India IT Sector

India IT Sector

India Banking Sector

India Banking Sector

Weekly Track - Feb 18 2008

Weekly Track - Feb 18 2008

Weekly Technicals - Feb 18 2008

Weekly Technicals - Feb 18 2008

V-Guard Industries IPO Review

Ppromoted by Kochouseph Chittilappily, V-Guard Industries manufactures and markets voltage stabilisers under the brand name, V-Guard. The product basket includes insulated electrical cables (for housing and industrial users), electric pumps, water heaters, solar water heaters, uninterrupted power suppliers (UPS) and fans. All the products are marketed und the V-Guard brand. The company has discontinued marketing water-level controllers, wall clocks, electric motor starters and water purifiers. About 42% of the revenue came from voltage stabilisers, 20% from cables, 19% from pumps, 7% from electric water heaters, 4% from solar water heaters, and 3% each from fans and UPS in the year ended March 2007 (FY 2007).

With a well-established position in south India, V-Guard Industries recently ventured into Maharashtra, Haryana, Madhya Pradesh, Orissa, Himachal Pradesh, Chhattisgarh, Uttarpradesh, Gujarat, Punjab and Rajasthan

Located at Comibatore in Tamilnadu, the facilities to build cables has a capacity to manufacture 1,38,000 coils per month of standard length of 90 meters. The remaining products are largely sourced from various suppliers and marketed under the V-guard brand. Supplies sourced include voltage stabilisers, pumps, UPS, electric water heaters and fans. These are manufactured to specifications.

To cater to rising demand, a second building-cable manufacturing plant is to be set up at Kashipur in Uttaranchal. It will have a capacity of 2,00,000 coils a month of standard length of 90 metres. Moreover, a low-tension cable manufacturing plant and an enameling plant, with a processing capacity of 100 tonnes, is to be put up at Coimbatore, where the existing building-cable unit is located. Development-cum-pilot plants are to be built at Coimbatore (for pumps) and in Himachal Pradesh (for fans and water heaters). Service and distribution centers are to be put up at strategic locations in India. All the projects are to be commissioned by December 2008. An initial public offer (IPO) will partially fund these expansion plans.

Strengths

The V-Guard brand enjoys strong recall and credibility, specially in south India.

Weakness

A regional player, with over 90% of the revenue (in FY 2007) coming from southern states and Goa. Of this, around 44% is derived from the market in Kerala. As has ventured into the north Indian markets recently, there will be no benefit of the strong brand name for leverage on. Thus, has to face strong competition from established players apart from small players

Valuation

Sales clocked a CAGR of 19% to Rs 222.27 crore in FY 2007 from FY 2003. Pofit after tax posted a CAGR of 29% to Rs 13.50 crore. The reported profit was Rs 18.41 crore in FY 2007,after accounting for an EO income of Rs 4.91 crore on account of profit on sale of investment in two amusement parks at Cochin and Bangalore. The EPS on adjusted net profit excluding EO was Rs 4.5 on post-IPO equity for FY 2007. The five-month annualised EPS for the current year on post-IPO equity works out to Rs 6. On the offer price of Rs 80-Rs 85, the P/E works out 17.8 – 18.9 times FY 2007 earning and 13.3 – 14.1 times latest five-month annualised EPS. Much larger players with much more well known brands like Finolex Cables and Bajaj Electric trade around TTM P/E of 16 times. Numeric Power, leader in UPS, trades at TTM P/E of 11 times.

Reliance Power bonus to drive the market

When Reliance Power announced an initial public offering (IPO), it got attention for its size. The hype and marketing blitz that followed stoked public imagination and when the issue opened, it was sold out in seconds.

Contrary to public expectations though, when it listed, the markets hammered the stock down and the company continued to stay in the headlines. Just when the shock was beginning to settle, in an unprecedented move, Reliance Power has proposed to issue bonus shares to stakeholders in the company.

Seemingly a first for any company in the world that is just about a week old on the stock exchange, the company’s board will meet in Mumbai on February 24 to consider the proposal and decide the bonus ratio. The company, however, will not issue any shares to its promoters, a spokesperson for the group said.
Market veterans say group chairman Anil Ambani took it very personally as the stock markets pounded the scrip. Add to this a few million rattled retail investors and the risk of eroding what ‘Brand Ambani ’ stands for in the stock market . All these reasons, analysts said, are compelling the company to come up with a dramatic plan like issuing a bonus to restore confidence.

Once these bonus shares are issued , the cost of acquiring each share will fall to below Rs 430 for retail investors and Rs 450 for institutional and other categories of investors , a company release said. “Several companies have listed at below their offer price and have done nothing to compensate shareholders ... To that extent, this is a trendsetting move,’’ the spokesperson said.

Usually, companies issue bonus shares from their reserves. But in this case, R-Power is a new entity and has no reserves to fall back on. It will have to use its share premium account to issue the bonus. Of the Rs 11,560 crore mobilized through the recent IPO, roughly Rs 11,300 crore is in the share premium account. How much of this will be utilized will depend on the ratio of shares it will issue as bonus.

Market players, although surprised , are divided on what it means. There is a school of thought which argues that this is the promoters’ way of acknowledging they had overpriced the issue, an argument hotly contested by Reliance Power.

SHOCK THERAPY

Largest IPO in Indian history mobilises Rs 11,560 crore. The issue was priced at Rs 430/share for retail investors and Rs 450 for others. When the bids opened on Jan 15, within 60 seconds it was oversubscribed two times.

Funds committed on Day 1 was a staggering $25 billion or about Rs 1 lakh crore. The IPO closed on Jan 18, with book-size of $190 billion or Rs 7.5 lakh crore. It was subscribed 73 times from 50 lakh applications l Listed on the bourses on Feb 11, opens trading at Rs 548.

Within seconds, falls to Rs 430. Stock hammered in first three sessions, with all-time low of Rs 333 and a high of 599. On listing day, the sensex crashes 834 points. Current price Rs 385, Current market cap Rs 87,000 crore and Total investor wealth lost since listing Rs 1,352 crore

REPL bonus proposal, FIIs, global cues to drive market

MUMBAI: A surprise bonus proposal from the recently-listed Reliance Power is sure to propel market sentiment on Monday. While the global cues are not negative, with the US markets closing flat on Friday, market players are expecting foreign funds to return to the Indian bourses soon. The week would also see the build-up of budget expectations, scheduled during the end of the current month, they said.

On Sunday, RelPower, which was listed on the bourses on February 11 following a highly-subscribed IPO, said it was proposing a bonus issue for non-promoter shareholders and its board would consider the proposal on February 24.

Market players believed this is sure to drive the stock on Monday and is expected to bring it closer to its IPO price of Rs 450 per share from its current price of Rs 385 on the BSE. This particular move coincides with the scheduled opening of the IPO for Rural Electrification Corporation on Tuesday.

On the global markets front, cues are not negative. On Friday, the US markets closed flat and Monday being a holiday there, speculators here could use the extra day to push up shares prices on Monday.

Last week, after two consecutive sessions of fall, the sensex had made a strong recovery in the next three sessions to end 650 points higher on a weekly basis as fears of a severe economic slowdown receded. This, market players believe could bring back the foreign fund managers who have so far this year have mostly been on the selling side.

Institutional dealers and top broking house officials believe unless foreign institutional investors (FIIs) come back to the market, it would be difficult for domestic institutions and retail investors to take the market higher.

Week Ahead - Outlook

Three successive winning sessions has put some heart back in the bulls. The Nifty closed on Friday at 5302.9 points for a week-on-week gain of 3.57 per cent. The Sensex gained somewhat more (+3.72 per cent) closing at 18,115.25 points. The Defty was up 3.58 per cent by the weekend.

Breadth was positive in terms of advances versus declines but volumes remained lacklustre on the recovery. Broader indices had smaller gains. The Midcaps was up merely 0.81 per cent, while the Junior was up 1.91 per cent. The BSE 500 gained 2.62 per cent however, suggesting that some retail investors were in action. Unusually for a week when the market recorded gains, FIIs (until Feb 14) and DIIs (till Feb 13) were net sellers. Anecdotal evidence suggests that both set of "IIs" bought on Friday.

Outlook: The recovery will run into resistance immediately above the current levels but it could climb till the 5400-5550 zone, where it will run into a key resistance. Whether it crosses that level or not will determine the intermediate trend.

Rationale: The intermediate trend has been down since January 9. The bottom on Monday at Nifty 4803 was higher than the panic bottom of 4448 on January 22. This suggests that the intermediate trend could be turning around. However we need a higher top as well to confirm an intermediate reversal and that means the Nifty will have to climb above resistance at 5483 (closing) and ideally, 5545 intra-day at the least.

Counter view: Lack of volume and lack of institutional faith are two factors that could impact the recovery pattern negatively. If the resistance at 5483 is not beaten, the market is likely to continue range-trading with support at 5100-5150 and lower, at 4800-4900.

Bulls & bears: The positive breadth is apparent across the F&O stocks at least. However, we can focus on the stocks where positive price action was accompanied by volume expansion. There were quite a few of these. Capital goods players like ABB and BHEL did well and so did PSU refiners and marketers such as IOC, BPCL and HPCL also received a big boost as did Essar Oil, RPL and RIL. There was a lot of buying in Unitech and DLF. Of the financial majors, ICICI and IDBI generated the most impressive comebacks though SBI and other banking stocks also rose. There was stock-specific investment coming into ACC Adlabs, Hindalco, HUL, Punj Lloyd, Nagarjuna Fertilisers and Tisco, where sectorial moves were less apparent.

MICRO TECHNICALS

Adlabs Films Current Price: 925.4 Target Price: 1,000

Big volumes have backed a move from the 725 level. There's potential for a rise until 1000. There's also a big downside risk. Go long with a stop at 815 and if that is broken, go short with a stop at 880.

BHEL Current Price: 2,263 Target Price: 2,350

A sharp recovery from 1850 has come on higher volumes. If the stock fulfils its projections, it could run till the 2450 level but it's likely to hit severe resistance at 2350 and is unlikely to close above that level. Keep a stop at 2250 and go long.

IDBI Current Price: 120.8 Target Price: 130

Volumes spurted on Friday. The stock has a likely target of 130-135 where it will hit a huge resistance. Keep a stop at 115 and go long. Book some profits at above 125. If it does close above 135, it could have a run up till the 145 level before it hits the next serious resistance.

Punj Lloyd Current Price: 378.5 Target Price: 400

The stock has the potential to climb to somewhere between 400-420. It's generated enough volume to hope for the higher target. In the timeframe of 6 weeks it has a target projection of 470. This will depend on two or three successive closes above the 400 level.

Unitech Current Price: 417.1 Target Price: 445

The stock has jumped from the 300 level with a big volume expansion. It has the potential to rise till 445 before hitting serious resistance and if the volume is maintained, it could go till 510. Keep a stop at 410 and go long.

Warren Buffet - Rules of Investing

• "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."

• "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

• "You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right—and that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else."

• "Our favourite holding period is forever." Letter to Berkshire Hathaway shareholders, 1988

• "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact."

• "Risk comes from not knowing what you're doing."

• "If you don't know jewellery, know the jeweller."

• "If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes."

• "There seems to be some perverse human characteristic that likes to make easy things difficult."

• "One’s objective should be to get it right, get it quick, get it out, and get it over... your problem won’t improve with age."

• "A public-opinion poll is no substitute for thought."

• "In the insurance business, there is no statute of limitation on stupidity."

• "If a business does well, the stock eventually follows."

• "The most important quality for an investor is temperament, not intellect... You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."

• "The future is never clear, and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values."

• "We will only do with your money what we would do with our own."

• "Occasionally, a man must rise above principles."

• "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."

• "Of one thing be certain: if a CEO is enthused about a particularly foolish acquisition, both his internal staff and his outside advisors will come up with whatever projections are needed to justify his stance. Only in fairy tales are emperors told that they are naked."

• When asked how he became so successful in investing, Buffett answered: "we read hundreds and hundreds of annual reports every year."

• "I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. “I’m paying $32 billion today for the Coca Cola Company because...” If you can’t answer that question, you shouldn’t buy it. If you can answer that question, and you do it a few times, you’ll make a lot of money."

• "You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it."

• "I really like my life. I've arranged my life so that I can do what I want."

• "Someone's sitting in the shade today because someone planted a tree a long time ago."

Many hurdles for Sensex

The Sensex snapped its four-week losing streak on the back of a sharp three-day rally. The index, which gained over 1,500 points in the last three trading days, ended the week with a gain of 650 points (3.7 per cent) at 18,115. Earlier in the week, the index had dropped to a low of 16,458.

BHEL, ICICI Bank and Hindalco were the major gainers among the index stocks, with gains in excess of 11 per cent each. Reliance Energy - down almost 13 per cent - was the major loser for the week ended February 15.

It is difficult to say whether the market has bottomed out. The current upmove, however, is likely to continue and the index may rally up to the 19,000 level.

There are multiple resistances around the 19,000 mark. The weekly and monthly charts show resistance at 18,900-18,950, while the quarterly chart indicates resistance at the 19,000 level. The index may face resistance around 18,750-18,950-19,150 this week, while it is likely to find support around 17,470-17,270-17,070.

The Nifty moved in a range of 512 points. From a low of 4,804, the index rallied to a high of 5,315 and finally settled with a gain of 3.6 per cent (183 points) at 5,303.

The index dipped below its 200-day daily moving average (DMA) last week, but has bounced back sharply and is now above its long-term (200-day) and short-term (20-day) DMA. The long-term DMA is 4,998 and the short-term DMA is 5,178. The medium-term (50-day) DMA is 5,700.

If the Nifty crosses the 5,400-mark (quarterly resistance), it may rally up to the 5,600-5,700 resistance zone. This week, the index is likely to find support around 5,105-5,050-4,985. On the upside, the index may face resistance around 5,500-5,560-5,620

Reliance Power Bonus !

In an unprecedented move, Anil Ambani Group company Reliance Power will give free bonus shares to all its shareholders to compensate the losses they suffered when the company was listed a week ago.

"Reliance Power board will consider issuing free bonus shares to all shareholders excluding the promoters," a group spokesperson said.

On the day of its listing at Rs 547.8 a share, Reliance Power performed miserably at the stock exchanges and closed the day nearly 32 per cent lower.

The IPO had attracted a total demand of about Rs 7,50,000 crore and the company had issued the shares at Rs 450 while giving a discount Rs 20 a share to retail investors.

Via ET

Weekend Grey Market Premium

Rural Electrification 90 to 105 24 to 26


GSS America InfoTech 400 to 440 Discount


KNR Construction 170 Discount


On Mobile Global 440 20 to 25


Bang Overseas 207 7 to 10


Shri Ram EPC 300 Discount


IRB Infra 185 12 to 15


Manjushree Extrusion 45 5 to 7


Tulsi Extrusions 85 10 to 15


V. Guard Ind. 80 to 85 8 to 10

Poll Results -Holding Reliance Power from IPO ?

Hail Ambani, Have confidence! 73 (34%)

Yikes! Escaped early 54 (25%)

Same story as Rel Petro! 86 (40%)


Congrats to the 25% ! For the other 75%, there is always hope to rest on

Blue Star

Blue Star has strengthened its position in the domestic central air-conditioning (CAC) market and is poised to tap opportunities in the cold storage segment. Steady growth, expanding profit margins and healthy cash position are factors that lend visibility to the earnings growth of the company. Investors can consider exposure in the stock with a two-three year perspective. At the current market price, the stock trades at 19 times its expected earnings for FY 2009.

Both Blue Star and Voltas have undergone significant re-rating in their PE multiples in the past year. Investors may, therefore, have to temper expectations as returns may not be of the same order as the past one year. Buy in lots to gain advantage from any volatility linked to broad markets.
CAC to drive growth

Blue Star’s central air-conditioning segment continues to be the key growth driver, with contribution of over 70 per cent to FY 2007 sales. Among the major user industries, IT and IT-enabled services and retail segments have accounted for the bulk of the revenues. Blue Star’s strength in the CAC segment arises from its well-rounded capabilities in mechanical, electrical and installation services and after-sales service.

In a move to further equip itself in the Mechanical, Electrical and Plumbing (MEP) area, Blue Star recently acquired Naseer Electricals, an electrical contracting firm. This move is likely to improve the company’s ability to win orders in the infrastructure and commercial segments that require supplementary engineering capabilities. Its success in bagging orders from Delhi Metro Rail Corporation and Nuclear Power Corporation indicate that it has already made progress in tapping infrastructure players.

Blue Star has also quickly made a mark in its telecom segment where it provides air-conditioning for cell sites. With a 185-per cent growth in FY 2007 segment revenue, Blue Star has a market share of 50 per cent in this business. With every cell site requiring air-conditioning, customers such as Bharti Airtel among its clients, and the significant expansion likely in tower infrastructure, we expect Blue Star to enjoy strong growth in this segment.

Blue Star is the preferred supplier for companies such as Infosys and Wipro and enjoys strong order flows from retail and real-estate players such as Pantaloon Retail, DLF and PVR. We expect the present activity in real-estate and expanding demand for space by IT/ITES to convert into order flow for Blue Star, given its entrenched status with corporates. In the super-market refrigeration segment, the company may benefit from its tie-up for equipment with Italy-based ISA on the back of an increase in super/hyper market formats in India.
Robust volumes from split air-conditioners

Blue Star’s room air-conditioner sales have also been clocking strong volumes. While competition in this segment is intense, the company has higher revenue contribution from commercial users, thus reducing competition to some extent. This strategy provides twin benefits of superior profit margins and repeat orders from corporate clients.

Within the home segment, Blue Star has capitalised from the increasing market preference for split air-conditioners compared to window ACs. In 2007, the company’s split AC volumes grew by over 75 per cent as against industry average growth of 47 per cent.

Higher volumes, combined with lower costs arising from its plant in Himachal Pradesh (which enjoys tax exemption for five years), has resulted in increased profitability for this segment. Split AC sales could continue to drive growth in the cooling products business.

For the quarter ended December 2007, Blue Star’s operating profit margins jumped over 4 percentage points to 10.8 per cent, while net profit margin also rose over 3 percentage points.

A better product mix, higher volumes and gains on imported raw material due to a depreciating dollar led to improved margins.

While price re-negotiations by suppliers due to a weakening dollar could mute some gains in future, volume growth and the company’s plan to maximise production at its Himachal Pradesh plant could help profits grow at a healthy pace.

Rural Electrification IPO Analysis

Investors can subscribe to the initial public offering of shares by Rural Electrification Corporation (REC) at the cut-off price. REC’s business is sharply focussed and the company has a robust financial profile despite difficult clients such as State electricity boards (SEB) and other power utilities.

Importantly, at Rs 90-105, the offer is priced attractively and leaves enough on the table for investors in the medium term. Investors should not subscribe in anticipation of listing returns.
Funding electrification

REC’s original mandate was to enable electrification of Rural India through financing of transmission and distribution (T&D) projects and the energisation of agricultural pumpsets.

However, the company has now evolved to finance all segments of the power sector throughout the country, including generation projects.

The company’s clients are predominantly SEBs and state power utilities. Loan sanctions and disbursements have been growing at a good clip; in the last five years, they grew at a compounded annual rate of 28.37 and 13.51 per cent respectively.

The government has set an objective of ‘power for all’ by 2012 which will require massive investment in generation and T&D infrastructure. The company has a tremendous opportunity given its long experience in funding the sector and its position as a prime intermediary for development schemes.

REC is the nodal agency for the Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) whose objective is to electrify all villages in the country. Under RGGVY, the government provides 90 per cent funding for projects in the form of grants that are channelled through REC; the latter funds the balance 10 per cent in the form of long-term loans. Such loans typically account for less than 5 per cent of REC’s total sanctions and disbursements in any financial year.

REC is also the nodal agency for two “build, own and operate” transmission projects that have been allotted for tariff-based competitive bidding.

The company will be required to take all preliminary steps for these two projects and administer them till they are handed over to the winning bidders. This is similar to the role of Power Finance Corporation in the case of ultra mega power projects.
Robust financial profile

Though it services clients who are known to delay or even default on their loan obligations, REC has managed to keep its finances insulated and healthy.

The company has a well-structured model to protect itself from defaults ranging from State government guarantees to escrow accounts in addition to the normal charge on assets.

Gross non-performing assets are well under control at 2.39 per cent of outstanding loan assets but the point to note here is that the company is not subject to RBI’s prudential norms for income recognition and classification of assets.

REC has devised its own prudential norms, much like its peer, Power Finance Corporation (PFC), which is also not governed by RBI norms. There is some ambiguity on the subject nevertheless with RBI asking REC (and PFC) to prepare a “road map” for compliance and the issue is still under discussion between the regulator and the government.

REC boasts of a healthy net interest margin of 3.30 per cent (2006-07) which compares with the best in banking and financial services. This is almost on a par with PFC’s net interest margin of 3.52 per cent in the same period. REC has mainly the government to thank for this.

Just under half of its funding comes from cheap sources such as capital gains bonds issued under the Income Tax Act. Given the tax benefit that subscribers to these bonds enjoy, the interest payable is very low.

For instance, the average cost of such bonds issued by REC was 5.48 per cent only as of September 30, 2007.

Besides this, REC also issues taxable bonds which had a weighted average cost of 7.56 per cent as of the same date. The company has also been able to secure long-term loans from banks and financial institutions at an average rate of 7.58 per cent only.

The point is that given its character of a government company promoting rural development, REC enjoys access to cheap funds. Its average cost of funds was just 6.55 per cent in the first half of this fiscal when interest rates were on the boil.
Attractive valuation

REC’s offer is attractively valued when compared to its peer PFC. The profiles of the two companies are similar with REC’s business having a rural tilt given its history. REC is smaller compared to PFC in terms of the size of its business but it appears to be more profitable. Its return on net worth of 21 per cent in 2006-07 is almost double that of PFC’s in the same period.

REC had outstanding loan assets of Rs 31,974 crore as of March 31, 2007 compared to PFC’s Rs 43,902 crore.

At the offer price band of Rs 90-105, REC is valued 9-11 times based on its 2006-07 earnings. In comparison, PFC, at the current price of Rs 184, is valued around 19 times its 2006-07 earnings.

If the annualised first half 2007-08 earnings is considered, the picture is even more favourable for REC which is valued between 7-8 times on its price band compared to PFC’s multiple of 18 times.

REC will have equity of Rs 858.66 crore, post-offer, which is significantly lower than PFC’s Rs 1,147.76 crore and the public float of the former at 18.18 per cent of outstanding shares will also be higher than that of the latter at 10.22 per cent.

The higher public float will enable better price discovery of REC’s shares in the market.
What to watch out for

There are three main risks to our recommendation. First, continued access to cheap funds through the tax-free capital gains bonds scheme. This is important as it enables REC to price its loan products competitively.

The government annually reviews the tax exemption on these bonds and any change in its policy will have an adverse effect on REC’s cost of capital.

Besides, the high reliance on this mode of finance could lead to asset-liability mismatches; while these bonds are typically three-year instruments, REC on-lends such funds for terms of up to 20 years. The company may be forced to cover up a possible term mismatch by borrowing higher cost funds which will affect its net interest margin.

Second, REC lends to some troubled borrowers such as SEBs and rural electricity cooperatives. Though it takes adequate protection, a delay in payments can affect the company’s cash flows, leading to a mismatch in funds.

Finally, the ambiguity over whether RBI’s prudential norms apply to REC is a nagging risk.

Assuming that the regulator’s norms become applicable, it is unclear as to how the complexion of REC’s financial statements will change.

Issue details: REC is offering 15.61 crore shares in the price band of Rs 90-105, half of which is an offer for sale from the government and the balance fresh issue of equity.

The total issue size is Rs 1,405-1,639 crore and the company will have a market cap of Rs 9,015 crore at the upper end of the price band. The issue is lead-managed by ILFS Investsmart and ICICI Securities.

Pre Budget Analysis, Expectations

Pre Budget Analysis, Expectations