26.2
20.8

30
20

11.9

10
0
Large Cap

Midcap
Portfolio

As on March 31, 2014

# includes the dividend yield

12

Benchmark

Diversified

SIP in Model Portfolio

Value as on March 31, 2014

4,000,000

2,800,000

3,807,761

4,186,876

3,823,811

3,400,000

3,000,000

4,265,975

3,200,000

3,400,000

3,400,000

3,400,000

4,198,536

3,600,000

3,896,062

3,800,000

2,600,000
Largecap
Investment

Midcap

Value of Investment in Portfolio

Divesified
Value if invested in Benchmark

SIP in all three portfolios (large cap, midcap and diversified portfolio) continue to outperform
their SIP in the respective index

Assuming | 1,00,000 invested as SIP at the end of every month

Start date of SIP is June 30, 2011

13

Muhurat Picks Recommended in October, 2013

Recommended on October 29, 2013

SBI
Bajaj Electricals
Entertainment Network
Wipro
Bajaj Auto

Reco price
1705
155
290
478
2075

Exit price/CMP
1872
280
360
570
2023

14

Return (%)
9.8
80.6
24.1
19.2
-2.5

Status
Booked Profit
Booked Profit
Booked Profit
Booked Profit
Open

Yearly Strategy picks Fundamental

Recommended on December 27, 2013

Scrip Name
Bajaj Auto
IndusInd Bank
Idea Cellular
ITC
Marico
Shree Cements
Oberoi Realty
Titan Industries

Reco Pricexit price/CMP Return (%)

1935
2023
4.5
422
505
19.7
168
146.6
-12.7
322
345
7.3
221
211
-4.5
4399
5080
15.5
231
218
-5.6
229
263
14.8

15

Status
Open
Booked Profit
Open
Open
Open
Booked Profit
Open
Open

Yearly Technical picks

Technical Outlook 2014

Rec. Date Stock Recommen Rec Price

Jan-14 Ipca Lab
700.0
Jan-14 Cummins India
458.0
Jan-14 Kesoram Ind
68.0
Jan-14 Bosch
9600.0
Jan-14 CMC
1510.0
Jan-14 Tata Motors
368.0
Jan-14 TCS
2090.0
Jan-14 JB Chemical
120.0
Jan-14 Colgate
1282.0
Jan-14 Tata Global
145.0

Target
890.0
575.0
95.0
12350.0
1940.0
440.0
2500.0
170.0
1580.0
225.0

Recommendations: 10

Open: 3

Strike Rate: 100%

Average Return on positive calls: 19.00%

Stoploss
595.0
380.0
51.0
8000.0
1290.0
315.0
1860.0
97.0
1140.0
115.0

% Profit/Loss
27.0
26.0
19.0
18.7
17.0
13.0
12.0

Comment
Target Achieved
Target Achieved
Profit booked at 80.75
Profit Booked at 11300
Book profit at 1765
Book 50% profit at 415
Book 50% profit at 2340
Open
Open
Open

Research Performance Medium Term Investing

17

Techno Funda picks

As on Date Performance

Recommendations: 25

Open: 3

Strike Rate: 77%

Average Return on positive calls: 17.0%

Average Return on negative calls: -4.3%

18

Research Performance Short Term Trading

19

Technical Breakout
As on Date Performance

Recommendations : 71

Open: 0

Strike rate:69%

Average return on positive calls: 14.5%

Average return on negative calls: -7.5%

20

Technical Delivery Call

March Performance

Recommendations : 25

Open: 4

Strike rate:84%

Average return on positive calls: 10.5%

Average return on negative calls: -3.5%

21

Monthly Technical Sectoral

March Performance

Recommendations : 7

Open: 0

Strike rate: 100%

Average return on positive cash calls: 11.3%

YTD Performance

Recommendations : 76

Open: 0

Strike rate:82%

Average return on positive cash calls : 10.2%

Average return on negative cash calls : -4.1%

Average return on positive future calls : 7.0%

22

Monthly Call
March Performance

Recommendations : 4

No Trade: 0

Strike Rate: 100%

Average return on positive calls : 9.0%

YTD Performance

Recommendations : 30

No Trade: 4

Strike rate:83%

Average return on positive calls : 7.5%

Average return on negative calls : -2.9%

23

Weekly Call
March Performance

Recommendations: 11

No Trade: 2

Strike Rate:86%

Average return on positive calls : 7.0%

Average return on negative calls : -4.0%

YTD Performance

Recommendations : 107

No Trade: 25

Strike rate:81%

Average return on positive calls : 6.0%

Average return on negative calls : -2.8%

24

Weekly Technical Calls

March Performance

Recommendations: 7

Strike Rate: 86%

Average return on positive cash calls : 12.0%

Average return on negative cash calls : -2.0%

YTD Performance

Recommendations : 79

Closed at cost: 5

Strike rate:84%

Average return on positive cash calls : 9.0%

Average return on negative cash calls : -3.2%

Average return on positive future calls : 3.7%

Average return on negative future calls : -2.8%

25

Monthly Derivatives
March Performance

Recommendations: 5

Strike Rate: 80%

Average Return per call: 6%

Average Profit per call : |15540

YTD Performance

Recommendations: 55

Strike Rate: 84%

Average Return per call: 4.5%

Average Profit per call: |12200

Weekly Derivative Calls

March Performance

Number of strategies recommended: 8

Positive payoff: 4

Not initiated/Exit at cost : 1

Strike rate: 58%

Net profit/(Loss): | 14575

YTD Performance

Number of strategies recommended: 92

Positive payoff: 59

Not initiated/Exit at cost: 23

Strike rate: 86%

Net profit: | 378000

Average profit per call: | 5040

Stock in focus
YTD Performance

Strike rate : 83%

Return per call: 7.4%

YTD Performance
Date

Instrument

25-Apr-13 Dabur
16-May-13 IDFC

Action

Price

Target

Cash
Cash

142
157

165
180

Stop Loss Closure date Exit Price

132
147

7-May-13
31-May-13

163
147

Retrun %

Profit/Loss

15%
-6%

Profit booked
SL Triggered

Stock trader
March Performance

No. of Calls : 16

Open : 4

Strike rate: 100%

Average return per call : 12%

YTD Performance

Number of strategies recommended: 65

Positive payoff: 47

Open : 4

Not initiated/Exit at cost: 4

Strike rate: 84%

Net profit: | 1139825

Average return per call: 6%

Alpha Trades
YTD Performance

No. of Strategies: 18

Open : 1

Strike rate (YTD): 75%

Average profit per call (YTD): | 2400

Volatility Insights
YTD Performance

No. of Strategies: 38

Open : 1

Strike rate (YTD): 76%

Average profit per call (YTD): | 4550

Research Performance Intra Day Trading

31

Trading Calls
March Performance

Strike rate of 75%

Trading
Total calls
Positive Payoff
Open
Strike rate

Derivatives/Margin Calls
442
328
3
75%

32

Disclaimer
ICICI Securities Ltd., Member of National Stock Exchange of India Ltd., SEBI Regn. No. INB 230773037 (CM),
SEBI Regn. No. INF 230773037 (F&O),SEBI Regn No. INE230773037 (CD), Bombay Stock Exchange Ltd., SEBI
Regn. No. INB011286854 (CM) , SEBI Regn No. INF010773035 (F&O). AMFI Regn. No.: ARN-0845, Corporate
Agent of ICICI Prudential& ICICI Lombard, Composite Corporate Agent License No. 2613930. Registered office
of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India.

Kindly read the Risk Disclosure Documents carefully before investing in Equity Shares, Derivatives or other
instruments traded on the Stock Exchanges. Please note that Mutual Fund Investments are subject to market
risks, read the all scheme related documents carefully before investing for full understanding and detail.
Insurance is the subject matter of solicitation. ICICI Securities Ltd. does not underwrite the risk or act as an
insurer. ICICI Securities is a distributor of Insurance and Mutual funds and acts as a Syndicate, Sub -Syndicate
member for IPO. The contents herein above shall not be considered as an invitation or persuasion to trade or
invest. Investors should make independent judgment with regard suitability, profitability, and fitness of any
product or service offered herein above. I-Sec and affiliates accept no liabilities for any loss or damage of any
kind arising out of any actions taken in reliance thereon. ICICI Securities Limited is not providing the service of
Portfolio Management Services (Discretionary or Non Discretionary) to its clients.

34

Disclaimer
The information provided is not intended to be used by investors as the sole basis for investment decisions,
who must make their own investment decisions, based on their own investment objectives, financial positions
and needs of specific investor. The information provided may not be taken in substitution for the exercise of
independent judgment by any investor. The investor should independently evaluate the investment risks and
make independent judgment with regard suitability, profitability, and fitness of any product or service offered
herein above.

Some of the products described hereinabove may be developed and offered by third parties ('third party
products'), which I-Sec may be making available to you. I-Sec does not endorse or guarantee these third party
products in any manner and will not be liable for their performance or otherwise. Investors' capital may not be
guaranteed and they could lose all or substantial portion of their investment. The products described in this
document may not be protected against sovereign risk including risks arising from any changes in applicable
Indian or other relevant laws, represent speculative investments and may involve a high degree of risk.

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