Market Outlook
March 29, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with positive bias tracking the SGX Nifty & Asian
BSE Sensex
0.6
172
29,410
markets.
Nifty
0.6
56
9,101
After initially showing a lack of direction, US market moved mostly higher over the
Mid Cap
0.7
100
13,912
course of the trading session on Tuesday. With the upward move on the day, the
Small Cap
0.6
82
14,153
Dow snapped an eight-session losing streak. The strength on Wall Street came
Bankex
0.8
188
24,213
following the release of a report from the Conference Board showing an unexpected
improvement in consumer confidence in the month of March.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets fluctuated between small gains and losses in early trade
Tuesday, but definitively entered positive territory in the afternoon. Concerns over the
Dow Jones
0.7
151
20,702
ability of the Trump administration to implement its policies began to ease following
Nasdaq
0.6
35
5,875
the failure of the healthcare reform bill late last week.
FTSE
0.7
50
7,343
Nikkei
1.1
217
19,203
Indian markets rebounded on Tuesday after falling notably in the previous session
amid uncertain U.S. policy outlook and forecasts of a weak monsoon this year.
Hang Seng
0.6
152
24,346
Underlying sentiment remained supported after the Modi government on Monday
Shanghai Com
(0.4)
(14)
3,253
introduced four bills on the Goods and Services Tax (GST) in the lower house of
parliament, paving the way for its implementation from July 1.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,443
909
USFDA gives final nod for Aurobindo's Meropenem anti-bacterial injection
Declines
1,416
737
Detailed analysis on Pg2
Unchanged
214
83
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
18,978
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
NSE
22,430
Top Picks
Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
FII
584
21,818
32,256
Amara Raja Batteries Auto & Auto Ancillary
Buy
871
1,009
15.8
MFs
(175)
(1,708)
5,363
HCL Tech
IT
Buy
860
1,000
16.3
Power Grid Corp.
Power
Accumulate
197
223
13.3
Top Gainers
Price (`)
Chg (%)
Navkar Corp.
Others
Buy
174
265
52.4
KEI Industries
Others
Buy
177
207
17.2
Dishman
278
20.0
More Top Picks on Pg3
Edelweiss
146
6.3
Srtransfin
1,074
5.3
Key Upcoming Events
Previous
Consensus
Fincables
511
4.3
Date
Region
Event Description
Reading
Expectations
Jklakshmi
452
3.9
Mar 30, 2017 US
Initial Jobless claims
261.00
247.00
Mar 30, 2017 US
GDP Qoq (Annualised)
1.90
2.00
Top Losers
Price (`)
Chg (%)
Mar 30, 2017 Euro Zone Euro-Zone Consumer Confidence
-5.00
-5.00
Mar 31, 2017 Germany PMI Manufacturing
58.30
--
Centralbk
99
(3.8)
Mar 31, 2017 Germany Unemployment change (000's)
-15.00
-10.00
Godrejprop
378
(3.5)
Mar 31, 2017 China
PMI Manufacturing
51.60
51.60
Jktyre
131
(3.3)
More Events on Pg4
Apollotyre
204
(3.2)
Dbcorp
369
(3.1)
As on March 28, 2017
Market Outlook
March 29, 2017
News Analysis
USFDA gives final nod for Aurobindo's Meropenem anti-bacterial
injection
Aurobindo Pharma has received final approval from the US Food and Drug
Administration (USFDA) to manufacture and market Meropenem injection, which is
used in the treatment of complicated skin and other bacterial infections.
Meropenem injection 500 mg/vial and 1 g/vial will be launched next month. This
is a generic version of AstraZeneca Pharmaceuticals' Merrem injection. It is
indicated as single agent therapy for skin infections, complicated intra-abdominal
infections such as appendicitis and peritonitis, and bacterial meningitis, the
company said in a statement. According to IMS, Meropenem has an estimated
market size of $118 million for the twelve months ending January 2017.
Economic and Political News
GST to be levied on renting, EMI on under-construction property from July 1
SBI spent `775Cr in maintaining Jan Dhan accounts, says govt
India needs to recognize import demand: Report on Singapore trade pact
GST to boost Uttar Pradesh's commercial tax kitty
Corporate News
CCI clears acquisition of Johnson & Johnson's two brands by ITC
Cairn-Vedanta merger gets all approvals except from RBI
ED attaches `263Cr assets of Deccan Chronicle group
Tesco to pay $269 million to settle false accounting charges
Market Outlook
March 29, 2017
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,879
871
1,009
15.8
products leading to market share gains in both the
automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,21,372
860
1,000
16.3
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,37,757
1,035
1,249
20.6
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,44,213
1,546
1,700
10.0
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,765
1,457
1,809
24.2
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong top-
Power Grid Corporation
1,02,932
197
223
13.3
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, AngelResearch
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
1,072
356
380
6.7
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,137
310
330
6.5
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
5,889
616
660
7.1
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,431
161
235
46.1
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,884
180
225
25.0
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,374
177
207
17.2
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,795
437
522
19.4
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,033
86
107
24.6
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,479
174
265
52.4
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,594
1,701
1,872
10.1
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
1,571
263
344
30.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 29, 2017
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Mar 30, 2017 6:00PM
US
Initial Jobless claims
Thousands
Mar 25
261.00
247.00
6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
2:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Mar F
(5.00)
(5.00)
Mar 31, 2017 1:25PM
Germany
Unemployment change (000's)
Thousands
Mar
(15.00)
(10.00)
1:25PM
Germany
PMI Manufacturing
Value
Mar F
58.30
--
6:30AM
China
PMI Manufacturing
Value
Mar
51.60
51.60
Apr 3, 2017
2:00PM
UK
GDP (YoY)
% Change
4Q F
2.00
2.00
2:00PM
UK
PMI Manufacturing
Value
Mar
54.60
--
Apr 5, 2017
1:25PM
Germany
PMI Services
Value
Mar F
55.60
--
Apr 6, 2017
2:30PM
India
RBI Reverse Repo rate
%
Apr 6
5.75
--
2:30PM
India
RBI Repo rate
%
Apr 6
6.25
--
2:30PM
India
RBI Cash Reserve ratio
%
Apr 6
4.00
--
Apr 7, 2017
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
3.20
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
235.00
175.00
6:00PM
US
Unnemployment rate
%
Mar
4.70
4.70
Apr 10, 2017
India
Imports YoY%
% Change
Mar
21.76
--
2:00PM
UK
CPI (YoY)
% Change
Mar
2.30
--
Apr 11, 2017
India
Exports YoY%
% Change
Mar
17.48
--
Apr 12, 2017
2:00PM
UK
Jobless claims change
% Change
Mar
(11.30)
--
5:30PM
India
Industrial Production YoY
% Change
Feb
2.70
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
0.80
--
Apr 13, 2017
US
Producer Price Index (mom)
% Change
Mar
0.10
--
China
Exports YoY%
% Change
Mar
(1.30)
--
Apr 14, 2017
6:00PM
US
Consumer price index (mom)
% Change
Mar
0.10
(0.10)
Apr 17, 2017 12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
6.00
--
6:00PM
US
Housing Starts
Thousands
Mar
1,288.00
--
Apr 18, 2017
6:00PM
US
Building permits
Thousands
Mar
1,216.00
--
6:45PM
US
Industrial Production
%
Mar
0.01
0.50
7:30AM
China
Real GDP (YoY)
% Change
1Q
6.80
--
Source: Bloomberg, Angel Research
Market Outlook
March 29, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.4
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
3.0
(1.3)
(3.0)
(1.9)
(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
5.8
5.8
6.0
5.5
5.1
52.0
4.8
5.0
4.3
4.2
50.0
3.6
3.7
4.0
3.4
3.2
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
30.0
7.00
20.0
6.50
6.00
10.0
5.50
0.0
5.00
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 29, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
4.9
0.7
4.5
4.0
3.0
2.0
1.9
2.0
1.2
1.6
1.1
-
(2.0)
(0.4)
(2.5)
(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
2.0
1.3
(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)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
March 29, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
64,640
(5.8)
12.9
27.1
Russia
Micex
2,033
(3.5)
(6.5)
8.8
India
Nifty
9,101
1.9
14.0
18.1
China
Shanghai Composite
3,253
0.7
3.6
10.0
South Africa
Top 40
45,215
0.2
4.5
(2.4)
Mexico
Mexbol
49,339
4.5
9.7
7.1
Indonesia
LQ45
920
3.8
12.3
10.0
Malaysia
KLCI
1,754
3.3
7.7
1.7
Thailand
SET 50
1,000
1.9
6.3
13.3
USA
Dow Jones
20,702
(0.6)
3.9
16.8
UK
FTSE
7,343
1.4
3.9
19.5
Japan
Nikkei
19,203
(0.9)
(1.2)
13.4
Germany
DAX
12,149
2.9
5.9
26.2
France
CAC
5,046
4.1
4.1
17.3
Source: Bloomberg, Angel Research
Stock Watch
March 29, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
241
-
4,692
1,937
2,164
13.3
14.3
9.0
11.0
26.8
21.9
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
723
-
36,656
15,176
17,604
18.5
18.5
37.4
44.6
19.3
16.2
3.8
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Amara Raja Batteries
Buy
871
1,009
14,879
5,305
6,100
16.0
16.3
28.4
34.0
30.7
25.6
5.9
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Accumulate
204
235
10,379
12,877
14,504
14.3
13.9
21.4
23.0
9.5
8.9
1.5
1.3
16.4
15.2
1.0
0.9
Ashok Leyland
Buy
86
111
24,603
20,021
21,915
11.6
11.9
4.5
5.3
19.2
16.3
3.9
3.5
20.6
21.5
1.2
1.0
Bajaj Auto
Neutral
2,823
-
81,687
25,093
27,891
19.5
19.2
143.9
162.5
19.6
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,048
-
24,388
7,726
8,713
20.5
21.2
35.3
42.7
29.7
24.5
5.5
5.0
18.9
20.1
3.1
2.7
Ceat
Accumulate
1,297
1,450
5,248
7,524
8,624
13.0
12.7
131.1
144.3
9.9
9.0
1.8
1.5
19.8
18.6
0.8
0.7
Eicher Motors
Neutral
24,898
-
67,747
16,583
20,447
17.5
18.0
598.0
745.2
41.6
33.4
14.2
10.8
41.2
38.3
3.8
3.0
Exide Industries
Neutral
216
-
18,394
7,439
8,307
15.0
15.0
8.1
9.3
26.7
23.3
3.7
3.3
14.3
16.7
2.1
1.8
Gabriel India
Neutral
124
-
1,783
1,544
1,715
9.0
9.3
5.4
6.3
23.0
19.7
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,328
-
66,460
28,083
30,096
15.3
15.7
171.8
187.0
19.4
17.8
6.8
5.7
30.1
27.9
2.2
2.0
Indag Rubber
Neutral
201
-
527
286
326
19.8
16.8
11.7
13.3
17.2
15.1
2.9
2.7
17.8
17.1
1.5
1.3
Jamna Auto Industries
Neutral
207
-
1,651
1,486
1,620
9.8
9.9
15.0
17.2
13.8
12.1
3.0
2.6
21.8
21.3
1.2
1.1
JK Tyres
Neutral
131
-
2,967
7,455
8,056
15.0
15.0
21.8
24.5
6.0
5.3
1.3
1.0
22.8
21.3
0.5
0.5
L G Balakrishnan & Bros Neutral
608
-
954
1,302
1,432
11.6
11.9
43.7
53.0
13.9
11.5
2.0
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,277
-
79,292
46,534
53,077
11.6
11.7
67.3
78.1
19.0
16.4
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
5,976
6,560
180,509
67,822
83,288
16.0
16.4
253.8
312.4
23.5
19.1
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
435
-
3,450
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.1
1.5
1.2
23.8
24.3
1.3
1.1
Motherson Sumi
Neutral
372
-
52,255
45,896
53,687
7.8
8.3
13.0
16.1
28.6
23.1
9.2
7.3
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
934
-
739
511
562
11.3
11.5
28.1
30.9
33.2
30.2
5.1
4.6
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
34
-
456
741
837
13.0
13.0
15.2
17.0
2.3
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Subros
Neutral
197
-
1,179
1,488
1,681
11.7
11.9
6.4
7.2
30.7
27.4
3.2
2.9
10.8
11.4
1.0
0.9
Swaraj Engines
Neutral
1,483
-
1,842
660
810
15.2
16.4
54.5
72.8
27.2
20.4
8.5
7.7
31.5
39.2
2.6
2.1
Tata Motors
Neutral
472
-
136,398
300,209
338,549
8.9
8.4
42.7
54.3
11.1
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
432
-
20,538
13,390
15,948
6.9
7.1
12.8
16.5
33.9
26.1
8.4
6.7
26.3
27.2
1.6
1.3
Capital Goods
ACE
Neutral
59
-
584
709
814
4.1
4.6
1.4
2.1
42.2
28.1
1.7
1.6
4.4
6.0
0.9
0.8
BEML
Neutral
1,310
-
5,453
3,451
4,055
6.3
9.2
31.4
57.9
41.7
22.6
2.5
2.3
6.3
10.9
1.7
1.4
BGR Energy
Neutral
136
-
983
16,567
33,848
6.0
5.6
7.8
5.9
17.5
23.1
1.0
1.0
4.7
4.2
0.2
0.1
Stock Watch
March 29, 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
Bharat Electronics
Neutral
158
-
35,381
8,137
9,169
16.8
17.2
58.7
62.5
2.7
2.5
0.4
0.4
44.6
46.3
3.3
3.0
BHEL
Neutral
168
-
41,218
28,797
34,742
-
2.8
2.3
6.9
73.2
24.4
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
616
660
5,889
4,283
5,077
5.9
7.3
14.9
22.1
41.4
27.9
8.0
6.8
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
77
-
4,826
5,777
6,120
5.9
7.0
3.3
4.5
23.3
17.1
1.0
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
158
-
3,861
1,755
1,881
16.8
16.9
7.8
8.5
20.3
18.6
4.1
3.8
20.6
20.9
1.9
1.7
Inox Wind
Neutral
169
-
3,760
5,605
6,267
15.7
16.4
24.8
30.0
6.8
5.7
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
194
-
4,979
9,294
10,186
7.9
8.1
9.9
11.9
19.6
16.3
2.9
2.5
15.6
16.3
0.8
0.7
KEI Industries
Buy
177
207
1,374
2,682
3,058
10.4
10.0
11.7
12.8
15.1
13.8
3.0
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
908
-
10,817
5,421
5,940
7.3
7.3
25.7
30.2
35.3
30.1
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Neutral
671
-
3,661
3,136
3,845
8.9
9.1
26.0
35.9
25.8
18.7
3.2
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
392
-
12,956
6,511
7,514
7.9
8.7
12.9
16.3
30.4
24.0
5.5
4.8
16.7
18.5
1.7
1.5
Cement
ACC
Neutral
1,417
-
26,602
11,225
13,172
13.2
16.9
44.5
75.5
31.8
18.8
3.0
2.8
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
229
-
45,382
9,350
10,979
18.2
22.5
5.8
9.5
39.4
24.1
3.3
3.0
10.2
12.5
4.8
4.1
India Cements
Neutral
157
-
4,837
4,364
4,997
18.5
19.2
7.9
11.3
19.9
13.9
1.4
1.4
8.0
8.5
1.8
1.6
J K Lakshmi Cement
Neutral
450
-
5,290
2,913
3,412
14.5
19.5
7.5
22.5
59.9
20.0
3.7
3.1
12.5
18.0
2.3
2.0
JK Cement
Neutral
896
-
6,265
4,398
5,173
15.5
17.5
31.2
55.5
28.7
16.2
3.5
3.0
12.0
15.5
2.0
1.6
Orient Cement
Neutral
126
-
2,589
2,114
2,558
18.5
20.5
8.1
11.3
15.6
11.2
2.3
1.9
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,986
-
109,427
25,768
30,385
21.0
23.5
111.0
160.0
35.9
24.9
4.6
4.0
13.5
15.8
4.3
3.6
Construction
Engineers India
Neutral
147
-
9,889
1,725
1,935
16.0
19.1
11.4
13.9
12.9
10.6
1.8
1.7
13.4
15.3
4.7
4.2
Gujarat Pipavav Port
Neutral
168
-
8,136
705
788
52.2
51.7
5.0
5.6
33.7
30.1
3.3
3.0
11.2
11.2
11.2
9.6
ITNL
Neutral
107
-
3,508
8,946
10,017
31.0
31.6
8.1
9.1
13.2
11.7
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
179
-
2,519
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,546
1,700
144,213
111,017
124,908
11.0
11.0
61.1
66.7
25.3
23.2
3.0
2.8
13.1
12.9
2.3
2.2
MEP Infra
Neutral
53
-
862
1,877
1,943
30.6
29.8
3.0
4.2
17.7
12.6
8.6
5.8
0.6
0.6
1.8
1.7
Nagarjuna Const.
Neutral
81
-
4,511
8,842
9,775
9.1
8.8
5.3
6.4
15.3
12.7
1.2
1.1
8.2
9.1
0.7
0.6
NBCC
Neutral
172
-
15,521
7,428
9,549
7.9
8.6
8.2
11.0
21.0
15.7
1.1
0.8
28.2
28.7
1.8
1.4
PNC Infratech
Buy
116
143
2,971
2,350
2,904
13.1
13.2
9.0
8.8
12.9
13.2
0.5
0.4
15.9
13.9
1.4
1.2
Power Mech Projects
Neutral
517
-
760
1,801
2,219
12.7
14.6
72.1
113.9
7.2
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
306
-
5,255
3,598
4,140
10.3
10.6
9.0
11.9
34.0
25.7
3.6
3.1
9.9
11.9
1.7
1.5
Stock Watch
March 29, 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
Simplex Infra
Neutral
301
-
1,489
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.1
1.0
0.9
9.9
13.4
0.7
0.5
SIPL
Neutral
100
-
3,505
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.3
(22.8)
(15.9)
11.7
9.7
Financials
Axis Bank
Buy
503
580
120,399
46,932
53,575
3.5
3.4
32.4
44.6
15.6
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
174
-
40,012
19,980
23,178
1.8
1.8
11.5
17.3
15.1
10.0
1.7
1.4
8.3
10.1
-
-
Can Fin Homes
Neutral
2,070
-
5,510
420
526
3.5
3.5
86.5
107.8
23.9
19.2
5.2
4.2
23.6
24.1
-
-
Canara Bank
Neutral
297
-
16,130
15,225
16,836
1.8
1.8
14.5
28.0
20.5
10.6
1.4
1.1
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
982
1,230
15,342
2,012
2,317
6.3
6.3
42.7
53.6
23.0
18.3
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
367
-
11,492
2,225
2,688
2.9
2.9
29.7
34.6
12.4
10.6
2.0
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
161
235
5,431
939
1,281
11.7
11.5
5.8
8.2
27.7
19.6
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
91
-
15,583
8,259
8,995
3.0
3.0
4.3
5.6
21.1
16.2
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,504
-
238,848
11,475
13,450
3.4
3.4
45.3
52.5
33.2
28.6
6.4
5.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,419
-
363,211
46,097
55,433
4.5
4.5
58.4
68.0
24.3
20.9
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Buy
277
315
161,278
42,800
44,686
3.1
3.3
18.0
21.9
15.4
12.7
2.1
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Neutral
163
-
3,123
3,339
3,799
2.7
2.8
11.0
14.0
14.8
11.7
1.5
1.4
11.2
12.7
-
-
LIC Housing Finance
Neutral
613
-
30,928
3,712
4,293
2.6
2.5
39.0
46.0
15.7
13.3
3.0
2.5
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
148
-
31,441
23,532
23,595
2.3
2.4
6.8
12.6
21.7
11.7
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
487
-
17,995
1,783
2,309
2.6
2.6
12.7
16.4
38.3
29.7
4.2
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
669
825
4,187
388
457
4.5
4.2
30.0
38.0
22.3
17.6
3.7
3.1
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,731
6,435
7,578
2.5
2.5
2.7
3.1
7.5
6.5
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
282
-
224,972
88,650
98,335
2.6
2.6
13.5
18.8
20.9
15.0
2.0
1.7
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,683
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,535
-
65,042
8,978
11,281
3.3
3.4
74.0
90.0
20.8
17.1
3.9
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,808
-
8,670
2,955
3,309
13.3
13.7
57.2
69.3
31.6
26.1
10.3
8.7
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,058
-
101,450
17,128
18,978
16.8
16.4
19.1
20.7
55.4
51.1
19.3
18.2
34.8
35.5
5.8
5.2
Britannia
Accumulate
3,342
3,626
40,104
9,594
11,011
14.6
14.9
80.3
94.0
41.6
35.6
17.1
13.2
41.2
-
4.0
3.4
Colgate
Neutral
988
-
26,875
4,605
5,149
23.4
23.4
23.8
26.9
41.5
36.7
23.0
18.0
64.8
66.8
5.7
5.1
Dabur India
Accumulate
275
304
48,521
8,315
9,405
19.8
20.7
8.1
9.2
34.0
29.9
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,284
-
22,220
4,350
4,823
21.2
21.4
179.2
196.5
29.5
26.9
7.8
6.6
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,691
-
57,602
10,235
11,428
18.4
18.6
41.1
44.2
41.2
38.3
9.1
7.7
24.9
24.8
5.6
5.0
Stock Watch
March 29, 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
HUL
Neutral
903
-
195,339
35,252
38,495
17.8
17.8
20.7
22.4
43.7
40.3
41.8
35.8
95.6
88.9
5.4
4.9
ITC
Neutral
281
-
340,527
40,059
44,439
38.3
39.2
9.0
10.1
31.2
27.7
8.7
7.6
27.8
27.5
8.0
7.2
Marico
Neutral
291
-
37,569
6,430
7,349
18.8
19.5
6.4
7.7
45.5
37.8
13.7
11.6
33.2
32.5
5.6
4.8
Nestle*
Neutral
6,498
-
62,649
10,073
11,807
20.7
21.5
124.8
154.2
52.1
42.1
21.4
19.2
34.8
36.7
6.0
5.1
Procter & Gamble
Accumulate
7,050
7,369
22,885
2,939
3,342
23.2
23.0
146.2
163.7
48.2
43.1
12.2
10.1
25.3
23.5
7.2
6.2
Hygiene
Tata Global
Neutral
151
-
9,502
8,675
9,088
9.8
9.8
7.4
8.2
20.3
18.4
1.6
1.5
7.9
8.1
1.0
0.9
IT
HCL Tech^
Buy
860
1,000
121,372
49,242
57,168
20.5
20.5
55.7
64.1
15.4
13.4
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,035
1,249
237,757
68,350
77,326
27.0
27.0
62.5
69.4
16.6
14.9
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,430
2,700
478,784
119,025
133,308
27.6
27.6
131.2
145.5
18.5
16.7
6.0
5.5
32.4
33.1
3.8
3.3
Tech Mahindra
Buy
456
600
44,358
29,673
32,937
15.5
17.0
32.8
39.9
13.9
11.4
2.7
2.4
19.6
20.7
1.3
1.1
Wipro
Buy
508
583
123,380
55,440
60,430
18.1
18.1
36.1
38.9
14.1
13.1
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
369
-
6,782
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.5
Hindustan Media
Neutral
286
-
2,097
1,016
1,138
24.3
25.2
27.3
30.1
10.5
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
83
-
1,921
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
180
225
5,884
2,355
2,635
28.0
28.0
10.8
12.5
16.7
14.4
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
779
-
30,711
2,850
3,265
70.1
71.0
26.2
30.4
29.7
25.6
7.6
6.7
24.3
25.6
10.1
8.7
TV Today Network
Buy
263
344
1,571
567
645
26.7
27.0
15.4
18.1
17.1
14.6
2.6
2.2
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
291
-
180,605
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.7
4.9
4.7
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
326
-
137,745
14,252
18,465
55.9
48.3
15.8
21.5
20.6
15.2
3.4
2.9
17.0
20.7
9.6
7.4
Hindalco
Neutral
190
-
39,179
107,899
112,095
7.4
8.2
9.2
13.0
20.6
14.6
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
182
-
43,897
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
134
-
42,364
6,643
7,284
44.4
47.7
7.1
7.7
18.9
17.4
1.6
1.6
8.8
9.2
4.2
3.7
SAIL
Neutral
60
-
24,884
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
480
-
46,609
121,374
121,856
7.2
8.4
18.6
34.3
25.8
14.0
1.6
1.5
6.1
10.1
1.0
1.0
Vedanta
Neutral
265
-
78,594
71,744
81,944
19.2
21.7
13.4
20.1
19.8
13.2
1.7
1.5
8.4
11.3
1.5
1.1
Oil & Gas
Cairn India
Neutral
293
-
55,020
9,127
10,632
4.3
20.6
8.8
11.7
33.3
25.1
1.1
1.0
3.3
4.2
7.5
6.2
GAIL
Neutral
375
-
63,424
56,220
65,198
9.3
10.1
27.1
33.3
13.8
11.3
1.3
1.2
9.3
10.7
1.3
1.1
Indian Oil Corp
Neutral
369
-
179,207
373,359
428,656
5.9
5.5
54.0
59.3
6.8
6.2
1.1
1.0
16.0
15.6
0.6
0.5
ONGC
Neutral
187
-
240,174
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.8
0.8
0.8
8.5
10.1
2.1
1.8
Stock Watch
March 29, 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
1,246
-
404,086
301,963
358,039
12.1
12.6
87.7
101.7
14.2
12.3
1.5
1.3
10.7
11.3
1.8
1.5
Pharmaceuticals
Alembic Pharma
Buy
592
689
11,154
3,483
4,244
20.2
21.4
24.3
33.6
24.4
17.6
5.5
4.4
25.5
25.3
3.1
2.5
Alkem Laboratories Ltd
Neutral
2,207
-
26,390
6,065
7,009
18.7
20.0
80.2
92.0
27.5
24.0
6.2
5.2
22.5
21.6
4.3
3.7
Aurobindo Pharma
Buy
679
877
39,804
15,720
18,078
23.7
23.7
41.4
47.3
16.4
14.4
4.3
3.3
29.6
26.1
2.7
2.4
Aventis*
Neutral
4,785
-
11,019
2,277
2,597
16.6
17.4
128.9
157.0
37.1
30.5
6.3
4.9
21.6
26.4
4.5
3.8
Cadila Healthcare
Neutral
453
-
46,370
10,429
12,318
17.7
21.6
13.1
19.2
34.6
23.6
7.2
5.7
22.8
27.1
4.4
3.7
Cipla
Sell
594
465
47,782
15,378
18,089
15.7
16.8
19.3
24.5
30.8
24.2
3.6
3.2
12.3
13.9
3.3
2.7
Dishman Pharma
Sell
278
143
4,490
1,718
1,890
22.7
22.8
9.5
11.3
29.3
24.6
2.8
2.6
10.1
10.9
2.6
2.3
Dr Reddy's
Neutral
2,636
-
43,670
16,043
18,119
18.0
23.0
78.6
130.9
33.5
20.1
3.3
2.9
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,702
-
22,888
2,800
3,290
10.2
20.6
32.2
60.3
83.9
44.8
15.5
15.4
17.2
34.5
8.1
6.9
Indoco Remedies
Reduce
256
240
2,355
1,112
1,289
16.2
18.2
11.6
16.0
22.0
16.0
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
585
613
7,380
3,258
3,747
12.8
15.3
12.1
19.2
48.3
30.5
3.0
2.8
6.4
9.5
2.4
2.1
Lupin
Buy
1,457
1,809
65,765
15,912
18,644
26.4
26.7
58.1
69.3
25.1
21.0
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
699
847
167,598
31,129
35,258
32.0
32.9
30.2
35.3
23.1
19.8
3.8
3.1
20.0
20.1
4.9
4.1
Power
NTPC
Neutral
165
-
135,926
86,605
95,545
17.5
20.8
11.8
13.4
14.0
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
197
223
102,932
25,315
29,193
88.2
88.7
14.2
17.2
13.9
11.5
2.1
1.8
15.2
16.1
8.7
7.8
Tata Power
Neutral
89
-
24,018
36,916
39,557
17.4
27.1
5.1
6.3
17.4
14.1
1.5
1.4
9.0
10.3
1.7
1.5
Real Estate
MLIFE
Buy
437
522
1,795
1,152
1,300
22.7
24.6
29.9
35.8
14.6
12.2
1.1
1.0
7.6
8.6
2.2
1.8
Prestige Estate
Neutral
205
-
7,689
4,707
5,105
25.2
26.0
10.3
13.0
19.9
15.8
1.6
1.5
10.3
10.2
2.8
2.5
Telecom
Bharti Airtel
Neutral
341
-
136,171
105,086
114,808
34.5
34.7
12.2
16.4
27.9
20.8
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
88
-
31,873
40,133
43,731
37.2
37.1
6.4
6.5
13.8
13.6
1.2
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,610
-
9,796
3,153
3,583
14.1
14.4
152.2
182.7
30.3
25.2
148.7
127.0
25.6
26.1
2.8
2.4
Asian Granito
Accumulate
356
380
1,072
1,060
1,169
12.2
12.5
12.7
15.9
28.1
22.4
2.7
2.4
9.5
10.7
1.3
1.1
Bajaj Electricals
Accumulate
310
330
3,137
4,801
5,351
5.7
6.2
10.4
13.7
29.7
22.7
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
215
-
1,536
1,353
1,471
12.3
12.4
14.5
16.3
14.8
13.2
20.5
18.4
14.5
14.6
1.1
113.9
Coffee Day Enterprises
Neutral
234
-
4,823
2,964
3,260
20.5
21.2
4.7
8.0
-
29.3
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
179
-
110
1,137
1,256
3.1
2.7
28.0
23.6
6.4
7.6
34.5
31.2
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
52
-
580
1,482
1,660
13.7
14.5
3.9
5.8
13.3
8.9
3.1
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
511
-
7,821
2,883
3,115
12.0
12.1
14.2
18.6
36.0
27.5
19.2
16.7
15.8
14.6
2.3
2.1
Stock Watch
March 29, 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
Garware Wall Ropes
Neutral
706
-
1,546
863
928
15.1
15.2
36.4
39.4
19.4
17.9
3.5
3.0
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
781
-
1,801
1,598
1,704
10.4
10.2
49.4
52.6
15.8
14.8
73.0
64.0
18.2
17.0
0.8
117.7
Hitachi
Neutral
1,661
-
4,518
2,081
2,433
8.8
8.9
33.4
39.9
49.7
41.6
40.1
33.4
22.1
21.4
2.1
1.8
HSIL
Neutral
327
-
2,364
2,384
2,515
15.8
16.3
15.3
19.4
21.4
16.9
21.2
18.3
7.8
9.3
1.1
1.0
Interglobe Aviation
Neutral
1,037
-
37,466
21,122
26,005
14.5
27.6
110.7
132.1
9.4
7.9
56.0
40.0
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
349
-
6,341
1,440
2,052
11.5
13.0
8.5
10.0
41.1
34.9
9.9
9.2
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
386
-
5,576
2,554
2,800
9.9
10.0
10.5
12.1
36.7
31.9
15.4
14.5
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
318
-
471
382
420
9.3
9.5
13.5
15.7
23.6
20.3
4.0
3.5
17.1
17.3
1.3
1.1
M M Forgings
Neutral
532
-
642
546
608
20.4
20.7
41.3
48.7
12.9
10.9
72.9
64.5
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
702
-
4,017
836
1,087
19.6
19.4
16.9
23.8
41.6
29.5
5.0
4.4
12.0
14.8
4.5
3.4
Mirza International
Buy
86
107
1,033
963
1,069
17.2
18.0
6.1
7.5
14.0
11.4
2.1
1.8
15.0
15.7
1.3
1.1
MT Educare
Neutral
79
-
314
366
417
17.7
18.2
9.4
10.8
8.4
7.3
1.9
1.6
22.2
22.3
0.8
0.6
Narayana Hrudaya
Neutral
307
-
6,273
1,873
2,166
11.5
11.7
2.6
4.0
116.1
77.4
7.1
6.4
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
174
265
2,479
369
561
42.9
42.3
6.9
11.5
25.2
15.1
1.8
1.6
7.4
10.5
7.7
5.1
Navneet Education
Neutral
152
-
3,540
1,062
1,147
24.0
24.0
6.1
6.6
24.9
22.9
5.1
4.5
20.6
19.8
3.1
2.9
Nilkamal
Neutral
1,970
-
2,939
1,995
2,165
10.7
10.4
69.8
80.6
28.2
24.4
112.6
97.8
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,880
-
16,597
2,450
3,124
20.1
17.6
299.0
310.0
49.8
48.0
331.4
253.0
47.1
87.5
6.7
5.3
Parag Milk Foods
Neutral
222
-
1,866
1,919
2,231
9.3
9.6
9.5
12.9
23.5
17.2
3.7
3.0
15.5
17.5
1.1
1.0
Quick Heal
Neutral
238
-
1,666
408
495
27.3
27.0
7.7
8.8
30.7
27.0
2.9
2.9
9.3
10.6
3.2
2.7
Radico Khaitan
Buy
127
147
1,687
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
466
-
5,603
2,085
2,469
9.2
8.2
7.6
8.0
61.7
58.7
23.9
20.4
17.9
18.8
2.7
2.3
S H Kelkar & Co.
Neutral
299
-
4,318
1,036
1,160
15.1
15.0
6.1
7.2
48.9
41.6
5.2
4.8
10.7
11.5
4.1
3.6
Siyaram Silk Mills
Accumulate
1,701
1,872
1,594
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
680
-
1,196
1,440
1,537
9.2
9.0
40.6
42.6
16.8
16.0
42.8
38.9
12.3
11.6
0.7
0.7
Surya Roshni
Neutral
197
-
863
3,342
3,625
7.8
7.5
17.3
19.8
11.4
10.0
21.6
17.4
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
952
-
1,628
3,229
4,001
1.5
1.8
22.8
32.8
41.8
29.0
4.5
3.9
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
185
-
740
287
384
20.5
20.5
7.6
10.7
24.3
17.2
5.1
4.1
20.7
23.5
2.6
1.9
Transport Corporation of
Neutral
222
-
1,701
2,671
2,911
8.5
8.8
13.9
15.7
16.0
14.2
2.2
2.0
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,541
-
2,712
2,304
2,614
13.7
13.8
231.1
266.6
15.3
13.3
397.9
313.3
33.9
29.3
1.2
1.1
Stock Watch
March 29, 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
UFO Moviez
Neutral
440
-
1,213
619
685
33.2
33.4
30.0
34.9
14.7
12.6
2.0
1.8
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
265
-
421
1,051
1,138
10.3
10.4
21.0
23.1
12.6
11.5
34.0
31.8
9.0
9.2
0.7
0.6
VRL Logistics
Neutral
298
-
2,722
1,902
2,119
16.7
16.6
14.6
16.8
20.5
17.7
4.5
3.9
21.9
22.2
1.5
1.4
Wonderla Holidays
Neutral
381
-
2,154
287
355
38.0
40.0
11.3
14.2
33.7
26.9
4.8
4.2
21.4
23.9
7.2
5.8
VIP Industries
Neutral
183
-
2,585
1,270
1,450
10.4
10.4
5.6
6.5
32.7
28.1
6.8
5.9
20.7
21.1
2.0
1.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 28, 2017
Market Outlook
March 29, 2017
Research Team Tel: 022 - 39357800
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