Market Outlook

June 23, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking the SGX Nifty and Asian markets.

BSE Sensex

0.0

31,291

US markets had a flat session during yesterday’s session. Stocks benefited initially

Nifty

(0.0)

(4)

9,630

from a positive reaction to the release of the details of the plan to repeal and

Mid Cap

(0.6)

(88)

14,763

replace Obamacare. Healthcare stocks gave a strong move to the upside initially but

Small Cap

(0.6)

(87)

15,609

lost ground as the indices moved lower during the session.

Bankex

0.2

26,817

UK stocks were dragged lower as crude prices continued their decline, with brent

crude futures trading below $45 per barrel. Energy major Tullow Oil lost 1.6

Global Indices

Chg (%)

(Pts)

(Close)

percent, while Royal Dutch Shell and BP Plc dropped about 1 and 0.6 percent

respectively. Miners lost ground, with Glencore losing more than 1 percent.

Dow Jones

(0.1)

(13)

21,397

Nasdaq

0.0

6,237

Indian markets gave up gains from early in the session to close flat. Most sectoral

FTSE

(0.1)

(8)

7,439

indices closed in the red at the end of Thursday’s session. The biggest losing indices

Nikkei

(0.1)

(28)

20,111

for the session were the Oil & gas and the metal index. They were down 1.79 and

1.35 percent respectively.

Hang Seng

(0.1)

(20)

25,675

Shanghai Com

(0.3)

(9)

3,147

News Analysis

 Lupin- USFDA update

Advances / Declines

BSE

NSE

 IT Industry to grow at 8-9% in FY2018; Nasscom

Advances

1,107

1,623

Detailed analysis on Pg2

Declines

1,576

1,051

Unchanged

153

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

4,693

Refer Pg6 onwards

NSE

26,262

Top Picks

CMP

Target

Upside

Company

Sector

Rating

#Net Inflows (` Cr)

Net

Mtd

Ytd

(`)

(%)

Blue Star

Capital Goods

Buy

631

760

20.4

FII

(56(89)

(21,642

53,610

Dewan Housing Fin. Financials

Accumulate

457

520

13.9

MFs

8214

4,873

34,913

Mahindra Lifespace Real Estate

Buy

434

522

20.4

Navkar Corporation Others

Buy

216

265

22.5

Top Gainers

Price (`)

Chg (%)

KEI Industries

Capital Goods

Accumulate

230

258

12.1

Amtekauto

131

10.0

More Top Picks on Pg5

Jpassociat

7.2

Key Upcoming Events

Gvkpil

6.6

Consensus

Date

Region

Event Description

Reading

Expectations

Cox&Kings

284

6.3

Jun 23, 2017 Germany PMI Manufacturing

59.50

59.00

Rdel

5.5

Jun 23, 2017 Germany PMI Services

55.40

Jun 23, 2017 US

New home sales

569.00

590.00

Top Losers

Price (`)

Chg (%)

Jun 27, 2017 Germany Unemployment change (000's)

(9.00)

Ibrealest

192

(9.8)

Jun 29, 2017 US

Consumer Confidence

117.90

115.40

Jun 30, 2017 US

GDP Qoq (Annualised)

1.20

Videoind

(5.0)

More Events on Pg5

Corpbank

(4.1)

Justdial

393

(3.9)

Ioc

394

(3.6)

#as on 22^nd June, 2017

www.angelbroking.com

Market Outlook

June 23, 2017

News Analysis

Lupin- USFDA update:

The US Food and Drug Administration (USFDA) issues 5 observations for Lupin's

Pithampur Unit 3. The nature of these observations is not known. As per the

Pithampur site, it is one of the Lupin’s largest formulations facility located at Indore

Special Economic Zone (ISEZ) and is about 30 Km from Indore city. This is the only

site of Lupin having capability to manufacture various finished dosage forms like

Tablets, Capsules, Ophthalmics, Dermatological Preparations, Metered Dose

Inhalers (MDI), Dry Powder Inhalers (DPI) as well as Active Pharmaceutical

Ingredients (API).

This site has 3 sub units, where:

Unit-1 is having dedicated plants for manufacturing of Oral Formulations and

Active Pharmaceutical Ingredients (API) (Manufacturing capacity

1 Billion

Tablet/Capsules and 30 to 140 Kg API).

Unit-2 is having dedicated plants for manufacturing of Oral Formulations and

Sterile Ophthalmics (Manufacturing capacity - 10 Billion Tablet/Capsules and 6

Million Ophthalmics).

Unit-3 is having dedicated modules for Manufacturing of Dermatological, Metered

Dose Inhaler (MDI) and Dry Powder Inhaler (DPI) Formulations (Manufacturing

capacity - Derm-6 Million units, MDI-3 Million units, DPI - 178 Million units).

While the sales impact is not know and we are currently we are factoring in the

same as the unit is yet to be banned and the management has time to get back to

USFDA for resolutions. In terms of future pipeline, the companies’ Inhalation

segment is estimated to capture 8% of the overall potential sales being targeted

(market size of the future pipeline of products). We maintain our buy with a price

target of `1526.

IT Industry to grow at 8-9% in FY2018; Nasscom

Nasscom issued guidance and trends of the IT sector for FY2018. A) It said that

the IT sector is at an interesting inflection point. Most notably, the body said that

the IT sector will hire 1.3lakh to 1.5lakh people this year, as the industry is

focussing on re-skilling, new talent addition. B) In terms of revenue generation, the

body said the industry had added US$11bn revenue in the fiscal year 2017 with

8.6 % growth in CC (constant currency terms). NASSCOM and is expecting IT

industry’s services exports to grow 7-8% in the financial year 2017-18. It added

that the domestic IT services revenue is being expected at 10-11%. C) Digital a

bigger of new sunrise for IT industry. It has been a big driver for IT industry. The

guidance is broadly in line with the outlook given by the Industry players and

hence holds no big surprise. We maintain our buy on Infosys, Tech Mahindra &

HCL Tech.

www.angelbroking.com

Market Outlook

June 23, 2017

Economic and Political News

 Govt. banks devise three-tier plan for NPA resolution

 SEBI new ruling allows alternative investment funds (AIFs) to sell their shares in a

company any time after its initial public offering (IPO)

 RBI adds three new members to oversight committee, empowers panel to

stressed asset cases where banks have over `500cr exposure

 Opposition fields former speaker of the house Meira Kumar as presidential

candidate opposite Ram Nath Kovind

Corporate News

 Wockhardt settles case with Teva and its affiliate in London High Court

 Reliance Communications rallies over 6 percent after the company announced

that had started the process to monetise their real estate assets

 Cental Govt. to take action on privatising Air India in 6 months

www.angelbroking.com

Market Outlook

June 23, 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

22,341

1,869

2,161

15.7

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,226

408

447

9.7

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

6,036

631

760

20.4

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

14,314

457

520

13.9

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

8,711

144

160

11.0

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

5,899

180

225

24.7

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

1,791

230

258

12.1

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,225

434

522

20.4

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,085

216

265

22.5

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,966

2,097

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 23, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jun 23, 2017

1:00 PMGermany

PMI Manufacturing

Value

Jun P

59.50

59.00

1:00 PMGermany

PMI Services

Value

Jun P

55.40

7:30 PMUS

New home sales

Thousands

May

569.00

590.00

Jun 27, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jun

(9.00)

Jun 29, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Jun

117.90

115.40

Jun 30, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

1Q T

1.20

6:30 AMChina

PMI Manufacturing

Value

Jun

51.20

51.00

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

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

Jul 12, 2017

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

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

6:00 PMUS

Consumer price index (mom)

% Change

Jun

(0.10)

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

June 23, 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 23, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

61,272

(0.7)

(5.6)

21.7

Russia

Micex

1,860

(4.6)

(8.9)

(1.3)

India

Nifty

9,630

2.6

5.6

17.9

China

Shanghai Composite

3,147

2.2

(3.4)

10.9

South Africa

Top 40

44,945

(6.4)

(1.3)

(4.4)

Mexico

Mexbol

49,017

(0.1)

0.9

6.2

Indonesia

LQ45

978

0.7

8.6

17.1

Malaysia

KLCI

1,777

0.1

1.3

9.3

Thailand

SET 50

995

0.4

0.7

9.2

USA

Dow Jones

21,397

2.4

3.6

18.8

FTSE

7,439

(0.8)

0.1

21.2

Japan

Nikkei

20,111

2.5

3.4

26.3

Germany

DAX

12,794

1.4

6.1

35.4

France

CAC

5,282

(1.2)

5.6

24.6

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

June 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

Reduce

242

209

4,704

1,937

2,164

13.3

14.3

9.0

11.0

26.9

22.0

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

860

43,678

15,176

17,604

18.5

37.4

44.6

23.0

19.3

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,275

20,021

21,915

11.6

11.9

4.5

5.3

20.7

17.5

4.2

3.8

20.6

21.5

1.3

1.2

Bajaj Auto

Neutral

2,840

82,193

25,093

27,891

19.5

19.2

143.9

162.5

19.7

17.5

5.5

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,154

26,871

7,726

8,713

20.5

21.2

35.3

42.7

32.7

27.0

6.0

5.5

18.9

20.1

3.5

3.1

Eicher Motors

Neutral

27,681

75,353

16,583

20,447

17.5

18.0

598.0

745.2

46.3

37.2

15.8

12.0

41.2

38.3

4.4

3.5

Gabriel India

Neutral

159

2,285

1,544

1,715

9.0

9.3

5.4

6.3

29.5

25.3

5.6

4.9

18.9

19.5

1.4

1.3

Hero Motocorp

Neutral

3,733

74,550

28,083

30,096

15.3

15.7

171.8

187.0

21.7

20.0

7.6

6.4

30.1

27.9

2.5

2.3

Jamna Auto Industries Neutral

264

2,102

1,486

1,620

9.8

9.9

15.0

17.2

17.6

15.3

3.8

3.3

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

802

1,258

1,302

1,432

11.6

11.9

43.7

53.0

18.4

15.1

2.6

2.4

13.8

14.2

1.1

1.0

Mahindra and Mahindra Neutral

1,396

86,711

46,534

53,077

11.6

11.7

67.3

78.1

20.7

17.9

3.4

2.9

15.4

15.8

1.8

1.6

Maruti

Neutral

7,315

220,979

67,822

83,288

16.0

16.4

253.8

312.4

28.8

23.4

6.6

5.4

23.0

22.9

2.9

2.3

Minda Industries

Neutral

599

5,173

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

471

66,156

45,896

53,687

7.8

8.3

13.0

16.1

36.1

29.3

11.7

9.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,352

1,070

511

562

11.3

11.5

28.1

30.9

48.1

43.7

7.3

6.7

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

514

741

837

13.0

15.2

17.0

2.5

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

453

130,739

300,209

338,549

8.9

8.4

42.7

54.3

10.6

8.4

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

542

25,754

13,390

15,948

6.9

7.1

12.8

16.5

42.5

32.8

10.6

8.4

26.3

27.2

2.0

1.6

Amara Raja Batteries

Buy

848

1,009

14,478

5,305

6,100

16.0

16.3

28.4

34.0

29.9

24.9

5.8

4.8

19.3

2.7

2.4

Exide Industries

Neutral

219

18,590

7,439

8,307

15.0

8.1

9.3

27.0

23.5

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

257

13,102

12,877

14,504

14.3

13.9

21.4

23.0

12.0

11.2

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,837

7,430

7,524

8,624

13.0

12.7

131.1

144.3

14.0

12.7

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

170

3,852

7,455

8,056

15.0

21.8

24.5

7.8

6.9

1.6

1.3

22.8

21.3

0.6

Swaraj Engines

Neutral

2,334

2,899

660

810

15.2

16.4

54.5

72.8

42.8

32.1

13.4

12.1

31.5

39.2

4.2

3.4

Subros

Neutral

255

1,529

1,488

1,681

11.7

11.9

6.4

7.2

39.8

35.6

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

215

563

286

326

19.8

16.8

11.7

13.3

18.4

16.1

3.1

2.9

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

707

709

814

4.1

4.6

1.4

2.1

51.1

34.1

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,544

6,432

3,451

4,055

6.3

9.2

31.4

57.9

49.2

26.7

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

166

37,168

8,137

9,169

16.8

17.2

58.7

62.5

2.8

2.7

0.4

44.6

46.3

3.5

3.2

www.angelbroking.com

Stock Watch

June 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

Neutral

465

15,391

6,511

7,514

7.9

8.7

12.9

16.3

36.1

28.5

6.5

5.7

16.7

18.5

2.1

1.8

BGR Energy

Neutral

153

1,102

16,567

33,848

6.0

5.6

7.8

5.9

19.6

25.9

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

137

33,495

28,797

34,742

2.8

2.3

6.9

59.5

19.8

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

631

760

6,036

4,283

5,077

5.9

7.3

14.9

22.1

42.4

28.5

8.2

6.9

20.4

26.4

1.5

1.2

CG Power and Industrial

Neutral

5,283

5,777

6,120

5.9

7.0

3.3

4.5

25.6

18.7

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

163

3,974

1,755

1,881

16.8

16.9

7.8

8.5

20.9

19.2

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

141

3,135

5,605

6,267

15.7

16.4

24.8

30.0

5.7

4.7

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

243

6,240

9,294

10,186

7.9

8.1

9.9

11.9

24.5

20.4

3.6

3.1

15.6

16.3

0.9

0.8

KEI Industries

Accumulate

230

258

1,791

2,633

3,001

10.4

10.0

12.7

13.0

18.1

17.7

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

936

11,151

5,421

5,940

7.3

25.7

30.2

36.4

31.0

4.4

4.0

12.2

13.1

1.9

1.8

VATech Wabag

Neutral

717

3,914

3,136

3,845

8.9

9.1

26.0

35.9

27.6

20.0

3.5

2.9

13.4

15.9

1.2

0.9

Cement

ACC

Neutral

1,652

31,022

11,225

13,172

13.2

16.9

44.5

75.5

37.1

21.9

3.5

3.2

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

244

48,529

9,350

10,979

18.2

22.5

5.8

9.5

42.1

25.7

3.5

3.2

10.2

12.5

5.2

4.4

India Cements

Neutral

211

6,485

4,364

4,997

18.5

19.2

7.9

11.3

26.7

18.7

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

983

6,874

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

490

5,771

2,913

3,412

14.5

19.5

7.5

22.5

65.4

21.8

4.0

3.4

12.5

18.0

2.6

2.2

Orient Cement

Neutral

149

3,049

2,114

2,558

18.5

20.5

8.1

11.3

18.4

13.2

2.7

2.3

9.0

14.0

2.1

1.6

UltraTech Cement

Neutral

4,059

111,423

25,768

30,385

21.0

23.5

111.0

160.0

36.6

25.4

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

100

3,304

8,946

10,017

31.0

31.6

8.1

9.1

12.4

11.0

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

205

2,881

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.2

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,736

162,083

111,017

124,908

11.0

61.1

66.7

28.4

26.0

3.4

3.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

149

7,220

705

788

52.2

51.7

5.0

5.6

29.9

26.7

3.0

2.6

11.2

9.9

8.4

Nagarjuna Const.

Neutral

5,090

8,842

9,775

9.1

8.8

5.3

6.4

17.3

14.3

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

146

3,744

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

515

2,546

6,829

7,954

10.5

31.4

37.4

16.4

13.8

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

585

861

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

305

5,227

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

207

18,621

7,428

9,549

7.9

8.6

8.2

11.0

25.2

18.8

1.3

1.0

28.2

28.7

2.2

1.7

MEP Infra

Neutral

105

1,701

1,877

1,943

30.6

29.8

3.0

4.2

34.9

24.9

16.9

11.4

0.6

2.3

2.1

www.angelbroking.com

Stock Watch

June 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

112

3,936

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.2

4.8

(22.8)

(15.9)

12.0

10.0

Engineers India

Neutral

155

10,448

1,725

1,935

16.0

19.1

11.4

13.9

13.6

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Financials

Axis Bank

Accumulate

508

580

121,737

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

165

38,019

19,980

23,178

1.8

11.5

17.3

14.4

9.5

1.6

1.4

8.3

10.1

Canara Bank

Neutral

351

20,947

15,225

16,836

1.8

14.5

28.0

24.2

12.5

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,255

8,664

420

526

3.5

86.5

107.8

37.6

30.2

8.1

6.6

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,084

1,230

16,941

2,012

2,317

6.3

42.7

53.6

25.4

20.2

4.0

3.4

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

457

520

14,314

2,225

2,688

2.9

29.7

34.6

15.4

13.2

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

154

235

5,212

939

1,281

11.7

11.5

5.8

8.2

26.6

18.8

2.3

2.0

10.9

11.5

Federal Bank

Accumulate

118

125

20,278

8,259

8,995

3.0

4.3

5.6

27.3

21.0

2.3

2.1

8.5

10.1

HDFC

Neutral

1,655

263,142

11,475

13,450

3.4

45.3

52.5

36.5

31.5

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,698

436,147

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

289

315

185,619

42,800

44,686

3.1

3.3

18.0

21.9

16.1

13.2

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

144

160

8,711

5,640

6,030

3.3

3.2

8.9

10.0

16.2

14.4

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

200

3,841

3,339

3,799

2.7

2.8

11.0

14.0

18.2

14.3

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

770

38,844

3,712

4,293

2.6

2.5

39.0

46.0

19.7

16.7

3.7

3.2

19.9

20.1

Punjab Natl.Bank

Neutral

146

30,973

23,532

23,595

2.3

2.4

6.8

12.6

21.4

11.6

3.3

2.4

3.3

6.5

RBL Bank

Neutral

512

19,263

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

870

5,443

388

457

4.5

4.2

30.0

38.0

29.0

22.9

4.8

4.1

18.0

19.2

South Ind.Bank

Neutral

5,212

6,435

7,578

2.5

2.7

3.1

10.7

9.3

1.4

1.2

10.1

11.2

St Bk of India

Neutral

295

254,257

88,650

98,335

2.6

13.5

18.8

21.8

15.7

2.1

1.8

7.0

8.5

Union Bank

Neutral

151

10,360

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

1,453

66,449

8,978

11,281

3.3

3.4

74.0

90.0

19.6

16.1

3.7

3.2

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,825

8,754

2,955

3,309

13.3

13.7

57.2

69.3

31.9

26.3

10.4

8.8

32.7

33.3

2.8

2.4

Asian Paints

Neutral

1,164

111,622

17,128

18,978

16.8

16.4

19.1

20.7

60.9

56.2

21.2

20.0

34.8

35.5

6.4

5.8

Britannia

Neutral

3,640

43,691

9,594

11,011

14.6

14.9

80.3

94.0

45.3

38.7

18.6

14.4

41.2

4.4

3.8

Colgate

Neutral

1,101

29,940

4,605

5,149

23.4

23.8

26.9

46.3

40.9

25.6

20.0

64.8

66.8

6.4

5.7

Dabur India

Neutral

290

51,066

8,315

9,405

19.8

20.7

8.1

9.2

35.8

31.5

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

5,370

22,582

4,350

4,823

21.2

21.4

179.2

196.5

30.0

27.3

8.0

6.7

27.1

26.8

4.6

4.0

www.angelbroking.com

Stock Watch

June 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

Godrej Consumer

Neutral

960

65,392

10,235

11,428

18.4

18.6

41.1

44.2

23.4

21.7

5.2

4.4

24.9

24.8

6.5

5.7

HUL

Neutral

1,094

236,846

35,252

38,495

17.8

20.7

22.4

53.0

48.9

50.7

43.4

95.6

88.9

6.6

6.0

ITC

Neutral

311

377,419

40,059

44,439

38.3

39.2

9.0

10.1

34.6

30.7

9.7

8.4

27.8

27.5

8.9

8.0

Marico

Neutral

314

40,469

6,430

7,349

18.8

19.5

6.4

7.7

49.0

40.7

14.8

12.4

33.2

32.5

6.1

5.3

Nestle*

Neutral

6,773

65,301

10,073

11,807

20.7

21.5

124.8

154.2

54.3

43.9

22.3

20.0

34.8

36.7

6.3

5.3

Tata Global

Neutral

155

9,767

8,675

9,088

9.8

7.4

8.2

20.9

18.9

1.7

1.6

7.9

8.1

1.0

Procter & Gamble

Neutral

8,001

25,970

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

849

1,014

121,108

46,723

52,342

22.1

20.9

60.0

62.8

14.2

13.5

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

940

1,179

215,982

68,484

73,963

26.0

63.0

64.0

14.9

14.7

3.1

2.9

20.8

19.7

2.8

2.5

TCS

Accumulate

2,396

2,651

472,065

117,966

127,403

27.5

27.6

134.3

144.5

17.8

16.6

5.3

4.9

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

387

533

37,731

29,141

31,051

14.4

15.0

32.3

35.6

12.0

10.9

2.1

1.9

17.1

17.0

1.1

1.0

Wipro

Accumulate

255

280

123,916

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

6,918

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

1,913

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

180

225

5,899

2,283

2,555

28.0

10.6

12.3

17.0

14.7

3.6

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

833

32,821

2,850

3,265

70.1

71.0

26.2

30.4

31.8

27.4

8.1

7.2

24.3

25.6

11.1

9.6

Hindustan Media

Neutral

271

1,988

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

253

344

1,510

608

667

21.5

22.3

15.7

19.2

16.1

13.2

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

246

152,826

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

253

106,710

14,252

18,465

55.9

48.3

15.8

21.5

16.0

11.8

2.6

2.3

17.0

20.7

7.5

5.8

Hindalco

Neutral

192

42,972

107,899

112,095

7.4

8.2

9.2

13.0

20.8

14.7

1.0

4.8

6.6

0.9

JSW Steel

Neutral

197

47,728

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.4

NMDC

Neutral

109

34,581

6,643

7,284

44.4

47.7

7.1

7.7

15.4

14.2

1.3

8.8

9.2

3.0

2.7

SAIL

Neutral

24,140

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.5

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

234

87,075

71,744

81,944

19.2

21.7

13.4

20.1

17.5

11.7

1.5

1.3

8.4

11.3

1.6

1.3

Tata Steel

Neutral

515

49,974

121,374

121,856

7.2

8.4

18.6

34.3

27.7

15.0

1.7

1.6

6.1

10.1

1.1

1.0

Oil & Gas

GAIL

Neutral

360

60,845

56,220

65,198

9.3

10.1

27.1

33.3

13.3

10.8

1.2

1.1

9.3

10.7

1.3

1.1

ONGC

Neutral

161

205,974

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.7

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

394

191,080

373,359

428,656

5.9

5.5

54.0

59.3

7.3

6.6

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

June 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

Oil & Gas

Reliance Industries

Neutral

1,433

465,979

301,963

358,039

12.1

12.6

87.7

101.7

16.3

14.1

1.7

1.5

10.7

11.3

2.0

1.7

Pharmaceuticals

Alembic Pharma

Buy

521

648

9,824

3,101

3,966

19.7

20.5

21.4

25.5

24.4

20.4

5.2

4.2

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,869

2,161

22,341

5,853

6,901

17.1

18.4

74.6

85.0

25.0

22.0

5.3

4.4

21.1

20.2

3.8

3.2

Aurobindo Pharma

Buy

666

823

39,002

14,845

17,086

21.5

22.1

39.4

44.7

16.9

14.9

4.2

3.3

27.6

24.7

2.8

2.4

Aventis*

Neutral

4,274

9,844

2,206

2,508

16.6

16.8

128.9

139.9

33.2

30.6

5.7

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Reduce

526

450

53,854

9,220

11,584

18.4

20.3

14.5

18.7

36.3

28.1

7.7

6.3

23.5

24.6

6.2

4.7

Cipla

Reduce

539

461

43,358

14,281

16,619

15.4

16.2

12.5

19.7

43.1

27.4

3.5

3.1

8.4

12.0

3.2

2.7

Dr Reddy's

Neutral

2,629

43,576

14,081

15,937

16.1

18.6

72.6

105.9

36.2

24.8

3.6

3.2

9.6

13.6

3.3

2.9

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

2,465

20,878

2,927

3,290

11.8

16.2

34.4

49.6

71.7

49.7

10.4

10.8

13.9

21.3

6.9

6.2

Indoco Remedies

Sell

185

153

1,705

1,067

1,154

12.1

14.9

8.4

11.3

22.0

16.4

2.6

2.3

12.6

15.0

1.8

1.7

Ipca labs

Buy

467

620

5,897

3,211

3,593

13.9

14.5

15.4

19.4

30.4

24.1

2.4

2.2

8.2

9.5

2.0

1.7

Lupin

Buy

1,067

1,526

48,194

17,120

18,657

24.1

56.9

61.1

18.8

17.5

3.6

3.0

20.7

18.6

3.1

2.5

Natco Pharma

Accumulate

970

1,060

16,912

2,065

1,988

33.1

33.7

27.9

25.7

34.8

37.7

10.1

8.6

29.2

22.9

8.3

8.4

Sun Pharma

Buy

539

712

129,247

30,264

32,899

29.0

26.9

32.7

31.6

16.5

17.1

3.5

3.0

22.2

18.7

4.0

3.6

Power

Tata Power

Neutral

22,382

36,916

39,557

17.4

27.1

5.1

6.3

16.2

13.1

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

159

131,020

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

202

223

105,469

25,315

29,193

88.2

88.7

14.2

17.2

14.2

11.8

2.2

1.9

15.2

16.1

8.8

7.9

Real Estate

Prestige Estate

Neutral

258

9,662

4,707

5,105

25.2

26.0

10.3

13.0

25.0

19.8

2.0

1.9

10.3

10.2

3.2

2.9

MLIFE

Buy

434

522

2,225

1,152

1,300

22.7

24.6

29.9

35.8

14.5

12.1

1.1

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

365

146,085

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

28,938

40,133

43,731

37.2

37.1

6.4

6.5

12.5

12.4

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,342

9,227

3,153

3,583

14.1

14.4

152.2

182.7

28.5

23.8

140.1

119.6

25.6

26.1

2.6

2.3

Asian Granito

Accumulate

408

447

1,226

1,066

1,169

11.6

12.5

13.0

16.0

31.4

25.5

3.1

2.7

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

340

395

3,439

4,801

5,351

5.7

6.2

10.4

13.7

32.6

24.8

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

225

1,611

1,353

1,471

12.3

12.4

14.5

16.3

15.5

13.8

21.5

19.3

14.5

14.6

1.1

121.6

Coffee Day Enterprises

Neutral

249

5,122

2,964

3,260

20.5

21.2

4.7

8.0

31.1

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

201

129

1,137

1,256

3.1

2.7

28.0

23.6

7.2

8.5

38.6

34.9

14.3

11.5

0.1

Elecon Engineering

Neutral

669

1,482

1,660

13.7

14.5

3.9

5.8

15.3

10.3

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

June 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

Finolex Cables

Neutral

483

7,390

2,883

3,115

12.0

12.1

14.2

18.6

34.0

26.0

18.1

15.8

14.6

2.3

2.0

Garware Wall Ropes

Neutral

822

1,799

863

928

15.1

15.2

36.4

39.4

22.6

20.9

4.1

3.5

17.5

15.9

2.0

1.8

Goodyear India*

Neutral

876

2,022

1,598

1,704

10.4

10.2

49.4

52.6

17.7

16.7

81.9

71.9

18.2

17.0

1.0

135.4

Hitachi

Neutral

2,009

5,463

2,081

2,433

8.8

8.9

33.4

39.9

60.2

50.4

48.5

40.4

22.1

21.4

2.6

2.2

HSIL

Neutral

387

2,799

2,384

2,515

15.8

16.3

15.3

19.4

25.3

20.0

25.1

21.6

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,248

45,142

21,122

26,005

14.5

27.6

110.7

132.1

11.3

9.5

67.5

48.2

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

377

6,855

1,440

2,052

11.5

13.0

8.5

10.0

44.4

37.7

10.8

10.0

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

410

5,928

2,554

2,800

9.9

10.0

10.5

12.1

39.0

33.9

16.3

15.4

10.7

11.7

2.0

1.8

Ltd

Linc Pen & Plastics

Neutral

293

433

382

420

9.3

9.5

13.5

15.7

21.7

18.6

3.7

3.2

17.1

17.3

1.2

1.1

M M Forgings

Neutral

630

761

546

608

20.4

20.7

41.3

48.7

15.3

12.9

86.3

76.4

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

796

4,556

836

1,087

19.6

19.4

16.9

23.8

47.1

33.4

5.7

4.9

12.0

14.8

5.2

3.9

Mirza International

Neutral

156

1,873

963

1,069

17.2

18.0

6.1

7.5

25.4

20.7

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

255

366

417

17.7

18.2

9.4

10.8

6.9

5.9

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

308

6,300

1,873

2,166

11.5

11.7

2.6

4.0

116.6

77.8

7.2

6.5

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

216

265

3,085

347

371

43.2

37.3

6.7

6.0

32.4

36.1

2.2

2.0

6.2

10.6

10.0

9.4

Navneet Education

Neutral

184

4,286

1,062

1,147

24.0

6.1

6.6

30.1

27.7

6.2

5.5

20.6

19.8

4.1

3.8

Nilkamal

Neutral

1,934

2,886

1,995

2,165

10.7

10.4

69.8

80.6

27.7

24.0

110.5

96.0

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,677

18,601

2,450

3,124

20.1

17.6

299.0

310.0

55.8

53.8

371.4

283.5

47.1

87.5

7.6

6.0

Parag Milk Foods

Neutral

216

1,815

1,919

2,231

9.3

9.6

9.5

12.9

22.8

16.7

3.6

2.9

15.5

17.5

1.1

0.9

Quick Heal

Neutral

212

1,484

408

495

27.3

27.0

7.7

8.8

27.3

24.1

2.5

9.3

10.6

2.8

2.3

Radico Khaitan

Buy

127

147

1,686

1,667

1,824

13.0

13.2

6.7

8.2

19.1

15.5

1.7

1.6

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

490

5,880

2,085

2,469

9.2

8.2

7.6

8.0

64.8

61.6

25.1

21.4

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

282

4,078

1,036

1,160

15.1

15.0

6.1

7.2

46.2

39.3

4.9

4.5

10.7

11.5

3.8

3.4

Siyaram Silk Mills

Buy

2,097

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

850

1,495

1,440

1,537

9.2

9.0

40.6

42.6

20.9

20.0

53.5

48.6

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

295

1,294

3,342

3,625

7.8

7.5

17.3

19.8

17.1

14.9

32.4

26.0

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,329

2,272

3,229

4,001

1.5

1.8

22.8

32.8

58.4

40.5

6.3

5.4

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

190

760

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

304

2,324

2,671

2,911

8.5

8.8

13.9

15.7

21.9

19.4

3.0

2.7

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

June 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

TVS Srichakra

Neutral

4,013

3,072

2,304

2,614

13.7

13.8

231.1

266.6

17.4

15.1

450.9

355.0

33.9

29.3

1.3

1.2

UFO Moviez

Neutral

414

1,142

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

Visaka Industries

Neutral

509

808

1,051

1,138

10.3

10.4

21.0

23.1

24.2

22.0

65.2

61.1

9.0

9.2

1.0

VRL Logistics

Neutral

331

3,024

1,902

2,119

16.7

16.6

14.6

16.8

22.8

19.7

5.0

4.4

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

193

218

2,730

1,270

1,450

10.4

5.6

6.5

34.5

29.7

7.2

6.2

20.7

21.1

2.2

1.9

Navin Fluorine

Buy

3,034

3,650

2,986

789

945

21.1

22.4

120.1

143.4

25.3

21.2

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 22, 2017

www.angelbroking.com

Market Outlook

June 23, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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

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This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

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

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