2QCY2013 Result Update | Pharmaceutical

August 13, 2013

Ranbaxy Labs
Performance Highlights
Y/E Dec. (` cr) Net Sales Other Income Operating profit Forex loss/ (gain) & Exceptional items Adjusted Net Profit
Source: Company, Angel Research

BUY
CMP Target Price
% chg qoq 2QCY2012 7.9 (30.5) 71.8 88.7 3,205 124 621 1,131 613 % chg yoy (17.8) (31.0) (73.3) (45.8) (80.5)

`368 `426
12 Months

2QCY2013 1QCY2012 2,633 86 166 613 120 2,440 123 96 (79) 64

Investment Period
Stock Info Sector Market Cap (` cr) Net Debt (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Pharmaceutical 15,567 1,564 0.9 578/254 161,993 5 18,947 5,612 RANB.BO RBXY@IN

Ranbaxy Laboratories (Ranbaxy) reported lower-than-expected numbers for 2QCY2013. Net sales came in at `2,633cr, a decline of 17.8% yoy, and much lower than our expectation of `2,850cr. On the operating front, the OPM come in at 6.3%, lower than our expectation of 10.5% and vs 19.4% in 2QCY2012. However, a higher-than-expected other income and lower tax during the quarter aided the adj. net profit to come in at `120cr, but lower than `148cr during the corresponding period of last year. We recommend a Buy on the stock, given the attractive valuations. Lower-than-expected performance: Ranbaxys reported net sales came in at `2,633cr a decline of 17.8% yoy, and much lower than our expectation of `2,850cr. On the operating front, the OPM come in at 6.3%, lower than our expectation of 10.5% and vs 19.4% in 2QCY2012. However, a higher-than-expected other income and lower tax during the quarter aided the adj. net profit to come in at `120cr, but lower than `148cr in the corresponding period of last year. Outlook and valuation: The stock is trading at an attractive valuation of EV/sales of 1.4x CY2014E. The valuation is very attractive in comparison to peer companies, given that Ranbaxy is focused on improving its profitability and most of the concerns on the USFDA front are likely to get resolved going forward. We recommend a Buy on the stock. A further upside exists if any Para-IV opportunities fructify in CY2014 (not included in our estimates).

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 63.5 13.4 13.1 10.0

Abs. (%) Sensex Ranbaxy

3m (5.8)

1yr 7.9

3yr 4.8 (17.4)

(18.1) (23.9)

Key financials (Consolidated)

Y E Dec. (` cr) Net sales % chg Reported profit % chg EPS (`) EBITDA margin (%) P/E (x) RoE (%) RoCE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

CY2011 9,967 16.8 638 (44.7) 15.1 14.4 24.4 15.1 12.9 5.4 1.9 13.1

CY2012 12,166 22.1 2,507 293.1 59.3 22.3 6.2 72.1 24.3 3.8 1.4 6.4

CY2013E 10,400 (14.5) 481 (80.8) 11.4 6.6 32.4 11.1 3.3 3.4 1.6 24.0

CY2014E 11,331 8.9 642 33.6 15.2 8.4 24.2 13.1 5.2 3.0 1.4 16.8

Sarabjit Kour Nangra

+91 22 3935 7800 Ext: 6806 sarabjit@angelbroking.com

Please refer to important disclosures at the end of this report

Ranbaxy | 2QCY2013 Result Update

Exhibit 1: 2QCY2013 performance ( Consolidated )

Y/E Dec (` cr) Net Sales Other Income Total Income Gross profit Gorss margins Operating profit Operating Margin Interest Depreciation & Amortisation PBT & Exceptional Items Provision for Taxation Minority & Share of Associate Net Profit Forex loss/ (gain) & Exceptional items Reported Net Profit Adjusted Net Profit EPS (`)
Source: Company, Angel Research

2QCY2013 2,633 86 2,719 1,701 64.6 166 6.3 49 76 126 31 6 89 613 (524) 120 2.8

1QCY2013 2,440 123 2,563 1,542 63.2 96 4.0 53 80 87 35 (6) 46 (79) 125 64 1.5

% chg qoq 7.9 (30.5) 6.1 10.3 71.8 (7.2) (4.2) 44.4 (11.9) -

2QCY2012 3,205 124 3,329 2,181 68.1 621 19.4 48 78 619 68 5.6 545 1,131 (586)

% chg yoy 1HCY2013 1HCY2012 (17.8) (31.0) (18.3) (22.0) (73.3) 0.9 (2.5) (54.4) (45.8) (80.5) 5,073 209 5,282 3,243 63.9 262 5.2 100 156 215 66 12.3 136 535 (398) 190 4.5 6,914 257 7,171 5,045 73.0 2335 33.8 86 158 2348 206 19.4 2123 1,462 661 2,319 54.9

% chg yoy (26.6) (18.8) (26.3) (35.7) (88.8)

(1.4) (90.8) (67.7) (93.6) (63.4) (91.8)

88.7

613 14.5

Exhibit 2: 2QCY2013 Actual vs Angel estimates

(` cr) Net sales Operating profit Interest Tax Adj. net profit
Source: Company, Angel Research

Actual 2,633 166 49 31 120

Estimates 2,850 299 48 37 148

Variation (%) (8) (45) 2 (16) (19)

Top-line performance below expectation: Ranbaxy reported numbers lower than expected during the quarter. Net sales came in at `2,633cr, i.e a decline of 17.8% yoy. The top-line has come much lower than our expectation of `2,850cr for the quarter. However excluding the exclusivities, the base business clocked a double digit growth during the period. The growth was mainly led by the branded emerging market business of LATAM and branded business of Africa, APAC and Russia. Sales in India came in flat during the period on back of the new drug policy. With this the branded and OTC part of the business contributed 51% of sales of the company for the quarter. In the US, the company posted sales of `851.6cr. Amongst other geographies, sales in Western Europe were at `195.8cr, a dip of 31% yoy. Sales for the quarter in India were at `543cr, in line with sales as in the corresponding period of last year. The same was on back of the DPCO 2013 policy. The OTC segment posted an 8% yoy growth during the period. The East & Europe and the CIS region reported sales of `326cr for the quarter. Africa and Middle East posted sales of `282.8cr, a growth of 9% yoy.

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Ranbaxy | 2QCY2013 Result Update

Exhibit 3: Formulations sales trend

3,500 3,000 2,500 461 554 553 827 583 322 1,471 920 2QCY2012 3QCY2012 851 4QCY2012 689 1QCY2013 851 2QCY2013 461 541 604 645.7 542.7 562.2 491.3 542.6 521.8

(` cr)

2,000 1,500 1,000 500 0

Source: Company, Angel Research

OPM contracts to 6.3%: On the operating front, the OPM come in at 6.3%, lower than our expectations of 10.5% and vs 19.4% in 2QCY2012. On a yoy basis, there has been a dip in margin, on account of high OPM in the last corresponding period on account of presence in products which enjoy exclusivities in 2QCY2012. However, improvement in core business can be witnessed in a 230bp expansion in the OPM.

Exhibit 4: OPM trend

25 20 15 19.4

(%)

11.7

10 5 0 2QCY2012 3QCY2012 4QCY2012 1QCY2013 2QCY2013 6.3 2.3 4.0

Source: Company, Angel Research

Adj. net profit below expectation: However, higher-than-expected other income and lower tax during the quarter aided the adj. net profit to come in at `120cr vs `148cr in the corresponding period of last year.

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Ranbaxy | 2QCY2013 Result Update

Exhibit 5: Net profit trend

700 600 500 400 319 613

(` cr)

300 200 100 0 (100) (200) 2QCY2012 3QCY2012 4QCY2012 (154) 1QCY2013 2QCY2013 64 120

Source: Company, Angel Research

Concall takeaways

The Management maintained its top-line guidance of `12,000cr in CY2013 and remained confident of launching Diovan in CY2013. The base business is expected to grow by over 10%. Core business posted a growth of 10% yoy during the quarter. Company has 8 FTFs with a market potential of US$6.0bn. Current MR strength stands at 7,500. The company has derivatives exposure of US$860bn as of 2QCY2013.

Investment arguments

US Consent Decree: Road cleared but timelines uncertain: Post the USFDAs adverse action in early CY2009 (AIP invoked on Poanta Sahib facility and import alert issued for Dewas facility), Ranbaxys US sales had been impacted but for the first-to-file (FTF) products. Ranbaxy has signed a consent decree with the USFDA regarding the ongoing Current Good Manufacturing Practices (CGMP) issues. We note that the consent decree lays out a plan of action as agreed by the two parties to resolve the outstanding issues. However, the timeline regarding the resolution is still unclear. As per Ranbaxys Management, the company has taken corrective actions, as per suggestions by a consultant, and has been working closely with the USFDA to resolve issues. Ranbaxy settled a US suit by pleading guilty to felony charges relating to manufacture and distribution of certain adulterated drugs made at two of its Indian manufacturing units. The US subsidiary of Ranbaxy agreed to pay a penalty fine of US$500mn, which is the largest settlement with a generic medicine maker till date. With this settlement, the long lawsuit is now over for the company and since the amount in terms of penalty is same as earlier provided by the company, its positive for the company, both from a short as well as longer term perspective.

India back in focus: Ranbaxys domestic formulation business has been reporting below-industry average growth rate of 78% since the past few

August 13, 2013

Ranbaxy | 2QCY2013 Result Update

years. The company has now renewed its focus on one of the fastest growing pharmaceutical markets by completely rolling out Project Viraat in 2010 with a view of establishing a leadership position in the next two to three years. Under the project, Ranbaxy increased its field force significantly, launched new products and penetrated rural areas. Going forward, with this, the company plans to achieve 1520% growth on the domestic front. However, on back of the new pricing policy for CY2012-14E, we expect the companys domestic formulations to register a CAGR of 6.6%.

Looking for profitable growth: Ranbaxys OPM collapsed from 12.6% in CY2006 to 6.1% in CY2009 on USFDA issues, high operating leverage and realized losses in forex hedges. However, the company is now targeting to achieve profitable growth by closing down low-margin facilities in various emerging markets, reducing its work force in Europe and transferring its new drug discovery research division to Daiichi. Further, a resolution of the USFDA issue would help reduce costs incurred on remedial measures. Going forward, Ranbaxy aims to achieve double-digit margins in its base business.

Outlook and valuation

The stock is trading at an attractive valuations of EV/sales of 1.4x CY2014E. The valuation is attractive in comparison to its peer companies given that the company is focused on improving its profitability and most of the concerns on the USFDA front are likely to get resolved going forward. We recommend Buy on the stock with a price target of `426. Further upside exists if any Para-IV opportunities fructify in CY2014 (not included in our estimates).

Exhibit 6: Key assumptions

CY2013E Domestic sales growth Export sales growth Operating margins Debt:Equity
Source: Company, Angel Research

CY2014E 10.6 8.5 8.4 (1.1)

2.7 (15.7) 6.6 (1.1)

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Ranbaxy | 2QCY2013 Result Update

Exhibit 7: One-year forward EV/Sales

60,000 50,000 40,000

(` cr)

30,000 20,000 10,000 0

Source: Company, Angel Research

Exhibit 8: Recommendation summary

Company Alembic Pharma. Cadila Healthcare Cipla Dr Reddy's Dishman Pharma GSK Pharma* Indoco Remedies Ipca labs Lupin Ranbaxy* Sanofi India* Sun Pharma Reco Neutral Buy Accumulate Buy Buy Neutral Buy Neutral Neutral Buy Neutral Neutral CMP (`) 160 181 691 415 2,179 43 2,286 67 645 819 368 2,501 541 Aurobindo Pharma Buy Tgt Price (`) 271 894 477 2,535 73 78 904 426 Upside % 49.7 29.4 14.9 16.4 69.8 16.4 10.4 15.8 PE (x) 11.5 8.8 15.4 17.4 17.2 2.6 34.3 8.8 14.4 19.1 24.2 24.6 27.2 FY2015E EV/Sales (x) 1.5 1.1 2.0 2.8 2.5 0.8 5.7 0.9 2.2 2.7 1.4 2.4 6.4 EV/EBITDA (x) 8.1 6.6 12.4 12.0 12.2 3.6 24.5 5.7 10.2 12.2 16.8 15.2 15.6 FY13-15E CAGR in EPS (%) 25.5 26.4 18.1 12.1 10.8 16.3 (7.3) 28.0 29.1 21.0 (49.4) 15.0 9.2 FY2015E RoCE (%) 34.2 13.1 15.2 16.8 18.3 11.4 30.6 15.0 25.1 29.0 5.2 14.7 29.6 ROE (%) 34.7 18.9 22.9 16..8 21.8 11.0 27.5 14.4 25.7 25.8 13.1 17.1 22.0

Source: Company, Angel Research; Note: * December year ending

Company Background
Ranbaxy Laboratories (Ranbaxy), India's largest pharmaceutical company, is an integrated, research-based, international pharmaceutical company. The company is currently present in 23 of the top 25 pharmaceutical markets of the world. Ranbaxy has a global footprint in 46 countries, manufacturing facilities in seven countries and serves customers in over 125 countries. The company generates a balanced mix of revenue from emerging and developed markets, which contribute 50% and 44%, respectively.

August 13, 2013

Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13
1x 2x 3x 4x

Ranbaxy | 2QCY2013 Result Update

Profit & Loss Statement (Consolidated)

Y/E Dec (` cr) Gross sales Less: Excise duty Net Sales Other operating income Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Share in profit of Associates Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of assoc. Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg 817 (307.5) (193) 1,010 699 69.2 311 14 296 144 (218.5) 4.0 7.1 7.1 1,911 134.0 411 585 25.2 240 1,086 654.7 17.5 35.5 35.5 404.1 1,088 (43.2) 2,775 155.0 1,245 294 23.6 951 (19) 10 923 2,507 293.1 7.6 59.3 59.3 293.1 735 (73.5) 735 220 30.0 514 (19) 15 481 481 (80.8) 4.6 11.4 11.4 (80.8) 966 31.4 966 290 30.0 676 (19) 15 642 642 33.6 5.7 15.2 15.2 33.6 CY09 7,344 15 7,329 268 7,597 2.5 6,885 3,208 513 1,417 1,746 445 12.8 6.1 268 177 58.4 2.4 71 443 54.2 CY10 8,551 15 8,535 425 18.0 7,096 3,153 578 1,506 1,858 1,440 223.7 16.9 553 887 400.4 10.4 61 661 34.6 CY11 19 362 15.3 8,529 3,353 863 1,639 2,675 1,438 5.5 14.4 394 1,044 26.9 10.5 611 294 27.0 CY12 28 293 20.6 9,457 4,060 818 1,928 2,651 2,709 88.4 22.3 320 2,389 128.8 19.6 180 273 9.8 CY13E 10,423 23 10,400 293 10,694 (14.2) 9,710 3,755 728 2,218 3,010 690 (74.5) 6.6 342 348 (85.4) 3.3 180 273 37.2 CY14E 11,355 25 11,331 293 11,624 8.7 10,380 4,090 793 2,550 2,946 951 37.8 8.4 372 579 66.3 5.1 180 273 28.3 9,986 12,194 9,967 12,166

8,961 10,329 12,460

3,772 1,530.6 197 (7.3) 7 10 638 (44.7) (29.1) 15.1 15.1 (60.0)

2,322 (2,684)

1,737 (2,881)

1,497 (2,900)

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Ranbaxy | 2QCY2013 Result Update

Balance sheet (Consolidated)

Y/E Dec. (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus Shareholders Funds Minority Interest Long Term Loans Other Long term liabilities Long term Provisions Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loan & Adv. Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Total Assets 6,009 1,242 1,086 3,681 4,111 1,897 7,552 8,693 3,264 1,631 3,798 4,140 4,553 9,982 4,125 1,727 2,398 623 2,093 541 4,804 2,157 2,647 382 1,901 498 5,069 2,393 2,675 227 2,155 98 1,011 9,509 3,064 1,773 4,672 6,415 3,094 9,260 5,453 2,607 2,846 208 2,162 79 1,111 10,010 4,600 2,141 3,269 6,035 3,975 10,381 5,953 2,949 3,004 208 2,162 79 1,111 12,852 5,218 1,830 5,803 8,554 4,298 10,862 6,453 3,321 3,132 208 2,162 79 1,111 14,132 5,815 1,994 6,322 9,319 4,812 11,504 (474) 7,552 (23) 9,982 210 4,133 4,343 53.3 3,630 211 5,394 5,605 64.7 4,335 211 2,658 2,869 81.0 4,491 1,610 246 (38) 9,260 211 3,873 4,084 89.0 4,901 1,051 291 (36) 10,381 211 4,354 4,565 89.0 4,901 1,051 291 (36) 10,862 211 4,996 5,207 89.0 4,901 1,051 291 (36) 11,504 CY09 CY10 CY11 CY12 CY13E CY14E

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Ranbaxy | 2QCY2013 Result Update

Cash flow statement (Consolidated)

Y/E Dec (` cr) Profit before tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations Inc./ (Dec.) in Fixed Assets Inc./ (Dec.) in Investments Other income Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances CY09 1,010 268 (1,130) 443 (243) (538) (235) (2) 443 206 1 (823) (822) (1,154) 2,396 1,242 CY10 2,322 553 (633) 661 (619) 962 (438) (42) 661 180 27 (98) 247 880 2,023 1,242 3,264 CY11 (2,684) 394 248 294 (196) (2,531) (110) (400) 294 (216) 1 246 2,300 2,547 (201) 3,264 3,064 CY12 1,245 320 656 273 (294) 1,654 (365) (19) 273 (111) (0) (104) 98 (6) 1,537 3,064 4,600 CY13E 735 342 295 273 (220) 878 (500) 273 (227) (34) (34) 618 4,600 5,218 CY14E 966 372 82 273 (290) 857 (500) 273 (227) (33) (33) 597 5,218 5,815

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Ranbaxy | 2QCY2013 Result Update

Key ratios
Y/E Dec. Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) RoIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating RoE Returns (%) RoCE (Pre-tax) Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Int. Coverage (EBIT / Int.) (0.3) (2.8) 2.5 0.2 0.7 14.4 (1.0) (2.0) 1.7 (1.1) (1.6) 13.3 (1.1) (7.1) 1.9 (1.1) (5.8) 3.2 1.9 91 76 67 4 2.0 82 70 86 40 2.1 85 81 71 7 2.4 78 74 59 (9) 1.9 77 77 57 (26) 1.9 95 95 54 (30) 2.4 5.8 3.3 10.1 22.1 21.8 12.9 35.4 15.1 24.3 66.1 72.1 3.3 10.4 11.1 5.2 17.6 13.1 2.4 1.3 10.4 74.8 1.4 10.7 1.2 0.2 12.5 10.5 107.3 1.8 22.1 532.4 25.7 19.6 76.4 2.1 31.2 51.1 31.2 3.3 70.0 1.9 4.4 43.2 4.4 5.1 70.0 2.1 7.3 43.2 7.3 7.1 7.1 13.4 103.3 35.5 35.5 13.4 2.0 133.1 15.1 15.1 24.4 67.8 59.3 59.3 66.9 96.6 11.4 11.4 19.5 107.9 15.2 15.2 24.0 123.1 52.2 27.4 3.6 0.0 2.4 40.1 2.4 14.4 10.5 2.8 0.5 2.7 15.7 2.3 24.4 15.1 5.4 1.6 1.9 13.1 2.0 6.2 5.5 3.8 2.9 1.4 6.4 1.7 32.4 18.9 3.4 0.0 1.6 24.0 1.5 24.2 15.3 3.0 0.0 1.4 16.8 1.4 CY09 CY10 CY11 CY12 CY13E CY14E

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Ranbaxy | 2QCY2013 Result Update

Research Team Tel: 022 - 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be Source: construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Ranbaxy No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

August 13, 2013

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