powerpoint presentation · note: data include the corresponding segment volumes of ashok leyland,...
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6.45
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The earnings yield (which is the inverse of the P/E ratio) shows the percentage of how much a company earned per share. This yield maybe used to determine optimal asset allocation for debt and equity. The earnings yield of a broad market index (such as the S&P Sensex) is compared to prevailing interest rates, such as the current 10-year G-sec yield. If the earnings yield is less than the 10-year G-sec yield, stocks as a whole may be considered overvalued. If the earnings yield is higher, stocks may be considered undervalued relative to bonds.
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-15%
-10%
-5%
0%
5%
10%
CY14 CY15 CY16 CY17 CY18 CY19e CY20e
IT Services Growth
60
80
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140
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
TCV Of deals (US$ bn)
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
FY14 FY15 FY16 FY17 FY18 FY19
IT Revenue growth
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Global oil demand and supply forecast
CY14 CY15 CY16 CY17CY1
8CY19 CY20
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• Consumer offtake continues to remain weak – 1
• Sanguine outlook on margins -
• Sachetisation for Premium products on the rise –
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Exhibit: Summary of Oct-19 volumes (including exports)
Autos Oct-19 Oct-18 %YoY Sep-19 %MoM YTD FY20 YTD FY19 % Change
2W 1,378,286 1,622,411 -15% 1,309,343 5% 9,055,730 10,449,147 -13%
3Ws 86,653 94,765 -9% 87,795 -1% 562,643 610,384 -8%
Cars 113,081 113,079 0% 83,066 36% 623,275 803,124 -22%
UV + Van 57,669 65,225 -12% 49,818 16% 354,317 405,710 -13%
PVs 170,750 178,304 -4% 132,884 28% 977,592 1,208,834 -19%
LCV 48,138 53,355 -10% 40,588 19% 288,951 353,146 -18%
M&HCV 13,713 27,719 -51% 13,389 2% 118,320 184,406 -36%
CVs 61,851 81,074 -24% 53,977 15% 407,271 537,552 -24%
Tractors 58,786 60,516 -3% 47,866 23% 257,757 284,878 -10%
Note: Data include the corresponding segment volumes of Ashok Leyland, Bajaj Auto, Eicher Motors, Escorts, Hero Motocorp, Mahindra & Mahindra, MarutiSuzuki, Tata Motors and TVS MotorsSource: PhillipCapital Research, Company Data
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