Market Outlook
May 10, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with positive bias tracking the SGX Nifty and
BSE Sensex
0.0
87
29,933
Asian markets.
Nifty
0.0
33
9,317
US stocks had a mixed trading session as traders wait for the release of economic
Mid Cap
0.2
29
14,821
data on retail sales as well as producer and consumer prices. Crude oil prices
Small Cap
0.5
182
15,545
moved lower by around 1 percent which pushed the NYSE Arca Natural Gas Index
and the Philadelphia Oil Service Index down by 1.3 percent and 1 percent,
Bankex
(0.2)
(50)
25,832
respectively. Biotechnology stocks recovered from their previous session with the
NYSE Arca Biotechnology Index up by 1.3 percent.
Global Indices
Chg (%)
(Pts)
(Close)
UK stock indices moved up as mining stocks recovered from their previous fall.
Dow Jones
(0.2)
(36)
20,976
Miners Anglo American, Antofagasta, Glencore and BHP Billiton climbed around 2
Nasdaq
0.3
18
6,121
percent each. Markets also reacted positively to UK retail sales data that showed an
FTSE
0.6
41
7,342
increase of 5.6 percent YoY for the month of April.
Nikkei
(0.3)
(53)
19,843
Indian markets had a flat session as investors booked profits in outperforming
Hang Seng
1.3
311
24,889
counters. The Consumer Durables index closed down 0.63 percent as Titan fell by
Shanghai Com
0.1
2
3,081
3.2 percent. Metals and Oil and Gas stocks recovered from yesterday’s fall, rising by
0.76 percent each.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,462
1,918
Lupin Ltd - Aurangabad plant gets observations
Declines
1,371
747
Unchanged
181
94
Godrej Consumer Products Limited (GCPL) appoints Nisaba Godrej as new
executive chairperson
Volumes (` Cr)
Detailed analysis on Pg2
BSE
3,954
Investor’s Ready Reckoner
NSE
23,564
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
#Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg6 onwards
FII
(5(581)
(1,396)
40,615
MFs
8229
2,401
23,083
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Blue Star
Capital Goods
Accumulate
706
760
7.7
Dewan Housing Fin. Financials
Buy
438
520
18.8
Godrejcp
1,929
9.7
Mahindra Lifespace Real Estate
Accumulate
470
522
11.0
Abb
1,538
9.7
Navkar Corporation Others
Buy
215
265
23.3
Cgpower
84
9.1
KEI Industries
Capital Goods
Accumulate
227
239
5.2
Get&D
366
7.4
More Top Picks on Pg4
Siemens
1,446
6.7
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Losers
Price (`)
Chg (%)
Reading
Expectations
May 10, 2017 China
Consumer Price Index (YoY)
0.90
1.10
Denabank
245
(5.6)
May 11, 2017 US
Initial Jobless claims
238.00
245.00
Canbk
374
(5.4)
May 11, 2017 UK
Industrial Production (YoY)
2.80
2.00
Unionbank
179
(4.7)
May 11, 2017 US
Producer Price Index (mom)
(0.20)
Sreinfra
106
(3.3)
May 11, 2017 UK
BOE Announces rates
0.25
0.25
Titan
468
(3.3)
May 12, 2017 India
Industrial Production YoY
(1.20)
2.00
#As on May 09, 2017
More Events on Pg5
Market Outlook
May 10, 2017
News Analysis
Lupin Ltd - Aurangabad plant gets observations
The US Food and Drug Administration (FDA) issued eight observations for its
Aurangabad unit, which was inspected between April 17 and 26 in 2017. These
observations pertain to some market complaints regarding contamination of the
drug and its effect on the consumer, some data relate issues and some
manufacturing protocols not being followed. The plant is estimated to be
contributing around 10-15% of companies US sales. Thus, on the overall basis the
plant’s contribution to the overall sales is not that much. Also, company still has
time to get back revert to the company on these observations. Thus we are not
currently changing our estimates of the company.
We maintain our buy with a price target of `1809.
Godrej Consumer Products Limited (GCPL) appoints Nisaba
Godrej as new executive chairperson
Godrej Consumer Products Limited (GCPL) announced yesterday that its executive
director Nisaba Godrej had been appointed the new executive chairperson with
effect from May 10. Current Chairman Adi Godrej will now be the Chairman
Emeritus, while Vivek Gambhir will continue as the Managing Director and CEO.
Economic and Political News
El-Nino effect eases, monsoon is expected to be above average: IMD
Gujarat assembly passes state GST Bill in special session
Agricultural ministry projects wheat output at all-time high at over 97mln
tonnes in 2016-17
India to grow at 7.7% in 2018-19: IMF
Corporate News
Srei Infra net profit for Q4FY17 increases 205% to `63cr
Bharti Airtel quarterly net income down 72% YoY due to impact of Jio
IndiGo Q4 net profit down 25% YoY on higher ATF costs
L&T's defence supply business wins `4,500cr deal to produce self-propelled
guns
Market Outlook
May 10, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Zee Entertainment Enterprises Ltd Consol - May 10, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,547
1,532
1.0
1,639
(5.7)
EBITDA
443
414
7.2
516
(14.1)
EBITDA margin (%)
28.7
27.0
31.5
Net profit
308
261
18.4
251
23.0
Hero MotoCorp Ltd - May 10, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
7,807
7,174
8.8
7,670
1.8
EBITDA
1,278
1,140
12.1
1,369
(6.6)
EBITDA margin (%)
16.4
15.9
17.8
Net profit
936
796
17.6
995
(5.9)
Siemens Ltd - May 10, 2017
Particulars ( ` cr)
2QSY17E
2QSY16
y-o-y (%)
1QSY17
q-o-q (%)
Net sales
2,855
2,725
4.8
2,265
26.0
EBITDA
263
306
(16.3)
189
39.4
EBITDA margin (%)
9.2
11.2
8.3
Net profit
188
177
5.8
114
64.7
Asian Paints Ltd Consol - May 11, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
4,249
3,919
8.4
3,889
9.3
EBITDA
749
704
6.4
776
(3.6)
EBITDA margin (%)
17.6
18.0
20.0
Net profit
474
409
16.0
466
1.7
HCL Technologies Ltd Consol - May 11, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
11,813
10,341
14.2
11,336
4.2
EBITDA
2,537
2,225
14.0
2,521
0.6
EBITDA margin (%)
21.5
21.5
22.2
Net profit
2,018
1925
4.8
2,055
(1.8)
Glenmark Pharmaceuticals Ltd Consol - May 11, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2,903
2,289
26.8
2,463
17.9
EBITDA
989
302
227.9
765
29.3
EBITDA margin (%)
34.1
13.2
31.1
Net profit
588
171
242.9
477
23.3
Market Outlook
May 10, 2017
Top Picks
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
22,808
1,908
2,257
18.3
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,164
387
405
4.7
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
6,743
706
760
7.7
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
13,705
438
520
18.8
presence in tier-II & III cities where the growth opportunity
is immense.
Strong loan growth backed by diversified loan portfolio
and adequate CAR. ROE & ROA likely to remain decent
Equitas Holdings
5,574
165
235
42.4
as risk of dilution remains low. Attractive valuations
considering growth.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
6,388
195
225
15.1
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
1,767
227
239
5.2
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,931
470
522
11.0
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,065
215
265
23.3
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,594
1,700
1,872
10.1
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
1,611
270
344
27.4
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 10, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 10, 2017
Hero Motocorp, Siemens, Kirloskar Engines India Ltd
May 11, 2017
Asian Paints, GlaxoSmith Con, ITD Cementation, Vesuvius India, Nilkamal, Glenmark Pharma., MT Educare
May 12, 2017
UCO Bank, Relaxo, Dr Reddy's, GIPCL, S H Kelkar & Co., Quick Heal
May 13, 2017
Mangalam Cement, J & K Bank
May 15, 2017
JK Tyre, South Ind.Bank
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 10, 2017 7:00AM China
Consumer Price Index (YoY)
% Change
Apr
0.90
1.10
May 11, 2017 6:00PM US
Initial Jobless claims
Thousands
May 6
238.00
245.00
2:00PM UK
Industrial Production (YoY)
% Change
Mar
2.80
2.00
US
Producer Price Index (mom)
% Change
Apr
(0.20)
--
4:30PM UK
BOE Announces rates
% Ratio
May 11
0.25
0.25
May 12, 2017 5:30PM India
Industrial Production YoY
% Change
Mar
(1.20)
2.00
India
Imports YoY%
% Change
Apr
45.30
--
India
Exports YoY%
% Change
Apr
27.60
--
6:00PM US
Consumer price index (mom)
% Change
Apr
(0.30)
0.20
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
1.20
2.80
5:00PM India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
4.70
May 15, 2017 7:30AM China
Industrial Production (YoY)
% Change
Apr
7.60
7.00
May 16, 2017 2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
0.50
--
6:00PM US
Housing Starts
Thousands
Apr
1,215.00
1,250.00
6:00PM US
Building permits
Thousands
Apr
1,267.00
1,273.00
6:45PM US
Industrial Production
%
Apr
0.55
0.40
2:00PM UK
CPI (YoY)
% Change
Apr
2.30
--
May 17, 2017 2:00PM UK
Jobless claims change
% Change
Apr
25.50
--
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.90
--
May 19, 2017 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(3.60)
--
May 23, 2017 7:30PM US
New home sales
Thousands
Apr
621.00
620.00
May 24, 2017 1:00PM Germany
PMI Services
Value
May P
55.40
--
1:00PM Germany
PMI Manufacturing
Value
May P
58.20
--
7:30PM US
Existing home sales
Million
Apr
5.71
5.68
May 25, 2017 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
--
Source: Bloomberg, Angel Research
Market Outlook
May 10, 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
4.0
3.3
7.0
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
(1.2)
3.0
(3.0)
(1.9)
(2.5)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.5
5.1
52.0
5.0
4.3
4.2
3.8
50.0
3.6
3.7
4.0
3.4
3.2
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
50.0
7.00
40.0
6.50
30.0
6.00
20.0
5.50
10.0
5.00
0.0
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 10, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
5.0
0.7
4.5
4.0
3.0
2.1
1.9
0.3
1.6
2.0
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
7.0
6.6
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 10, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
66,278
0.8
2.2
28.3
Russia
Micex
2,002
(1.1)
(10.3)
4.9
India
Nifty
9,317
0.6
6.9
20.9
China
Shanghai Composite
3,081
(6.2)
(2.3)
4.4
South Africa
Top 40
47,561
4.4
2.9
4.2
Mexico
Mexbol
49,939
1.2
6.2
9.3
Indonesia
LQ45
947
1.7
7.9
13.4
Malaysia
KLCI
1,767
1.6
4.5
7.0
Thailand
SET 50
993
(0.6)
0.9
10.7
USA
Dow Jones
20,976
1.5
4.6
17.0
UK
FTSE
7,342
0.3
2.1
19.1
Japan
Nikkei
19,843
5.5
4.9
14.3
Germany
DAX
12,749
3.8
9.4
28.1
France
CAC
5,398
5.8
11.9
25.6
Source: Bloomberg, Angel Research
Stock Watch
May 10, 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
236
-
4,589
1,937
2,164
13.3
14.3
9.0
11.0
26.2
21.5
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
814
-
41,344
15,176
17,604
18.5
18.5
37.4
44.6
21.8
18.3
4.3
3.5
21.4
21.2
2.8
2.4
Auto & Auto Ancillary
Amara Raja Batteries
Accumulate
882
1,009
15,072
5,305
6,100
16.0
16.3
28.4
34.0
31.1
26.0
6.0
5.0
19.3
19.3
2.8
2.5
Apollo Tyres
Neutral
234
-
11,924
12,877
14,504
14.3
13.9
21.4
23.0
10.9
10.2
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
83
111
23,592
20,021
21,915
11.6
11.9
4.5
5.3
18.4
15.6
3.8
3.3
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,861
-
82,794
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.6
5.6
4.8
30.3
29.4
3.0
2.7
Bharat Forge
Neutral
1,112
-
25,876
7,726
8,713
20.5
21.2
35.3
42.7
31.5
26.0
5.8
5.3
18.9
20.1
3.4
3.0
Ceat
Neutral
1,702
-
6,884
7,524
8,624
13.0
12.7
131.1
144.3
13.0
11.8
2.4
2.0
19.8
18.6
1.0
0.9
Eicher Motors
Neutral
27,129
-
73,817
16,583
20,447
17.5
18.0
598.0
745.2
45.4
36.4
15.5
11.8
41.2
38.3
4.3
3.4
Exide Industries
Neutral
237
-
20,179
7,439
8,307
15.0
15.0
8.1
9.3
29.3
25.5
4.1
3.7
14.3
16.7
2.3
2.1
Gabriel India
Neutral
127
-
1,820
1,544
1,715
9.0
9.3
5.4
6.3
23.5
20.1
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,290
-
65,696
28,083
30,096
15.3
15.7
171.8
187.0
19.1
17.6
6.7
5.6
30.1
27.9
2.2
2.0
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
Jamna Auto Industries
Neutral
246
-
1,959
1,486
1,620
9.8
9.9
15.0
17.2
16.4
14.3
3.6
3.0
21.8
21.3
1.4
1.3
JK Tyres
Neutral
178
-
4,040
7,455
8,056
15.0
15.0
21.8
24.5
8.2
7.3
1.7
1.4
22.8
21.3
0.7
0.6
L G Balakrishnan & Bros Neutral
639
-
1,004
1,302
1,432
11.6
11.9
43.7
53.0
14.6
12.1
2.1
1.9
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,342
-
83,351
46,534
53,077
11.6
11.7
67.3
78.1
19.9
17.2
3.2
2.8
15.4
15.8
1.8
1.5
Maruti
Neutral
6,630
-
200,264
67,822
83,288
16.0
16.4
253.8
312.4
26.1
21.2
6.0
4.9
23.0
22.9
2.6
2.1
Minda Industries
Neutral
504
-
4,353
2,728
3,042
9.0
9.1
68.2
86.2
7.4
5.8
1.7
1.3
23.8
24.3
1.7
1.5
Motherson Sumi
Neutral
404
-
56,697
45,896
53,687
7.8
8.3
13.0
16.1
31.0
25.1
10.0
8.0
34.7
35.4
1.3
1.1
Rane Brake Lining
Neutral
995
-
787
511
562
11.3
11.5
28.1
30.9
35.4
32.2
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
41
-
544
741
837
13.0
13.0
15.2
17.0
2.7
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
248
-
1,487
1,488
1,681
11.7
11.9
6.4
7.2
38.7
34.6
4.1
3.7
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,838
-
2,283
660
810
15.2
16.4
54.5
72.8
33.7
25.3
10.5
9.5
31.5
39.2
3.3
2.6
Tata Motors
Neutral
427
-
123,203
300,209
338,549
8.9
8.4
42.7
54.3
10.0
7.9
1.6
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
499
-
23,721
13,390
15,948
6.9
7.1
12.8
16.5
39.1
30.2
9.7
7.7
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
66
-
653
709
814
4.1
4.6
1.4
2.1
47.1
31.4
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,334
-
5,557
3,451
4,055
6.3
9.2
31.4
57.9
42.5
23.0
2.6
2.3
6.3
10.9
1.7
1.5
BGR Energy
Neutral
177
-
1,274
16,567
33,848
6.0
5.6
7.8
5.9
22.6
29.9
1.3
1.3
4.7
4.2
0.2
0.1
Stock Watch
May 10, 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
181
-
40,485
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
3.5
BHEL
Neutral
177
-
43,274
28,797
34,742
-
2.8
2.3
6.9
76.9
25.6
1.3
1.3
1.3
4.8
1.2
0.9
Blue Star
Accumulate
706
760
6,743
4,283
5,077
5.9
7.3
14.9
22.1
47.4
31.9
9.2
7.8
20.4
26.4
1.6
1.4
CG Power and Industrial
Neutral
84
-
5,233
5,777
6,120
5.9
7.0
3.3
4.5
25.3
18.6
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
165
-
4,017
1,755
1,881
16.8
16.9
7.8
8.5
21.1
19.4
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
201
-
4,466
5,605
6,267
15.7
16.4
24.8
30.0
8.1
6.7
2.3
1.7
25.9
24.4
0.8
0.7
KEC International
Neutral
221
-
5,680
9,294
10,186
7.9
8.1
9.9
11.9
22.3
18.6
3.3
2.8
15.6
16.3
0.8
0.8
KEI Industries
Neutral
227
-
1,767
2,682
3,058
10.4
10.0
11.7
12.8
19.4
17.7
3.9
3.2
20.1
18.2
0.9
0.8
Thermax
Neutral
1,014
-
12,079
5,421
5,940
7.3
7.3
25.7
30.2
39.5
33.6
4.8
4.4
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
667
-
3,640
3,136
3,845
8.9
9.1
26.0
35.9
25.7
18.6
3.2
2.7
13.4
15.9
1.1
0.8
Voltas
Neutral
428
-
14,155
6,511
7,514
7.9
8.7
12.9
16.3
33.2
26.3
6.0
5.2
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,696
-
31,845
11,225
13,172
13.2
16.9
44.5
75.5
38.1
22.5
3.6
3.3
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
258
-
51,130
9,350
10,979
18.2
22.5
5.8
9.5
44.4
27.1
3.7
3.3
10.2
12.5
5.5
4.7
India Cements
Neutral
209
-
6,409
4,364
4,997
18.5
19.2
7.9
11.3
26.4
18.5
1.9
1.9
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
500
-
5,882
2,913
3,412
14.5
19.5
7.5
22.5
66.7
22.2
4.1
3.5
12.5
18.0
2.6
2.2
JK Cement
Neutral
1,015
-
7,099
4,398
5,173
15.5
17.5
31.2
55.5
32.6
18.3
3.9
3.4
12.0
15.5
2.2
1.8
Orient Cement
Neutral
166
-
3,400
2,114
2,558
18.5
20.5
8.1
11.3
20.5
14.7
3.0
2.6
9.0
14.0
2.2
1.8
UltraTech Cement
Neutral
4,434
-
121,711
25,768
30,385
21.0
23.5
111.0
160.0
39.9
27.7
5.1
4.5
13.5
15.8
4.8
4.0
Construction
Engineers India
Neutral
168
-
11,291
1,725
1,935
16.0
19.1
11.4
13.9
14.7
12.1
2.0
2.0
13.4
15.3
5.5
4.9
Gujarat Pipavav Port
Neutral
161
-
7,771
705
788
52.2
51.7
5.0
5.6
32.2
28.7
3.2
2.9
11.2
11.2
10.7
9.1
ITNL
Neutral
115
-
3,783
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
204
-
2,864
1,385
1,673
14.7
14.0
41.2
48.5
4.9
4.2
0.9
0.8
14.9
15.2
2.1
1.8
Larsen & Toubro
Neutral
1,743
-
162,651
111,017
124,908
11.0
11.0
61.1
66.7
28.5
26.1
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
68
-
1,105
1,877
1,943
30.6
29.8
3.0
4.2
22.7
16.2
11.0
7.4
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
96
-
5,323
8,842
9,775
9.1
8.8
5.3
6.4
18.1
15.0
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
198
-
17,825
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
PNC Infratech
Neutral
161
-
4,117
2,350
2,904
13.1
13.2
9.0
8.8
17.8
18.2
0.7
0.6
15.9
13.9
1.9
1.5
Power Mech Projects
Neutral
594
-
874
1,801
2,219
12.7
14.6
72.1
113.9
8.2
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
324
-
5,562
3,598
4,140
10.3
10.6
9.0
11.9
36.0
27.2
3.8
3.3
9.9
11.9
1.8
1.6
Stock Watch
May 10, 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
411
-
2,032
6,829
7,954
10.5
10.5
31.4
37.4
13.1
11.0
1.4
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
109
-
3,837
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
11.9
9.9
Financials
Axis Bank
Accumulate
517
580
123,963
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
187
-
43,042
19,980
23,178
1.8
1.8
11.5
17.3
16.2
10.8
1.9
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,794
-
7,437
420
526
3.5
3.5
86.5
107.8
32.3
25.9
7.0
5.7
23.6
24.1
-
-
Canara Bank
Neutral
374
-
22,366
15,225
16,836
1.8
1.8
14.5
28.0
25.8
13.4
1.8
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Accumulate
1,079
1,230
16,856
2,012
2,317
6.3
6.3
42.7
53.6
25.3
20.1
4.0
3.4
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
438
520
13,705
2,225
2,688
2.9
2.9
29.7
34.6
14.7
12.7
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
165
235
5,574
939
1,281
11.7
11.5
5.8
8.2
28.5
20.1
2.5
2.2
10.9
11.5
-
-
Federal Bank
Accumulate
118
125
20,398
8,259
8,995
3.0
3.0
4.3
5.6
27.5
21.1
2.3
2.2
8.5
10.1
-
-
HDFC
Neutral
1,523
-
242,001
11,475
13,450
3.4
3.4
45.3
52.5
33.6
29.0
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,535
1,650
393,816
46,097
55,433
4.5
4.5
58.4
68.0
26.3
22.6
4.6
3.9
18.8
18.6
-
-
ICICI Bank
Neutral
301
-
175,525
42,800
44,686
3.1
3.3
18.0
21.9
16.7
13.8
2.3
2.1
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,206
5,640
6,030
3.3
3.2
8.9
10.0
13.4
11.9
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
182
-
3,489
3,339
3,799
2.7
2.8
11.0
14.0
16.6
13.0
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
683
-
34,456
3,712
4,293
2.6
2.5
39.0
46.0
17.5
14.8
3.3
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
174
-
36,931
23,532
23,595
2.3
2.4
6.8
12.6
25.5
13.8
3.9
2.8
3.3
6.5
-
-
RBL Bank
Neutral
559
-
20,985
1,783
2,309
2.6
2.6
12.7
16.4
44.0
34.1
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
748
825
4,680
388
457
4.5
4.2
30.0
38.0
24.9
19.7
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,741
6,435
7,578
2.5
2.5
2.7
3.1
9.7
8.5
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
296
-
240,052
88,650
98,335
2.6
2.6
13.5
18.8
21.9
15.7
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
179
-
12,312
13,450
14,925
2.3
2.3
25.5
34.5
7.0
5.2
1.0
0.9
7.5
10.2
-
-
Yes Bank
Neutral
1,603
-
73,195
8,978
11,281
3.3
3.4
74.0
90.0
21.7
17.8
4.1
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,968
-
9,439
2,955
3,309
13.3
13.7
57.2
69.3
34.4
28.4
11.3
9.5
32.7
33.3
3.0
2.6
Asian Paints
Neutral
1,165
-
111,766
17,128
18,978
16.8
16.4
19.1
20.7
61.0
56.3
21.2
20.0
34.8
35.5
6.4
5.8
Britannia
Neutral
3,584
-
43,006
9,594
11,011
14.6
14.9
80.3
94.0
44.6
38.1
18.4
14.2
41.2
-
4.3
3.7
Colgate
Neutral
1,006
-
27,371
4,605
5,149
23.4
23.4
23.8
26.9
42.3
37.4
23.4
18.3
64.8
66.8
5.9
5.2
Dabur India
Accumulate
273
304
48,169
8,315
9,405
19.8
20.7
8.1
9.2
33.8
29.7
9.4
7.8
31.6
31.0
5.4
4.8
GlaxoSmith Con*
Neutral
5,175
-
21,763
4,350
4,823
21.2
21.4
179.2
196.5
28.9
26.3
7.7
6.5
27.1
26.8
4.4
3.9
Stock Watch
May 10, 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
1,929
-
65,710
10,235
11,428
18.4
18.6
41.1
44.2
46.9
43.7
10.4
8.8
24.9
24.8
6.5
5.8
HUL
Neutral
952
-
206,068
35,252
38,495
17.8
17.8
20.7
22.4
46.1
42.5
44.1
37.8
95.6
88.9
5.7
5.2
ITC
Neutral
272
-
329,862
40,059
44,439
38.3
39.2
9.0
10.1
30.2
26.8
8.4
7.4
27.8
27.5
7.7
7.0
Marico
Neutral
303
-
39,063
6,430
7,349
18.8
19.5
6.4
7.7
47.3
39.3
14.3
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,703
-
64,627
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
7,974
-
25,885
2,939
3,342
23.2
23.0
146.2
163.7
54.5
48.7
13.8
11.5
25.3
23.5
8.4
7.3
Hygiene
Tata Global
Neutral
154
-
9,723
8,675
9,088
9.8
9.8
7.4
8.2
20.8
18.8
1.6
1.6
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
846
1,000
120,730
49,242
57,168
20.5
20.5
55.7
64.1
15.2
13.2
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
947
1,179
217,452
68,484
73,963
26.0
26.0
63.0
64.0
15.0
14.8
3.2
2.9
20.8
19.7
2.8
2.5
TCS
Accumulate
2,353
2,651
463,592
117,966
127,403
27.5
27.6
134.3
144.5
17.5
16.3
5.2
4.8
29.8
29.7
3.6
3.3
Tech Mahindra
Buy
425
600
41,387
29,673
32,937
15.5
17.0
32.8
39.9
13.0
10.7
2.5
2.2
19.6
20.7
1.1
1.0
Wipro
Accumulate
509
570
123,728
55,421
58,536
20.3
20.3
35.1
36.5
14.5
13.9
2.5
2.2
19.2
14.6
1.7
1.4
Media
D B Corp
Neutral
380
-
6,988
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.2
4.2
3.7
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
284
-
2,087
1,016
1,138
24.3
25.2
27.3
30.1
10.4
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
83
-
1,936
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
195
225
6,388
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
858
-
33,799
2,850
3,265
70.1
71.0
26.2
30.4
32.7
28.2
8.4
7.4
24.3
25.6
11.5
9.9
TV Today Network
Buy
270
344
1,611
567
645
26.7
27.0
15.4
18.1
17.6
14.9
2.6
2.3
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
278
-
172,628
84,638
94,297
21.4
22.3
24.5
27.1
11.4
10.3
4.7
4.5
42.6
46.0
1.6
1.4
Hind. Zinc
Neutral
254
-
107,344
14,252
18,465
55.9
48.3
15.8
21.5
16.1
11.8
2.6
2.3
17.0
20.7
7.5
5.8
Hindalco
Neutral
186
-
41,804
107,899
112,095
7.4
8.2
9.2
13.0
20.3
14.3
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
193
-
46,544
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
126
-
39,738
6,643
7,284
44.4
47.7
7.1
7.7
17.7
16.3
1.5
1.5
8.8
9.2
3.8
3.4
SAIL
Neutral
61
-
25,070
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.4
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
433
-
42,097
121,374
121,856
7.2
8.4
18.6
34.3
23.3
12.6
1.5
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
225
-
66,824
71,744
81,944
19.2
21.7
13.4
20.1
16.8
11.2
1.4
1.3
8.4
11.3
1.3
1.0
Oil & Gas
Cairn India
#VALUE!
9,127
10,632
4.3
20.6
8.8
11.7
3.3
4.2
GAIL
Neutral
421
-
71,238
56,220
65,198
9.3
10.1
27.1
33.3
15.5
12.7
1.4
1.3
9.3
10.7
1.5
1.2
Indian Oil Corp
Neutral
441
-
214,291
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 10, 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
-
238,762
137,222
152,563
15.0
21.8
19.5
24.1
9.5
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,331
-
432,622
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
Accumulate
592
648
11,154
3,101
3,966
19.7
20.5
21.4
25.5
27.7
23.2
5.9
4.8
23.0
22.8
3.6
2.6
Alkem Laboratories Ltd
Buy
1,908
2,257
22,808
6,065
7,009
18.7
20.0
80.2
92.0
23.8
20.7
5.3
4.5
22.5
21.6
3.7
3.2
Aurobindo Pharma
Buy
596
877
34,898
15,720
18,078
23.7
23.7
41.4
47.3
14.4
12.6
3.7
2.9
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,154
-
9,568
2,206
2,508
16.6
16.8
128.9
139.9
32.2
29.7
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Neutral
474
-
48,515
10,429
12,318
17.7
21.6
13.1
19.2
36.2
24.7
7.6
6.0
22.8
27.1
4.7
3.9
Cipla
Sell
552
465
44,373
15,378
18,089
15.7
16.8
19.3
24.5
28.6
22.5
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
309
143
4,984
1,718
1,890
22.7
22.8
9.5
11.3
32.5
27.3
3.1
2.9
10.1
10.9
3.4
3.0
Dr Reddy's
Neutral
2,585
-
42,826
16,043
18,119
18.0
23.0
78.6
130.9
32.9
19.8
3.2
2.8
10.1
15.2
2.4
2.3
GSK Pharma*
Neutral
2,420
-
20,501
2,800
3,290
10.2
20.6
32.2
60.3
75.2
40.1
13.9
13.8
17.2
34.5
7.1
6.1
Indoco Remedies
Accumulate
226
240
2,085
1,112
1,289
16.2
18.2
11.6
16.0
19.5
14.1
3.1
2.6
17.0
20.1
2.0
1.7
Ipca labs
Accumulate
546
613
6,885
3,258
3,747
12.8
15.3
12.1
19.2
45.1
28.4
2.8
2.6
6.4
9.5
2.2
2.0
Lupin
Buy
1,251
1,809
56,486
15,912
18,644
26.4
26.7
58.1
69.3
21.5
18.1
4.2
3.4
21.4
20.9
3.6
3.0
Natco Pharma
Accumulate
895
974
15,595
2,090
2,335
32.1
26.6
26.8
23.2
33.3
38.6
9.5
8.2
28.4
21.1
7.5
92.4
Sun Pharma
Buy
639
847
153,395
31,129
35,258
32.0
32.9
30.2
35.3
21.2
18.1
3.5
2.8
20.0
20.1
4.5
3.8
Power
NTPC
Neutral
161
-
132,793
86,605
95,545
17.5
20.8
11.8
13.4
13.7
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
208
223
108,896
25,315
29,193
88.2
88.7
14.2
17.2
14.7
12.1
2.2
2.0
15.2
16.1
8.9
8.0
Tata Power
Neutral
83
-
22,477
36,916
39,557
17.4
27.1
5.1
6.3
16.3
13.2
1.4
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Accumulate
470
522
1,931
1,152
1,300
22.7
24.6
29.9
35.8
15.7
13.1
1.2
1.1
7.6
8.6
2.4
2.0
Prestige Estate
Neutral
251
-
9,416
4,707
5,105
25.2
26.0
10.3
13.0
24.4
19.3
2.0
1.8
10.3
10.2
3.2
2.8
Telecom
Bharti Airtel
Neutral
346
-
138,110
105,086
114,808
34.5
34.7
12.2
16.4
28.3
21.1
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
87
-
31,353
40,133
43,731
37.2
37.1
6.4
6.5
13.6
13.4
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,199
-
8,923
3,153
3,583
14.1
14.4
152.2
182.7
27.6
23.0
135.5
115.7
25.6
26.1
2.5
2.2
Asian Granito
Neutral
387
-
1,164
1,060
1,169
12.2
12.5
12.7
15.9
30.5
24.3
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
352
395
3,563
4,801
5,351
5.7
6.2
10.4
13.7
33.8
25.7
4.2
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
233
-
1,664
1,353
1,471
12.3
12.4
14.5
16.3
16.0
14.3
22.2
20.0
14.5
14.6
1.2
125.9
Coffee Day Enterprises
Neutral
253
-
5,208
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
226
-
145
1,137
1,256
3.1
2.7
28.0
23.6
8.1
9.6
43.4
39.2
14.3
11.5
0.1
0.1
Stock Watch
May 10, 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
62
-
694
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
Finolex Cables
Neutral
525
-
8,035
2,883
3,115
12.0
12.1
14.2
18.6
37.0
28.3
19.7
17.2
15.8
14.6
2.5
2.2
Garware Wall Ropes
Neutral
785
-
1,718
863
928
15.1
15.2
36.4
39.4
21.6
19.9
3.9
3.3
17.5
15.9
1.9
1.8
Goodyear India*
Neutral
849
-
1,958
1,598
1,704
10.4
10.2
49.4
52.6
17.2
16.1
79.4
69.6
18.2
17.0
0.9
129.3
Hitachi
Neutral
1,759
-
4,784
2,081
2,433
8.8
8.9
33.4
39.9
52.7
44.1
42.5
35.4
22.1
21.4
2.3
1.9
HSIL
Neutral
344
-
2,488
2,384
2,515
15.8
16.3
15.3
19.4
22.5
17.7
22.3
19.2
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,140
-
41,216
21,122
26,005
14.5
27.6
110.7
132.1
10.3
8.6
61.6
44.0
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
371
-
6,741
1,440
2,052
11.5
13.0
8.5
10.0
43.7
37.1
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
398
-
5,756
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
289
-
427
382
420
9.3
9.5
13.5
15.7
21.4
18.4
3.7
3.2
17.1
17.3
1.2
1.1
M M Forgings
Neutral
622
-
751
546
608
20.4
20.7
41.3
48.7
15.1
12.8
85.2
75.4
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
695
-
3,977
836
1,087
19.6
19.4
16.9
23.8
41.1
29.2
4.9
4.3
12.0
14.8
4.5
3.4
Mirza International
Neutral
116
-
1,399
963
1,069
17.2
18.0
6.1
7.5
19.0
15.5
2.9
2.5
15.0
15.7
1.7
1.5
MT Educare
Neutral
83
-
332
366
417
17.7
18.2
9.4
10.8
8.9
7.7
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
307
-
6,265
1,873
2,166
11.5
11.7
2.6
4.0
115.9
77.3
7.1
6.4
6.1
8.3
3.4
3.0
Navkar Corporation
Buy
215
265
3,065
369
561
42.9
42.3
6.9
11.5
31.1
18.7
2.2
2.0
7.4
10.5
9.3
6.1
Navneet Education
Neutral
167
-
3,910
1,062
1,147
24.0
24.0
6.1
6.6
27.5
25.3
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,191
-
3,270
1,995
2,165
10.7
10.4
69.8
80.6
31.4
27.2
125.2
108.8
16.6
16.5
1.6
1.5
Page Industries
Neutral
14,419
-
16,083
2,450
3,124
20.1
17.6
299.0
310.0
48.2
46.5
321.1
245.1
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
255
-
2,144
1,919
2,231
9.3
9.6
9.5
12.9
27.0
19.7
4.2
3.5
15.5
17.5
1.3
1.1
Quick Heal
Neutral
243
-
1,705
408
495
27.3
27.0
7.7
8.8
31.4
27.7
2.9
2.9
9.3
10.6
3.3
2.8
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
485
-
5,825
2,085
2,469
9.2
8.2
7.6
8.0
64.2
61.0
24.9
21.2
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
310
-
4,478
1,036
1,160
15.1
15.0
6.1
7.2
50.7
43.1
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,700
1,872
1,594
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
718
-
1,263
1,440
1,537
9.2
9.0
40.6
42.6
17.7
16.9
45.2
41.1
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
277
-
1,214
3,342
3,625
7.8
7.5
17.3
19.8
16.0
14.0
30.4
24.4
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,122
-
1,918
3,229
4,001
1.5
1.8
22.8
32.8
49.3
34.2
5.3
4.6
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
204
-
818
287
384
20.5
20.5
7.6
10.7
26.8
19.1
5.6
4.5
20.7
23.5
2.9
2.1
Stock Watch
May 10, 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
251
-
1,924
2,671
2,911
8.5
8.8
13.9
15.7
18.1
16.1
2.5
2.2
13.7
13.8
0.8
0.8
India
TVS Srichakra
Neutral
4,075
-
3,120
2,304
2,614
13.7
13.8
231.1
266.6
17.6
15.3
457.8
360.5
33.9
29.3
1.4
1.2
UFO Moviez
Neutral
433
-
1,194
619
685
33.2
33.4
30.0
34.9
14.4
12.4
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
338
-
537
1,051
1,138
10.3
10.4
21.0
23.1
16.1
14.6
43.4
40.6
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
329
-
2,998
1,902
2,119
16.7
16.6
14.6
16.8
22.6
19.5
4.9
4.3
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
376
-
2,126
287
355
38.0
40.0
11.3
14.2
33.3
26.5
4.8
4.2
21.4
23.9
7.1
5.8
VIP Industries
Accumulate
198
218
2,799
1,270
1,450
10.4
10.4
5.6
6.5
35.4
30.5
7.3
6.4
20.7
21.1
2.2
1.9
Navin Fluorine
Buy
3,073
3,650
3,009
789
945
21.1
22.4
120.1
143.4
25.6
21.4
4.1
3.5
17.8
18.5
3.7
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 09, 2017
Market Outlook
May 10, 2017
Research Team Tel: 022 - 39357800
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