Market Outlook
July 4, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on a flat note tracking SGX Nifty and global
BSE Sensex
1.0
300
31,222
indices.
Nifty
1.0
94
9,615
US stock markets turned in a mixed performance on Monday, with the major
Mid Cap
1.1
165
14,809
averages closing on opposite sides of the unchanged line for the second straight
Small Cap
1.1
162
15,573
session. While the Nasdaq slid 0.5 percent to 6,110, the Dow climbed 0.6 percent
Bankex
0.2
65
26,343
to 21,479 and the S&P 500 rose 0.2 percent to 2,429. The mixed performance on
Wall Street came following the release of a report from the Institute for Supply
Management showing acceleration in the rate of growth in the U.S. manufacturing
Global Indices
Chg (%)
(Pts)
(Close)
sector.
Dow Jones
0.6
130
21,479
The U.K. markets rose on Monday as oil prices rose for an eighth day after upbeat
Nasdaq
(0.5)
(30)
6,110
manufacturing data from China and banks surged higher on expectations they
FTSE
0.9
64
7,377
would benefit from higher interest rates going forward. The benchmark FTSE 100
Nikkei
0.1
22
20,056
closed up 0.88 percent at 7,377 after declining half a percent on Friday.
Hang Seng
0.1
20
25,784
Indian shares ended with substantial gains on Monday after the GST kicked in on
Shanghai Com
0.1
3
3,196
July 1, raising expectations that the biggest tax reform in independent India will
support higher government revenue generation through improved tax compliance
Advances / Declines
BSE
NSE
and administration. The benchmark BSE Sensex soared 0.97 percent to 31,222
Advances
1,808
1,193
while the broader Nifty index ended up 0.99 percent at 9,615.
Declines
903
482
News Analysis
Unchanged
140
89
June auto sales volume analysis (Maruti Suzuki, Hero MotoCorp, Ashok Leyland)
Detailed analysis on Pg2
Volumes (` Cr)
BSE
3,190
Investor’s Ready Reckoner
NSE
21,682
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
#Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg6 onwards
FII
(732)
2,485
54,454
Top Picks
MFs
21
6,954
36,994
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
603
760
26.0
Top Gainers
Price (`)
Chg (%)
Dewan Housing FinanceFinancials
Buy
443
520
17.5
Laxmimach
5,411
7.7
Mahindra Lifespace
Real Estate
Buy
449
522
16.2
Rtnpower
7
7.0
Navkar Corporation
Others
Buy
207
265
28.3
Ashokley
100
6.8
KEI Industries
Capital Goods
Accumulate
236
258
9.1
More Top Picks on Pg5
Gsfc
122
6.8
Infratel
398
6.3
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
Jul 5, 2017
US
Initial Jobless claims
244.00
243.00
Jpassociat
21
(5.1)
Jul 6, 2017
Germany PMI Services
53.70
53.70
Jul 7, 2017
UK
Industrial Production (YoY)
(0.80)
0.20
Sci
83
(2.8)
Jul 7, 2017
India
Imports YoY%
33.10
Dcbbank
193
(2.6)
Jul 7, 2017
US
Change in Nonfarm payrolls
138.00
177.00
Gati
131
(2.6)
More Events on Pg5
Sreinfra
114
(2.5)
#as on 3t July, 2017
www.angelbroking.com
Market Outlook
July 4, 2017
News Analysis
June auto sales number analysis
Maruti Suzuki
Maruti Suzuki's June sales grew by 7.6% yoy to 1.06 lakh vehicles. The domestic
PV sales grew by 1% yoy to 93,057 units. While the entry level segment saw a yoy
decline of 8%, premium category sales grew by more than 40% each indicating
that the company has kept trend of strong growth in the premium category
vehicles i.e. Ciaz, Vitara Brezza, S-Cross, etc. Total exports grew by 96% yoy to
13,131 units in the month. In June, due to the run up to the GST, the customers
were seen deferring the vehicle purchases hence company had slowed down the
vehicle dispatches to the dealers and had also announced some discounts. With
the GST implemented, company has fully passed on the GST benefit to its
customers by cutting the car prices by about 3% in most categories. However the
vehicle prices in hybrid vehicle categories have seen mild increase. We have an
accumulate rating on the stock with price target Rs 8,067.
Hero MotoCorp
Hero MotoCorp, reported a yoy growth of 13.6% to 624,185 two-wheelers in June
2017. Company reported a 13% growth in the motorcycles and 22% growth in the
scooters. The volume growth was strong owing to a strong wedding season. With
the GST coming in the picture, company has cut the prices Rs 400 to Rs 1800 on
the mass selling brands while in the premium category it has cut the prices upto Rs
4000 per unit. We have a neutral rating on the stock.
Ashok Leyland
Ashok Leyland reported total 11% growth in the June vehicle volumes. MHCV
volumes grew by 6% while LCV volumes grew by 29%. The sales have shown a
strong rebound compared to the May numbers when company had reported 8%
decline in the total vehicle numbers despite 22% jump in the LCV sales as MHCV
sales disappointed by 18% decline. Company has indicated of 10-15% growth in
MHCV volumes in FY18 and expects LCV contribution to go up from current ~25%
to ~50% in next few years with introduction of new products. We have a buy rating
on the stock with a price target of Rs 116.
Economic and Political News
Effect of GST to be far deeper than the tax itself: Rakesh Jhunjhunwala
Oil prices dip ahead of US holiday after 8 days of gains
RBI restricts G-sec debt portfolio flows
Corporate News
FMCG companies resume stock supply post GST shift break
Hero Moto won't be paying royalty to Honda anymore
GST likely to pump fuel into auto sector
www.angelbroking.com
Market Outlook
July 4, 2017
Top Picks HHHHH
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segment. Alkem expects to launch
Alkem Laboratories
22,120
1,850
2,161
16.8
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,368
455
480
5.6
owing to better product mix, higher B2C sales and
amalgamation synergy.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,771
603
760
26.0
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
13,876
443
520
17.5
presence in tier-II & III cities where the growth opportunity
is immense.
Loan growth is likely to pick up after a sluggish FY17.
Karur Vysya Bank
8,741
145
160
10.6
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
6,012
184
225
22.3
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,840
236
258
9.1
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,306
449
522
16.2
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,946
207
265
28.3
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,934
2,064
2,500
21.1
growth going ahead. Stock currently trades at an
inexpensive valuation.
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,421
238
344
44.4
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research,
www.angelbroking.com
Market Outlook
July 4, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 05, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Jul 1
244.00
243.00
Jul 06, 2017
1:25 PMGermany
PMI Services
Value
Jun F
53.70
53.70
Jul 07, 2017
2:00 PMUK
Industrial Production (YoY)
% Change
May
(0.80)
0.20
India
Imports YoY%
% Change
Jun
33.10
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jun
138.00
177.00
Jul 10, 2017
6:00 PMUS
Unnemployment rate
%
Jun
4.30
4.30
India
Exports YoY%
% Change
Jun
8.30
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jun
1.50
1.50
Jul 12, 2017
2:00 PMUK
Jobless claims change
% Change
Jun
7.30
5:30 PMIndia
Industrial Production YoY
% Change
May
3.10
Jul 13, 2017
US
Producer Price Index (mom)
% Change
Jun
(0.70)
China
Exports YoY%
% Change
Jun
8.70
8.70
Jul 14, 2017
6:45 PMUS
Industrial Production
%
Jun
-
0.30
6:00 PMUS
Consumer price index (mom)
% Change
Jun
(0.10)
0.10
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Jun
2.17
Jul 17, 2017
7:30 AMChina
Real GDP (YoY)
% Change
2Q
6.90
7:30 AMChina
Industrial Production (YoY)
% Change
Jun
6.50
Jul 18, 2017
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Jun F
1.30
2:00 PMUK
CPI (YoY)
% Change
Jun
2.90
Jul 19, 2017
6:00 PMUS
Housing Starts
Thousands
Jun
1,092.00
1,190.00
6:00 PMUS
Building permits
Thousands
Jun
1,168.00
1,205.00
Source: Bloomberg, Angel Research
www.angelbroking.com
Market Outlook
July 4, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
6.0
5.0
3.8
4.0
3.0
3.1
2.6
5.0
3.0
1.9
4.0
2.0
1.0
3.0
-
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
5.1
52.0
5.0
4.3
4.2
3.9
50.0
3.6
3.7
4.0
3.4
3.2
3.0
48.0
3.0
2.2
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
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
www.angelbroking.com
Market Outlook
July 4, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.0
2.0
0.5
2.0
1.1
1.3
1.0
-
(1.0)
(0.4)
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
www.angelbroking.com
Market Outlook
July 4, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,280
(1.7)
(2.7)
25.8
Russia
Micex
1,903
(0.7)
(6.7)
(0.4)
India
Nifty
9,615
(0.1)
5.2
18.8
China
Shanghai Composite
3,196
3.0
(1.8)
11.0
South Africa
Top 40
45,994
(2.9)
1.3
0.1
Mexico
Mexbol
50,109
2.2
1.7
7.9
Indonesia
LQ45
998
3.8
11.0
20.5
Malaysia
KLCI
1,769
0.2
0.8
8.0
Thailand
SET 50
999
1.2
(0.1)
11.9
USA
Dow Jones
21,479
1.6
3.0
18.9
UK
FTSE
7,377
(2.2)
0.0
12.7
Japan
Nikkei
20,056
1.0
5.2
34.1
Germany
DAX
12,475
(1.7)
1.7
31.7
France
CAC
5,196
(2.8)
1.6
21.3
Source: Bloomberg, Angel Research,
www.angelbroking.com
Stock Watch
July 04, 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
Reduce
245
209
4,758
1,937
2,164
13.3
14.3
9.0
11.0
27.2
22.2
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
854
-
43,406
15,176
17,604
18.5
18.5
37.4
44.6
22.9
19.2
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Accumulate
100
111
29,339
20,021
21,915
11.6
11.9
4.5
5.3
22.3
18.8
4.5
4.0
20.6
21.5
1.4
1.3
Bajaj Auto
Neutral
2,791
-
80,754
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,107
-
25,777
7,726
8,713
20.5
21.2
35.3
42.7
31.4
25.9
5.8
5.2
18.9
20.1
3.4
3.0
Eicher Motors
Neutral
27,767
-
75,587
16,583
20,447
17.5
18.0
598.0
745.2
46.4
37.3
15.9
12.1
41.2
38.3
4.4
3.5
Gabriel India
Neutral
151
-
2,169
1,544
1,715
9.0
9.3
5.4
6.3
28.0
24.0
5.3
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,777
-
75,425
28,083
30,096
15.3
15.7
171.8
187.0
22.0
20.2
7.7
6.5
30.1
27.9
2.5
2.3
Jamna Auto Industries Neutral
254
-
2,025
1,486
1,620
9.8
9.9
15.0
17.2
16.9
14.8
3.7
3.1
21.8
21.3
1.4
1.3
L G Balakrishnan & Bros Neutral
753
-
1,182
1,302
1,432
11.6
11.9
43.7
53.0
17.2
14.2
2.4
2.2
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,364
-
84,714
46,534
53,077
11.6
11.7
67.3
78.1
20.3
17.5
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Neutral
7,359
-
222,310
67,822
83,288
16.0
16.4
253.8
312.4
29.0
23.6
6.7
5.4
23.0
22.9
2.9
2.3
Minda Industries
Neutral
655
-
5,660
2,728
3,042
9.0
9.1
68.2
86.2
9.6
7.6
2.2
1.7
23.8
24.3
2.1
1.9
Motherson Sumi
Neutral
459
-
64,423
45,896
53,687
7.8
8.3
13.0
16.1
35.2
28.5
11.4
9.1
34.7
35.4
1.5
1.2
Rane Brake Lining
Neutral
1,323
-
1,047
511
562
11.3
11.5
28.1
30.9
47.1
42.8
7.2
6.5
15.3
15.0
2.2
2.0
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
431
-
124,344
300,209
338,549
8.9
8.4
42.7
54.3
10.1
7.9
1.6
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
552
-
26,230
13,390
15,948
6.9
7.1
12.8
16.5
43.3
33.4
10.8
8.5
26.3
27.2
2.0
1.7
Amara Raja Batteries
Buy
843
1,009
14,399
5,305
6,100
16.0
16.3
28.4
34.0
29.7
24.8
5.7
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
224
-
18,998
7,439
8,307
15.0
15.0
8.1
9.3
27.6
24.0
3.9
3.5
14.3
16.7
2.2
1.9
Apollo Tyres
Neutral
254
-
12,947
12,877
14,504
14.3
13.9
21.4
23.0
11.9
11.1
1.8
1.6
16.4
15.2
1.2
1.1
Ceat
Neutral
1,863
-
7,536
7,524
8,624
13.0
12.7
131.1
144.3
14.2
12.9
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
169
-
3,839
7,455
8,056
15.0
15.0
21.8
24.5
7.8
6.9
1.6
1.3
22.8
21.3
0.6
0.6
Swaraj Engines
Neutral
2,346
-
2,914
660
810
15.2
16.4
54.5
72.8
43.1
32.2
13.4
12.2
31.5
39.2
4.2
3.4
Subros
Neutral
255
-
1,527
1,488
1,681
11.7
11.9
6.4
7.2
39.8
35.5
4.2
3.8
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
208
-
547
286
326
19.8
16.8
11.7
13.3
17.8
15.6
3.0
2.8
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
69
-
685
709
814
4.1
4.6
1.4
2.1
49.4
33.0
2.0
1.9
4.4
6.0
1.1
1.0
BEML
Neutral
1,536
-
6,395
3,451
4,055
6.3
9.2
31.4
57.9
48.9
26.5
2.9
2.7
6.3
10.9
2.0
1.7
Bharat Electronics
Neutral
162
-
36,274
8,137
9,169
16.8
17.2
58.7
62.5
2.8
2.6
0.4
0.4
44.6
46.3
3.4
3.1
www.angelbroking.com
Stock Watch
July 04, 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
Neutral
469
-
15,527
6,511
7,514
7.9
8.7
12.9
16.3
36.4
28.8
6.5
5.7
16.7
18.5
2.1
1.8
BGR Energy
Neutral
144
-
1,038
16,567
33,848
6.0
5.6
7.8
5.9
18.4
24.4
1.1
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
136
-
33,189
28,797
34,742
-
2.8
2.3
6.9
59.0
19.7
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
603
760
5,771
4,283
5,077
5.9
7.3
14.9
22.1
40.5
27.3
7.9
6.6
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
83
-
5,180
5,777
6,120
5.9
7.0
3.3
4.5
25.1
18.4
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
161
-
3,934
1,755
1,881
16.8
16.9
7.8
8.5
20.7
19.0
4.1
3.8
20.6
20.9
1.9
1.8
Inox Wind
Neutral
143
-
3,162
5,605
6,267
15.7
16.4
24.8
30.0
5.8
4.8
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
263
-
6,763
9,294
10,186
7.9
8.1
9.9
11.9
26.6
22.1
3.9
3.4
15.6
16.3
1.0
0.9
KEI Industries
Accumulate
236
258
1,840
2,633
3,001
10.4
10.0
12.7
13.0
18.6
18.2
4.0
3.3
21.4
18.2
0.9
0.8
Thermax
Neutral
935
-
11,137
5,421
5,940
7.3
7.3
25.7
30.2
36.4
31.0
4.4
4.0
12.2
13.1
1.9
1.8
VATech Wabag
Neutral
695
-
3,793
3,136
3,845
8.9
9.1
26.0
35.9
26.7
19.4
3.3
2.9
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,592
-
29,886
11,225
13,172
13.2
16.9
44.5
75.5
35.8
21.1
3.4
3.1
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
247
-
49,105
9,350
10,979
18.2
22.5
5.8
9.5
42.6
26.0
3.6
3.2
10.2
12.5
5.3
4.5
India Cements
Neutral
204
-
6,282
4,364
4,997
18.5
19.2
7.9
11.3
25.8
18.0
1.9
1.8
8.0
8.5
2.2
1.9
JK Cement
Neutral
950
-
6,639
4,398
5,173
15.5
17.5
31.2
55.5
30.4
17.1
3.7
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
481
-
5,656
2,913
3,412
14.5
19.5
7.5
22.5
64.1
21.4
3.9
3.3
12.5
18.0
2.5
2.1
Orient Cement
Neutral
148
-
3,030
2,114
2,558
18.5
20.5
8.1
11.3
18.3
13.1
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
3,994
-
109,647
25,768
30,385
21.0
23.5
111.0
160.0
36.0
25.0
4.6
4.0
13.5
15.8
4.4
3.6
Construction
ITNL
Neutral
98
-
3,219
8,946
10,017
31.0
31.6
8.1
9.1
12.1
10.8
0.4
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
208
-
2,919
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.3
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,690
-
157,705
111,017
124,908
11.0
11.0
61.1
66.7
27.7
25.3
3.3
3.1
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
150
-
7,235
705
788
52.2
51.7
5.0
5.6
29.9
26.7
3.0
2.7
11.2
11.2
9.9
8.4
Nagarjuna Const.
Neutral
90
-
4,984
8,842
9,775
9.1
8.8
5.3
6.4
16.9
14.0
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
143
-
3,670
2,350
2,904
13.1
13.2
9.0
8.8
15.9
16.3
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
517
-
2,556
6,829
7,954
10.5
10.5
31.4
37.4
16.5
13.8
1.7
1.6
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
585
-
861
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
309
-
5,300
3,598
4,140
10.3
10.6
9.0
11.9
34.3
26.0
3.6
3.2
9.9
11.9
1.8
1.5
NBCC
Neutral
208
-
18,680
7,428
9,549
7.9
8.6
8.2
11.0
25.3
18.9
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
119
-
1,932
1,877
1,943
30.6
29.8
3.0
4.2
39.6
28.3
19.2
12.9
0.6
0.6
2.4
2.2
www.angelbroking.com
Stock Watch
July 04, 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
110
-
3,883
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
12.0
10.0
Engineers India
Neutral
154
-
10,391
1,725
1,935
16.0
19.1
11.4
13.9
13.5
11.1
1.9
1.8
13.4
15.3
5.0
4.4
Financials
Axis Bank
Accumulate
518
580
124,101
46,932
53,575
3.5
3.4
32.4
44.6
16.0
11.6
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
162
-
37,281
19,980
23,178
1.8
1.8
11.5
17.3
14.1
9.4
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
331
-
19,785
15,225
16,836
1.8
1.8
14.5
28.0
22.8
11.8
1.6
1.3
5.8
8.5
-
-
Can Fin Homes
Neutral
3,219
-
8,569
420
526
3.5
3.5
86.5
107.8
37.2
29.9
8.0
6.6
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,108
1,230
17,311
2,012
2,317
6.3
6.3
42.7
53.6
25.9
20.7
4.1
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
443
520
13,876
2,225
2,688
2.9
2.9
29.7
34.6
14.9
12.8
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
150
235
5,074
939
1,281
11.7
11.5
5.8
8.2
25.9
18.3
2.2
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
112
125
19,363
8,259
8,995
3.0
3.0
4.3
5.6
26.1
20.0
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,622
-
258,399
11,475
13,450
3.4
3.4
45.3
52.5
35.8
30.9
6.9
6.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,658
-
426,814
46,097
55,433
4.5
4.5
58.4
68.0
28.4
24.4
5.0
4.2
18.8
18.6
-
-
ICICI Bank
Accumulate
290
315
185,940
42,800
44,686
3.1
3.3
18.0
21.9
16.1
13.2
2.2
2.0
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
145
160
8,741
5,640
6,030
3.3
3.2
8.9
10.0
16.3
14.5
1.7
1.6
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
203
-
3,889
3,339
3,799
2.7
2.8
11.0
14.0
18.4
14.5
1.9
1.8
11.2
12.7
-
-
LIC Housing Finance
Neutral
751
-
37,918
3,712
4,293
2.6
2.5
39.0
46.0
19.3
16.3
3.6
3.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
139
-
29,589
23,532
23,595
2.3
2.4
6.8
12.6
20.5
11.0
3.2
2.2
3.3
6.5
-
-
RBL Bank
Neutral
518
-
19,498
1,783
2,309
2.6
2.6
12.7
16.4
40.8
31.6
4.4
4.0
12.8
13.3
-
-
Repco Home Finance
Neutral
810
-
5,070
388
457
4.5
4.2
30.0
38.0
27.0
21.3
4.5
3.8
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
5,014
6,435
7,578
2.5
2.5
2.7
3.1
10.3
9.0
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
275
-
237,122
88,650
98,335
2.6
2.6
13.5
18.8
20.4
14.6
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
150
-
10,318
13,450
14,925
2.3
2.3
25.5
34.5
5.9
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,493
-
68,315
8,978
11,281
3.3
3.4
74.0
90.0
20.2
16.6
3.8
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,840
-
8,825
2,955
3,309
13.3
13.7
57.2
69.3
32.2
26.5
10.5
8.8
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,118
-
107,258
17,128
18,978
16.8
16.4
19.1
20.7
58.5
54.0
20.4
19.2
34.8
35.5
6.2
5.6
Britannia
Neutral
3,711
-
44,542
9,594
11,011
14.6
14.9
80.3
94.0
46.2
39.5
19.0
14.7
41.2
-
4.5
3.9
Colgate
Neutral
1,128
-
30,669
4,605
5,149
23.4
23.4
23.8
26.9
47.4
41.9
26.2
20.5
64.8
66.8
6.6
5.9
Dabur India
Neutral
295
-
51,894
8,315
9,405
19.8
20.7
8.1
9.2
36.4
32.0
10.1
8.4
31.6
31.0
5.9
5.2
GlaxoSmith Con*
Neutral
5,368
-
22,575
4,350
4,823
21.2
21.4
179.2
196.5
30.0
27.3
8.0
6.7
27.1
26.8
4.6
4.0
www.angelbroking.com
Stock Watch
July 04, 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
985
-
67,102
10,235
11,428
18.4
18.6
41.1
44.2
24.0
22.3
5.3
4.5
24.9
24.8
6.6
5.9
HUL
Neutral
1,096
-
237,128
35,252
38,495
17.8
17.8
20.7
22.4
53.1
48.9
50.7
43.5
95.6
88.9
6.6
6.0
ITC
Neutral
342
-
415,805
40,059
44,439
38.3
39.2
9.0
10.1
38.1
33.8
10.6
9.3
27.8
27.5
9.9
8.9
Marico
Neutral
323
-
41,740
6,430
7,349
18.8
19.5
6.4
7.7
50.5
42.0
15.3
12.8
33.2
32.5
6.3
5.5
Nestle*
Neutral
6,731
-
64,894
10,073
11,807
20.7
21.5
124.8
154.2
53.9
43.7
22.1
19.9
34.8
36.7
6.3
5.3
Tata Global
Neutral
152
-
9,568
8,675
9,088
9.8
9.8
7.4
8.2
20.5
18.5
1.6
1.5
7.9
8.1
1.0
1.0
Procter & Gamble
Neutral
8,048
-
26,124
2,939
3,342
23.2
23.0
146.2
163.7
55.1
49.2
13.9
11.6
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Buy
838
1,014
119,553
46,723
52,342
22.1
20.9
60.0
62.8
14.0
13.3
3.5
3.0
25.3
22.4
2.3
1.9
Infosys
Buy
951
1,179
218,531
68,484
73,963
26.0
26.0
63.0
64.0
15.1
14.9
3.2
2.9
20.8
19.7
2.9
2.5
TCS
Accumulate
2,373
2,651
467,661
117,966
127,403
27.5
27.6
134.3
144.5
17.7
16.4
5.3
4.9
29.8
29.7
3.6
3.4
Tech Mahindra
Buy
382
533
37,301
29,141
31,051
14.4
15.0
32.3
35.6
11.8
10.7
2.0
1.8
17.1
17.0
1.1
1.0
Wipro
Accumulate
259
280
126,204
55,421
58,536
20.3
20.3
35.1
36.5
7.4
7.1
1.3
1.1
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
384
-
7,054
2,297
2,590
27.4
28.2
21.0
23.4
18.3
16.4
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
81
-
1,888
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
184
225
6,012
2,283
2,555
28.0
28.0
10.6
12.3
17.3
15.0
3.7
3.2
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
826
-
32,569
2,850
3,265
70.1
71.0
26.2
30.4
31.5
27.2
8.1
7.1
24.3
25.6
11.0
9.5
Hindustan Media
Neutral
278
-
2,037
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.2
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
238
344
1,421
608
667
21.5
22.3
15.7
19.2
15.2
12.4
2.3
2.0
16.1
16.0
1.9
1.7
Metals & Mining
Coal India
Neutral
249
-
154,533
84,638
94,297
21.4
22.3
24.5
27.1
10.2
9.2
4.2
4.0
42.6
46.0
1.3
1.2
Hind. Zinc
Neutral
265
-
111,971
14,252
18,465
55.9
48.3
15.8
21.5
16.8
12.3
2.7
2.4
17.0
20.7
7.9
6.1
Hindalco
Neutral
196
-
44,027
107,899
112,095
7.4
8.2
9.2
13.0
21.3
15.1
1.0
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
205
-
49,589
53,201
58,779
16.1
16.2
130.6
153.7
1.6
1.3
0.2
0.2
14.0
14.4
1.7
1.5
NMDC
Neutral
113
-
35,799
6,643
7,284
44.4
47.7
7.1
7.7
15.9
14.7
1.4
1.3
8.8
9.2
3.2
2.8
SAIL
Neutral
59
-
24,306
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.6
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
254
-
94,528
71,744
81,944
19.2
21.7
13.4
20.1
19.0
12.7
1.6
1.5
8.4
11.3
1.7
1.4
Tata Steel
Neutral
549
-
53,359
121,374
121,856
7.2
8.4
18.6
34.3
29.5
16.0
1.8
1.7
6.1
10.1
1.1
1.1
Oil & Gas
GAIL
Neutral
366
-
61,927
56,220
65,198
9.3
10.1
27.1
33.3
13.5
11.0
1.2
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
159
-
204,113
137,222
152,563
15.0
21.8
19.5
24.1
8.2
6.6
0.7
0.7
8.5
10.1
1.8
1.6
Indian Oil Corp
Neutral
387
-
187,875
373,359
428,656
5.9
5.5
54.0
59.3
7.2
6.5
1.1
1.0
16.0
15.6
0.7
0.6
www.angelbroking.com
Stock Watch
July 04, 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
Reliance Industries
Neutral
1,384
-
450,049
301,963
358,039
12.1
12.6
87.7
101.7
15.8
13.6
1.6
1.5
10.7
11.3
2.0
1.6
Pharmaceuticals
Alembic Pharma
Buy
515
648
9,705
3,101
3,966
19.7
20.5
21.4
25.5
24.1
20.2
5.1
4.2
23.0
22.8
3.1
2.3
Alkem Laboratories Ltd
Buy
1,850
2,161
22,120
5,853
6,901
17.1
18.4
74.6
85.0
24.8
21.8
5.2
4.4
21.1
20.2
3.8
3.2
Aurobindo Pharma
Buy
685
823
40,148
14,845
17,086
21.5
22.1
39.4
44.7
17.4
15.3
4.3
3.4
27.6
24.7
2.9
2.5
Aventis*
Neutral
4,160
-
9,581
2,206
2,508
16.6
16.8
128.9
139.9
32.3
29.7
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Reduce
524
450
53,685
9,220
11,584
18.4
20.3
14.5
18.7
36.2
28.0
7.7
6.3
23.5
24.6
6.1
4.7
Cipla
Sell
551
461
44,335
14,281
16,619
15.4
16.2
12.5
19.7
44.1
28.0
3.5
3.2
8.4
12.0
3.3
2.8
Dr Reddy's
Neutral
2,681
-
44,428
14,081
15,937
16.1
18.6
72.6
105.9
36.9
25.3
3.6
3.3
9.6
13.6
3.4
3.0
Dishman Pharma
Sell
143
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,537
-
21,492
2,927
3,290
11.8
16.2
34.4
49.6
73.8
51.2
10.7
11.1
13.9
21.3
7.1
6.4
Indoco Remedies
Sell
202
153
1,857
1,067
1,154
12.1
14.9
8.4
11.3
24.0
17.8
2.9
2.5
12.6
15.0
1.9
1.8
Ipca labs
Buy
491
620
6,196
3,211
3,593
13.9
14.5
15.4
19.4
31.9
25.3
2.5
2.3
8.2
9.5
2.1
1.8
Lupin
Buy
1,055
1,526
47,664
17,120
18,657
24.1
24.1
56.9
61.1
18.5
17.3
3.5
3.0
20.7
18.6
3.1
2.5
Natco Pharma
Neutral
1,018
-
17,741
2,065
1,988
33.1
33.7
27.9
25.7
36.5
39.6
10.6
9.1
29.2
22.9
8.7
8.8
Sun Pharma
Buy
552
712
132,318
30,264
32,899
29.0
26.9
32.7
31.6
16.9
17.5
3.6
3.1
22.2
18.7
4.1
3.7
Power
Tata Power
Neutral
80
-
21,733
36,916
39,557
17.4
27.1
5.1
6.3
15.8
12.8
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
157
-
129,124
86,605
95,545
17.5
20.8
11.8
13.4
13.3
11.7
1.3
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
211
223
110,517
25,315
29,193
88.2
88.7
14.2
17.2
14.9
12.3
2.3
2.0
15.2
16.1
9.0
8.1
Real Estate
Prestige Estate
Neutral
256
-
9,583
4,707
5,105
25.2
26.0
10.3
13.0
24.8
19.7
2.0
1.9
10.3
10.2
3.2
2.9
MLIFE
Buy
449
522
2,306
1,152
1,300
22.7
24.6
29.9
35.8
15.0
12.6
1.1
1.1
7.6
8.6
2.7
2.3
Telecom
Bharti Airtel
Neutral
382
-
152,641
105,086
114,808
34.5
34.7
12.2
16.4
31.3
23.3
2.1
2.0
6.8
8.4
2.4
2.1
Idea Cellular
Neutral
86
-
30,850
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
4,209
-
8,945
3,153
3,583
14.1
14.4
152.2
182.7
27.7
23.0
135.8
116.0
25.6
26.1
2.5
2.2
Asian Granito
Accumulate
455
480
1,368
1,066
1,169
11.6
12.5
13.0
16.0
35.0
28.5
3.4
3.1
9.5
10.7
1.6
1.4
Bajaj Electricals
Buy
329
395
3,336
4,801
5,351
5.7
6.2
10.4
13.7
31.6
24.0
3.9
3.5
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
221
-
1,577
1,353
1,471
12.3
12.4
14.5
16.3
15.2
13.5
21.0
18.9
14.5
14.6
1.1
118.8
Coffee Day Enterprises
Neutral
253
-
5,217
2,964
3,260
20.5
21.2
4.7
8.0
-
31.6
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
186
-
119
1,137
1,256
3.1
2.7
28.0
23.6
6.6
7.9
35.7
32.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
661
1,482
1,660
13.7
14.5
3.9
5.8
15.1
10.2
3.6
3.3
7.8
10.9
0.8
0.7
www.angelbroking.com
Stock Watch
July 04, 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
Finolex Cables
Neutral
467
-
7,142
2,883
3,115
12.0
12.1
14.2
18.6
32.9
25.1
17.5
15.3
15.8
14.6
2.2
2.0
Garware Wall Ropes
Neutral
827
-
1,810
863
928
15.1
15.2
36.4
39.4
22.7
21.0
4.1
3.5
17.5
15.9
2.0
1.9
Goodyear India*
Neutral
893
-
2,059
1,598
1,704
10.4
10.2
49.4
52.6
18.1
17.0
83.4
73.2
18.2
17.0
1.0
139.0
Hitachi
Neutral
1,994
-
5,421
2,081
2,433
8.8
8.9
33.4
39.9
59.7
50.0
48.2
40.1
22.1
21.4
2.6
2.2
HSIL
Neutral
374
-
2,704
2,384
2,515
15.8
16.3
15.3
19.4
24.4
19.3
24.3
20.9
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,192
-
43,110
21,122
26,005
14.5
27.6
110.7
132.1
10.8
9.0
64.4
46.0
168.5
201.1
2.0
1.6
Jyothy Laboratories
Neutral
352
-
6,403
1,440
2,052
11.5
13.0
8.5
10.0
41.5
35.2
10.0
9.3
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
398
-
5,755
2,554
2,800
9.9
10.0
10.5
12.1
37.9
32.9
15.9
15.0
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
277
-
409
382
420
9.3
9.5
13.5
15.7
20.6
17.6
3.5
3.0
17.1
17.3
1.1
1.0
M M Forgings
Neutral
627
-
757
546
608
20.4
20.7
41.3
48.7
15.2
12.9
85.9
76.0
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
777
-
4,447
836
1,087
19.6
19.4
16.9
23.8
46.0
32.6
5.5
4.8
12.0
14.8
5.1
3.8
Mirza International
Neutral
154
-
1,852
963
1,069
17.2
18.0
6.1
7.5
25.1
20.5
3.8
3.3
15.0
15.7
2.1
1.9
MT Educare
Neutral
63
-
250
366
417
17.7
18.2
9.4
10.8
6.7
5.8
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
315
-
6,439
1,873
2,166
11.5
11.7
2.6
4.0
119.1
79.5
7.3
6.6
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
207
265
2,946
347
371
43.2
37.3
6.7
6.0
31.0
34.5
2.1
1.9
6.2
10.6
9.6
9.0
Navneet Education
Neutral
183
-
4,265
1,062
1,147
24.0
24.0
6.1
6.6
30.0
27.6
6.2
5.5
20.6
19.8
4.1
3.8
Nilkamal
Neutral
1,899
-
2,834
1,995
2,165
10.7
10.4
69.8
80.6
27.2
23.6
108.5
94.3
16.6
16.5
1.4
1.3
Page Industries
Neutral
17,425
-
19,435
2,450
3,124
20.1
17.6
299.0
310.0
58.3
56.2
388.1
296.2
47.1
87.5
8.0
6.3
Parag Milk Foods
Neutral
218
-
1,836
1,919
2,231
9.3
9.6
9.5
12.9
23.1
16.9
3.6
3.0
15.5
17.5
1.1
0.9
Quick Heal
Neutral
207
-
1,455
408
495
27.3
27.0
7.7
8.8
26.8
23.6
2.5
2.5
9.3
10.6
2.7
2.2
Radico Khaitan
Buy
122
147
1,619
1,667
1,824
13.0
13.2
6.7
8.2
18.3
14.9
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
479
-
5,754
2,085
2,469
9.2
8.2
7.6
8.0
63.4
60.3
24.6
21.0
17.9
18.8
2.9
2.4
S H Kelkar & Co.
Neutral
263
-
3,801
1,036
1,160
15.1
15.0
6.1
7.2
43.1
36.6
4.6
4.2
10.7
11.5
3.5
3.1
Siyaram Silk Mills
Buy
2,064
2,500
1,934
1,574
1,769
12.5
12.7
97.1
113.1
21.3
18.2
3.3
2.8
15.4
15.5
1.4
1.3
Styrolution ABS India*
Neutral
891
-
1,568
1,440
1,537
9.2
9.0
40.6
42.6
22.0
20.9
56.1
51.0
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
286
-
1,252
3,342
3,625
7.8
7.5
17.3
19.8
16.5
14.5
31.4
25.2
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,375
-
2,351
3,229
4,001
1.5
1.8
22.8
32.8
60.4
41.9
6.5
5.6
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
187
-
749
287
384
20.5
20.5
7.6
10.7
24.6
17.5
5.1
4.2
20.7
23.5
2.6
2.0
Transport Corporation of
Neutral
326
-
2,498
2,671
2,911
8.5
8.8
13.9
15.7
23.5
20.8
3.2
2.9
13.7
13.8
1.0
1.0
India
www.angelbroking.com
Stock Watch
July 04, 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
TVS Srichakra
Neutral
3,825
-
2,929
2,304
2,614
13.7
13.8
231.1
266.6
16.6
14.4
429.7
338.4
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
391
-
1,079
619
685
33.2
33.4
30.0
34.9
13.0
11.2
1.8
1.6
13.8
13.9
1.5
1.1
Visaka Industries
Neutral
513
-
815
1,051
1,138
10.3
10.4
21.0
23.1
24.4
22.2
65.8
61.6
9.0
9.2
1.0
1.0
VRL Logistics
Neutral
331
-
3,019
1,902
2,119
16.7
16.6
14.6
16.8
22.7
19.7
5.0
4.4
21.9
22.2
1.7
1.5
VIP Industries
Buy
186
218
2,621
1,270
1,450
10.4
10.4
5.6
6.5
33.1
28.5
6.9
6.0
20.7
21.1
2.1
1.8
Navin Fluorine
Buy
3,025
3,650
2,977
789
945
21.1
22.4
120.1
143.4
25.2
21.1
4.1
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 July 03, 2017
www.angelbroking.com
Market Outlook
July 04, 2017
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or
co-managed public offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
www.angelbroking.com