Market Outlook
May 02, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat and may remain in green tracking the SGX
BSE Sensex
(0.4)
(111)
29,918
Nifty & global cues.
Nifty
(0.4)
(38)
9,304
US markets turned in a relatively lackluster performance during trading on Monday
Mid Cap
0.2
26
14,798
before ending the session mixed. Despite the choppy trading, the tech-heavy
Small Cap
0.6
193
15,373
Nasdaq ended the session at a new record closing high. Traders seemed somewhat
reluctant to make any significant moves ahead of the Federal Reserve's monetary
Bankex
0.3
74
25,325
policy announcement on Wednesday.
The European markets endured a choppy day of trade Friday, fluctuating between
Global Indices
Chg (%)
(Pts)
(Close)
small gains and losses throughout the session. The markets ended with mixed results
Dow Jones
(0.1)
(27)
20,913
after snapping a 6-session winning streak on Thursday. Investors seemed reluctant
Nasdaq
0.7
44
6,092
to make any major moves ahead of Monday's holiday.
FTSE
(0.5)
(33)
7,204
The Indian markets were closed on Monday for a public holiday. Markets fell
Nikkei
(0.3)
(55)
19,197
modestly on Friday as investors continued to book profits in recent outperformers
Hang Seng
(0.3)
(83)
24,615
ahead of a long weekend and next week's FOMC meeting, although no change in
Shanghai Com
0.1
2
3,155
rates is expected at the meeting.
News Analysis
Advances / Declines
BSE
NSE
Real estate buyers set to become king as RERA comes into force today
Advances
1,386
1,811
Detailed analysis on Pg2
Declines
1,509
854
Unchanged
125
85
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
BSE
4,336
NSE
26,537
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
#Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Accumulate
695
760
9.4
FII
( (23)
(1,095)
43,125
Dewan Housing Fin. Financials
Accumulate
427
460
7.8
MFs
258
9,918
19,355
Mahindra Lifespace
Real Estate
Buy
442
522
18.1
Navkar Corporation Others
Buy
208
265
27.6
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Accumulate
217
239
10.0
More Top Picks on Pg4
Amtekauto
139
18.4
Federalbnk
107
13.6
Key Upcoming Events
Previous
Consensus
Denabank
44
9.7
Date
Region
Event Description
Reading
Expectations
Ifci
32
8.9
May 02, 2017 Germany PMI Manufacturing
58.20
58.20
Syndibank
83
8.5
May 02, 2017 Germany Unemployment change (000's)
-30.00
-10.50
May 03, 2017 UK
PMI Manufacturing
54.20
54.00
May 03, 2017 US
FOMC rate decision
1.00
1.00
Top Losers
Price (`)
Chg (%)
May 03, 2017 Germany PMI Services
54.70
54.70
Adanient
109
(4.6)
May 04, 2017 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.50
0.50
Ibrealest
150
(4.3)
More Events on Pg5
Prestige
236
(4.3)
Deltacorp
159
(4.1)
Coromandel
348
(4.0)
#As on April 28, 2017
Market Outlook
May 02, 2017
News Analysis
Real estate buyers set to become king as RERA comes into force
today
The much-awaited Real Estate Act comes into force on Monday with a promise
of protecting the right of consumers and ushering in transparency but only 13
states and union territories (UTs) have so far notified rules. The government
has described the implementation of the consumer-centric Act as the
beginning of an era where the consumer is king.
Real estate players have also welcomed the implementation of the Act, saying
it will bring a paradigm change in the way the Indian real estate sector
functions. The government has brought in the legislation to protect home
buyers and encourage genuine private players.
Economic and Political News
Penalty on telcos: Trai reply to DoT this month in Jio case
March core sector output rises to 5%, fastest in 3 months
Govt to ensure power price at `3/unit: Piyush Goyal
Forex reserves shy of record high at $371.14 bn
Corporate News
BS-III ban: Two-wheeler industry incurs `600Cr loss
Bharat Financial posts `235Cr loss for Q4, weighs merger
Ambuja Cements: Higher costs offset gains from rising volumes
Walmart to open 50 new stores in India soon; 10 of them in Telangana
MCA asks 200,000 companies to stop operations, get de-registered
Market Outlook
May 02, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Marico Consol - May 2, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,363
1,303
4.6
1,414
(3.6)
EBITDA
225
217
4.0
272
(17.3)
EBITDA margin (%)
16.5
16.6
19.3
Net profit
153
138
10.6
189
(18.9)
ICICI Bank Ltd - May 3, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
2,293
3,056
(25.0)
2,442
6.1
Exide Industries Ltd - May 4, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,969
1,756
12.1
1,725
14.1
EBITDA
287
267
7.2
230
24.9
EBITDA margin (%)
14.6
15.2
13.3
Net profit
178
178
0.4
151
17.6
Housing Development Finance Corp - May 4, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
2,020
2,607
(22.5)
1,701
18.7
Bharti Infratel Consol - May 8, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
3,486
3,162
10.3
1,530
127.8
EBITDA
1,540
1,425
8.1
706
118.3
EBITDA margin (%)
44.2
45.1
46.1
Net profit
700
662
5.8
620
12.9
ABB India Ltd - May 8, 2017
Particulars ( ` cr)
1QCY17E
1QCY16
y-o-y (%)
4QCY16
q-o-q (%)
Net sales
2,224
1,976
12.5
2,441
(8.9)
EBITDA
195
149
30.5
282
(31.0)
EBITDA margin (%)
8.7
7.5
11.5
Net profit
92
71
29.8
147
(37.3)
Market Outlook
May 02, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
23,571
1,971
2,257
14.5
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,151
383
405
5.8
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,560
352
395
12.4
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
6,641
695
760
9.4
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
13,364
427
460
7.8
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
5,613
166
235
41.4
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
6,381
195
225
15.3
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,687
217
239
10.0
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,814
442
522
18.1
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,963
208
265
27.6
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,583
1,689
1,872
10.8
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
1,597
268
344
28.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
May 02, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 2, 2017
Marico
May 3, 2017
ICICI Bank, Alembic Pharma
May 4, 2017
Exide Industries, Bank of Maharashtra, MRF
May 5, 2017
Apollo Tyres, Visaka Industries, Aventis
May 6, 2017
L G Balakrishnan & Bros
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 2,, 2017 1:25PM
Germany
PMI Manufacturing
Value
Apr F
58.20
58.20
1:25PM
Germany
Unemployment change (000's)
Thousands
Apr
(30.00)
(10.50)
May 3,, 2017 2:00PM
UK
PMI Manufacturing
Value
Apr
54.20
54.00
11:30PM
US
FOMC rate decision
%
May 3
1.00
1.00
1:25PM
Germany
PMI Services
Value
Apr F
54.70
54.70
May 4,, 2017 2:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.50
0.50
6:00PM
US
Initial Jobless claims
Thousands
Apr 29
257.00
249.50
May 5,, 2017 6:00PM
US
Change in Nonfarm payrolls
Thousands
Apr
98.00
190.00
6:00PM
US
Unnemployment rate
%
Apr
4.50
4.60
May 8,, 2017
China
Exports YoY%
% Change
Apr
16.40
--
May 10, 2017 7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
0.90
--
India
Imports YoY%
% Change
Apr
45.30
--
India
Exports YoY%
% Change
Apr
27.60
--
May 11, 2017
US
Producer Price Index (mom)
% Change
Apr
(0.20)
--
2:00PM
UK
Industrial Production (YoY)
% Change
Mar
2.80
--
4:30PM
UK
BOE Announces rates
% Ratio
May 11
0.25
--
May 12, 2017 6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.30)
0.30
5:30PM
India
Industrial Production YoY
% Change
Mar
(1.20)
--
11:30AM
Germany
GDP nsa (YoY)
% Change
1Q P
1.20
--
May 15, 201712:00PM
India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
--
7:30AM
China
Industrial Production (YoY)
% Change
Apr
7.60
--
May 16, 2017 6:00PM
US
Housing Starts
Thousands
Apr
1,215.00
--
6:00PM
US
Building permits
Thousands
Apr
1,267.00
--
6:45PM
US
Industrial Production
%
Apr
0.55
--
2:00PM
UK
CPI (YoY)
% Change
Apr
2.30
--
May 17, 2017 2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.90
--
7:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(3.60)
--
Source: Bloomberg, Angel Research
Market Outlook
May 02, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
7.0
5.6
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
3.3
7.0
4.0
6.0
3.0
2.2
5.6
6.0
2.0
1.3
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
6.1
54.0
5.8
5.8
6.0
5.5
5.1
52.0
5.0
4.3
4.2
3.7
3.8
50.0
4.0
3.6
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
Market Outlook
May 02, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
4.9
0.7
4.5
4.0
3.0
2.1
1.9
2.0
0.3
1.6
1.2
0.8
-
(2.0)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
6.6
7.0
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
May 02, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,403
1.7
(0.5)
20.1
Russia
Micex
2,017
(0.3)
(9.5)
4.7
India
Nifty
9,304
2.9
10.9
16.8
China
Shanghai Composite
3,155
(3.3)
0.7
3.4
South Africa
Top 40
47,072
5.4
1.3
1.0
Mexico
Mexbol
49,261
(0.1)
2.3
7.8
Indonesia
LQ45
941
2.1
6.9
11.8
Malaysia
KLCI
1,768
1.0
5.0
2.9
Thailand
SET 50
994
(0.4)
1.0
9.9
USA
Dow Jones
20,913
1.2
4.1
16.9
UK
FTSE
7,204
(1.2)
0.6
16.5
Japan
Nikkei
19,311
(0.1)
(1.4)
13.5
Germany
DAX
12,438
3.7
5.0
26.3
France
CAC
5,267
5.0
8.2
21.8
Source: Bloomberg, Angel Research
Stock Watch
May 02, 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
242
-
4,704
1,937
2,164
13.3
14.3
9.0
11.0
26.9
22.0
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
806
-
40,935
15,176
17,604
18.5
18.5
37.4
44.6
21.6
18.1
4.2
3.5
21.4
21.2
2.8
2.4
Auto & Auto Ancillary
Amara Raja Batteries
Accumulate
889
1,009
15,182
5,305
6,100
16.0
16.3
28.4
34.0
31.3
26.1
6.0
5.1
19.3
19.3
2.9
2.5
Apollo Tyres
Neutral
244
-
12,425
12,877
14,504
14.3
13.9
21.4
23.0
11.4
10.6
1.8
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
85
111
24,318
20,021
21,915
11.6
11.9
4.5
5.3
19.0
16.1
3.9
3.5
20.6
21.5
1.2
1.0
Bajaj Auto
Neutral
2,868
-
83,001
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.7
5.6
4.8
30.3
29.4
3.0
2.7
Bharat Forge
Neutral
1,144
-
26,632
7,726
8,713
20.5
21.2
35.3
42.7
32.4
26.8
6.0
5.4
18.9
20.1
3.5
3.1
Ceat
Neutral
1,521
-
6,152
7,524
8,624
13.0
12.7
131.1
144.3
11.6
10.5
2.1
1.8
19.8
18.6
0.9
0.8
Eicher Motors
Neutral
26,068
-
70,932
16,583
20,447
17.5
18.0
598.0
745.2
43.6
35.0
14.9
11.3
41.2
38.3
4.1
3.3
Exide Industries
Neutral
230
-
19,563
7,439
8,307
15.0
15.0
8.1
9.3
28.4
24.8
4.0
3.6
14.3
16.7
2.2
2.0
Gabriel India
Neutral
124
-
1,783
1,544
1,715
9.0
9.3
5.4
6.3
23.0
19.7
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,311
-
66,114
28,083
30,096
15.3
15.7
171.8
187.0
19.3
17.7
6.7
5.7
30.1
27.9
2.2
2.0
Indag Rubber
Neutral
213
-
558
286
326
19.8
16.8
11.7
13.3
18.2
16.0
3.1
2.9
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
241
-
1,920
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
166
-
3,757
7,455
8,056
15.0
15.0
21.8
24.5
7.6
6.8
1.6
1.3
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
626
-
983
1,302
1,432
11.6
11.9
43.7
53.0
14.3
11.8
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,335
-
82,888
46,534
53,077
11.6
11.7
67.3
78.1
19.8
17.1
3.2
2.8
15.4
15.8
1.8
1.5
Maruti
Neutral
6,526
-
197,122
67,822
83,288
16.0
16.4
253.8
312.4
25.7
20.9
5.9
4.8
23.0
22.9
2.6
2.0
Minda Industries
Neutral
481
-
4,153
2,728
3,042
9.0
9.1
68.2
86.2
7.1
5.6
1.6
1.3
23.8
24.3
1.6
1.4
Motherson Sumi
Neutral
401
-
56,241
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
1,006
-
796
511
562
11.3
11.5
28.1
30.9
35.8
32.5
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
43
-
572
741
837
13.0
13.0
15.2
17.0
2.8
2.5
0.5
0.4
15.8
16.3
1.2
1.0
Subros
Neutral
230
-
1,382
1,488
1,681
11.7
11.9
6.4
7.2
36.0
32.2
3.8
3.5
10.8
11.4
1.2
1.0
Swaraj Engines
Neutral
1,818
-
2,258
660
810
15.2
16.4
54.5
72.8
33.4
25.0
10.4
9.4
31.5
39.2
3.2
2.6
Tata Motors
Neutral
458
-
132,183
300,209
338,549
8.9
8.4
42.7
54.3
10.7
8.4
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
496
-
23,545
13,390
15,948
6.9
7.1
12.8
16.5
38.8
30.0
9.7
7.7
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
62
-
617
709
814
4.1
4.6
1.4
2.1
44.6
29.7
1.8
1.7
4.4
6.0
1.0
0.9
BEML
Neutral
1,406
-
5,855
3,451
4,055
6.3
9.2
31.4
57.9
44.8
24.3
2.7
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
164
-
1,181
16,567
33,848
6.0
5.6
7.8
5.9
21.0
27.7
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
May 02, 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
-
40,864
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
176
-
43,004
28,797
34,742
-
2.8
2.3
6.9
76.4
25.5
1.3
1.3
1.3
4.8
1.1
0.8
Blue Star
Accumulate
695
760
6,641
4,283
5,077
5.9
7.3
14.9
22.1
46.7
31.4
9.1
7.6
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
79
-
4,926
5,777
6,120
5.9
7.0
3.3
4.5
23.8
17.5
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
171
-
4,180
1,755
1,881
16.8
16.9
7.8
8.5
21.9
20.1
4.4
4.1
20.6
20.9
2.1
1.9
Inox Wind
Neutral
196
-
4,357
5,605
6,267
15.7
16.4
24.8
30.0
7.9
6.5
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
219
-
5,626
9,294
10,186
7.9
8.1
9.9
11.9
22.1
18.4
3.2
2.8
15.6
16.3
0.8
0.8
KEI Industries
Accumulate
217
239
1,687
2,682
3,058
10.4
10.0
11.7
12.8
18.5
16.9
3.7
3.1
20.1
18.2
0.8
0.7
Thermax
Neutral
1,018
-
12,134
5,421
5,940
7.3
7.3
25.7
30.2
39.6
33.7
4.8
4.4
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
673
-
3,671
3,136
3,845
8.9
9.1
26.0
35.9
25.9
18.7
3.2
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
410
-
13,581
6,511
7,514
7.9
8.7
12.9
16.3
31.8
25.2
5.7
5.0
16.7
18.5
1.8
1.6
Cement
ACC
Neutral
1,625
-
30,515
11,225
13,172
13.2
16.9
44.5
75.5
36.5
21.5
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
246
-
48,837
9,350
10,979
18.2
22.5
5.8
9.5
42.4
25.9
3.6
3.2
10.2
12.5
5.2
4.5
India Cements
Neutral
216
-
6,638
4,364
4,997
18.5
19.2
7.9
11.3
27.4
19.1
2.0
1.9
8.0
8.5
2.3
2.0
J K Lakshmi Cement
Neutral
463
-
5,445
2,913
3,412
14.5
19.5
7.5
22.5
61.7
20.6
3.8
3.2
12.5
18.0
2.5
2.1
JK Cement
Neutral
967
-
6,759
4,398
5,173
15.5
17.5
31.2
55.5
31.0
17.4
3.7
3.2
12.0
15.5
2.1
1.7
Orient Cement
Neutral
170
-
3,491
2,114
2,558
18.5
20.5
8.1
11.3
21.0
15.1
3.1
2.6
9.0
14.0
2.3
1.8
UltraTech Cement
Neutral
4,239
-
116,369
25,768
30,385
21.0
23.5
111.0
160.0
38.2
26.5
4.9
4.3
13.5
15.8
4.6
3.8
Construction
Engineers India
Neutral
166
-
11,213
1,725
1,935
16.0
19.1
11.4
13.9
14.6
12.0
2.0
2.0
13.4
15.3
5.4
4.9
Gujarat Pipavav Port
Neutral
160
-
7,733
705
788
52.2
51.7
5.0
5.6
32.0
28.6
3.2
2.8
11.2
11.2
10.6
9.0
ITNL
Neutral
115
-
3,770
8,946
10,017
31.0
31.6
8.1
9.1
14.2
12.6
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
199
-
2,794
1,385
1,673
14.7
14.0
41.2
48.5
4.8
4.1
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,748
-
163,140
111,017
124,908
11.0
11.0
61.1
66.7
28.6
26.2
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
66
-
1,076
1,877
1,943
30.6
29.8
3.0
4.2
22.1
15.8
10.7
7.2
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
95
-
5,304
8,842
9,775
9.1
8.8
5.3
6.4
18.0
14.9
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
200
-
17,978
7,428
9,549
7.9
8.6
8.2
11.0
24.4
18.2
1.2
1.0
28.2
28.7
2.1
1.6
PNC Infratech
Neutral
158
-
4,055
2,350
2,904
13.1
13.2
9.0
8.8
17.6
18.0
0.6
0.6
15.9
13.9
1.8
1.5
Power Mech Projects
Neutral
558
-
821
1,801
2,219
12.7
14.6
72.1
113.9
7.7
4.9
1.4
1.2
16.8
11.9
0.5
0.3
Sadbhav Engineering
Neutral
334
-
5,732
3,598
4,140
10.3
10.6
9.0
11.9
37.1
28.1
3.9
3.4
9.9
11.9
1.9
1.6
Stock Watch
May 02, 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
404
-
1,996
6,829
7,954
10.5
10.5
31.4
37.4
12.9
10.8
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
102
-
3,582
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.4
(22.8)
(15.9)
11.7
9.7
Financials
Axis Bank
Accumulate
510
580
122,089
46,932
53,575
3.5
3.4
32.4
44.6
15.8
11.4
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
188
-
43,203
19,980
23,178
1.8
1.8
11.5
17.3
16.3
10.8
1.9
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,617
-
6,967
420
526
3.5
3.5
86.5
107.8
30.3
24.3
6.5
5.3
23.6
24.1
-
-
Canara Bank
Neutral
355
-
21,189
15,225
16,836
1.8
1.8
14.5
28.0
24.5
12.7
1.7
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Accumulate
1,112
1,230
17,375
2,012
2,317
6.3
6.3
42.7
53.6
26.0
20.7
4.1
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
427
460
13,364
2,225
2,688
2.9
2.9
29.7
34.6
14.4
12.3
2.3
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
166
235
5,613
939
1,281
11.7
11.5
5.8
8.2
28.7
20.3
2.5
2.2
10.9
11.5
-
-
Federal Bank
Buy
107
125
18,514
8,259
8,995
3.0
3.0
4.3
5.6
25.0
19.2
2.1
2.0
8.5
10.1
-
-
HDFC
Neutral
1,537
-
244,186
11,475
13,450
3.4
3.4
45.3
52.5
33.9
29.3
6.5
5.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,542
1,650
395,547
46,097
55,433
4.5
4.5
58.4
68.0
26.4
22.7
4.6
3.9
18.8
18.6
-
-
ICICI Bank
Accumulate
279
315
162,239
42,800
44,686
3.1
3.3
18.0
21.9
15.5
12.7
2.1
2.0
11.1
12.3
-
-
Karur Vysya Bank
Buy
120
140
7,222
5,640
6,030
3.3
3.2
8.9
10.0
13.4
12.0
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
185
-
3,542
3,339
3,799
2.7
2.8
11.0
14.0
16.8
13.2
1.8
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
668
-
33,732
3,712
4,293
2.6
2.5
39.0
46.0
17.1
14.5
3.2
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
169
-
35,941
23,532
23,595
2.3
2.4
6.8
12.6
24.8
13.4
3.8
2.7
3.3
6.5
-
-
RBL Bank
Neutral
564
-
21,178
1,783
2,309
2.6
2.6
12.7
16.4
44.4
34.4
4.9
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
769
825
4,809
388
457
4.5
4.2
30.0
38.0
25.6
20.2
4.3
3.6
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,633
6,435
7,578
2.5
2.5
2.7
3.1
9.5
8.3
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
289
-
234,740
88,650
98,335
2.6
2.6
13.5
18.8
21.4
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
171
-
11,748
13,450
14,925
2.3
2.3
25.5
34.5
6.7
5.0
1.0
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,631
-
74,469
8,978
11,281
3.3
3.4
74.0
90.0
22.0
18.1
4.2
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,963
-
9,416
2,955
3,309
13.3
13.7
57.2
69.3
34.4
28.3
11.2
9.4
32.7
33.3
3.0
2.6
Asian Paints
Neutral
1,120
-
107,392
17,128
18,978
16.8
16.4
19.1
20.7
58.6
54.1
20.4
19.2
34.8
35.5
6.2
5.6
Britannia
Neutral
3,627
-
43,529
9,594
11,011
14.6
14.9
80.3
94.0
45.2
38.6
18.6
14.3
41.2
-
4.4
3.8
Colgate
Neutral
1,038
-
28,239
4,605
5,149
23.4
23.4
23.8
26.9
43.6
38.6
24.2
18.9
64.8
66.8
6.1
5.4
Dabur India
Accumulate
287
304
50,476
8,315
9,405
19.8
20.7
8.1
9.2
35.4
31.2
9.9
8.2
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,128
-
21,565
4,350
4,823
21.2
21.4
179.2
196.5
28.6
26.1
7.6
6.4
27.1
26.8
4.3
3.8
Stock Watch
May 02, 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
1,743
-
59,358
10,235
11,428
18.4
18.6
41.1
44.2
42.4
39.4
9.4
7.9
24.9
24.8
5.9
5.2
HUL
Neutral
935
-
202,302
35,252
38,495
17.8
17.8
20.7
22.4
45.3
41.8
43.3
37.1
95.6
88.9
5.6
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
315
-
40,637
6,430
7,349
18.8
19.5
6.4
7.7
49.2
40.9
14.9
12.5
33.2
32.5
6.1
5.3
Nestle*
Neutral
6,702
-
64,622
10,073
11,807
20.7
21.5
124.8
154.2
53.7
43.5
22.1
19.8
34.8
36.7
6.2
5.3
Procter & Gamble
Neutral
7,369
-
23,920
2,939
3,342
23.2
23.0
146.2
163.7
50.4
45.0
12.8
10.6
25.3
23.5
7.7
6.7
Hygiene
Tata Global
Neutral
153
-
9,663
8,675
9,088
9.8
9.8
7.4
8.2
20.7
18.7
1.6
1.6
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
812
1,000
115,927
49,242
57,168
20.5
20.5
55.7
64.1
14.6
12.7
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
919
1,179
211,181
68,484
73,963
26.0
26.0
63.0
64.0
14.6
14.4
3.1
2.8
20.8
19.7
2.8
2.4
TCS
Buy
2,272
2,651
447,701
117,966
127,403
27.5
27.6
134.3
144.5
16.9
15.7
5.0
4.7
29.8
29.7
3.4
3.2
Tech Mahindra
Buy
417
600
40,620
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
494
570
120,171
55,421
58,536
20.3
20.3
35.1
36.5
14.1
13.5
2.4
2.1
19.2
14.6
1.6
1.4
Media
D B Corp
Neutral
381
-
6,998
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.3
4.2
3.7
23.7
23.1
2.8
2.5
Hindustan Media
Neutral
289
-
2,124
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
82
-
1,910
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
Buy
195
225
6,381
2,355
2,635
28.0
28.0
10.8
12.5
18.1
15.6
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
921
-
36,307
2,850
3,265
70.1
71.0
26.2
30.4
35.2
30.3
9.0
7.9
24.3
25.6
12.3
10.6
TV Today Network
Buy
268
344
1,597
567
645
26.7
27.0
15.4
18.1
17.4
14.8
2.6
2.3
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
277
-
171,852
84,638
94,297
21.4
22.3
24.5
27.1
11.3
10.2
4.7
4.5
42.6
46.0
1.5
1.4
Hind. Zinc
Neutral
269
-
113,598
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
6.2
Hindalco
Neutral
199
-
44,664
107,899
112,095
7.4
8.2
9.2
13.0
21.6
15.3
1.0
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
199
-
48,103
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
127
-
40,229
6,643
7,284
44.4
47.7
7.1
7.7
17.9
16.5
1.6
1.5
8.8
9.2
3.8
3.4
SAIL
Neutral
60
-
24,946
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
449
-
43,593
121,374
121,856
7.2
8.4
18.6
34.3
24.1
13.1
1.5
1.4
6.1
10.1
1.0
1.0
Vedanta
Neutral
244
-
72,205
71,744
81,944
19.2
21.7
13.4
20.1
18.2
12.1
1.6
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
424
-
71,669
56,220
65,198
9.3
10.1
27.1
33.3
15.6
12.7
1.4
1.3
9.3
10.7
1.5
1.2
Indian Oil Corp
Neutral
440
-
213,684
373,359
428,656
5.9
5.5
54.0
59.3
8.2
7.4
1.3
1.1
16.0
15.6
0.7
0.6
Stock Watch
May 02, 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
186
-
239,083
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,395
-
453,496
301,963
358,039
12.1
12.6
87.7
101.7
15.9
13.7
1.6
1.5
10.7
11.3
2.0
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
611
689
11,525
3,483
4,244
20.2
21.4
24.3
33.6
25.2
18.2
5.7
4.6
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Accumulate
1,971
2,257
23,571
6,065
7,009
18.7
20.0
80.2
92.0
24.6
21.4
5.5
4.6
22.5
21.6
3.8
3.3
Aurobindo Pharma
Buy
606
877
35,507
15,720
18,078
23.7
23.7
41.4
47.3
14.6
12.8
3.8
3.0
29.6
26.1
2.5
2.1
Aventis*
Neutral
4,203
-
9,680
2,277
2,597
16.6
17.4
128.9
157.0
32.6
26.8
5.6
4.3
21.6
26.4
4.0
3.3
Cadila Healthcare
Neutral
440
-
45,034
10,429
12,318
17.7
21.6
13.1
19.2
33.6
22.9
7.0
5.6
22.8
27.1
4.4
3.6
Cipla
Sell
557
465
44,795
15,378
18,089
15.7
16.8
19.3
24.5
28.9
22.7
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
311
143
5,014
1,718
1,890
22.7
22.8
9.5
11.3
32.7
27.5
3.2
2.9
10.1
10.9
3.4
3.0
Dr Reddy's
Neutral
2,599
-
43,062
16,043
18,119
18.0
23.0
78.6
130.9
33.1
19.9
3.2
2.8
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,500
-
21,180
2,800
3,290
10.2
20.6
32.2
60.3
77.7
41.5
14.4
14.2
17.2
34.5
7.3
6.3
Indoco Remedies
Accumulate
227
240
2,090
1,112
1,289
16.2
18.2
11.6
16.0
19.6
14.2
3.1
2.6
17.0
20.1
2.0
1.7
Ipca labs
Neutral
598
-
7,548
3,258
3,747
12.8
15.3
12.1
19.2
49.4
31.2
3.1
2.8
6.4
9.5
2.4
2.1
Lupin
Buy
1,338
1,809
60,420
15,912
18,644
26.4
26.7
58.1
69.3
23.0
19.3
4.5
3.7
21.4
20.9
3.9
3.2
Natco Pharma
Accumulate
924
974
16,105
2,090
2,335
32.1
26.6
26.8
23.2
34.4
39.9
9.8
8.4
28.4
21.1
7.8
95.4
Sun Pharma
Buy
643
847
154,163
31,129
35,258
32.0
32.9
30.2
35.3
21.3
18.2
3.5
2.9
20.0
20.1
4.5
3.8
Power
NTPC
Neutral
164
-
135,555
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
208
223
108,608
25,315
29,193
88.2
88.7
14.2
17.2
14.7
12.1
2.2
1.9
15.2
16.1
8.9
8.0
Tata Power
Neutral
84
-
22,801
36,916
39,557
17.4
27.1
5.1
6.3
16.5
13.4
1.5
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
442
522
1,814
1,152
1,300
22.7
24.6
29.9
35.8
14.8
12.3
1.1
1.0
7.6
8.6
2.3
1.9
Prestige Estate
Neutral
236
-
8,837
4,707
5,105
25.2
26.0
10.3
13.0
22.9
18.1
1.8
1.7
10.3
10.2
3.0
2.7
Telecom
Bharti Airtel
Neutral
355
-
141,748
105,086
114,808
34.5
34.7
12.2
16.4
29.1
21.6
2.0
1.8
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
86
-
30,880
40,133
43,731
37.2
37.1
6.4
6.5
13.4
13.2
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,419
-
9,390
3,153
3,583
14.1
14.4
152.2
182.7
29.0
24.2
142.6
121.7
25.6
26.1
2.7
2.3
Asian Granito
Accumulate
383
405
1,151
1,060
1,169
12.2
12.5
12.7
15.9
30.2
24.1
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
352
395
3,560
4,801
5,351
5.7
6.2
10.4
13.7
33.7
25.7
4.2
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
229
-
1,636
1,353
1,471
12.3
12.4
14.5
16.3
15.8
14.0
21.8
19.6
14.5
14.6
1.1
123.6
Coffee Day Enterprises
Neutral
250
-
5,153
2,964
3,260
20.5
21.2
4.7
8.0
-
31.3
2.9
2.7
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
232
-
149
1,137
1,256
3.1
2.7
28.0
23.6
8.3
9.8
44.6
40.3
14.3
11.5
0.1
0.1
Stock Watch
May 02, 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
61
-
680
1,482
1,660
13.7
14.5
3.9
5.8
15.6
10.5
3.7
3.4
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
525
-
8,033
2,883
3,115
12.0
12.1
14.2
18.6
37.0
28.2
19.7
17.2
15.8
14.6
2.5
2.2
Garware Wall Ropes
Neutral
753
-
1,647
863
928
15.1
15.2
36.4
39.4
20.7
19.1
3.7
3.2
17.5
15.9
1.8
1.7
Goodyear India*
Neutral
886
-
2,043
1,598
1,704
10.4
10.2
49.4
52.6
17.9
16.8
82.8
72.6
18.2
17.0
1.0
137.5
Hitachi
Neutral
1,795
-
4,882
2,081
2,433
8.8
8.9
33.4
39.9
53.8
45.0
43.4
36.1
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
1,106
-
39,973
21,122
26,005
14.5
27.6
110.7
132.1
10.0
8.4
59.8
42.7
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
400
-
7,265
1,440
2,052
11.5
13.0
8.5
10.0
47.0
40.0
11.4
10.6
18.6
19.3
5.3
3.7
Kirloskar Engines India
Neutral
395
-
5,713
2,554
2,800
9.9
10.0
10.5
12.1
37.6
32.7
15.7
14.9
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
291
-
431
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
598
-
721
546
608
20.4
20.7
41.3
48.7
14.5
12.3
81.9
72.5
16.6
17.0
1.2
1.0
Manpasand Bever.
Neutral
702
-
4,017
836
1,087
19.6
19.4
16.9
23.8
41.6
29.5
5.0
4.4
12.0
14.8
4.5
3.4
Mirza International
Accumulate
107
113
1,282
963
1,069
17.2
18.0
6.1
7.5
17.4
14.2
2.7
2.3
15.0
15.7
1.5
1.4
MT Educare
Neutral
81
-
321
366
417
17.7
18.2
9.4
10.8
8.6
7.5
1.9
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
322
-
6,580
1,873
2,166
11.5
11.7
2.6
4.0
121.7
81.2
7.5
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
208
265
2,963
369
561
42.9
42.3
6.9
11.5
30.1
18.0
2.1
1.9
7.4
10.5
9.0
5.9
Navneet Education
Neutral
169
-
3,935
1,062
1,147
24.0
24.0
6.1
6.6
27.7
25.4
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,179
-
3,251
1,995
2,165
10.7
10.4
69.8
80.6
31.2
27.0
124.5
108.2
16.6
16.5
1.6
1.5
Page Industries
Neutral
14,460
-
16,128
2,450
3,124
20.1
17.6
299.0
310.0
48.4
46.6
322.0
245.8
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
243
-
2,048
1,919
2,231
9.3
9.6
9.5
12.9
25.8
18.8
4.0
3.3
15.5
17.5
1.2
1.0
Quick Heal
Neutral
246
-
1,722
408
495
27.3
27.0
7.7
8.8
31.7
27.9
2.9
3.0
9.3
10.6
3.4
2.8
Radico Khaitan
Buy
123
147
1,635
1,667
1,824
13.0
13.2
6.7
8.2
18.5
15.0
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
492
-
5,915
2,085
2,469
9.2
8.2
7.6
8.0
65.1
62.0
25.3
21.6
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
324
-
4,678
1,036
1,160
15.1
15.0
6.1
7.2
53.0
45.1
5.7
5.2
10.7
11.5
4.4
3.9
Siyaram Silk Mills
Accumulate
1,689
1,872
1,583
1,652
1,857
11.6
11.7
92.4
110.1
18.3
15.3
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
738
-
1,298
1,440
1,537
9.2
9.0
40.6
42.6
18.2
17.3
46.4
42.2
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
265
-
1,160
3,342
3,625
7.8
7.5
17.3
19.8
15.3
13.4
29.1
23.3
10.5
10.8
0.6
0.5
Team Lease Serv.
Neutral
1,058
-
1,810
3,229
4,001
1.5
1.8
22.8
32.8
46.5
32.2
5.0
4.3
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
214
-
858
287
384
20.5
20.5
7.6
10.7
28.2
20.0
5.9
4.8
20.7
23.5
3.0
2.2
Stock Watch
May 02, 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
244
-
1,865
2,671
2,911
8.5
8.8
13.9
15.7
17.6
15.6
2.4
2.1
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
4,043
-
3,095
2,304
2,614
13.7
13.8
231.1
266.6
17.5
15.2
454.2
357.7
33.9
29.3
1.3
1.2
UFO Moviez
Neutral
467
-
1,288
619
685
33.2
33.4
30.0
34.9
15.6
13.4
2.2
1.9
13.8
13.9
1.8
1.4
Visaka Industries
Neutral
335
-
532
1,051
1,138
10.3
10.4
21.0
23.1
16.0
14.5
43.0
40.2
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
332
-
3,030
1,902
2,119
16.7
16.6
14.6
16.8
22.8
19.7
5.0
4.4
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
390
-
2,203
287
355
38.0
40.0
11.3
14.2
34.5
27.5
4.9
4.3
21.4
23.9
7.4
6.0
VIP Industries
Accumulate
199
218
2,809
1,270
1,450
10.4
10.4
5.6
6.5
35.5
30.6
7.4
6.4
20.7
21.1
2.2
1.9
Navin Fluorine
Buy
3,141
3,650
3,075
789
945
21.1
22.4
120.1
143.4
26.2
21.9
4.2
3.6
17.8
18.5
3.8
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 28, 2017
Market Outlook
May 02, 2017
Research Team Tel: 022 - 39357800
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