Market Outlook

September 28, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on a negative note considering global cues.

BSE Sensex

(0.2)

(71)

28,224

Nifty

(0.2)

(17)

8,706

After a fluctuating start of the day, US markets moved higher towards the end of the

Mid Cap

0.1

13,276

day offsetting losses in the previous sessions. Sentiment improved as US consumer

Small Cap

0.1

12,904

confidence index jumped to 104.1 in September vs. 101.8 in August showing an

unexpected improvement in U.S. consumer confidence in September. The traders

Bankex

(0.5)

(106)

22,292

were also digesting last night's first presidential debate which did not seem to feature

any substantial blows. Recent polls have shown any clear favourite to win the

Global Indices

Chg (%)

(Pts)

(Close)

election hence uncertainty about the outcome of the election remains.

Dow Jones

0.7

133

18,228

The U.K. indices finished lower, as bank shares dropped. The FTSE 100 index

Nasdaq

0.9

5,306

declined in the earlier sessions but managed to regain some lost ground towards the

FTSE

(0.2)

(10)

6,808

end of the day and closed at 6,808 over better US economic. The uncertainty on the

Nikkei

0.8

139

16,684

oil prices however persisted on Tuesday as major oil producers appeared to throw

Hang Seng

1.1

254

23,572

cold water on the prospect of a cap in production that might stabilize crude futures.

Overall UK and European shares were seen depressed due to concerns surrounding

Shanghai Com

0.6

2,998

the financial sector and pressure on VW shares.

Advances / Declines

BSE

NSE

Indian market extended their losses for third straight day despite opening the day on

a positive note. Amid the selling pressure, Sensex lost 70.58 points to close at

Advances

1,236

687

28224 while Nifty 50 index settled 16.65 points down at 8706.

Declines

1,463

928

Unchanged

217

News Analysis

 Moody’s upgrades Tata Motors on JLR boost, strong domestic operations

 RCom to trim debt by 75% in 12 months

Volumes (` Cr)

Detailed analysis on Pg2

BSE

2,890

NSE

19,094

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Net Inflows (` Cr)

Net

Mtd

Ytd

Stock Watch: Latest investment recommendations on 150+ stocks

FII

(144)

4,329

44,997

Refer Pg5 onwards

MFs

196

1,166

11,275

Top Picks

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Top Gainers

Price (`)

Chg (%)

Amara Raja Batteries Auto & Auto Ancillary

Buy

1,012

1,174

16.0

Shriramcit

2,220

5.1

HCL Tech

Buy

797

1,000

25.5

Supremeind

904

4.5

Bharat Electronics

Capital Goods

Accumulate

1,280

1,414

10.5

Idfc

4.3

Equitas Holdings

Financials

Buy

176

235

33.4

Bayercrop

4,495

4.1

Navkar Corporation Others

Buy

194

265

36.5

More Top Picks on Pg3

Aiaeng

1,244

3.5

Key Upcoming Events

Top Losers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Reading

Expectations

Sintex

(5.8)

Sep 29 US

Initial Jobless claims

252.0

260.0

Torntpower

183

(3.4)

Sep 29 US

GDP QoQ (Annualised)

1.1

1.3

Jetairways

526

(3.2)

Sep 29 Germany

Unemployment Change (000s)

(7.0)

(5.0)

Cesc

621

(2.9)

Sep 29 Euro Zone

Euro Zone Consumer Confidence

(8.2)

Sep 30 Germany

PMI Manufacturing

54.3

Justdial

443

(2.7)

As on September 27, 2016

Oct 01 UK

GDP YoY

2.2

Oct 03 China

PMI Manufacturing

50.4

More Events on Pg4

www.angelbroking.com

Market Outlook

September 28, 2016

News Analysis

Moody’s upgrades Tata Motors on JLR boost, strong domestic

operations

Rating agency Moody’s has upgraded the Tata Motors’ rating by a notch on

account of continued strong performance of its British arm Jaguar Land Rover (JLR)

and improvement in the company’s domestic business. Moody’s has assigned Ba1

rating to Tata Motors, up from the earlier Ba2.Although JLR accounted for around

one half of Tata Motors’ group volumes in 2015-16, it generated more than 82

per cent of group revenues and over 86 per cent of group EBITDA.

Moody’s expect that broadening product range of JLR will dominate the group’s

revenue and EBITDA. Its strengthening geographic diversity and the expected

diversification in its manufacturing footprint outside of the UK is also expected to

benefit the company. The domestic business continues to perform robustly with the

revival in the business cycle and steady launches in passenger vehicles. The

company commands more than 50 per cent market share of domestic CV industry

and with the revival in the commercial vehicle demand in India Tata Motors CV

segment will have robust demand prospects for the next 12-18 months.

RCom to trim debt by 75% in 12 months

Reliance Communications which is reeling under huge debt of over `42,000cr is

planning to shed up to 75 per cent of its debt over the next one year. Company

Chairman Anil Ambani said that the ongoing merger of MTS and Aircel with

RCom will help it reduce the debt by `20,000cr. This three-way merger will create

a formidable operator with the second largest holder of spectrum aggregating 448

MHz across the 850, 900, 1,800 and 2,100 MHz bands.

The merger, once completed, will make RCom the fourth largest telecom player

with around 180 million subscribers. RCom's asset base will become `65,000 cr

and will have a networth of `35,000cr. The merger will lead to a reduction in

RCom’s overall debt by Rs 20,000cr from its total debt of `42,651cr, and Aircel’s

debt will come down by `4,000cr from `23,436cr. RCom is also associated with

Reliance Jio and it is believed that their association has accomplished a virtual

merger between them.

Economic and Political News

 Commerce Ministry wary of revoking Most Favoured Nation status for Pakistan

 Monetary policy panel to meet before October 4: Das

 Solid demand, milestone reforms to sustain India's growth: ADB

Corporate News

 Steel companies headed for second consecutive price hike in October

 NIIT Ltd acquires Bengaluru-based ed-tech startup Perceptron

 Coal India's share buyback to commence on October 3

 Two-wheeler sales expected to grow 10-12 per cent in FY17: ICRA

www.angelbroking.com

Market Outlook

September 28, 2016

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,289

1,012

1,174

16.0

products leading to market share gains in both the

automotive OEM and replacement segments.

Uptick in defense capex by government when coupled with

Bharat Electronics

30,713

1,280

1,414

10.5

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,12,437

797

1,000

25.5

the bad news.

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

Infosys

2,38,986

1,040

1,370

31.7

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,753

272

306

12.4

Improved profitability backed by turn around in E&P

segment. Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,041

529

578

9.3

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI) consumer

Dewan Housing Finance

8,645

296

325

9.7

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

5,909

176

235

33.4

dilution remains low. Attractive valuations considering

growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,435

622

684

10.0

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,269

192

225

17.3

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

revenue growth.

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,773

432

522

20.8

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,769

194

265

36.5

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,217

1,298

1,469

13.2

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

1,817

305

363

19.2

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

September 28, 2016

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Sep 29, 2016

6:00PM

Initial Jobless claims

Thousands

Sep 24

252.00

260.00

1:25PM

Germany

Unemployment change (000's)

Thousands

Sep

(7.00)

(5.00)

2:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Sep F

(8.20)

6:00PM

GDP Qoq (Annualised)

% Change

2Q T

1.10

1.30

Sep 30, 2016

1:25PM

Germany

PMI Manufacturing

Value

Sep F

54.30

Oct 1, 2016

2:00PM

GDP (YoY)

% Change

2Q F

2.20

Oct 3, 2016

6:30AM

China

PMI Manufacturing

Value

Sep

50.40

2:00PM

PMI Manufacturing

Value

Sep

53.30

Oct 4, 2016

11:00AM

India

RBI Reverse Repo rate

Oct 4

6.00

11:00AM

India

RBI Repo rate

Oct 4

6.50

11:00AM

India

RBI Cash Reserve ratio

Oct 4

4.00

Oct 5, 2016

1:25PM

Germany

PMI Services

Value

Sep F

50.60

Oct 7, 2016

2:00PM

Industrial Production (YoY)

% Change

Aug

2.10

6:00PM

Change in Nonfarm payrolls

Thousands

Sep

151.00

175.00

6:00PM

Unnemployment rate

Sep

4.90

Oct 10, 2016

India

Imports YoY%

% Change

Sep

(14.09)

5:30PM

India

Industrial Production YoY

% Change

Aug

(2.40)

Oct 12, 2016

India

Exports YoY%

% Change

Sep

(0.30)

Oct 13, 2016

China

Exports YoY%

% Change

Sep

(2.80)

Oct 14, 2016

Producer Price Index (mom)

% Change

Sep

(0.30)

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Sep

3.74

7:00AM

China

Consumer Price Index (YoY)

% Change

Sep

1.30

Oct 17, 2016

2:30PM

Euro Zone

Euro-Zone CPI (YoY)

Sep F

0.20

6:45PM

Industrial Production

Sep

(0.43)

Oct 18, 2016

6:00PM

Consumer price index (mom)

% Change

Sep

0.20

2:00PM

CPI (YoY)

% Change

Sep

0.60

Source: Bloomberg, Angel Research

Market Outlook

September 28, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

8.0

7.5

7.6

10.0

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

3.7

5.8

6.0

4.0

1.9

2.0

1.1

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

(2.4)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

5.7

5.8

54.0

6.0

5.4

5.6

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.4

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

5.0

7.00

0.0

6.50

(5.0)

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

September 28, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

58,382

1.1

16.7

26.2

Russia

Micex

1,976

(0.9)

4.6

20.5

India

Nifty

8,706

0.6

5.3

10.2

China

Shanghai Composite

2,998

(2.6)

2.7

(3.5)

South Africa

Top 40

44,397

(5.1)

0.6

(1.3)

Mexico

Mexbol

47,732

(0.0)

6.7

13.3

Indonesia

LQ45

941

(0.5)

12.0

28.0

Malaysia

KLCI

1,665

(1.1)

1.7

(1.0)

Thailand

SET 50

948

(4.0)

3.7

5.5

USA

Dow Jones

18,228

(1.2)

6.3

13.6

FTSE

6,808

(0.1)

10.9

12.3

Japan

Nikkei

16,545

0.5

2.7

(7.1)

Germany

DAX

10,361

(2.1)

7.8

9.0

France

CAC

4,399

(1.0)

4.8

(5.6)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

September 28, 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

Neutral

223

4,338

1,937

2,164

13.3

14.3

9.0

11.0

24.8

20.3

4.3

3.8

18.4

19.8

2.3

2.0

United Phosphorus

Neutral

683

34,645

15,176

17,604

18.5

37.4

44.6

18.3

15.3

3.6

3.0

21.4

21.2

2.4

2.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

23,151

22,407

26,022

10.6

5.2

6.4

15.6

12.7

3.5

3.0

23.6

24.7

1.1

0.9

Bajaj Auto

Neutral

2,871

83,079

25,093

27,891

19.5

19.2

143.9

162.5

20.0

17.7

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

949

22,092

7,726

8,713

20.5

21.2

35.3

42.7

26.9

22.2

5.0

4.5

18.9

20.1

2.9

2.5

Eicher Motors

Neutral

24,643

66,934

16,583

20,447

17.5

18.0

598.0

745.2

41.2

33.1

14.1

10.7

41.2

38.3

3.9

3.1

Gabriel India

Neutral

118

1,694

1,544

1,715

9.0

9.3

5.4

6.3

21.8

18.7

4.1

3.7

18.9

19.5

1.1

0.9

Hero Motocorp

Neutral

3,451

68,903

31,253

35,198

15.3

15.0

172.3

192.1

20.0

18.0

7.3

6.3

38.9

37.0

2.1

1.8

Jamna Auto Industries Neutral

218

1,743

1,486

1,620

9.8

9.9

15.0

17.2

14.5

12.7

3.2

2.7

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

561

880

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

1,371

85,155

46,534

53,077

11.6

11.7

67.3

78.1

20.4

17.6

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Neutral

5,511

166,478

69,186

82,217

14.7

14.4

198.5

241.4

27.8

22.8

5.4

4.4

20.2

20.0

2.1

1.7

Minda Industries

Neutral

292

2,313

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

314

44,052

45,896

53,687

7.8

8.3

13.0

16.1

24.1

19.5

7.8

6.2

34.7

35.4

1.0

0.9

Rane Brake Lining

Neutral

1,227

972

511

562

11.3

11.5

28.1

30.9

43.7

39.7

6.7

6.1

15.3

15.0

2.0

1.9

Setco Automotive

Neutral

584

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

532

153,585

300,209

338,549

8.9

8.4

42.7

54.3

12.5

9.8

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

348

16,521

13,390

15,948

6.9

7.1

12.8

16.5

27.3

21.0

6.8

5.4

26.3

27.2

1.3

1.0

Amara Raja Batteries

Buy

1,012

1,174

17,289

5,429

6,471

17.5

17.6

35.3

43.5

28.7

23.3

6.6

5.3

25.3

24.8

3.0

2.5

Exide Industries

Neutral

189

16,065

7,439

8,307

15.0

8.1

9.3

23.3

20.3

3.3

2.9

14.3

16.7

1.8

1.6

Apollo Tyres

Neutral

215

10,954

12,877

14,504

14.3

13.9

21.4

23.0

10.0

9.4

1.6

1.4

16.4

15.2

1.0

0.9

Ceat

Neutral

1,195

4,834

7,524

8,624

13.0

12.7

131.1

144.3

9.1

8.3

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

140

3,170

7,455

8,056

15.0

21.8

24.5

6.4

5.7

1.3

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,200

1,490

660

810

15.2

16.4

54.5

72.8

22.0

16.5

6.9

6.2

31.5

39.2

2.1

1.7

Subros

Neutral

129

771

1,488

1,681

11.7

11.9

6.4

7.2

20.1

17.9

2.1

1.9

10.8

11.4

0.8

0.6

Indag Rubber

Neutral

178

466

286

326

19.8

16.8

11.7

13.3

15.2

13.3

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

453

709

814

4.1

4.6

1.4

2.1

32.7

21.8

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Buy

906

1,157

3,773

3,451

4,055

6.3

9.2

31.4

57.9

28.9

15.7

1.7

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,280

1,414

30,713

8,137

9,169

16.8

17.2

58.7

62.5

21.8

20.5

3.4

3.0

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

September 28, 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

Accumulate

381

407

12,615

6,511

7,514

7.9

8.7

12.9

16.3

29.6

23.4

5.3

4.7

16.7

18.5

1.7

1.4

BGR Energy

Neutral

114

819

16,567

33,848

6.0

5.6

7.8

5.9

14.6

19.2

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

141

34,536

28,797

34,742

2.8

2.3

6.9

61.4

20.5

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

529

578

5,042

4,351

5,024

6.4

7.1

17.2

20.6

30.8

25.6

20.0

16.7

23.1

24.1

1.2

1.0

Crompton Greaves

Neutral

4,951

5,777

6,120

5.9

7.0

3.3

4.5

23.9

17.6

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

128

3,115

1,755

1,881

16.8

16.9

7.8

8.5

16.4

15.0

3.3

3.0

20.6

20.9

1.5

1.3

Inox Wind

Buy

209

286

4,636

5,605

6,267

15.7

16.4

24.8

30.0

8.4

7.0

2.4

1.7

25.9

24.4

0.9

0.7

KEC International

Neutral

126

3,243

9,294

10,186

7.9

8.1

9.9

11.9

12.7

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

865

10,303

5,421

5,940

7.3

25.7

30.2

33.6

28.6

4.1

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

551

681

3,003

3,136

3,845

8.9

9.1

26.0

35.9

21.2

15.4

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,607

30,170

11,225

13,172

13.2

16.9

44.5

75.5

36.1

21.3

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

258

51,230

9,350

10,979

18.2

22.5

5.8

9.5

44.5

27.2

3.7

3.4

10.2

12.5

5.5

4.7

India Cements

Neutral

147

4,520

4,364

4,997

18.5

19.2

7.9

11.3

18.6

13.0

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

830

5,803

4,398

5,173

15.5

17.5

31.2

55.5

26.6

15.0

3.2

2.8

12.0

15.5

1.9

1.6

J K Lakshmi Cement

Neutral

491

5,775

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

206

4,214

2,114

2,558

18.5

20.5

8.1

11.3

25.4

18.2

3.7

3.2

9.0

14.0

2.6

2.1

UltraTech Cement

Neutral

3,915

107,441

25,768

30,385

21.0

23.5

111.0

160.0

35.3

24.5

4.5

3.9

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

100

3,301

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

770

2,164

1,385

1,673

14.7

14.0

41.2

48.5

18.7

15.9

3.5

3.0

14.9

15.2

1.6

1.4

Larsen & Toubro

Buy

1,440

1,700

134,163

67,665

77,249

10.7

11.5

57.3

71.2

25.1

20.2

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

173

8,356

705

788

52.2

51.7

5.0

5.6

34.6

30.9

3.4

3.1

11.2

11.5

9.8

Nagarjuna Const.

Neutral

4,737

8,842

9,775

9.1

8.8

5.3

6.4

16.1

13.3

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

120

143

3,082

2,350

2,904

13.1

13.2

9.0

8.8

13.4

13.7

0.5

0.4

15.9

13.9

1.4

1.2

Simplex Infra

Neutral

334

1,651

6,829

7,954

10.5

31.4

37.4

10.6

8.9

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

494

727

1,801

2,219

12.7

14.6

72.1

113.9

6.9

4.3

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

282

298

4,839

3,598

4,140

10.3

10.6

9.0

11.9

31.3

23.7

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

253

15,183

7,428

9,549

7.9

8.6

8.2

11.0

30.9

23.0

1.5

1.2

28.2

28.7

1.8

1.3

MEP Infra

Neutral

702

1,877

1,943

30.6

29.8

3.0

4.2

14.4

10.3

7.0

4.7

0.6

1.8

1.6

SIPL

Neutral

108

3,809

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.6

(22.8)

(15.9)

11.9

9.9

www.angelbroking.com

Stock Watch

September 28, 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

252

8,504

1,725

1,935

16.0

19.1

11.4

13.9

22.1

18.2

3.1

3.0

13.4

15.3

3.9

3.5

Financials

Axis Bank

Neutral

541

129,147

58,081

66,459

3.5

32.4

44.6

16.7

12.1

2.2

1.9

13.6

16.5

Bank of Baroda

Neutral

164

37,788

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.3

8.3

10.1

Canara Bank

Neutral

303

16,447

15,225

16,836

1.8

14.5

28.0

20.9

10.8

1.4

1.2

5.8

8.5

Dewan Housing Finance Accumulate

296

325

8,645

2,225

2,688

2.9

29.7

34.6

10.0

8.6

1.6

1.4

16.1

16.8

Equitas Holdings

Buy

176

235

5,909

939

1,281

11.7

11.5

5.8

8.2

30.4

21.5

2.6

2.3

10.9

11.5

Federal Bank

Neutral

12,448

9,353

10,623

2.9

4.4

5.8

16.5

12.5

1.6

1.4

9.5

11.0

HDFC

Neutral

1,418

224,133

11,475

13,450

3.4

45.3

52.5

31.3

27.0

6.0

5.3

20.2

20.5

HDFC Bank

Neutral

1,298

328,544

46,097

55,433

4.5

58.4

68.0

22.2

19.1

3.9

3.3

18.8

18.6

ICICI Bank

Neutral

261

151,705

39,029

45,903

3.3

16.7

16.3

15.6

16.0

1.9

1.8

10.1

12.4

LIC Housing Finance

Neutral

571

28,809

3,712

4,293

2.6

2.5

39.0

46.0

14.6

12.4

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

140

29,738

23,532

23,595

2.3

2.4

6.8

12.6

20.6

11.1

3.2

2.3

3.3

6.5

RBL Bank

Accumulate

299

325

11,054

1,783

2,309

2.6

12.7

16.4

23.5

18.2

2.6

2.3

12.8

13.3

South Ind.Bank

Neutral

3,018

6,435

7,578

2.5

2.7

3.1

8.3

7.2

1.1

0.9

10.1

11.2

St Bk of India

Neutral

249

193,254

88,650

98,335

2.6

13.5

18.8

18.4

13.2

1.8

1.5

7.0

8.5

Union Bank

Neutral

141

9,724

13,450

14,925

2.3

25.5

34.5

5.6

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,246

52,467

8,978

11,281

3.3

3.4

74.0

90.0

16.8

13.9

3.2

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,194

114,514

17,128

18,978

16.8

16.4

19.1

20.7

62.5

57.7

21.8

20.5

34.8

35.5

6.6

6.0

Britannia

Neutral

3,432

41,177

9,795

11,040

14.6

14.9

80.3

94.0

42.7

36.5

17.6

13.6

41.2

4.1

3.6

Colgate

Neutral

979

26,614

4,605

5,149

23.4

23.8

26.9

41.1

36.4

22.8

17.8

64.8

66.8

5.7

5.1

Dabur India

Neutral

282

49,608

8,315

9,405

19.8

20.7

8.1

9.2

34.8

30.7

9.7

8.0

31.6

31.0

5.6

4.9

GlaxoSmith Con*

Neutral

6,102

25,662

4,350

4,823

21.2

21.4

179.2

196.5

34.1

31.1

9.0

7.7

27.1

26.8

5.3

4.7

Godrej Consumer

Neutral

1,609

54,804

10,235

11,428

18.4

18.6

41.1

44.2

39.2

36.4

8.7

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

896

193,895

35,252

38,495

17.6

17.4

20.4

21.9

43.9

40.9

36.1

31.6

82.2

77.3

5.3

4.9

ITC

Buy

246

283

296,701

40,059

44,439

39.0

39.2

9.1

10.1

27.0

24.4

7.4

6.5

27.2

26.5

6.9

6.2

Marico

Neutral

281

36,189

6,430

7,349

18.8

19.5

6.4

7.7

43.8

36.4

13.2

11.1

33.2

32.5

5.4

4.7

Nestle*

Neutral

6,487

62,544

10,073

11,807

20.7

21.5

124.8

154.2

52.0

42.1

21.3

19.2

34.8

36.7

6.0

5.1

Tata Global

Neutral

145

9,123

8,675

9,088

9.8

7.4

8.2

19.5

17.6

2.2

2.1

7.9

8.1

1.0

0.9

Procter & Gamble

Accumulate

6,899

7,369

22,395

2,939

3,342

23.2

23.0

146.2

163.7

47.2

42.1

105.7

101.3

25.3

23.5

7.2

6.2

Hygiene

www.angelbroking.com

Stock Watch

September 28, 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

HCL Tech^

Buy

797

1,000

112,437

49,242

57,168

20.5

55.7

64.1

14.3

12.4

2.9

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

1,040

1,370

238,986

69,934

79,025

27.5

64.8

72.0

16.1

14.5

3.5

3.2

22.0

22.3

2.9

2.5

TCS

Buy

2,431

3,004

478,952

121,684

136,286

27.3

135.0

150.1

18.0

16.2

6.0

5.5

33.2

33.9

3.7

3.3

Tech Mahindra

Buy

448

700

43,487

30,347

33,685

17.0

37.5

41.3

12.0

10.9

2.6

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

484

680

117,744

51,631

55,822

21.7

17.9

35.9

36.9

13.5

13.1

2.8

2.6

19.0

18.1

2.0

1.8

Media

D B Corp

Neutral

398

7,317

2,297

2,590

27.4

28.2

21.0

23.4

19.0

17.0

4.4

3.8

23.7

23.1

3.0

2.6

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

192

225

6,269

2,355

2,635

28.0

10.8

12.5

17.8

15.3

3.9

3.3

21.7

2.7

2.4

Sun TV Network

Neutral

496

19,549

2,850

3,265

70.1

71.0

26.2

30.4

18.9

16.3

4.8

4.3

24.3

25.6

6.5

5.5

Hindustan Media

Neutral

285

2,091

1,016

1,138

24.3

25.2

27.3

30.1

10.4

9.5

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

305

363

1,817

637

743

27.5

18.4

21.4

16.6

14.2

2.9

2.5

17.4

17.2

2.5

2.0

Metals & Mining

Coal India

Neutral

332

209,703

84,638

94,297

21.4

22.3

24.5

27.1

13.6

12.3

5.6

5.4

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

229

96,718

14,252

18,465

55.9

48.3

15.8

21.5

14.5

10.7

2.4

2.1

17.0

20.7

6.8

5.2

Hindalco

Neutral

150

30,933

107,899

112,095

7.4

8.2

9.2

13.0

16.3

11.5

0.8

0.7

4.8

6.6

0.8

JSW Steel

Neutral

1,757

42,477

53,201

58,779

16.1

16.2

130.6

153.7

13.5

11.4

1.8

1.6

14.0

14.4

1.6

1.4

NMDC

Neutral

106

42,185

6,643

7,284

44.4

47.7

7.1

7.7

15.0

13.8

1.3

8.8

9.2

4.1

3.7

SAIL

Neutral

19,556

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.2

0.5

(1.6)

3.9

1.3

1.1

Vedanta

Neutral

167

49,392

71,744

81,944

19.2

21.7

13.4

20.1

12.4

8.3

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

368

35,726

121,374

121,856

7.2

8.4

18.6

34.3

19.8

10.7

1.2

1.1

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

193

36,138

9,127

10,632

4.3

20.6

8.8

11.7

21.9

16.5

0.7

3.3

4.2

5.4

4.5

GAIL

Neutral

373

47,340

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.2

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

248

211,748

137,222

152,563

15.0

21.8

19.5

24.1

12.7

10.3

1.1

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

586

142,193

373,359

428,656

5.9

5.5

54.0

59.3

10.9

9.9

1.7

1.5

16.0

15.6

0.5

Reliance Industries

Neutral

1,110

360,057

301,963

358,039

12.1

12.6

87.7

101.7

12.7

10.9

1.3

1.2

10.7

11.3

1.7

1.4

Pharmaceuticals

Alembic Pharma

Neutral

675

12,727

3,483

4,083

20.2

21.4

24.3

30.4

27.8

22.2

6.3

5.1

25.5

25.3

3.6

3.0

Aurobindo Pharma

Neutral

858

50,234

15,720

18,078

23.7

41.4

47.3

20.7

18.2

5.4

4.2

29.6

26.1

3.4

3.0

Sanofi India*

Neutral

4,250

9,788

2,357

2,692

17.3

153.5

169.2

27.7

25.1

4.7

3.8

25.8

28.4

3.8

3.1

Cadila Healthcare

Neutral

398

40,694

11,126

13,148

22.0

17.1

20.0

23.3

19.9

6.0

4.7

28.8

26.6

3.7

3.0

Cipla

Sell

607

490

48,813

15,378

18,089

17.4

18.4

21.6

27.2

28.1

22.3

3.6

3.2

13.7

15.2

3.4

2.8

www.angelbroking.com

Stock Watch

September 28, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,190

52,853

16,043

18,119

23.1

24.7

126.0

157.8

25.3

20.2

3.7

3.2

15.7

17.1

3.3

2.8

Dishman Pharma

Sell

222

3,580

1,718

1,890

22.7

22.8

9.5

11.3

23.4

19.6

2.3

2.1

10.1

10.9

2.5

2.2

GSK Pharma*

Neutral

2,815

23,844

3,528

3,811

16.6

18.8

51.8

59.4

54.3

47.4

14.5

26.3

30.6

6.5

6.1

Indoco Remedies

Sell

332

225

3,060

1,112

1,289

18.2

13.2

15.6

25.2

21.3

4.5

3.8

19.2

2.9

2.5

Ipca labs

Neutral

598

7,545

3,303

3,799

15.3

17.3

19.7

34.6

30.4

3.0

2.8

9.1

9.4

2.4

2.1

Lupin

Buy

1,514

1,809

68,253

15,912

18,644

26.4

26.7

58.1

69.3

26.1

21.9

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

771

944

185,436

31,129

35,258

30.0

30.9

28.0

32.8

27.5

23.5

4.2

3.5

18.7

18.9

5.5

4.7

Power

Tata Power

Neutral

20,258

36,916

39,557

17.4

27.1

5.1

6.3

14.7

11.9

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

152

125,372

86,605

95,545

17.5

20.8

11.8

13.4

12.9

11.4

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

176

92,102

25,763

29,762

74.3

73.1

14.8

17.3

11.9

10.2

1.9

1.6

16.9

17.5

7.8

7.5

Real Estate

MLIFE

Buy

432

522

1,773

1,152

1,300

22.7

24.6

29.9

35.8

14.5

12.1

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

314

125,518

105,086

114,808

34.5

34.7

12.2

16.4

25.7

19.2

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

28,626

40,133

43,731

37.2

37.1

6.4

6.5

12.4

12.2

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,733

10,057

3,153

3,583

14.1

14.4

152.2

182.7

31.1

25.9

152.7

130.4

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

272

306

2,753

5,099

5,805

5.6

5.9

11.4

14.6

24.0

18.7

3.2

2.8

13.4

15.1

0.5

Finolex Cables

Neutral

437

6,686

2,883

3,115

12.0

12.1

14.2

18.6

30.8

23.5

16.4

14.3

15.8

14.6

2.0

1.8

Goodyear India*

Accumulate

622

684

1,435

1,598

1,704

10.4

10.2

49.4

52.6

12.6

11.8

58.1

51.0

18.2

17.0

0.6

79.0

Hitachi

Neutral

1,644

4,469

2,081

2,433

8.8

8.9

33.4

39.9

49.2

41.2

39.7

33.1

22.1

21.4

2.1

1.8

Jyothy Laboratories

Neutral

342

6,185

1,440

2,052

11.5

13.0

8.5

10.0

40.2

34.2

9.7

9.0

18.6

19.3

4.6

3.2

Page Industries

Neutral

14,884

16,601

2,450

3,124

20.1

17.6

299.0

310.0

49.8

48.0

331.5

253.0

47.1

87.5

6.8

5.4

Relaxo Footwears

Neutral

460

5,520

2,085

2,469

9.2

8.2

7.6

8.0

60.8

57.9

23.6

20.1

17.9

18.8

2.7

2.3

Siyaram Silk Mills

Accumulate

1,298

1,469

1,217

1,799

2,040

11.6

11.7

104.9

122.4

12.4

10.6

2.0

1.7

16.4

0.9

0.8

Styrolution ABS India*

Neutral

595

1,046

1,440

1,537

9.2

9.0

40.6

42.6

14.7

14.0

37.4

34.0

12.3

11.6

0.7

0.6

TVS Srichakra

Neutral

3,168

2,426

2,304

2,614

13.7

13.8

231.1

266.6

13.7

11.9

356.0

280.3

33.9

29.3

1.1

0.9

HSIL

Neutral

340

2,457

2,384

2,515

15.8

16.3

15.3

19.4

22.2

17.5

22.1

19.0

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

329

4,759

2,554

2,800

9.9

10.0

10.5

12.1

31.3

27.2

13.1

12.4

10.7

11.7

1.5

1.3

Ltd

M M Forgings

Neutral

419

506

546

608

20.4

20.7

41.3

48.7

10.2

8.6

57.5

50.8

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

214

1,532

1,353

1,471

12.3

12.4

14.5

16.3

14.8

13.1

20.4

18.4

14.5

14.6

1.1

115.2

Competent Automobiles Neutral

194

119

1,137

1,256

3.1

2.7

28.0

23.6

6.9

8.2

37.4

33.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

September 28, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,336

1,994

1,995

2,165

10.7

10.4

69.8

80.6

19.1

16.6

76.3

66.3

16.6

16.5

1.0

0.9

Visaka Industries

Neutral

196

311

1,051

1,138

10.3

10.4

21.0

23.1

9.3

8.5

25.1

23.5

9.0

9.2

0.6

0.5

Transport Corporation of

Neutral

191

1,462

2,671

2,911

8.5

8.8

13.9

15.7

13.8

12.2

1.9

1.7

13.7

13.8

0.7

0.6

India

Elecon Engineering

Neutral

665

1,482

1,660

13.7

14.5

3.9

5.8

15.6

10.5

3.7

3.4

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

230

1,009

3,342

3,625

7.8

7.5

17.3

19.8

13.3

11.7

25.3

20.3

10.5

10.8

0.6

0.5

MT Educare

Neutral

130

519

366

417

17.7

18.2

9.4

10.8

13.9

12.1

3.1

2.7

22.2

22.3

1.3

1.1

Radico Khaitan

Neutral

121

1,603

1,659

1,802

13.0

13.2

6.3

7.4

19.0

16.3

1.6

1.5

8.6

9.3

1.4

1.3

Garware Wall Ropes

Neutral

525

1,149

873

938

12.9

13.1

30.9

34.9

17.0

15.0

2.7

2.3

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

387

2,187

287

355

38.0

40.0

11.3

14.2

34.3

27.3

4.9

4.3

21.4

23.9

7.3

5.9

Linc Pen & Plastics

Neutral

270

399

382

420

9.3

9.5

13.5

15.7

20.1

17.2

3.4

3.0

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

163

654

287

384

20.5

7.6

10.7

21.5

15.2

4.5

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

925

33,319

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

Coffee Day Enterprises

Neutral

225

4,631

2,964

3,260

20.5

21.2

4.7

8.0

28.1

2.6

2.4

5.5

8.5

2.0

1.8

Ltd

Navneet Education

Neutral

100

2,388

1,062

1,147

24.0

6.1

6.6

16.5

15.1

3.4

3.0

20.6

19.8

2.3

2.2

Navkar Corporation

Buy

194

265

2,769

408

612

42.9

42.3

6.8

11.5

28.7

16.9

2.0

1.8

6.9

10.5

7.7

5.1

UFO Moviez

Neutral

488

1,346

619

685

33.2

33.4

30.0

34.9

16.3

14.0

2.3

1.9

13.8

13.9

1.9

1.5

VRL Logistics

Neutral

297

2,706

1,902

2,119

16.7

16.6

14.6

16.8

20.4

17.6

4.5

3.9

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,063

1,817

3,229

4,001

1.5

1.8

22.8

32.8

46.7

32.4

5.0

4.3

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

310

4,477

1,036

1,160

15.1

15.0

6.1

7.2

50.7

43.1

5.4

5.0

10.7

11.5

4.2

3.7

Quick Heal

Neutral

229

1,601

408

495

27.3

27.0

7.7

8.8

29.5

26.0

2.7

2.8

9.3

10.6

3.1

2.5

Narayana Hrudaya

Neutral

333

6,814

1,873

2,166

11.5

11.7

2.6

4.0

126.1

84.1

7.7

7.0

6.1

8.3

3.7

3.2

Manpasand Bever.

Neutral

740

3,706

836

1,087

19.6

19.4

16.9

23.8

43.8

31.1

5.3

4.6

12.0

14.8

4.2

3.1

Parag Milk Foods

Neutral

304

2,554

1,919

2,231

9.3

9.6

9.5

12.9

32.2

23.5

5.0

4.1

15.5

17.5

1.5

1.3

Mirza International

Buy

113

1,119

1,024

1,148

18.0

6.9

8.0

13.5

11.6

2.3

1.9

16.6

16.2

1.3

1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 27, 2016

www.angelbroking.com

Market Outlook

September 28, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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