Market Outlook
February 01, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty.
BSE Sensex
(0.7)
(194)
27,656
US markets continued its weakness on Tuesday also; while the NASDAQ remained
Nifty
(0.8)
(71)
8,561
flat, earnings disappointment by some corporate led to weakness in the Dow Jones.
Mid Cap
(1.1)
(143)
12,857
US President’s new immigration policy also continued to have a negative impact on
Small Cap
(1.0)
(134)
12,936
the markets.
Bankex
(0.4)
(83)
22,312
The European markets closed on a mixed note, due to diverse range of earnings
and also some nervousness still was visible as to the future policy action by US
president Donald Trump.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.5)
(107)
19,864
Indian markets remained under pressure during Tuesday. With budget day ahead
nervousness among traders and investors was visible. While the industry expects a
Nasdaq
0.0
1
5,615
large reform oriented budget any disappointment in the form of higher fiscal
FTSE
0.3
(19)
7,099
slippages could disappoint the market.
Nikkei
(1.7)
(328)
19,041
Hang Seng
(0.1)
(13)
23,361
Result Review/ Preview
Shanghai Com
0.3
10
3,159
Review: Cadila Healthcare, ICICI Bank
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
824
392
Key Domestic & Global Indicators
Declines
1,913
1239
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
225
72
Refer Pg7 onwards
Top Picks
Volumes (` Cr)
CMP
Target
Upside
Company
Sector
Rating
BSE
3,205
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto AncillaryAccumulate
897
1,009
12.5
NSE
27,934
Alkem Laboratories
Pharmaceuticals
Buy
1,650
1,989
20.5
HCL Tech
IT
Buy
809
1,000
23.6
Net Inflows (` Cr)
Net
Mtd
Ytd
Power Grid Corp.
Power
Accumulate
207
223
8.0
FII
(532)
(1,765)
(1,765)
Navkar Corp.
Others
Buy
168
265
57.9
MFs
238
5,435
5,435
More Top Picks on Pg5
Key Upcoming Events
Top Gainers
Price (`)
Chg (%)
Previous
Consensus
Date
Region
Event Description
Idea
110
12.5
Reading
Expectations
Feb 01 Euro Zone Euro Zone GDP s.a (QoQ)
0.5
0.5
Jpassociat
11
7.2
Feb 01 UK
PMI Manufacturing
56.1
55.9
Ramcocem
702
5.0
Feb 01 US
BOE announces rates
0.3
0.3
Natcopharm
690
4.5
Feb 02 UK
PMI Manufacturing
51.4
51.2
Bajajhldng
2,000
3.3
Feb 02 US
Initial Jobless claims
259.0
250.0
More Events on Pg6
Top Losers
Price (`)
Chg (%)
Infratel
294
(10.7)
Cadilahc
349
(7.0)
Shriramcit
1,890
(6.4)
Grasim
911
(6.1)
Abirlanuvo
1,356
(5.5)
As on January 31, 2017
Market Outlook
February 01, 2017
Result Review
ICICI Bank (CMP: `269 / TP: `315 / Upside: 17.1%)
ICICI Banks results for the quarter has been in line with expectations. Slippages of
`7,037cr was lower QoQ and the comforting factor is that 75% of the slippages
has come in from the known accounts (watch list). Slippages from the non watch
list corporate was ~ `1,660cr and remained at similar levels like Q2FY17, which it
indicates that large part of the asset quality issues for the bank will remain within
the watch list itself.
While overall loan growth remained muted, the retail demand continued to be
strong up 18%. The bank has been selective as far as lending to large corporate is
concerned and hence till the time overall macro scenario doesn’t improve, retail
should continue to be the growth driver. Though earnings will remain muted for
next couple of quarters, lower fresh slippages from regular accounts can result in
renewed interest in the stock from investors. We continue to have a BUY rating on
the stock.
Indian IT Sector Update:
A reform bill has been introduced in the US House of Representatives mandating
that the minimum salary of H-1B visa holders be doubled to US$130,000.
The legislation, called the High-Skilled Integrity and Fairness Act of
2017,
prioritises market-based allocation of visas to those companies willing to pay as
much as 200 per cent of a wage calculated by the survey. The legislation also
proposes eliminating the 'lowest pay' category. The raised salary level - to more
than $130,000 - is more than double the current H-1B minimum wage of
$60,000, which was established in 1989 and has since remained unchanged.
Hike in H-1B visa cost will have significant impact on the financials of the
company, as Indian companies while are major users of H-1B visa (according to
reports around 85%), though they form very less part of the overall workforce
(around 11-15%).Depending upon the companies, they could easily witness
around 60-70% rise in the salaries of the H-1B visa dependent workforce, and
hence have significant impact on the net profit of the companies.
However currently the bill is yet to be passed and most of the companies are
looking at mitigating the risk through increasing the local recruitment, more off-
shoring, moving offices to low cost states. Thus the real impact will be difficult to
pin down and would be depend upon the time when it actually gets implemented;
which according to us could take time. Overall, we remain positive on the IT
sector, and currently maintain our picks in the space-HCL Tech and Infosys.
Market Outlook
February 01, 2017
Economic and Political News
Google, Netflix, Twitter Unite to challenge President Trumps immigration order
US President Donald Trump asks drug makers to lower prices, boost
production in US
18 lakhs tax payers to get income tax notice to explain large deposits
Economic survey projects India’s GDP growth at 6.75%-7.5% for FY18.
Fiscal deficit in April-Dec hits 94% of budget target
Corporate News
Bajaj Auto’s Q3FY17 Pat down 5% to `924cr
Interglobe Aviation’s Q3FY17 PAT down 25% to `487.3cr
UCO Bank posts Q3FY17 net loss of `437cr
IDFC’s Q3FY17 PAT falls 43% to `101cr
Market Outlook
February 01, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Tata Global Beverages Ltd Consol - Feb 1, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
2,123
2,051
3.5
1,604
32.3
EBITDA
209
172
21.3
190
10.0
EBITDA margin (%)
9.8
8.4
11.8
Net profit
101
59
70.3
127
(20.5)
Cummins India Ltd - Feb 1, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
1240
1147
8.1
1,279
(3.0)
EBITDA
189
171
10.5
199
(5.0)
EBITDA margin (%)
15.2
15.0
15.6
Net profit
187
178
5.1
197
(5.1)
Eicher Motors Ltd - Feb 1, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
3774
3316
13.8
1,754
115
EBITDA
572
517
10.6
542
5.5
EBITDA margin (%)
15.2
15.6
30.9
Net profit
423
271
56.1
413
2.4
Glenmark Pharmaceuticals Ltd Consol - Feb 2, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
2,186
1,764
23.9
2,173
0.6
EBITDA
443
370
19.8
449
(1.3)
EBITDA margin (%)
20.3
21.0
20.6
Net profit
258
170
51.9
224
15.5
Marico Ltd - Feb 2, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
1457
1556
(6.4)
1443
1.0
EBITDA
273
294
(7.1)
253
7.9
EBITDA margin (%)
18.7
18.9
17.5
Net profit
194
198
(2.0)
181
7.2
ACC Ltd - Feb 3, 2017
Particulars ( ` cr)
4QCY16E
4QCY15
y-o-y (%)
3QCY16
q-o-q (%)
Net sales
2,654
2,846
(6.8)
2,471
7.4
EBITDA
343
282
21.7
273
25.4
EBITDA margin (%)
12.9
9.9
11.1
Net profit
167
103
62.4
84
98.0
Market Outlook
February 01, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,316
897
1,009
12.5
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
Alkem Laboratories
19,728
1,650
1,989
20.5
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
HCL Tech
1,14,145
809
1,000
23.6
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,13,455
929
1,249
34.4
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,34,749
1,445
1,634
13.1
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
66,549
1,474
1,809
22.7
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 top-
Power Grid Corporation
1,08,058
207
223
8.0
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
825
274
351
28.0
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,434
241
274
13.8
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
Blue Star
5,059
530
634
19.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
8,910
285
350
23.0
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,512
164
235
43.0
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,956
182
225
23.5
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,069
137
153
11.3
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,447
353
522
48.1
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,079
90
107
19.4
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,394
168
265
57.9
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,341
1,430
1,605
12.2
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,
TV Today Network
1,624
272
385
41.4
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
February 01, 2017
Key Upcoming Events
Result Calendar
Date
Company
Feb 1, 2017
Tata Global, Apollo Tyres, Cummins India
Feb 2, 2017
Vijaya Bank, Marico, HSIL, Glenmark Pharma., NHPC, Transport Corporation of India, UFO Moviez, Team Lease Serv.
Feb 3, 2017
ACC, J K Lakshmi Cements, PVR, MRF, Quick Heal, Manpasand Bever.
Feb 4, 2017
J & K Bank, Oriental Bank, Relaxo, Dr Reddy's, Divi's Lab.
Feb 6, 2017
Automotive Axle, LMW, GSPL, Banco
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Feb 1, 2017
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.50
0.50
3:00PM
UK
PMI Manufacturing
Value
Jan
56.10
55.90
5:30PM
UK
BOE Announces rates
% Ratio
Feb 2
0.25
0.25
Feb 2, 2017
6:30AM
China
PMI Manufacturing
Value
Jan
51.40
51.20
7:00PM
US
Initial Jobless claims
Thousands
Jan 28
259.00
250.00
12:30AM
US
FOMC rate decision
%
Feb 1
0.75
0.75
Feb 3, 2017
2:25PM
Germany
PMI Services
Value
Jan F
53.20
53.20
7:00PM
US
Change in Nonfarm payrolls
Thousands
Jan
156.00
175.00
7:00PM
US
Unnemployment rate
%
Jan
4.70
4.70
Feb 8, 2017
2:30PM
India
RBI Reverse Repo rate
%
Feb 8
5.75
--
2:30PM
India
RBI Repo rate
%
Feb 8
6.25
--
2:30PM
India
RBI Cash Reserve ratio
%
Feb 8
4.00
--
Feb 10, 2017
India
Imports YoY%
% Change
Jan
0.50
--
India
Exports YoY%
% Change
Jan
5.70
--
3:00PM
UK
Industrial Production (YoY)
% Change
Dec
2.00
--
China
Exports YoY%
% Change
Jan
(6.20)
5.10
5:30PM
India
Industrial Production YoY
% Change
Dec
5.70
--
Feb 14, 2017
3:00PM
UK
CPI (YoY)
% Change
Jan
1.60
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jan
3.39
--
US
Producer Price Index (mom)
% Change
Jan
0.80
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Jan
2.10
--
12:30PM
Germany
GDP nsa (YoY)
% Change
4Q P
1.50
--
Feb 15, 2017
7:00PM
US
Consumer price index (mom)
% Change
Jan
0.30
0.30
3:00PM
UK
Jobless claims change
% Change
Jan
(10.10)
--
7:00PM
US
Housing Starts
Thousands
Jan
1,226.00
1,226.00
Feb 16, 2017
7:00PM
US
Building permits
Thousands
Jan
1,228.00
1,235.00
8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Feb A
(4.90)
--
Feb 20, 2017
7:45PM
US
Industrial Production
%
Jan
0.83
--
Source: Bloomberg, Angel Research
Stock Watch
February 01, 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
234
-
4,546
1,937
2,164
13.3
14.3
9.0
11.0
26.0
21.3
4.5
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
726
-
36,800
15,176
17,604
18.5
18.5
37.4
44.6
19.4
16.3
3.8
3.2
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,841
22,407
26,022
10.6
10.6
5.2
6.4
17.4
14.1
3.9
3.3
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,838
-
82,115
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.5
5.5
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
929
-
21,634
7,726
8,713
20.5
21.2
35.3
42.7
26.3
21.8
4.9
4.4
18.9
20.1
2.9
2.5
Eicher Motors
Neutral
23,028
-
62,646
16,583
20,447
17.5
18.0
598.0
745.2
38.5
30.9
13.2
10.0
41.2
38.3
3.6
2.9
Gabriel India
Buy
109
130
1,569
1,544
1,715
9.0
9.3
5.4
6.3
20.2
17.3
3.8
3.4
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,179
3,541
63,487
30,958
34,139
15.7
15.7
193.6
208.3
16.4
15.3
6.4
5.3
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
181
-
1,445
1,486
1,620
9.8
9.9
15.0
17.2
12.1
10.6
2.6
2.2
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
568
-
892
1,302
1,432
11.6
11.9
43.7
53.0
13.0
10.7
1.8
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,239
-
76,975
46,534
53,077
11.6
11.7
67.3
78.1
18.4
15.9
3.0
2.6
15.4
15.8
1.6
1.4
Maruti
Accumulate
5,897
6,560
178,122
67,822
83,288
16.0
16.4
253.8
312.4
23.2
18.9
5.3
4.3
23.0
22.9
2.3
1.8
Minda Industries
Neutral
349
-
2,765
2,728
3,042
9.0
9.1
68.2
86.2
5.1
4.0
1.2
0.9
23.8
24.3
1.1
0.9
Motherson Sumi
Neutral
332
-
46,523
45,896
53,687
7.8
8.3
13.0
16.1
25.4
20.6
8.2
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
970
-
768
511
562
11.3
11.5
28.1
30.9
34.5
31.4
5.3
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
38
-
506
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
524
-
151,174
300,209
338,549
8.9
8.4
42.7
54.3
12.3
9.7
2.0
1.7
15.6
17.2
0.6
0.5
TVS Motor
Neutral
385
-
18,307
13,390
15,948
6.9
7.1
12.8
16.5
30.2
23.3
7.5
6.0
26.3
27.2
1.4
1.2
Amara Raja Batteries
Accumulate
897
1,009
15,316
5,305
6,100
16.0
16.3
28.4
34.0
31.6
26.4
6.1
5.1
19.3
19.3
2.9
2.5
Exide Industries
Neutral
198
-
16,792
7,439
8,307
15.0
15.0
8.1
9.3
24.4
21.2
3.4
3.1
14.3
16.7
1.9
1.7
Apollo Tyres
Buy
181
235
9,198
12,877
14,504
14.3
13.9
21.4
23.0
8.4
7.9
1.3
1.1
16.4
15.2
0.9
0.8
Ceat
Buy
1,168
1,450
4,724
7,524
8,624
13.0
12.7
131.1
144.3
8.9
8.1
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
121
-
2,743
7,455
8,056
15.0
15.0
21.8
24.5
5.6
4.9
1.2
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,413
-
1,755
660
810
15.2
16.4
54.5
72.8
25.9
19.4
8.1
7.3
31.5
39.2
2.5
2.0
Subros
Neutral
180
-
1,081
1,488
1,681
11.7
11.9
6.4
7.2
28.2
25.1
3.0
2.7
10.8
11.4
1.0
0.8
Indag Rubber
Neutral
177
-
464
286
326
19.8
16.8
11.7
13.3
15.1
13.3
2.6
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
47
-
464
709
814
4.1
4.6
1.4
2.1
33.5
22.3
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
1,204
-
5,012
3,451
4,055
6.3
9.2
31.4
57.9
38.3
20.8
2.3
2.1
6.3
10.9
1.6
1.3
Bharat Electronics
Neutral
1,540
-
34,398
8,137
9,169
16.8
17.2
58.7
62.5
26.2
24.6
4.1
3.6
44.6
46.3
3.2
2.9
Stock Watch
February 01, 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
Voltas
Buy
328
407
10,836
6,511
7,514
7.9
8.7
12.9
16.3
25.4
20.1
4.6
4.0
16.7
18.5
1.4
1.2
BGR Energy
Neutral
130
-
936
16,567
33,848
6.0
5.6
7.8
5.9
16.6
22.0
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
137
-
33,544
28,797
34,742
-
2.8
2.3
6.9
59.6
19.9
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
530
634
5,059
4,283
5,077
5.9
7.3
14.9
22.1
35.6
23.9
6.9
5.8
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
64
-
4,030
5,777
6,120
5.9
7.0
3.3
4.5
19.5
14.3
0.9
0.8
4.4
5.9
0.7
0.5
Greaves Cotton
Neutral
135
-
3,288
1,755
1,881
16.8
16.9
7.8
8.5
17.3
15.8
3.5
3.2
20.6
20.9
1.6
1.4
Inox Wind
Neutral
183
-
4,069
5,605
6,267
15.7
16.4
24.8
30.0
7.4
6.1
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
148
-
3,809
9,294
10,186
7.9
8.1
9.9
11.9
15.0
12.5
2.2
1.9
15.6
16.3
0.6
0.6
KEI Industries
Accumulate
137
153
1,069
2,574
2,921
10.4
10.0
10.1
11.8
13.6
11.6
2.4
2.0
17.7
17.4
0.6
0.6
Thermax
Neutral
807
-
9,611
5,421
5,940
7.3
7.3
25.7
30.2
31.4
26.7
3.8
3.5
12.2
13.1
1.7
1.5
VATech Wabag
Buy
487
681
2,655
3,136
3,845
8.9
9.1
26.0
35.9
18.7
13.6
2.3
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,416
-
26,586
11,225
13,172
13.2
16.9
44.5
75.5
31.8
18.8
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
229
-
45,491
9,350
10,979
18.2
22.5
5.8
9.5
39.5
24.1
3.3
3.0
10.2
12.5
4.9
4.1
India Cements
Neutral
146
-
4,471
4,364
4,997
18.5
19.2
7.9
11.3
18.4
12.9
1.3
1.3
8.0
8.5
1.8
1.6
JK Cement
Neutral
723
-
5,056
4,398
5,173
15.5
17.5
31.2
55.5
23.2
13.0
2.8
2.4
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
373
565
4,387
2,913
3,412
14.5
19.5
7.5
22.5
49.7
16.6
3.1
2.6
12.5
18.0
2.1
1.7
Orient Cement
Buy
135
215
2,761
2,114
2,558
18.5
20.5
8.1
11.3
16.6
11.9
2.5
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,694
-
101,382
25,768
30,385
21.0
23.5
111.0
160.0
33.3
23.1
4.3
3.7
13.5
15.8
4.0
3.4
Construction
ITNL
Neutral
110
-
3,604
8,946
10,017
31.0
31.6
8.1
9.1
13.5
12.0
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
187
-
2,633
1,385
1,673
14.7
14.0
41.2
48.5
4.5
3.9
0.9
0.7
14.9
15.2
2.0
1.6
Larsen & Toubro
Accumulate
1,445
1,634
134,749
111,017
124,908
11.0
11.0
61.1
66.7
23.7
21.7
2.8
2.6
13.1
12.9
2.2
2.1
Gujarat Pipavav Port
Neutral
140
-
6,754
705
788
52.2
51.7
5.0
5.6
27.9
25.0
2.8
2.5
11.2
11.2
9.2
7.8
Nagarjuna Const.
Neutral
83
-
4,611
8,842
9,775
9.1
8.8
5.3
6.4
15.7
13.0
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,728
2,350
2,904
13.1
13.2
9.0
8.8
11.8
12.1
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
312
-
1,542
6,829
7,954
10.5
10.5
31.4
37.4
9.9
8.3
1.0
0.9
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
445
-
655
1,801
2,219
12.7
14.6
72.1
113.9
6.2
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
276
298
4,735
3,598
4,140
10.3
10.6
9.0
11.9
30.7
23.2
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
271
-
16,245
7,428
9,549
7.9
8.6
8.2
11.0
33.0
24.6
1.6
1.3
28.2
28.7
1.9
1.4
MEP Infra
Neutral
41
-
661
1,877
1,943
30.6
29.8
3.0
4.2
13.6
9.7
6.6
4.4
0.6
0.6
1.7
1.6
Stock Watch
February 01, 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
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
Engineers India
Neutral
148
-
9,967
1,725
1,935
16.0
19.1
11.4
13.9
13.0
10.6
1.8
1.7
13.4
15.3
4.7
4.2
Financials
Axis Bank
Buy
466
580
111,419
46,932
53,575
3.5
3.4
32.4
44.6
14.4
10.4
1.9
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
165
-
38,042
19,980
23,178
1.8
1.8
11.5
17.3
14.4
9.5
1.6
1.4
8.3
10.1
-
-
Canara Bank
Neutral
285
-
15,451
15,225
16,836
1.8
1.8
14.5
28.0
19.6
10.2
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,860
2,128
4,952
420
526
3.5
3.5
86.5
107.8
21.5
17.3
4.6
3.8
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,022
1,230
15,963
2,012
2,317
6.3
6.3
42.7
53.6
23.9
19.1
3.8
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
285
350
8,910
2,225
2,688
2.9
2.9
29.7
34.6
9.6
8.2
1.6
1.3
16.1
16.8
-
-
Equitas Holdings
Buy
164
235
5,512
939
1,281
11.7
11.5
5.8
8.2
28.3
20.0
2.4
2.2
10.9
11.5
-
-
Federal Bank
Accumulate
76
85
13,085
8,259
8,995
3.0
3.0
4.3
5.6
17.7
13.6
1.5
1.4
8.5
10.1
-
-
HDFC
Neutral
1,366
-
216,553
11,475
13,450
3.4
3.4
45.3
52.5
30.2
26.0
5.8
5.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,287
-
328,558
46,097
55,433
4.5
4.5
58.4
68.0
22.0
18.9
3.9
3.2
18.8
18.6
-
-
ICICI Bank
Buy
269
315
156,607
42,800
44,686
3.1
3.3
18.0
21.9
15.0
12.3
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
139
174
2,666
3,339
3,799
2.7
2.8
11.0
14.0
12.7
10.0
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
553
630
27,923
3,712
4,293
2.6
2.5
39.0
46.0
14.2
12.0
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
136
-
28,930
23,532
23,595
2.3
2.4
6.8
12.6
20.0
10.8
3.1
2.2
3.3
6.5
-
-
RBL Bank
Neutral
382
-
14,132
1,783
2,309
2.6
2.6
12.7
16.4
30.1
23.3
3.3
2.9
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,825
6,435
7,578
2.5
2.5
2.7
3.1
7.7
6.7
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
260
-
201,832
88,650
98,335
2.6
2.6
13.5
18.8
19.3
13.8
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
144
-
9,879
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.2
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,396
-
59,027
8,978
11,281
3.3
3.4
74.0
90.0
18.9
15.5
3.6
3.0
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
971
-
93,119
17,128
18,978
16.8
16.4
19.1
20.7
50.8
46.9
17.7
16.7
34.8
35.5
5.4
4.8
Britannia
Buy
3,127
3,626
37,526
9,594
11,011
14.6
14.9
80.3
94.0
38.9
33.3
16.0
12.4
41.2
-
3.8
3.2
Colgate
Accumulate
887
995
24,131
4,605
5,149
23.4
23.4
23.8
26.9
37.3
33.0
20.6
16.1
64.8
66.8
5.2
4.6
Dabur India
Accumulate
276
304
48,662
8,315
9,405
19.8
20.7
8.1
9.2
34.1
30.0
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,156
-
21,682
4,350
4,823
21.2
21.4
179.2
196.5
28.8
26.2
7.6
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,581
-
53,846
10,235
11,428
18.4
18.6
41.1
44.2
38.5
35.8
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
855
-
185,078
35,252
38,495
17.8
17.8
20.7
22.4
41.4
38.2
39.6
34.0
95.6
88.9
5.1
4.7
ITC
Accumulate
258
284
312,792
40,059
44,439
38.3
39.2
9.0
10.1
28.7
25.5
8.0
7.0
27.8
27.5
7.3
6.6
Stock Watch
February 01, 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
Marico
Buy
257
300
33,195
6,430
7,349
18.8
19.5
6.4
7.7
40.2
33.4
12.1
10.2
33.2
32.5
5.0
4.3
Nestle*
Neutral
5,842
-
56,328
10,073
11,807
20.7
21.5
124.8
154.2
46.8
37.9
19.2
17.3
34.8
36.7
5.4
4.6
Tata Global
Neutral
129
-
8,132
8,675
9,088
9.8
9.8
7.4
8.2
17.4
15.7
2.0
1.9
7.9
8.1
0.9
0.8
Procter & Gamble
Accumulate
6,915
7,369
22,447
2,939
3,342
23.2
23.0
146.2
163.7
47.3
42.2
105.9
101.5
25.3
23.5
7.2
6.2
Hygiene
IT
HCL Tech^
Buy
809
1,000
114,145
49,242
57,168
20.5
20.5
55.7
64.1
14.5
12.6
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
929
1,249
213,455
68,350
77,326
27.0
27.0
62.5
69.4
14.9
13.4
3.2
2.9
21.3
21.6
2.6
2.2
TCS
Buy
2,230
2,620
439,386
119,025
133,308
27.6
27.6
131.2
145.5
17.0
15.3
5.5
5.1
32.4
33.1
3.5
3.1
Tech Mahindra
Buy
452
600
43,961
29,673
32,937
15.5
17.0
32.8
39.9
13.8
11.3
2.7
2.3
19.6
20.7
1.2
1.0
Wipro
Buy
457
590
111,115
55,440
60,430
18.1
18.1
35.9
39.9
12.7
11.5
2.3
2.1
19.0
19.3
1.7
1.6
Media
D B Corp
Neutral
371
-
6,816
2,297
2,590
27.4
28.2
21.0
23.4
17.7
15.8
4.1
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
80
-
1,853
2,693
2,991
12.6
12.9
7.9
9.0
10.1
8.8
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
182
225
5,956
2,355
2,635
28.0
28.0
10.8
12.5
16.9
14.6
3.7
3.2
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
527
-
20,782
2,850
3,265
70.1
71.0
26.2
30.4
20.1
17.4
5.2
4.6
24.3
25.6
6.9
5.9
Hindustan Media
Neutral
271
-
1,989
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
272
385
1,624
637
743
27.5
27.5
18.4
21.4
14.8
12.7
2.6
2.2
17.4
17.2
2.2
1.7
Metals & Mining
Coal India
Neutral
310
-
192,368
84,638
94,297
21.4
22.3
24.5
27.1
12.7
11.4
5.3
5.0
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
298
-
126,105
14,252
18,465
55.9
48.3
15.8
21.5
18.9
13.9
3.1
2.7
17.0
20.7
8.9
6.8
Hindalco
Neutral
190
-
39,236
107,899
112,095
7.4
8.2
9.2
13.0
20.6
14.6
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
198
-
47,958
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.7
1.4
NMDC
Neutral
144
-
45,497
6,643
7,284
44.4
47.7
7.1
7.7
20.3
18.7
1.8
1.7
8.8
9.2
4.6
4.2
SAIL
Neutral
64
-
26,247
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.4
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
253
-
75,036
71,744
81,944
19.2
21.7
13.4
20.1
18.9
12.6
1.6
1.5
8.4
11.3
1.4
1.1
Tata Steel
Neutral
462
-
44,909
121,374
121,856
7.2
8.4
18.6
34.3
24.9
13.5
1.6
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
277
-
51,971
9,127
10,632
4.3
20.6
8.8
11.7
31.5
23.7
1.0
1.0
3.3
4.2
7.2
6.0
GAIL
Neutral
467
-
59,263
56,220
65,198
9.3
10.1
27.1
33.3
17.2
14.0
1.6
1.5
9.3
10.7
1.2
1.0
ONGC
Neutral
202
-
259,424
137,222
152,563
15.0
21.8
19.5
24.1
10.4
8.4
0.9
0.8
8.5
10.1
2.2
1.9
Indian Oil Corp
Neutral
366
-
177,920
373,359
428,656
5.9
5.5
54.0
59.3
6.8
6.2
1.1
1.0
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,043
-
338,436
301,963
358,039
12.1
12.6
87.7
101.7
11.9
10.3
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
560
-
10,559
3,483
4,083
20.2
21.4
24.3
30.4
23.1
18.4
5.3
4.2
25.5
25.3
3.0
2.5
Stock Watch
February 01, 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
Pharmaceuticals
Alkem Laboratories Ltd
Buy
1,650
1,989
19,728
6,043
6,893
18.7
19.3
80.5
88.8
20.5
18.6
4.6
3.8
22.3
20.3
3.2
2.8
Aurobindo Pharma
Buy
682
877
39,926
15,720
18,078
23.7
23.7
41.4
47.3
16.5
14.4
4.3
3.4
29.6
26.1
2.8
2.4
Sanofi India*
Neutral
4,105
-
9,455
2,277
2,597
17.3
18.3
149.4
172.0
27.5
23.9
4.6
3.7
25.1
28.8
3.8
3.1
Cadila Healthcare
Accumulate
349
400
35,754
10,429
12,318
22.6
22.0
16.9
19.2
20.7
18.2
5.3
4.2
28.5
25.7
3.4
2.8
Cipla
Reduce
574
490
46,193
15,378
18,089
17.4
18.4
21.6
27.2
26.6
21.1
3.4
3.0
13.7
15.2
3.2
2.7
Dr Reddy's
Neutral
3,021
-
50,046
16,043
18,119
20.8
22.4
112.4
142.9
26.9
21.1
3.6
3.1
14.1
15.9
3.1
2.7
Dishman Pharma
Neutral
226
-
3,651
1,718
1,890
22.7
22.8
9.5
11.3
23.8
20.0
2.3
2.1
10.1
10.9
2.6
2.3
GSK Pharma*
Neutral
2,716
-
23,007
3,000
3,312
15.4
20.6
46.5
60.8
58.4
44.7
14.0
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
268
240
2,465
1,112
1,289
16.2
18.2
11.6
16.0
23.1
16.7
3.7
3.1
17.0
20.1
2.3
2.0
Ipca labs
Accumulate
533
613
6,731
3,303
3,799
15.3
15.3
17.3
19.7
30.8
27.1
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,474
1,809
66,549
15,912
18,644
26.4
26.7
58.1
69.3
25.4
21.3
4.9
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
632
847
151,522
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
Tata Power
Neutral
80
-
21,584
36,916
39,557
17.4
27.1
5.1
6.3
15.7
12.7
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
173
-
142,440
86,605
95,545
17.5
20.8
11.8
13.4
14.6
12.9
1.5
1.4
10.5
11.1
3.0
3.0
Power Grid
Accumulate
207
223
108,058
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
Real Estate
MLIFE
Buy
353
522
1,447
1,152
1,300
22.7
24.6
29.9
35.8
11.8
9.9
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
348
-
139,070
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
110
-
39,687
40,133
43,731
37.2
37.1
6.4
6.5
17.2
17.0
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,373
-
9,292
3,153
3,583
14.1
14.4
152.2
182.7
28.7
23.9
141.1
120.5
25.6
26.1
2.7
2.3
Bajaj Electricals
Accumulate
241
274
2,434
4,801
5,351
5.7
6.2
10.4
13.7
23.1
17.6
2.9
2.5
12.4
14.5
0.5
0.5
Finolex Cables
Neutral
438
-
6,706
2,883
3,115
12.0
12.1
14.2
18.6
30.9
23.6
16.4
14.4
15.8
14.6
2.0
1.8
Goodyear India*
Neutral
703
-
1,623
1,598
1,704
10.4
10.2
49.4
52.6
14.2
13.4
65.7
57.7
18.2
17.0
0.7
97.0
Hitachi
Neutral
1,417
-
3,853
2,081
2,433
8.8
8.9
33.4
39.9
42.4
35.5
34.2
28.5
22.1
21.4
1.8
1.6
Jyothy Laboratories
Neutral
349
-
6,347
1,440
2,052
11.5
13.0
8.5
10.0
41.1
35.0
10.0
9.2
18.6
19.3
4.7
3.3
Page Industries
Neutral
14,462
-
16,131
2,450
3,124
20.1
17.6
299.0
310.0
48.4
46.7
322.1
245.9
47.1
87.5
6.6
5.2
Relaxo Footwears
Neutral
432
-
5,192
2,085
2,469
9.2
8.2
7.6
8.0
57.2
54.4
22.2
18.9
17.9
18.8
2.6
2.2
Siyaram Silk Mills
Accumulate
1,430
1,605
1,341
1,733
1,948
11.6
11.7
96.6
114.7
14.8
12.5
2.3
2.0
15.3
15.7
1.0
0.9
Styrolution ABS India*
Neutral
608
-
1,069
1,440
1,537
9.2
9.0
40.6
42.6
15.0
14.3
38.2
34.8
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,200
-
2,450
2,304
2,614
13.7
13.8
231.1
266.6
13.8
12.0
359.6
283.1
33.9
29.3
1.1
0.9
Stock Watch
February 01, 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
HSIL
Neutral
289
-
2,092
2,384
2,515
15.8
16.3
15.3
19.4
18.9
14.9
18.8
16.2
7.8
9.3
1.0
1.0
Kirloskar Engines India
Neutral
330
-
4,772
2,554
2,800
9.9
10.0
10.5
12.1
31.4
27.3
13.2
12.4
10.7
11.7
1.5
1.3
Ltd
M M Forgings
Neutral
502
-
606
546
608
20.4
20.7
41.3
48.7
12.2
10.3
68.8
60.9
16.6
17.0
1.0
0.9
Banco Products (India) Neutral
203
-
1,454
1,353
1,471
12.3
12.4
14.5
16.3
14.0
12.5
19.4
17.4
14.5
14.6
1.0
108.8
Competent Automobiles Neutral
167
-
103
1,137
1,256
3.1
2.7
28.0
23.6
6.0
7.1
32.1
29.0
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,645
-
2,454
1,995
2,165
10.7
10.4
69.8
80.6
23.6
20.4
94.0
81.6
16.6
16.5
1.2
1.1
Visaka Industries
Neutral
205
-
326
1,051
1,138
10.3
10.4
21.0
23.1
9.8
8.9
26.3
24.6
9.0
9.2
0.6
0.5
Transport Corporation of
Neutral
163
-
1,250
2,671
2,911
8.5
8.8
13.9
15.7
11.8
10.4
1.6
1.4
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
56
-
630
1,482
1,660
13.7
14.5
3.9
5.8
14.4
9.7
3.4
3.1
7.8
10.9
0.7
0.7
Surya Roshni
Neutral
184
-
808
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.3
20.3
16.3
10.5
10.8
0.5
0.5
MT Educare
Neutral
131
-
520
366
417
17.7
18.2
9.4
10.8
13.9
12.1
3.1
2.7
22.2
22.3
1.3
1.1
Radico Khaitan
Buy
113
147
1,501
1,667
1,824
13.0
13.2
6.7
8.2
17.0
13.8
1.5
1.4
9.0
10.2
1.3
1.1
Garware Wall Ropes
Neutral
585
-
1,281
873
938
14.3
14.3
35.2
37.5
16.7
15.6
2.9
2.5
17.5
15.9
1.4
1.3
Wonderla Holidays
Neutral
373
-
2,107
287
355
38.0
40.0
11.3
14.2
33.0
26.3
4.7
4.1
21.4
23.9
7.0
5.7
Linc Pen & Plastics
Neutral
278
-
411
382
420
9.3
9.5
13.5
15.7
20.6
17.7
3.5
3.1
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
162
-
648
287
384
20.5
20.5
7.6
10.7
21.3
15.1
4.4
3.6
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
903
-
32,641
21,122
26,005
14.5
27.6
110.7
132.1
8.2
6.8
48.8
34.9
168.5
201.1
1.5
1.2
Coffee Day Enterprises
Neutral
199
-
4,096
2,964
3,260
20.5
21.2
4.7
8.0
-
24.9
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
124
-
2,955
1,062
1,147
24.0
24.0
6.1
6.6
20.4
18.7
4.2
3.7
20.6
19.8
2.9
2.6
Navkar Corporation
Buy
168
265
2,394
369
561
42.9
42.3
7.2
11.5
23.2
14.6
1.7
1.5
7.4
10.5
7.5
4.9
UFO Moviez
Neutral
456
-
1,259
619
685
33.2
33.4
30.0
34.9
15.2
13.1
2.1
1.8
13.8
13.9
1.7
1.4
VRL Logistics
Neutral
286
-
2,613
1,902
2,119
16.7
16.6
14.6
16.8
19.7
17.0
4.3
3.8
21.9
22.2
1.5
1.3
Team Lease Serv.
Neutral
891
-
1,523
3,229
4,001
1.5
1.8
22.8
32.8
39.1
27.1
4.2
3.6
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
320
-
4,627
1,036
1,160
15.1
15.0
6.1
7.2
52.4
44.6
5.6
5.1
10.7
11.5
4.3
3.8
Quick Heal
Neutral
268
-
1,877
408
495
27.3
27.0
7.7
8.8
34.6
30.5
3.2
3.2
9.3
10.6
3.7
3.1
Narayana Hrudaya
Neutral
340
-
6,943
1,873
2,166
11.5
11.7
2.6
4.0
128.5
85.7
7.9
7.1
6.1
8.3
3.8
3.3
Manpasand Bever.
Neutral
629
-
3,597
836
1,087
19.6
19.4
16.9
23.8
37.2
26.4
4.5
3.9
12.0
14.8
4.0
3.0
Parag Milk Foods
Neutral
266
-
2,236
1,919
2,231
9.3
9.6
9.5
12.9
28.1
20.6
4.4
3.6
15.5
17.5
1.3
1.1
Mirza International
Buy
90
107
1,079
987
1,106
18.0
18.0
6.5
7.6
13.7
11.8
2.2
1.9
15.9
15.7
1.3
1.2
Stock Watch
February 01, 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
Asian Granito
Buy
274
351
825
1,071
1,182
12.1
12.4
12.7
16.0
21.5
17.2
2.1
1.8
9.5
10.7
1.1
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 31, 2017
Market Outlook
February 01, 2017
Research Team Tel: 022 - 39357800
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