Market Outlook

January 23, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with a negative bias tracking SGX Nifty.

BSE Sensex

(1.0)

(274)

27,035

U.S. markets closed higher on Friday in a modest but broad-based advance as

Nifty

(1.0)

(86)

8,349

Donald Trump was sworn in as U.S. President, marking the first time in more than

Mid Cap

(1.5)

(197)

12,584

50 years that a new commander-in-chief has been welcomed by a rising equity

Small Cap

(1.3)

(165)

12,761

market on his first day in office.

Bankex

(1.8)

(388)

21,540

The majority of the European markets ended Friday's session with modest gains. A

number of investors remained on the sidelines at the end of the trading week, as

investors watch the transition of power in the United States.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

0.5

19,827

Indian market tumbled on Friday after two straight sessions of gains, with

disappointing third-quarter earnings from the likes of Axis Bank and MindTree as

Nasdaq

0.3

5,555

well as lackluster global cues ahead of U.S. President-elect Donald Trump's

FTSE

(0.1)

(10)

7,198

inauguration weighing on markets.

Nikkei

0.3

19,138

Hang Seng

(0.7)

(164)

22,886

News Analysis

Shanghai Com

0.7

3,123

 Review: RBL

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

823

374

Key Domestic & Global Indicators

Declines

1,903

1,265

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

189

Refer Pg6 onwards

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

BSE

2,575

(`)

(%)

Amara Raja Batteries Auto & Auto Ancillary

Buy

902

1,167

29.3

NSE

19,975

Alkem Laboratories

Pharmaceuticals

Buy

1,646

1,989

20.9

HCL Tech

Buy

839

1,000

19.3

Net Inflows (` Cr)

Net

Mtd

Ytd

Power Grid Corp.

Power

Accumulate

199

223

12.0

FII

474

(2,576)

Navkar Corp.

Others

Buy

176

265

50.2

MFs

178

2,652

More Top Picks on Pg4

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Havells

402

4.0

Reading

Expectations

Idea

3.0

Jan 23 Euro Zone Euro-Zone Consumer Confidence

(4.80)

Jan 24 Germany PMI Services

54.30

54.50

Jswenergy

2.1

Jan 24 Germany PMI Manufacturing

55.60

55.40

Unitdspr

2,078

1.6

Jan 24 US

Existing home sales

5.61

5.50

Cub

142

1.4

Jan 26 US

Initial Jobless claims

234.00

247.00

More Events on Pg5

Top Losers

Price (`)

Chg (%)

Adanipower

(11.5)

Sintex

(7.3)

Mrpl

101

(7.1)

Axisbank

451

(6.9)

Jisljaleqs

(5.9)

As on January 21, 2017

www.angelbroking.com

Market Outlook

January 23, 2017

New Analysis

RBL Bank Q3 net up 59% to `129cr on higher net interest income

Private sector lender, RBL Bank has reported a 59% jump in its net profit in the

October-December quarter to `129cr on the back of higher net interest income

and other income.

Net interest income, the difference between interest earned and interest expended,

increased by 45%. Even the other income which includes fees, commissions etc

improved by 66% to `182.3cr at the end of quarter ended December.

The bank's asset quality improved slightly. At the end of quarter ended December,

the gross Non Performing Assets was at 1.06 per cent as compared to 1.08 per

cent in the same quarter a year ago. The net NPA ratio also improved to 0.52 per

cent as compared to 0.69 per cent in the same quarter a year ago.

Net interest margin, a key indicator of bank's profitability increased to 3.38 per

cent as compared to 3.24 per cent in the same quarter last financial year.

According to bank its cost to income ratio has improved, however, it still remains

high at 53%. The bank remains well capitalized with a capital adequacy ratio of

13.8%.

Economic and Political News

 RBI working on plan to reduce online charges: Patel tells PAC

 Railways seeks gross budgetary support of `50,000cr for FY18

 Banks to report cash payments, credit card bills of `1lakh to I-T

Corporate News

 Ambuja Cements to challenge CCI penalty in COMPAT

 Adani Power Q3 net loss at `325cr

 Canara Bank Q3 profit up 3-fold at `322cr

Quarterly Bloomberg Brokers Consensus Estimate

Power Finance Corp Ltd. - Jan 23, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17 q-o-q (%)

PAT

1,775

1,582

12.2

1,873

(5.3)

Idea Cellular Ltd Consol - Jan 23, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17 q-o-q (%)

Net sales

9,350

9,001

3.9

9,299

0.5

EBITDA

3,015

3,129

(3.6)

2,840

6.2

EBITDA margin (%)

32.2

34.8

30.5

Net profit

185

764

(75.8)

102.3

www.angelbroking.com

Market Outlook

January 23, 2017

Hindustan Unilever Ltd - Jan 23, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

7,964

7,823

1.8

7,698

3.5

EBITDA

1,456

1,431

1.8

1,405

3.7

EBITDA margin (%)

18.3

18.2

Net profit

1,062

971

9.3

1,107

(4.1)

Asian Paints Ltd Consol - Jan 23, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

4,122

4,103

0.5

3,721

10.8

EBITDA

763

801

(4.6)

713

7.1

EBITDA margin (%)

18.5

19.5

19.2

Net profit

494

516

(4.3)

493

0.1

HCL Technologies Ltd Consol - Jan 24, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

11,226

10,097

11.2

10,698

4.9

EBITDA

2,363

2,092

13.0

2,379

(0.7)

EBITDA margin (%)

21.1

20.7

22.2

Net profit

1,900

1,740

9.2

1,926

(1.3)

HDFC Bank Ltd. - Jan 24, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

PAT

3,451

3,357

2.8

3,455

(0.1)

Bharti Airtel Ltd Consol - Jan 24, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

24,569

24,066

2.1

24,652

(0.3)

EBITDA

9,061

8,445

7.3

9,460

(4.2)

EBITDA margin (%)

36.9

35.1

38.4

Net profit

1,253

1,117

12.2

1,465

(14.5)

www.angelbroking.com

Market Outlook

January 23, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,413

902

1,167

29.3

technological products leading to market share gains in both

the automotive OEM and replacement segments.

Strong growth in domestic business due to its leadership in

Alkem Laboratories

19,674

1,646

1,989

20.9

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring

HCL Tech

1,18,329

839

1,000

19.3

all the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,17,934

949

1,249

31.6

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,31,932

1,415

1,634

15.5

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

65,987

1,462

1,809

23.8

international presence. It has a rich pipeline of ANDAs which

is also one of the largest among the generic companies.

Going forward, we expect the company to report strong top-

Power Grid Corporation

1,04,135

199

223

12.0

line CAGR of ~16% and bottom-line CAGR of ~19% over

FY16-18 on back of strong capitalization guidance

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

761

253

351

38.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,308

228

274

20.0

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

4,919

515

634

23.1

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

8,530

272

350

28.5

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

5,311

158

235

48.4

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

5,821

178

225

26.4

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,054

136

153

12.9

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,478

360

522

44.9

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,086

107

18.5

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,516

176

265

50.2

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,300

1,387

1,605

15.7

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

1,642

275

385

39.8

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

January 23, 2017

Key Upcoming Events

Result Calendar

Date

Company

January 23, 2017

HUL

M&M, TVS Motor, HDFC Bank, IDBI Bank, IOB, Asian Paints, HCL Tech, HT Media, Heritage Foods,

January 24, 2017

Nilkamal

United Phosphorus, Maruti, Exide Industries, Ashok Leyland, Blue Star, Kotak Mah. Bank, Indian Bank,

January 25, 2017

Wipro, Kirloskar Engines India Ltd, Alembic Pharma, VRL Logistics

January 27, 2017

India Cements, ITC, Colgate, Indoco Remedies

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jan 23, 2017

8:30 PM Euro Zone

Euro-Zone Consumer Confidence

Value Jan A

(4.80)

Jan 24, 2017

2:00 PM Germany

PMI Services

Value Jan P

54.30

54.50

2:00 PM Germany

PMI Manufacturing

Value Jan P

55.60

55.40

8:30 PM

Existing home sales

Million

Dec

5.61

5.50

Jan 26, 2017

7:00 PM

Initial Jobless claims

Thousands Jan 21

234.00

247.00

7:00 PM

GDP Qoq (Annualised)

% Change 4Q A

3.50

2.20

3:00 PM

GDP (YoY)

% Change 4Q A

2.20

2.10

Jan 27, 2017

8:30 PM

New home sales

Thousands Dec

592.00

586.00

Jan 31, 2017

2:25 PM Germany

Unemployment change (000's)

Thousands Jan

(17.00)

8:30 PM

Consumer Confidence S.A./ 1985=100 Jan

113.70

113.00

3:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change 4Q A

0.30

Feb 01, 2017

3:00 PM

PMI Manufacturing

Value Jan

56.10

6:30 AM

China

PMI Manufacturing

Value Jan

51.40

Feb 02, 2017

5:30 PM

BOE Announces rates

% Ratio Feb 2

0.25

12:30 AM

FOMC rate decision

% Feb 1

0.75

Feb 03, 2017

7:00 PM

Change in Nonfarm payrolls

Thousands Jan

156.00

160.00

7:00 PM

Unnemployment rate

% Jan

4.70

Feb 08, 2017

2:30 PM

India

RBI Repo rate

% Feb 8

6.25

2:30 PM

India

RBI Reverse Repo rate

% Feb 8

5.75

2:30 PM

India

RBI Cash Reserve ratio

% Feb 8

4.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

January 23, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

7.0

5.7

7.9

6.0

8.0

7.5

7.6

7.3

5.0

7.2

7.1

6.6

6.7

4.0

7.0

6.4

3.0

2.2

5.8

1.9

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.7)

(2.0)

(1.3)

3.0

(1.6)

(1.8)

(3.0)

(2.5)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

5.7

5.8

6.0

5.3

5.5

5.1

52.0

4.8

5.0

4.4

4.2

50.0

4.0

3.6

3.4

48.0

3.0

46.0

2.0

1.0

44.0

42.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

15.0

7.00

10.0

6.50

5.0

6.00

0.0

5.50

(5.0)

5.00

(10.0)

4.50

(15.0)

4.00

(20.0)

3.50

(25.0)

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

January 23, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

64,521

12.0

1.6

71.4

Russia

Micex

2,160

(3.0)

10.4

25.8

India

Nifty

8,349

3.6

(4.0)

12.3

China

Shanghai Composite

3,123

0.7

1.0

3.3

South Africa

Top 40

45,781

6.1

2.8

6.8

Mexico

Mexbol

46,332

3.0

(4.5)

11.7

Indonesia

LQ45

876

1.2

(6.0)

11.3

Malaysia

KLCI

1,665

1.9

(0.2)

1.9

Thailand

SET 50

973

2.6

3.5

26.4

USA

Dow Jones

19,827

(0.1)

9.2

23.2

FTSE

7,198

2.7

2.5

22.5

Japan

Nikkei

19,138

(0.7)

13.5

11.1

Germany

DAX

11,630

1.4

8.6

20.6

France

CAC

4,851

0.0

6.9

10.4

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

January 23, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

209

4,062

1,937

2,164

13.3

14.3

9.0

11.0

23.2

19.0

4.0

3.5

18.4

19.8

2.1

1.9

United Phosphorus

Neutral

733

37,154

15,176

17,604

18.5

37.4

44.6

19.6

16.4

3.8

3.2

21.4

21.2

2.6

2.2

Auto & Auto Ancillary

Ashok Leyland

Buy

111

24,389

22,407

26,022

10.6

5.2

6.4

16.4

13.4

3.7

3.1

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,698

78,081

25,093

27,891

19.5

19.2

143.9

162.5

18.8

16.6

5.3

4.5

30.3

29.4

2.8

2.5

Bharat Forge

Neutral

924

21,509

7,726

8,713

20.5

21.2

35.3

42.7

26.2

21.6

4.8

4.4

18.9

20.1

2.8

2.5

Eicher Motors

Neutral

22,789

61,995

16,583

20,447

17.5

18.0

598.0

745.2

38.1

30.6

13.0

9.9

41.2

38.3

3.6

2.8

Gabriel India

Buy

109

130

1,565

1,544

1,715

9.0

9.3

5.4

6.3

20.2

17.3

3.8

3.4

18.9

19.5

1.0

0.9

Hero Motocorp

Buy

3,057

3,541

61,038

30,958

34,139

15.7

193.6

208.3

15.8

14.7

6.2

5.1

34.2

30.5

1.8

1.6

Jamna Auto Industries Neutral

186

1,477

1,486

1,620

9.8

9.9

15.0

17.2

12.4

10.8

2.7

2.3

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

560

879

1,302

1,432

11.6

11.9

43.7

53.0

12.8

10.6

1.8

1.6

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,192

74,012

46,534

53,077

11.6

11.7

67.3

78.1

17.7

15.3

2.9

2.5

15.4

15.8

1.6

1.3

Maruti

Accumulate

5,672

6,006

171,344

68,057

82,958

15.8

15.5

212.1

261.2

26.7

21.7

5.3

4.4

19.8

20.3

2.2

1.7

Minda Industries

Neutral

344

2,727

2,728

3,042

9.0

9.1

68.2

86.2

5.0

4.0

1.1

0.9

23.8

24.3

1.1

0.9

Motherson Sumi

Neutral

326

45,807

45,896

53,687

7.8

8.3

13.0

16.1

25.0

20.3

8.1

6.4

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

960

760

511

562

11.3

11.5

28.1

30.9

34.2

31.1

5.2

4.7

15.3

15.0

1.6

1.5

Setco Automotive

Neutral

490

741

837

13.0

15.2

17.0

2.4

2.2

0.4

15.8

16.3

1.0

Tata Motors

Neutral

523

151,044

300,209

338,549

8.9

8.4

42.7

54.3

12.3

9.6

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

379

17,992

13,390

15,948

6.9

7.1

12.8

16.5

29.7

22.9

7.4

5.8

26.3

27.2

1.4

1.1

Amara Raja Batteries

Buy

902

1,167

15,413

5,504

6,605

17.6

17.5

33.4

40.9

27.0

22.1

6.0

4.8

22.1

22.0

2.8

2.3

Exide Industries

Neutral

195

16,533

7,439

8,307

15.0

8.1

9.3

24.0

20.9

3.4

3.0

14.3

16.7

1.8

1.6

Apollo Tyres

Buy

184

235

9,351

12,877

14,504

14.3

13.9

21.4

23.0

8.6

8.0

1.3

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,175

1,450

4,751

7,524

8,624

13.0

12.7

131.1

144.3

9.0

8.1

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

127

2,875

7,455

8,056

15.0

21.8

24.5

5.8

5.2

1.2

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,361

1,690

660

810

15.2

16.4

54.5

72.8

25.0

18.7

7.8

7.1

31.5

39.2

2.4

1.9

Subros

Neutral

180

1,078

1,488

1,681

11.7

11.9

6.4

7.2

28.1

25.1

3.0

2.7

10.8

11.4

1.0

0.8

Indag Rubber

Neutral

180

472

286

326

19.8

16.8

11.7

13.3

15.4

13.5

2.6

2.4

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

464

709

814

4.1

4.6

1.4

2.1

33.5

22.3

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Neutral

1,159

4,825

3,451

4,055

6.3

9.2

31.4

57.9

36.9

20.0

2.2

2.0

6.3

10.9

1.5

1.3

Bharat Electronics

Neutral

1,475

32,944

8,137

9,169

16.8

17.2

58.7

62.5

25.1

23.6

3.9

3.5

44.6

46.3

3.0

2.7

www.angelbroking.com

Stock Watch

January 23, 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

Buy

343

407

11,336

6,511

7,514

7.9

8.7

12.9

16.3

26.6

21.0

4.8

4.2

16.7

18.5

1.5

1.3

BGR Energy

Neutral

133

956

16,567

33,848

6.0

5.6

7.8

5.9

17.0

22.5

1.0

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

129

31,599

28,797

34,742

2.8

2.3

6.9

56.1

18.7

1.0

0.9

1.3

4.8

0.8

0.5

Blue Star

Buy

515

634

4,919

4,283

5,077

5.9

7.3

14.9

22.1

34.6

23.3

6.7

5.7

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

3,955

5,777

6,120

5.9

7.0

3.3

4.5

19.1

14.0

0.8

4.4

5.9

0.6

0.5

Greaves Cotton

Neutral

132

3,230

1,755

1,881

16.8

16.9

7.8

8.5

17.0

15.6

3.4

3.2

20.6

20.9

1.5

1.4

Inox Wind

Neutral

189

4,195

5,605

6,267

15.7

16.4

24.8

30.0

7.6

6.3

2.1

1.6

25.9

24.4

0.8

0.7

KEC International

Neutral

143

3,683

9,294

10,186

7.9

8.1

9.9

11.9

14.5

12.0

2.1

1.8

15.6

16.3

0.6

KEI Industries

Accumulate

136

153

1,054

2,574

2,921

10.4

10.0

10.1

11.8

13.4

11.5

2.4

2.0

17.7

17.4

0.6

0.5

Thermax

Neutral

819

9,757

5,421

5,940

7.3

25.7

30.2

31.9

27.1

3.9

3.5

12.2

13.1

1.7

1.5

VATech Wabag

Buy

488

681

2,661

3,136

3,845

8.9

9.1

26.0

35.9

18.8

13.6

2.3

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,327

24,913

11,225

13,172

13.2

16.9

44.5

75.5

29.8

17.6

2.8

2.6

11.2

14.2

2.2

1.9

Ambuja Cements

Neutral

218

43,188

9,350

10,979

18.2

22.5

5.8

9.5

37.5

22.9

3.2

2.8

10.2

12.5

4.6

3.9

India Cements

Neutral

136

4,173

4,364

4,997

18.5

19.2

7.9

11.3

17.2

12.0

1.2

8.0

8.5

1.7

1.5

JK Cement

Neutral

711

4,967

4,398

5,173

15.5

17.5

31.2

55.5

22.8

12.8

2.7

2.4

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

359

565

4,227

2,913

3,412

14.5

19.5

7.5

22.5

47.9

16.0

2.9

2.5

12.5

18.0

2.0

1.7

Orient Cement

Buy

126

215

2,590

2,114

2,558

18.5

20.5

8.1

11.3

15.6

11.2

2.3

1.9

9.0

14.0

1.8

1.4

UltraTech Cement

Neutral

3,470

95,247

25,768

30,385

21.0

23.5

111.0

160.0

31.3

21.7

4.0

3.5

13.5

15.8

3.8

3.2

Construction

ITNL

Neutral

109

3,581

8,946

10,017

31.0

31.6

8.1

9.1

13.4

12.0

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

183

2,573

1,385

1,673

14.7

14.0

41.2

48.5

4.4

3.8

0.8

0.7

14.9

15.2

1.9

1.6

Larsen & Toubro

Buy

1,415

1,634

131,932

111,017

124,908

11.0

61.1

66.7

23.2

21.2

2.8

2.6

13.1

12.9

2.2

2.1

Gujarat Pipavav Port

Neutral

136

6,582

705

788

52.2

51.7

5.0

5.6

27.2

24.3

2.7

2.4

11.2

9.0

7.6

Nagarjuna Const.

Neutral

4,431

8,842

9,775

9.1

8.8

5.3

6.4

15.0

12.5

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

105

143

2,696

2,350

2,904

13.1

13.2

9.0

8.8

11.7

11.9

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

281

1,391

6,829

7,954

10.5

31.4

37.4

9.0

7.5

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

445

654

1,801

2,219

12.7

14.6

72.1

113.9

6.2

3.9

1.1

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

271

298

4,656

3,598

4,140

10.3

10.6

9.0

11.9

30.2

22.8

3.2

2.8

9.9

11.9

1.6

1.3

NBCC

Neutral

258

15,492

7,428

9,549

7.9

8.6

8.2

11.0

31.5

23.5

1.6

1.2

28.2

28.7

1.8

1.3

MEP Infra

Neutral

678

1,877

1,943

30.6

29.8

3.0

4.2

13.9

9.9

6.7

4.5

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

January 23, 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

100

3,529

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.6

9.7

Engineers India

Neutral

146

9,852

1,725

1,935

16.0

19.1

11.4

13.9

12.8

10.5

1.8

1.7

13.4

15.3

4.6

4.2

Financials

Axis Bank

Buy

451

580

107,736

46,932

53,575

3.5

3.4

32.4

44.6

13.9

10.1

1.8

1.6

13.6

16.5

Bank of Baroda

Neutral

154

35,530

19,980

23,178

1.8

11.5

17.3

13.4

8.9

1.5

1.3

8.3

10.1

Canara Bank

Neutral

273

14,797

15,225

16,836

1.8

14.5

28.0

18.8

9.7

1.3

1.1

5.8

8.5

Dewan Housing Finance Buy

272

350

8,530

2,225

2,688

2.9

29.7

34.6

9.2

7.9

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

158

235

5,311

939

1,281

11.7

11.5

5.8

8.2

27.3

19.3

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

13,412

8,259

8,995

3.0

4.3

5.6

18.1

13.9

1.5

1.4

8.5

10.1

HDFC

Neutral

1,237

196,020

11,475

13,450

3.4

45.3

52.5

27.3

23.6

5.3

4.7

20.2

20.5

HDFC Bank

Accumulate

1,237

1,350

315,716

46,097

55,433

4.5

58.4

68.0

21.2

18.2

3.7

3.1

18.8

18.6

ICICI Bank

Buy

263

315

153,318

42,800

44,686

3.1

3.3

18.0

21.9

14.6

12.0

2.0

1.8

11.1

12.3

Lakshmi Vilas Bank

Buy

138

174

2,646

3,339

3,799

2.7

2.8

11.0

14.0

12.6

9.9

1.3

1.2

11.2

12.7

LIC Housing Finance

Buy

517

630

26,091

3,712

4,293

2.6

2.5

39.0

46.0

13.3

11.2

2.5

2.1

19.9

20.1

Punjab Natl.Bank

Neutral

128

27,249

23,532

23,595

2.3

2.4

6.8

12.6

18.8

10.2

2.9

2.1

3.3

6.5

RBL Bank

Neutral

369

13,633

1,783

2,309

2.6

12.7

16.4

29.0

22.5

3.2

2.8

12.8

13.3

South Ind.Bank

Neutral

2,845

6,435

7,578

2.5

2.7

3.1

7.8

6.8

1.0

0.8

10.1

11.2

St Bk of India

Neutral

251

194,846

88,650

98,335

2.6

13.5

18.8

18.6

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

136

9,329

13,450

14,925

2.3

25.5

34.5

5.3

3.9

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,359

57,468

8,978

11,281

3.3

3.4

74.0

90.0

18.4

15.1

3.5

3.0

17.0

17.2

FMCG

Asian Paints

Neutral

966

92,639

17,128

18,978

16.8

16.4

19.1

20.7

50.6

46.7

17.6

16.6

34.8

35.5

5.3

4.8

Britannia

Buy

3,082

3,626

36,979

9,594

11,011

14.6

14.9

80.3

94.0

38.4

32.8

15.8

12.2

41.2

3.7

3.2

Colgate

Accumulate

901

995

24,495

4,605

5,149

23.4

23.8

26.9

37.8

33.5

20.9

16.4

64.8

66.8

5.2

4.7

Dabur India

Accumulate

276

304

48,539

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

5,012

21,077

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

1,544

52,577

10,235

11,428

18.4

18.6

41.1

44.2

37.6

34.9

8.3

7.0

24.9

24.8

5.2

4.6

HUL

Neutral

861

186,366

35,252

38,495

17.8

20.7

22.4

41.7

38.5

39.9

34.2

95.6

88.9

5.1

4.7

ITC

Accumulate

255

284

309,640

40,059

44,439

38.3

39.2

9.0

10.1

28.5

25.2

7.9

6.9

27.8

27.5

7.2

6.5

Marico

Buy

255

300

32,963

6,430

7,349

18.8

19.5

6.4

7.7

39.9

33.2

12.1

10.1

33.2

32.5

4.9

4.3

Nestle*

Neutral

5,891

56,802

10,073

11,807

20.7

21.5

124.8

154.2

47.2

38.2

19.4

17.4

34.8

36.7

5.5

4.6

www.angelbroking.com

Stock Watch

January 23, 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

Tata Global

Neutral

126

7,977

8,675

9,088

9.8

7.4

8.2

17.1

15.4

1.9

7.9

8.1

0.8

Procter & Gamble

Accumulate

6,999

7,369

22,721

2,939

3,342

23.2

23.0

146.2

163.7

47.9

42.8

107.2

102.8

25.3

23.5

7.3

6.3

Hygiene

HCL Tech^

Buy

839

1,000

118,329

49,242

57,168

20.5

55.7

64.1

15.1

13.1

3.1

2.3

20.3

17.9

2.3

1.8

Infosys

Buy

949

1,249

217,934

68,350

77,326

27.0

62.5

69.4

15.2

13.7

3.2

3.0

21.3

21.6

2.6

2.3

TCS

Accumulate

2,287

2,620

450,726

119,025

133,308

27.6

131.2

145.5

17.4

15.7

5.7

5.2

32.4

33.1

3.6

3.1

Tech Mahindra

Buy

469

600

45,654

29,673

32,937

15.5

17.0

32.8

39.9

14.3

11.8

2.8

2.4

19.6

20.7

1.3

1.1

Wipro

Buy

477

590

116,026

55,440

60,430

18.1

35.9

39.9

13.3

12.0

2.4

2.2

19.0

19.3

1.8

1.7

Media

D B Corp

Neutral

360

6,627

2,297

2,590

27.4

28.2

21.0

23.4

17.2

15.4

4.0

3.5

23.7

23.1

2.7

2.3

HT Media

Neutral

1,864

2,693

2,991

12.6

12.9

7.9

9.0

10.1

8.9

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

178

225

5,821

2,355

2,635

28.0

10.8

12.5

16.5

14.3

3.6

3.1

21.7

2.5

2.2

Sun TV Network

Neutral

519

20,449

2,850

3,265

70.1

71.0

26.2

30.4

19.8

17.1

5.1

4.5

24.3

25.6

6.8

5.8

Hindustan Media

Neutral

267

1,962

1,016

1,138

24.3

25.2

27.3

30.1

9.8

8.9

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

275

385

1,642

637

743

27.5

18.4

21.4

15.0

12.9

2.6

2.2

17.4

17.2

2.2

1.8

Metals & Mining

Coal India

Neutral

304

188,550

84,638

94,297

21.4

22.3

24.5

27.1

12.4

11.2

5.2

4.9

42.6

46.0

1.7

1.6

Hind. Zinc

Neutral

288

121,647

14,252

18,465

55.9

48.3

15.8

21.5

18.2

13.4

3.0

2.6

17.0

20.7

8.5

6.6

Hindalco

Neutral

171

35,424

107,899

112,095

7.4

8.2

9.2

13.0

18.6

13.2

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

186

44,972

53,201

58,779

16.1

16.2

130.6

153.7

1.4

1.2

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

142

44,769

6,643

7,284

44.4

47.7

7.1

7.7

19.9

18.4

1.7

8.8

9.2

4.5

4.1

SAIL

Neutral

24,058

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.4

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

239

70,723

71,744

81,944

19.2

21.7

13.4

20.1

17.8

11.9

1.5

1.4

8.4

11.3

1.4

1.1

Tata Steel

Neutral

455

44,151

121,374

121,856

7.2

8.4

18.6

34.3

24.4

13.3

1.5

1.4

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

263

49,391

9,127

10,632

4.3

20.6

8.8

11.7

29.9

22.5

1.0

0.9

3.3

4.2

6.9

5.7

GAIL

Neutral

460

58,331

56,220

65,198

9.3

10.1

27.1

33.3

17.0

13.8

1.6

1.5

9.3

10.7

1.2

1.0

ONGC

Neutral

197

253,328

137,222

152,563

15.0

21.8

19.5

24.1

10.1

8.2

0.9

0.8

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

352

171,098

373,359

428,656

5.9

5.5

54.0

59.3

6.5

5.9

1.0

0.9

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,026

332,695

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

594

11,195

3,483

4,083

20.2

21.4

24.3

30.4

24.4

19.5

5.6

4.4

25.5

25.3

3.2

2.6

Alkem Laboratories Ltd

Buy

1,646

1,989

19,674

6,043

6,893

18.7

19.3

80.5

88.8

20.4

18.5

4.6

3.8

22.3

20.3

3.2

2.8

Aurobindo Pharma

Buy

699

877

40,906

15,720

18,078

23.7

41.4

47.3

16.9

14.8

4.4

3.4

29.6

26.1

2.8

2.4

www.angelbroking.com

Stock Watch

January 23, 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

Pharmaceuticals

Aventis*

Neutral

4,134

9,521

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

359

400

36,778

10,429

12,318

22.6

22.0

16.9

19.2

21.3

18.7

5.4

4.3

28.5

25.7

3.5

2.9

Cipla

Reduce

576

490

46,322

15,378

18,089

17.4

18.4

21.6

27.2

26.7

21.2

3.5

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

2,946

48,810

16,043

18,119

20.8

22.4

112.4

142.9

26.2

20.6

3.5

3.1

14.1

15.9

3.0

2.7

Dishman Pharma

Neutral

231

3,727

1,718

1,890

22.7

22.8

9.5

11.3

24.3

20.4

2.4

2.1

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,752

23,311

3,000

3,312

15.4

20.6

46.5

60.8

59.2

45.3

14.2

26.3

30.6

7.5

6.8

Indoco Remedies

Reduce

273

240

2,519

1,112

1,289

16.2

18.2

11.6

16.0

23.6

17.1

3.8

3.2

17.0

20.1

2.4

2.0

Ipca labs

Accumulate

556

613

7,018

3,303

3,799

15.3

17.3

19.7

32.2

28.2

2.8

2.6

9.1

9.4

2.3

2.0

Lupin

Buy

1,462

1,809

65,987

15,912

18,644

26.4

26.7

58.1

69.3

25.2

21.1

4.9

4.0

21.4

20.9

4.2

3.5

Sun Pharma

Buy

641

847

153,765

31,129

35,258

32.0

32.9

30.2

35.3

21.2

18.2

3.5

2.9

20.0

20.1

4.5

3.8

Power

Tata Power

Neutral

20,976

36,916

39,557

17.4

27.1

5.1

6.3

15.2

12.3

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

171

140,585

86,605

95,545

17.5

20.8

11.8

13.4

14.5

12.7

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

199

223

104,135

25,315

29,193

88.2

88.7

14.2

17.2

14.1

11.6

2.1

1.9

15.2

16.1

8.8

7.9

Real Estate

Prestige Estate

Buy

164

210

6,133

4,707

5,105

25.2

26.0

10.3

13.0

15.9

12.6

1.3

1.2

10.3

10.2

2.5

2.2

MLIFE

Buy

360

522

1,478

1,152

1,300

22.7

24.6

29.9

35.8

12.1

10.1

0.9

0.8

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

321

128,197

105,086

114,808

34.5

34.7

12.2

16.4

26.3

19.6

1.8

1.7

6.8

8.4

2.1

1.9

Idea Cellular

Neutral

25,713

40,133

43,731

37.2

37.1

6.4

6.5

11.2

11.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,404

9,358

3,153

3,583

14.1

14.4

152.2

182.7

28.9

24.1

142.1

121.3

25.6

26.1

2.7

2.3

Asian Granito

Buy

253

351

761

1,071

1,182

12.1

12.4

12.7

16.0

19.9

15.8

1.9

1.7

9.5

10.7

1.0

0.9

Bajaj Electricals

Buy

228

274

2,308

4,801

5,351

5.7

6.2

10.4

13.7

21.9

16.7

2.7

2.4

12.4

14.5

0.5

0.4

Banco Products (India)

Neutral

207

1,483

1,353

1,471

12.3

12.4

14.5

16.3

14.3

12.7

19.8

17.8

14.5

14.6

1.0

111.2

Coffee Day Enterprises

Neutral

197

4,066

2,964

3,260

20.5

21.2

4.7

8.0

24.7

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Competent Automobiles Neutral

162

100

1,137

1,256

3.1

2.7

28.0

23.6

5.8

6.9

31.2

28.2

14.3

11.5

0.1

Elecon Engineering

Neutral

643

1,482

1,660

13.7

14.5

3.9

5.8

14.7

9.9

3.5

3.2

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

411

6,280

2,883

3,115

12.0

12.1

14.2

18.6

28.9

22.1

15.4

13.4

15.8

14.6

1.9

1.7

Garware Wall Ropes

Neutral

618

1,352

873

938

14.3

35.2

37.5

17.6

16.5

3.1

2.6

17.5

15.9

1.5

1.3

Goodyear India*

Neutral

714

1,646

1,598

1,704

10.4

10.2

49.4

52.6

14.5

13.6

66.7

58.5

18.2

17.0

0.7

99.3

Hitachi

Neutral

1,453

3,952

2,081

2,433

8.8

8.9

33.4

39.9

43.5

36.4

35.1

29.3

22.1

21.4

1.9

1.6

HSIL

Neutral

291

2,103

2,384

2,515

15.8

16.3

15.3

19.4

19.0

15.0

18.9

16.3

7.8

9.3

1.1

1.0

www.angelbroking.com

Stock Watch

January 23, 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

Interglobe Aviation

Neutral

926

33,461

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.0

50.0

35.7

168.5

201.1

1.6

1.2

Jyothy Laboratories

Neutral

345

6,259

1,440

2,052

11.5

13.0

8.5

10.0

40.6

34.5

9.8

9.1

18.6

19.3

4.6

3.2

Kirloskar Engines India

Neutral

331

4,780

2,554

2,800

9.9

10.0

10.5

12.1

31.5

27.3

13.2

12.4

10.7

11.7

1.5

1.3

Ltd

Linc Pen & Plastics

Neutral

281

416

382

420

9.3

9.5

13.5

15.7

20.9

17.9

3.6

3.1

17.1

17.3

1.2

1.0

M M Forgings

Neutral

465

561

546

608

20.4

20.7

41.3

48.7

11.3

9.6

63.7

56.4

16.6

17.0

0.9

0.8

Manpasand Bever.

Neutral

602

3,446

836

1,087

19.6

19.4

16.9

23.8

35.7

25.3

4.3

3.7

12.0

14.8

3.9

2.9

Mirza International

Buy

107

1,086

987

1,106

18.0

6.5

7.6

13.8

11.9

2.2

1.9

15.9

15.7

1.3

1.2

MT Educare

Neutral

132

527

366

417

17.7

18.2

9.4

10.8

14.1

12.2

3.1

2.7

22.2

22.3

1.3

1.2

Narayana Hrudaya

Neutral

338

6,901

1,873

2,166

11.5

11.7

2.6

4.0

127.7

85.2

7.8

7.1

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

176

265

2,516

369

561

42.9

42.3

7.2

11.5

24.4

15.3

1.8

1.6

7.4

10.5

7.8

5.1

Navneet Education

Neutral

124

2,953

1,062

1,147

24.0

6.1

6.6

20.4

18.7

4.2

3.7

20.6

19.8

2.9

2.6

Nilkamal

Neutral

1,468

2,191

1,995

2,165

10.7

10.4

69.8

80.6

21.0

18.2

83.9

72.9

16.6

16.5

1.1

1.0

Page Industries

Neutral

14,250

15,894

2,450

3,124

20.1

17.6

299.0

310.0

47.7

46.0

317.4

242.3

47.1

87.5

6.5

5.2

Parag Milk Foods

Neutral

260

2,190

1,919

2,231

9.3

9.6

9.5

12.9

27.6

20.1

4.3

3.5

15.5

17.5

1.3

1.1

Quick Heal

Neutral

268

1,876

408

495

27.3

27.0

7.7

8.8

34.6

30.4

3.2

9.3

10.6

3.7

3.1

Radico Khaitan

Buy

116

147

1,545

1,667

1,824

13.0

13.2

6.7

8.2

17.5

14.2

1.6

1.4

9.0

10.2

1.3

1.2

Relaxo Footwears

Neutral

416

4,997

2,085

2,469

9.2

8.2

7.6

8.0

55.0

52.3

21.3

18.2

17.9

18.8

2.5

2.1

S H Kelkar & Co.

Neutral

318

4,599

1,036

1,160

15.1

15.0

6.1

7.2

52.1

44.3

5.6

5.1

10.7

11.5

4.3

3.8

Siyaram Silk Mills

Accumulate

1,387

1,605

1,300

1,733

1,948

11.6

11.7

96.6

114.7

14.4

12.1

2.2

1.9

15.3

15.7

1.0

0.8

Styrolution ABS India*

Neutral

603

1,060

1,440

1,537

9.2

9.0

40.6

42.6

14.9

14.2

37.9

34.5

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

184

804

3,342

3,625

7.8

7.5

17.3

19.8

10.6

9.3

20.2

16.2

10.5

10.8

0.5

Team Lease Serv.

Neutral

871

1,489

3,229

4,001

1.5

1.8

22.8

32.8

38.3

26.5

4.1

3.6

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

166

664

287

384

20.5

7.6

10.7

21.8

15.5

4.6

3.7

20.7

23.5

2.3

1.7

Transport Corporation of

Neutral

159

1,217

2,671

2,911

8.5

8.8

13.9

15.7

11.5

10.2

1.6

1.4

13.7

13.8

0.6

0.5

India

TVS Srichakra

Neutral

3,201

2,451

2,304

2,614

13.7

13.8

231.1

266.6

13.9

12.0

359.7

283.2

33.9

29.3

1.1

0.9

UFO Moviez

Neutral

408

1,125

619

685

33.2

33.4

30.0

34.9

13.6

11.7

1.9

1.6

13.8

13.9

1.5

1.2

Visaka Industries

Neutral

201

319

1,051

1,138

10.3

10.4

21.0

23.1

9.6

8.7

25.8

24.2

9.0

9.2

0.6

0.5

VRL Logistics

Neutral

293

2,676

1,902

2,119

16.7

16.6

14.6

16.8

20.1

17.4

4.4

3.9

21.9

22.2

1.5

1.3

Wonderla Holidays

Neutral

354

1,998

287

355

38.0

40.0

11.3

14.2

31.3

24.9

4.5

3.9

21.4

23.9

6.6

5.4

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 20, 2017

www.angelbroking.com

Market Outlook

January 23, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

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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