Angel Top Picks - May 2017

With the strong economic optimism, higher inflows and expectation of normal

Top Picks

monsoon, markets have reached to new highs. We believe that corporate earnings

Company

CMP (`)

TP (`)

are likely to remain strong which will justify our valuation going ahead.

Banking/NBFC

Dewan Housing

447

520

IMD forecasts normal monsoon: Until March-2017, there was ~50% probability of

Equitas Holdings

163

235

El Nino hitting this year’s monsoon during the peak rainfall period. This would

Consumption

have led in India receiving below normal rainfall in 2017. The monsoon outlook

however has improved with 40% probability of El Nino hitting the monsoon during

Asian Granito

384

405

peak period. This has eased the worries surrounding the rainfall during this

Blue Star

675

760

monsoon season which is good news for the markets. IMD has predicted 96%

Siyaram Silk Mills

1,674

1,872

rainfall this year which is considered as normal monsoon. This will be the 2^nd

Media

consecutive year of normal rainfall in the country which will help in improving the

Jagran Prakashan

198

225

rural economy and keeping the inflation in check.

TV Today

271

344

Real Estate/Infra/Logistics/Power

Markets scale new highs, valuations sustainable: The Indian markets rallied 17% in

KEI Industries

214

239

the last fiscal owing to improving macros, better monsoon and political stability. FII

inflows also surged towards the end of the year with rally in rupee and sound

Mahindra Lifespace

444

522

economic optimism. The expectation of normal monsoon and higher likelihood of

Navkar Corp.

214

265

selection of a centrist candidate in France has strengthened this rally further with

Pharma

Indian markets reaching new highs in April-2017. Currently Indian markets are

Alkem Lab.

1,988

2,311

valued at 17.9x of 1 year forward earnings while 22.3x on TTM earnings. Though

Source: Angel Research;

Note: CMP as of May 2, 2017

valuations look at premium vs. historical average, we believe that corporate

earnings are likely to justify these valuations. The main trigger for the corporate

earnings would the already strong consumption trend, percolation of low interest

rate benefits in the wider economy, and reforms.

Reforms to drive investments, corporate earnings: Implementation of GST from

July-2017 will be an important change in our indirect tax regime which will

improve ease in doing business and help in faster growth of the economy and

bring more efficiency in operations. We also opine that the affordable housing

scheme is a key reform that will have a significantly positive impact on the

economy. With correction in real estate prices and lower interest rates, schemes

like affordable housing have potential to kick-in the demand in the housing sector

which can have a cascading impact on multiple sectors. We believe that sectors

like Cement, Construction, building materials, consumer durables, etc will strongly

benefit from this.

As announced during the budget, government has almost abolished the Foreign

Investment Board (FIPB) which will help in bringing more FDI flows in the country.

Overall, we remain positive on the reforms which will deliver the next phase of

economic growth in India.

Considering the overall optimism, we continue to maintain positive view on

sectors like real estate (Mahindra Lifespace, Asian Granito), BFSI (Equitas,

Dewan Housing), Consumption (Blue Star), etc. We also remain positive on

Alkem, Jagaran Prakashan, TV Today, etc.

Please refer to important disclosures at the end of this report

Top Picks Report | May 2017

Stock Info

Dewan Housing

CMP

447



3^rd largest private sector housing finance company: We expect DHFL’s AUM to

520

grow at a CAGR of 21% over FY2016-18, as demand for housing in the middle

Upside

16%

and low income group picks up, while PAT CAGR is expected to be 23%.

Sector

Financials

 Funds received from DHFL Pramerica Life Insurance, gives a boost to growth:

Market Cap (` cr)

14,016

DHFL sold 50% stake held by it in DFHFL Pramerica Life Insurance Co Ltd to

its wholly owned subsidiary for a consideration of `2000.5 cr, which added

Beta

1.9

`1969 cr to its net worth and increases its CAR by 400 bps, which should fuel

52 Week High / Low

455 / 183

growth for next 2-3 years.

 Lower cost of funds will help maintain NIM: DHFL has replaced high cost bank

3 year-Chart

loans with the NCDs raised and it will continue to reduce its dependence on

500

banks as its source of funding. This should help it maintain its NIM of 2.9%.

450

400

The recent capital received via stake sale should also aid to the NIM.

350

 Outlook: We expect the company to post a healthy loan book CAGR of 21%

300

250

over FY2015-18E, which is likely to translate in earnings CAGR of 23%, over

200

the same period. The stock currently trades at 1.6x FY2018E ABV. We maintain

150

Buy on the stock, with a target price of `520.

100

Key Financials

Y/E

Op. Inc

NIM

PAT

EPS

ABV

ROA

ROE

P/E

P/ABV

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

2,050

2.9

923

29.5

189

1.2

16.3

15.3

2.4

Source: Company, Angel Research

FY2018E

2,500

2.9

1,145

36.6

281

1.2

14.8

12.9

1.6

Source: Company, Angel Research

Stock Info

Equitas Holdings

CMP

163

 Early mover advantage in the SFB category: Equitas was one of the ten NBFCs

235

to get the license to start a small finance bank (SFB). As the entire book of

Upside

44%

Equitas qualifies for PSL, meeting the 75% PSL target will not be a challenge.

Sector

Financials

The micro finance segment of Equitas has witnessed slowdown in the near

term post demonetization, but should see a bounce back in FY18.

Market Cap (` cr)

5,495

 Asset quality and return ratios are likely to remain stable: The recent quarter

Beta

1.4

saw some slowdown due to demonetization, however having converted into

52 Week High / Low

206 / 138

SFB the long term outlook has improved for it. We don’t expect any major

deterioration in the asset quality going ahead.

3 year-Chart

 NIM likely to remain healthy: After conversion to SFB the company has started

250

raising deposits at a lower cost vs borrowings leading to better cost of funds.

200

Hence we expect the NIM to remain strong at ~11%, going ahead.

 Outlook: We expect the company to post a strong loan book & earnings

150

CAGR of 38% & 37% over FY2016-18E. The stock currently trades at 2.2x

100

FY2018E ABV. We maintain Buy on the stock, with a target price of `235.

Key Financials

Y/E

Op. Inc

NIM

PAT

EPS

ABV

ROA

ROE

P/E

P/ABV

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

9,39

11.7

224

5.8

68.2

2.8

10.9

28.8

2.4

FY2018E

1,281

11.5

315

8.2

77.6

2.8

11.5

20.4

2.2

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Stock Info

Asian Granito

CMP

384

 AGIL’s current, vitrified sales (35%) are lower as compared to its peers like

405

Somany Ceramics (47%) and Kajaria Ceramics (61%). Recently, AGIL has

Upside

launched various products in premium segment. Going forward, we expect

AGIL’s profit margin to improve due to increase in focus for higher vitrified

Sector

Ceramics

product sales, which is a high margin business.

Market Cap (` cr)

1,154

 AGIL is continuously putting efforts to increase the B2C sales from the current

Beta

1.7

level (35% in FY16). It is expected to reach up to 50% in next 2-3 years on the

52 Week High / Low

397 / 153

back of various initiatives taken by AGIL to increase direct interaction with customers

like strengthening distribution network, participation in key trade exhibition, etc.

3 year-Chart

 In July FY2016, AGIL acquired Artistique Ceramic which has a better margin

450

profile. Going forward, we expect the company to improve its operating

400

margin from 7.5% in FY16 (excluding merger) to

12-12.5% in coming

350

financial year. Artisique Ceramics has a contract with RAS GAS to supply

300

quality natural gas at a discounted rate of 50% to current market rate, which

250

would reduce the overall power & fuel cost of the company.

200

150

 We expect AGIL to report a net revenue CAGR of ~8.5% to ~`1,169cr and

100

net profit CAGR of ~39% to `48cr over FY2016-18E. We recommend an

Accumulate rating on the stock.

Key Financials

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

Source: Company, Angel Research

FY2017E

1,060

12.2

12.7

9.5

30.3

2.9

11.1

1.4

FY2018E

1,169

12.5

15.9

10.7

24.1

2.6

9.5

1.2

Source: Company, Angel Research

Stock Info

Blue Star

CMP

695

 BSL is one of the largest air-conditioning companies in India. With a mere

760

3% penetration level of ACs vs 25% in China, the overall outlook for the room

air-conditioner (RAC) market in India is favourable.

Upside

 BSL’s RAC business has been outgrowing the industry by ~10% points over the

Sector

Cons. Durable

last few quarters, resulting in the company consistently increasing its market

Market Cap (` cr)

6,647

share (~7% in FY2014 to 10.5% at present). This has resulted in the Cooling

Beta

0.7

Products Division (CPD)'s share in overall revenues increasing from~23% in

FY2010 to ~42% in FY2016 (expected to improve to ~47% in FY2018E). With

52 Week High / Low

725 / 402

strong brand equity and higher share in split ACs, we expect the CPD to

continue to drive growth.

3 year-Chart

 Aided by increasing contribution from the CPD, we expect the overall top-line

800

to post a revenue CAGR of ~16% over FY2016-18E and margins to improve

700

from 5.3% in FY2015 to 7.3% in FY2018E. Moreover, the merger of Blue Star

600

Infotech has infused cash and strengthened the balance sheet. We

500

recommend an Accumulate rating on the stock.

400

300

Key Financials

200

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

100

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

4,283

5.9

141

14.9

20.4

45.3

8.8

28.5

1.6

FY2018E

5,077

7.3

211

22.1

26.4

30.5

7.4

20.5

1.3

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Stock Info

Siyaram Silk Mills

CMP

1,674

 SSML has strong brands which cater to premium as well as popular mass

1,872

segments of the market. Further, SSML entered the ladies' salwar kameez and

Upside

12%

ethnic wear segment. Going forward, we believe that the company would be able to

Sector

Textile

leverage its brand equity and continue to post strong performance.

Market Cap (` cr)

1,569

 The company has a nationwide network of about 1,600 dealers and business

partners. It has a retail network of 160 stores and plans to add another

Beta

0.9

300-350 stores going forward. Further, the company's brands are sold across

52 Week High / Low

1,775/994

3,00,000 multi brand outlets in the country.

 Going forward, we expect SSML to report a net sales CAGR of ~7% to

3 year-Chart

~`1,948cr and adj.net profit CAGR of ~9% to `103cr over FY2016-18E on

2,000

back of market leadership in blended fabrics, strong brand building, wide

1,800

distribution channel, strong presence in tier II and tier III cities and emphasis

1,600

1,400

on latest designs and affordable pricing points. At the current market price,

1,200

SSML trades at an inexpensive valuation. We have an Accumulate

1,000

recommendation on the stock and target price of `1,872.

800

600

400

Key Financials

200

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

1,652

11.6

92.4

14.7

18.1

2.7

10.1

1.2

FY2018E

1,857

11.7

103

110.1

15.2

2.3

8.8

1.0

Source: Company, Angel Research

Stock Info

Jagran Prakashan

CMP

198

 We expect JPL to register a net sales CAGR of ~12% over FY2016-18E, on

225

back of (a) strong growth in advertising revenue due to improvement in GDP

Upside

14%

growth, and (b) improvement in circulation revenue owing to combination of

increase in cover price and volume growth.

Sector

Media

 Further the acquisition of Radio City would also boost the company's revenue

Market Cap (` cr)

6,458

going ahead. Radio City has ~20 stations across 7 states in the country and is

Beta

0.5

second only to ENIL in all its operating circles, ie Delhi, Mumbai, Bengaluru,

52 Week High / Low

213/157

Chennai, Ahmedabad, Hyderabad, Pune and Lucknow. The company covers

~51% (~66mn people) of the total radio population.

3 year-Chart

 Raw material prices have been in a declining trend. Thus, considering lower

250

news print costs, healthy sales, and higher margins in the radio business, we

expect an adj. net profit CAGR of ~12% over FY2016-18E to `409cr.

200

 Considering Dainik Jagran's strong presence in the rapidly growing Hindi

150

markets, we expect JPL to benefit from an eventual recovery in the Indian

100

economy. Hence, we maintain an Accumulate rating on the stock with a target

price of `225.

Key Financials

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

Source: Company, Angel Research

FY2017E

2,355

28.0

353

10.8

21.7

18.3

4.0

9.7

2.8

FY2018E

2,635

28.0

409

12.5

21.7

15.8

3.4

8.4

2.4

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Stock Info

TV Today Network

CMP

271

 TTNL enjoys a strong viewership ranking in the Hindi and English news

344

channel categories. The company’s Hindi news channel - Aaj Tak has

Upside

27%

maintained its market leadership position occupying the No.1 rank for several

Sector

Media

consecutive years in terms of viewership. Its English news channel - India

Today too has been continuously gaining viewership; it has now captured the

Market Cap (` cr)

1,615

No. 2 ranking from No. 4 earlier. Its other channels like Dilli Aaj Tak and Tez

Beta

0.6

are also popular among viewers.

52 Week High / Low

360 /249

 Out of the 7 radio stations, TTNL has sold off 4 (Jodhpur, Amritsar, Patiala

and Shimla) for `4cr. The remaining 3 stations are in the process of getting

3 year-Chart

sold off to ENIL but the sale will have to wait until concerns raised by the MIB

400

are resolved. Going forward, we expect them to be sold off and this would

350

prop up the company’s profitability.

300

250

 We expect TTNL to report a net revenue CAGR of ~9% to ~`743cr and net

200

profit CAGR of

~7% to

`108cr over FY2016-18E. We have a Buy

150

recommendation on the stock and target price of `344.

100

Key Financials

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

567

26.7

15.4

14.9

17.6

2.6

8.8

2.4

Source: Company, Angel Research

FY2018E

645

27.0

108

18.1

15.2

15.0

2.3

7.3

2.0

Source: Company, Angel Research

Stock Info

KEI Industries

CMP

214

 Healthy order book indicates strong revenue visibility: KEI’s current order book

239

(OB) stands at `3,233cr (segmental break-up: `2,154cr in EPC, `667cr in

Upside

12%

Cable, `200cr in EHV, `49cr in Substation, rest in EPC L1 business). Its OB

Sector

Cable

grew by ~28% in the last 3 years due to strong order inflows from State

Electricity Boards, Power grid, etc.

Market Cap (` cr)

1,668

 Strengthening distribution network and higher ad Spend to increase B2C

Beta

1.2

business: KEI’s consistent effort to increase its retail business from 30% of

52 Week High / Low

219/ 94

revenue in FY16 to 40-45% of revenue in the next 2-3 years on the back of

strengthening distribution network (currently 926 which is expect to increase

3 year-Chart

`1,500 by FY19) and higher ad spend (increased from `2cr in FY13 to `7cr in

250

FY16 and expected to spend).

200

 Exports to continue its growth momentum: KEI’s export (FY16 - 8% of revenue)

150

is expected to reach a level of ~14-15% in next two years with higher order

execution from current OB of

~`180cr and participation in various

100

international tenders worth `500cr. We expect a strong ~26% growth CAGR

over FY2016-19 in exports. We expect KEI to report net revenue CAGR of

~14% to ~`3,445cr and net profit CAGR of ~26% to `123cr over FY2016-

19E. Hence we have an accumulate rating on the stock.

Key Financials

Source: Company, Angel Research

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

2,682

10.4

11.7

20.1

18.3

3.7

6.9

0.8

FY2018E

3,058

10.0

12.8

18.2

16.7

3.0

6.4

0.7

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Stock Info

Mahindra Lifespace

CMP

444

 MLF has 13 projects under implementation across cities. MLF has exhibited

522

fast completion of projects compared to others. Sales cycle in ~65% of

Upside

18%

projects is faster than execution cycle, contrary to industry trends. This fast

Sector

Real Estate

execution and sales is optimal, as it helps MLF in revenue recognition,

inventory cycle (better than Oberoi, DLF), cash flows and profitability.

Market Cap (` cr)

1,824

 MLF as of 4QFY2016 is pursuing ~4.0mn sq. ft. of sale of the total ~15.0mn

Beta

0.9

sq. ft. of saleable area. Having sold ~60% of ongoing projects, we expect MLF

52 Week High / Low

493 / 319

to launch ~2.8mn sq.ft. of saleable area in rational way during 4QFY2016-

2QFY2018E, across 6 cities. Maturity at existing projects, new launches give better

3 year-Chart

revenue visibility for medium-term. Further, MLF is sitting on land bank of 11.0mn

600

sq.ft across 4 cities, which allay any concern over long-term revenue growth.

500

 With Real Estate Regulatory Bill closer to reality, MLF should be minimally

400

impacted, given their strong parentage and ethically implemented processes.

300

In the longer-term organized, professionally run, well funded players would

200

enjoy strong trust due to their reliable and fast execution strategies. With

100

improvement in company’s fundamentals, strong earnings growth visibility

and long-term growth outlook, at current valuations of 1.0x FY2017E P/BV,

MLF looks attractive. We maintain Buy on MLF with target price of `522.

Key Financials

Source: Company, Angel Research

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

1,152

22.7

29.9

7.6

14.9

1.1

10.4

2.3

FY2018E

1,300

24.6

138

35.8

8.6

12.4

1.0

7.5

1.9

Source: Company, Angel Research

Stock Info

Navkar

CMP

214

 NCL is one of the largest and one of the three CFS at JNPT with rail

265

connectivity, helping it garner high market share at the port. NCL is in a massive

Upside

23%

expansion mode where it is increasing its capacity by 234% to 1,036,889 TEUs

Sector

Logistics

at JNPT and coming up with an ICD at Vapi (with Logistics Park).

Market Cap (` cr)

3,054

 The ICD with rail link should benefit from first mover advantage in a region

Beta

0.7

that has huge market potential and accounts for ~27% of volumes at JNPT.

52 Week High / Low

225 / 155

The ICD should be able to capture the EXIM volumes from the region through

rail link that till now was being custom cleared at JNPT (Import) or being

transported via road and consolidated at JNPT (Export). South Gujarat

3 year-Chart

volumes will now head straight to the Vapi ICD; thus the company can now

250

cater to bulk commodities and domestic traffic that it had been rejecting owing

200

to capacity constraints at CFS.

150

 We expect NCL to successfully use its rail advantage and scale up its

100

utilizations at both JNPT and Vapi ICD. We have a Buy rating on the stock.

Key Financials

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

369

42.9

6.9

7.4

31.0

2.2

17.3

9.3

FY2018E

561

42.3

164

11.5

10.5

18.6

2.0

12.1

6.1

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Stock Info

Alkem Leboratories

CMP

1,988

 Alkem is 5^th largest pharma company is the domestic market. It has presence

2,311

in India, US and a few other countries. The 73% of its revenues come from the

Upside

16%

Indian markets while 20% come from the US and rest from the other countries.

Sector

Pharma

The company has leadership position in the anti infective segment in India and

it is ranked as no. 3 in Gastro-Intestinal and Pain/Analgesics segments.

Market Cap (` cr)

24,765

Overall it holds 3.6% market share in the domestic formulations business and

Beta

0.3

7.9% share in overall prescriptions in country.

52 Week High / Low

2,238/ 1,182

 In the domestic market, company operates in acute and chronic segments. It is

a prominent player in acute segment but still an entrant in chronic segment. It

3 year-Chart

has aggressively hired sales force in last three years to increase its sales from

2,000

chronic segment. Alkem has a strong track record of growth in the domestic

1,800

1,600

market which is likely to continue. In the US, company is focusing on

1,400

monetization of its ANDA pipeline. As of December 2016, company has a

1,200

pipeline of 77 ANDAs of which 35 are approved. Company expects to launch

1,000

800

~7-8 ANDAs each year and improve its filing rate as well. Overall US

600

revenues are expected to grow at ~28% growth rate from FY17E-FY19E.

400

Company received EIR for its Ankaleshwar API plant in March-17.

200

 Overall outlook remains strong with 18.2% CAGR in the topline and 23.4%

CAGR in the bottom-line. We have Buy rating on the stock.

Key Financials

Source: Company, Angel Research

Y/E

Sales

OPM

PAT

EPS

ROE

P/E

P/BV

EV/EBITDA

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

7,009

20.0

1,099

92.0

21.6

4.7

16.7

3.3

FY2019E

8,252

20.0

1,285

107.5

21.4

18.5

4.0

14.2

2.8

Source: Company, Angel Research

May 3, 2017

Top Picks Report | May 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.6

7.0

8.3

8.4

5.6

7.7

7.8

6.0

8.0

7.4

7.2

7.0

5.0

6.8

6.9

4.0

3.3

7.0

6.0

3.0

2.2

6.0

5.6

1.3

2.0

0.7

1.0

5.0

4.0

(1.0)

(0.1)

(0.7)

(2.0)

(1.3)

(1.2)

3.0

(3.0)

(1.9)

(2.5)

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

(%)

7.0

54.0

6.1

5.8

6.0

5.5

5.1

52.0

5.0

4.3

4.2

3.8

50.0

3.6

3.7

4.0

3.4

3.2

48.0

3.0

46.0

2.0

1.0

44.0

42.0

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

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

50.0

7.00

40.0

6.50

30.0

6.00

20.0

5.50

10.0

5.00

0.0

4.50

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

May 3, 2017

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

239

4,650

1,937

2,164

13.3

14.3

9.0

11.0

26.6

21.7

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

805

40,894

15,176

17,604

18.5

37.4

44.6

21.5

18.1

4.2

3.5

21.4

21.2

2.8

2.4

Auto & Auto Ancillary

Amara Raja Batteries

Accumulate

890

1,009

15,207

5,305

6,100

16.0

16.3

28.4

34.0

31.4

26.2

6.1

5.1

19.3

2.9

2.5

Apollo Tyres

Neutral

251

12,759

12,877

14,504

14.3

13.9

21.4

23.0

11.7

10.9

1.8

1.6

16.4

15.2

1.2

1.1

Ashok Leyland

Buy

111

23,792

20,021

21,915

11.6

11.9

4.5

5.3

18.6

15.7

3.8

3.4

20.6

21.5

1.1

1.0

Bajaj Auto

Neutral

2,905

84,060

25,093

27,891

19.5

19.2

143.9

162.5

20.2

17.9

5.7

4.9

30.3

29.4

3.1

2.7

Bharat Forge

Neutral

1,160

27,004

7,726

8,713

20.5

21.2

35.3

42.7

32.9

27.2

6.1

5.5

18.9

20.1

3.6

3.1

Ceat

Neutral

1,588

6,425

7,524

8,624

13.0

12.7

131.1

144.3

12.1

11.0

2.2

1.9

19.8

18.6

0.9

0.8

Eicher Motors

Neutral

25,791

70,177

16,583

20,447

17.5

18.0

598.0

745.2

43.1

34.6

14.7

11.2

41.2

38.3

4.1

3.2

Exide Industries

Neutral

231

19,614

7,439

8,307

15.0

8.1

9.3

28.5

24.8

4.0

3.6

14.3

16.7

2.3

2.0

Gabriel India

Accumulate

124

130

1,778

1,544

1,715

9.0

9.3

5.4

6.3

22.9

19.7

4.3

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,351

66,918

28,083

30,096

15.3

15.7

171.8

187.0

19.5

17.9

6.8

5.7

30.1

27.9

2.2

2.0

Indag Rubber

Neutral

216

566

286

326

19.8

16.8

11.7

13.3

18.5

16.2

3.1

2.9

17.8

17.1

1.6

1.4

Jamna Auto Industries Neutral

241

1,924

1,486

1,620

9.8

9.9

15.0

17.2

16.1

14.0

3.5

3.0

21.8

21.3

1.4

1.2

JK Tyres

Neutral

170

3,860

7,455

8,056

15.0

21.8

24.5

7.8

7.0

1.6

1.3

22.8

21.3

0.6

L G Balakrishnan & Bros Neutral

638

1,001

1,302

1,432

11.6

11.9

43.7

53.0

14.6

12.0

2.1

1.9

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,341

83,288

46,534

53,077

11.6

11.7

67.3

78.1

19.9

17.2

3.2

2.8

15.4

15.8

1.8

1.5

Maruti

Neutral

6,706

202,564

67,822

83,288

16.0

16.4

253.8

312.4

26.4

21.5

6.1

4.9

23.0

22.9

2.7

2.1

Minda Industries

Neutral

497

4,295

2,728

3,042

9.0

9.1

68.2

86.2

7.3

5.8

1.7

1.3

23.8

24.3

1.6

1.4

Motherson Sumi

Neutral

401

56,255

45,896

53,687

7.8

8.3

13.0

16.1

30.7

24.9

9.9

7.9

34.7

35.4

1.3

1.1

Rane Brake Lining

Neutral

992

785

511

562

11.3

11.5

28.1

30.9

35.3

32.1

5.4

4.9

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

560

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Subros

Neutral

232

1,391

1,488

1,681

11.7

11.9

6.4

7.2

36.2

32.3

3.8

3.5

10.8

11.4

1.2

1.0

Swaraj Engines

Neutral

1,838

2,283

660

810

15.2

16.4

54.5

72.8

33.7

25.3

10.5

9.5

31.5

39.2

3.3

2.6

Tata Motors

Neutral

452

130,407

300,209

338,549

8.9

8.4

42.7

54.3

10.6

8.3

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

495

23,503

13,390

15,948

6.9

7.1

12.8

16.5

38.8

29.9

9.6

7.6

26.3

27.2

1.8

1.5

Capital Goods

ACE

Neutral

640

709

814

4.1

4.6

1.4

2.1

46.2

30.8

1.9

1.8

4.4

6.0

1.1

0.9

BEML

Neutral

1,390

5,787

3,451

4,055

6.3

9.2

31.4

57.9

44.3

24.0

2.7

2.4

6.3

10.9

1.8

1.5

BGR Energy

Neutral

161

1,158

16,567

33,848

6.0

5.6

7.8

5.9

20.6

27.2

1.2

1.1

4.7

4.2

0.2

0.1

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Bharat Electronics

Neutral

183

40,898

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

4.0

3.6

BHEL

Neutral

175

42,919

28,797

34,742

2.8

2.3

6.9

76.2

25.4

1.3

4.8

1.1

0.8

Blue Star

Accumulate

675

760

6,447

4,283

5,077

5.9

7.3

14.9

22.1

45.3

30.5

8.8

7.4

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

4,911

5,777

6,120

5.9

7.0

3.3

4.5

23.7

17.4

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

169

4,117

1,755

1,881

16.8

16.9

7.8

8.5

21.6

19.8

4.3

4.0

20.6

20.9

2.0

1.9

Inox Wind

Neutral

203

4,505

5,605

6,267

15.7

16.4

24.8

30.0

8.2

6.8

2.3

1.7

25.9

24.4

0.8

0.7

KEC International

Neutral

217

5,583

9,294

10,186

7.9

8.1

9.9

11.9

21.9

18.3

3.2

2.8

15.6

16.3

0.8

KEI Industries

Accumulate

214

239

1,668

2,682

3,058

10.4

10.0

11.7

12.8

18.3

16.7

3.7

3.0

20.1

18.2

0.8

0.7

Thermax

Neutral

1,028

12,253

5,421

5,940

7.3

25.7

30.2

40.0

34.1

4.8

4.4

12.2

13.1

2.1

2.0

VATech Wabag

Neutral

681

3,717

3,136

3,845

8.9

9.1

26.0

35.9

26.2

19.0

3.3

2.8

13.4

15.9

1.1

0.9

Voltas

Neutral

414

13,697

6,511

7,514

7.9

8.7

12.9

16.3

32.1

25.4

5.8

5.1

16.7

18.5

1.9

1.6

Cement

ACC

Neutral

1,590

29,867

11,225

13,172

13.2

16.9

44.5

75.5

35.7

21.1

3.4

3.1

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

242

47,993

9,350

10,979

18.2

22.5

5.8

9.5

41.7

25.4

3.5

3.1

10.2

12.5

5.1

4.4

India Cements

Neutral

211

6,468

4,364

4,997

18.5

19.2

7.9

11.3

26.7

18.6

1.9

8.0

8.5

2.2

2.0

J K Lakshmi Cement

Neutral

467

5,496

2,913

3,412

14.5

19.5

7.5

22.5

62.3

20.8

3.8

3.2

12.5

18.0

2.5

2.1

JK Cement

Neutral

975

6,819

4,398

5,173

15.5

17.5

31.2

55.5

31.3

17.6

3.8

3.3

12.0

15.5

2.1

1.7

Orient Cement

Neutral

166

3,400

2,114

2,558

18.5

20.5

8.1

11.3

20.5

14.7

3.0

2.6

9.0

14.0

2.2

1.8

UltraTech Cement

Neutral

4,205

115,440

25,768

30,385

21.0

23.5

111.0

160.0

37.9

26.3

4.8

4.2

13.5

15.8

4.6

3.8

Construction

Engineers India

Neutral

171

11,490

1,725

1,935

16.0

19.1

11.4

13.9

15.0

12.3

2.1

2.0

13.4

15.3

5.6

5.0

Gujarat Pipavav Port

Neutral

160

7,750

705

788

52.2

51.7

5.0

5.6

32.1

28.6

3.2

2.8

11.2

10.6

9.0

ITNL

Neutral

114

3,745

8,946

10,017

31.0

31.6

8.1

9.1

14.1

12.5

0.5

4.2

5.0

3.8

3.5

KNR Constructions

Neutral

202

2,838

1,385

1,673

14.7

14.0

41.2

48.5

4.9

4.2

0.9

0.8

14.9

15.2

2.1

1.8

Larsen & Toubro

Neutral

1,730

161,414

111,017

124,908

11.0

61.1

66.7

28.3

25.9

3.4

3.2

13.1

12.9

2.5

2.3

MEP Infra

Neutral

1,114

1,877

1,943

30.6

29.8

3.0

4.2

22.8

16.3

11.1

7.5

0.6

2.0

1.8

Nagarjuna Const.

Neutral

5,495

8,842

9,775

9.1

8.8

5.3

6.4

18.7

15.5

1.5

1.4

8.2

9.1

0.8

0.7

NBCC

Neutral

196

17,627

7,428

9,549

7.9

8.6

8.2

11.0

23.9

17.8

1.2

0.9

28.2

28.7

2.1

1.6

PNC Infratech

Neutral

160

4,100

2,350

2,904

13.1

13.2

9.0

8.8

17.8

18.2

0.7

0.6

15.9

13.9

1.9

1.5

Power Mech Projects

Neutral

583

858

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

338

5,797

3,598

4,140

10.3

10.6

9.0

11.9

37.5

28.4

3.9

3.5

9.9

11.9

1.9

1.6

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Simplex Infra

Neutral

427

2,113

6,829

7,954

10.5

31.4

37.4

13.6

11.4

1.4

1.3

9.9

13.4

0.7

0.6

SIPL

Neutral

100

3,522

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.6

9.7

Financials

Axis Bank

Accumulate

505

580

121,022

46,932

53,575

3.5

3.4

32.4

44.6

15.6

11.3

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

189

43,503

19,980

23,178

1.8

11.5

17.3

16.4

10.9

1.9

1.6

8.3

10.1

Can Fin Homes

Neutral

2,836

7,550

420

526

3.5

86.5

107.8

32.8

26.3

7.1

5.8

23.6

24.1

Canara Bank

Neutral

367

21,897

15,225

16,836

1.8

14.5

28.0

25.3

13.1

1.8

1.4

5.8

8.5

Cholamandalam Inv. &

Accumulate

1,088

1,230

17,010

2,012

2,317

6.3

42.7

53.6

25.5

20.3

4.0

3.5

16.9

18.3

Fin. Co.

Dewan Housing Finance Neutral

447

14,010

2,225

2,688

2.9

29.7

34.6

15.1

12.9

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

163

235

5,498

939

1,281

11.7

11.5

5.8

8.2

28.1

19.9

2.4

2.2

10.9

11.5

Federal Bank

Accumulate

113

125

19,393

8,259

8,995

3.0

4.3

5.6

26.2

20.1

2.2

2.1

8.5

10.1

HDFC

Neutral

1,583

251,478

11,475

13,450

3.4

45.3

52.5

34.9

30.2

6.7

6.0

20.2

20.5

HDFC Bank

Accumulate

1,542

1,650

395,445

46,097

55,433

4.5

58.4

68.0

26.4

22.7

4.6

3.9

18.8

18.6

ICICI Bank

Accumulate

276

315

160,753

42,800

44,686

3.1

3.3

18.0

21.9

15.3

12.6

2.1

1.9

11.1

12.3

Karur Vysya Bank

Buy

121

140

7,297

5,640

6,030

3.3

3.2

8.9

10.0

13.6

12.1

1.4

1.3

11.2

11.4

Lakshmi Vilas Bank

Neutral

181

3,461

3,339

3,799

2.7

2.8

11.0

14.0

16.4

12.9

1.7

1.6

11.2

12.7

LIC Housing Finance

Neutral

705

35,596

3,712

4,293

2.6

2.5

39.0

46.0

18.1

15.3

3.4

2.9

19.9

20.1

Punjab Natl.Bank

Neutral

171

36,335

23,532

23,595

2.3

2.4

6.8

12.6

25.1

13.6

3.9

2.8

3.3

6.5

RBL Bank

Neutral

585

21,966

1,783

2,309

2.6

12.7

16.4

46.1

35.7

5.0

4.5

12.8

13.3

Repco Home Finance

Accumulate

771

825

4,825

388

457

4.5

4.2

30.0

38.0

25.7

20.3

4.3

3.6

18.0

19.2

South Ind.Bank

Neutral

4,606

6,435

7,578

2.5

2.7

3.1

9.5

8.2

1.2

1.0

10.1

11.2

St Bk of India

Neutral

288

233,767

88,650

98,335

2.6

13.5

18.8

21.4

15.3

2.0

1.8

7.0

8.5

Union Bank

Neutral

171

11,721

13,450

14,925

2.3

25.5

34.5

6.7

4.9

1.0

0.8

7.5

10.2

Yes Bank

Neutral

1,631

74,494

8,978

11,281

3.3

3.4

74.0

90.0

22.0

18.1

4.2

3.6

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,962

9,411

2,955

3,309

13.3

13.7

57.2

69.3

34.3

28.3

11.2

9.4

32.7

33.3

3.0

2.6

Asian Paints

Neutral

1,116

107,018

17,128

18,978

16.8

16.4

19.1

20.7

58.4

53.9

20.3

19.2

34.8

35.5

6.2

5.6

Britannia

Neutral

3,572

42,868

9,594

11,011

14.6

14.9

80.3

94.0

44.5

38.0

18.3

14.1

41.2

4.3

3.7

Colgate

Neutral

1,029

28,000

4,605

5,149

23.4

23.8

26.9

43.3

38.3

23.9

18.7

64.8

66.8

6.0

5.4

Dabur India

Accumulate

284

304

50,045

8,315

9,405

19.8

20.7

8.1

9.2

35.1

30.9

9.8

8.1

31.6

31.0

5.7

5.0

GlaxoSmith Con*

Neutral

5,180

21,786

4,350

4,823

21.2

21.4

179.2

196.5

28.9

26.4

7.7

6.5

27.1

26.8

4.4

3.9

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

1,778

60,549

10,235

11,428

18.4

18.6

41.1

44.2

43.3

40.2

9.6

8.1

24.9

24.8

6.0

5.3

HUL

Neutral

929

201,003

35,252

38,495

17.8

20.7

22.4

45.0

41.5

43.0

36.9

95.6

88.9

5.5

5.1

ITC

Neutral

279

338,426

40,059

44,439

38.3

39.2

9.0

10.1

31.0

27.5

8.7

7.6

27.8

27.5

8.0

7.2

Marico

Neutral

319

41,166

6,430

7,349

18.8

19.5

6.4

7.7

49.8

41.4

15.1

12.7

33.2

32.5

6.2

5.4

Nestle*

Neutral

6,715

64,739

10,073

11,807

20.7

21.5

124.8

154.2

53.8

43.5

22.1

19.9

34.8

36.7

6.2

5.3

Procter & Gamble

Neutral

7,379

23,954

2,939

3,342

23.2

23.0

146.2

163.7

50.5

45.1

12.8

10.6

25.3

23.5

7.7

6.7

Hygiene

Tata Global

Neutral

158

9,953

8,675

9,088

9.8

7.4

8.2

21.3

19.2

1.7

1.6

7.9

8.1

1.1

1.0

HCL Tech^

Buy

822

1,000

117,333

49,242

57,168

20.5

55.7

64.1

14.8

12.8

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

921

1,179

211,549

68,484

73,963

26.0

63.0

64.0

14.6

14.4

3.1

2.8

20.8

19.7

2.8

2.4

TCS

Buy

2,292

2,651

451,612

117,966

127,403

27.5

27.6

134.3

144.5

17.1

15.9

5.1

4.7

29.8

29.7

3.5

3.2

Tech Mahindra

Buy

418

600

40,722

29,673

32,937

15.5

17.0

32.8

39.9

12.7

10.5

2.5

2.2

19.6

20.7

1.1

0.9

Wipro

Buy

495

570

120,390

55,421

58,536

20.3

35.1

36.5

14.1

13.6

2.4

2.1

19.2

14.6

1.6

1.4

Media

D B Corp

Neutral

378

6,953

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.2

4.2

3.6

23.7

23.1

2.8

2.4

Hindustan Media

Neutral

290

2,128

1,016

1,138

24.3

25.2

27.3

30.1

10.6

9.6

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

HT Media

Neutral

1,912

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Accumulate

198

225

6,458

2,355

2,635

28.0

10.8

12.5

18.3

15.8

4.0

3.4

21.7

2.8

2.4

Sun TV Network

Neutral

924

36,394

2,850

3,265

70.1

71.0

26.2

30.4

35.3

30.4

9.0

8.0

24.3

25.6

12.4

10.7

TV Today Network

Buy

271

344

1,615

567

645

26.7

27.0

15.4

18.1

17.6

15.0

2.6

2.3

14.9

15.2

2.4

2.0

Metals & Mining

Coal India

Neutral

275

170,859

84,638

94,297

21.4

22.3

24.5

27.1

11.2

10.2

4.7

4.5

42.6

46.0

1.5

1.4

Hind. Zinc

Neutral

269

113,450

14,252

18,465

55.9

48.3

15.8

21.5

17.0

12.5

2.8

2.4

17.0

20.7

8.0

6.1

Hindalco

Neutral

200

44,900

107,899

112,095

7.4

8.2

9.2

13.0

21.8

15.4

1.1

1.0

4.8

6.6

0.9

JSW Steel

Neutral

196

47,329

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.4

NMDC

Neutral

128

40,340

6,643

7,284

44.4

47.7

7.1

7.7

18.0

16.6

1.6

1.5

8.8

9.2

3.8

3.5

SAIL

Neutral

24,471

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.8

0.6

(1.6)

3.9

1.4

1.2

Tata Steel

Neutral

445

43,243

121,374

121,856

7.2

8.4

18.6

34.3

23.9

13.0

1.5

1.4

6.1

10.1

1.0

Vedanta

Neutral

242

71,701

71,744

81,944

19.2

21.7

13.4

20.1

18.1

12.0

1.5

1.4

8.4

11.3

1.4

1.1

Oil & Gas

Cairn India

#VALUE!

9,127

10,632

4.3

20.6

8.8

11.7

3.3

4.2

GAIL

Neutral

430

72,718

56,220

65,198

9.3

10.1

27.1

33.3

15.9

12.9

1.5

1.4

9.3

10.7

1.5

1.3

Indian Oil Corp

Neutral

443

215,141

373,359

428,656

5.9

5.5

54.0

59.3

8.2

7.5

1.3

1.1

16.0

15.6

0.7

0.6

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

ONGC

Neutral

192

246,591

137,222

152,563

15.0

21.8

19.5

24.1

9.9

8.0

0.8

8.5

10.1

2.1

1.9

Reliance Industries

Neutral

1,371

445,725

301,963

358,039

12.1

12.6

87.7

101.7

15.6

13.5

1.6

1.5

10.7

11.3

2.0

1.6

Pharmaceuticals

Alembic Pharma

Accumulate

619

689

11,668

3,483

4,244

20.2

21.4

24.3

33.6

25.5

18.4

5.8

4.6

25.5

25.3

3.3

2.6

Alkem Laboratories Ltd

Accumulate

1,988

2,257

23,765

6,065

7,009

18.7

20.0

80.2

92.0

24.8

21.6

5.6

4.7

22.5

21.6

3.9

3.3

Aurobindo Pharma

Buy

597

877

34,963

15,720

18,078

23.7

41.4

47.3

14.4

12.6

3.8

2.9

29.6

26.1

2.4

2.1

Aventis*

Neutral

4,198

9,668

2,277

2,597

16.6

17.4

128.9

157.0

32.6

26.7

5.6

4.3

21.6

26.4

4.0

3.3

Cadila Healthcare

Neutral

447

45,807

10,429

12,318

17.7

21.6

13.1

19.2

34.2

23.3

7.2

5.7

22.8

27.1

4.4

3.6

Cipla

Sell

555

465

44,610

15,378

18,089

15.7

16.8

19.3

24.5

28.7

22.6

3.4

3.0

12.3

13.9

3.1

2.6

Dishman Pharma

Sell

309

143

4,981

1,718

1,890

22.7

22.8

9.5

11.3

32.5

27.3

3.1

2.9

10.1

10.9

3.4

3.0

Dr Reddy's

Neutral

2,580

42,752

16,043

18,119

18.0

23.0

78.6

130.9

32.8

19.7

3.2

2.8

10.1

15.2

2.4

2.3

GSK Pharma*

Neutral

2,423

20,526

2,800

3,290

10.2

20.6

32.2

60.3

75.3

40.2

13.9

13.8

17.2

34.5

7.1

6.1

Indoco Remedies

Accumulate

220

240

2,028

1,112

1,289

16.2

18.2

11.6

16.0

19.0

13.8

3.0

2.6

17.0

20.1

1.9

1.6

Ipca labs

Neutral

588

7,419

3,258

3,747

12.8

15.3

12.1

19.2

48.6

30.6

3.0

2.8

6.4

9.5

2.4

2.1

Lupin

Buy

1,304

1,809

58,914

15,912

18,644

26.4

26.7

58.1

69.3

22.5

18.8

4.4

3.6

21.4

20.9

3.8

3.1

Natco Pharma

Accumulate

921

974

16,049

2,090

2,335

32.1

26.6

26.8

23.2

34.3

39.7

9.7

8.4

28.4

21.1

7.7

95.1

Sun Pharma

Buy

632

847

151,715

31,129

35,258

32.0

32.9

30.2

35.3

20.9

17.9

3.4

2.8

20.0

20.1

4.4

3.7

Power

NTPC

Neutral

162

133,659

86,605

95,545

17.5

20.8

11.8

13.4

13.7

12.1

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

206

223

107,771

25,315

29,193

88.2

88.7

14.2

17.2

14.6

12.0

2.2

1.9

15.2

16.1

8.9

8.0

Tata Power

Neutral

22,531

36,916

39,557

17.4

27.1

5.1

6.3

16.3

13.2

1.4

1.3

9.0

10.3

1.6

1.5

Real Estate

MLIFE

Buy

444

522

1,824

1,152

1,300

22.7

24.6

29.9

35.8

14.9

12.4

1.1

1.0

7.6

8.6

2.3

1.9

Prestige Estate

Neutral

241

9,043

4,707

5,105

25.2

26.0

10.3

13.0

23.4

18.6

1.9

1.7

10.3

10.2

3.1

2.8

Telecom

Bharti Airtel

Neutral

348

138,910

105,086

114,808

34.5

34.7

12.2

16.4

28.5

21.2

1.9

1.8

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

30,541

40,133

43,731

37.2

37.1

6.4

6.5

13.2

13.0

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,264

9,060

3,153

3,583

14.1

14.4

152.2

182.7

28.0

23.3

137.5

117.5

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

384

405

1,154

1,060

1,169

12.2

12.5

12.7

15.9

30.3

24.1

2.9

2.6

9.5

10.7

1.4

1.2

Bajaj Electricals

Accumulate

353

395

3,570

4,801

5,351

5.7

6.2

10.4

13.7

33.8

25.8

4.2

3.7

12.4

14.5

0.7

Banco Products (India)

Neutral

232

1,656

1,353

1,471

12.3

12.4

14.5

16.3

16.0

14.2

22.1

19.9

14.5

14.6

1.2

125.3

Coffee Day Enterprises

Neutral

251

5,171

2,964

3,260

20.5

21.2

4.7

8.0

31.4

2.9

2.7

5.5

8.5

2.2

1.9

Ltd

Competent Automobiles Neutral

237

152

1,137

1,256

3.1

2.7

28.0

23.6

8.5

10.0

45.6

41.2

14.3

11.5

0.1

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Elecon Engineering

Neutral

678

1,482

1,660

13.7

14.5

3.9

5.8

15.5

10.4

3.6

3.3

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

527

8,061

2,883

3,115

12.0

12.1

14.2

18.6

37.1

28.3

19.7

17.3

15.8

14.6

2.5

2.3

Garware Wall Ropes

Neutral

795

1,739

863

928

15.1

15.2

36.4

39.4

21.8

20.2

4.0

3.4

17.5

15.9

1.9

1.8

Goodyear India*

Neutral

887

2,045

1,598

1,704

10.4

10.2

49.4

52.6

18.0

16.9

82.9

72.7

18.2

17.0

1.0

137.6

Hitachi

Neutral

1,778

4,835

2,081

2,433

8.8

8.9

33.4

39.9

53.2

44.6

43.0

35.8

22.1

21.4

2.3

2.0

HSIL

Neutral

342

2,471

2,384

2,515

15.8

16.3

15.3

19.4

22.3

17.6

22.2

19.1

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,125

40,660

21,122

26,005

14.5

27.6

110.7

132.1

10.2

8.5

60.8

43.4

168.5

201.1

1.9

1.5

Jyothy Laboratories

Neutral

394

7,157

1,440

2,052

11.5

13.0

8.5

10.0

46.4

39.4

11.2

10.4

18.6

19.3

5.3

3.7

Kirloskar Engines India

Neutral

398

5,750

2,554

2,800

9.9

10.0

10.5

12.1

37.9

32.9

15.8

14.9

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

291

430

382

420

9.3

9.5

13.5

15.7

21.6

18.5

3.7

3.2

17.1

17.3

1.2

1.1

M M Forgings

Neutral

619

747

546

608

20.4

20.7

41.3

48.7

15.0

12.7

84.8

75.0

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

704

4,028

836

1,087

19.6

19.4

16.9

23.8

41.7

29.6

5.0

4.4

12.0

14.8

4.6

3.4

Mirza International

Neutral

113

1,355

963

1,069

17.2

18.0

6.1

7.5

18.4

15.0

2.8

2.4

15.0

15.7

1.6

1.4

MT Educare

Neutral

314

366

417

17.7

18.2

9.4

10.8

8.4

7.3

1.9

1.6

22.2

22.3

0.8

0.7

Narayana Hrudaya

Neutral

319

6,521

1,873

2,166

11.5

11.7

2.6

4.0

120.7

80.5

7.4

6.7

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

214

265

3,052

369

561

42.9

42.3

6.9

11.5

31.0

18.6

2.2

2.0

7.4

10.5

9.3

6.1

Navneet Education

Neutral

167

3,897

1,062

1,147

24.0

6.1

6.6

27.4

25.2

5.6

5.0

20.6

19.8

3.7

3.5

Nilkamal

Neutral

2,205

3,291

1,995

2,165

10.7

10.4

69.8

80.6

31.6

27.4

126.0

109.5

16.6

16.5

1.6

1.5

Page Industries

Neutral

14,704

16,401

2,450

3,124

20.1

17.6

299.0

310.0

49.2

47.4

327.5

250.0

47.1

87.5

6.7

5.3

Parag Milk Foods

Neutral

239

2,008

1,919

2,231

9.3

9.6

9.5

12.9

25.3

18.5

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

243

1,702

408

495

27.3

27.0

7.7

8.8

31.4

27.6

2.9

9.3

10.6

3.3

2.7

Radico Khaitan

Buy

123

147

1,630

1,667

1,824

13.0

13.2

6.7

8.2

18.4

15.0

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

495

5,944

2,085

2,469

9.2

8.2

7.6

8.0

65.5

62.3

25.4

21.7

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

327

4,729

1,036

1,160

15.1

15.0

6.1

7.2

53.6

45.6

5.7

5.3

10.7

11.5

4.4

3.9

Siyaram Silk Mills

Accumulate

1,674

1,872

1,569

1,652

1,857

11.6

11.7

92.4

110.1

18.1

15.2

2.7

2.3

14.7

15.2

1.2

1.0

Styrolution ABS India*

Neutral

733

1,290

1,440

1,537

9.2

9.0

40.6

42.6

18.1

17.2

46.1

41.9

12.3

11.6

0.9

0.8

Surya Roshni

Neutral

265

1,161

3,342

3,625

7.8

7.5

17.3

19.8

15.3

13.4

29.1

23.4

10.5

10.8

0.6

0.5

Team Lease Serv.

Neutral

1,086

1,857

3,229

4,001

1.5

1.8

22.8

32.8

47.7

33.1

5.1

4.4

10.7

13.4

0.5

0.4

The Byke Hospitality

Neutral

208

835

287

384

20.5

7.6

10.7

27.4

19.5

5.7

4.6

20.7

23.5

2.9

2.2

www.angelbroking.com

Top Picks Report

May 03, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

Transport Corporation of

Neutral

247

1,895

2,671

2,911

8.5

8.8

13.9

15.7

17.9

15.8

2.4

2.2

13.7

13.8

0.8

India

TVS Srichakra

Neutral

4,213

3,226

2,304

2,614

13.7

13.8

231.1

266.6

18.2

15.8

473.4

372.8

33.9

29.3

1.4

1.2

UFO Moviez

Neutral

455

1,256

619

685

33.2

33.4

30.0

34.9

15.2

13.0

2.1

1.8

13.8

13.9

1.7

1.4

Visaka Industries

Neutral

328

521

1,051

1,138

10.3

10.4

21.0

23.1

15.6

14.2

42.1

39.4

9.0

9.2

0.8

0.7

VRL Logistics

Neutral

339

3,092

1,902

2,119

16.7

16.6

14.6

16.8

23.3

20.1

5.1

4.5

21.9

22.2

1.7

1.5

Wonderla Holidays

Neutral

386

2,178

287

355

38.0

40.0

11.3

14.2

34.1

27.2

4.9

4.3

21.4

23.9

7.3

5.9

VIP Industries

Accumulate

201

218

2,843

1,270

1,450

10.4

5.6

6.5

35.9

31.0

7.5

6.5

20.7

21.1

2.2

2.0

Navin Fluorine

Buy

3,002

3,650

2,939

789

945

21.1

22.4

120.1

143.4

25.0

20.9

4.0

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 02, 2017

www.angelbroking.com

Top Picks Report | May 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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Ratings (Based on expected returns

Buy (> 15%)

Accumulate (5% to 15%)

Neutral (-5 to 5%)

over 12 months investment period):

Reduce (-5% to -15%)

Sell (< -15)