Market Outlook

November 10, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open positive tracking SGX Nifty. With dust settling over

BSE Sensex

(1.2)

(339)

27,253

the curb on black money by Govt and US election results getting over , Indian

Nifty

(1.3)

(112)

8,432

markets is likely to start focusing on domestic issues.

Mid Cap

(1.8)

(240)

12,722

Small Cap

(2.7)

(348)

12,704

The Govt’s move to demonetize, the `500 and `1,000 currency notes took the

Indian markets by surprise and all major indices opened sharp down. This together

Bankex

0.2

22,374

with the US presidential election also weighed high on the markets. However, as the

day progressed bargain hunting lifted the markets up from its days low.

Global Indices

Chg (%)

(Pts)

(Close)

While a win by Donald Trump was considered by negative by large global

Dow Jones

1.4

257

18,590

institutional investors, post election results global markets have stabilized and the US

Nasdaq

1.1

5,151

markets have rather jumped up. Other global markets like Europe also closed

FTSE

1.0

6,912

strongly with FTSE closing up 1% and DAX closing 1.6%.

Nikkei

(5.4)

(920)

16,252

Result Previews & Review

Hang Seng

(2.2)

(494)

22,415

 Result Preview -Sun Pharma Q2FY17

Shanghai Com

(0.6)

(20)

3,128

 Result Review- Lupin and Cipla Q2FY17

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Advances

574

241

Investor’s Ready Reckoner

Declines

2,214

1399

Key Domestic & Global Indicators

Unchanged

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Volumes (` Cr)

Top Picks

BSE

5,466

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

NSE

34,065

Amara Raja Batteries Auto & Auto Ancill.

Buy

994

1,218

22.5

HCL Tech

Buy

784

1,000

27.6

Net Inflows (` Cr)

Net

Mtd

Ytd

Asian Granito

Capital Goods

Buy

246

351

42.7

FII

192

45,062

Equitas Holdings

Financials

Buy

167

235

40.4

MFs

202

2,994

25,047

Navkar Corporation Others

Buy

190

265

39.5

More Top Picks on Pg4

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Indianb

231

7.1

Consensus

Date

Region

Event Description

Reading

Expectations

Wabag

496

5.9

Nov 10 US

Initial Jobless claims

265.00

260.0

Drreddy

3,272

5.0

Nov 11 India

Imports YoY%

(2.5)

Ktkbank

122

4.8

Nov 13 India

Exports YoY%

4.6

Atul

2,277

4.6

Nov 13 India

Industrial Production YoY

(0.70)

0.60

Nov 14 Euro Zone Euro Zone GDP s.a. (QoQ)

0.3

Nov 14 China

Industrial Production (YoY)

6.1

6.2

Top Losers

Price (`)

Chg (%)

Nov 14 India

Monthly Wholesale Prices YoY%

3.6

3.7

3.696.(

Deltacorp

130

(20.0)

More Events on Pg5

Ibrealest

(18.5)

Dlf

119

(17.5)

Hdil

(16.7)

Dhfl

281

(10.4)

As on November 09, 2016

www.angelbroking.com

Market Outlook

November 10, 2016

Result Preview

Sun Pharma (CMP: `661 / TP: `944 /Upside: 42.8%)

Sun Pharma, is expected to post sales of `7,800cr V/s `6,803cr in 2QFY2016,

posting a yoy growth of 14.7%. On operating front, the EBITDA margins, are

expected to come in at 30.1% V/s 28.0% in 2QFY2016. Consequently, Adj. PAT, is

expected to come in at `1,545cr V/s `1,107cr in 2QFY2016, yoy growth of

39.6%. We maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

31,129

30.0

6,735

28.0

18.7

23.6

3.6

15.9

4.8

FY2018E

35,258

30.9

7,895

32.8

18.9

20.2

3.0

13.0

4.0

Result Review

Lupin (CMP: `1,529 / TP:`1,809 /Upside:18.3%)

Lupin, posted results lower than expected. It posted sales of `4,212cr V/s `4,300cr

expected, registering a yoy growth of 32.5%, mainly aided by exports. The sales

growth was driven by Formulations sales (`3,919.3cr), posting a yoy growth of

37.1% yoy, while API sales (`291.9cr), posting a yoy de-growth of 12.3%. In USA (

`1,997.8cr), yoy growth of 73.1%, India( `995.8cr), a yoy growth of 12.1%, APAC

(`552cr), a yoy growth of 23.7%, EMEA (`235.5cr), a yoy growth of 6.2%. On

operating front, the EBITDA margins came in at 22.5% V/s 24.3% expected V/s

16.6% in 2QFY2016. The OPM’s contracted inspite of the Gross margin

expansion, which came in at 70.5% V/s 64.5% in 2QFY2016, on back of the

35.9% and 32.8% yoy growth in the employee and other expenses respectively.

The R&D expenses came in at 11.9% of sales V/s 12.2% of sales in 2QFY2016.

Consequently, Adj. PAT came in at `663cr V/s `782cr expected V/s `409cr in

2QFY2016, yoy growth of 62.2%. We maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

15,912

26.4

2,611

58.1

21.4

26.3

5.1

16.4

4.3

FY2018E

18,644

26.7

3,117

69.3

20.9

22.0

4.2

13.3

3.5

Cipla (CMP: `528 / TP: `490/Upside: -7.3%)

Cipla posted numbers lower than expected. The company posted sales of `3672cr

V/s `3,737cr expected, registering a yoy growth of 9.2%, mainly aided by

domestic formulations. Domestic formulation (`1,522cr) a yoy growth of 11.3%,

while exports (`2150cr), posted yoy growth of 7.5%. On operating front, the

EBITDA margins, came in at 16.4% V/s 16.5% expected V/s 22.9% in 2QFY2016,

mainly on back of base effect. The employee expenses during the quarter came in

at `675.3cr, a yoy growth of 57.8%, while other expenses during the quarter,

came in at `1065cr, a rise of 27.9%. Consequently, Adj. PAT came in at `354cr

V/s `498cr expected V/s `431cr in 2QFY2016, yoy de-growth of 57.3%. We

maintain our reduce rating on the stock.

www.angelbroking.com

Market Outlook

November 10, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Tata Chemical Ltd Consol - Nov 10, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17 q-o-q (%)

Net sales

4,300

4,948

(13.1)

3,617

18.9

EBITDA

575

642

(10.5)

616

(6.7)

EBITDA margin (%)

13.4

13.0

17.0

Net profit

195

255

(23.4)

206

(5.3)

Sun Pharma Ltd - Nov 10, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17 q-o-q (%)

Net sales

7,930

6,803

16.6

8,007

(1.0)

EBITDA

2,804

1,934

45.0

2,921

(4.0)

EBITDA margin (%)

35.4

28.4

36.5

Net profit

1,935

1,107

74.8

2,034

(4.9)

Motherson Sumi Ltd - Nov 10, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

10432

9197

13.4

10450

(0.2)

EBITDA

1017

894

13.8

928

9.6

EBITDA margin (%)

9.8

9.7

Net profit

371

287

29.2

439

(15.5)

Bank Of India Ltd - Nov 10, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

(358)

(1126)

68.2

(741)

51.7

www.angelbroking.com

Market Outlook

November 10, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

16,984

994

1,218

22.5

products leading to market share gains in both the

automotive OEM and replacement segments.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,10,582

784

1,000

27.6

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,19,553

956

1,249

30.6

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

740

246

351

42.7

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,472

245

306

25.2

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,129

538

634

17.9

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI) consumer

Dewan Housing Finance

8,801

281

350

24.5

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,612

167

235

40.4

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,099

187

225

20.6

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,688

411

522

26.9

in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,034

113

31.5

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,708

190

265

39.5

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,312

1,400

1,714

22.4

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,961

329

385

17.1

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 10, 2016

Key Upcoming Events

Result Calendar

Date

Company

November 10, 2016

Tata Chemicals, Motherson Sumi, Thermax, Areva, Blue Star, Bank of India, Page Industries, Bajaj Electrical,

Finolex Cables, Elecon Engineering, Sun Pharma, Team Lease Serv.

November 11, 2016

FAG Bearings, St Bk of India, Bank of Baroda, Andhra Bank, IOB, Tata Steel, BPCL, Styrolution, Ipca labs,

Reliance Power, MT Educare, Quick Heal

November 12, 2016

Hindalco, Banco, Divi's Lab., Reliance Infra., PTC India

November 14, 2016

Tata Motors, Corporation Bank, Aurobindo Pharma, Coffee Day Enterprises Ltd

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Nov 10, 2016

7:00 PM US

Initial Jobless claims

Thousands

Nov 5

265.00

260.00

Nov 11, 2016

India

Imports YoY%

% Change

Oct

(2.50)

Nov 13, 2016

5:30 PM India

Industrial Production YoY

% Change

Sep

(0.70)

1.00

India

Exports YoY%

% Change

Oct

4.60

Nov 14, 2016

3:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

3Q P

0.30

Nov 15, 2016

7:30 AM China

Industrial Production (YoY)

% Change

Oct

6.10

6.20

12:00 PM India

Monthly Wholesale Prices YoY%

% Change

Oct

3.57

3.69

3:00 PM UK

CPI (YoY)

% Change

Oct

1.00

12:30 PM Germany

GDP nsa (YoY)

% Change

3Q P

3.10

Nov 16, 2016

3:00 PM UK

Jobless claims change

% Change

Oct

0.70

7:45 PM US

Industrial Production

Oct

0.06

0.20

Producer Price Index (mom)

% Change

Oct

0.80

Nov 17, 2016

7:00 PM US

Housing Starts

Thousands

Oct

1,047.00

1,165.00

7:00 PM US

Building permits

Thousands

Oct

1,225.00

1,193.00

7:00 PM US

Consumer price index (mom)

% Change

Oct

0.30

0.40

3:30 PM Euro Zone

Euro-Zone CPI (YoY)

Oct F

0.50

Nov 22, 2016

8:30 PM US

Existing home sales

Million

Oct

5.47

8:30 PM Euro Zone

Euro-Zone Consumer Confidence

Value

Nov A

(8.00)

Nov 23, 2016

2:00 PM Germany

PMI Services

Value

Nov P

54.20

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

November 10, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

November 10, 2016

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

Accumulate

199

209

3,868

1,937

2,164

13.3

14.3

9.0

11.0

22.1

18.1

3.9

3.4

18.4

19.8

2.0

1.8

United Phosphorus

Neutral

662

33,538

15,176

17,604

18.5

37.4

44.6

17.7

14.8

3.5

2.9

21.4

21.2

2.3

2.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,011

22,407

26,022

10.6

5.2

6.4

17.5

14.2

4.0

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,782

80,490

25,093

27,891

19.5

19.2

143.9

162.5

19.3

17.1

5.4

4.7

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

878

20,432

7,726

8,713

20.5

21.2

35.3

42.7

24.9

20.6

4.6

4.2

18.9

20.1

2.7

2.3

Eicher Motors

Neutral

23,331

63,370

16,583

20,447

17.5

18.0

598.0

745.2

39.0

31.3

13.3

10.2

41.2

38.3

3.6

2.9

Gabriel India

Accumulate

119

130

1,709

1,544

1,715

9.0

9.3

5.4

6.3

22.0

18.9

4.2

3.7

18.9

19.5

1.1

0.9

Hero Motocorp

Accumulate

3,236

3,541

64,613

30,958

34,139

15.7

193.6

208.3

16.7

15.5

6.5

5.4

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

216

1,725

1,486

1,620

9.8

9.9

15.0

17.2

14.4

12.6

3.2

2.7

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

641

1,006

1,302

1,432

11.6

11.9

43.7

53.0

14.7

12.1

2.1

1.9

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,337

83,049

46,534

53,077

11.6

11.7

67.3

78.1

19.9

17.1

3.2

2.8

15.4

15.8

1.8

1.5

Maruti

Accumulate

5,397

6,006

163,024

68,057

82,958

15.8

15.5

212.1

261.2

25.4

20.7

5.0

4.2

19.8

20.3

2.1

1.6

Minda Industries

Neutral

362

2,875

2,728

3,042

9.0

9.1

68.2

86.2

5.3

4.2

1.2

1.0

23.8

24.3

1.1

1.0

Motherson Sumi

Neutral

308

43,210

45,896

53,687

7.8

8.3

13.0

16.1

23.6

19.1

7.6

6.1

34.7

35.4

1.0

0.8

Rane Brake Lining

Neutral

1,000

792

511

562

11.3

11.5

28.1

30.9

35.6

32.4

5.4

4.9

15.3

15.0

1.7

1.6

Setco Automotive

Neutral

531

741

837

13.0

15.2

17.0

2.6

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

534

154,292

300,209

338,549

8.9

8.4

42.7

54.3

12.5

9.9

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

379

18,020

13,390

15,948

6.9

7.1

12.8

16.5

29.7

22.9

7.4

5.9

26.3

27.2

1.4

1.1

Amara Raja Batteries

Buy

994

1,218

16,984

5,429

6,471

17.5

17.6

35.3

43.5

28.2

22.9

6.5

5.2

25.3

24.8

3.0

2.4

Exide Industries

Neutral

190

16,167

7,439

8,307

15.0

8.1

9.3

23.5

20.5

3.3

2.9

14.3

16.7

1.8

1.6

Apollo Tyres

Buy

196

235

9,959

12,877

14,504

14.3

13.9

21.4

23.0

9.1

8.5

1.4

1.2

16.4

15.2

0.9

Ceat

Accumulate

1,333

1,450

5,393

7,524

8,624

13.0

12.7

131.1

144.3

10.2

9.2

1.9

1.6

19.8

18.6

0.8

0.7

JK Tyres

Neutral

138

3,125

7,455

8,056

15.0

21.8

24.5

6.3

5.6

1.3

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,399

1,737

660

810

15.2

16.4

54.5

72.8

25.7

19.2

8.0

7.3

31.5

39.2

2.5

2.0

Subros

Neutral

161

963

1,488

1,681

11.7

11.9

6.4

7.2

25.1

22.4

2.7

2.4

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

180

472

286

326

19.8

16.8

11.7

13.3

15.4

13.5

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

478

709

814

4.1

4.6

1.4

2.1

34.5

23.0

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Neutral

871

3,626

3,451

4,055

6.3

9.2

31.4

57.9

27.7

15.0

1.7

1.5

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,304

1,414

31,288

8,137

9,169

16.8

17.2

58.7

62.5

22.2

20.9

3.4

3.1

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

November 10, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Buy

339

407

11,214

6,511

7,514

7.9

8.7

12.9

16.3

26.3

20.8

4.7

4.1

16.7

18.5

1.5

1.2

BGR Energy

Neutral

111

803

16,567

33,848

6.0

5.6

7.8

5.9

14.3

18.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

139

33,997

28,797

34,742

2.8

2.3

6.9

60.4

20.1

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

538

634

5,129

4,283

5,077

5.9

7.3

14.9

22.1

36.1

24.3

7.0

5.9

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

5,152

5,777

6,120

5.9

7.0

3.3

4.5

24.9

18.3

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

130

3,172

1,755

1,881

16.8

16.9

7.8

8.5

16.7

15.3

3.3

3.1

20.6

20.9

1.5

1.4

Inox Wind

Neutral

202

4,475

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

126

3,250

9,294

10,186

7.9

8.1

9.9

11.9

12.8

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

849

10,114

5,421

5,940

7.3

25.7

30.2

33.0

28.1

4.0

3.7

12.2

13.1

1.7

1.6

VATech Wabag

Buy

494

681

2,693

3,136

3,845

8.9

9.1

26.0

35.9

19.0

13.8

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,454

27,306

11,225

13,172

13.2

16.9

44.5

75.5

32.7

19.3

3.1

2.9

11.2

14.2

2.4

2.1

Ambuja Cements

Neutral

231

45,928

9,350

10,979

18.2

22.5

5.8

9.5

39.9

24.4

3.4

3.0

10.2

12.5

4.9

4.2

India Cements

Neutral

147

4,503

4,364

4,997

18.5

19.2

7.9

11.3

18.6

13.0

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

881

6,162

4,398

5,173

15.5

17.5

31.2

55.5

28.2

15.9

3.4

2.9

12.0

15.5

1.9

1.6

J K Lakshmi Cement

Buy

442

565

5,199

2,913

3,412

14.5

19.5

7.5

22.5

58.9

19.6

3.6

3.1

12.5

18.0

2.4

2.0

Orient Cement

Buy

162

215

3,326

2,114

2,558

18.5

20.5

8.1

11.3

20.0

14.4

3.0

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

3,782

103,788

25,768

30,385

21.0

23.5

111.0

160.0

34.1

23.6

4.4

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Neutral

100

3,295

8,946

10,017

31.0

31.6

8.1

9.1

12.4

11.0

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Buy

680

802

1,912

1,385

1,673

14.7

14.0

41.2

48.5

16.5

14.0

3.1

2.7

14.9

15.2

1.5

1.2

Larsen & Toubro

Buy

1,391

1,700

129,605

67,665

77,249

10.7

11.5

57.3

71.2

24.3

19.5

2.2

2.1

12.6

14.3

2.1

1.8

Gujarat Pipavav Port

Neutral

159

7,687

705

788

52.2

51.7

5.0

5.6

31.8

28.4

3.1

2.8

11.2

10.6

9.0

Nagarjuna Const.

Neutral

4,378

8,842

9,775

9.1

8.8

5.3

6.4

14.9

12.3

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

117

143

2,989

2,350

2,904

13.1

13.2

9.0

8.8

12.9

13.2

0.5

0.4

15.9

13.9

1.4

1.1

Simplex Infra

Neutral

306

1,514

6,829

7,954

10.5

31.4

37.4

9.8

8.2

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

477

701

1,801

2,219

12.7

14.6

72.1

113.9

6.6

4.2

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

280

298

4,802

3,598

4,140

10.3

10.6

9.0

11.9

31.1

23.5

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

221

13,284

7,428

9,549

7.9

8.6

8.2

11.0

27.0

20.1

1.3

1.1

28.2

28.7

1.5

1.1

MEP Infra

Neutral

632

1,877

1,943

30.6

29.8

3.0

4.2

13.0

9.3

6.3

4.2

0.6

1.7

1.6

SIPL

Neutral

3,381

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.6

4.1

(22.8)

(15.9)

11.5

9.6

www.angelbroking.com

Stock Watch

November 10, 2016

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

Engineers India

Neutral

266

8,969

1,725

1,935

16.0

19.1

11.4

13.9

23.4

19.2

3.2

3.1

13.4

15.3

4.1

3.7

Financials

Axis Bank

Buy

488

630

116,414

46,932

53,575

3.5

3.4

32.4

44.6

15.1

10.9

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

151

34,827

19,980

23,178

1.8

11.5

17.3

13.1

8.7

1.5

1.2

8.3

10.1

Canara Bank

Neutral

300

16,306

15,225

16,836

1.8

14.5

28.0

20.7

10.7

1.4

1.2

5.8

8.5

Dewan Housing Finance Buy

281

350

8,801

2,225

2,688

2.9

29.7

34.6

9.5

8.1

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

167

235

5,613

939

1,281

11.7

11.5

5.8

8.2

28.9

20.4

2.5

2.2

10.9

11.5

Federal Bank

Neutral

13,093

9,353

10,623

2.9

4.4

5.8

17.3

13.1

1.7

1.5

9.5

11.0

HDFC

Neutral

1,349

213,288

11,475

13,450

3.4

45.3

52.5

29.8

25.7

5.7

5.1

20.2

20.5

HDFC Bank

Accumulate

1,252

1,350

316,949

46,097

55,433

4.5

58.4

68.0

21.4

18.4

3.8

3.1

18.8

18.6

ICICI Bank

Neutral

282

163,838

39,029

45,903

3.3

16.7

16.3

16.9

17.3

2.1

1.9

10.1

12.4

LIC Housing Finance

Buy

526

630

26,545

3,712

4,293

2.6

2.5

39.0

46.0

13.5

11.4

2.5

2.2

19.9

20.1

Punjab Natl.Bank

Neutral

142

30,313

23,532

23,595

2.3

2.4

6.8

12.6

21.0

11.3

3.2

2.3

3.3

6.5

RBL Bank

Neutral

377

13,940

1,783

2,309

2.6

12.7

16.4

29.7

23.0

3.2

2.9

12.8

13.3

South Ind.Bank

Neutral

3,038

6,435

7,578

2.5

2.7

3.1

8.3

7.3

1.1

0.9

10.1

11.2

St Bk of India

Neutral

260

201,638

88,650

98,335

2.6

13.5

18.8

19.2

13.8

1.8

1.6

7.0

8.5

Union Bank

Neutral

129

8,840

13,450

14,925

2.3

25.5

34.5

5.0

3.7

0.7

0.6

7.5

10.2

Yes Bank

Neutral

1,219

51,328

8,978

11,281

3.3

3.4

74.0

90.0

16.5

13.6

3.1

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,051

100,840

17,128

18,978

16.8

16.4

19.1

20.7

55.0

50.8

19.2

18.1

34.8

35.5

5.8

5.2

Britannia

Buy

3,126

3,626

37,504

9,795

11,040

14.6

14.9

80.3

94.0

38.9

33.3

16.0

12.4

41.2

3.7

3.2

Colgate

Neutral

970

26,385

4,605

5,149

23.4

23.8

26.9

40.8

36.1

22.6

17.6

64.8

66.8

5.7

5.0

Dabur India

Neutral

298

52,361

8,315

9,405

19.8

20.7

8.1

9.2

36.8

32.4

10.2

8.5

31.6

31.0

5.9

5.2

GlaxoSmith Con*

Neutral

5,718

24,047

4,350

4,823

21.2

21.4

179.2

196.5

31.9

29.1

8.5

7.2

27.1

26.8

4.9

4.4

Godrej Consumer

Neutral

1,484

50,518

10,235

11,428

18.4

18.6

41.1

44.2

36.1

33.6

8.0

6.8

24.9

24.8

5.0

4.4

HUL

Neutral

828

179,091

35,252

38,495

17.8

20.7

22.4

40.1

37.0

38.3

32.9

95.6

88.9

4.9

4.5

ITC

Accumulate

249

284

300,141

40,059

44,439

38.3

39.2

9.0

10.1

27.7

24.5

7.7

6.7

27.8

27.5

7.0

6.3

Marico

Accumulate

263

300

33,970

6,430

7,349

18.8

19.5

6.4

7.7

41.1

34.2

12.4

10.5

33.2

32.5

5.1

4.4

Nestle*

Neutral

6,398

61,691

10,073

11,807

20.7

21.5

124.8

154.2

51.3

41.5

21.1

18.9

34.8

36.7

5.9

5.0

Tata Global

Neutral

122

7,693

8,675

9,088

9.8

7.4

8.2

16.5

14.9

1.9

1.8

7.9

8.1

0.8

Procter & Gamble

Neutral

7,091

23,018

2,939

3,342

23.2

23.0

146.2

163.7

48.5

43.3

108.6

104.1

25.3

23.5

7.4

6.4

Hygiene

www.angelbroking.com

Stock Watch

November 10, 2016

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

HCL Tech^

Buy

784

1,000

110,582

49,242

57,168

20.5

55.7

64.1

14.1

12.2

2.9

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

956

1,249

219,553

68,350

77,326

27.0

62.5

69.4

15.3

13.8

3.3

3.0

21.3

21.6

2.7

2.3

TCS

Buy

2,171

2,620

427,790

119,025

133,308

27.6

131.2

145.5

16.6

14.9

5.4

4.9

32.4

33.1

3.4

3.0

Tech Mahindra

Buy

435

600

42,201

29,673

32,937

15.5

17.0

32.8

39.9

13.3

10.9

2.6

2.3

19.6

20.7

1.2

1.0

Wipro

Buy

447

590

108,702

55,440

60,430

18.1

35.9

39.9

12.5

11.2

2.2

2.1

19.0

19.3

1.7

1.5

Media

D B Corp

Neutral

376

6,916

2,297

2,590

27.4

28.2

21.0

23.4

17.9

16.1

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,868

2,693

2,991

12.6

12.9

7.9

9.0

10.2

8.9

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

187

225

6,099

2,355

2,635

28.0

10.8

12.5

17.3

14.9

3.7

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

505

19,915

2,850

3,265

70.1

71.0

26.2

30.4

19.3

16.6

4.9

4.4

24.3

25.6

6.6

5.6

Hindustan Media

Neutral

285

2,090

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

TV Today Network

Buy

329

385

1,961

637

743

27.5

18.4

21.4

17.9

15.4

3.1

2.6

17.4

17.2

2.7

2.2

Metals & Mining

Coal India

Neutral

318

200,797

84,638

94,297

21.4

22.3

24.5

27.1

13.0

11.7

5.4

5.1

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

253

107,027

14,252

18,465

55.9

48.3

15.8

21.5

16.0

11.8

2.6

2.3

17.0

20.7

7.5

5.8

Hindalco

Neutral

162

33,535

107,899

112,095

7.4

8.2

9.2

13.0

17.7

12.5

0.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,680

40,613

53,201

58,779

16.1

16.2

130.6

153.7

12.9

10.9

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

124

39,343

6,643

7,284

44.4

47.7

7.1

7.7

17.5

16.2

1.5

8.8

9.2

3.7

3.3

SAIL

Neutral

20,527

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.1

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

218

64,527

71,744

81,944

19.2

21.7

13.4

20.1

16.2

10.8

1.4

1.3

8.4

11.3

1.3

1.0

Tata Steel

Neutral

400

38,829

121,374

121,856

7.2

8.4

18.6

34.3

21.5

11.7

1.3

1.2

6.1

10.1

1.0

0.9

Oil & Gas

Cairn India

Neutral

243

45,465

9,127

10,632

4.3

20.6

8.8

11.7

27.6

20.7

0.9

3.3

4.2

6.4

5.4

GAIL

Neutral

445

56,466

56,220

65,198

9.3

10.1

27.1

33.3

16.4

13.4

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

270

230,913

137,222

152,563

15.0

21.8

19.5

24.1

13.8

11.2

1.2

1.1

8.5

10.1

2.0

1.8

Indian Oil Corp

Neutral

316

153,592

373,359

428,656

5.9

5.5

54.0

59.3

5.9

5.3

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,006

326,044

301,963

358,039

12.1

12.6

87.7

101.7

11.5

9.9

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

645

12,165

3,483

4,083

20.2

21.4

24.3

30.4

26.6

21.2

6.1

4.8

25.5

25.3

3.4

2.8

Aurobindo Pharma

Buy

760

877

44,449

15,720

18,078

23.7

41.4

47.3

18.4

16.1

4.8

3.7

29.6

26.1

3.1

2.6

Aventis*

Neutral

4,180

9,626

2,277

2,597

17.3

18.3

149.4

172.0

28.0

24.3

4.6

3.7

25.1

28.8

3.9

3.2

Cadila Healthcare

Neutral

383

39,235

10,429

12,318

22.6

22.0

16.9

19.2

22.7

20.0

5.8

4.6

28.5

25.7

3.8

3.1

Cipla

Neutral

528

42,436

15,378

18,089

17.4

18.4

21.6

27.2

24.5

19.4

3.2

2.8

13.7

15.2

3.0

2.5

www.angelbroking.com

Stock Watch

November 10, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,272

54,211

16,043

18,119

20.8

22.4

112.4

142.9

29.1

22.9

3.9

3.4

14.1

15.9

3.4

3.0

Dishman Pharma

Neutral

241

3,886

1,718

1,890

22.7

22.8

9.5

11.3

25.4

21.3

2.5

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,657

22,502

3,000

3,312

15.4

20.6

46.5

60.8

57.1

43.7

13.7

26.3

30.6

7.2

6.6

Indoco Remedies

Neutral

284

2,613

1,112

1,289

18.2

13.2

15.6

21.5

18.2

3.8

3.2

19.2

2.5

2.1

Ipca labs

Neutral

585

7,375

3,303

3,799

15.3

17.3

19.7

33.8

29.7

2.9

2.7

9.1

9.4

2.4

2.1

Lupin

Buy

1,529

1,809

68,936

15,912

18,644

26.4

26.7

58.1

69.3

26.3

22.1

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

661

944

159,107

31,129

35,258

30.0

30.9

28.0

32.8

23.6

20.2

3.6

3.0

18.7

18.9

4.7

4.0

Power

Tata Power

Neutral

19,392

36,916

39,557

17.4

27.1

5.1

6.3

14.1

11.4

1.2

1.1

9.0

10.3

1.5

1.4

NTPC

Neutral

154

127,063

86,605

95,545

17.5

20.8

11.8

13.4

13.1

11.5

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

180

94,404

25,763

29,762

74.3

73.1

14.8

17.3

12.2

10.4

1.9

1.7

16.9

17.5

7.9

7.5

Real Estate

Prestige Estate

Buy

182

210

6,808

4,707

5,105

25.2

26.0

10.3

13.0

17.6

14.0

1.4

1.3

10.3

10.2

2.6

2.3

MLIFE

Buy

411

522

1,688

1,152

1,300

22.7

24.6

29.9

35.8

13.8

11.5

1.0

7.6

8.6

2.2

1.8

Telecom

Bharti Airtel

Neutral

301

120,342

105,086

114,808

34.5

34.7

12.2

16.4

24.7

18.4

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

26,052

40,133

43,731

37.2

37.1

6.4

6.5

11.3

11.1

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,717

10,024

3,153

3,583

14.1

14.4

152.2

182.7

31.0

25.8

152.2

130.0

25.6

26.1

2.9

2.5

Asian Granito

Buy

246

351

740

1,071

1,182

12.1

12.4

12.7

16.0

19.3

15.4

1.8

1.7

9.5

10.7

1.0

0.9

Bajaj Electricals

Buy

245

306

2,472

5,099

5,805

5.6

5.9

11.4

14.6

21.5

16.8

2.9

2.6

13.4

15.1

0.5

0.4

Banco Products (India)

Neutral

197

1,410

1,353

1,471

12.3

12.4

14.5

16.3

13.6

12.1

18.8

16.9

14.5

14.6

1.0

105.3

Coffee Day Enterprises

Neutral

215

4,426

2,964

3,260

20.5

21.2

4.7

8.0

26.9

2.5

2.3

5.5

8.5

1.9

1.7

Ltd

Competent Automobiles Neutral

180

111

1,137

1,256

3.1

2.7

28.0

23.6

6.4

7.6

34.6

31.3

14.3

11.5

0.1

Elecon Engineering

Neutral

658

1,482

1,660

13.7

14.5

3.9

5.8

15.5

10.4

3.6

3.3

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

423

6,467

2,883

3,115

12.0

12.1

14.2

18.6

29.8

22.7

15.8

13.8

15.8

14.6

1.9

1.7

Garware Wall Ropes

Neutral

551

1,205

873

938

12.9

13.1

30.9

34.9

17.8

15.8

2.8

2.4

15.7

15.2

1.3

1.2

Goodyear India*

Neutral

778

1,794

1,598

1,704

10.4

10.2

49.4

52.6

15.7

14.8

72.7

63.8

18.2

17.0

0.8

113.5

Hitachi

Neutral

1,431

3,890

2,081

2,433

8.8

8.9

33.4

39.9

42.8

35.9

34.6

28.8

22.1

21.4

1.9

1.6

HSIL

Neutral

343

2,477

2,384

2,515

15.8

16.3

15.3

19.4

22.4

17.7

22.3

19.2

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

949

34,183

21,122

26,005

14.5

27.6

110.7

132.1

8.6

7.2

51.3

36.6

168.5

201.1

1.6

1.3

Jyothy Laboratories

Neutral

360

6,540

1,440

2,052

11.5

13.0

8.5

10.0

42.4

36.0

10.3

9.5

18.6

19.3

4.8

3.4

Kirloskar Engines India

Neutral

341

4,934

2,554

2,800

9.9

10.0

10.5

12.1

32.5

28.2

13.6

12.8

10.7

11.7

1.6

1.4

Ltd

www.angelbroking.com

Stock Watch

November 10, 2016

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

Linc Pen & Plastics

Neutral

251

371

382

420

9.3

9.5

13.5

15.7

18.6

16.0

3.2

2.8

17.1

17.3

1.0

0.9

M M Forgings

Neutral

424

511

546

608

20.4

20.7

41.3

48.7

10.3

8.7

58.1

51.4

16.6

17.0

0.8

0.7

Manpasand Bever.

Neutral

694

3,968

836

1,087

19.6

19.4

16.9

23.8

41.1

29.1

4.9

4.3

12.0

14.8

4.5

3.4

Mirza International

Buy

113

1,034

1,024

1,148

18.0

6.9

8.0

12.5

10.7

2.1

1.8

16.6

16.2

1.2

1.1

MT Educare

Neutral

129

514

366

417

17.7

18.2

9.4

10.8

13.8

12.0

3.1

2.7

22.2

22.3

1.3

1.1

Narayana Hrudaya

Neutral

343

7,008

1,873

2,166

11.5

11.7

2.6

4.0

129.6

86.5

8.0

7.2

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

190

265

2,708

408

612

42.9

42.3

6.8

11.5

28.0

16.5

1.9

1.7

6.9

10.5

7.5

5.0

Navneet Education

Neutral

100

2,370

1,062

1,147

24.0

6.1

6.6

16.3

15.0

3.4

3.0

20.6

19.8

2.3

2.1

Nilkamal

Neutral

1,513

2,258

1,995

2,165

10.7

10.4

69.8

80.6

21.7

18.8

86.5

75.1

16.6

16.5

1.1

1.0

Page Industries

Neutral

16,080

17,936

2,450

3,124

20.1

17.6

299.0

310.0

53.8

51.9

358.1

273.4

47.1

87.5

7.4

5.8

Parag Milk Foods

Neutral

307

2,582

1,919

2,231

9.3

9.6

9.5

12.9

32.5

23.7

5.1

4.2

15.5

17.5

1.5

1.3

Quick Heal

Neutral

228

1,595

408

495

27.3

27.0

7.7

8.8

29.4

25.9

2.7

9.3

10.6

3.1

2.5

Radico Khaitan

Accumulate

129

147

1,720

1,667

1,824

13.0

13.2

6.7

8.2

19.4

15.8

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

400

4,806

2,085

2,469

9.2

8.2

7.6

8.0

53.0

50.4

20.5

17.5

17.9

18.8

2.4

2.0

S H Kelkar & Co.

Neutral

297

4,297

1,036

1,160

15.1

15.0

6.1

7.2

48.7

41.4

5.2

4.8

10.7

11.5

4.0

3.5

Siyaram Silk Mills

Accumulate

1,400

1,714

1,312

1,799

2,040

11.6

11.7

104.9

122.4

13.3

11.4

2.2

1.9

16.4

0.9

0.8

Styrolution ABS India*

Neutral

608

1,069

1,440

1,537

9.2

9.0

40.6

42.6

15.0

14.3

38.2

34.8

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

212

930

3,342

3,625

7.8

7.5

17.3

19.8

12.3

10.7

23.3

18.7

10.5

10.8

0.5

Team Lease Serv.

Neutral

1,007

1,722

3,229

4,001

1.5

1.8

22.8

32.8

44.2

30.7

4.7

4.1

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

178

714

287

384

20.5

7.6

10.7

23.4

16.6

4.9

4.0

20.7

23.5

2.5

1.9

Transport Corporation of

Neutral

187

1,430

2,671

2,911

8.5

8.8

13.9

15.7

13.5

11.9

1.8

1.6

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,806

2,914

2,304

2,614

13.7

13.8

231.1

266.6

16.5

14.3

427.7

336.7

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

480

1,325

619

685

33.2

33.4

30.0

34.9

16.0

13.8

2.2

1.9

13.8

13.9

1.9

1.5

Visaka Industries

Neutral

211

335

1,051

1,138

10.3

10.4

21.0

23.1

10.1

9.1

27.1

25.3

9.0

9.2

0.6

VRL Logistics

Neutral

279

2,549

1,902

2,119

16.7

16.6

14.6

16.8

19.2

16.6

4.2

3.7

21.9

22.2

1.5

1.3

Wonderla Holidays

Neutral

375

2,119

287

355

38.0

40.0

11.3

14.2

33.2

26.4

4.8

4.2

21.4

23.9

7.1

5.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 09, 2016

www.angelbroking.com

Market Outlook

November 10, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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