Download - MOSt 3x3 - 1st October 2010
-
8/8/2019 MOSt 3x3 - 1st October 2010
1/19
Large Cap CMP
Bharti Airtel* Rs.365
BHEL Rs.2,590
DLF Rs.388
1 TRADING PICK FROM 3
CMP: Current Market Price MBP: Maximum Buying Price
1st October 2010
Since Largre & Mid Cap shares are available at reasonable valuation , we have not recommended any stockfrom Small Cap segment.
Bharti Airtel 365
CMP
(*): New -entry
Mid Cap CMPING Vysya(*) Rs.402
Nagarjuna Const(*) Rs.158
Sesa Goa(*) Rs.344
1 TRADING PICK FROM 3 CMP
Sesa Goa 344
(Large Cap)
MOSt MutualFidelity India Growth Fund
Birla SunLife Mid Cap Plan A
Reliance RSF - Equity (Multi Cap)
(Mid Cap)
MOSt Options StrategyStrategy: Nifty Bull Call Ladder (*)
Strategy: IDBI Bull Spread (*)
Strategy: GAIL Bull Spread(*)
(Moderately Bullish)
(Moderately Bullish)
(Moderately Bullish)
-
8/8/2019 MOSt 3x3 - 1st October 2010
2/19
1st October 2010TELECOM
CMP (Rs.) 365
MBP (Rs.) 375
Face Value 5
Equity Shares (Mn) 3797
52-Week Range (H/L) 467 / 230
M.Cap. (Rs b) 1,386.2
Bharti Airtel
FY10 FY11E FY12E
EPS (Rs) 23.7 18.3 22.7
P/E (x) 15.4 20.0 16.1
Bharti Airtel Limited is India's largest integrated and the first private telecom services providerwith a footprint in all the 23 telecom circles.
Recent Developments:
US$10b free cash by FY14: Bharti has been impacted by competitive pressures in thedomestic market and uncertainty on Africa acquisition and 3G spectrum payouts. However,with peak coverage capex and 3G payments through, Bharti's India business is poised togenerate substantial free cash. While the acquired Africa business would remain in aninvestment mode, we expect it to be self-sustaining. Bharti is set to enter a period ofsustained high FCF - we expect >US$10b cumulative free cash generation by FY14 andestimate FCF of Rs28/share in FY12 and Rs37/share in FY13 from India and South Asia.
Domestic business bouncing back: While Bharti has been impacted by high competition,it has been able to defend domestic revenue market share as well as win back subscribers.While risk of another price war remains, we expect pricing pressure to be relatively benign.Bharti would be soon launching 3G services; incremental 3G revenue is likely to contribute~5% to mobile segment by FY13. We estimate mobile revenue CAGR of 14% over FY10-12v/s 7% growth in FY10
Turnaround in Africa business would be key: Bharti would soon launch Airtel brand,
finalize outsourcing arrangements (IT outsourcing deal with IBM announced recently) andcomplete integration process for Africa business. While there is low risk of negative surprises,the extent of improvement in cost structure and market elasticity will determine theachievement of US$5b revenue/US$2b EBITDA target set out for FY13 (we model US$4.4brevenue/US$1.6b EBITDA).
Valuation & View
We are upgrading our SOTP-based target price to Rs430 - Rs488/share for India & SA
business. We maintain Buy.
-
8/8/2019 MOSt 3x3 - 1st October 2010
3/19
1st October 2010Feb
ENGINEERING
CMP (Rs.) 2,590
MBP (Rs.) 2640
Face Value 10
Equity Shares (Mn) 489.5
52-Week Range (H/L) 2,603 / 2,105
M.Cap. (Rs b) 1,267.9
BHEL BHEL is India's dominant producer of power and industrial machinery and a leading EPCcompany, established in the late 1950s as the government's wholly-owned subsidiary. Postdivestment, the government currently has an equity stake of 67.7%.
It has an annual installed capacity of 6,000MW. It has formed a tie-up with Alstom and analliance with Siemens to the manufacture of super-critical 800MW boilers and turbines.
Recent Developments:
Draft Cabinet note circulated by Power Ministry recommends imposing import duty of 5%,CVD of 10% and SAD of 4%, implying effective import duty of around 20%, on powerequipment imported under all categories. Presently, imported power equipment for projectsof over 1000MW is exempt from all duties under the Mega Power Policy. Domestic
manufacturers will also have to pay CVD and SAD. The difference in duties on importedand domestic equipments will be 6-7%.
The Power Ministry also recommends doing away with 15% price preference to domesticmanufacturers. BHEL has never used this preference in many years. BHEL stands to benefitfrom these recommendations, as the price difference between BHEL and Chinese sets willsubstantially reduce. This will encourage domestic power generators to source equipmentfrom local manufacturers like BHEL & L&T.
BHEL'S Order backlog at the end of 1QFY11 was Rs1,480b, a book-to-bill ratio of 4.4x TTM,providing the best revenue visibility in our engineering universe. We expect earnings andrevenue CAGR of 22% and 24% respectively with margin expansion of 160bp at 22.1%over FY10-12.
After capacity expansion to 20GW by 2012, BHEL's capacity will be at par with its Chineseand Korean counterparts, giving BHEL muscle to compete, execute and deliver on time.
Our EPS estimates for BHEL are Rs119 for FY11 and Rs147 for FY12. Our price target is
Rs2,934, an upside of 19% from current levels. Maintain Buy.
FY10 FY11E FY12E
EPS (Rs) 95.7 119.3 146.7
P/E (x) 27.1 21.7 17.6
-
8/8/2019 MOSt 3x3 - 1st October 2010
4/19
1st October 2010REAL ESTATE
CMP (Rs.) 388
MBP (Rs.) 400
Face Value 2
Equity Shares (Mn) 1697
52-Week Range (H/L) 490 / 251
M.Cap. (Rs b) 658.1
DLF DLF is one of the largest and most respected real estate companies in India. The companyhas developed many well known urban colonies in Delhi, including South Extension, GreaterKailash, Kailash Colony and Hauz Khas. Since inception, DLF has developed ~224msf,
including 22 urban colonies and an integrated 3,000-acre township in Gurgaon, called DLFCity.
DLF has ~55msf under construction and expects delivery of ~30msf during FY12/FY13.Delivery in FY11 is expected to remain low at ~4msf, and deliveries in 1QFY11 stood at~1.3msf. We model delivery of ~4msf in FY11 and ~12msf in FY12.
2QFY11 could witness further repayment of preferential capital of ~Rs11b. During 1QFY11,DLF repaid CCPs worth Rs28.9b and currently CCPs worth Rs16b are outstanding. We have
assumed repayment of preferential shares/ CCPs of Rs31b in FY11 and Rs14b in FY12.DLF hopes to achieve residential sales of 15-18msf and lease 3-4msf commercial officespace in FY11. We model sales of ~16msf in FY11 and commercial leases of ~3msf. DLFhas guided for operating cash flow of ~Rs20-25b in FY11, we are currently modelingoperating cash flows of Rs30b in FY11.
DLF has no plans to exit Aman Resort in the medium term, and termed news regarding saleof Aman resort speculative. It is seeking strategic partner for the entity. DLF continues tomaintain its guidance of asset sales of Rs25-27b within 12-15 months that it shared in Mar-10. Asset sales in 1QFY11 was Rs2.9b, and we model asset sales of Rs18.5b in FY11.
Management mentioned that their plans on value housing would be contingent on goodmargins (did not specify the threshold levels). DLF is hopeful of introduction of Governmentsops in the near future to attract companies to value housing vertical. We have assumedsales of ~5msf of value housing in FY11.
Valuation and view:
We expect DLF to benefit significantly from the expected revival in the commercial andretail verticals. A successful REIT listing at an attractive cap rate would be a key near termcatalyst for the stock. Maintain Buy.
FY10 FY11E FY12E
EPS (Rs) 10.2 11.7 15.8
P/E (x) 38.0 33.3 24.6
-
8/8/2019 MOSt 3x3 - 1st October 2010
5/19
1st October 2010BANKING
ING VysyaCMP (Rs.) 402
MBP (Rs.) 415
Face Value 10
Equity Shares (Mn) 120
52-Week Range (H/L) 413 / 235
M.Cap. (Rs b) 48.4
ING Vysya Bank (IVB, earlier known as Vysya Bank) is one of India's oldest private sector
banks with operating history of 80 years. As of June 2010, it had branch network of 495and customer base of 2 million.
Key Investment Arguments:
ING Vysya Bank (IVB) is turning around rapidly with RoA improving from -0.3% in FY05 to0.7% in FY10 and further to 1% by FY12E. As legacy issues subside, we believe IVB is all setto accelerate loan growth and improve market share.
Operating leverage to boost RoA:
IVB's focus on raising branch and employee productivity is leading to improvement in cost
to core income (C/I) ratio and RoA. Productivity has improved in the last 3-4 years, butremains lower than peers
Fall in credit cost to drive earnings growth:
In FY10, credit cost rose to 1.3% (vs FY04-09 average of 0.6%), led by
1. Higher slippages from unsecured personal loans,
2. Conservative restructuring policy, and
3. Improving coverage ratio. We expect credit cost to fall to 1% in FY11 and 0.8% in FY12on the back of lower unsecured personal loans and improved economic scenario.
Valuation & View:
Over FY10-13, we expect core operating profits CAGR of 26% and EPS CAGR of 33% on theback of (1) strong loan growth, (2) stable margins, (3) operating leverage, and (4) lowercredit cost. RoA is expected to improve from 0.7% in FY10 to ~1% by FY13 and RoE from11.6% in FY10 to ~17% by FY13. High growth coupled with improving return ratios will
lead to re-rating. We initiate coverage with a Buy rating and a target price of Rs475(2x P/BV FY12).
FY10 FY11E FY12E
EPS (Rs) 18.5 26.2 34.5
ABV 173.3 197.5 226.6
P/ABV 2.3 2.0 1.8
-
8/8/2019 MOSt 3x3 - 1st October 2010
6/19
INFRASTRUCTURE 1st October 2010
Nagarjuna ConstCMP (Rs.) 158
MBP (Rs.) 165
Face Value 2
Equity Shares (Mn) 256.6
52-Week Range (H/L) 197 / 132
M.Cap. (Rs b) 40.6
Nagarjuna Construction Company (NCC) is a Hyderabad-based construction company,and has its origins from the partnership business Nagarjuna Construction Corporationestablished in 1978. The company has a fairly diversified business mix with a presenceacross roads, buildings, water, irrigation, hydro power etc.
Recent Developments:
NCC reported 1QFY11 at Rs10.9b (up 8.6% YoY) and were below estimates ofRs12.1b (up 20.7% YoY). EBIDTA margins stood at 9.7% (down 58bp YoY) and werelower than estimates of 10.2%. Net Profit stood at Rs414m (up 8.3% YoY) and wasbelow estimates of Rs493m.
The management stated that execution impact was largely seasonal, and maintained
FY11 guidance of consolidated revenues at Rs73b, standalone revenues at Rs58b (up21% YoY), international construction business Rs10.5b (up 15% YoY), etc. Marginsare also expected to sustain / improve marginally.
There have been further delays in terms of road BOT projects commissioning:
Orai-Bhognipur in Aug 2010, vs earlier expectations of July 2010; Meerut-Muzaffarpurin Sept 2010, vs earlier June 2010 and Pondicherry - Tindivinam in Dec 2010 (unchanged).As compared to the original estimates, the project delays have been ~12-20 months.
Toll revenues have also been lower than estimates, with toll collections in BangaloreElevated road at Rs1.5m/day vs earlier estimate of Rs2.2m/day. Meerut-Muzaffarpurproject which is likely to commence tolling in Sept 2010 is already in the process ofdebt restructuring, given the cost escalations and lower traffic estimates.
NCC is better placed due to its well diversified order book and continuous efforts toadd new business verticals. NCC's Dubai real estate development project constructionhas been stalled; and the company is evaluating various options.
Valuation and view:We expect EPS of Rs11.7 in FY11 (up 26.7% YoY) and Rs14.3 in FY12 (up 22.5% YoY).We Maintain Buy, with SOTP based price target of Rs204/sh
FY10 FY11E FY12E
EPS (Rs) 9.2 11.7 14.3
P/E (x) 17.1 13.5 11.0
-
8/8/2019 MOSt 3x3 - 1st October 2010
7/19
METALS 1st October 2010
Sesa GoaCMP (Rs.) 344
MBP (Rs.) 360
Face Value 1
Equity Shares (Mn) 859.7
52-Week Range (H/L) 494 / 260
M.Cap. (Rs b) 285.5
Sesa Goa is India's largest private iron ore miner, with reserves of over 207m ton. It is
aggressively ramping up production to capitalize on the rising price trend. Globaliron ore prices have been trending up over the last few years
Recent Developments:
Sesa Goa has announced its intention of acquiring 20% equity of Cairn India as partof Vedanta plc's acquisition of 51-60% stake in Cairn India
Permanent equity value loss of US$600-660m due to huge US$3-3.3b investment inun-related business
Sesa will be the vehicle for Vedanta's 20% open offer to minority share holders at
Rs355/share of Cairn. This will require funds of Rs134.7b (US$2.9b).
If Sesa is unable to gain entire 20% equity in open offer, Vedanta Plc will meet theshortfall by supplying Cairn India's shares at cost i.e. Rs405. This will increase therequired funds to a maximum of Rs153.7b (US$3.3b).
It is also likely that investors will view the investment as non-core business and startattaching holding company discount, which will result in permanent market cap loss
of up to US$600-660m.
Valuation and view:
We arrive at SOTP of Rs376 (Rs270 for core business and Rs106 for Cairn) despite EPSaccretive transaction.
We believe iron ore fundamentals are strong. Though there is an upside of only 17%at current stock price, the SOTP is sensitive to iron ore prices and ranges up to Rs578.
Maintain Buy.
FY10 FY11E FY12E
EPS (Rs) 31.6 62.2 68.7
P/E (x) 10.9 5.5 5.0
-
8/8/2019 MOSt 3x3 - 1st October 2010
8/19
Large Cap
Bharti Airtel 365
Mid Cap
Sesa Goa 344
1st October 20101 TRADING PICK FROM 3
02 January 2010
-
8/8/2019 MOSt 3x3 - 1st October 2010
9/19
1st October 2010
Bharti Airte
CMP : 365Stop Loss : 335
Target : 425
TELECOM
Bharti Tele has been in consolidation for the last 8 months and has given breakout at 335.Since then the stock has maintained the upward momentum and is continuously tradingabove 10 Days Moving Averages which is showing immense strength. Traders can buy thestock at current level for the Target of 425. The Stop-Loss for the same shall be 335, which is
50 Days Moving Average.
-
8/8/2019 MOSt 3x3 - 1st October 2010
10/19
1st October 2010
Sesa Goa
CMP : 344Stop Loss : 324
Target : 378
METALS
Since April 2010 stock was in the down trend and made Double Bottom around 308. Afterconsolidation stock has started making Higher Tops and Higher Bottoms and closed aboveboth 10 DMA and 50 DMA. Considering the momentum, the stock may approach 200 DMA
placed at 378. Now, Traders can buy Sesa Goa at current level with Stop-Loss of 324 for the
Target of 378.
-
8/8/2019 MOSt 3x3 - 1st October 2010
11/19
MOSt Mutual 1st October 2010
(Large Cap)
MOSt Mutual
Fidelity India Growth Fund
Birla SunLife Mid Cap Plan A
Reliance RSF - Equity (Multi Cap)
(Mid Cap)
-
8/8/2019 MOSt 3x3 - 1st October 2010
12/19
Latest NAV (Gr): Rs. 12.90 (Sep 30, 10)
Latest NAV (Div): Rs. 12.90 (Sep 30, 10)
Fund Category: Equity Diversified
Type: Open Ended
Exit Load (%): 1% (< 365 days)
Inception Date: 23-Oct-07
Net Assets (Rs. Cr.): 371.30 (31-Aug10)
At a Glance
Top 5 Holdings 28.83%
No. of Stocks 48
Exposure to Sensex 50.44%
Exposure to Nifty 58.36%
Portfolio PE Trailing 24.6Expense Ratio 2.30 (30-Jun-10)
Fund Manager
Dividends Declared
NAV Movement
Style Box Analysis
Comparative Performance
Scheme Objective
It aims to grow from investment
opportunities in stocks in India and
companies listed internationally
benefitting from the Indian economy.The Fund will follow 'bottom-up' stock
selection approach.
Scheme Analysis
The Fund was launched in 2007 keeping
in mind of India's gro-wth potential and
expanding economy; however, it metwith the economic meltdown which also
affected its performance. While it lost
51.54% in its worst period (14/02/08-13/
01/08), it returned 118.21% dramatically
in the period (09/03/09 -11/03/10). Its
bottom-up selection process has helped
the fund in selecting some quality stocks.The fund has major exposures in Banks
(18.46%), Petro & Gas (12.78%) & Softw-
are (12.15%). It clocked 32.93% and 36%
in 1-year and 2-year category against
category avg of 25.62% and 29.39%
resp.
Portfolio Attributes
1st October 2010Fidelity India Growth Fund (Large-Cap)
Sandeep Kothari (Since 10/07) & Subramanian
B (Since 12/08)
- -
- -
- -
0
5
10
15
20
1Oc
t08
1De
c08
1Fe
b09
1Ap
r09
1Ju
n09
1Au
g09
1Oc
t09
1De
c09
1Fe
b10
1Ap
r10
1Ju
n10
1Au
g10
F i d e l i t yI n d i aG r o w t h F u n d G r o w t hB S E 200
0
10
20
30
40
50
3M o n th s 6M on th s 1 Yea r 2 Years
Fidelity IndiaG r o w t h Fund BSE 2 0 0
-
8/8/2019 MOSt 3x3 - 1st October 2010
13/19
Latest NAV (Gr): Rs. 120.25 (Sep 30, 10)
Latest NAV (Div): Rs. 26.58 (Sep 30, 10)
Fund Category: Equity Diversified
Entry Load (%): Nil
Exit Load (%): 1% (< 365 days)
Inception Date: 3-Oct-02
Net Assets (Rs. Cr.): 1917.96 (31-Aug-10)
At a Glance
Top 5 Holdings 16.23%
No. of Stocks 61
Exposure to BSE 200 55.91%
Exposure to CNX 500 73.17%
Portfolio PE Trailing 25.95
Expense Ratio 2.00 (31-Mar-10)
Fund Manager
Dividends Declared
NAV Movement
Style Box Analysis
Comparative Performance
Scheme Objective
The scheme aims to generate long-term
growth of capital at controlled level of
risk by investing primarily in mid-cap
stocks, to generate returns higher than a
fund focussed on large and liquid stocks.
Scheme Analysis
Sanjay Chawla (Since Sept 2007)
Portfolio Attributes
1st October 2010Birla SunLife Mid Cap Plan A (Mid-Cap)
Its value-based approach sometimes acts
as a dampener in bull run but provides
an excellent downside protection. It has
provi-ded excellent returns in the recent
upside. In 1-year category, it has
delivered 40.89% against the category
average of 33.65%. In other categories
too, it has bitten its benchmark. The Fund
Manager is bullish on Banks, Auto,
Pharma & Engineering. Recently it cutsits exposure in Power stocks. The top 10
holdings comprise of 29.93% of total net
assets. The favorite stocks are Shriram
Transport Finance (3.46%), Exide (3.31%)
& Yes Bank (3.25%).
16-Jul-10 15%
29-Jan-10 25%
31-Jul-09 15%
0
5
1 0
1 5
2 0
2 5
1Oc
t08
1De
c08
1Fe
b09
1Ap
r09
1Ju
n09
1Au
g09
1Oc
t09
1De
c09
1Fe
b10
1Ap
r10
1Ju
n10
1Au
g10
Birla S un Life M id Ca p F u n d P l a n A G r o w t h
CN X M i d c a p
0
10
20
30
40
6Months 1Year 2Ye ars 3Years
BirlaSu n
Life
Mid
Cap
Fund
Plan
A
CNX Midcap
-
8/8/2019 MOSt 3x3 - 1st October 2010
14/19
Latest NAV (Gr): Rs. 33.36 (Sep 30, 10)
Latest NAV (Div): Rs. 26.01 (Sep 30, 10)
Fund Category: Equity Diversified
Entry Load (%): Nil
Exit Load (%): 1% (< 365 days)
Inception Date: 9-Jun-05
Net Assets (Rs. Cr.): 3111.97 (31-Aug-10)
At a Glance
Top 5 Holdings 19.99%
No. of Stocks 42
Exposure to Sensex 33.41%
Exposure to Nifty 40.04%
Portfolio PE Trailing 30.48
Expense Ratio 1.86 (30-Aug-10)
Fund Manager
24-Jul-09 50.0%
- -
- -
Dividends Declared
NAV Movement
Style Box Analysis
Comparative Performance
Scheme Objective
It aims to generate consistent returns by
actively investing atleast 80% of its assets
in equity or equity related securities and
remaining 20 % of its assets in debt and
money market instruments with an
average maturity of 5 to 10 years.
Scheme Analysis
Omprakash Kuckien (Since Nov 2007)
Portfolio Attributes
1st October 2010Reliance RSF - Equity (Multi-Cap)
Since Kuckien joined as Fund Manager,
the fund has performed well in allcategories. His bets proved well in up
market in 2007 and provided 92.98%
against category average of 59.56%. In
downside, he resorted to high cash levels
which protected the fund from a massive
fall. In 2008, the fund gave (-)54.61%
against category return of (-)55.27%. TheFund has 12.79% exposure in banks. The
other sectors where the FM is bullish is
Oil&Gas, Softwares, Pharma etc. In 1-
year and 3-year category, the fund has
returned 30% and 20% against category
average of 26% and 7% respectively.
0
5
10
15
20
1Oc
t08
18No
v08
1Ja
n09
13Fe
b09
31M
ar09
20M
ay09
30Ju
n09
10Au
g09
18Se
p09
6No
v09
17De
c09
2Fe
b10
17M
ar10
30Ap
r10
10Ju
n10
21Ju
l10
31Au
g10
R el i a n ce RS F E q u i ty G ro w th B S E 10 0
0
10
20
30
40
50
6M onths 1Year 2Years 3Years
RelianceRS F
Equity
BSE100
-
8/8/2019 MOSt 3x3 - 1st October 2010
15/19
1st October 2010OPTIONS STRATEGY
MOSt Options Strategy
Strategy: Nifty Bull Call Ladder (*)
Strategy: IDBI Bull Spread (*)
Strategy: GAIL Bull Spread(*)
(Moderately Bullish)
(Moderately Bullish)
(Moderately Bullish)
-
8/8/2019 MOSt 3x3 - 1st October 2010
16/19
1st October 2010OPTIONS STRATEGY
BUY/SELL SCRIP SERIES OPTION STRIKE PRICE RECO PRICE
BUY NIFTY OCT CE 6200 `119 - 121
SELL NIFTY OCT CE 6300 ` 75 - 77
SELL NIFTY OCT CE 6400 ` 45 - 47
Pay Off on Expiry
Strategy: Nifty Bull Call Ladder
View : Moderately Bullish
Rationale : 1. . If Nifty adds another 5-6% and sustains the best money will be made
2. In Case the markets give up we may not lose any money
3. The only way we may incur loss is if the Nifty ends up beyond the all time high of 6357, which is a remotepossibility.
Premium Inflow : ` 100 (per spread)
Margin :` 38,000 (Approx)
BREAK EVEN POINT MAXIMUM PROFIT MAXIMUM LOSS
6502 ` 5,100 Between 6300-6400 Unlimited Above 6502
Strategy
-
8/8/2019 MOSt 3x3 - 1st October 2010
17/19
1st October 2010OPTIONS STRATEGY
BUY/SELL SCRIP SERIES OPTION STRIKE PRICE RECO PRICE
BUY IDBI OCT CA 160 `6 - 7
SELL IDBI OCT CA 170 `3 - 4
Pay Off on Expiry
Strategy: IDBI Bull Spread
Strategy
View : Moderately Bullish
Rationale : 1.Long Rollovers with MoM increment in futures.
2.Sustaining above the heaviest build up call creating head room for the upside.
Premium Outflow : 6,000 (per Spread)
Margin : 42,000 (Approx.)
BREAK EVEN POINT MAXIMUM PROFIT MAXIMUM LOSS
163 `14,000 Above 170 `6,000 Below 160
-
8/8/2019 MOSt 3x3 - 1st October 2010
18/19
1st October 2010OPTIONS STRATEGY
BUY/SELL SCRIP SERIES OPTION STRIKE PRICE RECO PRICE
BUY GAIL OCT CA 500 `13 - 15
SELL GAIL OCT CA 520 `7 - 9
Strategy: GAIL Bull Spread
Strategy
View : Moderately Bullish
Rationale : 1.Long build up in futures.
2. Buying in ATM calls.
Premium Outflow : 3,000 (per Spread)
Margin : 32,000 (Approx.)
Pay Off on Expiry
BREAK EVEN POINT MAXIMUM PROFIT MAXIMUM LOSS
506 `7,000 Above 520 `3,000 Below 500
-
8/8/2019 MOSt 3x3 - 1st October 2010
19/19