Market Outlook

July20, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open in green and may trade in positive zone tracking

BSE Sensex

0.8

244

31,955

global indices.

Nifty

0.7

9,900

Following the mixed performance seen in the previous session, US markets moved

Mid Cap

1.0

152

15,259

mostly higher during trading on Wednesday. With the upward move on the day, all

Small Cap

1.0

157

15,975

three major averages reached new record closing highs. Buying interest was

Bankex

0.6

172

27,375

generated in reaction to a report from the Commerce Department showing a bigger

than expected rebound in housing starts in the month of June.

Global Indices

Chg (%)

(Pts)

(Close)

The majority of the European markets ended Wednesdays session with small gains.

After a relatively flat performance in early trade, the markets logged some gains in

Dow Jones

0.3

166

21,641

the afternoon. Traders were encouraged by some better than expected corporate

Nasdaq

0.6

6,385

earnings reports, but remained cautious ahead of tomorrow's announcements from

FTSE

0.6

7,431

the Bank of Japan and the European Central Bank.

Nikkei

(00.1

20,021

Indian markets ended Wednesdays session on a strong note, with firm global cues

Hang Seng

0.6

147

26,672

and encouraging earnings updates from the likes of Hindustan Unilever and Mastek

Shanghai Com

1.4

3,231

helping underpin investor sentiment.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,732

1,121

 Aurobindo Pharma gets USFDA approval to market kidney ailment drug

Declines

1,985

544

Detailed analysis is on Pg2

Unchanged

152

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

4,874

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

NSE

27,616

Top Picks

#Net Inflows (` Cr)

Net

Mtd

Ytd

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

FII

(56376

(2,2330

56,238

Blue Star

Capital Goods

Buy

662

760

14.8

MFs

(187)

4,475

43,621

Dewan Housing FinanceFinancials

Buy

469

520

10.8

Mahindra Lifespace

Real Estate

Buy

439

522

19.0

Top Gainers

Price (`)

Chg (%)

Navkar Corporation

Others

Buy

202

265

31.5

KEI Industries

Capital Goods

Accumulate

240

258

7.6

Idea cem

195

9.0

More Top Picks on Pg3

Strtech

172

9.0

Key Upcoming Events

Kec

315

6.5

Consensus

Date

Region

Event Description

Fconsumer

6.4

Reading

Expectations

Mrpl

131

6.3

Jul 20, 2017

Euro Zone Euro-Zone Consumer Confidence

(1.30)

(1.20)

Jul20, 2017

Initial Jobless claims

247.00

245.00

Jul 20, 2017

Euro Zone ECB announces interest rates

Top Losers

Price (`)

Chg (%)

Jul 24, 2017

Existing home sales

5.62

5.54

Videoind

226

(4.9)

Jul 24, 2017

Germany PMI Services

54.00

Hcl-Insys

(4.0)

More Events on Pg4

Grasim

1,050

(3.7)

Aegislog

183

(3.4)

Jublfood

1,290

(2.7)

#as on 19^t July, 2017

www.angelbroking.com

Market Outlook

July20, 2017

News Analysis

Aurobindo Pharma gets USFDA approval to market kidney ailment drug

Aurobindo Pharma Limited announced on Wednesday that it has received the final

approval from US Food and Drug Administration (USFDA) to manufacture

Sevelamer Carbonate tablets 800 mg. Used to lower high blood phosphorus levels

in patients who are on dialysis, Sevelamer Carbonate tablets are a therapeutic

equivalent generic version of Genzyme's Renvela tablets.

The product, which is being launched immediately, is a significant event for the

company as it has an estimated market size off $1.9bn for the twelve months

ending May 2017, according to IMS. This is the 124th ANDA (Abbreviated New

Drug Application) to be approved out of Unit VII formulation facility in Hyderabad,

according to Aurobindo.

Economic and Political News

 GST: Revenue from imports up 11% at `12,673Cr in 15 days, says CBEC



7 mn taxpayers have successfully activated GST accounts: GSTN Chairman

 All states may notify rules under RERA by July-end, says Govt

 J&K govt violates budget provisions by spending `1,961Cr in FY 16: CAG

 Govt nod to Cement Corp of India revival, non-operating units' closure

Corporate News

 Bajaj Finserv Q1 net profit up 24% at `1,016Cr

 Zydus gets USFDA nod to market Tranexamic acid injection

 Lupin recalls 12,480 bottles of anti-depressant drug from US

 Sterlite Tech Q1 net profit up 61% to `60.6Cr

www.angelbroking.com

Market Outlook

July20, 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

21,314

1,783

2,161

21.2

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,290

429

480

12.0

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

Blue Star

6,342

662

760

14.8

market 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

14,713

469

520

10.8

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

8,403

139

160

15.1

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

1,866

240

258

7.6

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,251

439

522

19.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,874

202

265

31.5

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,299

2,453

2,500

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

1,510

253

344

35.9

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

2,28,400

7,561

8,495

12.4

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July20, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Reliance Industries - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

61,526

53,496

15.0

67,146

(8.4)

EBITDA

11,230

10,817

3.8

11,280

(0.4)

EBITDA margin (%)

18.3

20.2

16.8

Net profit

8,075

7,548

7.0

8,151

(0.9)

Wipro - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

13,312

13,599

(2.1)

13,988

(4.8)

EBITDA

2,640

2,653

(0.5)

3,226

(18.2)

EBITDA margin (%)

19.8

19.5

23.1

Net profit

2,011

2,052

(2.0)

1,994

0.8

Bajaj Auto - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

5,528

5,644

(2.1)

4,805

15.0

EBITDA

1,078

1,176

(8.4)

906

19.0

EBITDA margin (%)

19.5

20.8

18.9

Net profit

905

978

(7.5)

801.8

12.8

ABB - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

2,354

2,074

13.5

2,146

9.7

EBITDA

181

170

6.6

171

5.7

EBITDA margin (%)

7.7

8.2

8.0

Net profit

19.2

88.1

4.42

Kotak Bank - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net profit

953

742

28.4

976

(2.5)

www.angelbroking.com

Market Outlook

July 20, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 20, 2017

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

(1.20)

6:00 PMUS

Initial Jobless claims

Thousands

Jul 15

247.00

245.00

5:15 PMEuro Zone

ECB announces interest rates

Jul 20

Jul 24, 2017

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.54

1:00 PMGermany

PMI Services

Value

Jul P

54.00

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

116.00

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.50

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.60

Jul 31, 2017

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

Aug 01, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 02, 2017

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Aug 03, 2017

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

Aug 04, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

175.00

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 20, 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

2.6

3.0

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

5.1

52.0

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

1.5

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

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 20, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,180

5.1

1.3

17.3

Russia

Micex

1,952

5.5

1.9

1.3

India

Nifty

9,900

3.2

8.7

15.6

China

Shanghai Composite

3,231

2.8

1.0

8.1

South Africa

Top 40

47,749

5.2

2.4

2.8

Mexico

Mexbol

51,087

3.9

4.5

7.5

Indonesia

LQ45

972

2.1

3.5

13.8

Malaysia

KLCI

1,757

(1.8)

1.1

6.2

Thailand

SET 50

1,000

0.8

0.0

7.4

USA

Dow Jones

21,641

1.2

5.4

16.4

FTSE

7,431

(1.2)

4.0

10.9

Japan

Nikkei

20,021

0.4

9.2

27.4

Germany

DAX

12,452

(3.4)

3.8

22.1

France

CAC

5,216

(1.8)

4.2

17.3

Source: Bloomberg, Angel Research, #Data as on 19^th July

www.angelbroking.com

Stock Watch

July 20, 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

Reduce

245

209

4,769

1,937

2,164

13.3

14.3

9.0

11.0

27.3

22.3

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

859

43,612

15,176

17,604

18.5

37.4

44.6

23.0

19.3

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

107

116

31,285

20,019

22,789

11.1

11.7

4.3

5.5

24.9

19.5

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,825

81,739

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,148

26,732

7,726

8,713

20.5

21.2

35.3

42.7

32.5

26.9

6.0

5.4

18.9

20.1

3.5

3.1

Eicher Motors

Neutral

29,215

79,529

16,583

20,447

17.5

18.0

598.0

745.2

48.9

39.2

16.7

12.7

41.2

38.3

4.6

3.7

Gabriel India

Neutral

148

2,119

1,544

1,715

9.0

9.3

5.4

6.3

27.3

23.4

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,766

75,210

28,120

30,753

15.2

15.6

169.1

189.2

22.3

19.9

7.7

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

262

2,085

1,486

1,620

9.8

9.9

15.0

17.2

17.4

15.2

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

786

1,234

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

1,383

85,922

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,561

8,495

228,400

67,822

83,717

15.2

15.0

243.0

291.5

31.1

25.9

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

680

5,878

2,728

3,042

9.0

9.1

68.2

86.2

10.0

7.9

2.3

1.8

23.8

24.3

2.2

2.0

Motherson Sumi

Neutral

326

68,660

45,896

53,687

7.8

8.3

13.0

16.1

25.0

20.3

8.1

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,358

1,075

511

562

11.3

11.5

28.1

30.9

48.3

43.9

7.4

6.7

15.3

15.0

2.2

2.1

Setco Automotive

Neutral

574

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

461

132,977

300,209

338,549

8.9

8.4

42.7

54.3

10.8

8.5

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

574

27,253

13,390

15,948

6.9

7.1

12.8

16.5

45.0

34.7

11.2

8.9

26.3

27.2

2.1

1.7

Amara Raja Batteries

Buy

835

962

14,268

5,339

6,220

15.9

15.3

28.0

32.3

29.8

25.9

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

218

18,543

7,439

8,307

15.0

8.1

9.3

26.9

23.5

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

256

13,018

12,877

14,504

14.3

13.9

21.4

23.0

11.9

11.1

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,852

7,492

7,524

8,624

13.0

12.7

131.1

144.3

14.1

12.8

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

163

3,705

7,455

8,056

15.0

21.8

24.5

7.5

6.7

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,178

2,705

660

810

15.2

16.4

54.5

72.8

40.0

29.9

12.5

11.3

31.5

39.2

3.9

3.2

Subros

Neutral

243

1,460

1,488

1,681

11.7

11.9

6.4

7.2

38.0

34.0

4.0

3.6

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

203

532

286

326

19.8

16.8

11.7

13.3

17.3

15.2

2.9

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

707

709

814

4.1

4.6

1.4

2.1

51.1

34.1

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,543

6,424

3,451

4,055

6.3

9.2

31.4

57.9

49.1

26.6

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

174

38,787

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

3.4

www.angelbroking.com

Stock Watch

July 20, 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

494

16,344

6,511

7,514

7.9

8.7

12.9

16.3

38.3

30.3

6.9

6.0

16.7

18.5

2.3

1.9

BGR Energy

Neutral

152

1,094

16,567

33,848

6.0

5.6

7.8

5.9

19.4

25.7

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

145

35,527

28,797

34,742

2.8

2.3

6.9

63.1

21.0

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

662

760

6,342

4,283

5,077

5.9

7.3

14.9

22.1

44.5

29.9

8.6

7.3

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,349

5,777

6,120

5.9

7.0

3.3

4.5

25.9

19.0

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

163

3,981

1,755

1,881

16.8

16.9

7.8

8.5

20.9

19.2

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

145

3,217

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

311

8,004

9,294

10,186

7.9

8.1

9.9

11.9

31.5

26.2

4.6

4.0

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

240

258

1,866

2,633

3,001

10.4

10.0

12.7

13.0

18.9

18.4

4.0

3.4

21.4

18.2

0.9

0.8

Thermax

Neutral

917

10,928

5,421

5,940

7.3

25.7

30.2

35.7

30.4

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

668

3,647

3,136

3,845

8.9

9.1

26.0

35.9

25.7

18.6

3.2

2.7

13.4

15.9

1.1

0.8

Cement

ACC

Neutral

1,733

32,549

11,225

13,172

13.2

16.9

44.5

75.5

39.0

23.0

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

264

52,441

9,350

10,979

18.2

22.5

5.8

9.5

45.5

27.8

3.8

3.4

10.2

12.5

5.6

4.8

India Cements

Neutral

209

6,440

4,364

4,997

18.5

19.2

7.9

11.3

26.5

18.5

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

977

6,828

4,398

5,173

15.5

17.5

31.2

55.5

31.3

17.6

3.8

3.3

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

469

5,521

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

160

3,271

2,114

2,558

18.5

20.5

8.1

11.3

19.7

14.1

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,207

115,491

25,768

30,385

21.0

23.5

111.0

160.0

37.9

26.3

4.8

4.2

13.5

15.8

4.6

3.8

Construction

ITNL

Neutral

3,130

8,946

10,017

31.0

31.6

8.1

9.1

11.8

10.5

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

210

2,953

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,181

1,700

165,355

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

143

6,916

705

788

52.2

51.7

5.0

5.6

28.6

25.5

2.8

2.5

11.2

9.5

8.0

Nagarjuna Const.

Neutral

5,109

8,842

9,775

9.1

8.8

5.3

6.4

17.3

14.4

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

142

3,642

2,350

2,904

13.1

13.2

9.0

8.8

15.8

16.1

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

517

2,555

6,829

7,954

10.5

31.4

37.4

16.5

13.8

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

584

859

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Accumulate

283

298

4,854

3,598

4,140

10.3

10.6

9.0

11.9

31.4

23.8

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

211

18,972

7,428

9,549

7.9

8.6

8.2

11.0

25.7

19.2

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

126

2,052

1,877

1,943

30.6

29.8

3.0

4.2

42.1

30.1

20.4

13.7

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 20, 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

3,744

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

10,587

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

520

580

124,689

46,932

53,575

3.5

3.4

32.4

44.6

16.1

11.7

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

164

37,869

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.4

8.3

10.1

Canara Bank

Neutral

371

22,159

15,225

16,836

1.8

14.5

28.0

25.6

13.3

1.8

1.4

5.8

8.5

Can Fin Homes

Neutral

3,183

8,473

420

526

3.5

86.5

107.8

36.8

29.5

7.9

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,149

1,230

17,955

2,012

2,317

6.3

42.7

53.6

26.9

21.4

4.3

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

469

520

14,713

2,225

2,688

2.9

29.7

34.6

15.8

13.6

2.6

1.7

16.1

14.8

Equitas Holdings

Buy

170

235

5,754

939

1,281

11.7

11.5

5.8

8.2

29.3

20.7

2.5

2.3

10.9

11.5

Federal Bank

Accumulate

115

125

22,413

8,259

8,995

3.0

4.3

5.6

26.8

20.6

2.3

2.1

8.5

10.1

HDFC

Neutral

1,655

263,632

11,475

13,450

3.4

45.3

52.5

36.5

31.5

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,693

435,655

46,097

55,433

4.5

58.4

68.0

29.0

24.9

5.1

4.3

18.8

18.6

ICICI Bank

Neutral

302

193,702

42,800

44,686

3.1

3.3

18.0

21.9

16.8

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Buy

139

160

8,403

5,640

6,030

3.3

3.2

8.9

10.0

15.6

13.9

1.7

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

201

3,860

3,339

3,799

2.7

2.8

11.0

14.0

18.3

14.4

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

751

37,880

3,712

4,293

2.6

2.5

39.0

46.0

19.3

16.3

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

158

33,696

23,532

23,595

2.3

2.4

6.8

12.6

23.3

12.6

3.6

2.6

3.3

6.5

RBL Bank

Neutral

538

20,247

1,783

2,309

2.6

12.7

16.4

42.3

32.8

4.6

4.1

12.8

13.3

Repco Home Finance

Neutral

813

5,087

388

457

4.5

4.2

30.0

38.0

27.1

21.4

4.5

3.8

18.0

19.2

South Ind.Bank

Neutral

5,140

6,435

7,578

2.5

2.7

3.1

10.6

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

293

253,092

88,650

98,335

2.6

13.5

18.8

21.7

15.6

2.1

1.8

7.0

8.5

Union Bank

Neutral

156

10,738

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

1,563

71,513

8,978

11,281

3.3

3.4

74.0

90.0

21.1

17.4

4.0

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,802

8,643

2,955

3,309

13.3

13.7

57.2

69.3

31.5

26.0

10.3

8.7

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,156

110,893

17,128

18,978

16.8

16.4

19.1

20.7

60.5

55.9

21.1

19.9

34.8

35.5

6.4

5.8

Britannia

Neutral

3,808

45,719

9,594

11,011

14.6

14.9

80.3

94.0

47.4

40.5

19.5

15.1

41.2

4.6

4.0

Colgate

Neutral

1,071

29,138

4,605

5,149

23.4

23.8

26.9

45.0

39.8

24.9

19.5

64.8

66.8

6.3

5.6

Dabur India

Neutral

307

54,035

8,315

9,405

19.8

20.7

8.1

9.2

37.9

33.3

10.5

8.7

31.6

31.0

6.2

5.4

GlaxoSmith Con*

Neutral

5,466

22,987

4,350

4,823

21.2

21.4

179.2

196.5

30.5

27.8

8.1

6.9

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

July 20, 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

960

65,419

10,235

11,428

18.4

18.6

41.1

44.2

23.4

21.7

5.2

4.4

24.9

24.8

6.5

5.7

HUL

Neutral

1,153

249,541

35,252

38,495

17.8

20.7

22.4

55.8

51.5

53.4

45.8

95.6

88.9

6.9

6.3

ITC

Neutral

292

354,517

40,059

44,439

38.3

39.2

9.0

10.1

32.5

28.8

9.1

7.9

27.8

27.5

8.4

7.5

Marico

Neutral

331

42,669

6,430

7,349

18.8

19.5

6.4

7.7

51.7

42.9

15.6

13.1

33.2

32.5

6.5

5.6

Nestle*

Neutral

6,935

66,862

10,073

11,807

20.7

21.5

124.8

154.2

55.6

45.0

22.8

20.5

34.8

36.7

6.5

5.5

Tata Global

Neutral

175

11,038

8,675

9,088

9.8

7.4

8.2

23.6

21.3

1.9

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,150

26,456

2,939

3,342

23.2

23.0

146.2

163.7

55.8

49.8

14.1

11.7

25.3

23.5

8.5

7.4

Hygiene

HCL Tech^

Accumulate

895

1,014

127,665

46,723

52,342

22.1

20.9

60.0

62.8

14.9

14.3

3.8

3.2

25.3

22.4

2.5

2.1

Infosys

Buy

980

1,179

225,078

68,484

73,963

26.0

63.0

64.0

15.6

15.3

3.3

3.0

20.8

19.7

3.0

2.6

TCS

Accumulate

2,450

2,651

482,844

117,966

127,403

27.5

27.6

134.3

144.5

18.3

17.0

5.4

5.0

29.8

29.7

3.7

3.5

Tech Mahindra

Buy

397

533

38,691

29,141

31,051

14.4

15.0

32.3

35.6

12.3

11.1

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

271

132,001

55,421

58,536

20.3

35.1

36.5

7.7

7.4

1.3

1.2

19.2

14.6

1.8

1.6

Media

D B Corp

Neutral

371

6,831

2,297

2,590

27.4

28.2

21.0

23.4

17.7

15.9

4.1

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,037

2,693

2,991

12.6

12.9

7.9

9.0

11.1

9.7

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

171

225

5,575

2,283

2,555

28.0

10.6

12.3

16.0

13.9

3.4

3.0

21.4

2.5

2.2

Sun TV Network

Neutral

836

32,940

2,850

3,265

70.1

71.0

26.2

30.4

31.9

27.5

8.2

7.2

24.3

25.6

11.2

9.6

Hindustan Media

Neutral

276

2,026

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

253

344

1,510

608

667

21.5

22.3

15.7

19.2

16.1

13.2

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

255

158,320

84,638

94,297

21.4

22.3

24.5

27.1

10.4

9.4

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

280

118,478

14,252

18,465

55.9

48.3

15.8

21.5

17.8

13.0

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

213

47,865

107,899

112,095

7.4

8.2

9.2

13.0

23.2

16.4

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

220

53,058

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.8

1.5

NMDC

Neutral

120

37,983

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

26,288

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.5

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

273

101,610

71,744

81,944

19.2

21.7

13.4

20.1

20.4

13.6

1.7

1.6

8.4

11.3

1.8

1.4

Tata Steel

Neutral

571

55,456

121,374

121,856

7.2

8.4

18.6

34.3

30.7

16.7

1.9

1.8

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

379

64,168

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

ONGC

Neutral

163

209,246

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

375

182,169

373,359

428,656

5.9

5.5

54.0

59.3

7.0

6.3

1.1

1.0

16.0

15.6

0.6

www.angelbroking.com

Stock Watch

July 20, 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

1,534

498,654

301,963

358,039

12.1

12.6

87.7

101.7

17.5

15.1

1.8

1.6

10.7

11.3

2.1

1.8

Pharmaceuticals

Alembic Pharma

Buy

543

648

10,241

3,101

3,966

19.7

20.5

21.4

25.5

25.4

21.3

5.4

4.4

23.0

22.8

3.3

2.4

Alkem Laboratories Ltd

Buy

1,783

2,161

21,314

5,853

6,901

17.1

18.4

74.6

85.0

23.9

21.0

5.0

4.2

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

767

823

44,917

14,845

17,086

21.5

22.1

39.4

44.7

19.5

17.2

4.8

3.8

27.6

24.7

3.2

2.7

Aventis*

Neutral

4,209

9,694

2,206

2,508

16.6

16.8

128.9

139.9

32.7

30.1

5.6

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Sell

544

450

55,717

9,220

11,584

18.4

20.3

14.5

18.7

37.5

29.1

8.0

6.5

23.5

24.6

6.4

4.9

Cipla

Sell

568

461

45,711

14,281

16,619

15.4

16.2

12.5

19.7

45.5

28.8

3.6

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,770

45,918

14,081

15,937

16.1

18.6

72.6

105.9

38.2

26.2

3.8

3.4

9.6

13.6

3.5

3.1

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

2,555

21,641

2,927

3,290

11.8

16.2

34.4

49.6

74.3

51.5

10.8

11.2

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

210

153

1,935

1,067

1,154

12.1

14.9

8.4

11.3

25.0

18.6

3.0

2.6

12.6

15.0

2.0

1.9

Ipca labs

Buy

480

620

6,056

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.7

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,172

1,526

52,953

17,120

18,657

24.1

56.9

61.1

20.6

19.2

3.9

3.3

20.7

18.6

3.4

2.8

Natco Pharma

Accumulate

1,000

1,060

17,436

2,065

1,988

33.1

33.7

27.9

25.7

35.9

38.9

10.5

8.9

29.2

22.9

8.5

8.6

Sun Pharma

Buy

588

712

141,136

30,264

32,899

29.0

26.9

32.7

31.6

18.0

18.6

3.9

3.3

22.2

18.7

4.4

3.9

Power

Tata Power

Neutral

22,436

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

167

137,988

86,605

95,545

17.5

20.8

11.8

13.4

14.2

12.5

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

219

114,363

25,315

29,193

88.2

88.7

14.2

17.2

15.4

12.7

2.3

2.1

15.2

16.1

9.2

8.2

Real Estate

Prestige Estate

Neutral

252

9,444

4,707

5,105

25.2

26.0

10.3

13.0

24.5

19.4

2.0

1.8

10.3

10.2

3.2

2.8

MLIFE

Buy

439

522

2,251

1,152

1,300

22.7

24.6

29.9

35.8

14.7

12.3

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

421

168,430

105,086

114,808

34.5

34.7

12.2

16.4

34.5

25.7

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

34,258

40,133

43,731

37.2

37.1

6.4

6.5

14.8

14.6

1.2

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,507

9,577

3,153

3,583

14.1

14.4

152.2

182.7

29.6

24.7

145.4

124.2

25.6

26.1

2.8

2.4

Asian Granito

Accumulate

429

480

1,290

1,066

1,169

11.6

12.5

13.0

16.0

33.0

26.8

3.2

2.9

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

333

395

3,382

4,801

5,351

5.7

6.2

10.4

13.7

32.0

24.4

4.0

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

233

1,669

1,353

1,471

12.3

12.4

14.5

16.3

16.1

14.3

22.2

20.0

14.5

14.6

1.2

126.3

Coffee Day Enterprises

Neutral

249

5,129

2,964

3,260

20.5

21.2

4.7

8.0

31.1

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

202

129

1,137

1,256

3.1

2.7

28.0

23.6

7.2

8.5

38.8

35.0

14.3

11.5

0.1

Elecon Engineering

Neutral

673

1,482

1,660

13.7

14.5

3.9

5.8

15.4

10.3

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 20, 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

498

7,620

2,883

3,115

12.0

12.1

14.2

18.6

35.1

26.8

18.7

16.3

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

911

1,992

863

928

15.1

15.2

36.4

39.4

25.0

23.1

4.5

3.9

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

909

2,096

1,598

1,704

10.4

10.2

49.4

52.6

18.4

17.3

84.9

74.5

18.2

17.0

1.0

142.6

Hitachi

Neutral

1,999

5,435

2,081

2,433

8.8

8.9

33.4

39.9

59.8

50.1

48.3

40.2

22.1

21.4

2.6

2.2

HSIL

Neutral

397

2,873

2,384

2,515

15.8

16.3

15.3

19.4

26.0

20.5

25.8

22.2

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,257

45,440

21,122

26,005

14.5

27.6

110.7

132.1

11.4

9.5

67.9

48.5

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

365

6,639

1,440

2,052

11.5

13.0

8.5

10.0

43.0

36.5

10.4

9.6

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

399

5,770

2,554

2,800

9.9

10.0

10.5

12.1

38.0

33.0

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

281

415

382

420

9.3

9.5

13.5

15.7

20.8

17.9

3.6

3.1

17.1

17.3

1.2

1.0

M M Forgings

Neutral

659

795

546

608

20.4

20.7

41.3

48.7

16.0

13.5

90.2

79.8

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

743

4,249

836

1,087

19.6

19.4

16.9

23.8

44.0

31.2

5.3

4.6

12.0

14.8

4.8

3.6

Mirza International

Neutral

158

1,903

963

1,069

17.2

18.0

6.1

7.5

25.8

21.1

3.9

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

290

366

417

17.7

18.2

9.4

10.8

7.8

6.7

1.7

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

304

6,207

1,873

2,166

11.5

11.7

2.6

4.0

114.8

76.6

7.1

6.4

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

202

265

2,874

347

371

43.2

37.3

6.7

6.0

30.2

33.6

2.1

1.9

6.2

10.6

9.4

8.8

Navneet Education

Neutral

177

4,134

1,062

1,147

24.0

6.1

6.6

29.1

26.7

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,934

2,886

1,995

2,165

10.7

10.4

69.8

80.6

27.7

24.0

110.5

96.0

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,887

18,835

2,450

3,124

20.1

17.6

299.0

310.0

56.5

54.5

376.1

287.1

47.1

87.5

7.7

6.1

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

227

1,591

408

495

27.3

27.0

7.7

8.8

29.3

25.8

2.7

9.3

10.6

3.0

2.5

Radico Khaitan

Accumulate

133

147

1,766

1,667

1,824

13.0

13.2

6.7

8.2

20.0

16.2

1.8

1.7

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

499

5,999

2,085

2,469

9.2

8.2

7.6

8.0

66.1

62.8

25.6

21.9

17.9

18.8

3.0

2.5

S H Kelkar & Co.

Neutral

263

3,805

1,036

1,160

15.1

15.0

6.1

7.2

43.1

36.7

4.6

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Neutral

2,453

2,299

1,574

1,769

12.5

12.7

97.1

113.1

25.3

21.7

3.9

3.4

15.4

15.5

1.7

1.5

Styrolution ABS India*

Neutral

1,062

1,868

1,440

1,537

9.2

9.0

40.6

42.6

26.2

24.9

66.8

60.7

12.3

11.6

1.3

1.1

Surya Roshni

Neutral

286

1,255

3,342

3,625

7.8

7.5

17.3

19.8

16.6

14.5

31.5

25.3

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,426

2,439

3,229

4,001

1.5

1.8

22.8

32.8

62.7

43.4

6.7

5.8

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

191

766

287

384

20.5

7.6

10.7

25.1

17.9

5.3

4.3

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

324

2,481

2,671

2,911

8.5

8.8

13.9

15.7

23.4

20.7

3.2

2.9

13.7

13.8

1.0

India

www.angelbroking.com

Stock Watch

July 20, 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

3,768

2,885

2,304

2,614

13.7

13.8

231.1

266.6

16.3

14.1

423.3

333.3

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

391

1,079

619

685

33.2

33.4

30.0

34.9

13.1

11.2

1.8

1.6

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

497

789

1,051

1,138

10.3

10.4

21.0

23.1

23.7

21.5

63.7

59.7

9.0

9.2

1.0

VRL Logistics

Neutral

321

2,930

1,902

2,119

16.7

16.6

14.6

16.8

22.1

19.1

4.8

4.2

21.9

22.2

1.7

1.5

VIP Industries

Buy

179

218

2,527

1,270

1,450

10.4

5.6

6.5

31.9

27.5

6.6

5.8

20.7

21.1

2.0

1.7

Navin Fluorine

Accumulate

672

730

3,308

789

945

21.1

22.4

24.0

28.7

28.0

23.4

4.5

3.9

17.8

18.5

4.1

3.4

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 19, 2017

www.angelbroking.com

Market Outlook

July 20, 2017

Research Team Tel: 022 - 39357800 † † † † † † † † E-mail: [email protected] † † † † † † † † † Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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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

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