Market Outlook

June 22, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with positive bias tracking the SGX Nifty and

BSE Sensex

(0.0)

(14)

31,284

Asian markets.

Nifty

(0.2)

(20)

9,634

US markets had a mixed session during yesterday’s session as oil prices moved to its

Mid Cap

0.0

14,851

lowest closing level since the last 10 months. The Philadelphia Oil Service Index

Small Cap

0.1

117

15,696

dropped by 3.4 percent, while the NYSE Arca Oil & Gas Index and the NYSE Arca

Bankex

(0.1)

(28)

26,775

Natural Gas Index fell by 2.7 percent and 1.4 percent, respectively. Biotechnology

stocks moved substantially higher. The NYSE Arca Biotechnology Index moved up by

3.8 percent to its best closing level in almost two years.

Global Indices

Chg (%)

(Pts)

(Close)

UK stocks drifted lower as oil prices dropped. In economic data, the British budget

Dow Jones

(0.3)

(57)

21,410

deficit reached the lowest for the month of May since 2007. Public sector net

Nasdaq

0.7

6,234

borrowing excluding public sector banks decreased by GBP 0.3 billion from previous

FTSE

(0.3)

(25)

7,448

year to GBP 6.7 billion.

Nikkei

(0.5)

(92)

20,139

Indian markets traded slightly lower by the end of Thursday’s session. The biggest

Hang Seng

(0.6)

(148)

25,695

gainer for the session was the FMCG index, which closed up 0.77 percent reversing

Shanghai Com

0.5

3,156

yesterday’s loss. The biggest loser for the session was the metal index, which closed

down 1.18 percent.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,275

1,832

 Federal Bank to raise `2,500cr through QIP

Declines

1,376

847

Unchanged

178

Detailed analysis on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

7,510

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

21,625

Refer Pg5 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

Company

Sector

Rating

FII

(5(295)

(21,730

53,699

(`)

(%)

MFs

8214

4,873

34,913

Blue Star

Capital Goods

Buy

636

760

19.5

Dewan Housing Fin. Financials

Accumulate

461

520

12.7

Mahindra Lifespace Real Estate

Buy

440

522

18.7

Top Gainers

Price (`)

Chg (%)

Navkar Corporation Others

Buy

217

265

22.2

Amtekauto

128

10.0

KEI Industries

Capital Goods

Buy

222

258

16.0

Gmrinfra

6.8

More Top Picks on Pg3

Gvkpil

6.5

Key Upcoming Events

Punjlloyd

6.5

Consensus

Date

Region

Event Description

Jpassociat

4.7

Reading

Expectations

Jun 22, 2017 US

Initial Jobless claims

237.00

240.00

Jun 22, 2017 Germany PMI Services

55.40

Top Losers

Price (`)

Chg (%)

Jun 23, 2017 Euro Zone Euro-Zone Consumer Confidence

(3.30)

(3.00)

Videoind

219

(5.0)

Jun 23, 2017 Germany PMI Manufacturing

59.50

59.00

Nlcindia

105

(4.6)

Jun 23, 2017 US

GDP Qoq (Annualised)

1.20

Gppl

145

(3.6)

Jun 27, 2017 US

New home sales

569.00

590.00

More Events on Pg4

Gmdcltd

147

(3.5)

M&Mfin

345

(2.7)

#as on 21^th June, 2017

www.angelbroking.com

Market Outlook

June 22, 2017

News Analysis

Federal Bank to raise `2,500cr through QIP

Federal Bank Ltd has launched a qualified institutional placement (QIP) offering up

to `2,500cr from institutional investors. The QIP will be the sixth launched by a

bank this year. In 2017, banks have dominated the QIP fundraising route, raising

over `26,000cr so far.

The floor price of Rs117.04 per share has been set by the bank for the QIP. Shares

of Federal Bank closed at Rs116.85 yesterday. The lender has appointed

investment banks Citigroup Global Markets India Pvt. Ltd, Deutsche Equities India

Pvt. Ltd, IIFL Holdings Ltd and Kotak Mahindra Capital Co. Ltd to manage the

share sale.

The bank plans to use the proceeds of the share sale to grow its loan book. The

bank stated that it intends to use the net proceeds towards augmenting their Tier I

capital to support growth plans and to enhance the business of our bank.

We have an Accumulate rating on the stock with a target of `125.

Economic and Political News

 Federation of Indian Export Organisations (FIEO) expects the country's

merchandise shipments to reach $325 billion by end of FY18



3 lakh plus new workers can be employed in wind and solar energy sectors if

India achieves its target of 160 Gw capacity by 2022: Study

 Karnataka govt. waives off `8,165cr farm loans

Corporate News

 Tata Trent raises

`100cr to refinance upcoming repayments through

commercial papers

 Delhi HC allows Singh brothers to sell their stake in Fortis

 Federation of Indian Export Organisations (FIEO) expects the country's

merchandise shipments to reach $325 billion by end of FY18

 Kirloskar Oil Engines to acquire a 76% stake in La-Gajjar Machineries at a

valuation of 7.89 times Ebitda, the rest to be acquired over next 5 years

www.angelbroking.com

Market Outlook

June 22, 2017

Top Picks

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

22,362

1,870

2,161

15.5

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,242

413

447

8.3

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

6,079

636

760

19.5

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

14,452

461

520

12.7

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

8,793

146

160

10.0

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

5,953

182

225

23.5

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

1,730

222

258

16.0

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,257

440

522

18.7

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,093

217

265

22.2

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,966

2,098

2,500

19.2

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

1,515

254

344

35.4

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

June 22, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jun 22, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jun 17

237.00

240.00

1:00 PMGermany PMI Services

Value

Jun P

55.40

Jun 23, 2017

7:30 PMEuro Zone Euro-Zone Consumer Confidence

Value

Jun A

(3.30)

(3.00)

1:00 PMGermany PMI Manufacturing

Value

Jun P

59.50

59.00

6:00 PMUS

GDP Qoq (Annualised)

% Change

1Q T

1.20

Jun 27, 2017

7:30 PMUS

New home sales

Thousands

May

569.00

590.00

Jun 29, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100 Jun

117.90

115.40

Jun 30, 2017

1:25 PMGermany Unemployment change (000's)

Thousands

Jun

(9.00)

6:30 AMChina

PMI Manufacturing

Value

Jun

51.20

2:00 PMUK

GDP (YoY)

% Change

1Q F

2.00

Jul 03, 2017

2:00 PMUK

PMI Manufacturing

Value

Jun

56.70

Jul 07, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

May

(0.80)

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jun

138.00

6:00 PMUS

Unnemployment rate

Jun

4.30

Jul 10, 2017

India

Imports YoY%

% Change

Jun

33.10

India

Exports YoY%

% Change

Jun

8.30

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

Jul 12, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

Jul 13, 2017

Producer Price Index (mom)

% Change

Jun

(0.70)

China

Exports YoY%

% Change

Jun

8.70

Jul 14, 2017

6:45 PMUS

Industrial Production

Jun

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

June 22, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

6.0

5.0

3.8

4.0

3.0

3.1

2.6

5.0

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

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

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

June 22, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

60,762

(3.0)

(5.4)

22.7

Russia

Micex

1,851

(5.7)

(9.1)

(3.6)

India

Nifty

9,634

2.1

5.6

18.3

China

Shanghai Composite

3,156

2.1

(2.5)

7.8

South Africa

Top 40

45,213

(5.7)

1.2

(2.0)

Mexico

Mexbol

48,983

0.1

0.8

6.9

Indonesia

LQ45

979

3.9

9.2

15.8

Malaysia

KLCI

1,776

0.4

1.5

8.9

Thailand

SET 50

993

0.5

0.6

9.5

USA

Dow Jones

21,410

2.9

3.6

20.4

FTSE

7,448

(0.3)

0.3

17.5

Japan

Nikkei

20,139

2.3

3.2

27.0

Germany

DAX

12,774

1.1

5.6

37.8

France

CAC

5,274

(0.9)

5.2

25.7

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

June 22, 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

244

209

4,747

1,937

2,164

13.3

14.3

9.0

11.0

27.1

22.2

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

867

44,039

15,176

17,604

18.5

37.4

44.6

23.2

19.4

4.5

3.8

21.4

21.2

3.0

2.6

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,422

20,021

21,915

11.6

11.9

4.5

5.3

20.8

17.6

4.2

3.8

20.6

21.5

1.3

1.2

Bajaj Auto

Neutral

2,821

81,633

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

1,168

27,190

7,726

8,713

20.5

21.2

35.3

42.7

33.1

27.4

6.1

5.5

18.9

20.1

3.6

3.1

Eicher Motors

Neutral

27,533

74,951

16,583

20,447

17.5

18.0

598.0

745.2

46.0

37.0

15.7

12.0

41.2

38.3

4.3

3.5

Gabriel India

Neutral

160

2,300

1,544

1,715

9.0

9.3

5.4

6.3

29.7

25.4

5.6

5.0

18.9

19.5

1.4

1.3

Hero Motocorp

Neutral

3,769

75,259

28,083

30,096

15.3

15.7

171.8

187.0

21.9

20.2

7.7

6.4

30.1

27.9

2.5

2.3

Jamna Auto Industries Neutral

269

2,140

1,486

1,620

9.8

9.9

15.0

17.2

17.9

15.6

3.9

3.3

21.8

21.3

1.5

1.4

L G Balakrishnan & Bros Neutral

806

1,265

1,302

1,432

11.6

11.9

43.7

53.0

18.5

15.2

2.6

2.4

13.8

14.2

1.1

1.0

Mahindra and Mahindra Neutral

1,385

86,034

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.8

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Neutral

7,266

219,502

67,822

83,288

16.0

16.4

253.8

312.4

28.6

23.3

6.6

5.3

23.0

22.9

2.9

2.3

Minda Industries

Neutral

598

5,171

2,728

3,042

9.0

9.1

68.2

86.2

8.8

6.9

2.0

1.6

23.8

24.3

2.0

1.7

Motherson Sumi

Neutral

474

66,472

45,896

53,687

7.8

8.3

13.0

16.1

36.3

29.4

11.7

9.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,362

1,078

511

562

11.3

11.5

28.1

30.9

48.5

44.1

7.4

6.7

15.3

15.0

2.2

2.1

Setco Automotive

Neutral

520

741

837

13.0

15.2

17.0

2.6

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

457

132,038

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

545

25,890

13,390

15,948

6.9

7.1

12.8

16.5

42.7

32.9

10.6

8.4

26.3

27.2

2.0

1.6

Amara Raja Batteries

Buy

842

1,009

14,381

5,305

6,100

16.0

16.3

28.4

34.0

29.6

24.8

5.7

4.8

19.3

2.7

2.4

Exide Industries

Neutral

225

19,129

7,439

8,307

15.0

8.1

9.3

27.8

24.2

3.9

3.5

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

261

13,263

12,877

14,504

14.3

13.9

21.4

23.0

12.2

11.3

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,870

7,565

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

173

3,928

7,455

8,056

15.0

21.8

24.5

7.9

7.1

1.7

1.4

22.8

21.3

0.7

0.6

Swaraj Engines

Neutral

2,349

2,917

660

810

15.2

16.4

54.5

72.8

43.1

32.3

13.4

12.2

31.5

39.2

4.2

3.4

Subros

Neutral

252

1,511

1,488

1,681

11.7

11.9

6.4

7.2

39.4

35.1

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

220

577

286

326

19.8

16.8

11.7

13.3

18.8

16.5

3.2

3.0

17.8

17.1

1.7

1.5

Capital Goods

ACE

Neutral

735

709

814

4.1

4.6

1.4

2.1

53.0

35.4

2.2

2.1

4.4

6.0

1.2

1.0

BEML

Neutral

1,508

6,281

3,451

4,055

6.3

9.2

31.4

57.9

48.0

26.1

2.9

2.6

6.3

10.9

1.9

1.6

Bharat Electronics

Neutral

169

37,771

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

3.2

www.angelbroking.com

Stock Watch

June 22, 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

468

15,487

6,511

7,514

7.9

8.7

12.9

16.3

36.3

28.7

6.5

5.7

16.7

18.5

2.1

1.8

BGR Energy

Neutral

154

1,114

16,567

33,848

6.0

5.6

7.8

5.9

19.8

26.2

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

136

33,398

28,797

34,742

2.8

2.3

6.9

59.3

19.8

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

636

760

6,079

4,283

5,077

5.9

7.3

14.9

22.1

42.7

28.7

8.3

7.0

20.4

26.4

1.5

1.2

CG Power and Industrial

Neutral

5,343

5,777

6,120

5.9

7.0

3.3

4.5

25.8

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

162

3,965

1,755

1,881

16.8

16.9

7.8

8.5

20.8

19.1

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

145

3,209

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

246

6,321

9,294

10,186

7.9

8.1

9.9

11.9

24.8

20.7

3.6

3.2

15.6

16.3

0.9

0.8

KEI Industries

Buy

222

258

1,730

2,633

3,001

10.4

10.0

12.7

13.0

17.5

17.1

3.7

3.1

21.4

18.2

0.9

0.8

Thermax

Neutral

942

11,228

5,421

5,940

7.3

25.7

30.2

36.7

31.2

4.4

4.1

12.2

13.1

2.0

1.8

VATech Wabag

Neutral

732

3,996

3,136

3,845

8.9

9.1

26.0

35.9

28.2

20.4

3.5

3.0

13.4

15.9

1.2

0.9

Cement

ACC

Neutral

1,653

31,043

11,225

13,172

13.2

16.9

44.5

75.5

37.2

21.9

3.5

3.2

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

241

47,814

9,350

10,979

18.2

22.5

5.8

9.5

41.5

25.4

3.5

3.1

10.2

12.5

5.1

4.4

India Cements

Neutral

216

6,644

4,364

4,997

18.5

19.2

7.9

11.3

27.4

19.1

2.0

1.9

8.0

8.5

2.3

2.0

JK Cement

Neutral

982

6,863

4,398

5,173

15.5

17.5

31.2

55.5

31.5

17.7

3.8

3.3

12.0

15.5

2.1

1.8

J K Lakshmi Cement

Neutral

496

5,834

2,913

3,412

14.5

19.5

7.5

22.5

66.1

22.0

4.1

3.4

12.5

18.0

2.6

2.2

Orient Cement

Neutral

146

2,988

2,114

2,558

18.5

20.5

8.1

11.3

18.0

12.9

2.7

2.2

9.0

14.0

2.0

1.6

UltraTech Cement

Neutral

4,018

110,314

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

ITNL

Neutral

101

3,329

8,946

10,017

31.0

31.6

8.1

9.1

12.5

11.1

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

206

2,897

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,754

163,707

111,017

124,908

11.0

61.1

66.7

28.7

26.3

3.5

3.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

145

7,007

705

788

52.2

51.7

5.0

5.6

29.0

25.9

2.9

2.6

11.2

9.6

8.1

Nagarjuna Const.

Neutral

5,051

8,842

9,775

9.1

8.8

5.3

6.4

17.1

14.2

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

146

3,738

2,350

2,904

13.1

13.2

9.0

8.8

16.2

16.6

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

525

2,598

6,829

7,954

10.5

31.4

37.4

16.7

14.0

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

600

882

1,801

2,219

12.7

14.6

72.1

113.9

8.3

5.3

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

305

5,229

3,598

4,140

10.3

10.6

9.0

11.9

33.9

25.6

3.5

3.1

9.9

11.9

1.7

1.5

NBCC

Neutral

210

18,882

7,428

9,549

7.9

8.6

8.2

11.0

25.6

19.1

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

102

1,663

1,877

1,943

30.6

29.8

3.0

4.2

34.1

24.4

16.5

11.1

0.6

2.3

2.1

www.angelbroking.com

Stock Watch

June 22, 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

113

3,971

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.2

4.8

(22.8)

(15.9)

12.1

10.0

Engineers India

Neutral

158

10,614

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

508

580

121,651

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

167

38,537

19,980

23,178

1.8

11.5

17.3

14.5

9.7

1.7

1.4

8.3

10.1

Canara Bank

Neutral

353

21,099

15,225

16,836

1.8

14.5

28.0

24.4

12.6

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,260

8,677

420

526

3.5

86.5

107.8

37.7

30.2

8.1

6.6

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,117

1,230

17,455

2,012

2,317

6.3

42.7

53.6

26.2

20.8

4.1

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

461

520

14,452

2,225

2,688

2.9

29.7

34.6

15.5

13.3

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

157

235

5,291

939

1,281

11.7

11.5

5.8

8.2

27.0

19.1

2.3

2.1

10.9

11.5

Federal Bank

Accumulate

117

125

20,165

8,259

8,995

3.0

4.3

5.6

27.2

20.9

2.3

2.1

8.5

10.1

HDFC

Neutral

1,627

258,654

11,475

13,450

3.4

45.3

52.5

35.9

31.0

6.9

6.1

20.2

20.5

HDFC Bank

Neutral

1,700

436,609

46,097

55,433

4.5

58.4

68.0

29.1

25.0

5.1

4.3

18.8

18.6

ICICI Bank

Accumulate

291

315

186,613

42,800

44,686

3.1

3.3

18.0

21.9

16.2

13.3

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

146

160

8,793

5,640

6,030

3.3

3.2

8.9

10.0

16.4

14.6

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

202

3,874

3,339

3,799

2.7

2.8

11.0

14.0

18.4

14.4

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

772

38,983

3,712

4,293

2.6

2.5

39.0

46.0

19.8

16.8

3.7

3.2

19.9

20.1

Punjab Natl.Bank

Neutral

146

31,111

23,532

23,595

2.3

2.4

6.8

12.6

21.5

11.6

3.3

2.4

3.3

6.5

RBL Bank

Neutral

512

19,282

1,783

2,309

2.6

12.7

16.4

40.3

31.2

4.4

3.9

12.8

13.3

Repco Home Finance

Neutral

883

5,523

388

457

4.5

4.2

30.0

38.0

29.4

23.2

4.9

4.1

18.0

19.2

South Ind.Bank

Neutral

5,320

6,435

7,578

2.5

2.7

3.1

10.9

9.5

1.4

1.2

10.1

11.2

St Bk of India

Neutral

290

250,502

88,650

98,335

2.6

13.5

18.8

21.5

15.4

2.0

1.8

7.0

8.5

Union Bank

Neutral

151

10,411

13,450

14,925

2.3

25.5

34.5

5.9

4.4

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,432

65,503

8,978

11,281

3.3

3.4

74.0

90.0

19.4

15.9

3.7

3.1

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,842

8,834

2,955

3,309

13.3

13.7

57.2

69.3

32.2

26.6

10.5

8.8

32.7

33.3

2.8

2.5

Asian Paints

Neutral

1,156

110,835

17,128

18,978

16.8

16.4

19.1

20.7

60.5

55.8

21.1

19.9

34.8

35.5

6.4

5.8

Britannia

Neutral

3,669

44,025

9,594

11,011

14.6

14.9

80.3

94.0

45.7

39.0

18.8

14.5

41.2

4.5

3.8

Colgate

Neutral

1,103

30,010

4,605

5,149

23.4

23.8

26.9

46.4

41.0

25.7

20.1

64.8

66.8

6.4

5.7

Dabur India

Accumulate

288

304

50,679

8,315

9,405

19.8

20.7

8.1

9.2

35.5

31.3

9.9

8.2

31.6

31.0

5.7

5.1

GlaxoSmith Con*

Neutral

5,362

22,550

4,350

4,823

21.2

21.4

179.2

196.5

29.9

27.3

8.0

6.7

27.1

26.8

4.6

4.0

www.angelbroking.com

Stock Watch

June 22, 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

1,954

66,541

10,235

11,428

18.4

18.6

41.1

44.2

47.5

44.2

10.5

8.9

24.9

24.8

6.6

5.8

HUL

Neutral

1,124

243,221

35,252

38,495

17.8

20.7

22.4

54.4

50.2

52.0

44.6

95.6

88.9

6.7

6.2

ITC

Neutral

309

375,536

40,059

44,439

38.3

39.2

9.0

10.1

34.4

30.5

9.6

8.4

27.8

27.5

8.9

8.0

Marico

Neutral

316

40,805

6,430

7,349

18.8

19.5

6.4

7.7

49.4

41.1

14.9

12.6

33.2

32.5

6.2

5.3

Nestle*

Neutral

6,767

65,248

10,073

11,807

20.7

21.5

124.8

154.2

54.2

43.9

22.3

20.0

34.8

36.7

6.3

5.3

Tata Global

Neutral

157

9,896

8,675

9,088

9.8

7.4

8.2

21.2

19.1

1.7

1.6

7.9

8.1

1.1

1.0

Procter & Gamble

Neutral

8,000

25,969

2,939

3,342

23.2

23.0

146.2

163.7

54.7

48.9

13.9

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

844

1,014

120,445

46,723

52,342

22.1

20.9

60.0

62.8

14.1

13.4

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

944

1,179

216,820

68,484

73,963

26.0

63.0

64.0

15.0

14.8

3.2

2.9

20.8

19.7

2.8

2.5

TCS

Accumulate

2,406

2,651

474,095

117,966

127,403

27.5

27.6

134.3

144.5

17.9

16.7

5.3

5.0

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

391

533

38,135

29,141

31,051

14.4

15.0

32.3

35.6

12.1

11.0

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Accumulate

256

280

124,525

55,421

58,536

20.3

35.1

36.5

7.3

7.0

1.3

1.1

19.2

14.6

1.7

1.4

Media

D B Corp

Neutral

376

6,915

2,297

2,590

27.4

28.2

21.0

23.4

17.9

16.1

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,903

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

182

225

5,953

2,283

2,555

28.0

10.6

12.3

17.1

14.9

3.7

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

848

33,418

2,850

3,265

70.1

71.0

26.2

30.4

32.4

27.9

8.3

7.3

24.3

25.6

11.3

9.7

Hindustan Media

Neutral

275

2,015

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

254

344

1,515

608

667

21.5

22.3

15.7

19.2

16.2

13.2

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

251

155,651

84,638

94,297

21.4

22.3

24.5

27.1

10.2

9.3

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

249

105,084

14,252

18,465

55.9

48.3

15.8

21.5

15.7

11.6

2.6

2.2

17.0

20.7

7.4

5.7

Hindalco

Neutral

197

44,083

107,899

112,095

7.4

8.2

9.2

13.0

21.4

15.1

1.0

4.8

6.6

0.9

JSW Steel

Neutral

200

48,369

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

111

35,246

6,643

7,284

44.4

47.7

7.1

7.7

15.7

14.5

1.4

1.3

8.8

9.2

3.1

2.8

SAIL

Neutral

23,624

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.0

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

239

88,692

71,744

81,944

19.2

21.7

13.4

20.1

17.8

11.9

1.5

1.4

8.4

11.3

1.6

1.3

Tata Steel

Neutral

518

50,275

121,374

121,856

7.2

8.4

18.6

34.3

27.8

15.1

1.7

1.6

6.1

10.1

1.1

1.0

Oil & Gas

GAIL

Neutral

368

62,299

56,220

65,198

9.3

10.1

27.1

33.3

13.6

11.1

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

165

211,941

137,222

152,563

15.0

21.8

19.5

24.1

8.5

6.9

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

408

198,242

373,359

428,656

5.9

5.5

54.0

59.3

7.6

6.9

1.2

1.1

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

June 22, 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

1,418

461,086

301,963

358,039

12.1

12.6

87.7

101.7

16.2

13.9

1.7

1.5

10.7

11.3

2.0

1.7

Pharmaceuticals

Alembic Pharma

Buy

532

648

10,027

3,101

3,966

19.7

20.5

21.4

25.5

24.9

20.9

5.3

4.3

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,870

2,161

22,362

5,853

6,901

17.1

18.4

74.6

85.0

25.1

22.0

5.3

4.4

21.1

20.2

3.8

3.2

Aurobindo Pharma

Buy

655

823

38,378

14,845

17,086

21.5

22.1

39.4

44.7

16.6

14.7

4.1

3.2

27.6

24.7

2.7

2.4

Aventis*

Neutral

4,318

9,944

2,206

2,508

16.6

16.8

128.9

139.9

33.5

30.9

5.7

4.5

21.6

23.5

4.3

3.6

Cadila Healthcare

Reduce

521

450

53,301

9,220

11,584

18.4

20.3

14.5

18.7

35.9

27.8

7.7

6.2

23.5

24.6

6.1

4.7

Cipla

Reduce

541

461

43,515

14,281

16,619

15.4

16.2

12.5

19.7

43.3

27.5

3.5

3.1

8.4

12.0

3.2

2.7

Dr Reddy's

Neutral

2,684

44,487

14,081

15,937

16.1

18.6

72.6

105.9

37.0

25.4

3.6

3.3

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,458

20,819

2,927

3,290

11.8

16.2

34.4

49.6

71.5

49.6

10.4

10.8

13.9

21.3

6.9

6.2

Indoco Remedies

Sell

187

153

1,721

1,067

1,154

12.1

14.9

8.4

11.3

22.2

16.5

2.7

2.4

12.6

15.0

1.8

1.7

Ipca labs

Buy

471

620

5,941

3,211

3,593

13.9

14.5

15.4

19.4

30.6

24.3

2.4

2.2

8.2

9.5

2.0

1.7

Lupin

Buy

1,094

1,526

49,427

17,120

18,657

24.1

56.9

61.1

19.2

17.9

3.6

3.1

20.7

18.6

3.2

2.6

Natco Pharma

Accumulate

973

1,060

16,968

2,065

1,988

33.1

33.7

27.9

25.7

34.9

37.9

10.2

8.7

29.2

22.9

8.3

8.4

Sun Pharma

Buy

528

712

126,679

30,264

32,899

29.0

26.9

32.7

31.6

16.2

16.7

3.5

3.0

22.2

18.7

3.9

3.5

Power

Tata Power

Neutral

22,112

36,916

39,557

17.4

27.1

5.1

6.3

16.0

13.0

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

160

131,886

86,605

95,545

17.5

20.8

11.8

13.4

13.6

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

206

223

107,745

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

Real Estate

Prestige Estate

Neutral

261

9,801

4,707

5,105

25.2

26.0

10.3

13.0

25.4

20.1

2.0

1.9

10.3

10.2

3.3

2.9

MLIFE

Buy

440

522

2,257

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

366

146,325

105,086

114,808

34.5

34.7

12.2

16.4

30.0

22.3

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

29,101

40,133

43,731

37.2

37.1

6.4

6.5

12.6

12.4

1.1

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,403

9,355

3,153

3,583

14.1

14.4

152.2

182.7

28.9

24.1

142.0

121.3

25.6

26.1

2.7

2.3

Asian Granito

Accumulate

413

447

1,242

1,066

1,169

11.6

12.5

13.0

16.0

31.8

25.8

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

343

395

3,472

4,801

5,351

5.7

6.2

10.4

13.7

32.9

25.1

4.1

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

225

1,608

1,353

1,471

12.3

12.4

14.5

16.3

15.5

13.8

21.4

19.3

14.5

14.6

1.1

121.3

Coffee Day Enterprises

Neutral

249

5,139

2,964

3,260

20.5

21.2

4.7

8.0

31.2

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

192

123

1,137

1,256

3.1

2.7

28.0

23.6

6.9

8.1

36.9

33.4

14.3

11.5

0.1

Elecon Engineering

Neutral

676

1,482

1,660

13.7

14.5

3.9

5.8

15.5

10.4

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

June 22, 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

489

7,482

2,883

3,115

12.0

12.1

14.2

18.6

34.5

26.3

18.3

16.0

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

840

1,838

863

928

15.1

15.2

36.4

39.4

23.1

21.3

4.2

3.6

17.5

15.9

2.0

1.9

Goodyear India*

Neutral

876

2,020

1,598

1,704

10.4

10.2

49.4

52.6

17.7

16.7

81.9

71.8

18.2

17.0

1.0

135.3

Hitachi

Neutral

2,045

5,561

2,081

2,433

8.8

8.9

33.4

39.9

61.2

51.3

49.4

41.2

22.1

21.4

2.7

2.3

HSIL

Neutral

393

2,838

2,384

2,515

15.8

16.3

15.3

19.4

25.7

20.2

25.5

21.9

7.8

9.3

1.4

1.2

Interglobe Aviation

Neutral

1,251

45,223

21,122

26,005

14.5

27.6

110.7

132.1

11.3

9.5

67.6

48.3

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

384

6,984

1,440

2,052

11.5

13.0

8.5

10.0

45.2

38.4

11.0

10.1

18.6

19.3

5.1

3.6

Kirloskar Engines India

Neutral

409

5,920

2,554

2,800

9.9

10.0

10.5

12.1

39.0

33.8

16.3

15.4

10.7

11.7

2.0

1.7

Ltd

Linc Pen & Plastics

Neutral

279

412

382

420

9.3

9.5

13.5

15.7

20.7

17.8

3.5

3.1

17.1

17.3

1.1

1.0

M M Forgings

Neutral

622

751

546

608

20.4

20.7

41.3

48.7

15.1

12.8

85.2

75.4

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

805

4,603

836

1,087

19.6

19.4

16.9

23.8

47.6

33.8

5.7

5.0

12.0

14.8

5.2

4.0

Mirza International

Neutral

159

1,910

963

1,069

17.2

18.0

6.1

7.5

25.9

21.1

4.0

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

255

366

417

17.7

18.2

9.4

10.8

6.8

5.9

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

315

6,427

1,873

2,166

11.5

11.7

2.6

4.0

118.9

79.3

7.3

6.6

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

217

265

3,093

347

371

43.2

37.3

6.7

6.0

32.5

36.2

2.2

2.0

6.2

10.6

10.0

9.4

Navneet Education

Neutral

185

4,325

1,062

1,147

24.0

6.1

6.6

30.4

28.0

6.3

5.5

20.6

19.8

4.2

3.8

Nilkamal

Neutral

1,943

2,900

1,995

2,165

10.7

10.4

69.8

80.6

27.8

24.1

111.1

96.5

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,306

18,187

2,450

3,124

20.1

17.6

299.0

310.0

54.5

52.6

363.2

277.2

47.1

87.5

7.5

5.9

Parag Milk Foods

Neutral

218

1,833

1,919

2,231

9.3

9.6

9.5

12.9

23.1

16.9

3.6

3.0

15.5

17.5

1.1

0.9

Quick Heal

Neutral

208

1,461

408

495

27.3

27.0

7.7

8.8

26.9

23.7

2.5

9.3

10.6

2.7

2.3

Radico Khaitan

Accumulate

129

147

1,714

1,667

1,824

13.0

13.2

6.7

8.2

19.4

15.7

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

496

5,954

2,085

2,469

9.2

8.2

7.6

8.0

65.6

62.4

25.4

21.7

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

287

4,146

1,036

1,160

15.1

15.0

6.1

7.2

46.9

39.9

5.0

4.6

10.7

11.5

3.9

3.4

Siyaram Silk Mills

Buy

2,098

2,500

1,966

1,574

1,769

12.5

12.7

97.1

113.1

21.6

18.5

3.3

2.9

15.4

15.5

1.5

1.3

Styrolution ABS India*

Neutral

855

1,504

1,440

1,537

9.2

9.0

40.6

42.6

21.1

20.1

53.8

48.9

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

301

1,319

3,342

3,625

7.8

7.5

17.3

19.8

17.4

15.2

33.1

26.5

10.5

10.8

0.7

0.6

Team Lease Serv.

Neutral

1,327

2,269

3,229

4,001

1.5

1.8

22.8

32.8

58.3

40.4

6.2

5.4

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

189

759

287

384

20.5

7.6

10.7

24.9

17.7

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

305

2,336

2,671

2,911

8.5

8.8

13.9

15.7

22.0

19.5

3.0

2.7

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

June 22, 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

4,024

3,081

2,304

2,614

13.7

13.8

231.1

266.6

17.4

15.1

452.1

356.0

33.9

29.3

1.3

1.2

UFO Moviez

Neutral

410

1,132

619

685

33.2

33.4

30.0

34.9

13.7

11.8

1.9

1.6

13.8

13.9

1.5

1.2

Visaka Industries

Neutral

560

889

1,051

1,138

10.3

10.4

21.0

23.1

26.6

24.2

71.7

67.2

9.0

9.2

1.1

1.0

VRL Logistics

Neutral

338

3,084

1,902

2,119

16.7

16.6

14.6

16.8

23.2

20.1

5.1

4.5

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

196

218

2,774

1,270

1,450

10.4

5.6

6.5

35.1

30.2

7.3

6.3

20.7

21.1

2.2

1.9

Navin Fluorine

Buy

3,073

3,650

3,015

789

945

21.1

22.4

120.1

143.4

25.6

21.4

4.1

3.5

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 June 21, 2017

www.angelbroking.com

Market Outlook

June 22, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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