Market Outlook
November 22, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian market is expected to open on a positive note tracking the SGX Nifty.
BSE Sensex
(1.5)
(385)
25,765
The US markets, advanced on Monday aided by a jump in oil prices and a retreat in
Nifty
(1.8)
(145)
7,929
the dollar with the main index closing at all-time highs. Oil prices rose to a 3-week
Mid Cap
(2.8)
(338)
11,734
high as Russian President Vladimir Putin fed expectations for an OPEC output deal.
Small Cap
(3.2)
(375)
11,494
The S&P 500 index closed 0.8% higher at 2,198 with energy and materials leading
Bankex
(2.9)
(629)
21,099
gains. The Dow Jones Industrial Average added 0.5% to 18,957.
FTSE 100 edged up on Monday, getting a lift from gains by mining and energy
Global Indices
Chg (%)
(Pts)
(Close)
stocks as commodities rallied. The index finished less than 0.1% higher at 6,778,
Dow Jones
0.5
89
18,957
advancing slightly after the benchmark scored two up weeks in a row.
Nasdaq
0.9
47
5,369
Yesterday, Indian markets erased all their gains so far this year and the rupee closed
FTSE
0.0
2
6,778
at a fresh nine-month low as foreign institutional investors find dollar assets more
attractive. FIIs have pulled out a combined $3 billion from local equity and bond
Nikkei
0.8
139
18,106
markets since the US election that saw the emergence of republican Donald Trump
Hang Seng
0.1
14
22,358
as the president-elect. Sensex shed 385 points, to close at 25,765. Year to date, it
Shanghai Com
0.8
25
3,218
has declined 1.35% while the 50-share Nifty has shed 0.22%.
Advances / Declines
BSE
NSE
News Analysis
Advances
387
206
Reliance Infrastructure bags `3,675cr order from NLC India
Detailed analysis on Pg2
Declines
2,261
1,462
Unchanged
149
40
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,549
Refer Pg5 onwards
NSE
19,467
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Amara Raja BatteriesAuto & Auto Ancill.
Buy
909
1,167
28.3
FII
(948)
(8,974)
36,041
HCL Tech
IT
Buy
759
1,000
31.7
MFs
787
6,512
28,564
Asian Granito
Capital Goods
Buy
179
351
96.4
Equitas Holdings
Financials
Buy
150
235
56.6
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
166
265
59.2
Naukri
935
5.0
More Top Picks on Pg3
Torntpower
168
2.5
Key Upcoming Events
Infratel
359
2.1
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Repcohome
571
2.1
Nov 22 Euro Zone Euro-Zone Consumer Confidence
(8.0)
(7.8)
Eclerx
1,452
2.0
Nov 22 US
Existing home sales
5.5
5.4
Nov 23 Germany PMI Services
54.2
54.0
Top Losers
Price (`)
Chg (%)
Nov 23 Germany PMI Manufacturing
55.0
54.8
Centurytex
682
(9.0)
Nov 23 US
Initial Jobless claims
235.0
248.0
More Events on Pg4
Indiacem
106
(9.0)
Corpbank
44
(8.8)
Pnb
137
(8.8)
Natcopharm
584
(8.8)
As on November 21, 2016
Market Outlook
November 22, 2016
News Analysis
Reliance Infrastructure bags `3,675cr order from NLC India
Reliance Infrastructure Limited (RInfra) has won an EPC order for `3,675c from
NLC India for setting up two lignite based CFBC thermal power projects with a
capacity of 250 MW each. The power projects will be set up at Barsingsar and
Bithnok of Bikaner district in Rajasthan. The contract includes complete EPC order
on turnkey basis for two 250MW power plants based on Circulating Fluidized Bed
Combustion (CFBC) technology. The project is to be commissioned in 40 months,
and will include boiler, turbine and generator and balance of plant. RInfra won the
bid amidst stiff competition against leading EPC players. RInfra bid was the lowest
among the shortlisted bidders.
NLC's thermal power stations are South Asia's first lignite fired and India's first
pithead based power station. This project has been won by company at the right
time to further leverage the unparalleled comprehension of critical technology,
expertise in engineering and time bound execution in the EPC space. With a clear
focus to position itself in India's growing infrastructure sector, and a plethora of
projects in the offing including metro rails, nuclear power plants, air quality
control, marine, inland, railways, ports, dredging, and mega infrastructure
projects, the company is targeting EPC opportunities worth `2 lakh cr planned by
the Government of India.
Economic and Political News
GDP growth to drop to 5.5% in Q3 FY17: FinMin
Deutsche Bank cuts Sensex target to 25,000 on global cues
Demonetisation: RBI gives small borrowers 60 extra days to repay credit
Demonetisation: Govt move may be a boon for affordable housing
Corporate News
Compact is past, car buyers now prefer utility
Nusli Wadia slaps defamation notice on Tata Sons
December car sales may be muted
Market Outlook
November 22, 2016
Top Picks
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
15,532
909
1,167
28.3
products leading to market share gains in both the
automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,07,098
759
1,000
31.7
the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,09,286
911
1,249
37.0
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
538
179
351
96.4
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,057
204
274
34.4
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
4,402
462
634
37.3
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
6,877
220
350
59.3
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
5,034
150
235
56.6
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
5,592
171
225
31.5
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,415
345
522
51.3
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
835
69
107
54.2
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,374
166
265
59.2
as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,111
1,186
1,714
44.6
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
1,768
296
385
29.9
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
November 22, 2016
Key Upcoming Events
Result Calendar
Date
Company
Nov 23, 2016
Siemens
Nov 24, 2016
Manpasand Bever.
Nov 25, 2016
Tide Water Oil India
Nov 29, 2016
Tata Power Co.
Dec 1, 2016
GSPL
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Nov 22, 2016 8:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Nov A
(8.00)
(7.80)
8:30PM US
Existing home sales
Million
Oct
5.47
5.43
Nov 23, 2016 2:00PM Germany
PMI Services
Value
Nov P
54.20
54.00
7:00PM US
Initial Jobless claims
Thousands
Nov 19
235.00
248.00
2:00PM Germany
PMI Manufacturing
Value
Nov P
55.00
54.80
3:00PM UK
GDP (YoY)
% Change
3Q P
2.30
2.30
Nov 24, 2016 8:30PM US
New home sales
Thousands
Oct
593.00
590.00
Nov 25, 2016 12:30PM Germany
GDP nsa (YoY)
% Change
3Q F
1.50
1.50
Nov 29, 2016 7:00PM US
GDP Qoq (Annualised)
% Change
3Q S
2.90
3.00
8:30PM US
Consumer Confidence
S.A./ 1985=100
Nov
98.60
100.00
Nov 30, 2016 2:25PM Germany
Unemployment change (000's)
Thousands
Nov
(13.00)
--
Dec 1, 2016
3:00PM UK
PMI Manufacturing
Value
Nov
54.30
--
6:30AM China
PMI Manufacturing
Value
Nov
51.20
51.00
Dec 2, 2016
7:00PM US
Change in Nonfarm payrolls
Thousands
Nov
161.00
173.00
7:00PM US
Unnemployment rate
%
Nov
4.90
4.90
Dec 6, 2016
3:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
3Q F
0.30
--
Dec 7, 2016
3:00PM UK
Industrial Production (YoY)
% Change
Oct
0.30
--
2:30PM India
RBI Repo rate
%
Dec 7
6.25
--
2:30PM India
RBI Reverse Repo rate
%
Dec 7
5.75
--
2:30PM India
RBI Cash Reserve ratio
%
Dec 7
4.00
--
Dec 8, 2016
China
Exports YoY%
% Change
Nov
(7.30)
--
6:15PM Euro Zone
ECB announces interest rates
%
Dec 8
--
--
Dec 9, 2016
India
Imports YoY%
% Change
Nov
8.10
--
India
Exports YoY%
% Change
Nov
9.59
--
7:00AM China
Consumer Price Index (YoY)
% Change
Nov
2.10
--
Dec 12, 2016 5:30PM India
Industrial Production YoY
% Change
Oct
0.70
--
Source: Bloomberg, Angel Research
Market Outlook
November 22, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
7.8
8.0
7.5
7.5
7.6
2.0
1.3
7.2
7.1
0.7
6.6
6.7
1.0
0.3
7.0
6.4
5.8
-
6.0
(1.0)
5.0
(0.9)
(0.7)
(2.0)
(1.3)
(1.6)
4.0
(3.0)
(2.5)
3.0
(4.0)
(3.4)
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
(%)
55.0
7.0
6.1
5.7
5.8
5.8
54.0
6.0
5.4
5.6
5.5
5.3
5.1
53.0
4.8
5.0
4.4
4.2
52.0
4.0
51.0
3.0
50.0
49.0
2.0
48.0
1.0
47.0
-
46.0
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
c
(%)
Repo rate
Reverse Repo rate
CRR
(%)
Exports yoy growth
Imports yoy growth
7.00
15.0
6.50
10.0
6.00
5.0
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
(35.0)
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
November 22, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
0.6
5.0
4.3
3.5
4.0
2.3
1.5
1.5
2.0
1.1
0.9
-
(2.0)
(0.4)
(4.0)
(3.8)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
November 22, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
61,070
(4.3)
2.9
31.3
Russia
Micex
2,059
4.6
4.0
13.7
India
Nifty
7,929
(8.4)
(8.3)
1.3
China
Shanghai Composite
3,218
4.4
3.3
(11.2)
South Africa
Top 40
44,170
(1.6)
(4.3)
(5.7)
Mexico
Mexbol
44,364
(7.8)
(8.4)
(0.9)
Indonesia
LQ45
862
(7.1)
(7.2)
13.9
Malaysia
KLCI
1,627
(2.4)
(4.0)
(1.9)
Thailand
SET 50
919
(2.2)
(6.4)
2.3
USA
Dow Jones
18,957
4.4
2.3
6.5
UK
FTSE
6,778
(3.5)
(0.7)
8.0
Japan
Nikkei
18,106
6.5
8.1
(8.1)
Germany
DAX
10,685
(0.2)
1.8
(2.3)
France
CAC
4,530
(0.2)
2.4
(8.6)
Source: Bloomberg, Angel Research
Stock Watch
November 22, 2016
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
Accumulate
183
209
3,551
1,937
2,164
13.3
14.3
9.0
11.0
20.3
16.6
3.5
3.1
18.4
19.8
1.9
1.6
United Phosphorus
Accumulate
608
684
30,821
15,176
17,604
18.5
18.5
37.4
44.6
16.3
13.6
3.2
2.6
21.4
21.2
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Buy
76
111
21,614
22,407
26,022
10.6
10.6
5.2
6.4
14.6
11.8
3.3
2.8
23.6
24.7
1.0
0.9
Bajaj Auto
Neutral
2,528
-
73,140
25,093
27,891
19.5
19.2
143.9
162.5
17.6
15.6
4.9
4.2
30.3
29.4
2.6
2.3
Bharat Forge
Neutral
858
-
19,974
7,726
8,713
20.5
21.2
35.3
42.7
24.3
20.1
4.5
4.1
18.9
20.1
2.6
2.3
Eicher Motors
Neutral
20,362
-
55,305
16,583
20,447
17.5
18.0
598.0
745.2
34.1
27.3
11.6
8.9
41.2
38.3
3.2
2.5
Gabriel India
Buy
102
130
1,467
1,544
1,715
9.0
9.3
5.4
6.3
18.9
16.2
3.6
3.2
18.9
19.5
0.9
0.8
Hero Motocorp
Buy
2,928
3,541
58,471
30,958
34,139
15.7
15.7
193.6
208.3
15.1
14.1
5.9
4.9
34.2
30.5
1.7
1.5
Jamna Auto Industries Neutral
173
-
1,378
1,486
1,620
9.8
9.9
15.0
17.2
11.5
10.0
2.5
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
556
-
873
1,302
1,432
11.6
11.9
43.7
53.0
12.7
10.5
1.8
1.6
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,200
-
74,522
46,534
53,077
11.6
11.7
67.3
78.1
17.8
15.4
2.9
2.5
15.4
15.8
1.6
1.3
Maruti
Buy
4,788
6,006
144,647
68,057
82,958
15.8
15.5
212.1
261.2
22.6
18.3
4.5
3.7
19.8
20.3
1.8
1.4
Minda Industries
Neutral
271
-
2,153
2,728
3,042
9.0
9.1
68.2
86.2
4.0
3.2
0.9
0.7
23.8
24.3
0.9
0.7
Motherson Sumi
Neutral
281
-
39,365
45,896
53,687
7.8
8.3
13.0
16.1
21.5
17.4
6.9
5.5
34.7
35.4
0.9
0.8
Rane Brake Lining
Neutral
790
-
625
511
562
11.3
11.5
28.1
30.9
28.1
25.6
4.3
3.9
15.3
15.0
1.4
1.3
Setco Automotive
Neutral
36
-
484
741
837
13.0
13.0
15.2
17.0
2.4
2.1
0.4
0.4
15.8
16.3
1.0
0.9
Tata Motors
Neutral
457
-
131,916
300,209
338,549
8.9
8.4
42.7
54.3
10.7
8.4
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
345
-
16,374
13,390
15,948
6.9
7.1
12.8
16.5
27.0
20.8
6.7
5.3
26.3
27.2
1.3
1.0
Amara Raja Batteries
Buy
909
1,167
15,532
5,504
6,605
18.4
19.8
33.4
40.9
27.2
22.2
6.0
4.9
22.1
22.0
2.8
2.3
Exide Industries
Neutral
170
-
14,488
7,439
8,307
15.0
15.0
8.1
9.3
21.0
18.3
2.9
2.6
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
182
235
9,257
12,877
14,504
14.3
13.9
21.4
23.0
8.5
7.9
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,158
1,450
4,686
7,524
8,624
13.0
12.7
131.1
144.3
8.8
8.0
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
113
-
2,562
7,455
8,056
15.0
15.0
21.8
24.5
5.2
4.6
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,301
-
1,616
660
810
15.2
16.4
54.5
72.8
23.9
17.9
7.4
6.8
31.5
39.2
2.3
1.8
Subros
Neutral
135
-
807
1,488
1,681
11.7
11.9
6.4
7.2
21.0
18.8
2.2
2.0
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
163
-
427
286
326
19.8
16.8
11.7
13.3
13.9
12.2
2.4
2.2
17.8
17.1
1.2
1.0
Capital Goods
ACE
Neutral
42
-
418
709
814
4.1
4.6
1.4
2.1
30.2
20.1
1.2
1.2
4.4
6.0
0.8
0.7
BEML
Neutral
806
-
3,357
3,451
4,055
6.3
9.2
31.4
57.9
25.7
13.9
1.5
1.4
6.3
10.9
1.1
0.9
Bharat Electronics
Accumulate
1,278
1,414
28,549
8,137
9,169
16.8
17.2
58.7
62.5
21.8
20.5
3.4
3.0
44.6
46.3
2.5
2.2
Stock Watch
November 22, 2016
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
Buy
296
407
9,784
6,511
7,514
7.9
8.7
12.9
16.3
22.9
18.1
4.1
3.6
16.7
18.5
1.3
1.1
BGR Energy
Neutral
101
-
726
16,567
33,848
6.0
5.6
7.8
5.9
12.9
17.0
0.7
0.7
4.7
4.2
0.1
0.1
BHEL
Neutral
129
-
31,501
28,797
34,742
-
2.8
2.3
6.9
56.0
18.7
1.0
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
462
634
4,402
4,283
5,077
5.9
7.3
14.9
22.1
31.0
20.9
6.0
5.1
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
69
-
4,353
5,777
6,120
5.9
7.0
3.3
4.5
21.1
15.4
0.9
0.9
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
121
-
2,963
1,755
1,881
16.8
16.9
7.8
8.5
15.6
14.3
3.1
2.9
20.6
20.9
1.4
1.2
Inox Wind
Neutral
175
-
3,879
5,605
6,267
15.7
16.4
24.8
30.0
7.1
5.8
2.0
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
139
-
3,575
9,294
10,186
7.9
8.1
9.9
11.9
14.1
11.7
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
839
-
9,999
5,421
5,940
7.3
7.3
25.7
30.2
32.7
27.8
4.0
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
476
681
2,593
3,136
3,845
8.9
9.1
26.0
35.9
18.3
13.3
2.3
2.0
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,273
-
23,903
11,225
13,172
13.2
16.9
44.5
75.5
28.6
16.9
2.7
2.5
11.2
14.2
2.1
1.8
Ambuja Cements
Neutral
193
-
38,402
9,350
10,979
18.2
22.5
5.8
9.5
33.3
20.4
2.8
2.5
10.2
12.5
4.1
3.5
India Cements
Neutral
106
-
3,268
4,364
4,997
18.5
19.2
7.9
11.3
13.5
9.4
1.0
0.9
8.0
8.5
1.5
1.3
JK Cement
Neutral
665
-
4,653
4,398
5,173
15.5
17.5
31.2
55.5
21.3
12.0
2.6
2.2
12.0
15.5
1.6
1.3
J K Lakshmi Cement
Buy
350
565
4,118
2,913
3,412
14.5
19.5
7.5
22.5
46.7
15.6
2.9
2.4
12.5
18.0
2.0
1.7
Orient Cement
Buy
129
215
2,648
2,114
2,558
18.5
20.5
8.1
11.3
16.0
11.4
2.4
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,323
-
91,196
25,768
30,385
21.0
23.5
111.0
160.0
29.9
20.8
3.8
3.3
13.5
15.8
3.6
3.0
Construction
ITNL
Neutral
87
-
2,862
8,946
10,017
31.0
31.6
8.1
9.1
10.7
9.6
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Accumulate
728
802
2,047
1,385
1,673
14.7
14.0
41.2
48.5
17.7
15.0
3.3
2.8
14.9
15.2
1.6
1.3
Larsen & Toubro
Buy
1,348
1,700
125,658
67,665
77,249
10.7
11.5
57.3
71.2
23.5
18.9
2.2
2.0
12.6
14.3
2.0
1.8
Gujarat Pipavav Port
Neutral
135
-
6,526
705
788
52.2
51.7
5.0
5.6
27.0
24.1
2.7
2.4
11.2
11.2
8.9
7.5
Nagarjuna Const.
Neutral
75
-
4,172
8,842
9,775
9.1
8.8
5.3
6.4
14.2
11.7
1.1
1.0
8.2
9.1
0.6
0.5
PNC Infratech
Buy
108
143
2,780
2,350
2,904
13.1
13.2
9.0
8.8
12.0
12.3
0.4
0.4
15.9
13.9
1.3
1.1
Simplex Infra
Neutral
297
-
1,469
6,829
7,954
10.5
10.5
31.4
37.4
9.5
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
438
-
644
1,801
2,219
12.7
14.6
72.1
113.9
6.1
3.9
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
275
298
4,717
3,598
4,140
10.3
10.6
9.0
11.9
30.6
23.1
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
210
-
12,603
7,428
9,549
7.9
8.6
8.2
11.0
25.6
19.1
1.3
1.0
28.2
28.7
1.4
1.0
MEP Infra
Neutral
35
-
574
1,877
1,943
30.6
29.8
3.0
4.2
11.8
8.4
5.7
3.8
0.6
0.6
1.7
1.5
SIPL
Neutral
85
-
3,006
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.2
3.7
(22.8)
(15.9)
11.1
9.3
Stock Watch
November 22, 2016
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
Engineers India
Neutral
270
-
9,111
1,725
1,935
16.0
19.1
11.4
13.9
23.7
19.5
3.3
3.2
13.4
15.3
4.2
3.8
Financials
Axis Bank
Buy
466
630
111,187
46,932
53,575
3.5
3.4
32.4
44.6
14.4
10.4
1.9
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,201
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
307
-
16,667
15,225
16,836
1.8
1.8
14.5
28.0
21.2
11.0
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
220
350
6,877
2,225
2,688
2.9
2.9
29.7
34.6
7.4
6.4
1.2
1.0
16.1
16.8
-
-
Equitas Holdings
Buy
150
235
5,034
939
1,281
11.7
11.5
5.8
8.2
25.9
18.3
2.2
2.0
10.9
11.5
-
-
Federal Bank
Neutral
67
-
11,503
9,353
10,623
2.9
2.9
4.4
5.8
15.2
11.5
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,225
-
193,692
11,475
13,450
3.4
3.4
45.3
52.5
27.1
23.3
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,199
1,350
303,429
46,097
55,433
4.5
4.5
58.4
68.0
20.5
17.6
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
262
315
152,200
42,800
44,686
3.1
3.3
18.0
21.9
14.5
11.9
2.0
1.8
11.1
12.3
-
-
LIC Housing Finance
Buy
501
630
25,279
3,712
4,293
2.6
2.5
39.0
46.0
12.8
10.9
2.4
2.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
137
-
29,047
23,532
23,595
2.3
2.4
6.8
12.6
20.1
10.8
3.1
2.2
3.3
6.5
-
-
RBL Bank
Neutral
334
-
12,337
1,783
2,309
2.6
2.6
12.7
16.4
26.3
20.3
2.9
2.6
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,829
6,435
7,578
2.5
2.5
2.7
3.1
7.8
6.8
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
258
-
200,086
88,650
98,335
2.6
2.6
13.5
18.8
19.1
13.7
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
149
-
10,243
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,113
-
46,836
8,978
11,281
3.3
3.4
74.0
90.0
15.0
12.4
2.9
2.4
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
900
-
86,299
17,128
18,978
16.8
16.4
19.1
20.7
47.1
43.5
16.4
15.5
34.8
35.5
5.0
4.5
Britannia
Buy
2,895
3,626
34,729
9,594
11,011
14.6
14.9
80.3
94.0
36.1
30.8
14.8
11.5
41.2
-
3.5
3.0
Colgate
Accumulate
887
995
24,136
4,605
5,149
23.4
23.4
23.8
26.9
37.3
33.0
20.6
16.1
64.8
66.8
5.2
4.6
Dabur India
Accumulate
276
304
48,508
8,315
9,405
19.8
20.7
8.1
9.2
34.0
30.0
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,015
-
21,089
4,350
4,823
21.2
21.4
179.2
196.5
28.0
25.5
7.4
6.3
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,413
-
48,117
10,235
11,428
18.4
18.6
41.1
44.2
34.4
32.0
7.6
6.4
24.9
24.8
4.8
4.2
HUL
Neutral
800
-
173,064
35,252
38,495
17.8
17.8
20.7
22.4
38.7
35.7
37.0
31.8
95.6
88.9
4.8
4.3
ITC
Buy
224
284
270,809
40,059
44,439
38.3
39.2
9.0
10.1
25.0
22.1
7.0
6.1
27.8
27.5
6.3
5.6
Marico
Buy
250
300
32,190
6,430
7,349
18.8
19.5
6.4
7.7
39.0
32.4
11.8
9.9
33.2
32.5
4.8
4.2
Nestle*
Neutral
5,855
-
56,451
10,073
11,807
20.7
21.5
124.8
154.2
46.9
38.0
19.3
17.3
34.8
36.7
5.4
4.6
Tata Global
Neutral
116
-
7,299
8,675
9,088
9.8
9.8
7.4
8.2
15.6
14.1
1.8
1.7
7.9
8.1
0.8
0.7
Procter & Gamble
Accumulate
6,517
7,369
21,156
2,939
3,342
23.2
23.0
146.2
163.7
44.6
39.8
99.8
95.7
25.3
23.5
6.7
5.9
Hygiene
Stock Watch
November 22, 2016
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
IT
HCL Tech^
Buy
759
1,000
107,098
49,242
57,168
20.5
20.5
55.7
64.1
13.6
11.8
2.8
2.1
20.3
17.9
2.0
1.6
Infosys
Buy
911
1,249
209,286
68,350
77,326
27.0
27.0
62.5
69.4
14.6
13.1
3.1
2.8
21.3
21.6
2.5
2.2
TCS
Buy
2,133
2,620
420,204
119,025
133,308
27.6
27.6
131.2
145.5
16.3
14.7
5.3
4.9
32.4
33.1
3.3
2.9
Tech Mahindra
Buy
447
600
43,356
29,673
32,937
15.5
17.0
32.8
39.9
13.6
11.2
2.7
2.3
19.6
20.7
1.2
1.0
Wipro
Buy
442
590
107,353
55,440
60,430
18.1
18.1
35.9
39.9
12.3
11.1
2.2
2.0
19.0
19.3
1.7
1.5
Media
D B Corp
Neutral
370
-
6,791
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
73
-
1,696
2,693
2,991
12.6
12.9
7.9
9.0
9.2
8.1
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
171
225
5,592
2,355
2,635
28.0
28.0
10.8
12.5
15.8
13.7
3.4
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
439
-
17,285
2,850
3,265
70.1
71.0
26.2
30.4
16.7
14.4
4.3
3.8
24.3
25.6
5.7
4.8
Hindustan Media
Neutral
270
-
1,981
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
296
385
1,768
637
743
27.5
27.5
18.4
21.4
16.1
13.9
2.8
2.4
17.4
17.2
2.4
1.9
Metals & Mining
Coal India
Neutral
301
-
190,217
84,638
94,297
21.4
22.3
24.5
27.1
12.3
11.1
5.1
4.9
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
244
-
102,887
14,252
18,465
55.9
48.3
15.8
21.5
15.4
11.3
2.5
2.2
17.0
20.7
7.2
5.6
Hindalco
Neutral
157
-
32,503
107,899
112,095
7.4
8.2
9.2
13.0
17.1
12.1
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,625
-
39,270
53,201
58,779
16.1
16.2
130.6
153.7
12.4
10.6
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
109
-
34,360
6,643
7,284
44.4
47.7
7.1
7.7
15.3
14.1
1.3
1.3
8.8
9.2
2.9
2.6
SAIL
Neutral
48
-
19,659
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.3
0.5
0.5
(1.6)
3.9
1.3
1.1
Vedanta
Neutral
197
-
58,330
71,744
81,944
19.2
21.7
13.4
20.1
14.7
9.8
1.3
1.1
8.4
11.3
1.2
0.9
Tata Steel
Neutral
372
-
36,086
121,374
121,856
7.2
8.4
18.6
34.3
20.0
10.8
1.2
1.1
6.1
10.1
0.9
0.9
Oil & Gas
Cairn India
Neutral
221
-
41,397
9,127
10,632
4.3
20.6
8.8
11.7
25.1
18.9
0.8
0.8
3.3
4.2
6.0
5.0
GAIL
Neutral
420
-
53,295
56,220
65,198
9.3
10.1
27.1
33.3
15.5
12.6
1.4
1.3
9.3
10.7
1.1
1.0
ONGC
Neutral
276
-
235,875
137,222
152,563
15.0
21.8
19.5
24.1
14.1
11.4
1.2
1.1
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
292
-
141,720
373,359
428,656
5.9
5.5
54.0
59.3
5.4
4.9
0.8
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
991
-
321,294
301,963
358,039
12.1
12.6
87.7
101.7
11.3
9.7
1.2
1.1
10.7
11.3
1.5
1.3
Pharmaceuticals
Alembic Pharma
Neutral
610
-
11,500
3,483
4,083
20.2
21.4
24.3
30.4
25.1
20.1
5.7
4.6
25.5
25.3
3.2
2.7
Aurobindo Pharma
Buy
712
877
41,652
15,720
18,078
23.7
23.7
41.4
47.3
17.2
15.1
4.5
3.5
29.6
26.1
2.9
2.5
Sanofi India*
Neutral
4,132
-
9,516
2,277
2,597
17.3
18.3
149.4
172.0
27.7
24.0
4.6
3.7
25.1
28.8
3.9
3.1
Cadila Healthcare
Accumulate
365
400
37,397
10,429
12,318
22.6
22.0
16.9
19.2
21.6
19.0
5.5
4.4
28.5
25.7
3.6
2.9
Cipla
Reduce
545
490
43,790
15,378
18,089
17.4
18.4
21.6
27.2
25.2
20.0
3.3
2.8
13.7
15.2
3.1
2.5
Stock Watch
November 22, 2016
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
Pharmaceuticals
Dr Reddy's
Neutral
3,135
-
51,943
16,043
18,119
20.8
22.4
112.4
142.9
27.9
21.9
3.7
3.3
14.1
15.9
3.2
2.8
Dishman Pharma
Neutral
228
-
3,685
1,718
1,890
22.7
22.8
9.5
11.3
24.0
20.2
2.3
2.1
10.1
10.9
2.6
2.3
GSK Pharma*
Neutral
2,677
-
22,678
3,000
3,312
15.4
20.6
46.5
60.8
57.6
44.0
13.8
13.8
26.3
30.6
7.3
6.7
Indoco Remedies
Sell
283
240
2,607
1,112
1,289
16.2
18.2
11.6
16.0
24.4
17.7
3.9
3.3
17.0
20.1
2.5
2.1
Ipca labs
Accumulate
536
613
6,765
3,303
3,799
15.3
15.3
17.3
19.7
31.0
27.2
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,398
1,809
63,034
15,912
18,644
26.4
26.7
58.1
69.3
24.1
20.2
4.7
3.8
21.4
20.9
4.0
3.3
Sun Pharma
Buy
691
847
166,242
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
Tata Power
Neutral
69
-
18,554
36,916
39,557
17.4
27.1
5.1
6.3
13.5
10.9
1.2
1.1
9.0
10.3
1.5
1.4
NTPC
Neutral
155
-
127,722
86,605
95,545
17.5
20.8
11.8
13.4
13.1
11.6
1.3
1.2
10.5
11.1
2.8
2.8
Power Grid
Neutral
185
-
96,811
25,763
29,762
74.3
73.1
14.8
17.3
12.5
10.7
2.0
1.7
16.9
17.5
8.0
7.6
Real Estate
MLIFE
Buy
345
522
1,415
1,152
1,300
22.7
24.6
29.9
35.8
11.5
9.6
0.9
0.8
7.6
8.6
1.9
1.6
Telecom
Bharti Airtel
Neutral
300
-
119,722
105,086
114,808
34.5
34.7
12.2
16.4
24.6
18.3
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
71
-
25,584
40,133
43,731
37.2
37.1
6.4
6.5
11.1
10.9
0.9
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,491
-
9,543
3,153
3,583
14.1
14.4
152.2
182.7
29.5
24.6
144.9
123.7
25.6
26.1
2.7
2.4
Bajaj Electricals
Buy
204
274
2,057
4,801
5,351
5.7
6.2
10.4
13.7
19.5
14.9
2.4
2.2
12.4
14.5
0.4
0.4
Finolex Cables
Neutral
376
-
5,751
2,883
3,115
12.0
12.1
14.2
18.6
26.5
20.2
14.1
12.3
15.8
14.6
1.7
1.5
Goodyear India*
Neutral
676
-
1,558
1,598
1,704
10.4
10.2
49.4
52.6
13.7
12.8
63.1
55.4
18.2
17.0
0.7
90.8
Hitachi
Neutral
1,242
-
3,377
2,081
2,433
8.8
8.9
33.4
39.9
37.2
31.1
30.0
25.0
22.1
21.4
1.6
1.4
Jyothy Laboratories
Neutral
335
-
6,076
1,440
2,052
11.5
13.0
8.5
10.0
39.4
33.5
9.5
8.8
18.6
19.3
4.5
3.1
Page Industries
Neutral
12,688
-
14,152
2,450
3,124
20.1
17.6
299.0
310.0
42.4
40.9
282.6
215.7
47.1
87.5
5.8
4.6
Relaxo Footwears
Neutral
390
-
4,682
2,085
2,469
9.2
8.2
7.6
8.0
51.6
49.1
20.0
17.1
17.9
18.8
2.3
2.0
Siyaram Silk Mills
Accumulate
1,186
1,714
1,111
1,799
2,040
11.6
11.7
104.9
122.4
11.3
9.7
1.9
1.6
16.4
16.4
0.8
0.7
Styrolution ABS India*
Neutral
568
-
999
1,440
1,537
9.2
9.0
40.6
42.6
14.0
13.3
35.7
32.5
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,107
-
2,379
2,304
2,614
13.7
13.8
231.1
266.6
13.4
11.7
349.2
274.9
33.9
29.3
1.0
0.9
HSIL
Neutral
289
-
2,089
2,384
2,515
15.8
16.3
15.3
19.4
18.9
14.9
18.8
16.2
7.8
9.3
1.0
1.0
Kirloskar Engines India
Neutral
325
-
4,700
2,554
2,800
9.9
10.0
10.5
12.1
31.0
26.9
13.0
12.2
10.7
11.7
1.5
1.3
Ltd
M M Forgings
Neutral
415
-
501
546
608
20.4
20.7
41.3
48.7
10.1
8.5
56.9
50.3
16.6
17.0
0.8
0.7
Banco Products (India)
Neutral
163
-
1,164
1,353
1,471
12.3
12.4
14.5
16.3
11.2
10.0
15.5
14.0
14.5
14.6
0.8
85.2
Competent Automobiles Neutral
152
-
94
1,137
1,256
3.1
2.7
28.0
23.6
5.4
6.5
29.3
26.5
14.3
11.5
0.1
0.1
Stock Watch
November 22, 2016
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
Nilkamal
Neutral
1,218
-
1,818
1,995
2,165
10.7
10.4
69.8
80.6
17.5
15.1
69.6
60.5
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
179
-
284
1,051
1,138
10.3
10.4
21.0
23.1
8.5
7.7
22.9
21.5
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
165
-
1,264
2,671
2,911
8.5
8.8
13.9
15.7
11.9
10.6
1.6
1.5
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
47
-
511
1,482
1,660
13.7
14.5
3.9
5.8
12.0
8.1
2.8
2.6
7.8
10.9
0.7
0.6
Surya Roshni
Neutral
185
-
811
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.4
20.3
16.3
10.5
10.8
0.5
0.5
MT Educare
Neutral
108
-
430
366
417
17.7
18.2
9.4
10.8
11.5
10.0
2.6
2.2
22.2
22.3
1.1
0.9
Radico Khaitan
Buy
113
147
1,505
1,667
1,824
13.0
13.2
6.7
8.2
17.0
13.8
1.5
1.4
9.0
10.2
1.3
1.2
Garware Wall Ropes
Accumulate
562
600
1,230
873
938
14.3
14.3
35.2
37.5
16.0
15.0
2.8
2.4
17.5
15.9
1.3
1.2
Wonderla Holidays
Neutral
319
-
1,804
287
355
38.0
40.0
11.3
14.2
28.3
22.5
4.1
3.5
21.4
23.9
6.0
4.9
Linc Pen & Plastics
Neutral
220
-
325
382
420
9.3
9.5
13.5
15.7
16.3
14.0
2.8
2.4
17.1
17.3
0.9
0.8
The Byke Hospitality
Neutral
168
-
674
287
384
20.5
20.5
7.6
10.7
22.1
15.7
4.6
3.7
20.7
23.5
2.4
1.8
Interglobe Aviation
Neutral
851
-
30,656
21,122
26,005
14.5
27.6
110.7
132.1
7.7
6.4
46.0
32.9
168.5
201.1
1.4
1.1
Coffee Day Enterprises
Neutral
201
-
4,135
2,964
3,260
20.5
21.2
4.7
8.0
-
25.1
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
105
-
2,500
1,062
1,147
24.0
24.0
6.1
6.6
17.2
15.8
3.5
3.1
20.6
19.8
2.4
2.3
Navkar Corporation
Buy
166
265
2,374
408
612
42.9
42.3
6.8
11.5
24.6
14.5
1.7
1.5
6.9
10.5
6.7
4.5
UFO Moviez
Neutral
414
-
1,143
619
685
33.2
33.4
30.0
34.9
13.8
11.9
1.9
1.7
13.8
13.9
1.6
1.2
VRL Logistics
Neutral
264
-
2,407
1,902
2,119
16.7
16.6
14.6
16.8
18.1
15.7
4.0
3.5
21.9
22.2
1.4
1.2
Team Lease Serv.
Neutral
870
-
1,487
3,229
4,001
1.5
1.8
22.8
32.8
38.2
26.5
4.1
3.6
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
279
-
4,033
1,036
1,160
15.1
15.0
6.1
7.2
45.7
38.9
4.9
4.5
10.7
11.5
3.8
3.3
Quick Heal
Neutral
223
-
1,565
408
495
27.3
27.0
7.7
8.8
28.9
25.4
2.7
2.7
9.3
10.6
3.0
2.5
Narayana Hrudaya
Neutral
331
-
6,761
1,873
2,166
11.5
11.7
2.6
4.0
125.1
83.5
7.7
6.9
6.1
8.3
3.7
3.2
Manpasand Bever.
Neutral
625
-
3,577
836
1,087
19.6
19.4
16.9
23.8
37.0
26.3
4.4
3.9
12.0
14.8
4.0
3.0
Parag Milk Foods
Neutral
257
-
2,163
1,919
2,231
9.3
9.6
9.5
12.9
27.2
19.9
4.2
3.5
15.5
17.5
1.3
1.1
Mirza International
Buy
69
107
835
987
1,106
18.0
18.0
6.5
7.6
10.6
9.1
1.7
1.5
15.9
15.7
1.1
0.9
Asian Granito
Buy
179
351
538
1,071
1,182
12.1
12.4
12.7
16.0
14.0
11.2
1.3
1.2
9.5
10.7
0.8
0.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 21, 2016
Market Outlook
November 22, 2016
Research Team Tel: 022 - 39357800
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