penn schoen berland - winning strategies for financial competitivenss

Contact us:Penn Schoen Berland, South Asia

603, Unitech CyberPark,

Sector 39, Gurgaon

Haryana, India

www.psbresearch.in

Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615

Winning Strategies for Financial Competitiveness

Thanks to our partners

©Penn, schoen & berland associates, llc.©Penn, schoen & berland associates, llc.

8-10

yrs

Yea

rs o

f w

ork

exp

erie

nce

10-1

5 yr

sab

ove

15 y

rs

Objective

• TohelpcompaniesbecomerelevantandcompellingtoFinancialInfluentials

Contact us:

Penn Schoen Berland, South Asia

603, Unitech CyberPark

Sector 39, Gurgaon

Haryana, India

www.psbresearch.in

Thanks to our partners:

Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615

Competitiveness drivers

of the financial markets

2012


Methodology

• AnonlinesurveyconductedbetweenAugust8-30,2012inMumbai

• PSB’sproprietaryC3(C-Cube)frameworkwasusedfordrawinginsights

2

Why & How Of The Poll

Strategic Investors(PEFunds/IBankers)

35

Financial Investors(MF/PortfolioManagers)

42

Endorsers(BrokerageHouses/CRAs)

24

8-10

yrs

Yea

rs o

f w

ork

exp

erie

nce

10-1

5 yr

sab

ove

15 y

rs

The analysis of our online survey among 101

financial Bizfluentials from Equity Research

Houses, Private Equity Funds, Investment

Banks, Mutual Funds, and Portfolio Management

Companies with a minimum experience of 8

Aimstobetterunderstandtheinternalandexternalfactorsthat

drivevaluation&financialcompetitiveness.

years in the financial world and commanding

an influence of $10 billion supports a positive

sentiment toward the economy, with more than

75%offinancialplayersbelievingthatthemarketis

headedintherightdirection.

*Disclaimer: The information contained within is the property of Penn Schoen Berland & Associates. No part of this document may be copied or reproduced without the written consent of Penn Schoen Berland & Associates. Failure to do so may invite legal action as appropriate.

Penn Schoen Berland’s survey among Financial InfluentialsTM

101N =

©Penn, schoen & berland associates, llc.

Understanding the forces that drive winning strategies

The key questions that businesses need to understand for financial competitiveness are

Competitiveness is best described in thewords ofCharlesDarwin,

whosaid,“Inthestruggleforsurvival,thefittestwinoutattheexpense

of their rivalsbecause theysucceed inadapting themselvesbest to

theirenvironment.”

Eveninthemarketplace,it’snotthestrongestwhowin,butonesmost

responsiveandadaptabletochange.Today,forbusinessleadersand

CXOs,it isaconstantstruggletoadapttoafast-changingbusiness

environment.It’snotjustaboutmakingtherightchoicesforthemselves

butforalltheirstakeholders–employees,businesspartners,clients,

customers,policymakers,shareholdersandinvestors.

1. How do financial investors choose the right business to invest in?

2. How can one understand these choices?

3. What does one need to do in order to gain a competitive edge?

Ashwani Singla, ManagingDirector&ChiefExecutive,

PennSchoenBerland,SouthAsia

Wetrytofindthemainfactorsthatwilldrivestrategiestomakecompaniesmorerelevantandcompelling

totheirinvestors.

3

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


The Investment Climate Relies On Three Critical Questions

How are we feeling about the economy?

Investors and endorsers feel positive about the direction of Indian economy.

Priva

te E

quity

I Ban

k

Portfo

lio M

anag

emen

tM

utua

l Fun

d

Brok

erag

e H

ouse

Cred

it Rat

ing A

genc

y

Priva

te E

quity

I Ban

k

Portfo

lio M

anag

emen

tM

utua

l Fun

d

Brok

erag

e H

ouse

Cred

it Rat

ing A

genc

y

Priva

te E

quity

StrategicInvestor

I Ban

k

Portfo

lio M

anag

emen

tM

utua

l Fun

d

Brok

erag

e H

ouse

Cred

it Rat

ing A

genc

y

Endorser

Strategic Investor

FinancialInvestor

EndorserStrategic Investor

FinancialInvestor

FinancialInvestor

Endorser

90%

91%

79%

53%

75%

80%

Evenastheeconomyslowsdown, investorsand

endorsers feel that India’s economy will remain

resilient,irrespectiveofthepolicyissues.Four-fifth

of theBizfluentialswhoparticipated inoursurvey

saidthattheybelievetheIndianeconomyisonthe

righttrack.

74% of strategic investors believe that Indian

economyisintherightdirection,83%offinancial

investorsand79%ofendorsersalsofeelpositively

aboutthedirectionoftheeconomy.

91% of portfolio managers, 79% of brokerage

housesand75%ofBizfluentialsworkingformutual

fundssawtheIndianeconomymovingintheright

direction despite all the clutter, making financial

investors and endorsers amuchmore optimistic

groupthanstrategicinvestors.

Among thekeyconcerns raisedbystrategicand

financial investors and endorsers, were scams,

poorgovernanceandtardypolicyimplementation.

1


24 months

36 months

Up to +5%

+5% to +10%

+10% to +15%

More than +15%

-5%

-5% to -10%

10% to -15%

More than -15%

09

46

26

11

04

03

00

01

Growth No.

Up to +5%

+5% to +10%

+10% to +15%

More than +15%

-5%

-5% to -10%

10% to -15%

More than -15%

03

21

49

20

01

02

02

02

Growth No.

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


6

Accordingtoourstudy,themarketoutlookremains

positive in the 12-36 month horizon. Aligned to

this,istheinvestors’preferredinvestmenthorizon

of1-5years,evenasscamsandpoorgovernance

continuetobetopofmindconcerns.

51% of the participants believed that the stock

marketwouldwitness a ~5%growth over a 12-

36months window, while only 2% said that the

marketswouldseea15%jumpover12months.

One-fifthoftheBizfluentialssurveyedfeelthatthis

mighthappen,butoverthenext36months.

Will the market lookup in the near future?

12 months

Markets to move up in 12-36 months Despite theoptimismabout theeconomy, itwas

clearthatwhenitcametostockpicks,mostwould

studybothpasttrackrecordandcloselyviewthe

futurepotentialofacompanybeforeinvesting.

7outof10participantssaidthattheybelieved in

balancebetweenpastandthefuturebeforetaking

acall.However,20%werewillingtopayapremium

on the perceived future of a company and 13%

said theystill relyentirelyonpast trackrecordas

perceivedinthepublic.

Up to +5%

+5% to +10%

+10% to +15%

More than +15%

-5%

-5% to -10%

10% to -15%

More than -15%

51

15

15

02

11

04

02

00

Growth No.

2


Infrastructure

Real Estate

Banking, Financial Services and Insurance

Energy & Resources – Oil & Gas / Power / Electricity

Telecommunication Infrastructure

Technology & IT services

Steel/Metals/Alloys

Telecommunication Services

Auto

Capital Goods/Engineering

Pharma/Biotech

Consumer Processed Goods

Media & Entertainment

Travel & Hospitality

Infrastructure Related

Education

Aviation

Previous Decade Next Decade

1 Real Estate

2 Infrastructure

3 Energy & Resources – Oil & Gas / Power / Electricity

4 Banking, Financial Services and Insurance

Pharma/Biotech

6 Telecommunication Infrastructure

7 Technology & IT services

8 Steel/Metals/Alloys

9 Telecommunication Services

10 Auto

11 Infrastructure Related

12 Capital Goods/Engineering

13 Consumer Processed Goods

14 Travel & Hospitality

15 Education

16 Media & Entertainment

17 Aviation

5

Pharamaceuticals made the largest leap up the

ranks as the next big influencer set to make a huge

impact on the market. While Bizfluentials ranked it

11th most important sector in the last decade, this

year Pharma is among the Top 5 sectors that will

play a major role in the next ten years.

Infrastructure, Real Estate, BFSI, and Energy

shaped the last decade and will continue to be the

key sectors for growth over the next. High Tech,

ICTS, Capital Goods will remain among the Top 10

influential sectors.

Which are the Sectors that willdrive the Market?

Pharmaceuticals all set to emerge as the next big influencer

3

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


7

Top sectors by Investors

Strategic Investors Financial Investors Endosers

1 Real Estate

2 BFSI

3 Infrastructure

4 Energy & Resources

5 Pharma & Biotechnology

1 Real Estate

2 Infrastructure



5 BFSI


2 Infrastructure

3 Real Estate


5 Technology & IT


C3

Visibility

Distinctiveness

Consistency

Authenticity

Market Performance

Financial Performance

Talent Development

Competitiveness

Customer Citizenship

Employee Citizenship

Business Practices& Ethics

Corporate Responsibility

Transparency & Governance

Communication

Capability

CharacterContact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


10

To identify what drives competitivenessThe C3 framework is used to strategically manage corporate image, also

referred to as corporate reputation or corporate equity. This dynamic

framework helps board members and CEOs decode and monitor the

stakeholdersthathavemaximumimpactonthecompany’s image. Ithelps

decisionmakersfocusonwhatthecompanyneedstodo&sayinorderto

persuadestakeholderstotakeactionthatgivescompaniescompetitiveedge.

TheC3frameworklooksatthree‘Dimensions’ofcorporateequity:

Character,Capability&Communication.EachoftheseDimensionscomprises

of‘Attributes’thatdefineacompany’sequityandeachAttributehasasetof

‘StrategicActions’thatimpactitsequity.C3notonlyestablishesthecorrelation

betweentheseactionsandthemostimportantstakeholderexpectations,it

alsobenchmarksacompany’s relativestandingvis-a-vis itspeers, thereby

providingacleardirectiononwhatitneedstodoinordertostandapartfrom

itscompetitors.

WehaveusedtheC3frameworktogenerateinsightsintowhatthefinancial

influentialsconsiderbeforetheyinvestormakearecommendationtoinvest.

Gold Standard of Corporate Equity


Competitiveness is driven by fundamentals

Financial competitiveness is about focussing on the right fundamentals and getting the fundamentals right

Traditionally, fundamental financial analysis is aboutdetermining the valueof a stockby lookingat the

variables thataredirectly related to thecompany,makingstock-relatedandfinancialparametersmore

importantforhedgingrisksthanasacrucialdifferentiator.

Theunderlyingmessagefromthefinancialinfluentialswhoparticipatedinoursurveydefinedwhatfinancial

competitivenessmeansfortoday’sbusinesses.

• ThefundamentalCapabilityofthecompanyintermsofitsmanagementteam,businesspractices,

andfinancialstability

• ThefundamentalCharacterofacompanyintermsofitscorporatevisionforthefuture,transparency

onbusinessassociates,employeesandgovernance

• ThefundamentalCommunicationofitsclearvisionforthefutureandhowsuccessfullythecompany

communicatesitscharacterandcapabilitytoitsstakeholders

Often, in looking at theminutiae, thebigger picture consistingmacro-economic factors and company

imageinthemindsofstakeholderscanbeoverlooked.Severalfactorsimpactvalue,butBizfluentialsfeel

thatit’stheexternalfactorsthatexertmostinfluenceoncompanyequity.

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


11

Market Performance (Capability)

Corporate Image(Character & Communication)

External Risks (Macroeconomic Factors)

Financial Performance (Capability )

1

2

3

4

Efficientuseofresourcesandmacroeconomicfactorstopthelistforleadersinthefinancialworld,butthey

mustalsobecarefulaboutwhatdrivesinvestors.Oursurveyshowedacleardistinctionwithinpreferences

ofdifferentkindsofinvestorswithintheTop5drivers.

Top factors for Financial Competitiveness Factors


1 Market performance Create competitiveness to gain a winning edge.

Among the various drivers that affect Market

Performance, strategic investors focus on global

competitiveness and market share while financial

investorsvalueacapablemanagementteamhigher

thanendorsers,wholookatthefuturepotentialofthe

businessasakeyvaluationparameter.

GlobalCompetitiveness

Leading Market Share

Capable & dynamicmanagement team

Reliable and of high quality products

Ability to balance both short term

and long term goals

Track record of resolving customer issues quickly and

efficiently

Is a trend setter

Introduces new products & services

ahead of others

Leading brand/s in portfolio

Fierce but fair competitor

Loyal Customer

base

Unique/Niche business

Inorganic growth

Edge

Critical

Important

Create Differentiation for a winning Edge

Lead the Market Establishes highcorporate governance

standards

Shows a clear vision of the future of the company and the industry

Protect theinterestof minority

shareholders

Fair & progressive employer

Makes full disclosures, especially when things go wrong

Generally in the news for right reasons

Claims always backed by proof

Invests in Local Communities

Invest in building safe & healthy work environment

Lower than industry average attrition rates

Generally not controversial

Disassociate shareholder interest from management

Company leadership is visible at important public platforms

Ability to Manage Risks & Build a Clean Imagesis Rewarded by the Market

Build a strong Character

Makes full disclosures, especially when things

go wrong

Shows a clear vision of the future of the

company and the industry

Generally in thenews for right reasons




StrengthenCommunication

Leverage External Opportunities &Mitigate External Risks to Stay Ahead

PoliticalStability GDP

growth rate

Interest Rates

Inflation Currency Exchange Rate

AgriculturalProduction

ForeignInvestment

Indirect Taxation

Crude oilimport bill

Fiscal Deficit

Index of Industrial Production

Current Account Balance

Direct Taxation

Global Market Scenario

Foreign Exchange Reserves

Manage Risk Better

Demonstrate Ability to Protect Investor Wealth

Extent of Shares pledged

Categorisation (large cap, mid-cap)

High DIIsownership

High price/volume volatility

Free float

Group (A, B, T/T, Z)

Average trading volumes

High FIIs ownership

Strengthen investorcon�dence

Maintain Healthy Financials to Command Value

Earnings per share (EPS)

Debt Equity Ratio

Financial Stability

Future Earnings

Book Value per share

Cash Reserves

Consistently better RoC, RoNW

Ability to raise capital at low cost

Quality of Balance Sheet

Extent of shares pledged

Categorisation (large cap/ mid cap)

High Dll Ownership

Consistent revenue and profit growth

above inflation rate

Average Trading Volumes

High Price/ Volume volatility

Dividend / Bonus track recordHigh Fll

Ownership

Group (A,B, T/T, Z)

Free Float

StrengthenFinancial health

Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important

Focus on governance and tranperancy is rewarded by the market






and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important


2 Corporate Image

Strategic investors are looking for a clear vision

forthefutureandexpectfulldisclosuresfromthe

company, even during difficult times. Strategic

investorsalsocareaboutthelargerroleplayedby

thecompany,beitinestablishinghighgovernance

standardsorcorporatesocialresponsibility.

Financial investors, with their lesser interest

in business drivers, prefer to rely on capable

management teams,positivenewscoverageand

financialindicators,suchasdebt-equityratio,cash

reservesandearningsper share.Beingcloser to

marketmovements,financialinvestorsalsorelyon

market indicators likeshareprice/volumevolatility

andsharegroup.

Endorserslookforthemanagement’sabilitytohold

views that are not just determinedby customers

and shareholders – their expectations revolving

around a balance of long and short term goals,

transparency and disassociated shareholder

interestfromthatofmanagement.

The ability to manage risks and build a clean image is rewarded by the market. So, focus on governance and engage with stakeholders to build the right image.






and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important







and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important


Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


14


3 External risks

Macroeconomicfactorsremaintopofmindissues

for all players with GDP growth and regulatory

environment being most important to strategic

investors.FinancialinvestorsarefocussedonGDP

and interest rates while endorsers look at the

largerpicture,rankinginflationandfiscaldeficitas

preferredmacroeconomicparameters.






and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important







and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important


Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


15

Leverage external opportunities and mitigate external risks to stay ahead.

4 Financial performance

Strategic investors look at financial stability and

revenuegrowth,whilefinancialinvestorsopttolook

deeperintothefinancesofthecompany,lookingfor

debt/equityratio,EPSandfutureearningpotential

ofthecompanyforvaluation.Endorsersalsovalue

EPSandfuturepotential.

Strategic investors focus on segmentation of the

companystock,whetheritisalarge-cap,mid-cap

or small-cap. They alsoworry about the number

of shares pledged by the management to feel

confidentof thecompany.The financial investors

on the other hand aremore focussed on pricing

and volatility of the stock. Endorsers meanwhile

have ranked volatility, volumes and number of

sharespledgedasthekeyfactorsthatimpacttheir

decisionmakingforstockpicking.






and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important







and long term goals


efficiently

Is a trend setter


ahead of others



Loyal Customer

base


Inorganic growth

Edge

Critical

Important



standards



shareholders














go wrong










growth rate

Interest Rates



ForeignInvestment

Indirect Taxation


Fiscal Deficit



Direct Taxation



Manage Risk Better




High DIIsownership


Free float



High FIIs ownership




Debt Equity Ratio

Financial Stability

Future Earnings


Cash Reserves






High Dll Ownership






Ownership

Group (A,B, T/T, Z)

Free Float


Edge

Critical

Important

Edge

Importance

Good to have

Most Critical

High Importance

Good to know

Edge

Importance

Good to have

Edge

Critical

Important


Demonstrate financial acumen to attract investors


About Penn Schoen Berland Penn Schoen Berland (PSB) is a ‘Global Research based Strategic

CommunicationAdvisory’thatbringsthelessonslearntfromitscampaign

trails into the board room to help companies negotiate some of their

toughest corporate image& corporate affairs challenges. For over thirty

years PSB has used research to leverage unique insights about public

opinion, togiveourclientsacompetitiveedge.PSBservesFortune100

Corporations, leading Hollywood Studios and has helped elect over 30

PresidentsandPrimeMinistersaroundtheworld.

PSB,SouthAsiaofficewasestablishedearly2011inGurgaonandservesa

blue-chipclientscomprisingleadingIndiantransnationalsandMultinational

corporationsoperatingintheIndianSub-continent,SouthEastAsia&The

MiddleEast.TheSouthAsia is ledbyAshwaniSingla, formerlytheCEO

ofGenesisBurson-Marsteller (GBM)&BoardMember,Burson-Marsteller

(B-M),AsiaPacific.

PSBisapartofY&RBrandsandWPP(NASDAQ:WPPGY),Moreinformation

isavailableonwww.psbresearch.in

About PSB’s Capital Markets Communication

At PSB,we create research based business & financial communication

roadmaps that guideCEOsandCFOsof publicly traded companiesbe

financiallycompetitiveandcommandbestvalueinthemarket.Expertsat

PSBcombinefinancial&communicationacumen tomakeyour investor

relationsobjectivesmeasurableandbuildcompelling investment stories.

Whenyouworkwithus,youcanbesurethatwewillnotonlyhelpyoubetter

understandthedriversofyourvaluationbutalsoenhancetheappreciation

ofyourlongtermbusinessstrategyamongsell-sideanalysts&investors.

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


18

Wehavealsogeneratedsectoral&investorspecificinsights.Shouldyou

wanttoknowmore,pleasecontactShefaliKhanna,Director,Marketing,

PSB,[email protected]

1 Focus on the right fundamentals and get them right

2 Corporate Image is a key differentiator

3 Winning hearts and minds of stakeholders is a science. Invest in it.

Conclusions

Contact us:



Sector 39, Gurgaon

Haryana, India

www.psbresearch.in


Ashwani Singla,

Managing Director

& Chief Executive

[email protected]

M: +98 1107 5843

Shefali Khanna,

Director, Marketing

[email protected]

M: +971 111 8615



2012


17

penn schoen berland - winning strategies for financial competitivenss

Business

indian economy

investors andendorsers

thefinancial economy

indias economy

mutual fundpenn schoen

financial players

financial world

right direction