Fundamental Equity Analysis - BSE 100 Index Members (BSE100 Index)

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
BSE100 Index - BSE 100 Index
April 2013
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
ABB LTD INR 1905 13 212 0 0 0 0 1.95 1382 1382 1486 1666 63 63 - - 0.12 0.12 0.19 0.30 1.35 1.35 0.86 0.55 0.04 - 0.39 - 0.08 - - - -
ACC LTD INR 3997 17 188 0 0 0 1 3.47 2047 2047 2338 2633 404 404 120 120 1.36 1.04 1.46 1.68 0.38 0.29 0.27 0.23 0.21 0.18 0.26 0.04 0.36 - - - -
ADANI ENTERPRISES LTD INR 3888 225 1100 12 0 1 1 16.03 7239 7239 8342 10502 976 976 456 456 0.31 0.31 0.23 0.47 0.21 0.21 0.28 0.14 0.90 0.41 0.44 1.16 0.25 - - - -
ADANI PORTS AND SPECIAL ECON INR 4853 212 2003 3 0 0 0 8.28 602 602 804 966 391 391 144 144 0.10 0.10 0.12 0.16 0.44 0.44 0.38 0.27 1.17 0.77 1.10 0.87 1.20 - - - -
ADANI POWER LTD INR 1726 275 2180 7 0 0 0 8.35 752 752 1274 2495 246 246 - - -0.01 -0.02 -0.10 0.04 - - #VALUE! 0.32 1.68 - 0.12 - 0.60 - - - -
AMBUJA CEMENTS LTD INR 4785 90 1542 0 0 0 1 4.10 1792 1792 2054 2303 512 512 - - 0.19 0.15 0.22 0.25 0.37 0.30 0.26 0.23 0.26 0.20 0.69 0.12 0.53 - - - -
ASHOK LEYLAND LTD INR 1082 197 2661 1 0 0 0 1.72 2362 2362 #VALUE! #VALUE! 230 230 - - 0.04 0.04 #VALUE! #VALUE! 0.19 0.19 #VALUE! #VALUE! 0.27 0.28 0.04 0.22 0.18 - - - -
ASIAN PAINTS LTD INR 8638 13 96 0 0 0 0 8.56 1772 1772 2064 2418 284 284 92 92 1.90 1.90 2.24 2.72 0.87 0.87 0.74 0.61 0.45 0.39 0.29 0.47 0.30 - - - -
AXIS BANK LTD INR 11137 136 413 9 0 0 3 #VALUE! 5052 5052 3025 3696 - - - - - 1.88 2.23 2.81 0.23 - 0.20 0.16 0.71 0.71 - - - BBB- 30.01.2007 Baa2 24.04.2007
BAJAJ AUTO LTD INR 9555 26 289 0 0 0 0 9.25 3485 3485 3801 4413 693 693 - - 2.02 1.94 1.98 2.38 0.31 0.30 0.31 0.25 0.35 0.31 0.31 - 0.37 - - - -
BANK OF BARODA INR 5141 66 411 15 0 0 12 #VALUE! 6362 6362 #VALUE! #VALUE! - - - - - 2.47 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.63 0.49 - - - NR 30.12.2011 - -
BANK OF INDIA INR 3181 141 574 13 0 0 12 #VALUE! 5873 5873 #VALUE! #VALUE! - - - - - 0.92 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.56 0.46 - - - BBB- 30.01.2007 Baa3 07.03.2012
BHARAT FORGE LTD INR 868 70 233 0 0 0 0 1.26 1K 1K 1K 1K 184 184 156 156 0.33 0.33 0.23 0.30 0.21 0.21 0.30 0.23 0.44 0.22 0.48 0.09 0.30 - - - -
BHARAT HEAVY ELECTRICALS INR 7937 312 2448 0 0 0 1 6.80 8755 8755 8698 8308 2074 2074 - - 0.53 0.53 0.46 0.40 0.11 0.11 0.13 0.15 0.25 - 0.59 - 0.44 - - - -
BHARAT PETROLEUM CORP LTD INR 4983 33 723 6 0 0 1 9.37 39021 39021 44662 43758 1190 1190 - - 0.20 0.20 0.42 0.47 0.64 0.64 0.30 0.27 0.70 0.33 0.52 0.12 0.06 - - (P)Baa3 12.10.2012
BHARTI AIRTEL LTD INR 20750 411 3798 13 0 1 1 33.44 13143 13143 14813 16295 4384 4384 1201 1201 0.21 0.21 0.13 0.25 0.49 0.49 0.76 0.41 0.37 0.59 0.32 0.48 0.61 BB+ 09.06.2010 - -
CAIRN INDIA LTD INR 9736 159 1907 0 0 0 2 7.33 2182 2182 3470 3474 1745 1745 643 643 0.78 0.77 1.11 0.99 0.12 0.12 0.08 0.10 0.28 - 0.20 - 1.47 - - - -
CANARA BANK INR 2956 99 443 5 0 0 5 #VALUE! 6239 6239 #VALUE! #VALUE! - - - - - 1.39 1.49 1.90 0.09 - 0.08 0.06 0.58 0.41 - - - NR 30.12.2011 Baa2 09.11.2006
CIPLA LTD INR 5608 108 803 0 0 0 0 5.43 1285 1285 1519 1708 330 330 - - 0.26 0.26 0.35 0.38 0.49 0.49 0.37 0.34 0.21 - 0.45 - 0.47 - - - -
COAL INDIA LTD INR 35001 303 6316 0 0 0 9 23.26 11481 11481 12628 13550 3162 3162 1078 1078 0.43 0.43 0.49 0.54 0.24 0.24 0.21 0.19 0.45 0.30 0.30 0.31 0.51 - - - -
COLGATE PALMOLIVE (INDIA) INR 3101 19 136 0 0 0 0 3.04 361 361 566 675 91 91 - - 0.59 0.59 0.73 0.84 0.71 0.71 0.57 0.50 0.29 0.28 0.76 0.42 0.46 - - - -
CROMPTON GREAVES LTD INR 1086 184 641 0 0 0 0 1.28 2069 2069 2236 2491 148 148 25 25 0.11 0.11 0.06 0.14 0.29 0.29 0.54 0.22 0.23 0.28 -0.74 0.19 0.13 - - - -
CUMMINS INDIA LTD INR 2473 25 277 0 0 0 0 2.42 649 #VALUE! 852 1002 102 - - - 0.29 - 0.46 0.55 - - 0.36 0.30 0.60 - 0.73 0.64 - - - - -
DABUR INDIA LTD INR 4306 173 1742 0 0 0 0 4.30 976 976 1143 1323 162 162 51 51 0.07 0.07 0.08 0.10 0.67 0.67 0.56 0.47 0.54 0.35 0.24 0.37 0.31 - - - -
DIVI'S LABORATORIES LTD INR 2436 4 133 0 0 0 0 2.44 342 342 418 509 127 127 - - 0.74 0.74 0.90 1.10 0.46 0.46 0.38 0.31 0.78 0.43 0.72 0.41 0.69 - - - -
DLF LTD INR 7380 1084 1698 5 0 0 0 10.77 1771 1771 1523 1770 741 741 134 134 0.13 0.13 0.11 0.16 0.61 0.61 0.70 0.51 0.01 1.55 0.08 0.40 0.77 - - - -
DR. REDDY'S LABORATORIES INR 5479 5 170 1 0 0 0 5.74 1778 1778 2082 2345 459 459 125 125 1.55 1.41 1.71 1.95 0.42 0.38 0.35 0.30 0.56 0.20 1.13 0.15 0.47 - - - -
EXIDE INDUSTRIES LTD INR 1972 33 850 0 0 0 0 1.85 978 978 1173 1386 140 140 - - 0.10 0.10 0.12 0.14 0.44 0.44 0.37 0.30 0.21 0.42 -0.37 0.35 0.26 - - - -
FEDERAL BANK LTD INR 1535 41 171 1 0 0 1 #VALUE! 1125 1125 #VALUE! #VALUE! - - - - - 0.81 #VALUE! #VALUE! 0.20 - #VALUE! #VALUE! 0.62 0.45 - - - - - - -
GAIL INDIA LTD INR 7091 92 1268 2 0 0 0 9.10 8104 8104 8991 10094 1358 1358 - - 0.64 0.64 0.65 0.68 0.16 0.16 0.16 0.15 0.47 0.42 0.24 0.33 0.31 - - - -
GLENMARK PHARMACEUTICALS LTD INR 2350 32 271 0 0 0 0 2.69 740 740 901 1061 131 131 48 48 0.31 0.31 0.41 0.52 0.51 0.51 0.39 0.31 0.67 0.51 0.38 0.20 0.33 - - - -
GMR INFRASTRUCTURE LTD INR 1496 2392 3892 7 0 0 1 8.55 1530 1530 1555 2073 347 347 - - -0.02 -0.03 -0.02 0.00 - - #VALUE! #VALUE! 0.58 0.71 0.36 0.53 0.42 - - - -
GODREJ CONSUMER PRODUCTS LTD INR 5095 10 340 0 0 0 0 5.34 895 895 1173 1416 161 161 56 56 0.30 0.41 0.39 0.48 0.67 0.92 0.71 0.57 0.58 0.74 0.63 0.67 0.33 - - - -
GRASIM INDUSTRIES LTD INR 4771 3 92 1 0 1 1 6.17 4643 4643 4993 5693 1028 1028 220 220 5.30 5.31 5.41 6.24 0.18 0.18 0.18 0.15 0.32 0.23 0.21 0.12 0.41 - - - -
HCL TECHNOLOGIES LTD INR 9908 22 693 0 0 0 0 9.89 3832 3832 4630 5207 745 745 251 251 0.63 0.64 0.96 1.04 0.41 0.41 0.27 0.25 0.60 0.52 0.90 0.45 0.36 - - - -
HDFC BANK LIMITED INR 26866 134 2347 6 0 0 4 #VALUE! 6081 6081 #VALUE! #VALUE! - - - - - 0.41 #VALUE! #VALUE! 0.50 - #VALUE! #VALUE! 0.63 0.62 - - - BBB- 17.01.2008 Baa2 30.04.2012
HERO MOTOCORP LTD INR 5776 25 200 0 0 0 1 5.45 4298 4298 #VALUE! #VALUE! 674 674 - - 2.19 2.19 #VALUE! #VALUE! 0.24 0.24 #VALUE! #VALUE! 0.39 0.35 0.75 0.46 0.29 - - - -
HINDALCO INDUSTRIES LTD INR 3099 732 1915 8 0 0 1 9.46 14866 14866 14889 16181 1411 1411 - - 0.33 0.33 0.26 0.28 0.09 0.09 0.11 0.11 0.22 0.91 -0.07 0.22 0.17 - - - -
HINDUSTAN PETROLEUM CORP INR 1750 67 339 7 0 0 1 8.00 34045 34045 37348 36847 784 784 - - 0.09 0.09 0.50 0.73 1.00 1.00 0.19 0.13 0.62 0.31 0.07 0.16 0.04 - - - -
HINDUSTAN UNILEVER LTD INR 18791 741 2162 0 0 0 1 18.18 4311 4311 4943 5644 645 645 - - 0.23 0.24 0.28 0.31 0.67 0.70 0.57 0.52 0.31 - 0.51 - 0.28 - - - -
HINDUSTAN ZINC LTD INR 9051 99 4225 0 0 0 3 5.75 2098 2098 #VALUE! #VALUE! 1118 1118 - - 0.24 0.24 #VALUE! #VALUE! 0.16 0.16 #VALUE! #VALUE! 0.25 0.16 0.15 -0.02 0.98 - - - -
HOUSING DEVELOPMENT & INFRAS INR 350 4920 419 1 0 0 0 0.93 367 367 369 483 278 278 86 86 0.35 0.35 0.29 0.36 0.04 0.04 0.05 0.04 0.15 0.32 -0.04 0.34 1.39 - - - -
HOUSING DEVELOPMENT FINANCE INR 23399 112 1477 26 0 0 0 42.96 5510 5510 #VALUE! #VALUE! 3286 3286 - - - 0.68 #VALUE! #VALUE! 0.41 - #VALUE! #VALUE! 0.30 0.74 0.64 0.47 1.10 - - - -
ICICI BANK LTD INR 21666 270 1153 33 #VALUE! 0 8 #VALUE! 12262 12262 #VALUE! #VALUE! - - - - - 1.22 1.45 1.68 0.28 - 0.24 0.21 0.15 0.21 - - - NR 27.10.2003 Baa2 25.05.2006
IDBI BANK LTD INR 1877 352 1278 14 0 0 3 #VALUE! 4707 4707 #VALUE! #VALUE! - - - - - 0.37 #VALUE! #VALUE! 0.07 - #VALUE! #VALUE! 0.42 0.53 - - - - - Baa3 21.10.2009
IDEA CELLULAR LTD INR 6627 123 3309 2 0 0 0 8.40 3585 3585 4096 4628 929 929 297 297 0.04 0.04 0.06 0.09 0.91 0.92 0.65 0.43 0.48 0.65 0.63 0.51 0.48 - - - -
IDFC LTD INR 3894 531 1512 9 0 0 0 11.30 1183 1183 623 740 1042 1042 - - - 0.19 0.22 0.26 0.25 - 0.22 0.18 0.56 0.63 0.63 0.57 1.62 BBB- 27.12.2011 - -
INDIAN OIL CORPORATION LTD INR 12235 95 2428 15 0 0 3 24.63 74907 74907 86875 87834 4164 4164 - - 0.90 0.32 0.48 0.60 0.29 0.10 0.19 0.16 0.59 0.33 0.96 0.22 0.10 NR 29.12.2009 Baa3 25.01.2010
INDUSIND BANK LTD INR 3845 181 468 2 0 0 1 #VALUE! 1172 1172 #VALUE! #VALUE! - - - - - 0.32 #VALUE! 0.47 0.43 - #VALUE! 0.29 0.88 0.54 - - - - - - -
INFOSYS LTD INR 30149 25 574 0 0 0 4 26.02 6205 6205 7460 8329 1977 1977 569 569 2.68 2.68 3.00 3.27 0.36 0.36 0.32 0.30 0.42 0.36 0.36 0.35 0.59 BBB+ 07.05.2010 - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
ITC LTD INR 44491 323 7818 0 0 0 1 43.16 4816 4816 5651 6592 1710 1710 - - 0.15 0.15 0.18 0.21 0.70 0.71 0.59 0.50 0.32 0.28 0.38 0.33 0.65 - - - -
JAIPRAKASH ASSOCIATES LTD INR 2618 2951 2126 10 0 1 1 12.36 2736 2736 3284 4111 1026 1026 - - 0.05 0.05 0.08 0.10 0.40 0.41 0.28 0.21 0.57 0.62 0.19 0.54 0.69 - - - -
JINDAL STEEL & POWER LTD INR 6068 155 935 3 0 0 0 9.74 3349 3349 3640 4166 1308 1308 358 358 0.78 0.78 0.76 0.80 0.15 0.15 0.16 0.15 0.71 0.78 0.18 0.70 0.72 - - - -
JSW STEEL LTD INR 2460 249 223 4 0 0 1 5.24 6322 6322 7097 7653 1125 1125 292 292 1.03 0.44 1.26 1.57 0.46 0.20 0.16 0.13 0.78 0.59 0.47 0.32 0.33 - - - -
KOTAK MAHINDRA BANK LTD INR 8778 32 741 6 0 0 1 #VALUE! 2394 2394 1725 2044 - - - - - 0.46 0.52 0.64 0.47 - 0.42 0.34 0.33 0.50 - - - - - - -
LARSEN & TOUBRO LTD INR 15134 214 612 9 0 0 2 22.29 11830 11830 13715 15671 1736 1736 - - 1.38 1.41 1.56 1.74 0.32 0.33 0.29 0.26 0.43 0.49 0.33 0.56 0.27 - - - -
LIC HOUSING FINANCE LTD INR 2055 252 505 9 0 0 0 10.57 1149 1149 343 446 1073 1073 - - - 0.36 0.39 0.53 0.21 - 0.19 0.14 0.52 0.59 0.60 0.59 1.72 - - - -
LUPIN LTD INR 5121 42 447 0 0 0 0 5.30 1300 1300 1702 1961 269 269 93 93 0.36 0.36 0.49 0.59 0.59 0.59 0.43 0.36 0.40 0.53 0.47 0.65 0.38 - - - -
MAHINDRA & MAHINDRA LTD INR 9749 53 589 3 0 1 1 13.08 10929 10929 13022 14710 1366 1366 - - 0.92 0.98 1.17 1.38 0.30 0.32 0.25 0.21 1.13 0.69 0.39 0.59 0.23 - - - -
MARUTI SUZUKI INDIA LTD INR 6872 32 289 0 0 0 1 5.83 6474 6474 7818 9048 467 467 - - 1.07 1.07 1.22 1.87 0.41 0.41 0.36 0.23 -0.06 0.37 -0.57 0.07 0.13 - - - -
NESTLE INDIA LTD INR 8138 2 96 0 0 0 0 8.22 1527 1527 #VALUE! #VALUE! 341 341 - - 2.04 2.04 #VALUE! #VALUE! 0.76 0.76 #VALUE! #VALUE! 0.20 0.35 0.32 0.44 0.41 - - - -
NHPC LTD INR 4514 1343 12301 3 0 0 1 6.84 1273 1273 1184 1322 896 896 1 1 0.05 0.05 0.03 0.04 0.15 0.15 0.19 0.18 0.64 0.48 0.66 0.41 1.29 BBB- 25.09.2009 - -
NMDC LTD INR 9787 4811 3965 0 0 0 2 8.00 1K 1K #VALUE! #VALUE! 1074 1074 - - - 0.20 #VALUE! #VALUE! 0.23 - #VALUE! #VALUE! 0.60 - 0.64 - 1.42 - - - -
NTPC LTD INR 21613 3862 8245 11 0 0 4 29.10 11964 11964 13135 15129 2802 2802 - - 0.22 0.22 0.23 0.26 0.22 0.22 0.21 0.19 0.24 0.26 0.34 0.15 0.43 BBB- 30.01.2007 - -
OIL & NATURAL GAS CORP LTD INR 47636 178 8555 3 0 0 5 45.72 26923 26923 28870 31246 9116 9116 - - 0.54 0.61 0.54 0.63 0.17 0.19 0.19 0.16 0.45 0.23 0.31 0.15 0.62 - - WR 04.12.2000
POWER FINANCE CORPORATION INR 4429 362 1320 20 0 0 0 24.68 2409 2409 1161 1442 2322 2322 - - - 0.43 0.60 0.74 0.14 - 0.10 0.08 0.52 - 0.47 - 1.77 BBB- 30.01.2007 Baa3 05.02.2004
POWER GRID CORP OF INDIA LTD INR 8942 95 4630 10 0 0 1 18.33 1897 1897 2359 2750 1609 1609 - - 0.13 0.13 0.16 0.18 0.27 0.27 0.22 0.19 0.36 - 0.37 - 1.56 BBB- 03.01.2013 - -
PUNJAB NATIONAL BANK INR 4634 90 339 11 0 0 6 #VALUE! 7667 7667 #VALUE! #VALUE! - - - - - 2.73 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.62 0.50 - - - NR 17.07.2006 - -
RANBAXY LABORATORIES LTD INR 3460 193 423 1 0 0 1 3.52 2254 2254 2143 2404 356 356 79 79 0.48 0.40 0.48 0.64 0.37 0.31 0.31 0.24 0.38 0.22 -0.20 0.29 0.29 - - - -
RELIANCE CAPITAL LTD INR 1360 1344 246 4 0 0 0 4.42 1219 1219 1060 1161 532 532 - - - 0.34 0.49 0.51 0.30 - 0.21 0.20 0.37 0.60 1.03 0.50 0.80 - - - -
RELIANCE COMMUNICATIONS LTD INR 1940 2807 2064 7 0 0 0 8.98 3443 3443 3917 4193 1299 1299 281 281 0.08 0.08 0.06 0.09 0.21 0.21 0.31 0.19 -0.28 - -0.50 - 0.69 - - - -
RELIANCE INDUSTRIES LTD INR 46525 497 2979 17 0 0 12 51.19 65943 65943 67763 66434 6458 6458 - - 1.22 1.22 1.21 1.27 0.22 0.22 0.22 0.21 0.64 0.48 -0.14 0.21 0.18 BBB 23.11.2005 Baa2 07.02.2006
RELIANCE INFRASTRUCTURE LTD INR 1566 886 263 3 0 0 1 4.15 3202 3202 4082 4316 532 532 - - 1.10 1.10 1.14 1.18 0.10 0.10 0.10 0.09 1.42 0.62 0.96 0.76 0.31 - - - -
RELIANCE POWER LTD INR 3052 2056 2805 3 0 0 0 6.46 371 371 878 1321 115 115 90 90 0.06 0.06 0.07 0.07 0.35 0.35 0.30 0.29 1.68 - 3.16 - 0.57 - - - -
RURAL ELECTRIFICATION CORP INR 3671 478 987 17 0 0 1 19.25 1941 1941 1018 1131 1887 1887 - - - 0.53 0.68 0.73 0.13 - 0.10 0.09 0.44 - 0.44 - 1.79 - - (P)Baa3 12.01.2011
SATYAM COMPUTER SERVICES LTD INR 2736 699 1177 0 0 0 1 2.18 1176 1176 1422 1564 228 228 74 74 0.19 0.20 0.19 0.21 0.21 0.23 0.22 0.20 0.45 0.06 1.86 -0.08 0.36 - - - -
SESA GOA LTD INR 2417 181 869 1 0 0 0 3.07 1529 1529 524 1023 645 645 10 10 0.56 0.57 0.54 0.57 0.09 0.09 0.09 0.09 -0.18 0.63 -0.60 0.55 0.78 - - - -
SHRIRAM TRANSPORT FINANCE INR 2815 8 226 3 0 0 0 5.77 1138 1138 712 830 943 943 - - - 1.06 1.16 1.39 0.21 - 0.20 0.16 0.24 - 0.25 - 1.52 - - - -
SIEMENS LTD INR 3448 50 340 0 0 0 0 3.21 2190 2190 2422 2671 233 233 - - 0.47 0.47 0.38 0.47 0.38 0.38 0.47 0.38 0.45 0.31 -0.09 0.26 0.20 - - - -
STATE BANK OF INDIA INR 25321 336 671 39 0 1 27 #VALUE! 32572 32572 17847 20511 - - - - - 4.44 5.10 5.85 0.16 - 0.14 0.12 0.36 0.39 - - - BBB- 30.01.2007 Baa2 02.04.2008
STEEL AUTHORITY OF INDIA INR 4635 614 4131 3 0 0 1 6.76 8582 8582 8333 9444 1182 1182 331 331 0.15 0.16 0.13 0.15 0.13 0.14 0.15 0.14 0.14 0.13 -0.33 -0.16 0.25 BBB- 29.04.2010 - -
STERLITE INDUSTRIES INDIA LT INR 5635 608 3361 3 0 2 4 6.82 7575 7575 7936 8698 1870 1870 473 473 0.29 0.26 0.31 0.36 0.12 0.11 0.10 0.09 0.65 0.23 0.48 0.01 0.45 - - - -
SUN PHARMACEUTICAL INDUS INR 15636 38 1036 0 0 0 0 15.45 1475 1475 2030 2370 604 604 219 219 0.46 0.46 0.58 0.66 0.61 0.61 0.48 0.42 0.74 0.60 1.17 0.65 0.75 - - - -
SUZLON ENERGY LTD INR 441 4322 1777 2 0 0 0 2.63 3878 3878 4005 5038 349 349 38 38 -0.07 -0.05 -0.22 0.01 - - #VALUE! 0.63 0.33 0.54 1.61 0.11 0.17 - - - -
TATA CHEMICALS LTD INR 1514 27 255 1 0 0 0 2.57 2540 2540 2699 2868 430 430 106 106 0.71 0.60 0.62 0.70 0.18 0.15 0.18 0.16 0.46 0.48 0.45 0.34 0.31 - - - -
TATA CONSULTANCY SVCS LTD INR 56067 52 1957 0 0 0 1 54.23 8994 8994 11590 13143 2659 2659 893 893 0.98 0.98 1.31 1.46 0.54 0.54 0.40 0.36 0.57 0.39 0.54 0.42 0.54 BBB+ 07.05.2010 - -
TATA GLOBAL BEVERAGES LTD INR 1405 368 618 0 0 0 0 1.64 1211 1211 1365 1519 115 115 - - 0.10 0.11 0.12 0.15 0.39 0.42 0.34 0.29 0.19 0.19 0.04 -0.11 0.17 - - - -
TATA MOTORS LTD INR 14886 1028 3174 9 0 0 4 18.26 30471 30471 34278 39504 4103 4103 1356 1356 0.76 0.78 0.59 0.73 0.12 0.12 0.16 0.13 0.66 0.77 0.60 0.67 0.25 BB 09.07.2012 WR 15.07.2007
TATA POWER CO LTD INR 4136 156 2373 6 0 0 1 9.84 4783 4783 5599 6526 984 984 - - 0.05 -0.08 0.09 0.11 - 0.64 0.35 0.30 0.62 0.65 0.27 0.71 0.38 BB- 24.08.2007 B2 05.10.2012
TATA STEEL LTD INR 5470 1047 971 11 0 0 2 13.86 24446 24446 24401 25653 2284 2284 600 600 0.99 1.03 0.32 0.71 0.10 0.10 0.32 0.15 0.22 1.59 -0.48 0.18 0.17 BB 09.08.2011 - -
TITAN INDUSTRIES LTD INR 4110 263 888 0 0 0 0 3.94 1628 1628 1899 2347 154 154 - - 0.12 0.12 0.15 0.19 0.68 0.68 0.56 0.45 0.65 0.62 0.65 0.60 0.17 - - - -
ULTRATECH CEMENT LTD INR 9333 5 274 1 0 0 1 9.84 3511 3511 3975 4612 765 765 - - 1.61 1.61 1.86 2.21 0.39 0.39 0.34 0.28 0.73 0.62 1.00 0.43 0.40 - - - -
UNION BANK OF INDIA INR 2129 240 551 5 0 0 4 #VALUE! 4317 4317 #VALUE! #VALUE! - - - - - 0.62 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.49 - - - - BBB- 17.06.2008 Baa3 19.03.2012
UNITECH LTD INR 1063 3077 2616 1 0 0 0 1.63 445 445 463 569 61 61 23 23 0.02 0.02 0.02 0.03 0.45 0.45 0.33 0.25 -0.53 -0.06 -1.23 -0.54 0.25 - - - -
UNITED BREWERIES LTD INR 3351 66 264 0 0 0 0 3.54 667 667 762 922 76 76 - - 0.10 0.09 0.15 0.21 2.70 2.33 1.54 1.12 0.34 0.46 0.10 0.35 0.21 - - - -
UNITED PHOSPHORUS LTD INR 949 113 462 1 #VALUE! 0 0 1.44 1408 1408 1599 1766 256 256 81 81 0.23 0.22 0.29 0.34 0.18 0.17 0.14 0.12 0.60 0.52 0.52 0.42 0.33 - - - -
UNITED SPIRITS LTD INR 4536 131 131 2 0 0 0 6.08 1690 1690 1946 2221 217 217 43 43 0.29 0.27 0.51 0.95 2.32 2.20 1.25 0.67 0.45 0.48 0.00 0.39 0.24 - - - -
WIPRO LTD INR 19743 49 2459 1 0 0 2 18.04 6842 6842 7960 8739 1303 1303 413 413 0.42 0.42 0.49 0.53 0.35 0.35 0.30 0.28 0.36 0.37 0.15 0.27 0.35 BBB+ 02.04.2012 - -
YES BANK LTD INR 2806 213 353 3 0 0 1 #VALUE! 1318 1318 #VALUE! #VALUE! - - - - - 0.51 #VALUE! 0.80 0.28 - #VALUE! 0.18 0.99 1.07 - - - - - - -
ZEE ENTERTAINMENT ENTERPRISE INR 3679 600 959 0 0 0 0 3.50 559 559 675 782 138 138 43 43 0.11 0.11 0.14 0.17 0.63 0.63 0.52 0.42 0.02 0.29 -0.17 0.31 0.45 - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
ABB LTD 1.28 1.14 22.64 16.04 46.56 29.81 0.49 0.63 0.67 0.82 494.20 1.1%
ACC LTD 2.82 2.58 2.29 1.99 1.88 1.71 1.52 1.40 10.26 9.69 8.44 8.59 7.84 6.60 5.88 15.59 14.55 12.67 10.83 2.48 2.85 3.12 3.43 1442.10 24.6%
ADANI ENTERPRISES LTD 1.03 1.00 0.89 0.79 0.56 0.47 0.37 0.32 5.55 5.53 3.46 2.73 14.18 12.88 7.64 5.94 8.16 15.36 7.57 5.83 0.58 0.58 0.71 0.89 293.63 52.8%
ADANI PORTS AND SPECIAL ECON 5.18 4.35 3.45 2.75 8.17 6.03 5.03 4.28 16.88 14.64 10.80 9.75 21.33 15.25 12.67 10.77 25.01 20.56 14.91 11.70 0.77 0.88 1.02 1.16 162.17 23.1%
ADANI POWER LTD 1.28 1.78 1.58 1.32 1.17 2.12 1.35 0.69 0.53 0.54 28.41 3.56 2.09 26.01 28.95 8.84 6.35 7.03 22.78 17.51 6.64 8.51 0.38 0.00 0.00 0.00 2.37 45.38 15.8%
AMBUJA CEMENTS LTD 2.98 2.74 2.42 2.57 2.33 2.08 11.96 10.48 9.01 8.57 7.53 6.59 15.57 14.28 12.61 11.24 2.07 2.37 2.63 2.97 208.62 23.7%
ASHOK LEYLAND LTD 3.73 4.48 5.13 26.67 20.7%
ASIAN PAINTS LTD 17.30 13.90 11.28 9.28 4.99 4.18 3.57 3.04 42.87 35.42 29.34 24.65 31.23 25.71 21.17 17.65 49.02 40.12 33.13 27.35 0.78 1.01 1.22 1.52 4596.75 -6.1%
AXIS BANK LTD 2.44 2.01 1.69 1.39 4.41 3.68 3.01 2.45 13.62 10.65 8.48 7.12 1.26 1.47 1.62 2.09 1599.81 23.6%
BAJAJ AUTO LTD 8.08 5.64 4.47 3.62 2.60 2.51 2.17 1.93 16.17 15.80 12.71 10.96 12.55 12.99 10.65 9.40 16.82 16.68 13.85 12.34 2.80 2.84 3.28 3.38 2138.84 19.1%
BANK OF BARODA 1.06 1.93 5.09 2.94 2.71 3.06 3.42 843.85 27.2%
BANK OF INDIA 2.78 3.31 3.89 354.51 22.2%
BHARAT FORGE LTD 2.03 1.98 1.78 1.59 0.76 0.80 0.74 0.66 0.46 7.27 7.72 6.61 6.16 6.73 8.07 7.02 6.22 11.11 16.47 12.37 10.08 6.27 1.69 1.98 2.15 2.45 232.41 14.7%
BHARAT HEAVY ELECTRICALS 1.73 1.44 1.28 1.17 0.89 0.91 0.96 1.06 8.10 6.24 7.07 8.12 4.16 4.24 4.94 5.50 6.70 7.06 8.20 9.47 3.99 3.78 3.44 3.12 207.15 17.5%
BHARAT PETROLEUM CORP LTD 1.67 1.50 1.41 1.24 1.24 0.13 0.11 0.11 0.11 0.11 8.21 5.12 5.03 5.21 3.33 11.23 8.69 8.44 7.50 7.49 22.52 16.22 14.74 12.30 12.54 1.43 1.90 2.05 2.30 1.33 441.70 17.9%
BHARTI AIRTEL LTD 2.15 2.10 1.92 1.72 1.58 1.40 1.27 1.17 1.06 6.09 6.10 5.22 4.53 7.61 7.32 6.42 5.69 4.90 22.92 41.36 22.08 15.82 11.01 0.36 0.39 0.54 0.91 4.04 359.56 21.0%
CAIRN INDIA LTD 1.12 0.94 0.82 0.74 0.74 3.74 2.81 2.80 2.75 2.46 5.55 4.09 4.42 4.71 5.23 3.80 2.97 3.19 3.36 3.70 6.42 4.60 5.17 5.46 6.14 2.45 4.37 3.87 3.78 3.97 383.74 38.5%
CANARA BANK 0.75 0.93 0.86 1.47 4.51 4.67 4.48 3.50 3.14 3.07 3.45 3.91 464.81 28.2%
CIPLA LTD 4.05 3.42 2.96 2.57 4.39 3.69 3.28 2.85 23.37 18.25 16.32 14.16 18.83 13.47 12.62 10.96 27.15 19.95 18.48 15.87 0.77 0.79 0.87 0.96 436.25 14.9%
COAL INDIA LTD 4.41 3.77 3.12 2.67 2.58 3.11 2.77 2.58 2.38 2.18 11.24 9.98 9.29 8.03 7.34 6.63 5.91 5.21 4.85 12.95 11.24 10.27 9.16 9.73 2.20 3.33 3.64 4.38 3.32 388.40 28.9%
COLGATE PALMOLIVE (INDIA) 39.16 34.43 30.56 27.02 6.29 5.47 4.60 3.88 37.94 28.74 24.97 21.37 28.54 24.81 20.40 16.74 37.78 31.11 27.19 23.30 2.24 2.33 2.66 3.00 1335.92 7.8%
CROMPTON GREAVES LTD 1.65 1.63 1.47 1.29 0.52 0.49 0.44 0.39 0.35 10.50 15.42 8.31 6.56 8.06 12.53 7.19 5.86 4.88 13.20 29.38 11.78 8.82 2.03 1.31 1.79 2.05 109.57 19.0%
CUMMINS INDIA LTD 6.58 5.98 5.39 4.84 3.29 2.90 2.47 2.12 19.88 15.47 12.97 11.21 24.20 19.58 16.32 14.31 2.10 2.60 2.83 3.18 542.22 11.8%
DABUR INDIA LTD 13.85 10.82 8.65 7.01 4.51 3.77 3.25 2.80 35.20 27.89 23.30 20.06 26.63 22.63 19.08 16.21 36.34 30.54 25.47 21.37 1.05 1.20 1.44 1.72 146.21 8.9%
DIVI'S LABORATORIES LTD 6.22 5.17 4.24 3.51 8.11 5.83 4.78 3.99 23.83 18.98 15.50 13.53 21.84 15.58 12.68 10.65 27.24 20.43 16.64 13.78 0.94 1.42 1.65 1.97 1261.04 26.4%
DLF LTD 1.52 1.49 1.42 1.33 4.21 4.85 4.17 3.49 21.79 20.33 19.96 13.98 13.73 17.91 14.31 11.38 28.81 38.28 27.85 18.57 0.92 0.92 0.97 0.92 282.29 19.5%
DR. REDDY'S LABORATORIES 5.19 4.34 3.57 2.98 3.15 2.63 2.34 2.09 15.96 14.19 13.55 11.81 13.72 12.89 11.54 10.36 19.96 18.86 16.58 14.54 0.67 0.91 0.99 1.16 2084.67 18.8%
EXIDE INDUSTRIES LTD 3.97 3.78 3.31 2.86 2.06 1.68 1.42 1.19 18.83 16.17 13.86 11.90 12.94 11.27 9.13 8.34 22.68 20.15 16.51 15.19 1.04 1.17 1.40 1.72 135.65 7.5%
FEDERAL BANK LTD 1.36 1.18 3.34 11.52 1.78 1.98 2.23 2.55 576.96 18.2%
GAIL INDIA LTD 1.60 1.35 1.21 1.06 0.94 0.79 0.70 0.59 7.22 6.36 6.03 5.38 7.00 6.33 5.86 5.10 9.18 8.56 8.26 7.21 2.89 3.02 3.15 3.44 394.80 29.9%
GLENMARK PHARMACEUTICALS LTD 5.12 4.28 3.47 2.81 3.36 2.61 2.21 1.92 19.89 17.09 14.04 11.63 16.76 14.14 12.07 10.31 23.20 21.16 16.74 13.90 0.12 0.40 0.43 0.45 560.94 18.9%
GMR INFRASTRUCTURE LTD 0.86 0.90 0.92 0.85 1.06 0.96 0.72 0.58 28.91 16.59 6.65 4.40 23.31 17.63 11.34 9.39 42.22 0.00 0.00 0.44 0.00 26.00 24.4%
GODREJ CONSUMER PRODUCTS LTD 11.87 8.37 7.08 6.00 5.84 4.34 3.60 3.01 41.94 35.23 27.99 23.39 33.87 27.25 21.87 18.07 47.00 38.86 31.12 25.23 0.78 0.70 0.88 1.10 750.07 -7.8%
GRASIM INDUSTRIES LTD 1.55 1.33 1.15 1.00 1.10 0.96 0.84 0.72 6.28 5.49 4.95 4.28 6.37 5.65 4.73 3.97 10.49 9.60 8.33 7.14 0.88 0.87 0.94 0.99 3759.90 33.0%
HCL TECHNOLOGIES LTD 5.21 4.09 3.34 2.76 2.57 2.14 1.90 1.66 1.58 17.82 12.41 11.46 9.99 14.20 9.76 9.10 8.28 8.63 23.11 14.89 13.65 12.29 13.44 1.14 1.46 1.61 1.85 795.04 2.6%
HDFC BANK LIMITED 4.84 8.28 27.68 0.66 0.89 1.08 1.33 708.11 15.3%
HERO MOTOCORP LTD 2.92 3.15 3.75 1840.35 17.0%
HINDALCO INDUSTRIES LTD 0.54 0.50 0.47 0.43 0.37 0.21 0.21 0.19 0.18 0.16 3.10 3.08 2.69 2.46 6.23 6.37 5.53 4.78 3.54 5.54 6.14 5.77 5.07 3.31 1.87 1.76 1.83 1.90 1.76 123.33 40.2%
HINDUSTAN PETROLEUM CORP 0.70 0.69 0.65 0.62 0.05 0.05 0.05 0.04 4.22 1.64 2.14 2.83 13.21 8.44 7.98 7.34 10.59 10.43 7.09 6.66 2.79 2.76 3.39 3.77 4.97 361.18 28.6%
HINDUSTAN UNILEVER LTD 31.50 25.35 21.13 18.47 4.48 3.80 3.33 2.92 37.14 32.11 29.19 26.66 30.78 24.03 21.27 18.76 39.70 31.18 28.27 25.68 1.71 2.84 2.37 2.67 479.12 1.4%
HINDUSTAN ZINC LTD 2.39 2.62 2.76 152.05 30.6%
HOUSING DEVELOPMENT & INFRAS 0.19 0.17 0.16 0.15 0.96 0.95 0.73 0.67 3.33 3.61 2.36 2.25 4.54 4.44 3.62 3.61 2.72 2.88 2.30 2.15 3.48 2.00 2.91 2.74 94.89 108.8%
HOUSING DEVELOPMENT FINANCE 5.50 20.79 27.03 1.26 1.50 1.74 2.00 850.02 3.3%
ICICI BANK LTD 1.97 1.76 1.61 1.51 4.94 17.15 12.98 11.15 1.59 1.93 2.18 2.50 1345.89 31.8%
IDBI BANK LTD 4.35 3.96 5.11 6.05 109.45 37.2%
IDEA CELLULAR LTD 2.76 2.57 2.32 2.05 1.85 1.62 1.43 1.28 1.11 9.81 7.96 6.69 5.59 8.92 7.73 6.56 5.64 4.54 49.57 35.37 23.31 16.74 10.87 0.01 0.06 0.17 0.34 3.68 112.59 3.6%
IDFC LTD 1.71 1.55 1.38 1.22 7.07 6.25 5.26 4.49 12.82 10.35 8.08 7.28 28.97 23.21 19.86 17.09 13.17 11.86 9.91 8.27 1.71 1.88 2.21 2.43 181.91 30.2%
INDIAN OIL CORPORATION LTD 1.13 1.02 0.95 0.89 0.15 0.14 0.14 0.14 9.97 6.07 4.51 4.16 8.77 7.94 7.05 6.49 11.12 10.50 8.44 7.61 2.39 2.73 3.23 3.48 337.27 23.1%
INDUSIND BANK LTD 2.85 15.50 0.73 0.92 1.06 480.63 20.2%
INFOSYS LTD 5.05 4.23 3.56 3.07 4.78 4.04 3.62 3.22 2.52 17.95 15.14 14.51 13.22 13.02 11.99 10.79 9.81 8.43 19.60 17.49 16.04 14.45 13.52 1.49 1.68 1.80 2.05 2938.78 3.0%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
ITC LTD 13.12 10.86 9.64 8.42 9.28 7.87 6.75 5.80 36.30 29.52 25.02 21.25 26.00 21.31 17.92 15.16 39.44 32.06 27.07 22.90 1.53 1.87 2.19 2.64 331.78 8.4%
JAIPRAKASH ASSOCIATES LTD 1.09 1.09 1.00 0.91 0.99 0.80 0.64 0.56 8.54 6.45 4.41 2.91 13.32 9.98 8.21 6.71 5.64 12.70 15.05 11.48 7.43 1.35 1.04 1.10 1.26 94.33 47.1%
JINDAL STEEL & POWER LTD 1.83 1.55 1.32 1.11 1.94 1.67 1.46 1.20 1.14 6.07 6.43 5.65 4.63 7.54 7.45 6.65 5.40 4.25 8.23 8.52 8.07 7.32 5.67 0.54 0.49 0.50 0.52 460.94 30.6%
JSW STEEL LTD 0.79 0.75 0.69 0.63 0.42 0.35 0.32 0.30 4.74 3.63 3.02 2.77 5.30 4.34 3.88 3.62 4.02 12.36 8.78 7.01 6.17 1.56 1.53 1.70 1.94 758.04 26.5%
KOTAK MAHINDRA BANK LTD 3.75 3.18 2.72 2.33 6.79 5.09 4.29 3.90 26.55 22.61 18.39 15.09 0.12 0.13 0.17 0.17 669.29 4.6%
LARSEN & TOUBRO LTD 3.03 2.38 2.14 1.86 1.31 1.10 0.97 0.84 16.86 7.39 10.50 10.66 13.83 12.22 10.71 9.16 17.31 15.78 14.17 12.19 1.14 1.32 1.42 1.54 1720.71 28.7%
LIC HOUSING FINANCE LTD 2.12 1.70 1.44 6.31 5.99 4.61 10.75 10.52 7.69 1.72 1.80 2.20 2.68 286.18 29.3%
LUPIN LTD 6.97 5.55 4.48 3.67 4.03 3.01 2.61 2.30 26.51 19.19 16.09 14.25 20.27 13.95 12.10 10.79 28.54 23.33 19.40 17.05 0.60 0.69 0.78 0.89 680.15 9.3%
MAHINDRA & MAHINDRA LTD 3.22 2.54 2.17 1.84 1.17 0.75 0.66 0.59 11.38 9.17 8.10 6.90 11.79 8.31 7.18 6.10 17.33 13.54 11.47 9.45 1.38 1.53 1.64 1.79 997.57 15.6%
MARUTI SUZUKI INDIA LTD 2.42 2.17 1.88 1.61 1.06 0.88 0.76 0.65 13.80 10.45 7.59 6.60 12.77 9.67 6.48 5.21 23.56 19.57 12.70 10.19 0.54 0.63 0.93 1.09 1738.92 34.5%
NESTLE INDIA LTD 28.05 36.72 1.25 1.57 2.09 2.39 4683.86 2.1%
NHPC LTD 0.89 0.82 0.78 0.74 0.69 4.29 3.81 3.41 3.13 7.27 6.86 6.86 6.04 9.48 8.69 7.58 6.89 11.53 10.57 9.58 8.84 7.98 3.31 3.76 3.94 4.12 24.06 20.6%
NMDC LTD 2.18 4.72 7.14 4.87 7.26 3.52 3.51 3.70 4.08 185.85 38.5%
NTPC LTD 1.58 1.46 1.34 1.25 1.85 1.65 1.43 1.30 8.97 8.76 7.60 6.76 10.32 9.05 7.67 6.79 12.36 11.39 10.10 9.36 2.93 3.10 3.32 3.75 182.02 27.7%
OIL & NATURAL GAS CORP LTD 1.97 1.73 1.54 1.36 1.30 1.77 1.65 1.52 1.42 1.64 5.45 5.69 5.05 4.45 8.39 4.38 4.55 3.96 3.52 4.21 9.70 10.25 8.85 7.61 9.02 3.36 3.26 3.64 4.05 4.33 354.62 17.2%
POWER FINANCE CORPORATION 1.15 1.11 0.96 0.80 5.50 3.82 3.07 2.66 8.94 5.61 4.53 3.86 3.08 3.97 4.53 5.10 240.93 32.1%
POWER GRID CORP OF INDIA LTD 2.08 1.87 1.61 1.45 4.80 3.79 3.25 3.01 11.70 9.26 7.90 7.24 16.09 11.87 10.46 9.85 1.14 2.24 2.48 2.86 135.51 29.1%
PUNJAB NATIONAL BANK 1.00 4.81 3.52 3.32 3.65 4.21 952.84 33.7%
RANBAXY LABORATORIES LTD 3.98 3.68 2.87 2.56 1.55 1.61 1.44 1.29 10.06 13.85 10.35 15.56 8.40 11.05 8.39 10.72 13.14 16.98 12.86 17.01 0.79 0.81 1.04 1.65 452.89 1.8%
RELIANCE CAPITAL LTD 0.92 0.67 0.64 0.56 1.37 1.28 1.17 1.21 32.61 28.85 29.01 33.28 13.88 11.33 10.85 8.42 2.27 3.19 3.28 3.41 529.39 75.9%
RELIANCE COMMUNICATIONS LTD 0.27 0.30 0.29 0.28 0.52 0.50 0.46 0.44 0.41 2.13 2.08 1.96 1.74 7.57 7.28 6.62 6.09 5.46 13.03 16.85 10.47 7.23 5.76 1.46 0.57 0.72 0.76 1.57 68.33 33.7%
RELIANCE INDUSTRIES LTD 1.45 1.33 1.21 1.11 0.77 0.69 0.70 0.67 0.65 8.09 7.58 7.43 6.47 7.80 8.33 7.96 6.82 6.29 12.29 11.94 11.33 10.06 9.58 1.08 1.16 1.24 1.33 924.24 18.0%
RELIANCE INFRASTRUCTURE LTD 0.37 0.33 0.31 0.30 0.37 0.38 0.36 0.35 3.46 55.62 20.02 7.50 7.56 6.42 5.43 5.32 5.21 5.06 5.13 2.39 2.39 2.48 2.42 674.82 108.5%
RELIANCE POWER LTD 0.95 0.89 0.84 0.78 0.70 7.96 3.47 2.31 1.46 1.04 21.08 12.06 7.59 5.54 48.12 19.22 11.17 6.92 4.23 23.10 16.56 16.00 9.89 6.18 0.00 0.00 0.00 0.23 3.33 91.41 54.5%
RURAL ELECTRIFICATION CORP 1.37 1.17 1.01 0.87 4.91 3.61 3.25 2.97 5.17 5.14 4.60 34.26 7.98 5.50 5.06 5.06 4.00 269.19 33.2%
SATYAM COMPUTER SERVICES LTD 3.85 3.40 2.60 2.32 2.32 1.92 1.75 1.59 17.57 9.99 9.48 9.84 11.96 7.30 6.97 6.42 15.31 12.20 11.00 10.13 0.00 0.00 0.00 0.00 131.20 3.8%
SESA GOA LTD 0.86 0.77 0.69 0.63 1.60 4.62 2.36 2.09 4.76 6.06 5.60 6.08 4.88 17.28 10.27 9.20 4.79 5.16 4.91 4.58 2.51 2.39 2.56 2.49 185.91 23.0%
SHRIRAM TRANSPORT FINANCE 2.48 2.10 1.75 1.46 4.22 3.95 3.39 2.93 11.88 10.36 8.20 6.77 10.81 10.66 8.95 7.58 1.16 1.12 1.32 1.56 809.92 20.1%
SIEMENS LTD 4.36 3.99 3.58 1.48 1.42 1.29 25.07 19.22 16.25 18.90 15.20 12.48 31.08 25.49 20.85 1.23 1.15 1.23 1.28 571.05 8.3%
STATE BANK OF INDIA 1.37 1.16 1.01 0.88 1.61 1.42 1.23 1.06 9.24 6.79 6.15 9.62 7.41 6.45 5.42 1.72 2.01 2.28 2.58 2435.05 18.7%
STEEL AUTHORITY OF INDIA 0.63 0.59 0.55 0.52 0.55 0.56 0.49 0.43 4.25 5.63 4.67 3.61 5.87 6.29 4.98 3.77 3.02 6.39 8.41 7.62 6.14 3.82 3.23 3.42 3.50 6.93 77.75 27.5%
STERLITE INDUSTRIES INDIA LT 0.65 0.58 0.53 0.47 0.78 0.71 0.65 0.61 4.24 3.63 3.23 2.93 3.69 3.61 3.08 2.84 5.66 5.35 4.71 4.37 1.64 2.11 2.23 2.39 123.90 35.9%
SUN PHARMACEUTICAL INDUS 7.46 5.78 4.78 4.00 11.09 7.70 6.60 5.76 33.39 23.62 20.44 18.15 28.07 17.21 15.70 14.24 36.49 26.08 22.96 19.91 0.53 0.66 0.79 0.93 860.56 4.7%
SUZLON ENERGY LTD 0.38 0.55 0.50 1.17 0.11 0.11 0.09 0.07 8.14 287.23 2.64 8.18 68.39 6.40 5.37 34.18 5.13 0.00 0.74 1.32 0.00 16.48 22.1%
TATA CHEMICALS LTD 1.32 1.19 1.08 0.97 0.62 0.56 0.53 0.50 5.24 5.62 5.03 4.33 6.26 6.15 5.61 5.33 9.22 9.63 8.46 7.78 3.20 3.17 3.25 3.52 385.05 19.2%
TATA CONSULTANCY SVCS LTD 9.69 7.67 6.14 4.95 6.21 4.84 4.27 3.77 3.27 27.42 20.97 18.36 16.24 20.26 16.16 14.34 12.89 11.27 28.72 21.88 19.63 17.41 1.14 1.44 1.65 1.78 1506.73 -3.3%
TATA GLOBAL BEVERAGES LTD 1.74 1.60 1.51 1.46 1.18 1.03 0.92 0.83 18.23 15.11 13.21 11.85 15.29 12.00 10.27 9.11 24.39 18.47 15.54 14.46 2.20 2.15 2.42 3.38 160.78 30.2%
TATA MOTORS LTD 3.09 2.12 1.68 1.35 0.50 0.43 0.38 0.33 5.03 4.78 3.99 3.33 4.49 4.08 3.40 2.99 8.43 8.60 6.92 6.17 1.58 1.43 1.51 1.58 326.65 18.7%
TATA POWER CO LTD 1.61 1.75 1.62 1.47 0.91 0.74 0.63 0.60 8.25 7.50 5.70 4.95 8.93 8.60 7.18 6.72 13.08 19.11 16.31 13.36 1.34 1.20 1.27 1.30 104.83 10.6%
TATA STEEL LTD 0.76 0.72 0.68 0.64 0.44 0.23 0.22 0.21 0.20 0.17 3.46 4.88 3.22 3.00 2.24 5.85 6.24 4.85 4.48 3.25 6.69 17.35 7.95 6.64 2.63 3.76 3.38 3.60 4.06 7.60 407.20 33.0%
TITAN INDUSTRIES LTD 15.69 11.36 8.57 6.60 2.56 2.16 1.75 1.46 39.21 33.67 27.60 22.30 27.05 21.05 16.76 13.64 37.94 30.67 24.68 20.15 0.71 0.94 1.24 1.56 309.61 23.0%
ULTRATECH CEMENT LTD 4.04 3.29 2.79 2.28 2.79 2.35 2.02 1.75 18.00 13.42 11.32 9.43 13.46 10.96 9.10 7.56 24.64 18.34 15.42 12.82 0.35 0.47 0.52 0.60 2090.79 13.0%
UNION BANK OF INDIA 0.76 4.97 3.43 3.99 4.59 5.07 9.15 263.54 25.3%
UNITECH LTD 0.49 0.47 0.46 0.44 2.12 2.30 1.87 1.52 12.70 18.48 12.59 11.33 13.74 18.82 13.34 9.72 14.29 18.09 13.67 10.25 0.47 0.51 0.59 0.57 33.72 52.6%
UNITED BREWERIES LTD 12.28 12.28 10.44 8.51 4.89 4.40 3.64 2.94 50.56 45.81 36.85 28.54 46.90 36.42 27.84 20.22 14.83 106.66 83.86 60.64 41.11 0.11 0.12 0.16 0.26 517.20 -24.9%
UNITED PHOSPHORUS LTD 1.27 1.13 0.99 0.86 0.68 0.59 0.54 0.49 7.24 5.19 4.55 3.85 5.58 5.08 4.57 4.08 8.76 7.37 6.36 5.42 2.01 2.41 2.63 2.90 163.84 40.5%
UNITED SPIRITS LTD 5.16 4.26 3.14 2.88 2.83 2.33 2.04 1.83 1.62 54.04 45.84 29.20 23.47 26.40 23.12 19.30 16.32 12.38 65.91 67.73 36.46 26.61 0.17 0.16 0.17 0.20 2240.81 18.9%
WIPRO LTD 3.85 3.25 2.81 2.43 2.86 2.48 2.26 2.04 1.88 16.25 14.09 12.81 11.85 13.43 11.54 10.58 9.56 8.86 18.93 16.29 15.01 13.42 13.00 1.41 1.60 1.76 1.89 432.15 -0.8%
YES BANK LTD 3.19 6.17 15.25 9.78 0.95 1.14 1.38 1.63 568.26 33.6%
ZEE ENTERTAINMENT ENTERPRISE 5.74 5.23 4.50 3.85 3.02 6.74 5.45 4.71 4.09 3.39 34.16 28.06 22.87 18.83 24.18 20.54 16.69 13.45 9.16 34.51 28.11 23.03 18.77 13.54 0.93 1.05 1.23 1.49 3.76 250.18 19.9%
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