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India<br />
Strategy Note | January 1, 2019<br />
Figure 23: Capital goods’ valuations are near the trough levels of Sep 2013, and signs<br />
of revival are apparent. We recommend Overweight on the sector<br />
50.00<br />
45.00<br />
PE Ratio Average +1 Stdev<br />
-1 Stdev +2 Stdev -2 Stdev<br />
40.00<br />
35.00<br />
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25.00<br />
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-<br />
SOURCES: CGS-CIMB RESEARCH, Bloomberg<br />
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