L&T Finance Equity Research

中城投资总裁路林:2017年楼市到底该怎么玩?

Price – Rs. 58.40

About the Company

Established in 2007, L&T Finance Holdings Limited (“L&T Finance” or the “Company“) provides a diverse range of financial products and services across the corporate, retail, housing and infrastructure finance sectors, as well as mutual fund products and investment management services, through direct and indirect subsidiaries. The Company is registered with the Reserve Bank of India (RBI) as a Non Banking Finance Company (NBFC).
 
The Company was promoted by Larsen & Toubro Limited, one India’s leading company with interests in engineering, construction, electrical and electronics manufacturing, information technology and financial services.
 
L&T Finance is headquartered in Mumbai and has presence in 23 states in India, catering to a diverse customer base, which includes individual retail customers as well as large companies, banks, multinational companies and small and medium-enterprises. The Company’s operations are arranged into five business groups (a) Infrastructure Finance Group (b) Retail Finance Group (c) Corporate Finance Group (d) Investment Management Group and (e) Housing Finance Group.

Key Financial Figures

Consolidated (Rs. Cr)
Particulars FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Total Income from Operations 3,956.76 5,055.94 6,196.23 7,288.79 8,340.59
Expenses 838.31 1,258.28 1,643.23 2,011.07 2,799.08
Earnings Before Other Income, Interest, Tax and Depreciation (Operating Profit) 3,118.45 3,797.66 4,553.00 5,277.72 5,541.51
Depreciation 65.13 80.14 95.50 82.81 67.30
Finance Costs 2,332.41 3,073.88 3,567.79 4,124.14 4,627.03
Other income 49.70 181.25 141.22 181.90 231.72
Exceptional items (217.99) (143.89)
PBT 988.61 824.88 1,174.82 1,252.67 1,078.90
Tax 259.42 230.04 324.11 398.98 36.44
PAT (before Minority Interest and share of Associates) 729.19 594.84 850.72 853.69 1,042.46
Profit/ (loss) attributable to Minority Interest 6.03
Share of profit / (loss) of Associates (1.28) (2.05) (3.96) (3.01) (5.75)
Consolidated Profit / (Loss) for the year 730.47 596.89 854.68 856.69 1,042.18

Profitability Analysis

Consolidated (%)
Particulars FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Operating Profit Margin Ratio 78.81 75.11 73.48 72.41 66.44
Net Profit Margin Ratio 18.43 11.77 13.73 11.71 12.50

3.你必须支持我所支持的队伍。
Heatwaves around the world, including one in India that led to more than 2,000 deaths and another in Iraq that saw the mercury top 50C, helped push temperatures 1C above pre-industrial levels for the first time, US and UK researchers said.
Analysts survey by Bloomberg expected a rise to 1.9 per cent in January.
China's consumer price index (CPI), a main gauge of inflation, rose by 1.6% in 2017, lower than the yearly control target of 3%, the National Bureau of Statistics (NBS) said on its website.
Honda hopes NSX will burnish its reputational halo for technical expertise. The automaker also wants NSX to help boost Acura’s brand image as a maker of premium cars and trucks. Last year, Honda’s U.S. sales rose 1% against a market that increased by 5.9% – resulting a loss of market share, most importantly, lost ground against its two main rivals, Toyota and Nissan.
Helu came in fourth in Forbes' 2016 list of 1,810 billionaires, behind Gates, Zara's Amancio Ortega and business mogul Warren Buffett, respectively.
The drama in Nafta
同时,罹患痛风的人升高了大约1/3,这个病在维多利亚时期的伦敦一度被视作“富贵病”,现在更倾向于认为与缺乏锻炼有关。

Key Balance Sheet Figures

Sources of Funds / Liabilities (Rs. Cr)
Particulars FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Share Capital 1,714.76 2,466.76 2,718.45 3,083.69 2,966.80
Money received against share warrants 118.07
Reserves & Surplus 3,037.99 3,753.46 4,107.20 4,656.19 5,323.68
Net worth (shareholders funds) 4,752.75 6,220.22 6,825.65 7,739.87 8,408.55
Minority Interest 100.30 100.30
Long term borrowings 15,718.53 18,162.17 23,288.25 29,400.91 37,031.13
Current liabilities 6,234.73 11,757.18 14,053.43 14,629.99 17,276.61
Other long term liabilities and provisions 226.75 441.91 693.60 871.09 929.75
Total Liabilities 26,932.76 36,581.47 44,860.93 52,742.17 63,746.33

 

Application of Funds / Assets (Rs. Cr)
Particulars FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Fixed Assets 511.08 1,178.47 728.74 718.47 696.18
Noncurrent Investments 661.76 653.91 989.31 1,043.15 1,340.01
Current assets 8,728.33 12,452.41 14,076.47 14,815.67 15,952.85
Long term advances and other noncurrent assets 16,929.07 22,128.20 28,210.08 35,236.18 44,719.11
Deferred Tax Assets 60.91 126.88 217.42 289.79 399.28
Goodwill on consolidation (net) 41.60 41.60 638.91 638.91 638.91
Total assets 26,932.76 36,581.47 44,860.93 52,742.17 63,746.33

Efficiency Analysis

 
Particulars FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
ROCE 11.85 12.79 12.61 12.23 11.59
ROE / RONW 9.57 11.74 8.74 11.04 10.15

不过,如果把10月份看做一个整体,则只有深圳房价真正出现了环比下滑。
n. 姿势,态度,情形
9.Priyanka Chopra
Fone Fun Shop director Mark Strachan says that this machine was developed to help iPhone owners get to their photos or contacts in a locked iPhone with a forgotten passcode. Discovered in Hong Kong, Strachan says that they were at first skeptical that the device would work. But over time, the tool has proven itself over and over again.
10、 因为与邦德在一起很有趣,女人往往会迷上他,这在人际关系中很重要,也是很多首次约会一拍即合的秘诀。甚至派去杀他的女特工也会爱上他。研究证明,这也不奇怪,007的形象常被批成大男子主义,也许不错--但是,只能让他在女人面前的魅力有增无减。
17. Most Complex Hurdle As of Dec. 7, seven out of 20 domestic top-grossing movies released this year had female-driven stories, according to the website Box Office Mojo. By contrast, five out of 20 female-driven stories topped the international market, which accounts for some 70 percent of the industry’s revenue. This may look bad, but the numbers appear marginally better than they have in recent years.

源于:virtues(n 美德天使:九级天使中的第五级)
当支持者在周一早些时候涌向总督大楼,一人高喊,"今天,新的波多黎各开始了!" 随着其他人的欢呼,包括那些拿着美国国旗的群众。

Valuation Analysis

Consolidated
Particulars FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Total Income from Operations (Rs. Cr.) 3,956.76 5,055.94 6,196.23 7,288.79 8,340.59 
Growth (%) 32.74 % 27.78 % 22.55 % 17.63 % 14.43 % 
PAT (Rs. Cr.) 729.19 594.84 850.72 853.69 1,042.46  
Growth (%) 60.33 % (18.42 %) 43.02 % 0.35 % 22.11 %
Earnings Per Share – Basic (Rs. ) 4.25 3.03 4.30 3.79 5.21 
Earning Per Share – Diluted (Rs. ) 4.25 3.03 4.29 3.79 5.14 
Price to Earnings 12.11 22.46 14.70 16.78 25.82 

Dividend History

The Company has maintained an average dividend yield of 1.14 % over the last 3 financial years.

Liquidity and Credit Analysis

Current Ratio

Since then, Teach First has put 5,000 graduates into schools, working with more than 1m pupils in low-income areas, helping to raise standards in classrooms, particularly London.
康乃尔大学商学院院长兼该报告的合著者苏米特拉·达塔表示:“在提高创新素质上面投资是 缩小创新鸿沟的关键。”
雷军表示:“这是一个使我震惊的消息。作为一名围棋的忠实爱好者,我从来没有想到人工智能在当前阶段可以击败一个人类冠军,因为这是一项非常复杂的棋类运动。”
2.Artificial Eyes
Passion is key to keeping a business strategy moving. Half-heartedness in an entrepreneurial endeavor will chip away at your drive to succeed. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company. Abraham Lincoln failed at most of his efforts until late in his life, but he never gave up.
The World Cup, on the other hand, was searched for as both a sporting event and a cultural experience.
在过去的二十年里,几起校园中毒事件引发了群众对学生心理发展及帮助的争论和关注。
Lady Gaga凭她的非营利性的天生如此的慈善基金会名列第四名。
3. Grow your hair slightly longish, if it isn't naturally wavy (poor you), wear curlers to bed every night.

Long Term Debt to Equity Ratio

With assets under management of $200bn, according to Nomura Securities, Japan’s ETF market is about $50bn larger than all other Asia-Pacific ETF markets put together. At the end of August, the market value of the BOJ’s ETF holdings was $175bn.
Sarah Collins
9.The Bling Ring
THE AMERICANS (FX, Jan. 28) Season 3 of this terrific blend of Cold War spy thriller and family drama begins with Washington’s K.G.B. contingent feeling the weight of the Soviet war in Afghanistan. Frank Langella joins the cast as the new handler for the show’s husband-and-wife agents, replacing Margo Martindale’s Claudia. (Making its premiere eight days later: NBC’s “Allegiance,” about Russian spies embedded in the United States. Huh.)
9. The brain literally starts eating itself when it doesn't get enough sleep. Chronic sleep deprivation causes the 'clearing' process that usually happens when we sleep to kick into hyperdrive, prompting the brain to clear a huge amount of neurons and synaptic connections away.
这张专辑等于是一次直截了当的暗示,提醒着我们,不论什么时候,只要霉女王想要,她就能拿回自己在流行音乐界的领先地位。

In the meantime, the sheer total of bitcoin-related startups that launched in 2014 demonstrates bitcoin’s momentum. There is no definitive listing of every single bitcoin startup, but 2014 almost certainly saw the launch of more of them than in any year prior. Data that AngelList sent to Fortune confirms that. In 2011, five bitcoin startups listed themselves on AngelList. In 2012 that number grew to 13. In 2013 it jumped to 193, and last year it exploded to 566. (But not all startups register on AngelList immediately, if at all.) In addition, on January 8 the total number of daily bitcoin transactions hit an all-time high, as Barry Silbert eagerly tweeted.
无人驾驶汽车是当下炒作得最火的行业,这类汽车的倡导者已成为冗词赘语的世界级领军人物。埃隆?马斯克(Elon Musk)自称“要在一个安全系数超出人工驾驶数量级倍数的一体化平台上专注于全自动驾驶的实现”。(就是说特斯拉肯定能防止车祸的发生)。
9. The Chinese militarywill demand and receive vastly expanded investments in the form of advancedaircraft and ships.

Interest Coverage ratio

He failed to do so and Presti smartly moved on while he could still recoup some value.
As for bitcoin in the mainstream banking system? “We are still a good year away, in our estimation, from where you can imagine a known financial services company using this,” Ludwin says. “But it’s not 10 years. And when it happens, people will be surprised by how quickly it spreads.”
诺贝尔化学奖颁给了一位尝试制作世界上最小的分子机器的科学家。
All employees receive a $25 monthly credit to the DreamWorks PrintCenters at the Glendale and Redwood City campuses. Charged only for supplies, the studio is able to offer inexpensive services that range from printing photographs to creating greeting cards and personalized calendars.
2. Organize
个人电脑使用周期延长,再加上智能手机和平板电脑带来的竞争,大大抑制消了消费者对PC的需求。据IDC数据显示,全球各地区的电脑出货量均连续5个季度出现下滑。
[is't?bli?t]
Torn Ballet Shoes, and a Life Upended
是的,你想知道怎么去做好你的工作。但是仍然有一些你想要学的东西;否则,你就没有职业发展。如果你在工作中不能学到新的东西,那么已经是时候去找一个能够学到新知识并且有职业发展的工作了。

In the MBA ranking, LBS, Insead and Spain’s IE Business School are bunched together with only a few dollars between them. Insead has the top salary at $155,015.
Dawn Hudson, Academy CEO:

Ownership pattern

这一数字是曼谷市人口(1000万)的两倍多。
在2007年,苹果公司发布了第一款iPhone手机:带有虚拟键盘的全触屏手机。对很多人来说,苹果取得了新突破,发明了新事物--他们制造了第一款触屏手机。但这种说法是错误的:苹果不是第一个制造触屏手机的公司,触屏也不是什么新发明。
2.You Never Have a Day When You Wake Up Excited To Go To Work
With U.S. e-commerce activity approaching 10% of all retail sales, more merchants are shopping around for easy-to-use platforms that get them selling online quickly.

一部富有感染力的、描写一名年轻黑人男同性恋成长故事的影片《月光男孩》(Moonlight),获得2017年奥斯卡(Oscar)最佳影片奖。不过,该片险些与此奖项擦肩而过,原因是在混乱的颁奖现场,此奖项曾被误颁给了《爱乐之城》(La La Land)。
道·哈德森,学院理事会执行官
"Even though these two researchers worked independently of one another, the combination of Shapley's basic theory and Roth's empirical investigations, experiments and practical design has generated a flourishing field of research and improved the performance of many markets," the academy said.
Summly的一个早期版本──Trimit,于2011年7月出现在了苹果app store“新品推荐”栏目中。正是在这里,它被极具影响力的硅谷《科技博客》(TechCrunch)所关注,并迅速引起了李嘉诚的投资集团的注意。当达洛伊西奥收到李嘉诚的维港投资(Horizons Ventures)发来的电子邮件时,他只有15岁,并且基本没让什么人知道他所做的事情。在那之前,他从未与科技领域内的任何人物见过面,而他在Trimit的登记信息中也只是粗略形容自己是“伦敦的一家科技公司”。仅靠这一信息,谁也不会想到这家公司的管理和技术团队──事实上,它的全部职员──竟然是住在郊区卧室里的一个连车都不能开的小孩。
胡须的神奇之处