14 May 2020 Results Review 2QFY20 Siemens - 2QFY20 - HSIE...14 May 2020 Results Review 2QFY20...
Transcript of 14 May 2020 Results Review 2QFY20 Siemens - 2QFY20 - HSIE...14 May 2020 Results Review 2QFY20...
14 May 2020 Results Review 2QFY20
Siemens
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Headwinds remain
We maintain REDUCE on Siemens India Ltd. (SIL) with a TP of Rs 1,104/sh
(35x SIL Mar-22E EPS). The decline in Revenues across the businesses is
primarily due to deferred offtake by customers and slow-down in short-cycle
business owing to COVID-19 headwinds and continued weaker demand in
large infrastructure projects. Lower revenue led to negative operating leverage
and crack in margin across all segments except POC which saw benefits of
cost rationalization impact in previous years.
Weak financial performance: SIL delivered Revenue/EBIDTA/APAT miss
of 11.6/34/34%. EBITDA margins came at 8.3% (275bps miss). Employees
wage hikes was effected from 2QFY20 and also other expenses had Rs
500mn+ impact of forex loss. The combined cost increase led to EBIDTA
margins crack by 300bps. Order backlog stood at Rs 125.5bn which is
healthy and maintained at last 4 quarters average of Rs 125bn.
Navigating through COVID-19 crisis: Post the complete lockdown in last
week of Mar-20, SIL has shut all its factories, project sites and offices. This
significantly impacted 2QFY20 revenues. SIL has resumed limited
operations in six factories with another two expected to resume operations
this week. Whilst short cycle orders headwinds remain, SIL is seeing
heightened interest from clients on digitalization solutions to save costs and
increase productivity. Social distancing is also driving these inquiries.
Hiving of the Mechanical Drives Business: Siemens AG has made an
announcement to integrate Portfolio Companies wind energy generation
unit into Flender and subsequently publicly list the company via spin-off.
SIL board has received a request from Siemens AG to consider the proposal
of divesting the POC Mechanical drives business to subsidiary of Siemens
AG. SIL board has in principle agreed to sell the mechanical drives business
at a fair consideration (to be determined). Mechanical drives contributed 5%
to FY19 revenue (~Rs 6,482mn) and 54% of POC segment revenue. EBIT
margins for POC was 1.3/(7.1)% for FY18/19 and lower than SIL margins.
Large non wind mechanical drives and motors will continue to be part of
SIL POC business. Sale of less profitable business augurs well for SIL.
SIL will face near to mid-term head winds on weak Govt/Private capex as
businesses conserve cash and slow down capex on back of COVID-19 led
disruption. Global growth contraction will result in lower exports and
INR depreciation will make imports costlier. Tailwinds like digitalization
opportunities and strong net cash Rs 45.8bn are priced in at current
punchy valuations. Multiple re-rating is contingent on capex recovery. We
maintain REDUCE on SIL. Key risks (1) Faster than expected
Private/Government capex recovery, (2) Fiscal stimulus leading to
recovery in private investments, and (3) Strong uptick in digitalization.
Financial summary
(Rs mn, Sep YE) 2Q
FY20
2Q
FY19
YoY
(%)
1Q
FY20
QoQ
(%) FY19 FY20E FY21E FY22E
Net Revenues 28,201 35,496 (20.6) 26,686 5.7 1,36,838 1,08,610 1,29,920 1,42,140
EBITDA 2,336 4,105 (43.1) 3,365 (30.6) 14,757 10,010 13,046 15,163
APAT 1,721 2,808 (38.7) 2,627 (34.5) 11,520 7,646 10,291 12,164
Diluted EPS (Rs) 4.8 7.9 (38.7) 7.4 (34.5) 32.4 21.5 28.9 34.2
P/E (x)
32.3 48.7 36.2 30.6
EV / EBITDA (x)
21.9 32.5 24.9 21.0
RoE (%)
13.3 8.3 10.6 11.7
Source: Company, HSIE Research
REDUCE
CMP (as on 13 May 2020) Rs 1,045
Target Price Rs 1,104
NIFTY 9,384
KEY
CHANGES OLD NEW
Rating Reduce Reduce
Price Target Rs 1,104 Rs 1,104
EBITDA % FY21E FY22E
- -
KEY STOCK DATA
Bloomberg code SIEM IN
No. of Shares (mn) 356
MCap (Rs bn) / ($ mn) 372/4,940
6m avg traded value (Rs mn) 859
52 Week high / low Rs1,717/947
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) (26.4) (36.1) (0.6)
Relative (%) (3.6) (15.9) 13.1
SHAREHOLDING PATTERN (%)
Dec-19 Mar-20
Promoters 75.0 75.0
FIs & Local MFs 9.90 10.20
FIIs 4.31 4.21
Public & Others 10.79 10.59
Pledged Shares 0.0 0.0
Source : BSE
Parikshit D Kandpal, CFA
+91-22-6171-7317
Rohan Rustagi
+91-22-3021-7355
Page | 2
Siemens: Results Review 2QFY20
Quarterly Financials Snapshot - Standalone
Rs mn 2QFY20 2QFY19 YoY (%) 1QFY20 QoQ (%) 1HFY20 1HFY19 YoY (%)
Net Sales 28,201 35,496 (20.6) 26,686 5.7 54,887 63,567 (13.7)
Material Cost 17,652 24,403 (27.7) 16,744 5.4 34,396 42,847 (19.7)
Employee Cost 4,314 4,235 1.9 3,961 8.9 8,275 8,623 (4.0)
Other Expenses 3,899 2,753 41.6 2,616 49.0 6,515 4,927 32.2
EBITDA 2,336 4,105 (43.1) 3,365 (30.6) 5,701 7,170 (20.5)
Depreciation 708 571 24.0 611 15.9 1,319 1,103 19.6
EBIT 1,628 3,534 (53.9) 2,754 (40.9) 4,382 6,067 (27.8)
Interest 111 24 362.5 77 44.2 188 26 623.1
Other Income (Incl. EO) 806 830 (2.9) 855 (5.7) 1,661 1,707 (2.7)
PBT 2,323 4,340 (46.5) 3,532 (34.2) 5,855 7,748 (24.4)
Tax 602 1,532 (60.7) 905 (33.5) 1,507 2,660 (43.3)
RPAT 1,721 2,808 (38.7) 2,627 (34.5) 4,348 5,088 (14.5)
EO Items
-
- -
APAT 1,721 2,808 (38.7) 2,627 (34.5) 4,348 5,088 (14.5)
Source: Company, HSIE Research
Margin Analysis Margin Analysis
(as % sales) 2QFY20 2QFY19 YoY (bps) 1QFY20 QoQ (bps) 1HFY20 1HFY19 YoY (bps)
Material Cost (%) 62.6 68.7 (615.5) 62.7 (15.1) 62.7 67.4 (473.8)
Employee Cost (%) 15.3 11.9 336.6 14.8 45.4 15.1 13.6 151.1
Other Expenses (%) 13.8 7.8 607.0 9.8 402.3 11.9 7.8 411.9
EBITDA Margin (%) 8.3 11.6 (328.1) 12.6 (432.6) 10.4 11.3 (89.3)
Tax rate (%) 25.9 35.3 (938.5) 25.6 29.2 25.7 34.3 (859.3)
APAT Margin (%) 6.1 7.9 (180.8) 9.8 (374.1) 7.9 8.0 (8.2)
Source: Company, HSIE Research
Standalone Segmental Revenue
Rs mn 2QFY20 2QFY19 YoY (%) 1QFY20 QoQ(%)
Revenues (Rs mn)
Gas and Power 10,267 12,588 (18.4) 8,886 15.5
Smart infrastructure 7,745 9,958 (22.2) 7,590 2.0
Mobility 2,378 3,380 (29.6) 2,085 14.1
Digital Industries 5,267 7,009 (24.9) 6,001 (12.2)
Portfolio of Companies 2,910 3,004 (3.1) 2,484 17.1
Others 243 331 (26.6) 157 54.8
Total (Ex intersegment) 28,810 36,270 (20.6) 27,203 5.9
EBIT (Rs mn)
Gas and Power 887 1,603 (44.7) 974 (8.9)
Smart infrastructure 26 1,000 (97.4) 744 (96.5)
Mobility 271 610 (55.6) 236 14.8
Digital Industries 263 505 (47.9) 630 (58.3)
Portfolio of Companies 174 -203 (185.7) 132 31.8
Others 7 14 (50.0) 38 (81.6)
Total (Ex intersegment) 1,628 3,529 (53.9) 2,754 (40.9)
EBIT margins (%)
Gas and Power 8.6 12.7 (410) 11.0 (232)
Smart infrastructure 0.3 10.0 (971) 9.8 (947)
Mobility 11.4 18.0 (665) 11.3 8
Digital Industries 5.0 7.2 (221) 10.5 (550)
Portfolio of Companies 6.0 -6.8 1,274 5.3 67
Others 2.9 4.2 (135) 24.2 (2,132)
Total 5.7 9.7 (408) 10.1 (447)
Source: Company, HSIE Research
Revenue – Rs 28.2bn
(11.6% miss). EBITDA – Rs
2.3bn (34% miss) and
margin of 8.3% (275bps
miss)
Other opex (as % sales)
expanded 607/402bps
YoY/QoQ, while Employee
expenses expanded by
336/45 bps YoY/QoQ,
which was partly offset by
Material expenses
contraction by 615/15bps
Employees wage hikes was
effected from 2QFY20 and
also other expenses had Rs
500mn+ impact of forex
loss. The combined cost
increase led to EBIDTA
margins crack by 300bps
Other income at Rs 0.81bn
(-2.9/-5.7% YoY) includes
no exceptional item as
such
APAT: Rs 1.7bn (-39/-34%
YoY/QoQ, 34% miss)
The decline in Revenues
across the businesses is
primarily due to deferred
offtake by customers and
slow-down in short-cycle
business related to
COVID-19 as well as
continued weaker demand
in large infrastructure
projects
Negative oplev led to crack
in margin across all
segments except POC
which saw cost
rationalization impact in
previous years
Page | 3
Siemens: Results Review 2QFY20
2QFY20 Segmental EBIT
Source : Company, HSIE Research; GP – Gas and Power, SI: Smart Infrastructure DI – Digital
Industries, MO – Mobility, POC –Portfolio of Companies
2QFY20 Segmental Margins (%)
Source : Company, HSIE Research; GP – Gas and Power, SI: Smart Infrastructure DI – Digital
Industries, MO – Mobility, POC –Portfolio of Companies
Quarterly Segmental EBIT Margins Trend
% 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20
Gas and Power 10.4 19.3 12.7 13.6 10.8 11.0 8.6
Smart infrastructure 7.0 9.9 10.0 7.8 9.3 9.8 0.3
Mobility 15.6 (9.1) 18.0 11.9 10.5 11.3 11.4
Digital Industries 6.4 2.5 7.2 6.7 7.8 10.5 5.0
Portfolio of Companies 6.3 (11.0) (6.8) (5.9) (6.2) 5.3 6.0
Others 33.6 (3.2) 4.2 66.9 4.2 24.2 2.9
Total 9.0 8.8 9.7 9.3 8.3 10.1 5.7
Source : Company, HSIE Research
The company has shown a
408/447bps YoY/QoQ
decline in EBIT margins
EBIT margin (0.3%) for the
Smart Infra segment saw
the sharpest decline of
9.7/9.5% YoY/QoQ
Siemens AG has made an
announcement to integrate
POC unit wind energy
generation into Flender
and subsequently publicly
list the company via spin-
off. SIL board has received
a request from Siemens
AG to consider the
proposal of divesting the
POC Mechanical drives
business to subsidiary of
Siemens AG
SIL board has in principle
agreed to sell the
mechanical drives
business at fair
consideration. Mechanical
drives contributed 5% to
FY19 revenue (~Rs
6,482mn) and 54% of POC
segment revenue. EBIT
margins for POC was
1.3/(7.1)% for FY18/19 and
lower than SIL margins
Large non wind
mechanical drives and
motors will continue to be
part of SIL POC business
887
26
263 271
7
174
-
2.0
4.0
6.0
8.0
10.0
12.0
(200)
-
200
400
600
800
1,000
GP SI DI MO Others POC
EBIT (Rs mn) - LHS Margin (%) - RHS
11.4 6.0 3.4 1.6 4.2 0.6
-
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
-
2.0
4.0
6.0
8.0
10.0
12.0
GP SI MO DI POC Others
Cap. Employed (Rs mn) - LHS EBIT (Rs bn) - RHS
Page | 4
Siemens: Results Review 2QFY20
Capital Employed – 2QFY20 (Rs 89.3bn)
Source : Company, HSIE Research; GP – Gas and Power, SI: Smart Infrastructure DI – Digital
Industries, MO – Mobility, POC –Portfolio of Companies
Quarterly Order Book Movement (Rs bn)
Source : Company, HSIE Research
Change in Estimates
Standalone
Rs Mn
FY20E FY21E FY22E
Old Revised % Chg Old Revised % Chg Old Revised % Chg
Net Sales (Rs bn) 1,08,610 1,08,610 0.00 1,29,920 1,29,920 0.00 1,42,140 1,42,140 0.00
EBITDA (Rs bn) 10,010 10,010 0.00 13,046 13,046 0.00 15,163 15,163 0.00
EBIDTA Margin (%) 9.2 9.2 0.00 10.0 10.0 0.00 10.7 10.7 0.00
Adj PAT (Rs bn) 7,646 7,646 0.00 10,291 10,291 0.00 12,164 12,164 0.00
AEPS (Rs) 21.5 21.5 0.00 28.9 28.9 0.00 34.2 34.2 0.00
TP (Rs/share) 1,104 1,104 0.00
Source : HSIE Research
We estimate the company
would have secured orders
worth Rs 29.7bn during
the quarter (-18%/-6%
YoY/QoQ)
Post our estimates cut in
earnings preview note we
maintain our estimates
SIL has partially resumed
operation and is seeing
heightened interest from
clients for digitalization
solutions to save costs
and increase productivity
Unallocated
64%
GP
20%
SI
7%
MO
3%
DI
2%
Portfolio of
Companies
4%
Others
1%
24
26
28
30
32
34
36
38
40
42
112
117
122
127
132
1Q
FY
18
2Q
FY
18
3Q
FY
18
4Q
FY
18
1Q
FY
19
2Q
FY
19
3Q
FY
19
4Q
FY
19
1Q
FY
20
2Q
FY
20
Book - RHS Inflow - LHS Revenue - LHS
Page | 5
Siemens: Results Review 2QFY20
Outlook and valuation
REDUCE Rating – Maintain Target Price of Rs 1,104/sh
While SIL is well placed to monetize its strength in digitalization of
Manufacturing/Smart Infra, we feel the positives are well captured in the
current valuations. A prolonged delay in capex recovery or private
investments can also dampen the inflows.
SIL board of directors at the meeting held on 21st Feb 2018 had in
principle agreed to sell Mobility and Mechanical drives business to
Siemens AG Germany. Subsequently the deal with Alstom was rejected
by European Competition Commission. However, the transaction for
Mobility has been put on a back burner for the time being. Board has now
agreed to sell SIL's Mechanical Drives business to a subsidiary, for which
consideration and terms are yet to be finalized. We await more clarity
from management on the same, though it’s margin are subpar vs SIL.
We value Siemens’ standalone operations at 35x Mar-FY22E earnings
and arrive at a TP of Rs 1,104/sh. With COVID-19 led disruptions in
supply chain and lack luster capex demand, we maintain REDUCE.
Maintain REDUCE with a
TP of Rs 1,104/sh (35x
Mar-FY22E EPS)
Page | 6
Siemens: Results Review 2QFY20
Financials Standalone Income Statement
Year ending September FY16 FY17 FY18 FY19 FY20E FY21E FY22E
Net Revenues 1,08,094 1,10,148 1,27,251 1,36,838 1,08,610 1,29,920 1,42,140
Growth (%) 2.8 1.9 15.5 7.5 (20.6) 19.6 9.4
Material Expenses 71,812 73,504 85,864 93,230 70,539 86,365 94,850
Employee Expenses 14,139 13,926 14,487 16,036 16,509 17,162 18,080
Other Operating Expenses 11,940 12,205 13,739 12,815 11,551 13,348 14,047
EBIDTA 10,203 10,512 13,161 14,757 10,010 13,046 15,163
EBIDTA (%) 9.4 9.5 10.3 10.8 9.2 10.0 10.7
EBIDTA Growth (%) 4.8 3.0 25.2 12.1 (32.2) 30.3 16.2
Depreciation 2,263 1,967 1,967 2,173 2,315 2,476 2,598
EBIT 7,940 8,546 11,194 12,584 7,696 10,571 12,566
Other Income (Incl. EO Items) 31,568 8,222 2,800 3,946 2,763 3,278 3,793
Interest 91 77 82 114 88 95 103
PBT 39,417 16,691 13,912 16,416 10,371 13,753 16,256
Tax 10,091 5,355 4,973 5,547 2,724 3,462 4,092
RPAT 29,326 11,336 8,939 10,869 7,646 10,291 12,164
EO items (net of tax) (22,824) (4,425) - 651 - - -
APAT 6,502 6,911 8,939 11,520 7,646 10,291 12,164
APAT Growth (%) 12.3 6.3 29.3 28.9 (33.6) 34.6 18.2
EPS 18 19.4 25.1 32.4 21.5 28.9 34.2
EPS Growth (%) 12.3 6.3 29.3 28.9 (33.6) 34.6 18.2
Source: Company, HSIE Research
Standalone Balance Sheet
Year ending September FY16 FY17 FY18 FY19 FY20E FY21E FY22E
SOURCES OF FUNDS
Share Capital 712 712 712 712 712 712 712
Reserves 67,496 76,335 82,342 89,724 93,449 99,471 1,06,939
Total Shareholders Funds 68,208 77,047 83,054 90,436 94,161 1,00,183 1,07,651
Total Debt - - - - - - -
Other Non Current Liabilities 2,394 2,573 2,750 3,110 3,421 3,421 3,421
Deferred Taxes (3,351) (2,442) (2,665) (2,410) (2,410) (2,410) (2,410)
TOTAL SOURCES OF FUNDS 67,250 77,178 83,139 91,136 95,172 1,01,194 1,08,662
APPLICATION OF FUNDS
Net Block 13,052 13,344 13,514 11,904 13,104 12,629 12,031
CWIP 791 1,430 624 583 583 583 583
Investments 550 550 550 550 550 550 550
Other Non Current Assets 8,632 10,855 15,935 12,568 13,825 15,207 16,728
Total Non-current Assets 23,025 26,179 30,623 25,605 28,062 28,969 29,892
Inventories 9,993 10,165 11,389 10,950 9,856 11,831 12,993
Debtors 30,059 34,156 36,504 38,089 32,278 38,660 42,296
Cash & bank balances 35,094 40,713 36,457 48,913 46,902 46,787 53,084
Other Current Assets 18,017 17,576 24,854 26,137 27,940 29,337 30,804
Total Current Assets 93,163 1,02,610 1,09,204 1,24,089 1,16,977 1,26,615 1,39,177
Creditors 21,920 26,556 30,303 32,890 24,157 29,577 32,483
Other Current Liabilities & Provns 27,019 25,054 26,385 25,668 25,709 24,812 27,924
Total Current Liabilities 48,939 51,611 56,688 58,558 49,867 54,389 60,407
Net Current Assets 44,224 50,999 52,516 65,531 67,111 72,225 78,770
TOTAL APPLICATION OF FUNDS 67,250 77,178 83,139 91,136 95,172 1,01,194 1,08,662
Source: Company, HSIE Research
Page | 7
Siemens: Results Review 2QFY20
Standalone Cash Flow Year ending September FY16 FY17 FY18 FY19 FY20E FY21E FY22E
PBT 39,416 16,691 13,912 16,416 10,371 13,753 16,256
Non-operating & EO items (31,474) (6,826) (1,345) (4,720) (2,763) (3,278) (3,793)
Interest expenses 91 77 82 114 88 95 103
Depreciation 2,264 1,966 1,967 2,173 2,315 2,476 2,598
Working Capital Change (1,720) 1,744 (8,361) 4,452 (4,536) (6,613) (1,768)
Tax paid (3,493) (8,114) (5,834) (6,130) (2,724) (3,462) (4,092)
OPERATING CASH FLOW ( a ) 5,084 5,538 421 12,305 2,750 2,971 9,303
Capex (2,874) 3,289 (1,788) (336) (3,515) (2,000) (2,000)
Free cash flow (FCF) 2,210 8,827 (1,367) 11,969 (765) 971 7,303
Investments 26,721 (2,747) (2,475) (13,516) - - -
Non operating income 1,327 2,137 2,691 3,340 2,763 3,278 3,793
INVESTING CASH FLOW ( b ) 25,174 2,679 (1,572) (10,512) (752) 1,278 1,793
Share capital Issuance - - - - - - -
Dividend payment (16,073) (2,572) (3,000) (3,005) (3,921) (4,270) (4,697)
Debt Issuance - - - - - - -
Interest expenses (50) (26) (54) (108) (88) (95) (103)
FINANCING CASH FLOW ( c ) (16,123) (2,598) (3,054) (3,113) (4,009) (4,365) (4,799)
NET CASH FLOW (a+b+c) 14,135 5,619 (4,205) (1,320) (2,011) (116) 6,297
Opening Cash & Equivalents 20,959 35,094 40,713 36,457 48,913 46,902 46,787
Closing Cash & Equivalents 35,094 40,713 36,457 48,913 46,902 46,787 53,084
Source: Company, HSIE Research
Key Ratios Year ending September FY16 FY17 FY18 FY19 FY20E FY21E FY22E
PROFITABILITY (%)
GPM 33.6 33.3 32.5 31.9 35.1 33.5 33.3
EBITDA Margin 9.4 9.5 10.3 10.8 9.2 10.0 10.7
EBIT Margin 7.3 7.8 8.8 9.2 7.1 8.1 8.8
APAT Margin 6.0 6.3 7.0 8.4 7.0 7.9 8.6
RoE 10.9 9.5 11.2 13.3 8.3 10.6 11.7
Core RoCE 21.6 18.6 18.7 20.3 13.7 16.7 18.4
RoCE 11.0 9.6 11.2 13.4 8.4 10.7 11.8
EFFICIENCY
Tax Rate (%) 25.6 32.1 35.7 33.8 26.3 25.2 25.2
Asset Turnover (x) 3.6 3.4 3.7 3.7 2.8 3.2 3.3
Inventory (days) 34 34 33 29 33 33 33
Debtors (days) 101 113 105 102 108 109 109
Payables (days) 74 88 87 88 81 83 83
Cash Conversion (days) 61 59 50 43 60 59 59
Other Current Assets (days) 61 58 71 70 94 82 79
Other Current Liab (days) 91 83 76 68 86 70 72
Net Working Capital Cycle (Days) 31 34 46 44 68 71 66
Debt/EBITDA (x) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net D/E (0.5) (0.5) (0.4) (0.5) (0.5) (0.5) (0.5)
Interest Coverage 87.7 110.8 136.5 110.4 87.4 111.2 122.4
PER SHARE DATA
EPS (Rs/sh) 18.3 19.4 25.1 32.4 21.5 28.9 34.2
CEPS (Rs/sh) 24.6 24.9 30.6 38.5 28.0 35.9 41.5
DPS (Rs/sh) 45.1 7.2 8.4 8.4 11.0 12.0 13.2
BV (Rs/sh) 192 216 233 254 264 281 302
VALUATION
P/E 57.2 53.8 41.6 32.3 48.7 36.2 30.6
P/BV 5.5 4.8 4.5 4.1 4.0 3.7 3.5
EV/EBITDA 33.0 31.5 25.5 21.9 32.5 24.9 21.0
OCF/EV (%) 1.5 1.7 0.1 3.8 0.8 0.9 2.9
FCF/EV (%) 0.7 2.7 (0.4) 3.7 (0.2) 0.3 2.3
FCFE/Market Cap (%) 0.6 2.4 (0.4) 3.2 (0.2) 0.2 1.9
Dividend Yield (%) 4.3 0.7 0.8 0.8 1.1 1.1 1.3
Source: Company, HSIE Research
Page | 8
Siemens: Results Review 2QFY20
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: > 10% Downside return potential
Date CMP Reco Target
17-May-19 1,130 NEU 1,165
29-May-19 1,262 NEU 1,165
11-Jul-19 1,236 NEU 1,165
8-Aug-19 1,101 NEU 1,197
22-Sep-19 1,328 NEU 1,280
10-Oct-19 1,572 NEU 1,463
22-Nov-19 1,544 NEU 1,463
10-Jan-20 1,510 NEU 1,463
25-Jan-20 1,625 NEU 1,463
12-Feb-20 1,496 NEU 1,463
2-Mar-20 1,304 ADD 1,533
24-Apr-20 1,147 REDUCE 1,104
5-May-20 1,090 REDUCE 1,104
14-May-20 1,045 REDUCE 1,104
From 2nd March 2020, we have moved to new rating system
RECOMMENDATION HISTORY
700
800
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1,000
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1,300
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1,500
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Ma
y-1
9
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-19
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Au
g-1
9
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-19
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-20
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Ma
r-2
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Siemens: Results Review 2QFY20
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