Market Outlook
June 9, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on Positive note tracking the SGX Nifty and Global
BSE Sensex
(0.2)
(58)
31,213
markets.
Nifty
(0.2)
(17)
9,647
U.S. markets notched meager gains Thursday, but the Nasdaq closed at a record
Mid Cap
0.2
34
14,834
after former FBI Director James Comey’s appearance in front of the U.S. Senate
Small Cap
0.3
47
15,473
Intelligence Committee concluded without any significant revelations.
Bankex
(0.1)
(40)
26,682
The European markets ended Thursday's session with mixed results, but were little
changed overall. Investors were in a cautious mood ahead as they await the results
Global Indices
Chg (%)
(Pts)
(Close)
of today's election in the UK. Traders were also keeping a close eye on today's
testimony by former FBI Director James Comey before Congress.
Dow Jones
0.0
9
21,183
Nasdaq
0.4
24
6,322
Indian market fell modestly on Thursday as investors braced for hectic political and
FTSE
(0.4)
(29)
7,450
economic activity globally. Traders avoided taking big positions ahead of outcome
Nikkei
(0.4)
(75)
19,909
of the European Central Bank meeting, Britain's general election and former FBI
Director James Comey's much-anticipated testimony before the Senate intelligence
Hang Seng
0.3
89
26,063
committee.
Shanghai Com
0.3
10
3,150
News Analysis
Advances / Declines
BSE
NSE
Unichem lines up `350cr capex for next two years
Detailed analysis on Pg2
Advances
1,309
836
Declines
1,395
825
Investor’s Ready Reckoner
Unchanged
169
87
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
7,655
Top Picks
NSE
22,447
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
633
760
20.0
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
434
520
19.7
FII
89
(3,493)
48,475
Mahindra Lifespace Real Estate
Buy
421
522
23.9
MFs
(1)
1,114
31,154
Navkar Corporation Others
Buy
220
265
20.2
KEI Industries
Capital Goods
Buy
219
258
18.0
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Mmtc
63
12.7
Key Upcoming Events
Niittech
563
5.4
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Pageind
15,645
5.2
Jun 09, 2017 UK
Industrial Production (YoY)
1.40
(0.30)
Hindcopper
65
4.7
Jun 09, 2017 UK
CPI (YoY)
2.70
2.80
Pvr
1,465
4.6
Jun 12, 2017 China
Consumer Price Index (YoY)
1.20
1.50
Jun 13, 2017 India
Industrial Production YoY
2.70
--
Top Losers
Price (`)
Chg (%)
Jun 13, 2017 US
Producer Price Index (mom)
0.60
--
Jun 14, 2017 India
Imports YoY%
49.10
--
Adanitrans
114
(5.0)
More Events on Pg4
Videoind
30
(4.9)
Hdil
89
(4.6)
Naukri
1,039
(3.9)
Orientbank
151
(3.7)
#as on 8th June, 2017
Market Outlook
June 9, 2017
News Analysis
Unichem lines up `350cr capex for next two years
Unichem Laboratories has lined up a capex of around `350cr for the next two
years as it plans to strengthen R&D activity and expand operations in the US
market. The company, which focuses on various therapeutic segments like
gastroenterology and cardiology, expects its US revenues to cross $100 million
over the next few years.
The long term aim of the company is to cross $500 million in revenues from the
US operations. The company plans to reinforce its R&D so that it could file for
more complex products in the US. In previous fiscal, the Mumbai-based company
had invested more than 5 per cent of total sales on R&D. According to
management, US operations of the company remains one of the major focus area
and one of the major reasons to enhance R&D spend.
Economic and Political News
Anti-dumping duty extended on gypsum plaster boards for 1 year
India's growth to remain unchanged at 7.1% in FY17: HSBC
Monsoon to arrive in Mumbai by June 10-11: IMD
Corporate News
Coal India to shut 37 mines tin FY18: Sources
Zee Entertainment Enterprises Ltd buys balance 49% in India Webportal for
`197cr
United Bank of India to cut NPAs by 10% every year
Market Outlook
June 9, 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
22,716
1,900
2,161
13.7
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,190
396
447
13.0
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
6,055
633
760
20.0
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
13,612
434
520
19.7
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
7,862
130
160
23.0
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
6,179
189
225
19.0
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
1,701
219
258
18.0
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,163
421
522
23.9
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,143
220
265
20.2
ICD as well CFS augurs well for the company
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,603
269
344
28.0
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
June 9, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 09, 2017
2:00 PM
UK
Industrial Production (YoY)
% Change
Apr
1.40
(0.30)
2:00 PM
UK
CPI (YoY)
% Change
May
2.70
2.80
Jun 12, 2017
7:00 AM
China
Consumer Price Index (YoY)
% Change
May
1.20
1.50
Jun 13, 2017
5:30 PM
India
Industrial Production YoY
% Change
Apr
2.70
US
Producer Price Index (mom)
% Change
May
0.60
Jun 14, 2017
India
Imports YoY%
% Change
May
49.10
India
Exports YoY%
% Change
May
19.80
2:00 PM
UK
Jobless claims change
% Change
May
19.40
7:30 AM
China
Industrial Production (YoY)
% Change
May
6.50
6.40
6:00 PM
US
Consumer price index (mom)
% Change
May
0.20
-
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
May
3.85
11:30 PM
US
FOMC rate decision
%
Jun 14
1.00
1.25
Jun 15, 2017
6:45 PM
US
Industrial Production
%
May
0.98
-
2:30 PM
Euro Zone
Euro-Zone CPI (YoY)
%
May F
1.40
Jun 16, 2017
4:30 PM
UK
BOE Announces rates
% Ratio
Jun 15
0.25
0.25
6:00 PM
US
Housing Starts
Thousands
May
1,172.00
1,225.00
6:00 PM
US
Building permits
Thousands
May
1,260.00
1,250.00
Jun 21, 2017
7:30 PM
US
Existing home sales
Million
May
5.57
5.60
Jun 22, 2017
7:30 PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Jun A
(3.30)
Jun 23, 2017
1:00 PM
Germany
PMI Services
Value
Jun P
55.40
1:00 PM
Germany
PMI Manufacturing
Value
Jun P
59.50
7:30 PM
US
New home sales
Thousands
May
569.00
600.00
Source: Bloomberg, Angel Research
Market Outlook
June 9, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
8.0
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
5.0
6.0
3.8
4.0
2.6
2.7
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
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
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
Market Outlook
June 9, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.6
6.0
5.3
5.0
0.7
4.0
3.3
2.9
2.1
1.9
0.5
2.0
1.6
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
June 9, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,756
(5.3)
(4.5)
24.3
Russia
Micex
1,874
(6.4)
(8.5)
(1.5)
India
Nifty
9,647
3.5
7.6
17.4
China
Shanghai Composite
3,150
2.4
(2.5)
11.7
South Africa
Top 40
45,734
(3.8)
2.5
(4.4)
Mexico
Mexbol
49,087
(1.7)
2.5
7.5
Indonesia
LQ45
956
1.0
7.6
15.6
Malaysia
KLCI
1,786
1.0
3.5
9.8
Thailand
SET 50
991
(0.6)
0.7
9.7
USA
Dow Jones
21,183
0.8
1.6
17.8
UK
FTSE
7,450
2.0
1.4
21.8
Japan
Nikkei
19,909
0.3
2.7
17.4
Germany
DAX
12,714
0.1
6.3
33.6
France
CAC
5,264
(2.5)
6.2
26.8
Source: Bloomberg, Angel Research
Stock Watch
June 09, 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
252
-
4,897
1,937
2,164
13.3
14.3
9.0
11.0
28.0
22.9
4.9
4.3
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
865
-
43,935
15,176
17,604
18.5
18.5
37.4
44.6
23.1
19.4
4.5
3.8
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
95
111
26,979
20,021
21,915
11.6
11.9
4.5
5.3
21.1
17.8
4.3
3.8
20.6
21.5
1.3
1.2
Bajaj Auto
Neutral
2,869
-
83,027
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
1,185
-
27,587
7,726
8,713
20.5
21.2
35.3
42.7
33.6
27.8
6.2
5.6
18.9
20.1
3.6
3.2
Eicher Motors
Neutral
29,614
-
80,615
16,583
20,447
17.5
18.0
598.0
745.2
49.5
39.7
16.9
12.9
41.2
38.3
4.7
3.7
Gabriel India
Neutral
141
-
2,020
1,544
1,715
9.0
9.3
5.4
6.3
26.0
22.3
4.9
4.4
18.9
19.5
1.3
1.1
Hero Motocorp
Neutral
3,785
-
75,576
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
260
-
2,070
1,486
1,620
9.8
9.9
15.0
17.2
17.3
15.1
3.8
3.2
21.8
21.3
1.5
1.3
L G Balakrishnan & Bros Neutral
750
-
1,177
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
1,418
-
88,062
46,534
53,077
11.6
11.7
67.3
78.1
21.1
18.2
3.4
3.0
15.4
15.8
1.9
1.6
Maruti
Neutral
7,234
-
218,517
67,822
83,288
16.0
16.4
253.8
312.4
28.5
23.2
6.6
5.3
23.0
22.9
2.9
2.3
Minda Industries
Neutral
622
-
5,374
2,728
3,042
9.0
9.1
68.2
86.2
9.1
7.2
2.1
1.6
23.8
24.3
2.0
1.8
Motherson Sumi
Neutral
460
-
64,500
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
1,313
-
1,040
511
562
11.3
11.5
28.1
30.9
46.7
42.5
7.1
6.5
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
39
-
518
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
461
-
133,035
300,209
338,549
8.9
8.4
42.7
54.3
10.8
8.5
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
544
-
25,833
13,390
15,948
6.9
7.1
12.8
16.5
42.6
32.9
10.6
8.4
26.3
27.2
2.0
1.6
Amara Raja Batteries
Buy
866
1,009
14,791
5,305
6,100
16.0
16.3
28.4
34.0
30.5
25.5
5.9
4.9
19.3
19.3
2.8
2.4
Exide Industries
Neutral
224
-
19,036
7,439
8,307
15.0
15.0
8.1
9.3
27.7
24.1
3.9
3.5
14.3
16.7
2.2
1.9
Apollo Tyres
Neutral
258
-
13,143
12,877
14,504
14.3
13.9
21.4
23.0
12.1
11.2
1.9
1.6
16.4
15.2
1.2
1.1
Ceat
Neutral
1,892
-
7,652
7,524
8,624
13.0
12.7
131.1
144.3
14.4
13.1
2.7
2.3
19.8
18.6
1.1
1.0
JK Tyres
Neutral
184
-
4,181
7,455
8,056
15.0
15.0
21.8
24.5
8.5
7.5
1.8
1.4
22.8
21.3
0.7
0.6
Swaraj Engines
Neutral
1,999
-
2,483
660
810
15.2
16.4
54.5
72.8
36.7
27.5
11.4
10.4
31.5
39.2
3.6
2.9
Subros
Neutral
261
-
1,566
1,488
1,681
11.7
11.9
6.4
7.2
40.8
36.4
4.3
3.9
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
208
-
546
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
64
-
629
709
814
4.1
4.6
1.4
2.1
45.4
30.3
1.9
1.8
4.4
6.0
1.0
0.9
BEML
Neutral
1,281
-
5,333
3,451
4,055
6.3
9.2
31.4
57.9
40.8
22.1
2.5
2.2
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
169
-
37,826
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.7
0.5
0.4
44.6
46.3
3.6
3.2
Stock Watch
June 09, 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
487
-
16,114
6,511
7,514
7.9
8.7
12.9
16.3
37.8
29.9
6.8
6.0
16.7
18.5
2.2
1.9
BGR Energy
Neutral
155
-
1,117
16,567
33,848
6.0
5.6
7.8
5.9
19.9
26.3
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
138
-
33,850
28,797
34,742
-
2.8
2.3
6.9
60.1
20.0
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
633
760
6,055
4,283
5,077
5.9
7.3
14.9
22.1
42.5
28.6
8.3
7.0
20.4
26.4
1.5
1.2
CG Power and Industrial
Neutral
85
-
5,302
5,777
6,120
5.9
7.0
3.3
4.5
25.6
18.8
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
154
-
3,764
1,755
1,881
16.8
16.9
7.8
8.5
19.8
18.1
4.0
3.7
20.6
20.9
1.8
1.7
Inox Wind
Neutral
140
-
3,100
5,605
6,267
15.7
16.4
24.8
30.0
5.6
4.7
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
260
-
6,683
9,294
10,186
7.9
8.1
9.9
11.9
26.3
21.8
3.9
3.3
15.6
16.3
1.0
0.9
KEI Industries
Buy
219
258
1,701
2,633
3,001
10.4
10.0
12.7
13.0
17.2
16.8
3.7
3.1
21.4
18.2
0.8
0.7
Thermax
Neutral
959
-
11,424
5,421
5,940
7.3
7.3
25.7
30.2
37.3
31.8
4.5
4.1
12.2
13.1
2.0
1.8
VATech Wabag
Neutral
672
-
3,669
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
Cement
ACC
Neutral
1,615
-
30,330
11,225
13,172
13.2
16.9
44.5
75.5
36.3
21.4
3.4
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
235
-
46,673
9,350
10,979
18.2
22.5
5.8
9.5
40.5
24.7
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
209
-
6,428
4,364
4,997
18.5
19.2
7.9
11.3
26.5
18.5
1.9
1.9
8.0
8.5
2.2
2.0
JK Cement
Neutral
1,043
-
7,289
4,398
5,173
15.5
17.5
31.2
55.5
33.4
18.8
4.0
3.5
12.0
15.5
2.2
1.8
J K Lakshmi Cement
Neutral
484
-
5,701
2,913
3,412
14.5
19.5
7.5
22.5
64.6
21.5
4.0
3.3
12.5
18.0
2.5
2.1
Orient Cement
Neutral
163
-
3,339
2,114
2,558
18.5
20.5
8.1
11.3
20.1
14.4
3.0
2.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
4,120
-
113,096
25,768
30,385
21.0
23.5
111.0
160.0
37.1
25.8
4.7
4.1
13.5
15.8
4.5
3.7
Construction
ITNL
Neutral
98
-
3,225
8,946
10,017
31.0
31.6
8.1
9.1
12.1
10.8
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
213
-
2,994
1,385
1,673
14.7
14.0
41.2
48.5
5.2
4.4
1.0
0.8
14.9
15.2
2.2
1.9
Larsen & Toubro
Neutral
1,775
-
165,635
111,017
124,908
11.0
11.0
61.1
66.7
29.1
26.6
3.5
3.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
144
-
6,949
705
788
52.2
51.7
5.0
5.6
28.8
25.7
2.8
2.5
11.2
11.2
9.5
8.0
Nagarjuna Const.
Neutral
86
-
4,795
8,842
9,775
9.1
8.8
5.3
6.4
16.3
13.5
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
145
-
3,724
2,350
2,904
13.1
13.2
9.0
8.8
16.1
16.5
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
521
-
2,578
6,829
7,954
10.5
10.5
31.4
37.4
16.6
13.9
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
310
-
5,315
3,598
4,140
10.3
10.6
9.0
11.9
34.4
26.0
3.6
3.2
9.9
11.9
1.8
1.5
NBCC
Neutral
198
-
17,856
7,428
9,549
7.9
8.6
8.2
11.0
24.2
18.0
1.2
1.0
28.2
28.7
2.1
1.6
MEP Infra
Neutral
97
-
1,577
1,877
1,943
30.6
29.8
3.0
4.2
32.3
23.1
15.7
10.5
0.6
0.6
2.2
2.0
Stock Watch
June 09, 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
113
-
3,975
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.2
4.8
(22.8)
(15.9)
12.1
10.0
Engineers India
Neutral
154
-
10,381
1,725
1,935
16.0
19.1
11.4
13.9
13.5
11.1
1.9
1.8
13.4
15.3
4.9
4.4
Financials
Axis Bank
Accumulate
515
580
123,362
46,932
53,575
3.5
3.4
32.4
44.6
15.9
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
175
-
40,334
19,980
23,178
1.8
1.8
11.5
17.3
15.2
10.1
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
359
-
21,455
15,225
16,836
1.8
1.8
14.5
28.0
24.8
12.8
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
2,900
-
7,720
420
526
3.5
3.5
86.5
107.8
33.5
26.9
7.2
5.9
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,035
1,230
16,179
2,012
2,317
6.3
6.3
42.7
53.6
24.2
19.3
3.8
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
434
520
13,612
2,225
2,688
2.9
2.9
29.7
34.6
14.6
12.6
2.4
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
157
235
5,305
939
1,281
11.7
11.5
5.8
8.2
27.1
19.1
2.3
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
116
125
20,079
8,259
8,995
3.0
3.0
4.3
5.6
27.1
20.8
2.3
2.1
8.5
10.1
-
-
HDFC
Neutral
1,634
-
259,711
11,475
13,450
3.4
3.4
45.3
52.5
36.1
31.1
7.0
6.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,646
-
422,699
46,097
55,433
4.5
4.5
58.4
68.0
28.2
24.2
4.9
4.1
18.8
18.6
-
-
ICICI Bank
Neutral
320
-
186,581
42,800
44,686
3.1
3.3
18.0
21.9
17.8
14.6
2.4
2.2
11.1
12.3
-
-
Karur Vysya Bank
Buy
130
160
7,862
5,640
6,030
3.3
3.2
8.9
10.0
14.6
13.0
1.6
1.4
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
192
-
3,687
3,339
3,799
2.7
2.8
11.0
14.0
17.5
13.7
1.8
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
741
-
37,398
3,712
4,293
2.6
2.5
39.0
46.0
19.0
16.1
3.6
3.0
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
151
-
32,217
23,532
23,595
2.3
2.4
6.8
12.6
22.3
12.0
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
545
-
20,488
1,783
2,309
2.6
2.6
12.7
16.4
42.9
33.2
4.7
4.2
12.8
13.3
-
-
Repco Home Finance
Accumulate
778
825
4,869
388
457
4.5
4.2
30.0
38.0
25.9
20.5
4.3
3.6
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
5,059
6,435
7,578
2.5
2.5
2.7
3.1
10.4
9.1
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
289
-
234,213
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
157
-
10,820
13,450
14,925
2.3
2.3
25.5
34.5
6.2
4.6
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,479
-
67,592
8,978
11,281
3.3
3.4
74.0
90.0
20.0
16.4
3.8
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,780
-
8,537
2,955
3,309
13.3
13.7
57.2
69.3
31.2
25.7
10.2
8.6
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,144
-
109,694
17,128
18,978
16.8
16.4
19.1
20.7
59.9
55.3
20.8
19.7
34.8
35.5
6.3
5.7
Britannia
Neutral
3,629
-
43,546
9,594
11,011
14.6
14.9
80.3
94.0
45.2
38.6
18.6
14.4
41.2
-
4.4
3.8
Colgate
Neutral
1,076
-
29,274
4,605
5,149
23.4
23.4
23.8
26.9
45.2
40.0
25.0
19.6
64.8
66.8
6.3
5.6
Dabur India
Accumulate
282
304
49,684
8,315
9,405
19.8
20.7
8.1
9.2
34.8
30.7
9.7
8.0
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
5,353
-
22,512
4,350
4,823
21.2
21.4
179.2
196.5
29.9
27.3
7.9
6.7
27.1
26.8
4.6
4.0
Stock Watch
June 09, 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
1,882
-
64,111
10,235
11,428
18.4
18.6
41.1
44.2
45.8
42.6
10.2
8.6
24.9
24.8
6.3
5.6
HUL
Neutral
1,093
-
236,662
35,252
38,495
17.8
17.8
20.7
22.4
53.0
48.8
50.6
43.4
95.6
88.9
6.6
6.0
ITC
Neutral
312
-
378,512
40,059
44,439
38.3
39.2
9.0
10.1
34.7
30.7
9.7
8.5
27.8
27.5
9.0
8.1
Marico
Neutral
319
-
41,172
6,430
7,349
18.8
19.5
6.4
7.7
49.9
41.4
15.1
12.7
33.2
32.5
6.2
5.4
Nestle*
Neutral
6,680
-
64,401
10,073
11,807
20.7
21.5
124.8
154.2
53.5
43.3
22.0
19.8
34.8
36.7
6.2
5.3
Tata Global
Neutral
155
-
9,757
8,675
9,088
9.8
9.8
7.4
8.2
20.9
18.9
1.7
1.6
7.9
8.1
1.0
1.0
Procter & Gamble
Neutral
7,872
-
25,552
2,939
3,342
23.2
23.0
146.2
163.7
53.8
48.1
13.6
11.3
25.3
23.5
8.2
7.2
Hygiene
IT
HCL Tech^
Buy
867
1,014
123,698
46,723
52,342
22.1
20.9
60.0
62.8
14.5
13.8
3.7
3.1
25.3
22.4
2.4
2.0
Infosys
Buy
956
1,179
219,657
68,484
73,963
26.0
26.0
63.0
64.0
15.2
14.9
3.2
2.9
20.8
19.7
2.9
2.5
TCS
Accumulate
2,522
2,651
496,843
117,966
127,403
27.5
27.6
134.3
144.5
18.8
17.5
5.6
5.2
29.8
29.7
3.9
3.6
Tech Mahindra
Buy
397
533
38,736
29,141
31,051
14.4
15.0
32.3
35.6
12.3
11.2
2.1
1.9
17.1
17.0
1.2
1.0
Wipro
Neutral
546
-
132,736
55,421
58,536
20.3
20.3
35.1
36.5
15.5
15.0
2.7
2.3
19.2
14.6
1.8
1.6
Media
D B Corp
Neutral
367
-
6,751
2,297
2,590
27.4
28.2
21.0
23.4
17.5
15.7
4.1
3.5
23.7
23.1
2.7
2.4
HT Media
Neutral
82
-
1,909
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
189
225
6,179
2,283
2,555
28.0
28.0
10.6
12.3
17.8
15.4
3.8
3.3
21.4
21.4
2.7
2.4
Sun TV Network
Neutral
819
-
32,264
2,850
3,265
70.1
71.0
26.2
30.4
31.3
26.9
8.0
7.1
24.3
25.6
10.9
9.4
Hindustan Media
Neutral
278
-
2,043
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.3
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
269
344
1,603
608
667
21.5
22.3
15.7
19.2
17.1
14.0
2.6
2.2
16.1
16.0
2.2
1.9
Metals & Mining
Coal India
Neutral
263
-
163,069
84,638
94,297
21.4
22.3
24.5
27.1
10.7
9.7
4.5
4.3
42.6
46.0
1.4
1.3
Hind. Zinc
Neutral
237
-
100,225
14,252
18,465
55.9
48.3
15.8
21.5
15.0
11.0
2.5
2.1
17.0
20.7
7.0
5.4
Hindalco
Neutral
198
-
44,519
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
115
-
36,416
6,643
7,284
44.4
47.7
7.1
7.7
16.2
15.0
1.4
1.4
8.8
9.2
3.3
2.9
SAIL
Neutral
58
-
23,789
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.2
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
235
-
87,187
71,744
81,944
19.2
21.7
13.4
20.1
17.5
11.7
1.5
1.3
8.4
11.3
1.6
1.3
Tata Steel
Neutral
499
-
48,459
121,374
121,856
7.2
8.4
18.6
34.3
26.8
14.6
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
GAIL
Neutral
389
-
65,741
56,220
65,198
9.3
10.1
27.1
33.3
14.3
11.7
1.3
1.2
9.3
10.7
1.4
1.1
ONGC
Neutral
170
-
218,678
137,222
152,563
15.0
21.8
19.5
24.1
8.7
7.1
0.8
0.7
8.5
10.1
1.9
1.7
Indian Oil Corp
Neutral
419
-
203,414
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
June 09, 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
1,330
-
432,408
301,963
358,039
12.1
12.6
87.7
101.7
15.2
13.1
1.6
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Buy
553
648
10,427
3,101
3,966
19.7
20.5
21.4
25.5
25.9
21.7
5.5
4.5
23.0
22.8
3.3
2.5
Alkem Laboratories Ltd
Accumulate
1,900
2,161
22,716
5,853
6,901
17.1
18.4
74.6
85.0
25.5
22.4
5.4
4.5
21.1
20.2
3.9
3.3
Aurobindo Pharma
Buy
605
823
35,420
14,845
17,086
21.5
22.1
39.4
44.7
15.3
13.5
3.8
3.0
27.6
24.7
2.5
2.2
Aventis*
Neutral
4,051
-
9,330
2,206
2,508
16.6
16.8
128.9
139.9
31.4
29.0
5.4
4.2
21.6
23.5
4.0
3.3
Cadila Healthcare
Neutral
540
-
55,287
9,220
11,584
18.4
20.3
14.5
18.7
37.2
28.9
7.9
6.4
23.5
24.6
6.3
4.8
Cipla
Sell
549
465
44,166
15,378
18,089
15.7
16.8
19.3
24.5
28.4
22.4
3.3
2.9
12.3
13.9
3.0
2.5
Dr Reddy's
Neutral
2,637
-
43,693
14,081
15,937
16.1
18.6
72.6
105.9
36.3
24.9
3.6
3.2
9.6
13.6
3.3
2.9
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
2,469
-
20,916
2,927
3,290
11.8
16.2
34.4
49.6
71.8
49.8
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Buy
194
240
1,788
1,112
1,289
16.2
18.2
11.6
16.0
16.7
12.1
2.7
2.3
17.0
20.1
1.7
1.4
Ipca labs
Buy
504
613
6,357
3,258
3,747
12.8
15.3
12.1
19.2
41.6
26.2
2.6
2.4
6.4
9.5
2.1
1.8
Lupin
Buy
1,169
1,809
52,790
15,912
18,644
26.4
26.7
58.1
69.3
20.1
16.9
3.9
3.2
21.4
20.9
3.4
2.8
Natco Pharma
Neutral
1,022
-
17,818
2,065
1,988
33.1
33.7
27.9
25.7
36.7
39.8
10.7
9.1
29.2
22.9
8.7
8.8
Sun Pharma
Buy
528
847
126,787
31,129
35,258
32.0
32.9
30.2
35.3
17.5
15.0
2.9
2.4
20.0
20.1
3.6
3.0
Power
Tata Power
Neutral
79
-
21,381
36,916
39,557
17.4
27.1
5.1
6.3
15.5
12.6
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
158
-
130,278
86,605
95,545
17.5
20.8
11.8
13.4
13.4
11.8
1.4
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
207
223
108,189
25,315
29,193
88.2
88.7
14.2
17.2
14.6
12.1
2.2
1.9
15.2
16.1
8.9
8.0
Real Estate
Prestige Estate
Neutral
252
-
9,454
4,707
5,105
25.2
26.0
10.3
13.0
24.5
19.4
2.0
1.8
10.3
10.2
3.2
2.8
MLIFE
Buy
421
522
2,163
1,152
1,300
22.7
24.6
29.9
35.8
14.1
11.8
1.0
1.0
7.6
8.6
2.6
2.2
Telecom
Bharti Airtel
Neutral
368
-
147,264
105,086
114,808
34.5
34.7
12.2
16.4
30.2
22.5
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
79
-
28,630
40,133
43,731
37.2
37.1
6.4
6.5
12.4
12.2
1.0
1.0
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,206
-
8,938
3,153
3,583
14.1
14.4
152.2
182.7
27.6
23.0
135.7
115.9
25.6
26.1
2.5
2.2
Asian Granito
Accumulate
396
447
1,190
1,066
1,169
11.6
12.5
13.0
16.0
30.4
24.8
3.0
2.7
9.5
10.7
1.4
1.3
Bajaj Electricals
Accumulate
356
395
3,607
4,801
5,351
5.7
6.2
10.4
13.7
34.2
26.0
4.2
3.8
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
222
-
1,589
1,353
1,471
12.3
12.4
14.5
16.3
15.3
13.6
21.2
19.1
14.5
14.6
1.1
119.8
Coffee Day Enterprises
Neutral
250
-
5,142
2,964
3,260
20.5
21.2
4.7
8.0
-
31.2
2.9
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
201
-
129
1,137
1,256
3.1
2.7
28.0
23.6
7.2
8.5
38.7
34.9
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
62
-
696
1,482
1,660
13.7
14.5
3.9
5.8
15.9
10.7
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
June 09, 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
508
-
7,771
2,883
3,115
12.0
12.1
14.2
18.6
35.8
27.3
19.0
16.6
15.8
14.6
2.4
2.2
Garware Wall Ropes
Neutral
821
-
1,797
863
928
15.1
15.2
36.4
39.4
22.6
20.8
4.1
3.5
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
891
-
2,056
1,598
1,704
10.4
10.2
49.4
52.6
18.0
16.9
83.3
73.1
18.2
17.0
1.0
138.7
Hitachi
Neutral
2,038
-
5,542
2,081
2,433
8.8
8.9
33.4
39.9
61.0
51.1
49.2
41.0
22.1
21.4
2.7
2.2
HSIL
Neutral
356
-
2,575
2,384
2,515
15.8
16.3
15.3
19.4
23.3
18.4
23.1
19.9
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,144
-
41,374
21,122
26,005
14.5
27.6
110.7
132.1
10.3
8.7
61.9
44.2
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
380
-
6,906
1,440
2,052
11.5
13.0
8.5
10.0
44.7
38.0
10.8
10.0
18.6
19.3
5.1
3.5
Kirloskar Engines India
Neutral
385
-
5,568
2,554
2,800
9.9
10.0
10.5
12.1
36.7
31.8
15.3
14.5
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
262
-
387
382
420
9.3
9.5
13.5
15.7
19.5
16.7
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
625
-
754
546
608
20.4
20.7
41.3
48.7
15.2
12.8
85.6
75.8
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
771
-
4,411
836
1,087
19.6
19.4
16.9
23.8
45.6
32.4
5.5
4.8
12.0
14.8
5.0
3.8
Mirza International
Neutral
145
-
1,744
963
1,069
17.2
18.0
6.1
7.5
23.7
19.3
3.6
3.1
15.0
15.7
2.0
1.8
MT Educare
Neutral
63
-
252
366
417
17.7
18.2
9.4
10.8
6.8
5.9
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
322
-
6,570
1,873
2,166
11.5
11.7
2.6
4.0
121.6
81.1
7.5
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
220
265
3,143
347
371
43.2
37.3
6.7
6.0
33.0
36.8
2.3
2.0
6.2
10.6
10.2
9.5
Navneet Education
Neutral
185
-
4,329
1,062
1,147
24.0
24.0
6.1
6.6
30.4
28.0
6.3
5.5
20.6
19.8
4.2
3.8
Nilkamal
Neutral
2,024
-
3,020
1,995
2,165
10.7
10.4
69.8
80.6
29.0
25.1
115.7
100.5
16.6
16.5
1.5
1.3
Page Industries
Neutral
15,645
-
17,450
2,450
3,124
20.1
17.6
299.0
310.0
52.3
50.5
348.4
266.0
47.1
87.5
7.2
5.6
Parag Milk Foods
Neutral
233
-
1,959
1,919
2,231
9.3
9.6
9.5
12.9
24.7
18.0
3.8
3.2
15.5
17.5
1.2
1.0
Quick Heal
Neutral
214
-
1,497
408
495
27.3
27.0
7.7
8.8
27.6
24.3
2.6
2.6
9.3
10.6
2.8
2.3
Radico Khaitan
Buy
124
147
1,644
1,667
1,824
13.0
13.2
6.7
8.2
18.6
15.1
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
495
-
5,944
2,085
2,469
9.2
8.2
7.6
8.0
65.5
62.3
25.4
21.7
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
289
-
4,179
1,036
1,160
15.1
15.0
6.1
7.2
47.3
40.3
5.1
4.6
10.7
11.5
3.9
3.4
Siyaram Silk Mills
Accumulate
2,332
2,500
2,186
1,574
1,769
12.5
12.7
97.1
113.1
24.0
20.6
3.7
3.2
15.4
15.5
1.6
1.4
Styrolution ABS India*
Neutral
807
-
1,418
1,440
1,537
9.2
9.0
40.6
42.6
19.9
18.9
50.7
46.1
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
294
-
1,286
3,342
3,625
7.8
7.5
17.3
19.8
17.0
14.9
32.3
25.9
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,255
-
2,146
3,229
4,001
1.5
1.8
22.8
32.8
55.1
38.2
5.9
5.1
10.7
13.4
0.6
0.4
The Byke Hospitality
Neutral
189
-
758
287
384
20.5
20.5
7.6
10.7
24.9
17.7
5.2
4.2
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
315
-
2,414
2,671
2,911
8.5
8.8
13.9
15.7
22.8
20.1
3.1
2.8
13.7
13.8
1.0
0.9
India
Stock Watch
June 09, 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
4,119
-
3,154
2,304
2,614
13.7
13.8
231.1
266.6
17.8
15.5
462.9
364.5
33.9
29.3
1.4
1.2
UFO Moviez
Neutral
380
-
1,050
619
685
33.2
33.4
30.0
34.9
12.7
10.9
1.8
1.5
13.8
13.9
1.4
1.1
Visaka Industries
Neutral
450
-
715
1,051
1,138
10.3
10.4
21.0
23.1
21.4
19.5
57.7
54.0
9.0
9.2
0.9
0.9
VRL Logistics
Neutral
326
-
2,977
1,902
2,119
16.7
16.6
14.6
16.8
22.4
19.4
4.9
4.3
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
195
218
2,751
1,270
1,450
10.4
10.4
5.6
6.5
34.8
30.0
7.2
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Accumulate
3,176
3,650
3,110
789
945
21.1
22.4
120.1
143.4
26.4
22.2
4.3
3.7
17.8
18.5
3.9
3.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 08, 2017
Market Outlook
June 09, 2017
Research Team Tel: 022 - 39357800
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