Market Outlook
April 12, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking the SGX Nifty & global cues.
BSE Sensex
0.7
213
29,788
US markets moved downside on opening trade and remained mostly negative
Nifty
0.6
56
9,237
during the day but finally ended the day with a minor loss. Though selling pressure
Mid Cap
0.4
56
14,379
was not observed largely, concerns over geopolitical issues kept traders away from
Small Cap
1.0
149
14,925
the markets.
Bankex
1.0
242
24,794
The European markets closed on a mixed note on Tuesday. During the day the
markets fluctuated between small gains and losses. While the FTSE closed on a
positive note other European indices closed lower. A weak opening on the wall street
Global Indices
Chg (%)
(Pts)
(Close)
and rising geopolitical tension seems to have impacted the markets during the day.
Dow Jones
(0.0)
(7)
20,651
After three days on weakness the Indian markets saw strong buying interest on
Nasdaq
(0.2)
(14)
5,867
Tuesday and ended with gains across sectors. Index heavy weight ITC was the
FTSE
0.2
17
7,365
biggest gainer during the day. Selective banks also were in buying mode. IT major
Nikkei
(0.3)
(50)
18,748
Infosys advanced during the ahead of its results during the week.
Hang Seng
(0.7)
(174)
24,088
Shanghai Com
0.6
20
3,289
News Analysis
Passenger Vehicle sales in India to grow 7-9% in FY18, SIAM
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,724
1,030
Investor’s Ready Reckoner
Declines
1,181
640
Key Domestic & Global Indicators
Unchanged
134
84
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
3,614
CMP
Target
Upside
Company
Sector
Rating
NSE
26,594
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
670
760
13.4
Dewan Housing Fin. Financials
Buy
393
460
17.1
Net Inflows (` Cr)
Net
Mtd
Ytd
Mahindra Lifespace
Real Estate
Buy
411
522
27.1
FII
(750)
614
44,835
Navkar Corporation Others
Buy
209
265
27.1
MFs
827
1577
11,015
KEI Industries
Capital Goods
Accumulate
198
207
4.6
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Recltd
207
13.0
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Ktkbank
159
9.0
Apr 12, 2017 UK
Jobless claims change
-11.30
Tubeinvest
688
7.9
Apr 12, 2017 China
Consumer Price Index (YoY)
0.80
1.00
Network18
42
7.8
Apr 12, 2017 India
Industrial Production YoY
2.70
1.30
Pfc
164
7.5
Apr 13, 2017 US
Initial Jobless claims
234.00
245.00
Apr 13, 2017 US
Producer Price Index (mom)
0.10
Apr 13, 2017 India
Imports YoY%
21.76
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Adanipower
37
(16.1)
Adanitrans
84
(9.9)
Adaniports
334
(4.8)
Jswsteel
199
(2.5)
Religare
212
(2.0)
As on April 11, 2017
Market Outlook
April 12, 2017
News Analysis
Passenger Vehicle sales in India to grow 7-9% in FY18
According to SIAM the domestic passenger vehicle sales are expected to grow by
7-9 % in FY18. The industry body believes 7th Pay Commission pay-out and better
rabi crop could drive the growth. However, on a negative side higher oil prices
and increase in raw material prices could impact the sales growth in the near
term. The cost of ownership is expected to go up by 4-6% in FY18 for diesel and
petrol cars due to increasing cost of raw material. On the two wheelers front SIAM
expects the growth to be moderate with demand in economy and executive sub
segments likely to revive gradually once the cash situation improves. However, the
scooter sales are likely to grow in double digit. On the commercial vehicle
segment it expects growth to be 4-6%. According to SIAM data the passenger
vehicle sales in the domestic markets grew by 9.2% in FY17 to 30.46 lakh units
compared to 27.89 lakh units.
Economic and Political News
NABADRD to raise `50,000cr in FY18
APM Terminal liquid cargo business sees 133% growth
Despite heavy discounts, automakers stuck with 1.4lakh BSIII vehicles worth
`5,633cr.
Corporate News
Mahindra & Mahindra, SangYong to develop electric SUVs by 2020
Reliance Jio’s Dhan Dhana offer gives 84 GB data for `309
CESC to shift focus to power distribution
ITC to launch new categories to spice up its food business
Quarterly Bloomberg Brokers Consensus Estimate
Infosys Ltd - April 13, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
17,261
16,550
4.3
17,273
(0.1)
EBITDA
4,731
4,565
3.6
4,767
(0.8)
EBITDA margin (%)
27.4
27.6
27.6
Net profit
3,559
3,597
(1.1)
3,708
(4.0)
Reliance Power Ltd - April 13, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2642
2,605
1.4
2,778
(4.9)
EBITDA
1237
1,241
(0.3)
1,155
7.1
EBITDA margin (%)
46.8
47.6
41.6
Net profit
313
320
(2.2)
276
13.4
Market Outlook
April 12, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
25,433
2,127
2,257
6.1
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,160
386
405
5.0
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,513
347
395
13.9
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
6,403
670
760
13.4
growth. EMPPAC division's profitability to improve once
operating environment turns around..
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
12,301
393
460
17.1
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
5,574
165
235
42.4
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
6,264
192
225
17.4
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,539
198
207
4.6
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,686
411
522
27.1
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,043
87
107
23.4
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,974
209
265
27.1
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,595
1,702
1,872
10.0
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
1,701
285
344
20.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
April 12, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Apr 12, 2017
2:00 PM UK
Jobless claims change
% Change
Mar
-11.30
7:00 AM China
Consumer Price Index (YoY)
% Change
Mar
0.80
1.00
5:30 PM India
Industrial Production YoY
% Change
Feb
2.70
1.30
Apr 13, 2017
6:00 PM US
Initial Jobless claims
Thousands
Apr 8
234.00
245.00
US
Producer Price Index (mom)
% Change
Mar
0.10
India
Imports YoY%
% Change
Mar
21.76
India
Exports YoY%
% Change
Mar
17.48
China
Exports YoY%
% Change
Mar
-1.30
4.30
Apr 14, 2017
6:00 PM US
Consumer price index (mom)
% Change
Mar
0.10
0.00
Apr 17, 2017
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
6.00
7:30 AM China
Industrial Production (YoY)
% Change
Mar
6.00
6.30
7:30 AM China
Real GDP (YoY)
% Change
1Q
6.80
6.80
Apr 18, 2017
6:00 PM US
Housing Starts
Thousands
Mar
1288.00
1260.00
6:00 PM US
Building permits
Thousands
Mar
1216.00
1258.00
6:45 PM US
Industrial Production
%
Mar
0.11
0.50
Apr 19, 2017
2:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Mar F
1.50
April 20, 2017
1:00 PM Germany PMI Services
Value
Apr P
55.60
Apr 21, 2017
7:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Apr A
-5.00
1:00 PM Germany PMI Manufacturing
Value
Apr P
58.30
7:30 PM US
Existing home sales
Million
Mar
5.48
5.55
Apr 25, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100 Apr
125.60
124.25
7:30 PM US
New home sales
Thousands
Mar
592.00
595.00
Apr 27, 2017
5:15 PM Euro Zone ECB announces interest rates
%
Apr 27
-
Apr 28, 2017
6:00 PM US
GDP Qoq (Annualised)
% Change
1Q A
2.10
2:00 PM UK
GDP (YoY)
% Change
1Q A
1.90
Source: Bloomberg, Angel Research
Market Outlook
April 12, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.4
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
3.0
(1.3)
(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
52.0
5.1
4.8
5.0
4.3
4.2
50.0
3.6
3.7
4.0
3.4
3.2
48.0
3.0
46.0
2.0
44.0
1.0
42.0
-
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
(%)
Repo rate
Reverse Repo rate
CRR
(%)
Exports yoy growth
Imports yoy growth
30.0
7.00
6.50
20.0
6.00
10.0
5.50
5.00
0.0
4.50
(10.0)
4.00
3.50
(20.0)
3.00
(30.0)
Source: RBI, Angel Research
Source: Bloomberg, Angel Research
Stock Watch
April 12, 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
252
-
4,908
1,937
2,164
13.3
14.3
9.0
11.0
28.0
23.0
4.9
4.3
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
736
-
37,330
15,176
17,604
18.5
18.5
37.4
44.6
19.7
16.5
3.9
3.2
21.4
21.2
2.6
2.2
Auto & Auto Ancillary
Ashok Leyland
Buy
82
111
23,450
20,021
21,915
11.6
11.9
4.5
5.3
18.3
15.5
3.7
3.3
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,822
-
81,672
25,093
27,891
19.5
19.2
143.9
162.5
19.6
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,097
-
25,540
7,726
8,713
20.5
21.2
35.3
42.7
31.1
25.7
5.7
5.2
18.9
20.1
3.4
2.9
Eicher Motors
Neutral
25,880
-
70,421
16,583
20,447
17.5
18.0
598.0
745.2
43.3
34.7
14.8
11.3
41.2
38.3
4.1
3.2
Gabriel India
Neutral
125
-
1,795
1,544
1,715
9.0
9.3
5.4
6.3
23.1
19.8
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,201
3,446
63,930
28,083
30,096
15.3
15.7
171.8
187.0
18.6
17.1
6.5
5.5
30.1
27.9
2.1
1.9
Jamna Auto Industries Neutral
225
-
1,791
1,486
1,620
9.8
9.9
15.0
17.2
15.0
13.1
3.3
2.8
21.8
21.3
1.3
1.2
L G Balakrishnan & Bros Neutral
619
-
972
1,302
1,432
11.6
11.9
43.7
53.0
14.2
11.7
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,282
-
79,593
46,534
53,077
11.6
11.7
67.3
78.1
19.0
16.4
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Neutral
6,248
-
188,746
67,822
83,288
16.0
16.4
253.8
312.4
24.6
20.0
5.7
4.6
23.0
22.9
2.4
1.9
Minda Industries
Neutral
441
-
3,495
2,728
3,042
9.0
9.1
68.2
86.2
6.5
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
380
-
53,378
45,896
53,687
7.8
8.3
13.0
16.1
29.2
23.6
9.4
7.5
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,008
-
798
511
562
11.3
11.5
28.1
30.9
35.9
32.6
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
40
-
540
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
Tata Motors
Neutral
473
-
136,499
300,209
338,549
8.9
8.4
42.7
54.3
11.1
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
474
-
22,495
13,390
15,948
6.9
7.1
12.8
16.5
37.1
28.6
9.2
7.3
26.3
27.2
1.7
1.4
Amara Raja Batteries
Accumulate
881
1,009
15,043
5,305
6,100
16.0
16.3
28.4
34.0
31.0
25.9
6.0
5.0
19.3
19.3
2.8
2.5
Exide Industries
Neutral
233
-
19,792
7,439
8,307
15.0
15.0
8.1
9.3
28.8
25.0
4.0
3.6
14.3
16.7
2.3
2.0
Apollo Tyres
Neutral
229
-
11,641
12,877
14,504
14.3
13.9
21.4
23.0
10.7
10.0
1.7
1.4
16.4
15.2
1.1
1.0
Ceat
Neutral
1,464
-
5,920
7,524
8,624
13.0
12.7
131.1
144.3
11.2
10.1
2.1
1.7
19.8
18.6
0.9
0.8
JK Tyres
Neutral
144
-
3,270
7,455
8,056
15.0
15.0
21.8
24.5
6.6
5.9
1.4
1.1
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,500
-
1,863
660
810
15.2
16.4
54.5
72.8
27.5
20.6
8.6
7.8
31.5
39.2
2.6
2.1
Subros
Neutral
233
-
1,398
1,488
1,681
11.7
11.9
6.4
7.2
36.4
32.5
3.9
3.5
10.8
11.4
1.2
1.0
Indag Rubber
Neutral
211
-
555
286
326
19.8
16.8
11.7
13.3
18.1
15.9
3.1
2.9
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
68
-
675
709
814
4.1
4.6
1.4
2.1
48.8
32.5
2.0
1.9
4.4
6.0
1.1
1.0
Stock Watch
April 12, 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
BEML
Neutral
1,378
-
5,738
3,451
4,055
6.3
9.2
31.4
57.9
43.9
23.8
2.6
2.4
6.3
10.9
1.8
1.5
Bharat Electronics
Neutral
177
-
39,446
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.8
0.5
0.4
44.6
46.3
3.8
3.4
Voltas
Neutral
414
-
13,685
6,511
7,514
7.9
8.7
12.9
16.3
32.1
25.4
5.8
5.1
16.7
18.5
1.9
1.6
BGR Energy
Neutral
173
-
1,249
16,567
33,848
6.0
5.6
7.8
5.9
22.2
29.4
1.3
1.2
4.7
4.2
0.2
0.1
BHEL
Neutral
176
-
43,188
28,797
34,742
-
2.8
2.3
6.9
76.7
25.6
1.3
1.3
1.3
4.8
1.2
0.8
Blue Star
Accumulate
670
760
6,403
4,283
5,077
5.9
7.3
14.9
22.1
45.0
30.3
8.7
7.4
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
80
-
5,014
5,777
6,120
5.9
7.0
3.3
4.5
24.2
17.8
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
170
-
4,147
1,755
1,881
16.8
16.9
7.8
8.5
21.8
20.0
4.4
4.0
20.6
20.9
2.1
1.9
Inox Wind
Neutral
189
-
4,202
5,605
6,267
15.7
16.4
24.8
30.0
7.6
6.3
2.1
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
213
-
5,486
9,294
10,186
7.9
8.1
9.9
11.9
21.6
17.9
3.2
2.7
15.6
16.3
0.8
0.7
KEI Industries
Neutral
198
-
1,539
2,682
3,058
10.4
10.0
11.7
12.8
16.9
15.5
3.4
2.8
20.1
18.2
0.8
0.7
Thermax
Neutral
991
-
11,806
5,421
5,940
7.3
7.3
25.7
30.2
38.6
32.8
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
679
-
3,704
3,136
3,845
8.9
9.1
26.0
35.9
26.1
18.9
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,486
-
27,897
11,225
13,172
13.2
16.9
44.5
75.5
33.4
19.7
3.2
2.9
11.2
14.2
2.5
2.1
Ambuja Cements
Neutral
248
-
49,274
9,350
10,979
18.2
22.5
5.8
9.5
42.8
26.1
3.6
3.2
10.2
12.5
5.3
4.5
India Cements
Neutral
168
-
5,174
4,364
4,997
18.5
19.2
7.9
11.3
21.3
14.9
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
945
-
6,603
4,398
5,173
15.5
17.5
31.2
55.5
30.3
17.0
3.6
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
461
-
5,425
2,913
3,412
14.5
19.5
7.5
22.5
61.5
20.5
3.8
3.2
12.5
18.0
2.5
2.0
Orient Cement
Neutral
147
-
3,003
2,114
2,558
18.5
20.5
8.1
11.3
18.1
13.0
2.7
2.3
9.0
14.0
2.0
1.6
UltraTech Cement
Neutral
4,034
-
110,741
25,768
30,385
21.0
23.5
111.0
160.0
36.3
25.2
4.6
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
113
-
3,727
8,946
10,017
31.0
31.6
8.1
9.1
14.0
12.5
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
196
-
2,750
1,385
1,673
14.7
14.0
41.2
48.5
4.8
4.0
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,705
-
159,052
111,017
124,908
11.0
11.0
61.1
66.7
27.9
25.6
3.4
3.1
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
161
-
7,766
705
788
52.2
51.7
5.0
5.6
32.1
28.7
3.2
2.8
11.2
11.2
10.7
9.1
Nagarjuna Const.
Neutral
89
-
4,967
8,842
9,775
9.1
8.8
5.3
6.4
16.9
14.0
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Accumulate
131
143
3,372
2,350
2,904
13.1
13.2
9.0
8.8
14.6
14.9
0.5
0.5
15.9
13.9
1.6
1.3
Simplex Infra
Neutral
386
-
1,909
6,829
7,954
10.5
10.5
31.4
37.4
12.3
10.3
1.3
1.2
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
526
-
774
1,801
2,219
12.7
14.6
72.1
113.9
7.3
4.6
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
334
-
5,732
3,598
4,140
10.3
10.6
9.0
11.9
37.1
28.1
3.9
3.4
9.9
11.9
1.9
1.6
Stock Watch
April 12, 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
NBCC
Neutral
181
-
16,326
7,428
9,549
7.9
8.6
8.2
11.0
22.1
16.5
1.1
0.9
28.2
28.7
1.9
1.4
MEP Infra
Neutral
69
-
1,114
1,877
1,943
30.6
29.8
3.0
4.2
22.8
16.3
11.1
7.5
0.6
0.6
2.0
1.8
SIPL
Neutral
103
-
3,619
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.7
Engineers India
Neutral
154
-
10,405
1,725
1,935
16.0
19.1
11.4
13.9
13.5
11.1
1.9
1.8
13.4
15.3
5.0
4.4
Financials
Axis Bank
Accumulate
514
580
123,021
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
-
40,208
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
315
-
17,107
15,225
16,836
1.8
1.8
14.5
28.0
21.7
11.3
1.5
1.2
5.8
8.5
-
-
Can Fin Homes
Neutral
2,369
-
6,307
420
526
3.5
3.5
86.5
107.8
27.4
22.0
5.9
4.8
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,078
1,230
16,852
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
393
460
12,301
2,225
2,688
2.9
2.9
29.7
34.6
13.2
11.4
2.1
1.4
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
Neutral
92
-
15,826
8,259
8,995
3.0
3.0
4.3
5.6
21.4
16.4
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,476
-
234,424
11,475
13,450
3.4
3.4
45.3
52.5
32.6
28.1
6.3
5.6
20.2
20.5
-
-
HDFC Bank
Neutral
1,439
-
368,763
46,097
55,433
4.5
4.5
58.4
68.0
24.6
21.2
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
283
315
164,793
42,800
44,686
3.1
3.3
18.0
21.9
15.7
12.9
2.1
2.0
11.1
12.3
-
-
Karur Vysya Bank
Buy
121
140
7,324
5,640
6,030
3.3
3.2
8.9
10.0
13.6
12.1
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
172
-
3,285
3,339
3,799
2.7
2.8
11.0
14.0
15.6
12.3
1.6
1.5
11.2
12.7
-
-
LIC Housing Finance
Neutral
624
-
31,486
3,712
4,293
2.6
2.5
39.0
46.0
16.0
13.6
3.0
2.6
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
158
-
33,664
23,532
23,595
2.3
2.4
6.8
12.6
23.3
12.6
3.6
2.6
3.3
6.5
-
-
RBL Bank
Neutral
575
-
21,257
1,783
2,309
2.6
2.6
12.7
16.4
45.3
35.1
4.9
4.4
12.8
13.3
-
-
Repco Home Finance
Buy
698
825
4,370
388
457
4.5
4.2
30.0
38.0
23.3
18.4
3.9
3.3
18.0
19.2
-
-
South Ind.Bank
Neutral
23
-
4,056
6,435
7,578
2.5
2.5
2.7
3.1
8.3
7.3
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
294
-
234,182
88,650
98,335
2.6
2.6
13.5
18.8
21.8
15.6
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
159
-
10,923
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
1,614
-
73,668
8,978
11,281
3.3
3.4
74.0
90.0
21.8
17.9
4.1
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,889
-
9,061
2,955
3,309
13.3
13.7
57.2
69.3
33.1
27.3
10.8
9.1
32.7
33.3
2.9
2.5
Asian Paints
Neutral
1,073
-
102,908
17,128
18,978
16.8
16.4
19.1
20.7
56.2
51.8
19.5
18.4
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,395
3,626
40,736
9,594
11,011
14.6
14.9
80.3
94.0
42.3
36.1
17.4
13.4
41.2
-
4.1
3.5
Colgate
Neutral
1,019
-
27,726
4,605
5,149
23.4
23.4
23.8
26.9
42.8
37.9
23.7
18.5
64.8
66.8
5.9
5.3
Stock Watch
April 12, 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
Dabur India
Accumulate
289
304
50,952
8,315
9,405
19.8
20.7
8.1
9.2
35.7
31.4
9.9
8.2
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
5,205
-
21,890
4,350
4,823
21.2
21.4
179.2
196.5
29.1
26.5
7.7
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,680
-
57,212
10,235
11,428
18.4
18.6
41.1
44.2
40.9
38.0
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
923
-
199,834
35,252
38,495
17.8
17.8
20.7
22.4
44.7
41.2
42.7
36.7
95.6
88.9
5.5
5.0
ITC
Neutral
282
-
342,738
40,059
44,439
38.3
39.2
9.0
10.1
31.4
27.8
8.8
7.7
27.8
27.5
8.1
7.3
Marico
Neutral
302
-
38,921
6,430
7,349
18.8
19.5
6.4
7.7
47.1
39.2
14.2
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,565
-
63,297
10,073
11,807
20.7
21.5
124.8
154.2
52.6
42.6
21.6
19.4
34.8
36.7
6.1
5.2
Tata Global
Neutral
153
-
9,682
8,675
9,088
9.8
9.8
7.4
8.2
20.7
18.7
1.6
1.6
7.9
8.1
1.0
1.0
Procter & Gamble
Neutral
7,343
-
23,837
2,939
3,342
23.2
23.0
146.2
163.7
50.2
44.9
12.7
10.6
25.3
23.5
7.7
6.7
Hygiene
IT
HCL Tech^
Buy
834
1,000
117,646
49,242
57,168
20.5
20.5
55.7
64.1
15.0
13.0
3.0
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
967
1,249
222,149
68,350
77,326
27.0
27.0
62.5
69.4
15.5
13.9
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Accumulate
2,421
2,700
477,001
119,025
133,308
27.6
27.6
131.2
145.5
18.5
16.6
6.0
5.5
32.4
33.1
3.8
3.3
Tech Mahindra
Buy
445
600
43,318
29,673
32,937
15.5
17.0
32.8
39.9
13.6
11.2
2.7
2.3
19.6
20.7
1.2
1.0
Wipro
Accumulate
510
583
123,964
55,440
60,430
18.1
18.1
36.1
38.9
14.1
13.1
2.5
2.3
19.0
17.6
2.0
1.7
Media
D B Corp
Neutral
382
-
7,017
2,297
2,590
27.4
28.2
21.0
23.4
18.2
16.3
4.2
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
87
-
2,016
2,693
2,991
12.6
12.9
7.9
9.0
11.0
9.6
0.9
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
192
225
6,264
2,355
2,635
28.0
28.0
10.8
12.5
17.7
15.3
3.9
3.3
21.7
21.7
2.7
2.3
Sun TV Network
Neutral
794
-
31,278
2,850
3,265
70.1
71.0
26.2
30.4
30.3
26.1
7.8
6.8
24.3
25.6
10.6
9.1
Hindustan Media
Neutral
284
-
2,081
1,016
1,138
24.3
25.2
27.3
30.1
10.4
9.4
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
285
344
1,701
567
645
26.7
27.0
15.4
18.1
18.6
15.8
2.8
2.4
14.9
15.2
2.6
2.2
Metals & Mining
Coal India
Neutral
289
-
179,518
84,638
94,297
21.4
22.3
24.5
27.1
11.8
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
284
-
119,978
14,252
18,465
55.9
48.3
15.8
21.5
18.0
13.2
2.9
2.6
17.0
20.7
8.4
6.5
Hindalco
Neutral
197
-
44,080
107,899
112,095
7.4
8.2
9.2
13.0
21.4
15.1
1.0
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
199
-
48,030
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
135
-
42,823
6,643
7,284
44.4
47.7
7.1
7.7
19.1
17.6
1.7
1.6
8.8
9.2
4.2
3.8
SAIL
Neutral
66
-
27,114
47,528
53,738
(0.7)
2.1
(1.9)
2.6
25.3
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
253
-
74,933
71,744
81,944
19.2
21.7
13.4
20.1
18.9
12.6
1.6
1.5
8.4
11.3
1.4
1.1
Tata Steel
Neutral
488
-
47,424
121,374
121,856
7.2
8.4
18.6
34.3
26.3
14.2
1.6
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
304
-
57,008
9,127
10,632
4.3
20.6
8.8
11.7
34.5
26.0
1.1
1.1
3.3
4.2
7.7
6.4
Stock Watch
April 12, 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
GAIL
Neutral
385
-
65,064
56,220
65,198
9.3
10.1
27.1
33.3
14.2
11.6
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
188
-
240,623
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.8
0.8
0.8
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
410
-
198,849
373,359
428,656
5.9
5.5
54.0
59.3
7.6
6.9
1.2
1.1
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,374
-
446,758
301,963
358,039
12.1
12.6
87.7
101.7
15.7
13.5
1.6
1.5
10.7
11.3
2.0
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
628
689
11,831
3,483
4,244
20.2
21.4
24.3
33.6
25.8
18.7
5.9
4.7
25.5
25.3
3.3
2.7
Alkem Laboratories Ltd
Accumulate
2,127
2,257
25,433
6,065
7,009
18.7
20.0
80.2
92.0
26.5
23.1
6.0
5.0
22.5
21.6
4.1
3.6
Aurobindo Pharma
Buy
656
877
38,440
15,720
18,078
23.7
23.7
41.4
47.3
15.9
13.9
4.1
3.2
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,608
-
10,612
2,277
2,597
16.6
17.4
128.9
157.0
35.8
29.4
6.1
4.7
21.6
26.4
4.4
3.7
Cadila Healthcare
Neutral
459
-
46,959
10,429
12,318
17.7
21.6
13.1
19.2
35.0
23.9
7.3
5.8
22.8
27.1
4.5
3.7
Cipla
Sell
579
465
46,565
15,378
18,089
15.7
16.8
19.3
24.5
30.0
23.6
3.5
3.1
12.3
13.9
3.2
2.7
Dr Reddy's
Neutral
2,630
-
43,576
16,043
18,119
18.0
23.0
78.6
130.9
33.5
20.1
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
324
143
5,231
1,718
1,890
22.7
22.8
9.5
11.3
34.1
28.7
3.3
3.0
10.1
10.9
3.5
3.1
GSK Pharma*
Neutral
2,709
-
22,949
2,800
3,290
10.2
20.6
32.2
60.3
84.1
44.9
15.6
15.4
17.2
34.5
8.0
6.8
Indoco Remedies
Neutral
235
-
2,165
1,112
1,289
16.2
18.2
11.6
16.0
20.3
14.7
3.2
2.7
17.0
20.1
2.1
1.7
Ipca labs
Neutral
632
-
7,980
3,258
3,747
12.8
15.3
12.1
19.2
52.3
32.9
3.3
3.0
6.4
9.5
2.6
2.2
Lupin
Buy
1,429
1,809
64,508
15,912
18,644
26.4
26.7
58.1
69.3
24.6
20.6
4.8
3.9
21.4
20.9
4.1
3.4
Sun Pharma
Buy
671
847
160,880
31,129
35,258
32.0
32.9
30.2
35.3
22.2
19.0
3.6
3.0
20.0
20.1
4.7
4.0
Power
Tata Power
Neutral
85
-
23,112
36,916
39,557
17.4
27.1
5.1
6.3
16.8
13.6
1.5
1.4
9.0
10.3
1.6
1.5
NTPC
Neutral
167
-
137,823
86,605
95,545
17.5
20.8
11.8
13.4
14.2
12.5
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
199
223
104,344
25,315
29,193
88.2
88.7
14.2
17.2
14.1
11.6
2.1
1.9
15.2
16.1
8.8
7.9
Real Estate
Prestige Estate
Neutral
219
-
8,220
4,707
5,105
25.2
26.0
10.3
13.0
21.3
16.9
1.7
1.6
10.3
10.2
2.9
2.6
MLIFE
Buy
411
522
1,686
1,152
1,300
22.7
24.6
29.9
35.8
13.7
11.5
1.0
1.0
7.6
8.6
2.2
1.8
Telecom
Bharti Airtel
Neutral
350
-
139,989
105,086
114,808
34.5
34.7
12.2
16.4
28.7
21.4
1.9
1.8
6.8
8.4
2.2
2.0
Idea Cellular
Neutral
88
-
31,871
40,133
43,731
37.2
37.1
6.4
6.5
13.8
13.6
1.2
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,710
-
10,009
3,153
3,583
14.1
14.4
152.2
182.7
31.0
25.8
152.0
129.8
25.6
26.1
2.9
2.5
Asian Granito
Accumulate
386
405
1,160
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
347
395
3,513
4,801
5,351
5.7
6.2
10.4
13.7
33.3
25.4
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
221
-
1,582
1,353
1,471
12.3
12.4
14.5
16.3
15.3
13.6
21.1
19.0
14.5
14.6
1.1
119.2
Coffee Day Enterprises
Neutral
233
-
4,808
2,964
3,260
20.5
21.2
4.7
8.0
-
29.2
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Stock Watch
April 12, 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
Competent Automobiles Neutral
236
-
145
1,137
1,256
3.1
2.7
28.0
23.6
8.4
10.0
45.4
41.0
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
663
1,482
1,660
13.7
14.5
3.9
5.8
15.1
10.2
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
551
-
8,426
2,883
3,115
12.0
12.1
14.2
18.6
38.8
29.6
20.6
18.0
15.8
14.6
2.6
2.4
Garware Wall Ropes
Neutral
678
-
1,483
863
928
15.1
15.2
36.4
39.4
18.6
17.2
3.4
2.9
17.5
15.9
1.6
1.5
Goodyear India*
Neutral
901
-
2,079
1,598
1,704
10.4
10.2
49.4
52.6
18.2
17.1
84.2
73.9
18.2
17.0
1.0
140.9
Hitachi
Neutral
1,873
-
5,092
2,081
2,433
8.8
8.9
33.4
39.9
56.1
46.9
45.2
37.7
22.1
21.4
2.4
2.1
HSIL
Neutral
363
-
2,625
2,384
2,515
15.8
16.3
15.3
19.4
23.7
18.7
23.6
20.3
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,093
-
39,499
21,122
26,005
14.5
27.6
110.7
132.1
9.9
8.3
59.1
42.2
168.5
201.1
1.8
1.5
Jyothy Laboratories
Neutral
362
-
6,577
1,440
2,052
11.5
13.0
8.5
10.0
42.6
36.2
10.3
9.6
18.6
19.3
4.8
3.4
Kirloskar Engines India
Neutral
393
-
5,677
2,554
2,800
9.9
10.0
10.5
12.1
37.4
32.4
15.6
14.8
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
296
-
438
382
420
9.3
9.5
13.5
15.7
22.0
18.9
3.8
3.3
17.1
17.3
1.2
1.1
M M Forgings
Neutral
565
-
682
546
608
20.4
20.7
41.3
48.7
13.7
11.6
77.4
68.5
16.6
17.0
1.1
1.0
Manpasand Bever.
Neutral
715
-
4,093
836
1,087
19.6
19.4
16.9
23.8
42.3
30.0
5.1
4.4
12.0
14.8
4.6
3.5
Mirza International
Buy
87
107
1,043
963
1,069
17.2
18.0
6.1
7.5
14.2
11.6
2.2
1.8
15.0
15.7
1.3
1.2
MT Educare
Neutral
82
-
326
366
417
17.7
18.2
9.4
10.8
8.7
7.6
1.9
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
322
-
6,583
1,873
2,166
11.5
11.7
2.6
4.0
121.8
81.3
7.5
6.8
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
209
265
2,974
369
561
42.9
42.3
6.9
11.5
30.2
18.1
2.1
1.9
7.4
10.5
9.1
6.0
Navneet Education
Neutral
160
-
3,743
1,062
1,147
24.0
24.0
6.1
6.6
26.3
24.2
5.4
4.8
20.6
19.8
3.6
3.3
Nilkamal
Neutral
1,974
-
2,946
1,995
2,165
10.7
10.4
69.8
80.6
28.3
24.5
112.8
98.0
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,213
-
15,853
2,450
3,124
20.1
17.6
299.0
310.0
47.5
45.9
316.6
241.6
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
252
-
2,116
1,919
2,231
9.3
9.6
9.5
12.9
26.6
19.5
4.1
3.4
15.5
17.5
1.3
1.1
Quick Heal
Neutral
255
-
1,786
408
495
27.3
27.0
7.7
8.8
32.9
29.0
3.1
3.1
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
116
147
1,538
1,667
1,824
13.0
13.2
6.7
8.2
17.4
14.1
1.6
1.4
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
490
-
5,885
2,085
2,469
9.2
8.2
7.6
8.0
64.8
61.6
25.1
21.4
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
308
-
4,453
1,036
1,160
15.1
15.0
6.1
7.2
50.4
42.9
5.4
4.9
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,702
1,872
1,595
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.5
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
746
-
1,312
1,440
1,537
9.2
9.0
40.6
42.6
18.4
17.5
46.9
42.7
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
211
-
924
3,342
3,625
7.8
7.5
17.3
19.8
12.2
10.7
23.2
18.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
1,054
-
1,802
3,229
4,001
1.5
1.8
22.8
32.8
46.3
32.1
5.0
4.3
10.7
13.4
0.5
0.4
Stock Watch
April 12, 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
The Byke Hospitality
Neutral
199
-
797
287
384
20.5
20.5
7.6
10.7
26.2
18.6
5.5
4.4
20.7
23.5
2.8
2.1
Transport Corporation of
Neutral
236
-
1,810
2,671
2,911
8.5
8.8
13.9
15.7
17.1
15.1
2.3
2.1
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
3,711
-
2,841
2,304
2,614
13.7
13.8
231.1
266.6
16.1
13.9
417.0
328.3
33.9
29.3
1.2
1.1
UFO Moviez
Neutral
469
-
1,295
619
685
33.2
33.4
30.0
34.9
15.7
13.5
2.2
1.9
13.8
13.9
1.8
1.4
Visaka Industries
Neutral
307
-
487
1,051
1,138
10.3
10.4
21.0
23.1
14.6
13.3
39.3
36.8
9.0
9.2
0.7
0.7
VRL Logistics
Neutral
347
-
3,163
1,902
2,119
16.7
16.6
14.6
16.8
23.8
20.6
5.2
4.6
21.9
22.2
1.8
1.6
VIP Industries
Neutral
198
-
2,800
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
3,165
3,650
3,099
789
945
21.1
22.4
120.1
143.4
26.4
22.1
4.2
3.7
17.8
18.5
3.9
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 11, 2017
Market Outlook
April 12, 2017
Research Team Tel: 022 - 39357800
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