汇丰银行-印度互联网-info edge reduce,growth visibility remains a concern-20170727-hsbc.pdfVIP

27 July 2017   Info Edge EQUITIES INTERNET Reduce: Growth visibility remains a concern India 1QFY18 Recruitment growth rates came in lower than expected MAINTAIN REDUCE Slowdown in IT sector hiring and RERA implementation raise TARGET PRICE (INR) PREVIOUS TARGET (INR) concerns about incremental growth 730.00 690.00 Maintain Reduce, raise TP to INR730 (from INR690) on 12- SHARE PRICE (INR) UPSIDE/DOWNSIDE month DCF rollover and revised estimates 981.15 -25.6% (as of 26 Jul 2017) Standalone revenues in 1Q FY18 were up 13% yoy, and EBITDA margins expanded MARKET DATA Market cap (INRm) 119,078 Free float 57% qoq by 130bps to 31.6%. Revenue growth from recruitment business was up 11% yoy, Market cap (USDm) 1,851 BBG INFOE IN below management estimates of 15%-20% growth. Man