Market Outlook

July14, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on Positive note tracking SGX Nifty and global

BSE Sensex

0.7

233

32,037

indices.

Nifty

0.8

9,892

U.S. Stocks turned in a relatively lackluster performance during trading on Thursday

Mid Cap

0.5

15,154

but managed to end the day modestly higher. With the uptick on the day, the Dow

Small Cap

0.4

167

15,964

reached another new record closing high. Traders seemed reluctant to make more

Bankex

0.9

244

27,047

significant moves ahead of the release of some key economic data and earnings

news on Friday. The major averages posted slim gains on the day. The Dow crept

up 0.1 percent to 21,553, the Nasdaq rose 0.2 percent to 6,274 and the S&P 500

Global Indices

Chg (%)

(Pts)

(Close)

edged up 0.2 percent to 2,447.

Dow Jones

0.1

121

21,553

U.K. stocks ended marginally lower on Thursday, with a strong pound and losses for

Nasdaq

0.2

6,274

drugmaker AstraZeneca PLC weighing on the London blue-chip benchmark, a day

FTSE

(0.0)

(3)

7,413

after it logged its biggest gain in more than two months. The FTSE 100 UKX, ended

Nikkei

(00.0

( 1

20,100

down 0.1% at 7,413, after closing at its highest level since June 27 on Wednesday

Hang Seng

1.2

303

26,346

Domestic front, Sensex and the Nifty hit record closing high. The Sensex settled

Shanghai Com

0.6

3,218

above the 32,000 level. Market sentiment had also got a boosted from record low

inflation data which creates hope for further rate cut by RBI. The senses rose 0.7% to

Advances / Declines

BSE

NSE

close at 32038. The Nifty indexed gained 0.77% to settle at 9892.

Advances

1,295

1,846

News Analysis

Declines

1,458

846

 TCS (CMP: `2,493/ TP: `2,651/Upside: 8.7%)

Unchanged

152

 Infosys (CMP: `976 / TP: `1,179/Upside: 20.8%)

Volumes (` Cr)

Detailed analysis is on Pg2

BSE

4,341

Investor’s Ready Reckoner

NSE

28,366

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

#Net Inflows (` Cr)

Net

Mtd

Ytd

Refer Pg6 onwards

FII

(56547

(2(874)

55,034

MFs

8322

3,488

42,634

Top Picks

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Top Gainers

Price (`)

Chg (%)

Blue Star

Capital Goods

Buy

640

760

18.7

Sintexem

134

15.8

Dewan Housing FinanceFinancials

Buy

443

520

17.4

Mahindra Lifespace

Real Estate

Buy

446

522

17.0

Network18

11.8

Navkar Corporation

Others

Buy

206

265

28.6

Tv18Brdcst

7.9

KEI Industries

Capital Goods

Accumulate

237

258

8.9

Nationalum

7.2

More Top Picks on Pg3

Kec

295

6.3

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Jul 14, 2017

China

Exports YoY%

11.30

8.90

Gvkpil

247

(4.3)

Jul14, 2017

India

Exports YoY%

8.30

Prestige

274

(3.2)

Jul 14, 2017

India

Monthly Wholesale Prices YoY%

2.17

1.39

Shriramcit

2,230

(3.2)

Jul 14, 2017

Industrial Production

0.30

Ioc

381

(3.0)

Jul 14, 2017

Consumer price index (mom)

(0.10)

0.10

More Events on Pg4

Hexaware

246

(2.8)

#as on 13^t July, 2017

www.angelbroking.com

Market Outlook

July14, 2017

News Analysis

TCS (CMP: `2,493/ TP: `2,651/Upside: 8.7%)

TCS, results were below expectations on the EBIT and net profit front. The company

posted 3.1% sequential growth in USD revenues to US$4,591mn V/s US$4,585mn

expected, mostly volume lead (3.5%). On Constant Currency terms, the company

posted a 2.0% qoq growth. In rupee terms, revenues are expected to come in at

`29,548cr V/s `29,600cr expected, down 0.2%. qoq.

In terms, of geography Latin America and Continental Europe posted a qoq

growth of 2.8% and 5.9% respectively. Its key market USA posted a qoq growth of

1.7%. India and Asia Pacific posted a qoq growth of 1.5% and 1.2% respectively.

On profitability, the EBIT margins, came in at 23.4% V/s 24.2% expected, posting

a qoq dip of 233bps qoq. Impact of wage hikes and visa expenses, apart from

rupee appreciation was the major drag for profitability. Consequently, PAT came

in at `5,940 V/s `6,275cr expected, de-growth of 10.1% qoq.

In terms of order inflows, clients of $100M+ were up by 1, $50M+ were up by 1,

$10M+ were up by 12. On operational front, the LTM attrition at 11.6% in IT

Services. We maintain our accumulate rating on the stock with a target price of

`2,651.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

1,27,403

27.6

28,272

144.5

29.7

16.9

5.0

12.1

3.3

FY2019E

1,38,870

27.6

30,524

156.0

29.8

15.7

4.7

10.9

3.0

Infosys (CMP: `976 / TP: `1,179/Upside: 20.8%)

Infosys is slated to announce its 1QFY2018 results today. We expect the company

to post 2.6% sequential growth in USD revenues to US$2,657mn, mostly volume

lead. In rupee terms, revenues are expected to come in at `17,131cr, up 0.1%.

qoq. EBIT margin is expected to show decline of ~104bp qoq to end at 23.6%.

Impact of wage hikes and visa expenses, apart from rupee appreciation is

expected to be the major drag for profitability. Consequently, PAT is expected to be

at `3,443cr, de-growth of 4.4% qoq. We maintain our buy rating on the stock with

a target price of `1,179.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

73,963

26.0

14,785

64.4

19.7

15.2

3.0

9.5

2.5

FY2019E

80,619

26.0

15,916

69.3

19.6

14.1

2.8

8.5

2.2

www.angelbroking.com

Market Outlook

July14, 2017

Economic and Political News

 With FIPB scrapped, PM to hold review meeting of FDI policy today

 I-T lens on half a million people for 'inconsistencies' in cash deposits

Corporate News

 U.S. FDA advisory committee favours nod for Biocon’s proposed biosimilar

 GVK Power sells residual 10 percent stake in Bengaluru Airport

 Pricol to acquire 100 percent stake in PMP Auto Components

 NMDC: Iron ore production at 8.52 million tonne during April-June period.

Book Profit- AU Small Finance Bank Ltd.

The IPO of AU Small Finance Bank Ltd got strong response from investor’s

community and listed at a hefty premium to its issue price. It was among the ten

NBFC which got the licenses to start operations as a small finance bank. Before

migrating as a SFB , as an NBFC the company had focused on lending to assets

with revenue generating ability. As an NBFC it had successfully operated and grew

its AUM by 30% CAGR over FY13-17 and it’s PAT by 47%. With focus on Vehicle

Finance -50%, MSME-30% and SME -20% of the portfolio, AU has not only

withstood completion from large NBFC, but also thrived. While from all

parameters the company has delivered, the sharp surge in the stock price post

listing makes it quite expensive compared to other listed NBFCs/ Banks/ SFBs. At

the closing price of Rs 691 the stock is trading at 9.8x its FY17 BV. Even if it is able

to grow at 30% CAGR over FY17-20, the valuations still comes at 5.5x its FY17BV

based on our quick estimates. Looking at the sharp surge in the stock post listing

and the expensive valuations we recommend booking profit in the stock.

www.angelbroking.com

Market Outlook

July14, 2017

Top Picks ★★★★★

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,609

1,807

2,161

19.6

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,345

447

480

7.3

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

6,123

640

760

18.7

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

consumer segment, the company has increased its

Dewan Housing Finance

13,890

443

520

17.4

presence in tier-II & III cities where the growth opportunity

is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,527

141

160

13.4

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,843

237

258

8.9

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,290

446

522

17.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,938

206

265

28.6

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,276

2,428

2500

3.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,479

248

344

38.8

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,28,561

7,566

8,495

12.3

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July14, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Infosys Ltd Consol - July 14, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

16,998

16,782

1.3

17,120

(0.7)

EBITDA

4,463

4,447

0.3

4,658

(4.2)

EBITDA margin (%)

26.3

26.5

27.2

Net profit

3,429

3,436

(0.2)

3,603

(4.8)

ACC Ltd - July 17, 2017

Particulars ( ` cr)

2QCY17E

2QCY16

y-o-y (%)

1QCY17

q-o-q (%)

Net sales

3,263

2,870

13.7

3,557

(8.3)

EBITDA

454

457

(0.6)

416

9.1

EBITDA margin (%)

13.9

15.9

11.7

Net profit

246

238

3.5

212

16.4

Ultratech Cement Ltd - July 18, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

6,784

6,182

9.7

6,595

2.9

EBITDA

1,453

1,423

2.1

1,278

13.7

EBITDA margin (%)

21.4

23.0

19.4

Net profit

785

775

1.2

688

14.0

www.angelbroking.com

Market Outlook

July 14, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 14, 2017

8:50 AMChina

Exports YoY%

% Change

Jun

11.30

8.90

India

Exports YoY%

% Change

Jun

8.30

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

1.39

6:45 PMUS

Industrial Production

Jun

0.30

6:00 PMUS

Consumer price index (mom)

% Change

Jun

(0.10)

0.10

Jul 17, 2017

7:30 AMChina

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AMChina

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:30 PMEuro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

2:00 PMUK

CPI (YoY)

% Change

Jun

2.90

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,160.00

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,210.00

Jul 20, 2017

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

5:15 PMEuro Zone

ECB announces interest rates

Jul 20

Jul 24, 2017

1:00 PMGermany

PMI Services

Value

Jul P

54.00

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.65

1:00 PMGermany

PMI Manufacturing

Value

Jul P

59.60

Jul 25, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Jul

118.90

118.00

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.00

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.50

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 14, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

3.0

2.6

6.0

1.9

1.7

5.0

2.0

4.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

6.0

52.0

5.1

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

1.5

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

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 14, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

64,836

4.2

0.4

22.0

Russia

Micex

1,954

5.0

(0.8)

0.7

India

Nifty

9,816

2.9

7.1

18.8

China

Shanghai Composite

3,198

2.0

(2.2)

9.7

South Africa

Top 40

46,674

3.8

1.7

2.6

Mexico

Mexbol

50,810

3.4

2.6

9.8

Indonesia

LQ45

976

1.5

6.4

17.0

Malaysia

KLCI

1,757

(1.6)

1.0

6.7

Thailand

SET 50

996

1.5

(0.4)

9.4

USA

Dow Jones

21,532

1.2

4.2

17.2

FTSE

7,417

(1.3)

0.9

11.5

Japan

Nikkei

20,098

1.0

6.9

28.3

Germany

DAX

12,627

(1.0)

3.6

26.7

France

CAC

5,222

(0.1)

3.0

20.1

Source: Bloomberg, Angel Research, #Data as on 12^th July

www.angelbroking.com

Stock Watch

July 14, 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

Sell

249

209

4,835

1,937

2,164

13.3

14.3

9.0

11.0

27.6

22.6

4.8

4.2

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

865

43,960

15,176

17,604

18.5

37.4

44.6

23.1

19.4

4.5

3.8

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

106

116

31,051

20,019

22,789

11.1

11.7

4.3

5.5

24.7

19.4

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,791

80,748

25,093

27,891

19.5

19.2

143.9

162.5

19.4

17.2

5.4

4.7

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

1,120

26,079

7,726

8,713

20.5

21.2

35.3

42.7

31.7

26.2

5.9

5.3

18.9

20.1

3.4

3.0

Eicher Motors

Neutral

28,056

76,374

16,583

20,447

17.5

18.0

598.0

745.2

46.9

37.7

16.0

12.2

41.2

38.3

4.4

3.5

Gabriel India

Neutral

149

2,142

1,544

1,715

9.0

9.3

5.4

6.3

27.6

23.7

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,750

74,880

28,120

30,753

15.2

15.6

169.1

189.2

22.2

19.8

7.6

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

263

2,093

1,486

1,620

9.8

9.9

15.0

17.2

17.5

15.3

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

784

1,231

1,302

1,432

11.6

11.9

43.7

53.0

18.0

14.8

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,371

85,133

46,534

53,077

11.6

11.7

67.3

78.1

20.4

17.6

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Accumulate

7,566

8,495

228,561

67,822

83,717

15.2

15.0

243.0

291.5

31.1

26.0

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

686

5,930

2,728

3,042

9.0

9.1

68.2

86.2

10.1

8.0

2.3

1.8

23.8

24.3

2.2

2.0

Motherson Sumi

Neutral

321

67,574

45,896

53,687

7.8

8.3

13.0

16.1

24.6

19.9

7.9

6.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,332

1,054

511

562

11.3

11.5

28.1

30.9

47.4

43.1

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

585

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

458

132,356

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.5

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

572

27,151

13,390

15,948

6.9

7.1

12.8

16.5

44.8

34.5

11.1

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

852

962

14,546

5,339

6,220

15.9

15.3

28.0

32.3

30.4

26.4

5.8

4.9

19.1

18.5

2.7

2.3

Exide Industries

Neutral

227

19,270

7,439

8,307

15.0

8.1

9.3

28.0

24.4

3.9

3.5

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

252

12,810

12,877

14,504

14.3

13.9

21.4

23.0

11.7

10.9

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,880

7,606

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

1.0

JK Tyres

Neutral

169

3,839

7,455

8,056

15.0

21.8

24.5

7.8

6.9

1.6

1.3

22.8

21.3

0.6

Swaraj Engines

Neutral

2,154

2,676

660

810

15.2

16.4

54.5

72.8

39.5

29.6

12.3

11.2

31.5

39.2

3.9

3.1

Subros

Neutral

252

1,512

1,488

1,681

11.7

11.9

6.4

7.2

39.4

35.2

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

206

541

286

326

19.8

16.8

11.7

13.3

17.6

15.5

3.0

2.8

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

709

814

4.1

4.6

1.4

2.1

51.2

34.1

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,561

6,499

3,451

4,055

6.3

9.2

31.4

57.9

49.7

27.0

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

173

38,664

8,137

9,169

16.8

17.2

58.7

62.5

3.0

2.8

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 14, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

485

16,040

6,511

7,514

7.9

8.7

12.9

16.3

37.6

29.7

6.8

5.9

16.7

18.5

2.2

1.9

BGR Energy

Neutral

154

1,108

16,567

33,848

6.0

5.6

7.8

5.9

19.7

26.0

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

142

34,829

28,797

34,742

2.8

2.3

6.9

61.9

20.6

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Buy

640

760

6,123

4,283

5,077

5.9

7.3

14.9

22.1

43.0

28.9

8.4

7.0

20.4

26.4

1.5

1.2

CG Power and Industrial

Neutral

5,305

5,777

6,120

5.9

7.0

3.3

4.5

25.7

18.8

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,902

1,755

1,881

16.8

16.9

7.8

8.5

20.5

18.8

4.1

3.8

20.6

20.9

1.9

1.7

Inox Wind

Neutral

165

3,672

5,605

6,267

15.7

16.4

24.8

30.0

6.7

5.5

1.9

1.4

25.9

24.4

0.7

0.6

KEC International

Neutral

295

7,588

9,294

10,186

7.9

8.1

9.9

11.9

29.8

24.8

4.4

3.8

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

237

258

1,843

2,633

3,001

10.4

10.0

12.7

13.0

18.6

18.2

4.0

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

915

10,905

5,421

5,940

7.3

25.7

30.2

35.6

30.3

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

685

3,736

3,136

3,845

8.9

9.1

26.0

35.9

26.3

19.1

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,702

31,970

11,225

13,172

13.2

16.9

44.5

75.5

38.3

22.6

3.6

3.3

11.2

14.2

2.9

2.4

Ambuja Cements

Neutral

263

52,193

9,350

10,979

18.2

22.5

5.8

9.5

45.3

27.7

3.8

3.4

10.2

12.5

5.6

4.8

India Cements

Neutral

210

6,482

4,364

4,997

18.5

19.2

7.9

11.3

26.6

18.6

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

973

6,801

4,398

5,173

15.5

17.5

31.2

55.5

31.2

17.5

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

469

5,524

2,913

3,412

14.5

19.5

7.5

22.5

62.6

20.9

3.9

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

157

3,216

2,114

2,558

18.5

20.5

8.1

11.3

19.4

13.9

2.9

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,199

115,262

25,768

30,385

21.0

23.5

111.0

160.0

37.8

26.2

4.8

4.2

13.5

15.8

4.6

3.8

Construction

ITNL

Neutral

3,253

8,946

10,017

31.0

31.6

8.1

9.1

12.2

10.9

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

220

3,098

1,385

1,673

14.7

14.0

41.2

48.5

5.4

4.5

1.0

0.9

14.9

15.2

2.3

1.9

Larsen & Toubro

Buy

1,175

1,700

164,543

111,017

124,908

11.0

61.1

66.7

19.2

17.6

2.3

2.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

145

6,998

705

788

52.2

51.7

5.0

5.6

29.0

25.9

2.9

2.6

11.2

9.6

8.1

Nagarjuna Const.

Neutral

5,276

8,842

9,775

9.1

8.8

5.3

6.4

17.9

14.8

1.4

1.3

8.2

9.1

0.8

0.7

PNC Infratech

Neutral

149

3,830

2,350

2,904

13.1

13.2

9.0

8.8

16.6

17.0

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

541

2,674

6,829

7,954

10.5

31.4

37.4

17.2

14.5

1.8

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

592

870

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

293

5,028

3,598

4,140

10.3

10.6

9.0

11.9

32.6

24.6

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

212

19,121

7,428

9,549

7.9

8.6

8.2

11.0

25.9

19.3

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

131

2,128

1,877

1,943

30.6

29.8

3.0

4.2

43.6

31.2

21.1

14.2

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 14, 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

106

3,737

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

157

10,570

1,725

1,935

16.0

19.1

11.4

13.9

13.8

11.3

1.9

1.8

13.4

15.3

5.1

4.5

Financials

Axis Bank

Accumulate

512

580

122,735

46,932

53,575

3.5

3.4

32.4

44.6

15.8

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

163

37,569

19,980

23,178

1.8

11.5

17.3

14.2

9.4

1.6

1.3

8.3

10.1

Canara Bank

Neutral

362

21,610

15,225

16,836

1.8

14.5

28.0

25.0

12.9

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,206

8,534

420

526

3.5

86.5

107.8

37.1

29.7

8.0

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,167

1,230

18,233

2,012

2,317

6.3

42.7

53.6

27.3

21.8

4.3

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

443

520

13,890

2,225

2,688

2.9

29.7

34.6

14.9

12.8

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

170

235

5,759

939

1,281

11.7

11.5

5.8

8.2

29.4

20.8

2.5

2.3

10.9

11.5

Federal Bank

Accumulate

115

125

22,374

8,259

8,995

3.0

4.3

5.6

26.8

20.6

2.3

2.1

8.5

10.1

HDFC

Neutral

1,656

263,831

11,475

13,450

3.4

45.3

52.5

36.6

31.6

7.1

6.2

20.2

20.5

HDFC Bank

Neutral

1,681

432,721

46,097

55,433

4.5

58.4

68.0

28.8

24.7

5.1

4.2

18.8

18.6

ICICI Bank

Accumulate

298

315

190,942

42,800

44,686

3.1

3.3

18.0

21.9

16.5

13.6

2.2

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

141

160

8,527

5,640

6,030

3.3

3.2

8.9

10.0

15.9

14.1

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

203

3,884

3,339

3,799

2.7

2.8

11.0

14.0

18.4

14.5

1.9

1.8

11.2

12.7

LIC Housing Finance

Neutral

739

37,292

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

152

32,377

23,532

23,595

2.3

2.4

6.8

12.6

22.4

12.1

3.5

2.5

3.3

6.5

RBL Bank

Neutral

546

20,577

1,783

2,309

2.6

12.7

16.4

43.0

33.3

4.7

4.2

12.8

13.3

Repco Home Finance

Neutral

797

4,989

388

457

4.5

4.2

30.0

38.0

26.6

21.0

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,122

6,435

7,578

2.5

2.7

3.1

10.5

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

289

249,121

88,650

98,335

2.6

13.5

18.8

21.4

15.4

2.0

1.8

7.0

8.5

Union Bank

Neutral

155

10,638

13,450

14,925

2.3

25.5

34.5

6.1

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,582

72,361

8,978

11,281

3.3

3.4

74.0

90.0

21.4

17.6

4.1

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,803

8,647

2,955

3,309

13.3

13.7

57.2

69.3

31.6

26.0

10.3

8.7

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,124

107,828

17,128

18,978

16.8

16.4

19.1

20.7

58.9

54.3

20.5

19.3

34.8

35.5

6.2

5.6

Britannia

Neutral

3,722

44,684

9,594

11,011

14.6

14.9

80.3

94.0

46.4

39.6

19.1

14.7

41.2

4.5

3.9

Colgate

Neutral

1,074

29,211

4,605

5,149

23.4

23.8

26.9

45.1

39.9

25.0

19.5

64.8

66.8

6.3

5.6

Dabur India

Neutral

302

53,216

8,315

9,405

19.8

20.7

8.1

9.2

37.3

32.8

10.4

8.6

31.6

31.0

6.1

5.3

GlaxoSmith Con*

Neutral

5,491

23,092

4,350

4,823

21.2

21.4

179.2

196.5

30.6

28.0

8.1

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 14, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

982

66,870

10,235

11,428

18.4

18.6

41.1

44.2

23.9

22.2

5.3

4.5

24.9

24.8

6.6

5.9

HUL

Neutral

1,133

245,277

35,252

38,495

17.8

20.7

22.4

54.9

50.6

52.5

45.0

95.6

88.9

6.8

6.2

ITC

Neutral

339

411,533

40,059

44,439

38.3

39.2

9.0

10.1

37.7

33.4

10.5

9.2

27.8

27.5

9.8

8.8

Marico

Neutral

327

42,218

6,430

7,349

18.8

19.5

6.4

7.7

51.1

42.5

15.4

13.0

33.2

32.5

6.4

5.5

Nestle*

Neutral

6,785

65,416

10,073

11,807

20.7

21.5

124.8

154.2

54.4

44.0

22.3

20.1

34.8

36.7

6.3

5.4

Tata Global

Neutral

175

11,070

8,675

9,088

9.8

7.4

8.2

23.7

21.4

1.9

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,011

26,003

2,939

3,342

23.2

23.0

146.2

163.7

54.8

48.9

13.9

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

858

1,014

122,421

46,723

52,342

22.1

20.9

60.0

62.8

14.3

13.7

3.6

3.1

25.3

22.4

2.4

2.0

Infosys

Buy

976

1,179

224,251

68,484

73,963

26.0

63.0

64.0

15.5

15.3

3.3

3.0

20.8

19.7

2.9

2.6

TCS

Accumulate

2,444

2,651

481,582

117,966

127,403

27.5

27.6

134.3

144.5

18.2

16.9

5.4

5.0

29.8

29.7

3.7

3.5

Tech Mahindra

Buy

389

533

37,955

29,141

31,051

14.4

15.0

32.3

35.6

12.1

10.9

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Accumulate

264

280

128,564

55,421

58,536

20.3

35.1

36.5

7.5

7.2

1.3

1.1

19.2

14.6

1.7

1.5

Media

D B Corp

Neutral

379

6,964

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.2

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,943

2,693

2,991

12.6

12.9

7.9

9.0

10.6

9.3

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

178

225

5,811

2,283

2,555

28.0

10.6

12.3

16.7

14.5

3.6

3.1

21.4

2.6

2.2

Sun TV Network

Neutral

829

32,679

2,850

3,265

70.1

71.0

26.2

30.4

31.7

27.3

8.1

7.2

24.3

25.6

11.1

9.5

Hindustan Media

Neutral

279

2,045

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

248

344

1,479

608

667

21.5

22.3

15.7

19.2

15.8

12.9

2.4

2.1

16.1

16.0

2.0

1.7

Metals & Mining

Coal India

Neutral

253

157,327

84,638

94,297

21.4

22.3

24.5

27.1

10.3

9.4

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

277

116,851

14,252

18,465

55.9

48.3

15.8

21.5

17.5

12.9

2.9

2.5

17.0

20.7

8.2

6.3

Hindalco

Neutral

205

45,890

107,899

112,095

7.4

8.2

9.2

13.0

22.2

15.7

1.1

1.0

4.8

6.6

1.0

0.9

JSW Steel

Neutral

213

51,584

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

120

37,872

6,643

7,284

44.4

47.7

7.1

7.7

16.9

15.6

1.5

1.4

8.8

9.2

3.5

3.1

SAIL

Neutral

25,503

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

263

97,781

71,744

81,944

19.2

21.7

13.4

20.1

19.6

13.1

1.7

1.5

8.4

11.3

1.8

1.4

Tata Steel

Neutral

563

54,679

121,374

121,856

7.2

8.4

18.6

34.3

30.3

16.4

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

371

62,807

56,220

65,198

9.3

10.1

27.1

33.3

13.7

11.2

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

159

204,177

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

381

184,986

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.4

1.1

1.0

16.0

15.6

0.6

www.angelbroking.com

Stock Watch

July 14, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Reliance Industries

Neutral

1,519

493,864

301,963

358,039

12.1

12.6

87.7

101.7

17.3

14.9

1.8

1.6

10.7

11.3

2.1

1.8

Pharmaceuticals

Alembic Pharma

Buy

538

648

10,151

3,101

3,966

19.7

20.5

21.4

25.5

25.2

21.1

5.3

4.4

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,807

2,161

21,609

5,853

6,901

17.1

18.4

74.6

85.0

24.2

21.3

5.1

4.3

21.1

20.2

3.7

3.1

Aurobindo Pharma

Buy

705

823

41,278

14,845

17,086

21.5

22.1

39.4

44.7

17.9

15.8

4.4

3.5

27.6

24.7

2.9

2.5

Aventis*

Neutral

4,181

9,628

2,206

2,508

16.6

16.8

128.9

139.9

32.4

29.9

5.5

4.3

21.6

23.5

4.1

3.5

Cadila Healthcare

Reduce

519

450

53,091

9,220

11,584

18.4

20.3

14.5

18.7

35.8

27.7

7.6

6.2

23.5

24.6

6.1

4.6

Cipla

Reduce

542

461

43,619

14,281

16,619

15.4

16.2

12.5

19.7

43.4

27.5

3.5

3.1

8.4

12.0

3.2

2.7

Dr Reddy's

Neutral

2,693

44,642

14,081

15,937

16.1

18.6

72.6

105.9

37.1

25.4

3.6

3.3

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,583

21,878

2,927

3,290

11.8

16.2

34.4

49.6

75.1

52.1

10.9

11.3

13.9

21.3

7.3

6.5

Indoco Remedies

Sell

200

153

1,845

1,067

1,154

12.1

14.9

8.4

11.3

23.8

17.7

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

480

620

6,058

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.8

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,142

1,526

51,582

17,120

18,657

24.1

56.9

61.1

20.1

18.7

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

989

1,060

17,244

2,065

1,988

33.1

33.7

27.9

25.7

35.5

38.5

10.3

8.8

29.2

22.9

8.4

8.5

Sun Pharma

Buy

569

712

136,601

30,264

32,899

29.0

26.9

32.7

31.6

17.4

18.0

3.7

3.2

22.2

18.7

4.2

3.8

Power

Tata Power

Neutral

22,517

36,916

39,557

17.4

27.1

5.1

6.3

16.3

13.2

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

164

135,019

86,605

95,545

17.5

20.8

11.8

13.4

13.9

12.2

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

215

112,531

25,315

29,193

88.2

88.7

14.2

17.2

15.2

12.5

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

274

10,283

4,707

5,105

25.2

26.0

10.3

13.0

26.6

21.1

2.1

2.0

10.3

10.2

3.4

3.0

MLIFE

Buy

446

522

2,290

1,152

1,300

22.7

24.6

29.9

35.8

14.9

12.5

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

403

161,075

105,086

114,808

34.5

34.7

12.2

16.4

33.0

24.6

2.2

2.1

6.8

8.4

2.4

2.1

Idea Cellular

Neutral

31,589

40,133

43,731

37.2

37.1

6.4

6.5

13.7

13.5

1.1

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,401

9,352

3,153

3,583

14.1

14.4

152.2

182.7

28.9

24.1

142.0

121.3

25.6

26.1

2.7

2.3

Asian Granito

Accumulate

447

480

1,345

1,066

1,169

11.6

12.5

13.0

16.0

34.4

28.0

3.4

3.0

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

331

395

3,361

4,801

5,351

5.7

6.2

10.4

13.7

31.8

24.2

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

230

1,646

1,353

1,471

12.3

12.4

14.5

16.3

15.9

14.1

21.9

19.7

14.5

14.6

1.2

124.4

Coffee Day Enterprises

Neutral

248

5,109

2,964

3,260

20.5

21.2

4.7

8.0

31.0

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

189

121

1,137

1,256

3.1

2.7

28.0

23.6

6.7

8.0

36.3

32.8

14.3

11.5

0.1

Elecon Engineering

Neutral

716

1,482

1,660

13.7

14.5

3.9

5.8

16.4

11.0

3.9

3.5

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 14, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Finolex Cables

Neutral

510

7,798

2,883

3,115

12.0

12.1

14.2

18.6

35.9

27.4

19.1

16.7

15.8

14.6

2.4

2.2

Garware Wall Ropes

Neutral

953

2,084

863

928

15.1

15.2

36.4

39.4

26.2

24.2

4.7

4.0

17.5

15.9

2.3

2.1

Goodyear India*

Neutral

927

2,139

1,598

1,704

10.4

10.2

49.4

52.6

18.8

17.6

86.7

76.0

18.2

17.0

1.0

146.7

Hitachi

Neutral

2,028

5,515

2,081

2,433

8.8

8.9

33.4

39.9

60.7

50.8

49.0

40.8

22.1

21.4

2.6

2.2

HSIL

Neutral

392

2,830

2,384

2,515

15.8

16.3

15.3

19.4

25.6

20.2

25.4

21.9

7.8

9.3

1.4

1.2

Interglobe Aviation

Neutral

1,276

46,138

21,122

26,005

14.5

27.6

110.7

132.1

11.5

9.7

69.0

49.3

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

367

6,674

1,440

2,052

11.5

13.0

8.5

10.0

43.2

36.7

10.5

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

395

5,710

2,554

2,800

9.9

10.0

10.5

12.1

37.6

32.6

15.7

14.8

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

288

425

382

420

9.3

9.5

13.5

15.7

21.4

18.3

3.7

3.2

17.1

17.3

1.2

1.1

M M Forgings

Neutral

671

809

546

608

20.4

20.7

41.3

48.7

16.3

13.8

91.9

81.3

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

760

4,351

836

1,087

19.6

19.4

16.9

23.8

45.0

31.9

5.4

4.7

12.0

14.8

4.9

3.7

Mirza International

Neutral

157

1,886

963

1,069

17.2

18.0

6.1

7.5

25.6

20.9

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

305

366

417

17.7

18.2

9.4

10.8

8.2

7.1

1.8

1.6

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

305

6,230

1,873

2,166

11.5

11.7

2.6

4.0

115.3

76.9

7.1

6.4

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

206

265

2,938

347

371

43.2

37.3

6.7

6.0

30.9

34.4

2.1

1.9

6.2

10.6

9.6

9.0

Navneet Education

Neutral

178

4,156

1,062

1,147

24.0

6.1

6.6

29.2

26.9

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,980

2,955

1,995

2,165

10.7

10.4

69.8

80.6

28.4

24.6

113.1

98.3

16.6

16.5

1.5

1.3

Page Industries

Neutral

16,798

18,736

2,450

3,124

20.1

17.6

299.0

310.0

56.2

54.2

374.1

285.6

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

239

2,009

1,919

2,231

9.3

9.6

9.5

12.9

25.3

18.5

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

228

1,597

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

132

147

1,751

1,667

1,824

13.0

13.2

6.7

8.2

19.8

16.1

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

513

6,167

2,085

2,469

9.2

8.2

7.6

8.0

67.9

64.6

26.3

22.5

17.9

18.8

3.0

2.6

S H Kelkar & Co.

Neutral

267

3,865

1,036

1,160

15.1

15.0

6.1

7.2

43.8

37.2

4.7

4.3

10.7

11.5

3.6

3.2

Siyaram Silk Mills

Neutral

2,428

2,276

1,574

1,769

12.5

12.7

97.1

113.1

25.0

21.5

3.8

3.3

15.4

15.5

1.7

1.5

Styrolution ABS India*

Neutral

921

1,619

1,440

1,537

9.2

9.0

40.6

42.6

22.7

21.6

57.9

52.6

12.3

11.6

1.1

1.0

Surya Roshni

Neutral

285

1,249

3,342

3,625

7.8

7.5

17.3

19.8

16.5

14.4

31.3

25.1

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,481

2,531

3,229

4,001

1.5

1.8

22.8

32.8

65.0

45.1

7.0

6.0

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

190

761

287

384

20.5

7.6

10.7

25.0

17.7

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

333

2,550

2,671

2,911

8.5

8.8

13.9

15.7

24.0

21.3

3.3

2.9

13.7

13.8

1.1

1.0

India

www.angelbroking.com

Stock Watch

July 14, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

TVS Srichakra

Neutral

3,788

2,900

2,304

2,614

13.7

13.8

231.1

266.6

16.4

14.2

425.6

335.1

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

394

1,087

619

685

33.2

33.4

30.0

34.9

13.2

11.3

1.8

1.6

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

531

843

1,051

1,138

10.3

10.4

21.0

23.1

25.3

22.9

68.1

63.7

9.0

9.2

1.1

1.0

VRL Logistics

Neutral

327

2,986

1,902

2,119

16.7

16.6

14.6

16.8

22.5

19.5

4.9

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

187

218

2,642

1,270

1,450

10.4

5.6

6.5

33.4

28.8

6.9

6.0

20.7

21.1

2.1

1.8

Navin Fluorine

Accumulate

3,305

3,650

3,253

789

945

21.1

22.4

120.1

143.4

27.5

23.1

4.4

3.8

17.8

18.5

4.1

3.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 13, 2017

www.angelbroking.com

Market Outlook

July 14, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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

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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

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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

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