Market Outlook
April 17, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open negative tracking the SGX Nifty & global cues.
BSE Sensex
(0.6)
(182)
29,461
The three main U.S. indexes ended thursday in negative, as investors fled risk assets
Nifty
(0.6)
(53)
9,151
amid a rise in geopolitical tensions, after news that the U.S. military dropped its
Mid Cap
0.0
4
14,351
largest non-nuclear bomb on an ISIS tunnel. The upbeat consumer sentiment and
Small Cap
0.2
29
14,881
initial jobless claims data failed to lift sentiment while US producer prices dropped
for the first time in seven months. The Dow Jones Industrial Average closed 0.67%
Bankex
0.0
2
24,731
lower at 20,453. The S&P 500 lost 0.68% and the Nasdaq Composite closed 0.53%
higher at 5,805.
Global Indices
Chg (%)
(Pts)
(Close)
In the UK, FTSE 100 closed over down 0.29% at 7, 328.
Dow Jones
(0.7)
(139)
20,453
Technology stocks took a beating on Thursday after Infosys’ share buyback plan and
Nasdaq
(0.5)
(31)
5,805
revenue outlook failed to move investors. BSE Sensex closed lower by 0.61%, to
FTSE
(0.3)
(21)
7,328
29,461, while the Nifty 50 fell 0.57%, to 9,151. Disappointing macro numbers and
Nikkei
(0.5)
(91)
18,336
persisting military concerns relating to the Korean peninsula and West Asia also
Hang Seng
(0.2)
(52)
24,262
pulled down the indices.
Shanghai Com
(0.9)
(30)
3,246
News Analysis
Infosys 4Q result review
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,431
798
Declines
1,489
879
Investor’s Ready Reckoner
Unchanged
148
68
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
3,259
Top Picks
NSE
22,326
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
670
760
13.5
Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
389
460
18.2
FII
(496)
(492)
43,728
Mahindra Lifespace
Real Estate
Buy
407
522
28.3
MFs
435
750
10,188
Navkar Corporation Others
Buy
203
265
30.4
KEI Industries
Capital Goods
Accumulate
192
207
8.0
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Pel
2,238
7.9
Key Upcoming Events
Ibrealest
106
7.6
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Den
96
6.6
Apr 17, 2017 India
Monthly Wholesale Prices YoY%
6.55
6.00
Punjlloyd
23
5.9
Apr 17, 2017 China
Industrial Production (YoY)
6.00
6.30
Adanitrans
80
4.3
Apr 17, 2017 US
Housing Starts
1288.00
1250.00
Apr 18, 2017 China
Real GDP (YoY)
6.80
6.80
Apr 18, 2017 US
Building permits
1216.00
1250.00
Top Losers
Price (`)
Chg (%)
Apr 18, 2017 US
Initial Jobless claims
234.00
240.00
Vedl
244
(5.5)
More Events on Pg5
Hindalco
183
(5.0)
Cairn
295
(4.5)
Iifl
442
(4.2)
Tubeinvest
677
(4.1)
As on April 13, 2017
Market Outlook
April 17, 2017
News Analysis
Infosys 4Q result review
For, 4QFY2017 the results were below expectations, on the sales front the
company has posted revenue of US$2,569mn V/s expectations of US$2,589mn,
with 0.7% QoQ growth. On the CC (constant Currency), the revenues have
remained flat QoQ. The volume growth during the period came in at 1.2% QoQ.
In Rupee terms, the company posted sales of `17,120 v/s expectations of
`17,244cr, a dip of 0.9% QoQ. On the operating margins, the EBIT margin came
in at 24.7% V/s 24.6%. The PAT came in at `3,603cr V/s `3,708cr a QoQ dip of
2.83%.
In terms of the geographies on CC terms, USA posted 1.2% QoQ growth; Europe
posted a dip of 1.6% QoQ. India and ROW posted a dip of 6.9 and 1.3% QoQ.
In terms of Industries, the company saw ECS post a QoQ growth of 2.8%, while
FSI posted a QoQ growth of 0.5%. The verticals which posted dip were RCL, which
dipped by 3.1 QoQ growth, while MFG & Hi Tech posted a flat QoQ growth.
On the operating matrix, the utilisation rate came in at 78.2% V/s 77.8% in
3QFY2017 (including trainees). The utilisation rate came in at 82.0% V/s 81.9%
(excluding trainees). The attrition rate came in at 17.1% V/s 18.4% in 3QFY2017.
For FY2018, the company has given guidance of 6.5-8.5% CC growth, with EBIT
margins expected to come in at 23-25%. While the topline guidance is marginally
lower the EBIT margins built in the currency appreciation. Also the company has
guided to give out to share holders around US$2bn, through dividend and buy
backs. Also during the current year the company has increased its payout ratio to
~50%. These are good developments for shareholders.
While given the guidance we may look at the FY2018 numbers, we believe that the
valuations are attractive for long term investors. Hence we maintain our BUY
rating on the stock
Economic and Political News
Modi govt may go for one group, one tax plan in GST to avoid complexity
PM Modi calls for big leap on road to development
Economy braces for Met monsoon forecast
Forex reserves down $956.4 mn to $368.998 bn
Corporate News
Infosys to ramp up local hiring in US amid H-1B visa concerns
At 5%, FY17 bank credit growth slowest in 60 years
177 mines of Coal India downgraded on quality concerns
Market Outlook
April 17, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - Apr 18, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17 q-o-q (%)
Net sales
29,856
28,449
4.9
29,735
0.4
EBITDA
8,227
7,907
4.1
8,228
(0.0)
EBITDA margin (%)
27.6
27.8
27.7
Net profit
6,646
6,413
3.6
6,778
(1.9)
IndusInd Bank Ltd - Apr 19, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17 q-o-q (%)
Net profit
784
620
26.4
751
4.5
Market Outlook
April 17, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
25,236
2,111
2,257
6.9
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,129
375
405
7.9
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,519
347
395
13.7
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
6,400
670
760
13.5
growth. EMPPAC division's profitability to improve once
operating environment turns around..
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
12,185
389
460
18.2
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
Equitas Holdings
5,630
167
235
41.0
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
6,422
196
225
14.5
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,492
192
207
8.0
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,671
407
522
28.3
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,015
84
107
26.9
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,898
203
265
30.4
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,596
1,702
1,872
10.0
going ahead. Stock currently trades at an inexpensive
valuation.
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,681
282
344
22.1
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
April 17, 2017
Key Upcoming Events
Result Calendar
Date
Company
Apr 18, 2017
TCS
Apr 19, 2017
IndusInd Bank, Yes Bank
Apr 20, 2017
Mindtree, Infotech Enterprises, Hind. Zinc
Apr 21, 2017
FAG Bearings, ACC
Apr 24, 2017
Rallis, UltraTech Cement, Hexaware
Apr 25, 2017
Wipro, Persistent
Apr 26, 2017
KPIT Cummins
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 17, 2017 12:00PM India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
6.00
7:30AM China
Industrial Production (YoY)
% Change
Mar
6.00
6.30
6:00PM US
Housing Starts
Thousands
Mar
1,288.00
1,250.00
Apr 18, 2017
7:30AM China
Real GDP (YoY)
% Change
1Q
6.80
6.80
6:00PM US
Building permits
Thousands
Mar
1,216.00
1,250.00
6:00PM US
Initial Jobless claims
Thousands
Apr 15
234.00
240.00
Apr 19, 2017
6:45PM US
Industrial Production
%
Mar
0.11
0.40
Apr 20, 2017
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Mar F
1.50
1.50
7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Apr A
(5.00)
(4.80)
Apr 21, 2017
1:00PM Germany
PMI Services
Value
Apr P
55.60
55.50
1:00PM Germany
PMI Manufacturing
Value
Apr P
58.30
58.00
7:30PM US
Existing home sales
Million
Mar
5.48
5.60
Apr 25, 2017
7:30PM US
Consumer Confidence
S.A./ 1985=100
Apr
125.60
124.00
7:30PM US
New home sales
Thousands
Mar
592.00
590.00
Apr 27, 2017
5:15PM Euro Zone
ECB announces interest rates
%
Apr 27
--
--
Apr 28, 2017
6:00PM US
GDP Qoq (Annualised)
% Change
1Q A
2.10
1.50
2:00PM UK
GDP (YoY)
% Change
1Q A
1.90
--
Apr 30, 2017
2:00PM UK
PMI Manufacturing
Value
Apr
54.20
--
May 2,, 2017 6:30AM China
PMI Manufacturing
Value
Apr
51.80
--
1:25PM Germany
Unemployment change (000's)
Thousands
Apr
(30.00)
--
May 3,, 2017 11:30PM US
FOMC rate decision
%
May 3
1.00
1.00
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.50
--
May 5,, 2017 6:00PM US
Change in Nonfarm payrolls
Thousands
Apr
98.00
--
6:00PM US
Unnemployment rate
%
Apr
4.50
--
Source: Bloomberg, Angel Research
Market Outlook
April 17, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
7.0
5.6
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
4.0
3.3
7.0
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
(1.2)
3.0
(3.0)
(1.9)
(2.5)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.5
5.1
52.0
5.0
4.3
4.2
3.8
50.0
3.6
3.7
4.0
3.4
3.2
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
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
April 17, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
4.9
0.7
4.5
4.0
3.0
1.9
2.0
2.0
0.3
1.6
1.2
1.1
-
(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
(%)
7.6
7.0
6.2
6.0
5.3
4.6
5.0
4.0
3.3
3.0
2.2
2.0
1.1
1.4
1.3
0.5
1.1
0.8
1.0
0.6
-
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
April 17, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,826
(2.9)
1.1
18.2
Russia
Micex
1,916
(3.8)
(13.4)
1.2
India
Nifty
9,151
2.4
11.1
21.3
China
Shanghai Composite
3,246
0.3
2.5
7.9
South Africa
Top 40
46,644
4.0
2.0
0.1
Mexico
Mexbol
48,956
3.9
6.7
8.7
Indonesia
LQ45
926
3.3
4.2
9.5
Malaysia
KLCI
1,731
0.8
3.3
0.7
Thailand
SET 50
1,009
3.7
2.6
11.1
USA
Dow Jones
20,453
(1.8)
2.5
14.3
UK
FTSE
7,328
(0.4)
(0.1)
14.4
Japan
Nikkei
18,336
(6.5)
(4.9)
16.7
Germany
DAX
12,109
1.0
4.1
16.7
France
CAC
5,071
1.9
3.0
11.9
Source: Bloomberg, Angel Research
Stock Watch
April 17, 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
251
-
4,874
1,937
2,164
13.3
14.3
9.0
11.0
27.9
22.8
4.9
4.2
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
727
-
36,838
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
Amara Raja Batteries
Buy
867
1,009
14,804
5,305
6,100
16.0
16.3
28.4
34.0
30.5
25.5
5.9
4.9
19.3
19.3
2.8
2.4
Apollo Tyres
Accumulate
222
235
11,321
12,877
14,504
14.3
13.9
21.4
23.0
10.4
9.7
1.6
1.4
16.4
15.2
1.0
1.0
Ashok Leyland
Buy
83
111
23,535
20,021
21,915
11.6
11.9
4.5
5.3
18.4
15.6
3.7
3.3
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,837
-
82,104
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.5
5.5
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,080
-
25,142
7,726
8,713
20.5
21.2
35.3
42.7
30.6
25.3
5.7
5.1
18.9
20.1
3.3
2.9
Ceat
Neutral
1,446
-
5,849
7,524
8,624
13.0
12.7
131.1
144.3
11.0
10.0
2.0
1.7
19.8
18.6
0.9
0.7
Eicher Motors
Neutral
26,086
-
70,980
16,583
20,447
17.5
18.0
598.0
745.2
43.6
35.0
14.9
11.4
41.2
38.3
4.1
3.3
Exide Industries
Neutral
227
-
19,312
7,439
8,307
15.0
15.0
8.1
9.3
28.1
24.4
3.9
3.5
14.3
16.7
2.2
2.0
Gabriel India
Neutral
125
-
1,791
1,544
1,715
9.0
9.3
5.4
6.3
23.1
19.8
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,225
3,446
64,400
28,083
30,096
15.3
15.7
171.8
187.0
18.8
17.3
6.6
5.5
30.1
27.9
2.1
1.9
Indag Rubber
Neutral
205
-
539
286
326
19.8
16.8
11.7
13.3
17.6
15.4
3.0
2.8
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
223
-
1,778
1,486
1,620
9.8
9.9
15.0
17.2
14.9
13.0
3.3
2.8
21.8
21.3
1.3
1.1
JK Tyres
Neutral
141
-
3,198
7,455
8,056
15.0
15.0
21.8
24.5
6.5
5.8
1.4
1.1
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
625
-
982
1,302
1,432
11.6
11.9
43.7
53.0
14.3
11.8
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,280
-
79,503
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
6,089
6,560
183,947
67,822
83,288
16.0
16.4
253.8
312.4
24.0
19.5
5.5
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
434
-
3,446
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.0
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
376
-
52,817
45,896
53,687
7.8
8.3
13.0
16.1
28.9
23.4
9.3
7.4
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,011
-
801
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
40
-
533
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
231
-
1,385
1,488
1,681
11.7
11.9
6.4
7.2
36.1
32.2
3.8
3.5
10.8
11.4
1.2
1.0
Swaraj Engines
Neutral
1,500
-
1,863
660
810
15.2
16.4
54.5
72.8
27.5
20.6
8.6
7.8
31.5
39.2
2.6
2.1
Tata Motors
Neutral
453
-
130,782
300,209
338,549
8.9
8.4
42.7
54.3
10.6
8.4
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
474
-
22,519
13,390
15,948
6.9
7.1
12.8
16.5
37.1
28.7
9.2
7.3
26.3
27.2
1.7
1.4
Capital Goods
ACE
Neutral
66
-
650
709
814
4.1
4.6
1.4
2.1
46.9
31.3
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,379
-
5,745
3,451
4,055
6.3
9.2
31.4
57.9
43.9
23.8
2.6
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
169
-
1,216
16,567
33,848
6.0
5.6
7.8
5.9
21.6
28.6
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
April 17, 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
170
-
37,961
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.7
0.5
0.4
44.6
46.3
3.6
3.3
BHEL
Neutral
173
-
42,441
28,797
34,742
-
2.8
2.3
6.9
75.4
25.1
1.3
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
670
760
6,400
4,283
5,077
5.9
7.3
14.9
22.1
45.0
30.3
8.7
7.4
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
80
-
5,005
5,777
6,120
5.9
7.0
3.3
4.5
24.2
17.7
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
163
-
3,971
1,755
1,881
16.8
16.9
7.8
8.5
20.9
19.1
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
187
-
4,149
5,605
6,267
15.7
16.4
24.8
30.0
7.5
6.2
2.1
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
217
-
5,574
9,294
10,186
7.9
8.1
9.9
11.9
21.9
18.2
3.2
2.8
15.6
16.3
0.8
0.8
KEI Industries
Accumulate
192
207
1,492
2,682
3,058
10.4
10.0
11.7
12.8
16.3
15.0
3.3
2.7
20.1
18.2
0.8
0.7
Thermax
Neutral
1,007
-
11,999
5,421
5,940
7.3
7.3
25.7
30.2
39.2
33.3
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
659
-
3,597
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
405
-
13,412
6,511
7,514
7.9
8.7
12.9
16.3
31.4
24.9
5.7
5.0
16.7
18.5
1.8
1.5
Cement
ACC
Neutral
1,491
-
27,999
11,225
13,172
13.2
16.9
44.5
75.5
33.5
19.8
3.2
2.9
11.2
14.2
2.5
2.1
Ambuja Cements
Neutral
245
-
48,619
9,350
10,979
18.2
22.5
5.8
9.5
42.2
25.8
3.6
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
163
-
5,012
4,364
4,997
18.5
19.2
7.9
11.3
20.7
14.4
1.5
1.4
8.0
8.5
1.9
1.7
J K Lakshmi Cement
Neutral
455
-
5,359
2,913
3,412
14.5
19.5
7.5
22.5
60.7
20.2
3.7
3.1
12.5
18.0
2.4
2.0
JK Cement
Neutral
934
-
6,531
4,398
5,173
15.5
17.5
31.2
55.5
29.9
16.8
3.6
3.1
12.0
15.5
2.0
1.7
Orient Cement
Neutral
152
-
3,118
2,114
2,558
18.5
20.5
8.1
11.3
18.8
13.5
2.8
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,018
-
110,301
25,768
30,385
21.0
23.5
111.0
160.0
36.2
25.1
4.6
4.0
13.5
15.8
4.4
3.6
Construction
Engineers India
Neutral
158
-
10,637
1,725
1,935
16.0
19.1
11.4
13.9
13.9
11.4
1.9
1.9
13.4
15.3
5.1
4.6
Gujarat Pipavav Port
Neutral
163
-
7,866
705
788
52.2
51.7
5.0
5.6
32.5
29.1
3.2
2.9
11.2
11.2
10.8
9.2
ITNL
Neutral
113
-
3,722
8,946
10,017
31.0
31.6
8.1
9.1
14.0
12.4
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
194
-
2,728
1,385
1,673
14.7
14.0
41.2
48.5
4.7
4.0
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,678
-
156,603
111,017
124,908
11.0
11.0
61.1
66.7
27.5
25.2
3.3
3.1
13.1
12.9
2.4
2.3
MEP Infra
Neutral
67
-
1,083
1,877
1,943
30.6
29.8
3.0
4.2
22.2
15.9
10.7
7.2
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
91
-
5,070
8,842
9,775
9.1
8.8
5.3
6.4
17.2
14.3
1.4
1.3
8.2
9.1
0.7
0.6
NBCC
Neutral
179
-
16,079
7,428
9,549
7.9
8.6
8.2
11.0
21.8
16.2
1.1
0.9
28.2
28.7
1.9
1.4
PNC Infratech
Neutral
138
-
3,539
2,350
2,904
13.1
13.2
9.0
8.8
15.3
15.7
0.6
0.5
15.9
13.9
1.6
1.3
Power Mech Projects
Neutral
546
-
803
1,801
2,219
12.7
14.6
72.1
113.9
7.6
4.8
1.4
1.2
16.8
11.9
0.5
0.3
Sadbhav Engineering
Neutral
330
-
5,666
3,598
4,140
10.3
10.6
9.0
11.9
36.7
27.8
3.8
3.4
9.9
11.9
1.9
1.6
Stock Watch
April 17, 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
380
-
1,878
6,829
7,954
10.5
10.5
31.4
37.4
12.1
10.2
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
104
-
3,660
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.8
Financials
Axis Bank
Accumulate
507
580
121,356
46,932
53,575
3.5
3.4
32.4
44.6
15.7
11.4
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
176
-
40,438
19,980
23,178
1.8
1.8
11.5
17.3
15.3
10.1
1.8
1.4
8.3
10.1
-
-
Can Fin Homes
Neutral
2,586
-
6,884
420
526
3.5
3.5
86.5
107.8
29.9
24.0
6.4
5.3
23.6
24.1
-
-
Canara Bank
Neutral
314
-
17,064
15,225
16,836
1.8
1.8
14.5
28.0
21.7
11.2
1.5
1.2
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,064
1,230
16,633
2,012
2,317
6.3
6.3
42.7
53.6
24.9
19.9
3.9
3.4
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
389
460
12,185
2,225
2,688
2.9
2.9
29.7
34.6
13.1
11.3
2.1
1.4
16.1
14.8
-
-
Equitas Holdings
Buy
167
235
5,630
939
1,281
11.7
11.5
5.8
8.2
28.7
20.3
2.5
2.2
10.9
11.5
-
-
Federal Bank
Neutral
93
-
15,955
8,259
8,995
3.0
3.0
4.3
5.6
21.5
16.5
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,475
-
234,304
11,475
13,450
3.4
3.4
45.3
52.5
32.6
28.1
6.3
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,439
-
368,840
46,097
55,433
4.5
4.5
58.4
68.0
24.7
21.2
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
282
315
164,181
42,800
44,686
3.1
3.3
18.0
21.9
15.7
12.9
2.1
2.0
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,170
5,640
6,030
3.3
3.2
8.9
10.0
13.3
11.9
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
171
-
3,272
3,339
3,799
2.7
2.8
11.0
14.0
15.5
12.2
1.6
1.5
11.2
12.7
-
-
LIC Housing Finance
Neutral
632
-
31,895
3,712
4,293
2.6
2.5
39.0
46.0
16.2
13.7
3.0
2.6
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
156
-
33,164
23,532
23,595
2.3
2.4
6.8
12.6
22.9
12.4
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
559
-
20,659
1,783
2,309
2.6
2.6
12.7
16.4
44.0
34.1
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
751
825
4,696
388
457
4.5
4.2
30.0
38.0
25.0
19.8
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
23
-
4,065
6,435
7,578
2.5
2.5
2.7
3.1
8.4
7.3
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
291
-
235,997
88,650
98,335
2.6
2.6
13.5
18.8
21.6
15.5
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,669
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,617
-
73,807
8,978
11,281
3.3
3.4
74.0
90.0
21.9
18.0
4.2
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,865
-
8,943
2,955
3,309
13.3
13.7
57.2
69.3
32.6
26.9
10.7
9.0
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,078
-
103,368
17,128
18,978
16.8
16.4
19.1
20.7
56.4
52.1
19.6
18.5
34.8
35.5
6.0
5.4
Britannia
Accumulate
3,400
3,626
40,806
9,594
11,011
14.6
14.9
80.3
94.0
42.4
36.2
17.4
13.5
41.2
-
4.1
3.5
Colgate
Neutral
1,011
-
27,502
4,605
5,149
23.4
23.4
23.8
26.9
42.5
37.6
23.5
18.4
64.8
66.8
5.9
5.3
Dabur India
Accumulate
287
304
50,476
8,315
9,405
19.8
20.7
8.1
9.2
35.4
31.2
9.9
8.2
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,297
-
22,275
4,350
4,823
21.2
21.4
179.2
196.5
29.6
27.0
7.9
6.7
27.1
26.8
4.5
4.0
Stock Watch
April 17, 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
1,679
-
57,189
10,235
11,428
18.4
18.6
41.1
44.2
40.9
38.0
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
923
-
199,791
35,252
38,495
17.8
17.8
20.7
22.4
44.7
41.2
42.7
36.7
95.6
88.9
5.5
5.0
ITC
Neutral
280
-
339,823
40,059
44,439
38.3
39.2
9.0
10.1
31.2
27.6
8.7
7.6
27.8
27.5
8.0
7.2
Marico
Neutral
301
-
38,850
6,430
7,349
18.8
19.5
6.4
7.7
47.0
39.1
14.2
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,444
-
62,125
10,073
11,807
20.7
21.5
124.8
154.2
51.6
41.8
21.2
19.1
34.8
36.7
6.0
5.1
Procter & Gamble
Neutral
7,389
-
23,986
2,939
3,342
23.2
23.0
146.2
163.7
50.5
45.1
12.8
10.6
25.3
23.5
7.7
6.7
Hygiene
Tata Global
Neutral
151
-
9,499
8,675
9,088
9.8
9.8
7.4
8.2
20.3
18.4
1.6
1.5
7.9
8.1
1.0
0.9
IT
HCL Tech^
Buy
811
1,000
114,506
49,242
57,168
20.5
20.5
55.7
64.1
14.6
12.7
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
931
1,249
213,937
68,350
77,326
27.0
27.0
62.5
69.4
14.9
13.4
3.2
2.9
21.3
21.6
2.6
2.2
TCS
Buy
2,328
2,700
458,686
119,025
133,308
27.6
27.6
131.2
145.5
17.7
16.0
5.8
5.3
32.4
33.1
3.6
3.2
Tech Mahindra
Buy
430
600
41,896
29,673
32,937
15.5
17.0
32.8
39.9
13.1
10.8
2.6
2.2
19.6
20.7
1.2
1.0
Wipro
Buy
495
583
120,306
55,440
60,430
18.1
18.1
36.1
38.9
13.7
12.7
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
383
-
7,049
2,297
2,590
27.4
28.2
21.0
23.4
18.3
16.4
4.3
3.7
23.7
23.1
2.9
2.5
Hindustan Media
Neutral
290
-
2,129
1,016
1,138
24.3
25.2
27.3
30.1
10.6
9.6
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
86
-
2,000
2,693
2,991
12.6
12.9
7.9
9.0
10.9
9.6
0.9
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Accumulate
196
225
6,422
2,355
2,635
28.0
28.0
10.8
12.5
18.2
15.7
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
782
-
30,815
2,850
3,265
70.1
71.0
26.2
30.4
29.9
25.7
7.6
6.7
24.3
25.6
10.4
9.0
TV Today Network
Buy
282
344
1,681
567
645
26.7
27.0
15.4
18.1
18.3
15.6
2.7
2.4
14.9
15.2
2.5
2.1
Metals & Mining
Coal India
Neutral
291
-
180,605
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
281
-
118,710
14,252
18,465
55.9
48.3
15.8
21.5
17.8
13.1
2.9
2.5
17.0
20.7
8.3
6.4
Hindalco
Neutral
183
-
41,152
107,899
112,095
7.4
8.2
9.2
13.0
19.9
14.1
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
191
-
46,193
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
130
-
41,036
6,643
7,284
44.4
47.7
7.1
7.7
18.3
16.8
1.6
1.5
8.8
9.2
3.9
3.6
SAIL
Neutral
62
-
25,607
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.9
0.7
0.6
(1.6)
3.9
1.4
1.3
Tata Steel
Neutral
464
-
45,064
121,374
121,856
7.2
8.4
18.6
34.3
25.0
13.5
1.6
1.4
6.1
10.1
1.0
1.0
Vedanta
Neutral
244
-
72,220
71,744
81,944
19.2
21.7
13.4
20.1
18.2
12.1
1.6
1.4
8.4
11.3
1.4
1.1
Oil & Gas
Cairn India
Neutral
295
-
55,348
9,127
10,632
4.3
20.6
8.8
11.7
33.5
25.2
1.1
1.1
3.3
4.2
7.5
6.3
GAIL
Neutral
379
-
64,151
56,220
65,198
9.3
10.1
27.1
33.3
14.0
11.4
1.3
1.2
9.3
10.7
1.3
1.1
Indian Oil Corp
Neutral
422
-
205,113
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
April 17, 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
-
237,543
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
1,364
-
443,588
301,963
358,039
12.1
12.6
87.7
101.7
15.6
13.4
1.6
1.5
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
625
689
11,775
3,483
4,244
20.2
21.4
24.3
33.6
25.7
18.6
5.9
4.7
25.5
25.3
3.3
2.6
Alkem Laboratories Ltd
Accumulate
2,111
2,257
25,236
6,065
7,009
18.7
20.0
80.2
92.0
26.3
23.0
5.9
5.0
22.5
21.6
4.1
3.6
Aurobindo Pharma
Buy
658
877
38,551
15,720
18,078
23.7
23.7
41.4
47.3
15.9
13.9
4.1
3.2
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,612
-
10,622
2,277
2,597
16.6
17.4
128.9
157.0
35.8
29.4
6.1
4.7
21.6
26.4
4.4
3.7
Cadila Healthcare
Neutral
453
-
46,406
10,429
12,318
17.7
21.6
13.1
19.2
34.6
23.6
7.2
5.8
22.8
27.1
4.5
3.7
Cipla
Sell
576
465
46,360
15,378
18,089
15.7
16.8
19.3
24.5
29.9
23.5
3.5
3.1
12.3
13.9
3.2
2.7
Dishman Pharma
Sell
336
143
5,420
1,718
1,890
22.7
22.8
9.5
11.3
35.4
29.7
3.4
3.1
10.1
10.9
3.6
3.2
Dr Reddy's
Neutral
2,641
-
43,762
16,043
18,119
18.0
23.0
78.6
130.9
33.6
20.2
3.3
2.9
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,681
-
22,706
2,800
3,290
10.2
20.6
32.2
60.3
83.3
44.5
15.4
15.2
17.2
34.5
7.9
6.8
Indoco Remedies
Neutral
244
-
2,248
1,112
1,289
16.2
18.2
11.6
16.0
21.0
15.3
3.4
2.8
17.0
20.1
2.1
1.8
Ipca labs
Neutral
601
-
7,584
3,258
3,747
12.8
15.3
12.1
19.2
49.7
31.3
3.1
2.8
6.4
9.5
2.5
2.1
Lupin
Buy
1,433
1,809
64,727
15,912
18,644
26.4
26.7
58.1
69.3
24.7
20.7
4.8
3.9
21.4
20.9
4.1
3.4
Sun Pharma
Buy
692
847
166,099
31,129
35,258
32.0
32.9
30.2
35.3
22.9
19.6
3.7
3.1
20.0
20.1
4.9
4.1
Power
NTPC
Neutral
165
-
135,720
86,605
95,545
17.5
20.8
11.8
13.4
14.0
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
199
223
104,318
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
Tata Power
Neutral
85
-
22,909
36,916
39,557
17.4
27.1
5.1
6.3
16.6
13.4
1.5
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
407
522
1,671
1,152
1,300
22.7
24.6
29.9
35.8
13.6
11.4
1.0
1.0
7.6
8.6
2.2
1.8
Prestige Estate
Neutral
231
-
8,648
4,707
5,105
25.2
26.0
10.3
13.0
22.4
17.7
1.8
1.7
10.3
10.2
3.0
2.7
Telecom
Bharti Airtel
Neutral
341
-
136,131
105,086
114,808
34.5
34.7
12.2
16.4
27.9
20.8
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
86
-
31,042
40,133
43,731
37.2
37.1
6.4
6.5
13.5
13.3
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,775
-
10,147
3,153
3,583
14.1
14.4
152.2
182.7
31.4
26.1
154.0
131.6
25.6
26.1
2.9
2.5
Asian Granito
Accumulate
375
405
1,129
1,060
1,169
12.2
12.5
12.7
15.9
29.6
23.6
2.8
2.5
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
347
395
3,519
4,801
5,351
5.7
6.2
10.4
13.7
33.3
25.4
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
220
-
1,573
1,353
1,471
12.3
12.4
14.5
16.3
15.2
13.5
21.0
18.9
14.5
14.6
1.1
118.5
Coffee Day Enterprises
Neutral
233
-
4,794
2,964
3,260
20.5
21.2
4.7
8.0
-
29.1
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
232
-
142
1,137
1,256
3.1
2.7
28.0
23.6
8.3
9.8
44.6
40.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
62
-
697
1,482
1,660
13.7
14.5
3.9
5.8
15.9
10.7
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
April 17, 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
546
-
8,354
2,883
3,115
12.0
12.1
14.2
18.6
38.5
29.4
20.5
17.9
15.8
14.6
2.6
2.4
Garware Wall Ropes
Neutral
702
-
1,535
863
928
15.1
15.2
36.4
39.4
19.3
17.8
3.5
3.0
17.5
15.9
1.7
1.6
Goodyear India*
Neutral
881
-
2,033
1,598
1,704
10.4
10.2
49.4
52.6
17.8
16.8
82.4
72.3
18.2
17.0
1.0
136.5
Hitachi
Neutral
1,869
-
5,081
2,081
2,433
8.8
8.9
33.4
39.9
56.0
46.8
45.1
37.6
22.1
21.4
2.4
2.1
HSIL
Neutral
344
-
2,489
2,384
2,515
15.8
16.3
15.3
19.4
22.5
17.8
22.4
19.2
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,092
-
39,458
21,122
26,005
14.5
27.6
110.7
132.1
9.9
8.3
59.0
42.2
168.5
201.1
1.8
1.5
Jyothy Laboratories
Neutral
369
-
6,710
1,440
2,052
11.5
13.0
8.5
10.0
43.5
36.9
10.5
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
390
-
5,640
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.7
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
293
-
433
382
420
9.3
9.5
13.5
15.7
21.8
18.7
3.7
3.2
17.1
17.3
1.2
1.1
M M Forgings
Neutral
573
-
692
546
608
20.4
20.7
41.3
48.7
13.9
11.8
78.5
69.5
16.6
17.0
1.1
1.0
Manpasand Bever.
Neutral
723
-
4,136
836
1,087
19.6
19.4
16.9
23.8
42.8
30.4
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
84
107
1,015
963
1,069
17.2
18.0
6.1
7.5
13.8
11.2
2.1
1.8
15.0
15.7
1.3
1.1
MT Educare
Neutral
81
-
322
366
417
17.7
18.2
9.4
10.8
8.6
7.5
1.9
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
323
-
6,610
1,873
2,166
11.5
11.7
2.6
4.0
122.3
81.6
7.5
6.8
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
203
265
2,898
369
561
42.9
42.3
6.9
11.5
29.4
17.6
2.1
1.9
7.4
10.5
8.9
5.8
Navneet Education
Neutral
164
-
3,836
1,062
1,147
24.0
24.0
6.1
6.6
27.0
24.8
5.5
4.9
20.6
19.8
3.7
3.4
Nilkamal
Neutral
1,981
-
2,957
1,995
2,165
10.7
10.4
69.8
80.6
28.4
24.6
113.2
98.4
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,045
-
15,665
2,450
3,124
20.1
17.6
299.0
310.0
47.0
45.3
312.8
238.8
47.1
87.5
6.4
5.1
Parag Milk Foods
Neutral
248
-
2,086
1,919
2,231
9.3
9.6
9.5
12.9
26.3
19.2
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
251
-
1,756
408
495
27.3
27.0
7.7
8.8
32.4
28.5
3.0
3.0
9.3
10.6
3.4
2.9
Radico Khaitan
Buy
114
147
1,514
1,667
1,824
13.0
13.2
6.7
8.2
17.1
13.9
1.6
1.4
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
492
-
5,916
2,085
2,469
9.2
8.2
7.6
8.0
65.1
62.0
25.3
21.6
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
319
-
4,613
1,036
1,160
15.1
15.0
6.1
7.2
52.2
44.4
5.6
5.1
10.7
11.5
4.3
3.8
Siyaram Silk Mills
Accumulate
1,702
1,872
1,596
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.5
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
728
-
1,280
1,440
1,537
9.2
9.0
40.6
42.6
17.9
17.1
45.8
41.6
12.3
11.6
0.8
0.8
Surya Roshni
Neutral
210
-
919
3,342
3,625
7.8
7.5
17.3
19.8
12.1
10.6
23.0
18.5
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
1,050
-
1,796
3,229
4,001
1.5
1.8
22.8
32.8
46.1
32.0
4.9
4.3
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
203
-
812
287
384
20.5
20.5
7.6
10.7
26.7
18.9
5.6
4.5
20.7
23.5
2.8
2.1
Transport Corporation of
Neutral
231
-
1,770
2,671
2,911
8.5
8.8
13.9
15.7
16.7
14.8
2.3
2.0
13.7
13.8
0.8
0.7
India
Stock Watch
April 17, 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
3,674
-
2,813
2,304
2,614
13.7
13.8
231.1
266.6
15.9
13.8
412.8
325.0
33.9
29.3
1.2
1.1
UFO Moviez
Neutral
458
-
1,264
619
685
33.2
33.4
30.0
34.9
15.3
13.1
2.1
1.8
13.8
13.9
1.8
1.4
Visaka Industries
Neutral
320
-
507
1,051
1,138
10.3
10.4
21.0
23.1
15.2
13.8
41.0
38.4
9.0
9.2
0.7
0.7
VRL Logistics
Neutral
336
-
3,066
1,902
2,119
16.7
16.6
14.6
16.8
23.1
20.0
5.1
4.4
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
394
-
2,228
287
355
38.0
40.0
11.3
14.2
34.9
27.8
5.0
4.4
21.4
23.9
7.4
6.0
VIP Industries
Neutral
189
-
2,677
1,270
1,450
10.4
10.4
5.6
6.5
33.8
29.2
7.0
6.1
20.7
21.1
2.1
1.8
Navin Fluorine
Buy
3,115
3,650
3,050
789
945
21.1
22.4
120.1
143.4
25.9
21.7
4.2
3.6
17.8
18.5
3.8
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 13, 2017
Market Outlook
April 17, 2017
Research Team Tel: 022 - 39357800
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