Market Outlook
February 13, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to start off on a positive note today tracking SGX nifty and
BSE Sensex
0.0
5
28,334
global cues.
Nifty
0.2
15
8,794
Following the strength seen in the previous session, US markets saw some further
Mid Cap
(0.3)
(38)
13,468
upside during trading on Friday. With the continued upward move, the major
Small Cap
0.1
18
13,601
averages once again ended the session at new record closing highs. The continued
strength on Wall Street reflected renewed optimism about corporate tax reform
Bankex
0.2
56
23,175
under President Donald Trump.
Global Indices
Chg (%)
(Pts)
(Close)
The majority of the European markets ended Friday's session with modest gains,
extending their gains from the previous three sessions. Earnings remained in focus at
Dow Jones
0.5
97
20,269
the end of the trading week, but sentiment also received a boost from positive data
Nasdaq
0.3
19
5,734
out of both the U.K. and China. The Chinese data sparked a jump in shares of
FTSE
0.4
29
7,259
European mining stocks.
Nikkei
2.5
471
19,379
Indian Market ended on a flat note on Friday, even as IT stocks posted widespread
Hang Seng
0.2
50
23,575
gains for the second day running. Investor sentiment remained cautious ahead of IIP
Shanghai Com
0.4
14
3,197
numbers for December.
Advances / Declines
BSE
NSE
News Analysis
Review: IPCA
Advances
1,313
754
Detailed analysis on Pg2
Declines
1,563
907
Unchanged
162
72
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
3,051
Refer Pg7 onwards
NSE
22,247
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto AncillaryAccumulate
873
1,009
15.6
FII
599
1,637
1,591
Alkem Laboratories
Pharmaceuticals
Accumulate
1,830
1,989
8.7
MFs
(288)
950
6,165
HCL Tech
IT
Buy
828
1,000
20.8
Power Grid Corp.
Power
Accumulate
200
223
11.6
Top Gainers
Price (`)
Chg (%)
Navkar Corp.
Others
Buy
172
265
53.7
Fsl
48
5.1
More Top Picks on Pg5
Unitdspr
2,354
4.3
Key Upcoming Events
Oberoirlty
340
4.2
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Cub
157
4.1
Feb 13 India
Industrial Production (YoY)
5.70
1.20
Grasim
1,011
4.0
Feb 13 India
Exports YoY%
5.70
-
Feb 14 India
Monthly Wholesale Prices YoY%
3.39
4.34
Top Losers
Price (`)
Chg (%)
Feb 14 China
Consumer Price Index (YoY)
2.10
2.40
Sail
62
(6.0)
Feb 14 UK
CPI (YoY)
1.60
1.90
Nationalum
65
(4.7)
More Events on Pg6
Bfutilitie
403
(4.5)
Jpassociat
13
(4.5)
Welcorp
84
(4.3)
As on February 10, 2017
Market Outlook
February 13, 2017
IPCA Labs (CMP: `519 / TP: `613 / Upside: 18.2%)
IPCA Labs, posted results lower than expected on sales and net profit front, while
OPM’s were in line with expectations. In sales, the company posted sales of `731cr
V/s `815cr expected a yoy growth of 8.3%. The strong sales growth was aided by
the API
(`162.1cr) which registered a yoy growth of
16.0%, while Total
Formulations, which registered, a yoy growth of 6.0%. On EBITDA front, the
company posted EBITDA of 13.9% V/s 13.5% expected V/s 11.6% in 3QFY2016.
Consequently, PAT came in at `40.5cr V/s `61.6cr expected, V/s `30.9cr in
3QFY2016, growth of 31.3% yoy. The growth in the net profit was lower, on back
of higher taxation, which came in at 34.9% of PBT v/s 40.6% of PBT in 3QFY2016.
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)
(x)
(x)
(x)
FY2017E
3,303
15.3
219
17.3
9.1
30.4
2.6
13.9
2.1
FY2018E
3,799
15.3
248
19.7
9.4
26.8
2.4
12.3
1.9
Economic and Political News
Govt approves electronics development fund of `6,831cr
Industrial production contracts 0.4% in December
Indirect tax revenue jumps 24% in April-January; direct tax up 10.79%
Corporate News
Coal India Q3 net profit dips 22% to `2,884cr
Jio effect: Reliance Communications registers Q3 net loss at `53cr
Idea Cellular slips into red with Q3 net loss of `384cr
GlaxoSmithKline Pharma Q3 profit dips 33% at `53cr
Market Outlook
February 13, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Hindalco Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
8,922
8,021
11.2
8,908
0.2
EBITDA
1,220
672
81.7
1,156
5.5
EBITDA margin (%)
13.7
8.4
13.0
Net profit
358
40
784.8
495
(27.7)
Hindustan Petroleum Corp Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
47,864
43,431
10.2
42,031
13.9
EBITDA
2,203
2,240
(1.7)
1,261
74.7
EBITDA margin (%)
4.6
5.2
3.0
Net profit
1,082
10
10,280.3
701
54.3
Reliance Infrastructure Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
2,253
2,385
(5.5)
1,933
16.6
EBITDA
526
566
(7.1)
483
8.8
EBITDA margin (%)
23.3
23.7
25.0
Net profit
367
541
(32.2)
345
6.4
Power Finance Corp Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net profit
1,775
1,582
12.2
1,873
(5.3)
NMDC Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
1,600
1,517
5.5
1,739
(8.0)
EBITDA
760
644
18.0
826
(8.0)
EBITDA margin (%)
47.5
42.5
47.5
Net profit
682
657
3.8
771
(11.5)
Britannia Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
2138
2240
(4.6)
2387
(10.4)
EBITDA
284
312
(9)
339
(16.2)
EBITDA margin (%)
13.3
13.9
Net profit
198
208
(4.8)
234
(15.4)
Motherson sumi Ltd - Feb 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
10969
9860
11.2
10137
8.2
EBITDA
1065
945
12.7
1006
5.9
EBITDA margin (%)
9.7
9.6
Net profit
395
307
28.6
480
(17.7)
Market Outlook
February 13, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,905
873
1,009
15.6
technological products leading to market share gains in both
the automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
21,886
1,830
1,989
8.7
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,16,861
828
1,000
20.8
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,22,356
968
1,249
29.0
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,40,004
1,501
1,634
8.9
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
66,113
1,465
1,809
23.5
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong top-
Power Grid Corporation
1,04,553
200
223
11.6
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
831
276
351
27.1
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,735
270
295
9.2
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
5,273
552
634
14.8
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
9,513
304
350
15.2
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
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
6,256
187
235
26.0
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
6,100
187
225
20.6
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,270
163
207
26.8
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,445
352
522
48.3
visibilty in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,122
93
107
14.7
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,459
172
265
53.7
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,669
280
385
37.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Market Outlook
February 13, 2017
Key Upcoming Events
Result Calendar
Date
Company
February 13, 2017
M&M, Bosch India, Crompton Greaves, Suzlon Energy, St Bk of India, Bank of Baroda, Reliance Capital, Corporation
Bank, Dena Bank, Mahindra Satyam, Sun TV Network, Jagran Prakashan, Hind. Zinc, Bhushan Steel, GAIL, Cravatex,
Tide Water Oil India, Ipca labs, Tata Power Co., CESC, Anant Raj, Radico Khaitan
February 14, 2017
Mangalam Cement, Coal India, Sarda Energy, TVS Srichakra, Sterling Tools, GSK Pharma
February 15, 2017
PTC India
February 16, 2017
Motherson Sumi, BGR Energy , Power Fin.Corpn., Allahabad Bank, GlaxoSmith Con, Britannia, NMDC, Hindalco,
Nalco, Petronet LNG, HPCL, MM Forging, Visaka Industries, Dishman Pharma, Reliance Infra., The Byke Hospitality
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Feb 13, 2017
5:30 PM India
Industrial Production YoY
% Change
Dec
5.70
1.20
India
Exports YoY%
% Change
Jan
5.70
Feb 14, 2017
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Jan
3.39
4.34
3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q P
0.50
0.50
7:00 AM China
Consumer Price Index (YoY)
% Change
Jan
2.10
2.40
3:00 PM UK
CPI (YoY)
% Change
Jan
1.60
1.90
US
Producer Price Index (mom)
% Change
Jan
0.80
12:30 PM Germany GDP nsa (YoY)
% Change
4Q P
1.50
1.40
Feb 15, 2017
3:00 PM UK
Jobless claims change
% Change
Jan
-10.10
2.00
7:45 PM US
Industrial Production
%
Jan
0.83
0.00
7:00 PM US
Consumer price index (mom)
% Change
Jan
0.30
0.30
Feb 16, 2017
7:00 PM US
Initial Jobless claims
Thousands
Feb 11
234.00
7:00 PM US
Housing Starts
Thousands
Jan
1226.00
1230.00
7:00 PM US
Building permits
Thousands
Jan
1228.00
1230.00
Feb 20, 2017
2:00 PM Germany PMI Services
Value
Feb P
53.40
Source: Bloomberg, Angel Research
Market Outlook
January 13, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
2.0
7.2
7.1
7.3
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(3.0)
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
4.00
(20.0)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 13, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.3
1.7
1.5
2.0
1.1
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
January 13, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
66,125
6.4
4.5
66.1
Russia
Micex
2,162
(2.5)
6.4
24.4
India
Nifty
8,794
6.1
3.1
17.4
China
Shanghai Composite
3,197
1.2
2.2
17.1
South Africa
Top 40
45,757
0.0
3.5
6.5
Mexico
Mexbol
47,797
4.2
0.9
10.6
Indonesia
LQ45
894
1.8
(2.7)
6.8
Malaysia
KLCI
1,699
1.4
3.1
4.0
Thailand
SET 50
992
1.1
5.0
20.8
USA
Dow Jones
20,269
2.1
10.6
26.9
UK
FTSE
7,259
(0.4)
5.0
24.6
Japan
Nikkei
19,379
0.1
12.8
9.2
Germany
DAX
11,667
0.2
9.4
23.3
France
CAC
4,828
(1.2)
7.6
12.3
Source: Bloomberg, Angel Research
Stock Watch
February 13, 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
240
-
4,659
1,937
2,164
13.3
14.3
9.0
11.0
26.6
21.8
4.6
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
727
-
36,835
15,176
17,604
18.5
18.5
37.4
44.6
19.4
16.3
3.8
3.2
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
93
111
26,452
22,407
26,022
10.6
10.6
5.2
6.4
17.8
14.5
4.0
3.4
23.6
24.7
1.3
1.1
Bajaj Auto
Neutral
2,796
-
80,901
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,011
-
23,536
7,726
8,713
20.5
21.2
35.3
42.7
28.6
23.7
5.3
4.8
18.9
20.1
3.1
2.7
Eicher Motors
Neutral
24,013
-
65,324
16,583
20,447
17.5
18.0
598.0
745.2
40.2
32.2
13.7
10.5
41.2
38.3
3.8
3.0
Gabriel India
Accumulate
118
130
1,689
1,544
1,715
9.0
9.3
5.4
6.3
21.8
18.7
4.1
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,266
3,541
65,228
30,958
34,139
15.7
15.7
193.6
208.3
16.9
15.7
6.6
5.5
34.2
30.5
2.0
1.7
Jamna Auto Industries Neutral
201
-
1,599
1,486
1,620
9.8
9.9
15.0
17.2
13.4
11.7
2.9
2.5
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
538
-
845
1,302
1,432
11.6
11.9
43.7
53.0
12.3
10.2
1.7
1.6
13.8
14.2
0.7
0.7
Mahindra and Mahindra Neutral
1,278
-
79,379
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
Accumulate
6,111
6,560
184,595
67,822
83,288
16.0
16.4
253.8
312.4
24.1
19.6
5.5
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
380
-
3,018
2,728
3,042
9.0
9.1
68.2
86.2
5.6
4.4
1.3
1.0
23.8
24.3
1.2
1.0
Motherson Sumi
Neutral
356
-
49,891
45,896
53,687
7.8
8.3
13.0
16.1
27.3
22.1
8.8
7.0
34.7
35.4
1.2
1.0
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
37
-
491
741
837
13.0
13.0
15.2
17.0
2.4
2.2
0.4
0.4
15.8
16.3
1.0
1.0
Tata Motors
Neutral
509
-
147,074
300,209
338,549
8.9
8.4
42.7
54.3
11.9
9.4
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
411
-
19,531
13,390
15,948
6.9
7.1
12.8
16.5
32.2
24.9
8.0
6.3
26.3
27.2
1.5
1.2
Amara Raja Batteries
Buy
873
1,009
14,905
5,305
6,100
16.0
16.3
28.4
34.0
30.7
25.7
5.9
5.0
19.3
19.3
2.8
2.4
Exide Industries
Neutral
208
-
17,667
7,439
8,307
15.0
15.0
8.1
9.3
25.7
22.4
3.6
3.2
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
182
235
9,282
12,877
14,504
14.3
13.9
21.4
23.0
8.5
7.9
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,149
1,450
4,650
7,524
8,624
13.0
12.7
131.1
144.3
8.8
8.0
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
117
-
2,645
7,455
8,056
15.0
15.0
21.8
24.5
5.4
4.8
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,425
-
1,770
660
810
15.2
16.4
54.5
72.8
26.1
19.6
8.2
7.4
31.5
39.2
2.5
2.0
Subros
Neutral
190
-
1,137
1,488
1,681
11.7
11.9
6.4
7.2
29.6
26.4
3.1
2.8
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
171
-
449
286
326
19.8
16.8
11.7
13.3
14.6
12.8
2.5
2.3
17.8
17.1
1.2
1.1
Capital Goods
ACE
Neutral
57
-
561
709
814
4.1
4.6
1.4
2.1
40.5
27.0
1.7
1.6
4.4
6.0
1.0
0.8
BEML
Neutral
1,308
-
5,449
3,451
4,055
6.3
9.2
31.4
57.9
41.7
22.6
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
1,544
-
34,485
8,137
9,169
16.8
17.2
58.7
62.5
26.3
24.7
4.1
3.6
44.6
46.3
3.2
2.9
Stock Watch
February 13, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
346
407
11,434
6,511
7,514
7.9
8.7
12.9
16.3
26.8
21.2
4.8
4.2
16.7
18.5
1.5
1.3
BGR Energy
Neutral
148
-
1,069
16,567
33,848
6.0
5.6
7.8
5.9
19.0
25.1
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
158
-
38,562
28,797
34,742
-
2.8
2.3
6.9
68.5
22.8
1.2
1.1
1.3
4.8
1.0
0.7
Blue Star
Accumulate
552
634
5,273
4,283
5,077
5.9
7.3
14.9
22.1
37.1
25.0
7.2
6.1
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
71
-
4,462
5,777
6,120
5.9
7.0
3.3
4.5
21.6
15.8
1.0
0.9
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
138
-
3,380
1,755
1,881
16.8
16.9
7.8
8.5
17.7
16.3
3.6
3.3
20.6
20.9
1.6
1.5
Inox Wind
Neutral
182
-
4,028
5,605
6,267
15.7
16.4
24.8
30.0
7.3
6.1
2.0
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
164
-
4,211
9,294
10,186
7.9
8.1
9.9
11.9
16.6
13.8
2.4
2.1
15.6
16.3
0.7
0.6
KEI Industries
Buy
163
207
1,270
2,682
3,058
10.4
10.0
11.7
12.8
13.9
12.8
2.8
2.3
20.1
18.2
0.7
0.6
Thermax
Neutral
868
-
10,338
5,421
5,940
7.3
7.3
25.7
30.2
33.8
28.7
4.1
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
490
681
2,672
3,136
3,845
8.9
9.1
26.0
35.9
18.8
13.6
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,485
-
27,883
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
238
-
47,159
9,350
10,979
18.2
22.5
5.8
9.5
41.0
25.0
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
163
-
5,018
4,364
4,997
18.5
19.2
7.9
11.3
20.7
14.5
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
834
-
5,833
4,398
5,173
15.5
17.5
31.2
55.5
26.7
15.0
3.2
2.8
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Buy
388
565
4,564
2,913
3,412
14.5
19.5
7.5
22.5
51.7
17.2
3.2
2.7
12.5
18.0
2.2
1.8
Orient Cement
Buy
137
215
2,807
2,114
2,558
18.5
20.5
8.1
11.3
16.9
12.1
2.5
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,762
-
103,267
25,768
30,385
21.0
23.5
111.0
160.0
33.9
23.5
4.3
3.8
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
107
-
3,520
8,946
10,017
31.0
31.6
8.1
9.1
13.2
11.8
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
182
-
2,560
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.8
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,501
1,634
140,004
111,017
124,908
11.0
11.0
61.1
66.7
24.6
22.5
3.0
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
163
-
7,861
705
788
52.2
51.7
5.0
5.6
32.5
29.0
3.2
2.9
11.2
11.2
10.8
9.2
Nagarjuna Const.
Neutral
87
-
4,831
8,842
9,775
9.1
8.8
5.3
6.4
16.4
13.6
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,719
2,350
2,904
13.1
13.2
9.0
8.8
11.8
12.1
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
307
-
1,520
6,829
7,954
10.5
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
451
-
664
1,801
2,219
12.7
14.6
72.1
113.9
6.3
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
279
298
4,789
3,598
4,140
10.3
10.6
9.0
11.9
31.0
23.5
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
281
-
16,878
7,428
9,549
7.9
8.6
8.2
11.0
34.3
25.6
1.7
1.4
28.2
28.7
2.0
1.5
MEP Infra
Neutral
41
-
661
1,877
1,943
30.6
29.8
3.0
4.2
13.6
9.7
6.6
4.4
0.6
0.6
1.7
1.6
Stock Watch
February 13, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
99
-
3,485
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.2
(22.8)
(15.9)
11.6
9.6
Engineers India
Neutral
157
-
10,553
1,725
1,935
16.0
19.1
11.4
13.9
13.7
11.3
1.9
1.8
13.4
15.3
5.0
4.5
Financials
Axis Bank
Buy
489
580
116,824
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
188
-
43,330
19,980
23,178
1.8
1.8
11.5
17.3
16.4
10.9
1.9
1.5
8.3
10.1
-
-
Canara Bank
Neutral
311
-
16,871
15,225
16,836
1.8
1.8
14.5
28.0
21.4
11.1
1.5
1.2
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,979
2,128
5,268
420
526
3.5
3.5
86.5
107.8
22.9
18.4
4.9
4.0
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,019
1,230
15,930
2,012
2,317
6.3
6.3
42.7
53.6
23.9
19.0
3.8
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
304
350
9,513
2,225
2,688
2.9
2.9
29.7
34.6
10.2
8.8
1.7
1.4
16.1
16.8
-
-
Equitas Holdings
Buy
187
235
6,256
939
1,281
11.7
11.5
5.8
8.2
32.2
22.8
2.8
2.5
10.9
11.5
-
-
Federal Bank
Neutral
84
-
14,522
8,259
8,995
3.0
3.0
4.3
5.6
19.6
15.1
1.7
1.5
8.5
10.1
-
-
HDFC
Neutral
1,388
-
220,048
11,475
13,450
3.4
3.4
45.3
52.5
30.7
26.5
5.9
5.2
20.2
20.5
-
-
HDFC Bank
Accumulate
1,305
1,375
333,038
46,097
55,433
4.5
4.5
58.4
68.0
22.3
19.2
3.9
3.3
18.8
18.6
-
-
ICICI Bank
Accumulate
282
315
163,854
42,800
44,686
3.1
3.3
18.0
21.9
15.6
12.9
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
153
174
2,922
3,339
3,799
2.7
2.8
11.0
14.0
13.9
10.9
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
553
630
27,931
3,712
4,293
2.6
2.5
39.0
46.0
14.2
12.0
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
145
-
30,898
23,532
23,595
2.3
2.4
6.8
12.6
21.4
11.5
3.3
2.3
3.3
6.5
-
-
RBL Bank
Neutral
390
-
14,404
1,783
2,309
2.6
2.6
12.7
16.4
30.7
23.8
3.3
3.0
12.8
13.3
-
-
South Ind.Bank
Neutral
23
-
3,109
6,435
7,578
2.5
2.5
2.7
3.1
8.5
7.4
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
276
-
220,268
88,650
98,335
2.6
2.6
13.5
18.8
20.5
14.7
2.0
1.7
7.0
8.5
-
-
Union Bank
Neutral
150
-
10,298
13,450
14,925
2.3
2.3
25.5
34.5
5.9
4.3
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,411
-
59,663
8,978
11,281
3.3
3.4
74.0
90.0
19.1
15.7
3.6
3.1
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
993
-
95,220
17,128
18,978
16.8
16.4
19.1
20.7
52.0
48.0
18.1
17.1
34.8
35.5
5.5
4.9
Britannia
Accumulate
3,236
3,626
38,829
9,594
11,011
14.6
14.9
80.3
94.0
40.3
34.4
16.6
12.8
41.2
-
3.9
3.4
Colgate
Accumulate
890
995
24,204
4,605
5,149
23.4
23.4
23.8
26.9
37.4
33.1
20.7
16.2
64.8
66.8
5.2
4.6
Dabur India
Accumulate
264
304
46,566
8,315
9,405
19.8
20.7
8.1
9.2
32.6
28.7
9.1
7.5
31.6
31.0
5.3
4.6
GlaxoSmith Con*
Neutral
5,125
-
21,554
4,350
4,823
21.2
21.4
179.2
196.5
28.6
26.1
7.6
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,555
-
52,948
10,235
11,428
18.4
18.6
41.1
44.2
37.8
35.2
8.4
7.1
24.9
24.8
5.3
4.6
HUL
Neutral
850
-
184,061
35,252
38,495
17.8
17.8
20.7
22.4
41.2
38.0
39.4
33.8
95.6
88.9
5.1
4.6
ITC
Neutral
273
-
330,974
40,059
44,439
38.3
39.2
9.0
10.1
30.4
26.9
8.5
7.4
27.8
27.5
7.8
7.0
Stock Watch
February 13, 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
Marico
Accumulate
270
300
34,782
6,430
7,349
18.8
19.5
6.4
7.7
42.1
35.0
12.7
10.7
33.2
32.5
5.2
4.5
Nestle*
Neutral
6,161
-
59,404
10,073
11,807
20.7
21.5
124.8
154.2
49.4
40.0
20.3
18.2
34.8
36.7
5.7
4.8
Tata Global
Neutral
144
-
9,085
8,675
9,088
9.8
9.8
7.4
8.2
19.5
17.6
2.2
2.1
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,962
7,369
22,599
2,939
3,342
23.2
23.0
146.2
163.7
47.6
42.5
106.6
102.2
25.3
23.5
7.2
6.3
Hygiene
IT
HCL Tech^
Buy
828
1,000
116,861
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
968
1,249
222,356
68,350
77,326
27.0
27.0
62.5
69.4
15.5
14.0
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Accumulate
2,397
2,620
472,252
119,025
133,308
27.6
27.6
131.2
145.5
18.3
16.5
5.9
5.5
32.4
33.1
3.7
3.3
Tech Mahindra
Buy
500
600
48,666
29,673
32,937
15.5
17.0
32.8
39.9
15.3
12.5
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
468
583
113,789
55,440
60,430
18.1
18.1
36.1
38.9
13.0
12.0
2.3
2.2
19.0
17.6
1.8
1.6
Media
D B Corp
Neutral
385
-
7,087
2,297
2,590
27.4
28.2
21.0
23.4
18.4
16.5
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
83
-
1,928
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
187
225
6,100
2,355
2,635
28.0
28.0
10.8
12.5
17.3
14.9
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
724
-
28,512
2,850
3,265
70.1
71.0
26.2
30.4
27.6
23.8
7.1
6.2
24.3
25.6
9.6
8.2
Hindustan Media
Neutral
278
-
2,043
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.3
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
280
385
1,669
637
743
27.5
27.5
18.4
21.4
15.2
13.1
2.7
2.3
17.4
17.2
2.2
1.8
Metals & Mining
Coal India
Neutral
325
-
201,586
84,638
94,297
21.4
22.3
24.5
27.1
13.3
12.0
5.5
5.3
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
315
-
133,203
14,252
18,465
55.9
48.3
15.8
21.5
20.0
14.7
3.3
2.8
17.0
20.7
9.4
7.2
Hindalco
Neutral
182
-
37,604
107,899
112,095
7.4
8.2
9.2
13.0
19.8
14.0
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
193
-
46,556
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
146
-
46,145
6,643
7,284
44.4
47.7
7.1
7.7
20.5
18.9
1.8
1.7
8.8
9.2
4.7
4.3
SAIL
Neutral
62
-
25,586
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.8
0.7
0.6
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
248
-
73,524
71,744
81,944
19.2
21.7
13.4
20.1
18.5
12.3
1.6
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
468
-
45,429
121,374
121,856
7.2
8.4
18.6
34.3
25.2
13.6
1.6
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
273
-
51,164
9,127
10,632
4.3
20.6
8.8
11.7
31.0
23.3
1.0
1.0
3.3
4.2
7.1
5.9
GAIL
Neutral
483
-
61,261
56,220
65,198
9.3
10.1
27.1
33.3
17.8
14.5
1.6
1.5
9.3
10.7
1.3
1.1
ONGC
Neutral
193
-
248,195
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
380
-
184,549
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.4
1.1
1.0
16.0
15.6
0.6
0.6
Reliance Industries
Neutral
1,030
-
334,187
301,963
358,039
12.1
12.6
87.7
101.7
11.8
10.1
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
558
-
10,512
3,483
4,083
20.2
21.4
24.3
30.4
23.0
18.3
5.2
4.2
25.5
25.3
3.0
2.4
Stock Watch
February 13, 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
Pharmaceuticals
Alkem Laboratories Ltd
Accumulate
1,830
1,989
21,886
6,043
6,893
18.7
19.3
80.5
88.8
22.7
20.6
5.1
4.2
22.3
20.3
3.6
3.1
Aurobindo Pharma
Buy
679
877
39,718
15,720
18,078
23.7
23.7
41.4
47.3
16.4
14.4
4.3
3.3
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,172
-
9,607
2,277
2,597
17.3
18.3
149.4
172.0
27.9
24.3
4.6
3.7
25.1
28.8
3.9
3.2
Cadila Healthcare
Accumulate
364
400
37,274
10,429
12,318
22.6
22.0
16.9
19.2
21.5
19.0
5.5
4.4
28.5
25.7
3.6
2.9
Cipla
Sell
579
490
46,604
15,378
18,089
17.4
18.4
21.6
27.2
26.8
21.3
3.5
3.0
13.7
15.2
3.2
2.7
Dr Reddy's
Neutral
2,975
-
49,287
16,043
18,119
20.8
22.4
112.4
142.9
26.5
20.8
3.5
3.1
14.1
15.9
3.0
2.7
Dishman Pharma
Neutral
227
-
3,669
1,718
1,890
22.7
22.8
9.5
11.3
23.9
20.1
2.3
2.1
10.1
10.9
2.6
2.3
GSK Pharma*
Neutral
2,741
-
23,218
3,000
3,312
15.4
20.6
46.5
60.8
59.0
45.1
14.2
14.1
26.3
30.6
7.5
6.8
Indoco Remedies
Reduce
274
240
2,525
1,112
1,289
16.2
18.2
11.6
16.0
23.6
17.1
3.8
3.2
17.0
20.1
2.4
2.0
Ipca labs
Buy
519
613
6,542
3,303
3,799
15.3
15.3
17.3
19.7
30.0
26.3
2.6
2.4
9.1
9.4
2.1
1.8
Lupin
Buy
1,465
1,809
66,113
15,912
18,644
26.4
26.7
58.1
69.3
25.2
21.1
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
655
847
157,172
31,129
35,258
32.0
32.9
30.2
35.3
21.7
18.6
3.5
2.9
20.0
20.1
4.6
3.9
Power
Tata Power
Neutral
82
-
22,071
36,916
39,557
17.4
27.1
5.1
6.3
16.0
13.0
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
170
-
140,503
86,605
95,545
17.5
20.8
11.8
13.4
14.4
12.7
1.5
1.4
10.5
11.1
3.0
2.9
Power Grid
Accumulate
200
223
104,553
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
Buy
182
210
6,842
4,707
5,105
25.2
26.0
10.3
13.0
17.7
14.0
1.4
1.3
10.3
10.2
2.6
2.3
MLIFE
Buy
352
522
1,445
1,152
1,300
22.7
24.6
29.9
35.8
11.8
9.8
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
358
-
143,007
105,086
114,808
34.5
34.7
12.2
16.4
29.3
21.8
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
110
-
39,741
40,133
43,731
37.2
37.1
6.4
6.5
17.2
17.0
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,514
-
9,593
3,153
3,583
14.1
14.4
152.2
182.7
29.7
24.7
145.6
124.4
25.6
26.1
2.8
2.4
Asian Granito
Buy
276
351
831
1,060
1,169
12.2
12.5
12.7
15.9
21.8
17.4
2.1
1.9
9.5
10.7
1.1
0.9
Bajaj Electricals
Accumulate
270
295
2,735
4,801
5,351
5.7
6.2
10.4
13.7
25.9
19.7
3.2
2.9
12.4
14.5
0.6
0.5
Banco Products (India)
Neutral
201
-
1,439
1,353
1,471
12.3
12.4
14.5
16.3
13.9
12.3
19.2
17.3
14.5
14.6
1.0
107.6
Coffee Day Enterprises
Neutral
230
-
4,729
2,964
3,260
20.5
21.2
4.7
8.0
-
28.7
2.7
2.4
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
174
-
107
1,137
1,256
3.1
2.7
28.0
23.6
6.2
7.4
33.4
30.2
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
55
-
622
1,482
1,660
13.7
14.5
3.9
5.8
14.2
9.6
3.3
3.1
7.8
10.9
0.7
0.7
Finolex Cables
Neutral
460
-
7,038
2,883
3,115
12.0
12.1
14.2
18.6
32.4
24.7
17.2
15.1
15.8
14.6
2.1
1.9
Garware Wall Ropes
Neutral
629
-
1,376
873
938
14.3
14.3
35.2
37.5
17.9
16.8
3.1
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
724
-
1,669
1,598
1,704
10.4
10.2
49.4
52.6
14.7
13.8
67.6
59.3
18.2
17.0
0.7
101.5
Stock Watch
February 13, 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
Hitachi
Neutral
1,396
-
3,796
2,081
2,433
8.8
8.9
33.4
39.9
41.8
35.0
33.7
28.1
22.1
21.4
1.8
1.5
HSIL
Neutral
292
-
2,110
2,384
2,515
15.8
16.3
15.3
19.4
19.1
15.1
19.0
16.3
7.8
9.3
1.1
1.0
Interglobe Aviation
Neutral
837
-
30,251
21,122
26,005
14.5
27.6
110.7
132.1
7.6
6.3
45.2
32.3
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
357
-
6,488
1,440
2,052
11.5
13.0
8.5
10.0
42.0
35.7
10.2
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
347
-
5,023
2,554
2,800
9.9
10.0
10.5
12.1
33.1
28.7
13.8
13.1
10.7
11.7
1.6
1.4
Ltd
Linc Pen & Plastics
Neutral
261
-
385
382
420
9.3
9.5
13.5
15.7
19.4
16.6
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
483
-
582
546
608
20.4
20.7
41.3
48.7
11.7
9.9
66.1
58.5
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
703
-
4,022
836
1,087
19.6
19.4
16.9
23.8
41.6
29.5
5.0
4.4
12.0
14.8
4.6
3.4
Mirza International
Accumulate
93
107
1,122
1,024
1,148
18.0
18.0
6.9
8.0
13.5
11.6
2.3
1.9
16.6
16.3
1.3
1.1
MT Educare
Neutral
127
-
506
366
417
17.7
18.2
9.4
10.8
13.6
11.8
3.0
2.6
22.2
22.3
1.3
1.1
Narayana Hrudaya
Neutral
332
-
6,777
1,873
2,166
11.5
11.7
2.6
4.0
125.4
83.6
7.7
7.0
6.1
8.3
3.7
3.2
Navkar Corporation
Buy
172
265
2,459
369
561
42.9
42.3
7.2
11.5
23.9
15.0
1.8
1.6
7.4
10.5
7.7
5.0
Navneet Education
Neutral
149
-
3,468
1,062
1,147
24.0
24.0
6.1
6.6
24.4
22.4
5.0
4.4
20.6
19.8
3.3
3.1
Nilkamal
Neutral
1,737
-
2,592
1,995
2,165
10.7
10.4
69.8
80.6
24.9
21.6
99.3
86.2
16.6
16.5
1.3
1.1
Page Industries
Neutral
14,504
-
16,178
2,450
3,124
20.1
17.6
299.0
310.0
48.5
46.8
323.0
246.6
47.1
87.5
6.7
5.2
Parag Milk Foods
Neutral
286
-
2,404
1,919
2,231
9.3
9.6
9.5
12.9
30.3
22.1
4.7
3.9
15.5
17.5
1.4
1.2
Quick Heal
Neutral
262
-
1,836
408
495
27.3
27.0
7.7
8.8
33.8
29.8
3.1
3.1
9.3
10.6
3.6
3.0
Radico Khaitan
Accumulate
128
147
1,702
1,667
1,824
13.0
13.2
6.7
8.2
19.2
15.6
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
437
-
5,251
2,085
2,469
9.2
8.2
7.6
8.0
57.8
55.0
22.4
19.1
17.9
18.8
2.6
2.2
S H Kelkar & Co.
Neutral
320
-
4,624
1,036
1,160
15.1
15.0
6.1
7.2
52.4
44.6
5.6
5.1
10.7
11.5
4.3
3.8
Siyaram Silk Mills
Neutral
1,640
-
1,537
1,652
1,857
11.6
11.7
92.4
110.1
17.7
14.9
2.6
2.3
14.7
15.2
1.1
1.0
Styrolution ABS India*
Neutral
625
-
1,099
1,440
1,537
9.2
9.0
40.6
42.6
15.4
14.7
39.3
35.7
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
187
-
818
3,342
3,625
7.8
7.5
17.3
19.8
10.8
9.5
20.5
16.5
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
902
-
1,543
3,229
4,001
1.5
1.8
22.8
32.8
39.6
27.5
4.3
3.7
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
156
-
624
287
384
20.5
20.5
7.6
10.7
20.5
14.6
4.3
3.5
20.7
23.5
2.2
1.6
Transport Corporation of
Neutral
191
-
1,464
2,671
2,911
8.5
8.8
13.9
15.7
13.8
12.2
1.9
1.7
13.7
13.8
0.7
0.6
India
TVS Srichakra
Neutral
3,220
-
2,465
2,304
2,614
13.7
13.8
231.1
266.6
13.9
12.1
361.8
284.9
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
422
-
1,164
619
685
33.2
33.4
30.0
34.9
14.1
12.1
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
219
-
347
1,051
1,138
10.3
10.4
21.0
23.1
10.4
9.5
28.0
26.2
9.0
9.2
0.6
0.6
Stock Watch
February 13, 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
VRL Logistics
Neutral
308
-
2,807
1,902
2,119
16.7
16.6
14.6
16.8
21.1
18.3
4.6
4.1
21.9
22.2
1.6
1.4
Wonderla Holidays
Neutral
376
-
2,123
287
355
38.0
40.0
11.3
14.2
33.3
26.5
4.8
4.2
21.4
23.9
7.1
5.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 10, 2017
Market Outlook
February 13, 2017
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or
co-managed public offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
