Jefferies- India Midcap Strategy

Jefferies says Jun'20 marked the onset of unlocking and business resumption in India. NSE Midcap (Midcap) has sharply rebounded (PE at 24x now) and outpaced
NIFTY (22x). The current premium of Midcap to Nifty is at +10%, their historic 10-yr avg PEs are broadly converging at 16x. They also say Smallcap still trades at a discount to Midcaps / Nifty. They recommend a bottom-up stock picking approach in Small-Cap & Midcap space as they estimated it to clock FY22/23e EPS growth of 50+%/23% YoY. They advise playing the Small & Midcap picks which are typically key sectoral players, with strong market shares, robust catalysts, good Balance sheet and return ratios. Select Top Picks in Midcap's are Crompton Greaves consumer, Blue Star, KEI Industries, Kajaria Ceramics, Oberoi Realty, Sobha among others.


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