Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. December 29, 2016

Transcription

1 Market Cues Indian markets are likely to open negative tracking SGX Nifty and global cues. The US markets gave up early gains, ending broadly lower and near session lows on Wednesday with losses led by the tech sector. The The blue-chip gauge The Dow Jones Industrial average ended the day down 0.6%, to end at 19,834. The S&P 500 declined 0.8% to 2,250. The Nasdaq Composite lost 0.9%, to settle at 5,439 a day after closing at a record. The FTSE 100 hit a new high for the year as shares posted solid gains in the first day of trading since the Christmas break. The FTSE rose 0.5% to 7,102 points - above the close of 7,098 points on 10 th October. The blue-chip index is also close to the record close of 7,104 points reached on 27 th April The rally was the result of optimism in the American economy, with data earlier this week showing consumer confidence in the US had hit a 15-year high. Yesterday, Indian markets wiped off all its gains to end in the red with as cautious investors took profit at higher levels ahead of the monthly derivatives expiry amid a mixed trend overseas. BSE Sensex closed lower by 2.76 points, or 0.01%, to 26,211, while the Nifty 50 of the NSE rises 2 points, or 0.02%, to 8,035. Today is the expiry of December series F&O contracts. News Analysis Hindustan Unilever launching a raft of Ayurvedic products to counter Patanjali Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Domestic Indices Chg (Pts) (Close) BSE Sensex (0.0) (3) 26,211 Nifty ,035 Mid Cap ,765 Small Cap ,823 Bankex (0.0) (4) 20,408 Global Indices Chg (Pts) (Close) Dow Jones (0.6) (111) 19,834 Nasdaq (0.9) (49) 5,439 FTSE ,106 Nikkei (1.0) (199) 19,203 Hang Seng (0.3) (61) 21,693 Shanghai Com (0.1) (4) 3,098 Advances / Declines BSE NSE Advances 1,541 1,007 Declines 1, Unchanged Volumes (` Cr) BSE 2,467 NSE 15,704 Refer Pg5 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Batteries Auto & Auto Ancillary Buy 871 1, Alkem Laboratories Pharmaceuticals Buy 1,613 1, HCL Tech IT Buy 807 1, Power Grid CorporationPower Buy Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Dec 29 US Initial Jobless Claims Jan 01 China Consumer Confidence Jan 02 Germany PMI Manufacturing (5.00) (5.00) Jan 03 Germany Unemployment Change (000 s) More Events on Pg4 Net Inflows (` Cr) Net Mtd Ytd FII (684) (6,628) 20,649 MFs 336 2,584 40,770 Top Gainers Price (`) Chg Deltacorp Bharatfin Network Mrpl Jubilant Top Losers Price (`) Chg Welcorp 74 (2.6) Apollotyre 183 (2.5) Tatacomm 606 (2.1) Pnb 114 (1.9) Centurytex 784 (1.9) As on December 28, 2016

2 News Analysis Hindustan Unilever launching a raft of Ayurvedic products to counter Patanjali Hindustan Unilever, India's largest consumer goods company, is launching a range of Ayurvedic personal care products to compete against the product portfolio of Baba Ramdev-led Patanjali. Patanjali has become a `5,000cr company within a decade. Although it is still small compared with HUL s `30,000cr plus revenue, Patanjali has caught the attention of all fast-moving consumer goods giants. The yoga guru-turned-fmcg player hasn't been quiet about his ambition and in April 2016, he had said that Patanjali can beat MNC giants such as Unilever, Colgate and Nestle. HUL will launch around 20 products from toothpaste to skin cream and soaps to shampoos under its existing Ayurveda brand Ayush. Ayush was launched in 2001 as a premium brand but had lost momentum by Now, the positioning will be mass market, price points between `30 and `130. HUL's personal care business accounts for nearly half its sales and 60% profits, mainly due to a large portfolio of premium products. Herbal products account for 6-7% of HUL's personal products segment, but growth in this sub-segment is twice as fast as the segment average. HUL has been reporting tepid volume growth in India, largely due to severe slowdown in rural demand. During its September quarter, HUL said market conditions have softened in India. HUL has a network of roughly 8 million outlets against that of Patanjali at 10,000 Aarogya Kendras and nearly a million kirana stores which sells the Patanjali products. Economic and Political News Viral Acharya appointed deputy governor of RBI Cabinet clears Ordinance, heavy fine for holders of old notes Direct tax collections in Mumbai, Delhi in single digit Demonetisation: RBI eases loan repayment norms, grants additional 30 days Narendra Modi says early budget will expedite release of funds6 Corporate News Fresh merger structure to IRDA by Max Life-HDFC Life Zydus Cadila acquires six brands from MSD Reliance Jio is ready to pounce on rivals Airtel, Vodafone, Idea Cellular Bright days ahead for commercial real estate NSE files IPO papers with Sebi, looks to raise `10,000cr

3 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 14, , Alkem Laboratories 19,282 1,613 1, HCL Tech 113, , Infosys 229, , Larsen & Tourbo 125,972 1,351 1, Lupin 65,551 1,452 1, Power Grid Corporation 94, Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Strong growth in domestic business due to its leadership in acute therapeutic segment. Alkem expects to launch more products in USA, which bodes for its international business. The stock is trading at attractive valuations and is factoring all the bad news. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Strong order backlog and improvement in execution would trigger the growth for the L&T One of the largest pharma companies with strong international presence. It has a rich pipeline of ANDAs which is also one of the largest among the generic companies. Going forward, we expect the company to report strong topline CAGR of ~16% and bottom-line CAGR of ~19% over FY16-18 on back of strong capitalization guidance Source: Company, Angel Research Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito Bajaj Electricals 2, Blue Star 4, Dewan Housing Finance 7, Equitas Holdings 4, Jagran Prakashan 5, Mahindra Lifespace 1, Mirza International Navkar Corporation 2, Siyaram Silk Mills 1,130 1,205 1, TV Today Network 1, Rationale Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility. Favourable outlook for the AC industry to augur well for Cooling products business which is out pacing the market growth. EMPPAC division's profitability to improve once operating environment turns around. Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth. Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment. Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating Economic recovery to have favourable impact on advertising & circulation revenue growth. Further, the acquisition of a radio business (Radio City) would also boost the company`s revenue growth. Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation. Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock. Source: Company, Angel Research

4 Key Upcoming Events Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Dec 29, :00 PM US Initial Jobless claims Thousands Dec Jan 01, :30 AM China PMI Manufacturing Value Dec Jan 02, :00 PM UK PMI Manufacturing Value Dec Jan 03, :25 PM Germany PMI Manufacturing Value Dec F :25 PM Germany Unemployment change (000's) Thousands Dec (5.00) (5.00) Jan 04, :00 PM US Change in Nonfarm payrolls Thousands Dec Jan 06, :25 PM Germany PMI Services Value Dec F :30 PM Euro Zone Euro-Zone Consumer Confidence Value Dec F (5.10) (5.80) 7:00 PM US Unnemployment rate % Dec Jan 08, 2017 China Exports YoY% % Change Dec (1.60) Jan 09, 2017 China Consumer Price Index (YoY) % Change Dec 2.30 Jan 10, 2017 India Imports YoY% % Change Dec India Exports YoY% % Change Dec 2.30 Jan 11, :00 PM UK Industrial Production (YoY) % Change Nov (1.10) Jan 12, :30 PM India Industrial Production YoY % Change Nov (1.90) Jan 13, 2017 US Producer Price Index (mom) % Change Dec - Jan 16, :00 PM India Monthly Wholesale Prices YoY% % Change Dec 3.15 Jan 17, 2017 China Industrial Production (YoY) % Change Dec :00 PM UK CPI (YoY) % Change Dec 1.20 China Real GDP (YoY) % Change 4Q 6.70 Jan 18, :00 PM US Consumer price index (mom) % Change Dec :30 PM Euro Zone Euro-Zone CPI (YoY) % Dec F :00 PM UK Jobless claims change % Change Dec :45 PM US Industrial Production % Dec (0.44) Jan 19, :00 PM US Housing Starts Thousands Dec 1, Source: Bloomberg, Angel Research

5 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 (1.0) (2.0) (3.0) (0.9) Dec-15 (1.6) Jan-16 Feb-16 Mar-16 (1.3) Apr-16 May-16 Jun-16 (2.5) Jul-16 (0.7) Aug-16 Sep-16 (1.9) Oct-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI 56.0 Mfg. PMI Services PMI Dec-15 Jan Feb Mar Apr May-16 Jun Jul Aug Sep-16 Oct Nov Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Source: MOSPI, Angel Research Source: Market, Angel Research; Note: Level above 50 indicates expansion Exhibit 5: Exports and imports growth trends Exhibit 6: Key policy rates (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Feb-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 May-16 May-16 Jun-16 Jun-16 Jun-16 Jul-16 Jul-16 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 Dec-16 Dec-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil (2.9) Russia (0.4) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (2.0) (4.0) (3.3) Brazil (0.8) Russia India China 0.1 South Africa Indonesia Malaysia Thailand UK USA Germany 1.3 France 0.5 Japan Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Brazil 7.6 Russia 16.3 India 13.6 China 15.0 South Africa 16.8 Indonesia 16.1 Malaysia 14.1 Thailand 15.6 UK 17.0 USA 13.7 Germany 15.1 France 15.4 Japan Source: IMF, Angel Research

7 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 59,782 (4.5) (0.6) 35.7 Russia Micex 2, India Nifty 8,035 (1.0) (9.0) 2.5 China Shanghai Composite 3,102 (4.5) 2.9 (13.0) South Africa Top 40 43,682 (3.8) (5.7) (6.6) Mexico Mexbol 45,563 (0.4) (6.2) 3.7 Indonesia LQ (3.2) (8.6) 9.4 Malaysia KLCI 1, (2.3) (0.8) Thailand SET (0.6) 13.6 USA Dow Jones 19, UK FTSE 7, Japan Nikkei 19, Germany DAX 11, France CAC 4, Source: Bloomberg, Angel Research

8 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Agri / Agri Chemical Rallis Accumulate ,683 1,937 2, United Phosphorus Accumulate ,963 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,255 22,407 26, Bajaj Auto Neutral 2,632-76,150 25,093 27, Bharat Forge Neutral ,939 7,726 8, Eicher Motors Neutral 20,885-56,814 16,583 20, Gabriel India Buy ,507 1,544 1, Hero Motocorp Buy 3,005 3,541 60,003 30,958 34, Jamna Auto Industries Neutral 165-1,317 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,173-72,873 46,534 53, Maruti Accumulate 5,231 6, ,014 68,057 82, Minda Industries Neutral 298-2,363 2,728 3, Motherson Sumi Neutral ,249 45,896 53, Rane Brake Lining Neutral Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,773 13,390 15, Amara Raja Batteries Buy 871 1,167 14,869 5,504 6, Exide Industries Neutral ,083 7,439 8, Apollo Tyres Buy ,325 12,877 14, Ceat Buy 1,129 1,450 4,568 7,524 8, JK Tyres Neutral 112-2,535 7,455 8, Swaraj Engines Neutral 1,304-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 974-4,057 3,451 4, Bharat Electronics Neutral 1,359-30,355 8,137 9,

9 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Capital Goods Voltas Buy ,477 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,200 28,797 34, Blue Star Buy ,293 4,283 5, Crompton Greaves Neutral 59-3,670 5,777 6, Greaves Cotton Neutral 119-2,905 1,755 1, Inox Wind Neutral 182-4,038 5,605 6, KEC International Neutral 136-3,503 9,294 10, Thermax Neutral 750-8,940 5,421 5, VATech Wabag Buy ,533 3,136 3, Cement ACC Neutral 1,296-24,343 11,225 13, Ambuja Cements Neutral ,981 9,350 10, India Cements Neutral 111-3,414 4,364 4, JK Cement Neutral 674-4,714 4,398 5, J K Lakshmi Cement Buy ,122 2,913 3, Orient Cement Buy ,578 2,114 2, UltraTech Cement Neutral 3,158-86,687 25,768 30, Construction ITNL Neutral 99-3,267 8,946 10, KNR Constructions Neutral 171-2,409 1,385 1, Larsen & Toubro Buy 1,351 1, , , , Gujarat Pipavav Port Neutral 129-6, Nagarjuna Const. Neutral 78-4,350 8,842 9, PNC Infratech Buy ,681 2,350 2, Simplex Infra Neutral 266-1,316 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,679 3,598 4, NBCC Neutral ,749 7,428 9, MEP Infra Neutral ,877 1, SIPL Neutral 92-3,240 1,036 1, (8.4) (5.6) (22.8) (15.9)

10 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Construction Engineers India Neutral ,181 1,725 1, Financials Axis Bank Buy ,097 46,932 53, Bank of Baroda Neutral ,562 19,980 23, Canara Bank Neutral ,340 15,225 16, Dewan Housing Finance Buy ,554 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 65-11,236 9,353 10, HDFC Neutral 1, ,036 11,475 13, HDFC Bank Accumulate 1,188 1, ,334 46,097 55, ICICI Bank Buy ,444 42,800 44, Lakshmi Vilas Bank Buy ,526 3,339 3, LIC Housing Finance Buy ,600 3,712 4, Punjab Natl.Bank Neutral ,227 23,532 23, RBL Bank Neutral ,126 1,783 2, South Ind.Bank Neutral 19-2,575 6,435 7, St Bk of India Neutral ,935 88,650 98, Union Bank Neutral 124-8,531 13,450 14, Yes Bank Neutral 1,114-47,110 8,978 11, FMCG Asian Paints Neutral ,083 17,128 18, Britannia Buy 2,840 3,626 34,079 9,594 11, Colgate Accumulate ,226 4,605 5, Dabur India Accumulate ,151 8,315 9, GlaxoSmith Con* Neutral 4,987-20,973 4,350 4, Godrej Consumer Neutral 1,467-49,971 10,235 11, HUL Neutral ,447 35,252 38, ITC Buy ,276 40,059 44, Marico Buy ,321 6,430 7, Nestle* Neutral 5,885-56,739 10,073 11, Tata Global Neutral 120-7,548 8,675 9,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FMCG Procter & Gamble Hygiene IT Neutral 6,938-22,523 2,939 3, HCL Tech^ Buy 807 1, ,930 49,242 57, Infosys Buy 999 1, ,499 68,350 77, TCS Accumulate 2,316 2, , , , Tech Mahindra Buy ,111 29,673 32, Wipro Buy ,093 55,440 60, Media D B Corp Neutral 358-6,580 2,297 2, HT Media Neutral 72-1,676 2,693 2, Jagran Prakashan Buy ,481 2,355 2, Sun TV Network Neutral ,877 2,850 3, Hindustan Media Ventures Neutral 261-1,918 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,305 84,638 94, Hind. Zinc Neutral ,570 14,252 18, Hindalco Neutral , , , JSW Steel Neutral 1,584-38,298 53,201 58, NMDC Neutral ,315 6,643 7, SAIL Neutral 48-19,928 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,822 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,833 9,127 10, GAIL Neutral ,790 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,480 3,483 4, Alkem Laboratories Ltd Buy 1,613 1,989 19,282 6,043 6, Aurobindo Pharma Buy ,141 15,720 18, Sanofi India* Neutral 4,236-9,756 2,277 2,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Pharmaceuticals ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Cadila Healthcare Accumulate ,877 10,429 12, Cipla Reduce ,259 15,378 18, Dr Reddy's Neutral 3,071-50,866 16,043 18, Dishman Pharma Neutral 210-3,384 1,718 1, GSK Pharma* Neutral 2,694-22,821 3,000 3, Indoco Remedies Neutral 264-2,430 1,112 1, Ipca labs Buy ,589 3,303 3, Lupin Buy 1,452 1,809 65,551 15,912 18, Sun Pharma Buy ,135 31,129 35, Power Tata Power Neutral 74-19,987 36,916 39, NTPC Neutral ,587 86,605 95, Power Grid Buy ,169 25,315 29, Real Estate MLIFE Buy ,433 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 71-25,695 40,133 43, zothers Abbott India Neutral 4,623-9,824 3,153 3, Bajaj Electricals Buy ,144 4,801 5, Finolex Cables Neutral 417-6,374 2,883 3, Goodyear India* Neutral 649-1,497 1,598 1, Hitachi Neutral 1,387-3,771 2,081 2, Jyothy Laboratories Neutral 341-6,193 1,440 2, Page Industries Neutral 12,947-14,441 2,450 3, Relaxo Footwears Neutral 401-4,812 2,085 2, Siyaram Silk Mills Accumulate 1,205 1,605 1,130 1,733 1, Styrolution ABS India* Neutral 581-1,022 1,440 1, TVS Srichakra Neutral 3,178-2,433 2,304 2, HSIL Neutral 277-2,006 2,384 2, Kirloskar Engines India Ltd Neutral 324-4,684 2,554 2, M M Forgings Neutral

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) zothers ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Banco Products (India) Neutral 175-1,251 1,353 1, Competent Automobiles Neutral ,137 1, Nilkamal Neutral 1,247-1,860 1,995 2, Visaka Industries Neutral ,051 1, Transport Corporation of Neutral 145-1,112 2,671 2, India Elecon Engineering Neutral ,482 1, Surya Roshni Neutral ,342 3, MT Educare Neutral Radico Khaitan Buy ,476 1,667 1, Garware Wall Ropes Neutral 605-1, Wonderla Holidays Neutral 344-1, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral ,995 21,122 26, Coffee Day Enterprises Ltd Neutral 196-4,029 2,964 3, Navneet Education Neutral 110-2,619 1,062 1, Navkar Corporation Buy , UFO Moviez Neutral 403-1, VRL Logistics Neutral 260-2,368 1,902 2, Team Lease Serv. Neutral 875-1,496 3,229 4, S H Kelkar & Co. Neutral 303-4,379 1,036 1, Quick Heal Neutral 251-1, Narayana Hrudaya Neutral 334-6,822 1,873 2, Manpasand Bever. Neutral 520-2, , Parag Milk Foods Neutral 263-2,210 1,919 2, Mirza International Buy , Asian Granito Buy ,071 1, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 28, 2016

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