Market Outlook
December 27, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open positive tracking the SGX Nifty.
BSE Sensex
(0.9)
(234)
25,807
Nifty
(1.0)
(78)
7,908
The US and European markets were closed on Monday.
Mid Cap
(2.2)
(255)
11,506
NSE Nifty on Monday slumped to a 7 month low of 7,908 and the Sensex below
Small Cap
(2.1)
(248)
11,549
26,000, on the fears of excessive taxation by the government and the ongoing cash
crunch. On Saturday, Prime Minister Narendra Modi had said that market
Bankex
(1.4)
(280)
20,148
participants should contribute to nation-building in a fair, efficient and transparent
way and promised more sound and prudent policies and reform measures, which
Global Indices
Chg (%)
(Pts)
(Close)
was seen in some quarters as a prelude to higher taxation by way of long-term
Dow Jones
0.1
15
19,934
capital gains tax on investment in shares.
Nasdaq
0.3
15
5,463
Sensex opened at 25,992 against previous close of 26,041, hit an intraday high of
FTSE
0.1
4
7,068
26,009 and a low of 25,754. On similar lines, the broader Nifty50 of the National
Nikkei
(0.2)
(31)
19,397
Stock Exchange (NSE) closed at 7,908, down 78 points - its lowest closing since May
25, 2016.
Hang Seng
(0.3)
(61)
21,575
Shanghai Com
0.4
12
3,123
News Analysis
Jet Airways to up capacity by 50% on certain domestic, international routes
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
569
245
Investor’s Ready Reckoner
Declines
2,084
1,388
Unchanged
142
60
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
BSE
1,857
Top Picks
NSE
12,766
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batt. Auto & Auto Ancill.
Buy
872
1,167
33.8
Net Inflows (` Cr)
Net
Mtd
Ytd
Alkem Laboratories Pharmaceuticals
Buy
1,546
1,989
28.6
FII
(574)
(3,384)
23,894
HCL Tech
IT
Buy
791
1,000
26.4
MFs
1,085
2,248
40,434
Power Grid Corp. Power
Buy
179
223
24.8
Navkar Corp.
Others
Buy
161
265
65.1
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Naukri
887
7.4
Key Upcoming Events
Previous
Consensus
Fincables
422
4.4
Date
Region
Event Description
Reading
Expectations
Gdl
231
3.1
Dec 27 US
Initial Jobless Claims
275.00
--
Balkrisind
1,084
3.1
Dec 29 US
Consumer Confidence
107.1
108.5
Jan 01 China
PMI Manufacturing
51.7
51.6
Aloktext
3
2.9
Jan 02 Germany Unemployment Change (000’s)
(5.00)
(5.00)
Jan 03 Germany PMI Manufacturing
55.5
55.5
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Divislab
765
(11.6)
Welcorp
73
(7.6)
Bharatfin
480
(7.6)
Dlf
105
(7.2)
Enginersin
302
(6.6)
As on December 26, 2016
Market Outlook
December 27, 2016
News Analysis
Jet Airways to up capacity by
50% on certain domestic,
international routes
Jet Airways has announced the deployment of higher seating capacity aircraft on
two domestic and an equal number of international routes from early next year
amid growing passenger demand. Jet Airways flights to Kuwait and Jeddah from
Mumbai and vice versa as well as to Chennai and Bangalore would be operated
by the 254-seater Airbus A330 aircraft from January, 2017 in place of the existing
Boeing 737.
While the wide-body service between Mumbai-Chennai-Mumbai is slated to begin
from January 15, the airline will commence its Mumbai-Jeddah-Mumbai and
Mumbai-Bangalore-Mumbai services from January 16, adding that the Mumbai-
Kuwait-Mumbai service is scheduled to start from January 18. The use of the
bigger aircraft on these routes would enable Jet Airways to offer a luxurious and
premium flying experience for guests, at par with global standards.
Earlier this year, Jet Airways had commenced operating its Airbus A330s between
Mumbai-Delhi and Delhi-Kolkata routes, expanding capacity. The introduction of
wide-body services on our key domestic routes not only allows Jet Airways to scale
up capacity in response to increase in demand. The A330 aircraft is designed with
a spacious cabin, greater leg-room, lie-flat beds in premiere. The rolling out of the
wide body aircraft with its two-cabin configuration of 18 seats in premiere
(business) and 236 in economy class will also increase capacity on the key routes
by as much as 50 per cent.
Economic and Political News
Budget 2017: Income and corporate tax set to fall courtesy demonetisation
Budget 2017: Short-term capital gains tax rate may go up
Govt plugs holes to launch big fight against Benami lands next yr
Service tax mop from Mumbai zone jumps 25.5%
Railways plans highest outlay of `1.35lakh cr for FY18
Corporate News
Auto firms' cash reserves zoom to `46,000cr on rising profit
Mahindra & Mahindra steers SsangYong to turnaround mode
Srei Infrastructure arm plans to raise `500cr via NCDs
Market Outlook
December 27, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,899
872
1,167
33.8
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
18,486
1,546
1,989
28.6
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
1,11,622
791
1,000
26.4
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,25,790
983
1,249
27.0
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,24,755
1,338
1,634
22.2
trigger the growth for the L&T
One of the largest pharma companies with strong
international presence. It has a rich pipeline of ANDAs
Lupin
63,427
1,405
1,809
28.7
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
93,462
179
223
24.8
top-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
622
207
351
69.9
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,078
205
274
33.3
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Favourable outlook for AC industry augurs well for Cooling
Blue Star
4,239
444
634
42.9
products business which is outgrowing the market. EMPPAC
division's is likely to turn around on improving economy
With a focus on the low and medium income (LMI)
Dewan Housing Finance
7,230
231
350
51.6
consumer 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
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
4,717
141
235
67.1
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
5,396
165
225
36.3
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,456
355
522
47.1
visibilty 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
980
82
107
31.3
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
Navkar Corporation
2,289
161
265
65.1
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,124
1,199
1,605
33.9
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
1,530
257
385
50.1
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 27, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
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)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
December 27, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.3
1.7
1.5
2.0
1.1
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
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)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
December 27, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
58,620
(7.6)
(0.8)
26.5
Russia
Micex
2,178
5.2
7.4
26.2
India
Nifty
7,908
(0.3)
(9.1)
2.9
China
Shanghai Composite
3,123
(3.4)
3.5
(10.8)
South Africa
Top 40
42,861
(2.0)
(4.5)
(3.6)
Mexico
Mexbol
44,990
1.5
(2.9)
3.3
Indonesia
LQ45
829
(3.3)
(10.4)
11.4
Malaysia
KLCI
1,617
(0.7)
(3.1)
(1.0)
Thailand
SET 50
945
2.3
(0.0)
14.6
USA
Dow Jones
19,934
5.1
8.3
13.5
UK
FTSE
7,068
3.7
3.7
12.7
Japan
Nikkei
19,397
7.3
17.6
2.9
Germany
DAX
11,450
6.9
7.3
5.5
France
CAC
4,840
6.3
7.7
6.9
Source: Bloomberg, Angel Research
Stock Watch
December 27, 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
191
209
3,715
1,937
2,164
13.3
14.3
9.0
11.0
21.2
17.4
3.7
3.2
18.4
19.8
2.0
1.7
United Phosphorus
Accumulate
611
684
30,985
15,176
17,604
18.5
18.5
37.4
44.6
16.3
13.7
3.2
2.7
21.4
21.2
2.2
1.8
Auto & Auto Ancillary
Ashok Leyland
Buy
77
111
21,799
22,407
26,022
10.6
10.6
5.2
6.4
14.7
11.9
3.3
2.8
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,597
-
75,140
25,093
27,891
19.5
19.2
143.9
162.5
18.0
16.0
5.1
4.4
30.3
29.4
2.7
2.4
Bharat Forge
Neutral
882
-
20,539
7,726
8,713
20.5
21.2
35.3
42.7
25.0
20.7
4.6
4.2
18.9
20.1
2.7
2.4
Eicher Motors
Neutral
20,273
-
55,149
16,583
20,447
17.5
18.0
598.0
745.2
33.9
27.2
11.6
8.8
41.2
38.3
3.2
2.5
Gabriel India
Buy
105
130
1,503
1,544
1,715
9.0
9.3
5.4
6.3
19.4
16.6
3.7
3.2
18.9
19.5
0.9
0.8
Hero Motocorp
Buy
3,004
3,541
59,995
30,958
34,139
15.7
15.7
193.6
208.3
15.5
14.4
6.1
5.0
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
160
-
1,275
1,486
1,620
9.8
9.9
15.0
17.2
10.7
9.3
2.3
2.0
21.8
21.3
0.9
0.8
L G Balakrishnan & Bros Neutral
516
-
809
1,302
1,432
11.6
11.9
43.7
53.0
11.8
9.7
1.7
1.5
13.8
14.2
0.7
0.6
Mahindra and Mahindra Neutral
1,149
-
71,357
46,534
53,077
11.6
11.7
67.3
78.1
17.1
14.7
2.8
2.4
15.4
15.8
1.5
1.3
Maruti
Buy
5,165
6,006
156,020
68,057
82,958
15.8
15.5
212.1
261.2
24.4
19.8
4.8
4.0
19.8
20.3
2.0
1.5
Minda Industries
Neutral
295
-
2,343
2,728
3,042
9.0
9.1
68.2
86.2
4.3
3.4
1.0
0.8
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
307
-
43,070
45,896
53,687
7.8
8.3
13.0
16.1
23.5
19.1
7.6
6.1
34.7
35.4
1.0
0.8
Rane Brake Lining
Neutral
909
-
719
511
562
11.3
11.5
28.1
30.9
32.3
29.4
4.9
4.5
15.3
15.0
1.5
1.4
Setco Automotive
Neutral
35
-
466
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
458
-
132,321
300,209
338,549
8.9
8.4
42.7
54.3
10.7
8.5
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
366
-
17,402
13,390
15,948
6.9
7.1
12.8
16.5
28.7
22.1
7.1
5.7
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
872
1,167
14,899
5,504
6,605
17.6
17.5
33.4
40.9
26.1
21.3
5.8
4.7
22.1
22.0
2.7
2.2
Exide Industries
Neutral
173
-
14,705
7,439
8,307
15.0
15.0
8.1
9.3
21.4
18.6
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
185
235
9,427
12,877
14,504
14.3
13.9
21.4
23.0
8.6
8.1
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,135
1,450
4,590
7,524
8,624
13.0
12.7
131.1
144.3
8.7
7.9
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
109
-
2,467
7,455
8,056
15.0
15.0
21.8
24.5
5.0
4.4
1.0
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,310
-
1,627
660
810
15.2
16.4
54.5
72.8
24.0
18.0
7.5
6.8
31.5
39.2
2.3
1.8
Subros
Neutral
148
-
887
1,488
1,681
11.7
11.9
6.4
7.2
23.1
20.6
2.4
2.2
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
178
-
467
286
326
19.8
16.8
11.7
13.3
15.2
13.4
2.6
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
44
-
432
709
814
4.1
4.6
1.4
2.1
31.2
20.8
1.3
1.2
4.4
6.0
0.8
0.7
BEML
Neutral
951
-
3,961
3,451
4,055
6.3
9.2
31.4
57.9
30.3
16.4
1.8
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Neutral
1,356
-
30,292
8,137
9,169
16.8
17.2
58.7
62.5
23.1
21.7
3.6
3.2
44.6
46.3
2.7
2.4
Stock Watch
December 27, 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
310
407
10,249
6,511
7,514
7.9
8.7
12.9
16.3
24.0
19.0
4.3
3.8
16.7
18.5
1.3
1.1
BGR Energy
Neutral
107
-
774
16,567
33,848
6.0
5.6
7.8
5.9
13.7
18.2
0.8
0.8
4.7
4.2
0.1
0.1
BHEL
Neutral
117
-
28,649
28,797
34,742
-
2.8
2.3
6.9
50.9
17.0
0.9
0.8
1.3
4.8
0.6
0.4
Blue Star
Buy
444
634
4,239
4,283
5,077
5.9
7.3
14.9
22.1
29.8
20.1
5.8
4.9
20.4
26.4
1.0
0.9
Crompton Greaves
Neutral
56
-
3,507
5,777
6,120
5.9
7.0
3.3
4.5
17.0
12.4
0.8
0.7
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
117
-
2,858
1,755
1,881
16.8
16.9
7.8
8.5
15.0
13.8
3.0
2.8
20.6
20.9
1.3
1.2
Inox Wind
Neutral
180
-
3,997
5,605
6,267
15.7
16.4
24.8
30.0
7.3
6.0
2.0
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
132
-
3,392
9,294
10,186
7.9
8.1
9.9
11.9
13.3
11.1
2.0
1.7
15.6
16.3
0.6
0.5
Thermax
Neutral
747
-
8,901
5,421
5,940
7.3
7.3
25.7
30.2
29.1
24.7
3.5
3.2
12.2
13.1
1.5
1.4
VATech Wabag
Buy
461
681
2,513
3,136
3,845
8.9
9.1
26.0
35.9
17.7
12.8
2.2
1.9
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,287
-
24,164
11,225
13,172
13.2
16.9
44.5
75.5
28.9
17.0
2.7
2.5
11.2
14.2
2.2
1.8
Ambuja Cements
Neutral
198
-
39,336
9,350
10,979
18.2
22.5
5.8
9.5
34.2
20.9
2.9
2.6
10.2
12.5
4.2
3.6
India Cements
Neutral
108
-
3,310
4,364
4,997
18.5
19.2
7.9
11.3
13.6
9.5
1.0
1.0
8.0
8.5
1.5
1.3
JK Cement
Neutral
640
-
4,477
4,398
5,173
15.5
17.5
31.2
55.5
20.5
11.5
2.5
2.1
12.0
15.5
1.6
1.3
J K Lakshmi Cement
Buy
347
565
4,079
2,913
3,412
14.5
19.5
7.5
22.5
46.2
15.4
2.8
2.4
12.5
18.0
2.0
1.7
Orient Cement
Buy
122
215
2,508
2,114
2,558
18.5
20.5
8.1
11.3
15.1
10.8
2.2
1.9
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,086
-
84,708
25,768
30,385
21.0
23.5
111.0
160.0
27.8
19.3
3.6
3.1
13.5
15.8
3.4
2.8
Construction
ITNL
Neutral
99
-
3,245
8,946
10,017
31.0
31.6
8.1
9.1
12.2
10.8
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Buy
150
802
2,108
1,385
1,673
14.7
14.0
41.2
48.5
3.6
3.1
0.7
0.6
14.9
15.2
1.6
1.3
Larsen & Toubro
Buy
1,338
1,634
124,755
111,017
124,908
11.0
11.0
61.1
66.7
21.9
20.0
2.6
2.4
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
124
-
6,012
705
788
52.2
51.7
5.0
5.6
24.9
22.2
2.5
2.2
11.2
11.2
8.2
6.8
Nagarjuna Const.
Neutral
76
-
4,217
8,842
9,775
9.1
8.8
5.3
6.4
14.3
11.9
1.1
1.0
8.2
9.1
0.6
0.6
PNC Infratech
Buy
102
143
2,613
2,350
2,904
13.1
13.2
9.0
8.8
11.3
11.6
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
269
-
1,328
6,829
7,954
10.5
10.5
31.4
37.4
8.6
7.2
0.9
0.8
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
441
-
648
1,801
2,219
12.7
14.6
72.1
113.9
6.1
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
260
298
4,461
3,598
4,140
10.3
10.6
9.0
11.9
28.9
21.9
3.0
2.7
9.9
11.9
1.5
1.3
NBCC
Neutral
220
-
13,188
7,428
9,549
7.9
8.6
8.2
11.0
26.8
20.0
1.3
1.1
28.2
28.7
1.5
1.1
MEP Infra
Neutral
35
-
575
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
91
-
3,212
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.4
3.9
(22.8)
(15.9)
11.3
9.4
Stock Watch
December 27, 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
302
-
10,174
1,725
1,935
16.0
19.1
11.4
13.9
26.5
21.7
3.7
3.5
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
432
630
103,244
46,932
53,575
3.5
3.4
32.4
44.6
13.4
9.7
1.7
1.5
13.6
16.5
-
-
Bank of Baroda
Neutral
147
-
33,929
19,980
23,178
1.8
1.8
11.5
17.3
12.8
8.5
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
264
-
14,332
15,225
16,836
1.8
1.8
14.5
28.0
18.2
9.4
1.3
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
231
350
7,230
2,225
2,688
2.9
2.9
29.7
34.6
7.8
6.7
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
141
235
4,717
939
1,281
11.7
11.5
5.8
8.2
24.3
17.2
2.1
1.9
10.9
11.5
-
-
Federal Bank
Neutral
62
-
10,720
9,353
10,623
2.9
2.9
4.4
5.8
14.2
10.7
1.4
1.2
9.5
11.0
-
-
HDFC
Neutral
1,222
-
193,699
11,475
13,450
3.4
3.4
45.3
52.5
27.0
23.3
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,175
1,350
299,964
46,097
55,433
4.5
4.5
58.4
68.0
20.1
17.3
3.5
3.0
18.8
18.6
-
-
ICICI Bank
Buy
248
315
144,581
42,800
44,686
3.1
3.3
18.0
21.9
13.8
11.3
1.9
1.7
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
137
174
2,460
3,339
3,799
2.7
2.8
11.0
14.0
12.5
9.8
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
536
630
27,047
3,712
4,293
2.6
2.5
39.0
46.0
13.7
11.7
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
115
-
24,493
23,532
23,595
2.3
2.4
6.8
12.6
16.9
9.1
2.6
1.9
3.3
6.5
-
-
RBL Bank
Neutral
331
-
12,233
1,783
2,309
2.6
2.6
12.7
16.4
26.1
20.2
2.8
2.5
12.8
13.3
-
-
South Ind.Bank
Neutral
19
-
2,555
6,435
7,578
2.5
2.5
2.7
3.1
7.0
6.1
0.9
0.8
10.1
11.2
-
-
St Bk of India
Neutral
244
-
189,489
88,650
98,335
2.6
2.6
13.5
18.8
18.1
13.0
1.7
1.5
7.0
8.5
-
-
Union Bank
Neutral
122
-
8,394
13,450
14,925
2.3
2.3
25.5
34.5
4.8
3.5
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,102
-
46,586
8,978
11,281
3.3
3.4
74.0
90.0
14.9
12.2
2.8
2.4
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
867
-
83,177
17,128
18,978
16.8
16.4
19.1
20.7
45.4
41.9
15.8
14.9
34.8
35.5
4.8
4.3
Britannia
Buy
2,805
3,626
33,661
9,594
11,011
14.6
14.9
80.3
94.0
34.9
29.8
14.4
11.1
41.2
-
3.4
2.9
Colgate
Accumulate
893
995
24,282
4,605
5,149
23.4
23.4
23.8
26.9
37.5
33.2
20.8
16.2
64.8
66.8
5.2
4.6
Dabur India
Buy
260
304
45,808
8,315
9,405
19.8
20.7
8.1
9.2
32.1
28.3
8.9
7.4
31.6
31.0
5.2
4.5
GlaxoSmith Con*
Neutral
4,963
-
20,873
4,350
4,823
21.2
21.4
179.2
196.5
27.7
25.3
7.4
6.2
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,427
-
48,619
10,235
11,428
18.4
18.6
41.1
44.2
34.7
32.3
7.7
6.5
24.9
24.8
4.8
4.3
HUL
Neutral
801
-
173,326
35,252
38,495
17.8
17.8
20.7
22.4
38.8
35.8
37.1
31.8
95.6
88.9
4.8
4.3
ITC
Buy
225
284
272,747
40,059
44,439
38.3
39.2
9.0
10.1
25.1
22.2
7.0
6.1
27.8
27.5
6.3
5.7
Marico
Buy
240
300
30,947
6,430
7,349
18.8
19.5
6.4
7.7
37.5
31.2
11.3
9.5
33.2
32.5
4.6
4.0
Nestle*
Neutral
5,827
-
56,182
10,073
11,807
20.7
21.5
124.8
154.2
46.7
37.8
19.2
17.2
34.8
36.7
5.4
4.6
Tata Global
Neutral
117
-
7,384
8,675
9,088
9.8
9.8
7.4
8.2
15.8
14.3
1.8
1.7
7.9
8.1
0.8
0.7
Stock Watch
December 27, 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
FMCG
Procter & Gamble
Accumulate
6,798
7,369
22,067
2,939
3,342
23.2
23.0
146.2
163.7
46.5
41.5
104.1
99.8
25.3
23.5
7.1
6.1
Hygiene
IT
HCL Tech^
Buy
791
1,000
111,622
49,242
57,168
20.5
20.5
55.7
64.1
14.2
12.3
2.9
2.2
20.3
17.9
2.1
1.7
Infosys
Buy
983
1,249
225,790
68,350
77,326
27.0
27.0
62.5
69.4
15.7
14.2
3.4
3.1
21.3
21.6
2.7
2.4
TCS
Accumulate
2,292
2,620
451,642
119,025
133,308
27.6
27.6
131.2
145.5
17.5
15.8
5.7
5.2
32.4
33.1
3.6
3.1
Tech Mahindra
Buy
463
600
45,071
29,673
32,937
15.5
17.0
32.8
39.9
14.1
11.6
2.8
2.4
19.6
20.7
1.3
1.1
Wipro
Buy
456
590
110,860
55,440
60,430
18.1
18.1
35.9
39.9
12.7
11.4
2.3
2.1
19.0
19.3
1.7
1.6
Media
D B Corp
Neutral
356
-
6,541
2,297
2,590
27.4
28.2
21.0
23.4
16.9
15.2
4.0
3.4
23.7
23.1
2.6
2.3
HT Media
Neutral
72
-
1,678
2,693
2,991
12.6
12.9
7.9
9.0
9.1
8.0
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
165
225
5,396
2,355
2,635
28.0
28.0
10.8
12.5
15.3
13.2
3.3
2.9
21.7
21.7
2.3
2.0
Sun TV Network
Neutral
471
-
18,544
2,850
3,265
70.1
71.0
26.2
30.4
18.0
15.5
4.6
4.1
24.3
25.6
6.1
5.2
Hindustan Media
Neutral
260
-
1,908
1,016
1,138
24.3
25.2
27.3
30.1
9.5
8.6
1.8
1.6
16.2
15.8
1.2
1.0
Ventures
TV Today Network
Buy
257
385
1,530
637
743
27.5
27.5
18.4
21.4
14.0
12.0
2.4
2.1
17.4
17.2
2.0
1.6
Metals & Mining
Coal India
Neutral
285
-
176,942
84,638
94,297
21.4
22.3
24.5
27.1
11.6
10.5
4.8
4.6
42.6
46.0
1.6
1.4
Hind. Zinc
Neutral
250
-
105,422
14,252
18,465
55.9
48.3
15.8
21.5
15.8
11.6
2.6
2.3
17.0
20.7
7.4
5.7
Hindalco
Neutral
152
-
31,302
107,899
112,095
7.4
8.2
9.2
13.0
16.5
11.7
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,534
-
37,090
53,201
58,779
16.1
16.2
130.6
153.7
11.8
10.0
1.6
1.4
14.0
14.4
1.5
1.3
NMDC
Neutral
119
-
37,682
6,643
7,284
44.4
47.7
7.1
7.7
16.8
15.5
1.5
1.4
8.8
9.2
3.4
3.1
SAIL
Neutral
48
-
19,762
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.4
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
209
-
61,829
71,744
81,944
19.2
21.7
13.4
20.1
15.6
10.4
1.3
1.2
8.4
11.3
1.3
1.0
Tata Steel
Neutral
380
-
36,950
121,374
121,856
7.2
8.4
18.6
34.3
20.5
11.1
1.3
1.2
6.1
10.1
0.9
0.9
Oil & Gas
Cairn India
Neutral
235
-
44,158
9,127
10,632
4.3
20.6
8.8
11.7
26.8
20.1
0.9
0.8
3.3
4.2
6.3
5.2
GAIL
Neutral
428
-
54,297
56,220
65,198
9.3
10.1
27.1
33.3
15.8
12.9
1.4
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
189
-
242,548
137,222
152,563
15.0
21.8
19.5
24.1
9.7
7.8
0.8
0.8
8.5
10.1
2.1
1.8
Indian Oil Corp
Neutral
308
-
149,538
373,359
428,656
5.9
5.5
54.0
59.3
5.7
5.2
0.9
0.8
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,047
-
339,637
301,963
358,039
12.1
12.6
87.7
101.7
11.9
10.3
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
608
-
11,466
3,483
4,083
20.2
21.4
24.3
30.4
25.0
20.0
5.7
4.6
25.5
25.3
3.2
2.7
Alkem Laboratories Ltd
Buy
1,546
1,989
18,486
6,043
6,893
18.7
19.3
80.5
88.8
19.2
17.4
4.3
3.5
22.3
20.3
3.0
2.6
Aurobindo Pharma
Buy
625
877
36,547
15,720
18,078
23.7
23.7
41.4
47.3
15.1
13.2
3.9
3.1
29.6
26.1
2.5
2.2
Sanofi India*
Neutral
4,199
-
9,670
2,277
2,597
17.3
18.3
149.4
172.0
28.1
24.4
4.7
3.8
25.1
28.8
3.9
3.2
Stock Watch
December 27, 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
Cadila Healthcare
Buy
338
400
34,613
10,429
12,318
22.6
22.0
16.9
19.2
20.0
17.6
5.1
4.1
28.5
25.7
3.3
2.7
Cipla
Reduce
554
490
44,552
15,378
18,089
17.4
18.4
21.6
27.2
25.7
20.4
3.3
2.9
13.7
15.2
3.1
2.6
Dr Reddy's
Neutral
2,987
-
49,484
16,043
18,119
20.8
22.4
112.4
142.9
26.6
20.9
3.6
3.1
14.1
15.9
3.1
2.7
Dishman Pharma
Neutral
203
-
3,283
1,718
1,890
22.7
22.8
9.5
11.3
21.4
18.0
2.1
1.9
10.1
10.9
2.4
2.1
GSK Pharma*
Neutral
2,706
-
22,919
3,000
3,312
15.4
20.6
46.5
60.8
58.2
44.5
14.0
13.9
26.3
30.6
7.4
6.7
Indoco Remedies
Reduce
255
240
2,349
1,112
1,289
16.2
18.2
11.6
16.0
22.0
15.9
3.5
3.0
17.0
20.1
2.2
1.9
Ipca labs
Buy
523
613
6,595
3,303
3,799
15.3
15.3
17.3
19.7
30.2
26.5
2.6
2.4
9.1
9.4
2.1
1.8
Lupin
Buy
1,405
1,809
63,427
15,912
18,644
26.4
26.7
58.1
69.3
24.2
20.3
4.7
3.9
21.4
20.9
4.1
3.3
Sun Pharma
Buy
612
847
146,772
31,129
35,258
32.0
32.9
30.2
35.3
20.3
17.3
3.3
2.7
20.0
20.1
4.3
3.6
Power
Tata Power
Neutral
74
-
19,879
36,916
39,557
17.4
27.1
5.1
6.3
14.4
11.7
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
160
-
131,886
86,605
95,545
17.5
20.8
11.8
13.4
13.6
11.9
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
179
223
93,462
25,315
29,193
88.2
88.7
14.2
17.2
12.6
10.4
1.9
1.7
15.2
16.1
8.3
7.5
Real Estate
MLIFE
Buy
355
522
1,456
1,152
1,300
22.7
24.6
29.9
35.8
11.9
9.9
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
296
-
118,423
105,086
114,808
34.5
34.7
12.2
16.4
24.3
18.1
1.6
1.5
6.8
8.4
2.0
1.8
Idea Cellular
Neutral
69
-
24,993
40,133
43,731
37.2
37.1
6.4
6.5
10.8
10.7
0.9
0.8
8.2
7.6
1.6
1.4
zOthers
Abbott India
Neutral
4,546
-
9,661
3,153
3,583
14.1
14.4
152.2
182.7
29.9
24.9
146.7
125.3
25.6
26.1
2.8
2.4
Bajaj Electricals
Buy
205
274
2,078
4,801
5,351
5.7
6.2
10.4
13.7
19.7
15.0
2.4
2.2
12.4
14.5
0.4
0.4
Finolex Cables
Neutral
417
-
6,384
2,883
3,115
12.0
12.1
14.2
18.6
29.4
22.4
15.6
13.7
15.8
14.6
1.9
1.7
Goodyear India*
Accumulate
643
684
1,484
1,598
1,704
10.4
10.2
49.4
52.6
13.0
12.2
60.1
52.8
18.2
17.0
0.6
83.7
Hitachi
Neutral
1,345
-
3,657
2,081
2,433
8.8
8.9
33.4
39.9
40.3
33.7
32.5
27.1
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
329
-
5,966
1,440
2,052
11.5
13.0
8.5
10.0
38.7
32.9
9.4
8.7
18.6
19.3
4.4
3.1
Page Industries
Neutral
12,922
-
14,413
2,450
3,124
20.1
17.6
299.0
310.0
43.2
41.7
287.8
219.7
47.1
87.5
5.9
4.7
Relaxo Footwears
Neutral
397
-
4,768
2,085
2,469
9.2
8.2
7.6
8.0
52.5
49.9
20.4
17.4
17.9
18.8
2.4
2.0
Siyaram Silk Mills
Accumulate
1,199
1,605
1,124
1,733
1,948
11.6
11.7
96.6
114.7
12.4
10.5
1.9
1.6
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
575
-
1,011
1,440
1,537
9.2
9.0
40.6
42.6
14.2
13.5
36.2
32.9
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,194
-
2,446
2,304
2,614
13.7
13.8
231.1
266.6
13.8
12.0
358.9
282.6
33.9
29.3
1.1
0.9
HSIL
Neutral
280
-
2,023
2,384
2,515
15.8
16.3
15.3
19.4
18.3
14.4
18.2
15.6
7.8
9.3
1.0
0.9
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
416
-
502
546
608
20.4
20.7
41.3
48.7
10.1
8.5
57.0
50.4
16.6
17.0
0.8
0.7
Stock Watch
December 27, 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
Banco Products (India) Neutral
170
-
1,216
1,353
1,471
12.3
12.4
14.5
16.3
11.7
10.4
16.2
14.6
14.5
14.6
0.8
89.5
Competent Automobiles Neutral
153
-
94
1,137
1,256
3.1
2.7
28.0
23.6
5.5
6.5
29.3
26.5
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,232
-
1,839
1,995
2,165
10.7
10.4
69.8
80.6
17.7
15.3
70.4
61.2
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
177
-
282
1,051
1,138
10.3
10.4
21.0
23.1
8.4
7.7
22.7
21.3
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
151
-
1,160
2,671
2,911
8.5
8.8
13.9
15.7
10.9
9.7
1.5
1.3
13.7
13.8
0.5
0.5
India
Elecon Engineering
Neutral
54
-
602
1,482
1,660
13.7
14.5
3.9
5.8
13.8
9.3
3.2
3.0
7.8
10.9
0.7
0.6
Surya Roshni
Neutral
168
-
737
3,342
3,625
7.8
7.5
17.3
19.8
9.7
8.5
18.5
14.8
10.5
10.8
0.5
0.4
MT Educare
Neutral
112
-
448
366
417
17.7
18.2
9.4
10.8
12.0
10.4
2.7
2.3
22.2
22.3
1.1
1.0
Radico Khaitan
Buy
108
147
1,443
1,667
1,824
13.0
13.2
6.7
8.2
16.3
13.3
1.5
1.4
9.0
10.2
1.3
1.1
Garware Wall Ropes
Neutral
603
-
1,319
873
938
14.3
14.3
35.2
37.5
17.2
16.1
3.0
2.6
17.5
15.9
1.4
1.3
Wonderla Holidays
Neutral
332
-
1,876
287
355
38.0
40.0
11.3
14.2
29.4
23.4
4.2
3.7
21.4
23.9
6.2
5.1
Linc Pen & Plastics
Neutral
238
-
352
382
420
9.3
9.5
13.5
15.7
17.7
15.2
3.0
2.6
17.1
17.3
1.0
0.9
The Byke Hospitality
Neutral
161
-
646
287
384
20.5
20.5
7.6
10.7
21.2
15.1
4.4
3.6
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
829
-
29,951
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
44.8
32.0
168.5
201.1
1.4
1.1
Coffee Day Enterprises
Neutral
194
-
3,993
2,964
3,260
20.5
21.2
4.7
8.0
-
24.2
2.2
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
110
-
2,608
1,062
1,147
24.0
24.0
6.1
6.6
18.0
16.5
3.7
3.3
20.6
19.8
2.5
2.3
Navkar Corporation
Buy
161
265
2,289
369
561
42.9
42.3
7.2
11.5
22.2
13.9
1.6
1.5
7.4
10.5
7.2
4.7
UFO Moviez
Neutral
403
-
1,112
619
685
33.2
33.4
30.0
34.9
13.5
11.6
1.9
1.6
13.8
13.9
1.5
1.2
VRL Logistics
Neutral
262
-
2,392
1,902
2,119
16.7
16.6
14.6
16.8
18.0
15.6
3.9
3.5
21.9
22.2
1.4
1.2
Team Lease Serv.
Neutral
858
-
1,467
3,229
4,001
1.5
1.8
22.8
32.8
37.7
26.1
4.0
3.5
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
291
-
4,207
1,036
1,160
15.1
15.0
6.1
7.2
47.6
40.5
5.1
4.7
10.7
11.5
3.9
3.5
Quick Heal
Neutral
244
-
1,707
408
495
27.3
27.0
7.7
8.8
31.5
27.7
2.9
2.9
9.3
10.6
3.3
2.8
Narayana Hrudaya
Neutral
343
-
7,010
1,873
2,166
11.5
11.7
2.6
4.0
129.7
86.5
8.0
7.2
6.1
8.3
3.8
3.3
Manpasand Bever.
Neutral
524
-
2,998
836
1,087
19.6
19.4
16.9
23.8
31.0
22.0
3.7
3.3
12.0
14.8
3.3
2.5
Parag Milk Foods
Neutral
256
-
2,153
1,919
2,231
9.3
9.6
9.5
12.9
27.1
19.8
4.2
3.5
15.5
17.5
1.3
1.1
Mirza International
Buy
82
107
980
987
1,106
18.0
18.0
6.5
7.6
12.5
10.7
2.0
1.7
15.9
15.7
1.2
1.1
Asian Granito
Buy
207
351
622
1,071
1,182
12.1
12.4
12.7
16.0
16.2
12.9
1.6
1.4
9.5
10.7
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 26, 2016
Market Outlook
December 27, 2016
Research Team Tel: 022 - 39357800
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