Market Outlook
May 15, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to flat tracking the SGX Nifty and Asian markets.
BSE Sensex
(0.2)
(63)
30,188
US stocks remained lackluster on Friday after seeing disappointing retail sales data.
Nifty
(0.2)
(22)
9,401
The Commerce Department said retail sales climbed by 0.4% in April compared to
Mid Cap
(0.7)
(103)
14,854
economist estimates of 0.6% growth. A separate report from the Labor department
Small Cap
(0.8)
(125)
15,529
showed that consumer prices rebounded in line with economist estimates in the
month of April.
Bankex
(0.9)
(232)
25,717
The markets in UK closed on a positive note on Friday. Strong GDP data from
Global Indices
Chg (%)
(Pts)
(Close)
Germany by strong exports helped eased investors worry and though some
corporate earrings were not up to the mark, markets still closed on a positive note.
Dow Jones
(0.1)
(23)
20,896
Nasdaq
0.2
6
6,121
Indian markets remained in a narrow range on Friday and finally ended with a
FTSE
0.7
49
7,435
marginal loss. Investors and traders it seems had been cautious ahead of the
introduction of new series for IIP in the India. With most of the large corporates
Nikkei
(0.4)
(78)
19,884
having announced their results for the quarter, the domestic market could now on
Hang Seng
0.1
31
25,156
look forward for further up move.
Shanghai Com
0.7
22
3,084
Result Review
Advances / Declines
BSE
NSE
Dr Reddy’s Lab
Detailed analysis on Pg2
Advances
949
519
Declines
1,850
1159
Investor’s Ready Reckoner
Unchanged
175
86
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
3,871
Top Picks
NSE
25,164
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
667
760
13.9
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
427
520
21.9
FII
1,435
38
42,050
Mahindra Lifespace Real Estate
Buy
451
522
15.8
MFs
(720)
2,655
23,337
Navkar Corporation Others
Buy
232
265
14.2
KEI Industries
Capital Goods
Accumulate
218
239
9.6
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Navkarcorp
231
7.8
Key Upcoming Events
Adanitrans
89
6.9
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Sci
83
6.0
May 15, 2017 India
Monthly Wholesale Prices YoY%
5.70
4.55
Sreinfra
114
4.2
May 16, 2017 China
Industrial Production (YoY)
7.60
7.00
Skfindia
1,652
3.4
May 16, 2017 US
Housing Starts
1,215.00
1,250.00
May 16, 2017 US
Building permits
1,267.00
1,270.00
Top Losers
Price (`)
Chg (%)
May 16, 2017 US
Industrial Production
0.55
0.40
May 16, 2017 UK
CPI (YoY)
2.30
2.60
Glenmark
759
(16.0)
More Events on Pg5
Orientbank
163
(6.8)
Yesbank
1,484
(6.0)
Torntpower
213
(4.5)
Corpbank
59
(3.9)
#As on May 12, 2017
Market Outlook
May 15, 2017
Result Review
Dr Reddy’s Lab (CMP: `2,592 / TP: / Upside: )
The company posted much below expected numbers for its 4QFY2017 results. On
top line it posted de-growth of 5.0% yoy to end the period at `3,552cr V/s
`4,020cr expected. The dip in the sales was driven by the Generic sales
(`2,914cr), which posted a 5% yoy dip, while PSAI (`540.1cr), posting a yoy dip of
6.0%. The dip in the Generic market was lead by the USA (`1,535cr), a yoy dip of
19%. Europe (`206.6cr), posted a yoy growth of 17%, while India (`571.1cr)
posted a yoy growth of 8.0%. Emerging markets, on the other hand posted a yoy
growth of 25.0% to end the period at `601.2cr.
On the operating front, EBIT margin came in at 7.4% V/s 16.0% expected V/s
13.5% in 3QFY2016, a sharp dip of 6.1% yoy. This was mainly on back of Gross
margins which came at 51.2% V/s expected 59.0%, mainly on back of the
pressure in the USA business. Thus, PAT came in at `312cr V/s `484cr expected
V/s `75cr in 4QFY2016. Given the valuations, we maintain our neutral rating on
the stock.
Economic and Political News
PMO giving final touches to ‘Buy Indian Policy
GST panel works out rates for 6000 items
Monsoon arrives in Andman three days in advance
EPFO trustees may raise ETF investments to 15%
Corporate News
Tata Motors says it is confident of meeting BS-VI Norms by 2020
Netstle India posts 7% rise in Q4FY17 PAT to Rs 307 cr
Idea Celluar post Rs 328 cr loss in Q4FY17.
Karnataka Bank reports 30% growth in Q4FY17 PAT at Rs 138 cr
Market Outlook
May 15, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Vedanta Consol - May 15, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
21,934
15,829
38.6
19,320
13.5
EBITDA
7,226
3,472
108.1
5,996
20.5
EBITDA margin (%)
32.9
21.9
31.0
Net profit
2,856
955
199.1
1,866
53.0
Colgate-Palmolive India Ltd - May 15, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,133
1,091
3.8
865
31.0
EBITDA
260
241
7.9
214
21.6
EBITDA margin (%)
23.0
22.1
24.7
Net profit
157
146
7.4
128
22.6
Tata Steel Ltd Consol - May 16, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
31,584
29,164
8.3
27,844
13.4
EBITDA
4,590
2,205
108.1
3,539
29.7
EBITDA margin (%)
14.5
7.6
12.7
Net profit
993
(356)
0.0
202
391.8
Punjab National Bank - May 16, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
472
(5,367)
0.0
207
127.7
United Breweries Ltd - May 17, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,163
1,185
(1.8)
979
18.8
EBITDA
125
125
(0.2)
128
(2.4)
EBITDA margin (%)
10.7
10.6
13.1
Net profit
48
51
(7.7)
48
(2.0)
JSW Steel Ltd Consol - May 17, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
16,730
10,471
59.8
13,798
21.3
EBITDA
3,039
1,825
66.6
2,867
6.0
EBITDA margin (%)
18.2
17.4
20.8
Net profit
773
170
354.2
730
5.8
Bajaj Finance - May 17, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
449
315
42.5
556
(23.8)
Market Outlook
May 15, 2017
Top Picks HHHHH
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segment. Alkem expects to launch
Alkem Laboratories
22,628
1,893
2,257
19.3
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,152
383
405
5.8
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
6,377
667
760
13.9
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
13,361
427
520
21.9
presence in tier-II & III cities where the growth opportunity
is immense.
Strong loan growth backed by diversified loan portfolio
and adequate CAR. ROE & ROA likely to remain decent
Equitas Holdings
5,464
162
235
45.3
as risk of dilution remains low. Attractive valuations
considering growth.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
6,327
194
225
16.2
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,692
218
239
9.6
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,313
451
522
15.8
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,310
232
265
14.2
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,589
1,695
1,872
10.5
growth going ahead. Stock currently trades at an
inexpensive valuation.
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,615
271
344
27.1
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 15, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 15, 2017
JK Tyre, South Ind.Bank
May 16, 2017
Punjab Natl.Bank, Andhra Bank, Tata Steel, Dishman Pharma, Transport Corporation of India
May 17, 2017
J K Lakshmi Cements, Allahabad Bank, HUL, NIIT, JSW Steel , UFO Moviez
Bajaj Auto, Automotive Axle, Cummins India, Bank of Baroda, Hindustan Media Ventures, Jyothy Laboratories, CESC,
May 18, 2017
Coffee Day Enterprises Ltd
Motherson Sumi, KEC International, HT Media, Electrosteel Castings, Abbott India, MM Forging, Elecon Engineering,
May 19, 2017
GSK Pharma, Tata Power Co., VRL Logistics
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 15, 2017 5:00PM India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
4.55
May 16, 2017 7:30AM China
Industrial Production (YoY)
% Change
Apr
7.60
7.00
6:00PM US
Housing Starts
Thousands
Apr
1,215.00
1,250.00
6:00PM US
Building permits
Thousands
Apr
1,267.00
1,270.00
6:45PM US
Industrial Production
%
Apr
0.55
0.40
2:00PM UK
CPI (YoY)
% Change
Apr
2.30
2.60
May 17, 2017 2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.90
1.90
2:00PM UK
Jobless claims change
% Change
Apr
25.50
--
May 18, 2017 6:00PM US
Initial Jobless claims
Thousands
May 13
236.00
--
May 19, 2017 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(3.60)
(3.00)
May 23, 2017 7:30PM US
New home sales
Thousands
Apr
621.00
620.00
May 24, 2017 1:00PM Germany
PMI Manufacturing
Value
May P
58.20
--
1:00PM Germany
PMI Services
Value
May P
55.40
--
7:30PM US
Existing home sales
Million
Apr
5.71
5.68
May 25, 2017 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
--
May 26, 2017 6:00PM US
GDP Qoq (Annualised)
% Change
1Q S
0.70
0.70
May 30, 2017 7:30PM US
Consumer Confidence
S.A./ 1985=100
May
120.30
--
May 31, 2017 1:25PM Germany
Unemployment change (000's)
Thousands
May
(15.00)
--
6:30AM China
PMI Manufacturing
Value
May
51.20
--
Jun 1, 2017
2:00PM UK
PMI Manufacturing
Value
May
57.30
--
Jun 2, 2017
6:00PM US
Change in Nonfarm payrolls
Thousands
May
211.00
175.00
2:30PM India
RBI Reverse Repo rate
%
Jun 7
6.00
--
Source: Bloomberg, Angel Research
Market Outlook
May 15, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
10.0
8.9
7.7
7.8
9.0
8.0
8.0
7.4
7.2
8.0
6.9
7.0
6.8
7.0
7.0
5.7
5.7
6.0
6.0
5.2
4.9
4.9
6.0
5.6
5.0
3.8
4.0
5.0
2.6
2.7
3.0
1.9
4.0
2.0
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
5.8
5.8
6.0
52.0
5.1
5.0
4.3
4.2
50.0
3.9
3.6
3.7
4.0
3.4
3.2
3.0
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
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
50.0
7.00
40.0
6.50
30.0
6.00
20.0
5.50
10.0
5.00
0.0
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 15, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
5.0
0.7
4.5
4.0
3.3
2.9
2.1
1.9
2.0
0.3
1.6
0.8
-
(2.0)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
May 15, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
68,222
5.6
6.6
28.5
Russia
Micex
1,995
(1.3)
(9.8)
4.1
India
Nifty
9,401
2.4
6.8
19.5
China
Shanghai Composite
3,084
(5.6)
(2.9)
3.3
South Africa
Top 40
47,430
2.7
4.6
3.8
Mexico
Mexbol
49,426
0.2
5.8
8.9
Indonesia
LQ45
947
0.4
6.2
14.7
Malaysia
KLCI
1,776
2.1
5.2
7.9
Thailand
SET 50
983
(1.7)
(0.8)
10.3
USA
Dow Jones
20,897
1.2
3.6
19.2
UK
FTSE
7,435
1.2
3.4
20.9
Japan
Nikkei
19,884
6.5
5.1
23.1
Germany
DAX
12,770
4.5
10.6
30.4
France
CAC
5,405
5.3
13.4
24.2
Source: Bloomberg, Angel Research
Stock Watch
May 15, 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
249
-
4,844
1,937
2,164
13.3
14.3
9.0
11.0
27.7
22.7
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
824
-
41,862
15,176
17,604
18.5
18.5
37.4
44.6
22.0
18.5
4.3
3.6
21.4
21.2
2.9
2.4
Auto & Auto Ancillary
Amara Raja Batteries
Accumulate
926
1,009
15,821
5,305
6,100
16.0
16.3
28.4
34.0
32.6
27.2
6.3
5.3
19.3
19.3
3.0
2.6
Apollo Tyres
Neutral
227
-
11,570
12,877
14,504
14.3
13.9
21.4
23.0
10.6
9.9
1.7
1.4
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
86
111
24,346
20,021
21,915
11.6
11.9
4.5
5.3
19.0
16.1
3.9
3.5
20.6
21.5
1.2
1.0
Bajaj Auto
Neutral
3,001
-
86,839
25,093
27,891
19.5
19.2
143.9
162.5
20.9
18.5
5.9
5.0
30.3
29.4
3.2
2.8
Bharat Forge
Neutral
1,116
-
25,990
7,726
8,713
20.5
21.2
35.3
42.7
31.6
26.2
5.8
5.3
18.9
20.1
3.4
3.0
Ceat
Neutral
1,626
-
6,577
7,524
8,624
13.0
12.7
131.1
144.3
12.4
11.3
2.3
1.9
19.8
18.6
1.0
0.8
Eicher Motors
Neutral
29,178
-
79,395
16,583
20,447
17.5
18.0
598.0
745.2
48.8
39.2
16.7
12.7
41.2
38.3
4.6
3.7
Exide Industries
Neutral
245
-
20,804
7,439
8,307
15.0
15.0
8.1
9.3
30.2
26.3
4.2
3.8
14.3
16.7
2.4
2.2
Gabriel India
Neutral
130
-
1,860
1,544
1,715
9.0
9.3
5.4
6.3
24.0
20.6
4.5
4.0
18.9
19.5
1.2
1.0
Hero Motocorp
Neutral
3,537
-
70,632
28,083
30,096
15.3
15.7
171.8
187.0
20.6
18.9
7.2
6.0
30.1
27.9
2.3
2.1
Indag Rubber
Neutral
211
-
553
286
326
19.8
16.8
11.7
13.3
18.0
15.8
3.0
2.8
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
233
-
1,860
1,486
1,620
9.8
9.9
15.0
17.2
15.6
13.6
3.4
2.9
21.8
21.3
1.3
1.2
JK Tyres
Neutral
166
-
3,759
7,455
8,056
15.0
15.0
21.8
24.5
7.6
6.8
1.6
1.3
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
688
-
1,080
1,302
1,432
11.6
11.9
43.7
53.0
15.8
13.0
2.2
2.0
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,366
-
84,826
46,534
53,077
11.6
11.7
67.3
78.1
20.3
17.5
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Neutral
6,728
-
203,243
67,822
83,288
16.0
16.4
253.8
312.4
26.5
21.5
6.1
4.9
23.0
22.9
2.7
2.1
Minda Industries
Neutral
496
-
4,283
2,728
3,042
9.0
9.1
68.2
86.2
7.3
5.8
1.7
1.3
23.8
24.3
1.6
1.4
Motherson Sumi
Neutral
413
-
58,016
45,896
53,687
7.8
8.3
13.0
16.1
31.7
25.7
10.2
8.2
34.7
35.4
1.3
1.1
Rane Brake Lining
Neutral
1,011
-
800
511
562
11.3
11.5
28.1
30.9
36.0
32.7
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
41
-
550
741
837
13.0
13.0
15.2
17.0
2.7
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
253
-
1,520
1,488
1,681
11.7
11.9
6.4
7.2
39.6
35.3
4.2
3.8
10.8
11.4
1.3
1.1
Swaraj Engines
Neutral
1,806
-
2,243
660
810
15.2
16.4
54.5
72.8
33.1
24.8
10.3
9.4
31.5
39.2
3.2
2.6
Tata Motors
Neutral
430
-
124,271
300,209
338,549
8.9
8.4
42.7
54.3
10.1
7.9
1.6
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
516
-
24,510
13,390
15,948
6.9
7.1
12.8
16.5
40.4
31.2
10.1
8.0
26.3
27.2
1.9
1.5
Capital Goods
ACE
Neutral
66
-
653
709
814
4.1
4.6
1.4
2.1
47.1
31.4
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,361
-
5,667
3,451
4,055
6.3
9.2
31.4
57.9
43.3
23.5
2.6
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
174
-
1,255
16,567
33,848
6.0
5.6
7.8
5.9
22.3
29.5
1.3
1.2
4.7
4.2
0.2
0.1
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Bharat Electronics
Neutral
179
-
40,071
8,137
9,169
16.8
17.2
58.7
62.5
3.1
2.9
0.5
0.4
44.6
46.3
3.9
3.5
BHEL
Neutral
171
-
41,878
28,797
34,742
-
2.8
2.3
6.9
74.4
24.8
1.3
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
667
760
6,377
4,283
5,077
5.9
7.3
14.9
22.1
44.8
30.2
8.7
7.3
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
91
-
5,725
5,777
6,120
5.9
7.0
3.3
4.5
27.7
20.3
1.2
1.2
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
160
-
3,901
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
202
-
4,474
5,605
6,267
15.7
16.4
24.8
30.0
8.1
6.7
2.3
1.7
25.9
24.4
0.8
0.7
KEC International
Neutral
233
-
5,977
9,294
10,186
7.9
8.1
9.9
11.9
23.5
19.5
3.4
3.0
15.6
16.3
0.9
0.8
KEI Industries
Accumulate
218
239
1,692
2,682
3,058
10.4
10.0
11.7
12.8
18.5
17.0
3.7
3.1
20.1
18.2
0.8
0.7
Thermax
Neutral
1,019
-
12,144
5,421
5,940
7.3
7.3
25.7
30.2
39.7
33.8
4.8
4.4
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
659
-
3,598
3,136
3,845
8.9
9.1
26.0
35.9
25.4
18.4
3.2
2.7
13.4
15.9
1.1
0.8
Voltas
Neutral
434
-
14,370
6,511
7,514
7.9
8.7
12.9
16.3
33.7
26.6
6.1
5.3
16.7
18.5
2.0
1.7
Cement
ACC
Neutral
1,678
-
31,502
11,225
13,172
13.2
16.9
44.5
75.5
37.7
22.2
3.6
3.3
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
258
-
51,309
9,350
10,979
18.2
22.5
5.8
9.5
44.6
27.2
3.7
3.4
10.2
12.5
5.5
4.7
India Cements
Neutral
210
-
6,438
4,364
4,997
18.5
19.2
7.9
11.3
26.5
18.6
1.9
1.9
8.0
8.5
2.2
2.0
J K Lakshmi Cement
Neutral
506
-
5,952
2,913
3,412
14.5
19.5
7.5
22.5
67.5
22.5
4.2
3.5
12.5
18.0
2.6
2.2
JK Cement
Neutral
1,072
-
7,493
4,398
5,173
15.5
17.5
31.2
55.5
34.4
19.3
4.1
3.6
12.0
15.5
2.3
1.9
Orient Cement
Neutral
162
-
3,328
2,114
2,558
18.5
20.5
8.1
11.3
20.1
14.4
3.0
2.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
4,401
-
120,808
25,768
30,385
21.0
23.5
111.0
160.0
39.7
27.5
5.1
4.4
13.5
15.8
4.8
4.0
Construction
Engineers India
Neutral
166
-
11,183
1,725
1,935
16.0
19.1
11.4
13.9
14.6
11.9
2.0
1.9
13.4
15.3
5.4
4.8
Gujarat Pipavav Port
Neutral
161
-
7,771
705
788
52.2
51.7
5.0
5.6
32.2
28.7
3.2
2.9
11.2
11.2
10.7
9.1
ITNL
Neutral
118
-
3,867
8,946
10,017
31.0
31.6
8.1
9.1
14.5
12.9
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
205
-
2,888
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.2
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,740
-
162,343
111,017
124,908
11.0
11.0
61.1
66.7
28.5
26.1
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
73
-
1,183
1,877
1,943
30.6
29.8
3.0
4.2
24.3
17.3
11.7
7.9
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
94
-
5,217
8,842
9,775
9.1
8.8
5.3
6.4
17.7
14.7
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
195
-
17,510
7,428
9,549
7.9
8.6
8.2
11.0
23.7
17.7
1.2
0.9
28.2
28.7
2.1
1.6
PNC Infratech
Neutral
158
-
4,049
2,350
2,904
13.1
13.2
9.0
8.8
17.5
17.9
0.6
0.6
15.9
13.9
1.8
1.5
Power Mech Projects
Neutral
590
-
868
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
332
-
5,690
3,598
4,140
10.3
10.6
9.0
11.9
36.9
27.9
3.9
3.4
9.9
11.9
1.9
1.6
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
Simplex Infra
Neutral
408
-
2,018
6,829
7,954
10.5
10.5
31.4
37.4
13.0
10.9
1.4
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
113
-
3,975
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.2
4.8
(22.8)
(15.9)
12.1
10.0
Financials
Axis Bank
Buy
503
580
120,446
46,932
53,575
3.5
3.4
32.4
44.6
15.5
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
187
-
42,984
19,980
23,178
1.8
1.8
11.5
17.3
16.2
10.8
1.9
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,661
-
7,083
420
526
3.5
3.5
86.5
107.8
30.8
24.7
6.6
5.4
23.6
24.1
-
-
Canara Bank
Neutral
366
-
21,870
15,225
16,836
1.8
1.8
14.5
28.0
25.3
13.1
1.7
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,066
1,230
16,661
2,012
2,317
6.3
6.3
42.7
53.6
25.0
19.9
4.0
3.4
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
427
520
13,361
2,225
2,688
2.9
2.9
29.7
34.6
14.4
12.3
2.3
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
162
235
5,464
939
1,281
11.7
11.5
5.8
8.2
27.9
19.7
2.4
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
115
125
19,812
8,259
8,995
3.0
3.0
4.3
5.6
26.7
20.5
2.3
2.1
8.5
10.1
-
-
HDFC
Neutral
1,549
-
246,061
11,475
13,450
3.4
3.4
45.3
52.5
34.2
29.5
6.6
5.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,549
1,650
397,176
46,097
55,433
4.5
4.5
58.4
68.0
26.5
22.8
4.7
3.9
18.8
18.6
-
-
ICICI Bank
Accumulate
297
315
172,816
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
Buy
117
140
7,077
5,640
6,030
3.3
3.2
8.9
10.0
13.2
11.7
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
186
-
3,566
3,339
3,799
2.7
2.8
11.0
14.0
16.9
13.3
1.8
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
683
-
34,476
3,712
4,293
2.6
2.5
39.0
46.0
17.5
14.9
3.3
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
169
-
35,931
23,532
23,595
2.3
2.4
6.8
12.6
24.8
13.4
3.8
2.7
3.3
6.5
-
-
RBL Bank
Neutral
556
-
20,861
1,783
2,309
2.6
2.6
12.7
16.4
43.8
33.9
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
752
825
4,705
388
457
4.5
4.2
30.0
38.0
25.1
19.8
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,651
6,435
7,578
2.5
2.5
2.7
3.1
9.6
8.3
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
297
-
240,984
88,650
98,335
2.6
2.6
13.5
18.8
22.0
15.8
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
175
-
12,010
13,450
14,925
2.3
2.3
25.5
34.5
6.9
5.1
1.0
0.9
7.5
10.2
-
-
Yes Bank
Neutral
1,484
-
67,763
8,978
11,281
3.3
3.4
74.0
90.0
20.1
16.5
3.8
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,918
-
9,200
2,955
3,309
13.3
13.7
57.2
69.3
33.6
27.7
11.0
9.2
32.7
33.3
2.9
2.6
Asian Paints
Neutral
1,132
-
108,610
17,128
18,978
16.8
16.4
19.1
20.7
59.3
54.7
20.6
19.5
34.8
35.5
6.3
5.6
Britannia
Neutral
3,694
-
44,322
9,594
11,011
14.6
14.9
80.3
94.0
46.0
39.3
18.9
14.6
41.2
-
4.5
3.9
Colgate
Neutral
1,015
-
27,605
4,605
5,149
23.4
23.4
23.8
26.9
42.6
37.7
23.6
18.5
64.8
66.8
5.9
5.3
Dabur India
Accumulate
280
304
49,393
8,315
9,405
19.8
20.7
8.1
9.2
34.6
30.5
9.6
8.0
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
5,280
-
22,206
4,350
4,823
21.2
21.4
179.2
196.5
29.5
26.9
7.8
6.6
27.1
26.8
4.5
4.0
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Godrej Consumer
Neutral
1,908
-
64,988
10,235
11,428
18.4
18.6
41.1
44.2
46.4
43.2
10.3
8.7
24.9
24.8
6.4
5.7
HUL
Neutral
980
-
212,117
35,252
38,495
17.8
17.8
20.7
22.4
47.5
43.8
45.4
38.9
95.6
88.9
5.9
5.4
ITC
Neutral
274
-
333,203
40,059
44,439
38.3
39.2
9.0
10.1
30.6
27.1
8.5
7.4
27.8
27.5
7.8
7.0
Marico
Neutral
313
-
40,359
6,430
7,349
18.8
19.5
6.4
7.7
48.9
40.6
14.8
12.4
33.2
32.5
6.1
5.3
Nestle*
Neutral
6,820
-
65,751
10,073
11,807
20.7
21.5
124.8
154.2
54.6
44.2
22.4
20.2
34.8
36.7
6.3
5.4
Procter & Gamble
Neutral
7,931
-
25,745
2,939
3,342
23.2
23.0
146.2
163.7
54.3
48.5
13.7
11.4
25.3
23.5
8.3
7.2
Hygiene
Tata Global
Neutral
153
-
9,634
8,675
9,088
9.8
9.8
7.4
8.2
20.6
18.6
1.6
1.6
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
847
1,031
120,915
46,723
52,576
22.1
21.1
60.0
63.7
14.1
13.3
3.6
3.0
22.6
20.8
2.3
2.0
Infosys
Buy
964
1,179
221,403
68,484
73,963
26.0
26.0
63.0
64.0
15.3
15.1
3.2
3.0
20.8
19.7
2.9
2.6
TCS
Accumulate
2,360
2,651
464,922
117,966
127,403
27.5
27.6
134.3
144.5
17.6
16.3
5.2
4.9
29.8
29.7
3.6
3.3
Tech Mahindra
Buy
442
600
43,063
29,673
32,937
15.5
17.0
32.8
39.9
13.5
11.1
2.6
2.3
19.6
20.7
1.2
1.0
Wipro
Accumulate
507
570
123,266
55,421
58,536
20.3
20.3
35.1
36.5
14.4
13.9
2.5
2.1
19.2
14.6
1.6
1.4
Media
D B Corp
Neutral
368
-
6,762
2,297
2,590
27.4
28.2
21.0
23.4
17.5
15.7
4.1
3.5
23.7
23.1
2.7
2.4
Hindustan Media
Neutral
278
-
2,041
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.2
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
HT Media
Neutral
83
-
1,941
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
194
225
6,327
2,355
2,635
28.0
28.0
10.8
12.5
17.9
15.5
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
884
-
34,841
2,850
3,265
70.1
71.0
26.2
30.4
33.7
29.1
8.6
7.6
24.3
25.6
11.8
10.2
TV Today Network
Buy
271
344
1,615
567
645
26.7
27.0
15.4
18.1
17.6
15.0
2.6
2.3
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
276
-
171,449
84,638
94,297
21.4
22.3
24.5
27.1
11.3
10.2
4.7
4.5
42.6
46.0
1.5
1.4
Hind. Zinc
Neutral
255
-
107,703
14,252
18,465
55.9
48.3
15.8
21.5
16.1
11.9
2.6
2.3
17.0
20.7
7.6
5.8
Hindalco
Neutral
191
-
42,847
107,899
112,095
7.4
8.2
9.2
13.0
20.8
14.7
1.0
0.9
4.8
6.6
0.9
0.9
JSW Steel
Neutral
197
-
47,680
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
126
-
39,802
6,643
7,284
44.4
47.7
7.1
7.7
17.7
16.3
1.5
1.5
8.8
9.2
3.8
3.4
SAIL
Neutral
60
-
24,946
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
437
-
42,418
121,374
121,856
7.2
8.4
18.6
34.3
23.5
12.7
1.5
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
237
-
70,189
71,744
81,944
19.2
21.7
13.4
20.1
17.7
11.8
1.5
1.4
8.4
11.3
1.4
1.1
Oil & Gas
Cairn India
#VALUE!
9,127
10,632
4.3
20.6
8.8
11.7
3.3
4.2
GAIL
Neutral
409
-
69,149
56,220
65,198
9.3
10.1
27.1
33.3
15.1
12.3
1.4
1.3
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
435
-
211,183
373,359
428,656
5.9
5.5
54.0
59.3
8.1
7.3
1.3
1.1
16.0
15.6
0.7
0.6
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Oil & Gas
ONGC
Neutral
185
-
237,094
137,222
152,563
15.0
21.8
19.5
24.1
9.5
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,351
-
439,206
301,963
358,039
12.1
12.6
87.7
101.7
15.4
13.3
1.6
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
601
648
11,325
3,101
3,966
19.7
20.5
21.4
25.5
28.1
23.6
6.0
4.9
23.0
22.8
3.6
2.7
Alkem Laboratories Ltd
Buy
1,893
2,257
22,628
6,065
7,009
18.7
20.0
80.2
92.0
23.6
20.6
5.3
4.4
22.5
21.6
3.7
3.2
Aurobindo Pharma
Buy
623
877
36,489
15,720
18,078
23.7
23.7
41.4
47.3
15.0
13.2
3.9
3.1
29.6
26.1
2.5
2.2
Aventis*
Neutral
4,200
-
9,673
2,206
2,508
16.6
16.8
128.9
139.9
32.6
30.0
5.6
4.4
21.6
23.5
4.2
3.5
Cadila Healthcare
Neutral
487
-
49,820
10,429
12,318
17.7
21.6
13.1
19.2
37.2
25.4
7.8
6.2
22.8
27.1
4.8
4.0
Cipla
Sell
567
465
45,586
15,378
18,089
15.7
16.8
19.3
24.5
29.4
23.1
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
301
143
4,865
1,718
1,890
22.7
22.8
9.5
11.3
31.7
26.7
3.1
2.8
10.1
10.9
3.3
2.9
Dr Reddy's
Neutral
2,585
-
42,822
16,043
18,119
18.0
23.0
78.6
130.9
32.9
19.8
3.2
2.8
10.1
15.2
2.4
2.3
GSK Pharma*
Neutral
2,418
-
20,485
2,800
3,290
10.2
20.6
32.2
60.3
75.1
40.1
13.9
13.7
17.2
34.5
7.1
6.1
Indoco Remedies
Accumulate
223
240
2,058
1,112
1,289
16.2
18.2
11.6
16.0
19.3
14.0
3.1
2.6
17.0
20.1
2.0
1.6
Ipca labs
Accumulate
550
613
6,943
3,258
3,747
12.8
15.3
12.1
19.2
45.5
28.7
2.8
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,254
1,809
56,642
15,912
18,644
26.4
26.7
58.1
69.3
21.6
18.1
4.2
3.4
21.4
20.9
3.6
3.0
Natco Pharma
Accumulate
913
974
15,912
2,090
2,335
32.1
26.6
26.8
23.2
34.0
39.4
9.7
8.3
28.4
21.1
7.7
94.3
Sun Pharma
Buy
654
847
156,814
31,129
35,258
32.0
32.9
30.2
35.3
21.6
18.5
3.5
2.9
20.0
20.1
4.6
3.9
Power
NTPC
Neutral
159
-
130,897
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.9
1.4
1.3
10.5
11.1
2.9
2.8
Power Grid
Accumulate
206
223
107,849
25,315
29,193
88.2
88.7
14.2
17.2
14.6
12.0
2.2
1.9
15.2
16.1
8.9
8.0
Tata Power
Neutral
82
-
22,206
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
451
522
2,313
1,152
1,300
22.7
24.6
29.9
35.8
15.1
12.6
1.1
1.1
7.6
8.6
2.7
2.3
Prestige Estate
Neutral
242
-
9,066
4,707
5,105
25.2
26.0
10.3
13.0
23.5
18.6
1.9
1.8
10.3
10.2
3.1
2.8
Telecom
Bharti Airtel
Neutral
365
-
145,865
105,086
114,808
34.5
34.7
12.2
16.4
29.9
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
92
-
33,282
40,133
43,731
37.2
37.1
6.4
6.5
14.4
14.2
1.2
1.1
8.2
7.6
1.8
1.6
zOthers
Abbott India
Neutral
4,297
-
9,131
3,153
3,583
14.1
14.4
152.2
182.7
28.2
23.5
138.6
118.4
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
383
405
1,152
1,060
1,169
12.2
12.5
12.7
15.9
30.2
24.1
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
351
395
3,551
4,801
5,351
5.7
6.2
10.4
13.7
33.6
25.6
4.2
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
228
-
1,632
1,353
1,471
12.3
12.4
14.5
16.3
15.7
14.0
21.7
19.6
14.5
14.6
1.1
123.3
Coffee Day Enterprises
Neutral
258
-
5,308
2,964
3,260
20.5
21.2
4.7
8.0
-
32.2
3.0
2.7
5.5
8.5
2.2
2.0
Ltd
Competent Automobiles Neutral
219
-
140
1,137
1,256
3.1
2.7
28.0
23.6
7.8
9.3
42.0
38.0
14.3
11.5
0.1
0.1
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Elecon Engineering
Neutral
61
-
686
1,482
1,660
13.7
14.5
3.9
5.8
15.7
10.5
3.7
3.4
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
537
-
8,214
2,883
3,115
12.0
12.1
14.2
18.6
37.8
28.9
20.1
17.6
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
795
-
1,740
863
928
15.1
15.2
36.4
39.4
21.8
20.2
4.0
3.4
17.5
15.9
1.9
1.8
Goodyear India*
Neutral
841
-
1,940
1,598
1,704
10.4
10.2
49.4
52.6
17.0
16.0
78.6
68.9
18.2
17.0
0.9
127.5
Hitachi
Neutral
1,827
-
4,968
2,081
2,433
8.8
8.9
33.4
39.9
54.7
45.8
44.1
36.8
22.1
21.4
2.4
2.0
HSIL
Neutral
340
-
2,457
2,384
2,515
15.8
16.3
15.3
19.4
22.2
17.5
22.1
19.0
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,093
-
39,501
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
367
-
6,662
1,440
2,052
11.5
13.0
8.5
10.0
43.1
36.7
10.5
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
405
-
5,851
2,554
2,800
9.9
10.0
10.5
12.1
38.5
33.4
16.1
15.2
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
286
-
423
382
420
9.3
9.5
13.5
15.7
21.2
18.2
3.6
3.1
17.1
17.3
1.2
1.1
M M Forgings
Neutral
634
-
765
546
608
20.4
20.7
41.3
48.7
15.4
13.0
86.8
76.8
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
739
-
4,225
836
1,087
19.6
19.4
16.9
23.8
43.7
31.0
5.2
4.6
12.0
14.8
4.8
3.6
Mirza International
Neutral
125
-
1,504
963
1,069
17.2
18.0
6.1
7.5
20.4
16.7
3.1
2.7
15.0
15.7
1.8
1.6
MT Educare
Neutral
81
-
323
366
417
17.7
18.2
9.4
10.8
8.7
7.5
1.9
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
305
-
6,229
1,873
2,166
11.5
11.7
2.6
4.0
115.2
76.9
7.1
6.4
6.1
8.3
3.4
2.9
Navkar Corporation
Accumulate
232
265
3,310
369
561
42.9
42.3
6.9
11.5
33.6
20.2
2.4
2.1
7.4
10.5
10.0
6.6
Navneet Education
Neutral
167
-
3,891
1,062
1,147
24.0
24.0
6.1
6.6
27.4
25.2
5.6
5.0
20.6
19.8
3.7
3.5
Nilkamal
Neutral
2,121
-
3,165
1,995
2,165
10.7
10.4
69.8
80.6
30.4
26.3
121.2
105.3
16.6
16.5
1.6
1.4
Page Industries
Neutral
14,937
-
16,660
2,450
3,124
20.1
17.6
299.0
310.0
50.0
48.2
332.7
253.9
47.1
87.5
6.9
5.4
Parag Milk Foods
Neutral
244
-
2,056
1,919
2,231
9.3
9.6
9.5
12.9
25.9
18.9
4.0
3.3
15.5
17.5
1.2
1.0
Quick Heal
Neutral
241
-
1,689
408
495
27.3
27.0
7.7
8.8
31.1
27.4
2.9
2.9
9.3
10.6
3.3
2.7
Radico Khaitan
Buy
127
147
1,694
1,667
1,824
13.0
13.2
6.7
8.2
19.1
15.6
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
479
-
5,760
2,085
2,469
9.2
8.2
7.6
8.0
63.4
60.3
24.6
21.0
17.9
18.8
2.9
2.4
S H Kelkar & Co.
Neutral
312
-
4,513
1,036
1,160
15.1
15.0
6.1
7.2
51.1
43.5
5.5
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,695
1,872
1,589
1,652
1,857
11.6
11.7
92.4
110.1
18.3
15.4
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
709
-
1,247
1,440
1,537
9.2
9.0
40.6
42.6
17.5
16.6
44.6
40.5
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
272
-
1,191
3,342
3,625
7.8
7.5
17.3
19.8
15.7
13.8
29.9
24.0
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,122
-
1,918
3,229
4,001
1.5
1.8
22.8
32.8
49.3
34.2
5.3
4.6
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
206
-
825
287
384
20.5
20.5
7.6
10.7
27.1
19.2
5.7
4.6
20.7
23.5
2.9
2.2
Stock Watch
May 15, 2017
Company Name
Reco
CMP
Target Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
zOthers
Transport Corporation of
Neutral
247
-
1,889
2,671
2,911
8.5
8.8
13.9
15.7
17.8
15.8
2.4
2.2
13.7
13.8
0.8
0.8
India
TVS Srichakra
Neutral
4,019
-
3,077
2,304
2,614
13.7
13.8
231.1
266.6
17.4
15.1
451.6
355.6
33.9
29.3
1.3
1.2
UFO Moviez
Neutral
430
-
1,188
619
685
33.2
33.4
30.0
34.9
14.4
12.3
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
357
-
566
1,051
1,138
10.3
10.4
21.0
23.1
17.0
15.4
45.7
42.8
9.0
9.2
0.8
0.8
VRL Logistics
Neutral
323
-
2,943
1,902
2,119
16.7
16.6
14.6
16.8
22.1
19.2
4.9
4.3
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
392
-
2,213
287
355
38.0
40.0
11.3
14.2
34.7
27.6
5.0
4.3
21.4
23.9
7.4
6.0
VIP Industries
Accumulate
202
218
2,855
1,270
1,450
10.4
10.4
5.6
6.5
36.1
31.1
7.5
6.5
20.7
21.1
2.2
2.0
Navin Fluorine
Buy
3,021
3,650
2,958
789
945
21.1
22.4
120.1
143.4
25.2
21.1
4.0
3.5
17.8
18.5
3.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 12, 2017
Market Outlook
May 15, 2017
Research Team Tel: 022 - 39357800
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