Market Outlook
June 29, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking SGX Nifty, but could remain volatile
BSE Sensex
(0.4)
(124)
30,834
during the day.
Nifty
(0.2)
(20)
9,491
Following the weakness seen in the few previous trading session the US markets
Mid Cap
0.2
34
14,503
started with a strong note on Wednesday and ended the day with strong gains.
Small Cap
0.1
120
15,161
Banking steel and Biotech stocks were in favor during the day. Meanwhile a positive
data set with regards to pending home sales also had an impact on the markets.The
Bankex
0.2
64
26,298
European markets mixed on Wednesday; while some markets remained flat the
FTSE lost ground. Fresh cyber-attack (ransom ware) impacted the investor’s
Global Indices
Chg (%)
(Pts)
(Close)
sentiment.
Dow Jones
0.7
144
21,455
Indian markets continued their downward move on Wednesday as well. Markets
Nasdaq
1.6
88
6,234
were expected to remain volatile ahead of expiry and the nearing of GST
FTSE
(0.6)
(47)
7,388
implementation and its repercussions seems to have brought in some nervousness
Nikkei
(0.5)
(95)
20,130
among investors. The weakness in markets could continue for some more time to
Hang Seng
(0.6)
(156)
25,684
come before it starts settling down.
Shanghai Com
(0.6)
(18)
3,173
News Analysis
Mindtree announces `270 cr buy back plan
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,261
1,838
Declines
1,369
808
Investor’s Ready Reckoner
Unchanged
179
88
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
3,918
Top Picks
NSE
21,803
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
606
760
25.5
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
428
520
21.5
FII
(5(469)
(21,443
53,411
Mahindra Lifespace Real Estate
Buy
426
522
22.7
MFs
8169
4,996
35,036
Navkar Corporation Others
Buy
205
265
29.3
KEI Industries
Capital Goods
Buy
223
258
15.7
More Top Picks on Pg5
Top Gainers
Price (`)
Chg (%)
Unitech
196
9.7
Key Upcoming Events
Welcorp
107
6.5
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Gspl
173
6.5
Jun 29, 2017 US
Initial Jobless claims
241.00
240.00
Gmdcltd
146
6.3
Jun 29, 2017 Euro Zone Euro-Zone Consumer Confidence
(1.30)
(1.30)
Videoind
19
5.0
Jun 30, 2017 Germany Unemployment change (000's)
(9.00)
(10.00)
Jun 30, 2017 US
GDP Qoq (Annualised)
1.20
1.20
Jun 30, 2017 China
PMI Manufacturing
51.20
51.00
Top Losers
Price (`)
Chg (%)
More Events on Pg5
Jpassociat
220
(4.8)
Rcom
21
(3.9)
Natcopharm
931
(3.6)
Pidilitind
780
(3.3)
Iifl
556
(3.3)
#as on 28t June, 2017
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Market Outlook
June 29, 2017
News Analysis
Mindtree board approves `270 cr buyback plan:
Mindtree the midsized Indian It company has said it plans to buy back shares
worth Rs 270 cr. IT companies which have excess cash on book and are not able
to deploy the same for growth both organic and inorganic have been looking for
rewarding the shareholders. And buy back is a good move in that direction.
Accordingly Mintree intends to buy back up to 43.2 lakhs shares which is 2.75% of
its existing equity base. The buyback price will be not more than Rs 625/ share, at
a much higher premium compared to its last closing price of Rs 531.Other large IT
firms like TCS, Infosys and HCL has also gne ahead with buy back and companies
having enough cash are following the suit.
Economic and Political News
JNPT, India’s largest container port hit by global ransom ware attack
Air India disinvestment gets in-principle cabinet approval
China’s SIAC Motor Corporation plans to enter Indian markets
RBI panel to consider `10,000 cr debt cast soon
Corporate News
Godrej Industries to raise `400 cr via Godrej Agrovet IPO
Rashtriya Chemicals: Offer-For-Sale Floor Price Set At `74.25 Each
Fortis Healthcare: Shareholders Approve Raising FII Investment Limit To 74%
From 24%
L&T Finance Holdings to raise `15,000 cr for IPO funding
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Market Outlook
June 29, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segment. Alkem expects to launch
Alkem Laboratories
21,826
1,825
2,161
18.4
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,274
424
447
5.5
owing to better product mix, higher B2C sales and
amalgamation synergy.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,793
606
760
25.5
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
13,417
428
520
21.5
presence in tier-II & III cities where the growth opportunity
is immense.
Loan growth is likely to pick up after a sluggish FY17.
Karur Vysya Bank
8,590
142
160
12.6
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
5,880
180
225
25.1
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,735
223
258
15.7
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,184
426
522
22.7
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,923
205
265
29.3
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,866
1,991
2,500
25.6
growth 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
TV Today Network
1,428
239
344
43.7
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research,
www.angelbroking.com
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Market Outlook
June 29, 2017
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Jun 29, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Jun 24
241.00
240.00
2:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jun F
(1.30)
(1.30)
1:25 PMGermany Unemployment change (000's)
Thousands
Jun
(9.00)
(10.00)
Jun 30, 2017
6:00 PMUS
GDP Qoq (Annualised)
% Change
1Q T
1.20
1.20
6:30 AMChina
PMI Manufacturing
Value
Jun
51.20
51.00
2:00 PMUK
PMI Manufacturing
Value
Jun
56.70
Jul 03, 2017
2:00 PMUK
GDP (YoY)
% Change
1Q F
2.00
2.00
1:25 PMGermany PMI Manufacturing
Value
Jun F
59.30
Jul 05, 2017
1:25 PMGermany PMI Services
Value
Jun F
53.70
Jul 07, 2017
2:00 PMUK
Industrial Production (YoY)
% Change
May
(0.80)
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jun
138.00
173.00
6:00 PMUS
Unnemployment rate
%
Jun
4.30
4.30
Jul 10, 2017
India
Imports YoY%
% Change
Jun
33.10
India
Exports YoY%
% Change
Jun
8.30
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jun
1.50
Jul 12, 2017
2:00 PMUK
Jobless claims change
% Change
Jun
7.30
5:30 PMIndia
Industrial Production YoY
% Change
May
3.10
Jul 13, 2017
China
Exports YoY%
% Change
Jun
8.70
US
Producer Price Index (mom)
% Change
Jun
(0.70)
Jul 14, 2017
6:45 PMUS
Industrial Production
%
Jun
-
6:00 PMUS
Consumer price index (mom)
% Change
Jun
(0.10)
Source: Bloomberg, Angel Research
www.angelbroking.com
Market Outlook
June 29, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
6.0
5.0
3.8
4.0
3.0
3.1
2.6
5.0
3.0
1.9
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
6.0
5.1
52.0
5.0
4.3
4.2
3.9
50.0
3.6
3.7
4.0
3.4
3.2
3.0
48.0
3.0
2.2
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
June 29, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.0
2.0
0.5
2.0
1.1
1.3
1.0
-
(1.0)
(0.4)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
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Stock Watch
June 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
Reduce
240
209
4,658
1,937
2,164
13.3
14.3
9.0
11.0
26.6
21.8
4.6
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
832
-
42,248
15,176
17,604
18.5
18.5
37.4
44.6
22.2
18.7
4.4
3.6
21.4
21.2
2.9
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
92
111
26,983
20,021
21,915
11.6
11.9
4.5
5.3
20.5
17.3
4.2
3.7
20.6
21.5
1.3
1.2
Bajaj Auto
Neutral
2,781
-
80,485
25,093
27,891
19.5
19.2
143.9
162.5
19.3
17.1
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,055
-
24,567
7,726
8,713
20.5
21.2
35.3
42.7
29.9
24.7
5.5
5.0
18.9
20.1
3.2
2.8
Eicher Motors
Neutral
27,225
-
74,112
16,583
20,447
17.5
18.0
598.0
745.2
45.5
36.5
15.6
11.8
41.2
38.3
4.3
3.4
Gabriel India
Neutral
147
-
2,107
1,544
1,715
9.0
9.3
5.4
6.3
27.2
23.3
5.1
4.5
18.9
19.5
1.3
1.2
Hero Motocorp
Neutral
3,688
-
73,645
28,083
30,096
15.3
15.7
171.8
187.0
21.5
19.7
7.5
6.3
30.1
27.9
2.4
2.2
Jamna Auto Industries Neutral
234
-
1,861
1,486
1,620
9.8
9.9
15.0
17.2
15.6
13.6
3.4
2.9
21.8
21.3
1.3
1.2
L G Balakrishnan & Bros Neutral
757
-
1,189
1,302
1,432
11.6
11.9
43.7
53.0
17.3
14.3
2.4
2.2
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,355
-
84,180
46,534
53,077
11.6
11.7
67.3
78.1
20.1
17.4
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Neutral
7,239
-
218,674
67,822
83,288
16.0
16.4
253.8
312.4
28.5
23.2
6.6
5.3
23.0
22.9
2.9
2.3
Minda Industries
Neutral
604
-
5,221
2,728
3,042
9.0
9.1
68.2
86.2
8.9
7.0
2.0
1.6
23.8
24.3
2.0
1.7
Motherson Sumi
Neutral
463
-
64,928
45,896
53,687
7.8
8.3
13.0
16.1
35.5
28.7
11.4
9.1
34.7
35.4
1.5
1.3
Rane Brake Lining
Neutral
1,318
-
1,043
511
562
11.3
11.5
28.1
30.9
46.9
42.6
7.2
6.5
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
37
-
488
741
837
13.0
13.0
15.2
17.0
2.4
2.2
0.4
0.4
15.8
16.3
1.0
0.9
Tata Motors
Neutral
442
-
127,664
300,209
338,549
8.9
8.4
42.7
54.3
10.4
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
535
-
25,434
13,390
15,948
6.9
7.1
12.8
16.5
42.0
32.4
10.4
8.3
26.3
27.2
1.9
1.6
Amara Raja Batteries
Buy
838
1,009
14,308
5,305
6,100
16.0
16.3
28.4
34.0
29.5
24.6
5.7
4.8
19.3
19.3
2.7
2.3
Exide Industries
Neutral
217
-
18,420
7,439
8,307
15.0
15.0
8.1
9.3
26.8
23.3
3.7
3.3
14.3
16.7
2.1
1.9
Apollo Tyres
Neutral
244
-
12,395
12,877
14,504
14.3
13.9
21.4
23.0
11.4
10.6
1.8
1.5
16.4
15.2
1.1
1.0
Ceat
Neutral
1,810
-
7,322
7,524
8,624
13.0
12.7
131.1
144.3
13.8
12.5
2.5
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
161
-
3,651
7,455
8,056
15.0
15.0
21.8
24.5
7.4
6.6
1.5
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
2,271
-
2,820
660
810
15.2
16.4
54.5
72.8
41.7
31.2
13.0
11.8
31.5
39.2
4.1
3.3
Subros
Neutral
242
-
1,453
1,488
1,681
11.7
11.9
6.4
7.2
37.8
33.8
4.0
3.6
10.8
11.4
1.2
1.0
Indag Rubber
Neutral
204
-
535
286
326
19.8
16.8
11.7
13.3
17.4
15.3
2.9
2.8
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
69
-
679
709
814
4.1
4.6
1.4
2.1
49.0
32.7
2.0
1.9
4.4
6.0
1.1
1.0
BEML
Neutral
1,439
-
5,992
3,451
4,055
6.3
9.2
31.4
57.9
45.8
24.9
2.8
2.5
6.3
10.9
1.9
1.6
Bharat Electronics
Neutral
160
-
35,682
8,137
9,169
16.8
17.2
58.7
62.5
2.7
2.6
0.4
0.4
44.6
46.3
3.4
3.0
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Stock Watch
June 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
Voltas
Neutral
450
-
14,882
6,511
7,514
7.9
8.7
12.9
16.3
34.9
27.6
6.3
5.5
16.7
18.5
2.0
1.7
BGR Energy
Neutral
143
-
1,030
16,567
33,848
6.0
5.6
7.8
5.9
18.3
24.2
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
136
-
33,300
28,797
34,742
-
2.8
2.3
6.9
59.2
19.7
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
606
760
5,793
4,283
5,077
5.9
7.3
14.9
22.1
40.7
27.4
7.9
6.7
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
80
-
5,036
5,777
6,120
5.9
7.0
3.3
4.5
24.4
17.9
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
159
-
3,873
1,755
1,881
16.8
16.9
7.8
8.5
20.3
18.7
4.1
3.8
20.6
20.9
1.9
1.7
Inox Wind
Neutral
142
-
3,149
5,605
6,267
15.7
16.4
24.8
30.0
5.7
4.7
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
244
-
6,274
9,294
10,186
7.9
8.1
9.9
11.9
24.7
20.5
3.6
3.1
15.6
16.3
0.9
0.8
KEI Industries
Buy
223
258
1,735
2,633
3,001
10.4
10.0
12.7
13.0
17.5
17.1
3.8
3.1
21.4
18.2
0.9
0.8
Thermax
Neutral
942
-
11,228
5,421
5,940
7.3
7.3
25.7
30.2
36.7
31.2
4.4
4.1
12.2
13.1
2.0
1.8
VATech Wabag
Neutral
683
-
3,725
3,136
3,845
8.9
9.1
26.0
35.9
26.3
19.0
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,582
-
29,715
11,225
13,172
13.2
16.9
44.5
75.5
35.6
21.0
3.4
3.1
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
245
-
48,599
9,350
10,979
18.2
22.5
5.8
9.5
42.2
25.8
3.6
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
191
-
5,887
4,364
4,997
18.5
19.2
7.9
11.3
24.2
16.9
1.7
1.7
8.0
8.5
2.1
1.8
JK Cement
Neutral
946
-
6,616
4,398
5,173
15.5
17.5
31.2
55.5
30.3
17.1
3.6
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
482
-
5,666
2,913
3,412
14.5
19.5
7.5
22.5
64.2
21.4
4.0
3.3
12.5
18.0
2.5
2.1
Orient Cement
Neutral
138
-
2,830
2,114
2,558
18.5
20.5
8.1
11.3
17.1
12.2
2.5
2.1
9.0
14.0
2.0
1.5
UltraTech Cement
Neutral
3,958
-
108,649
25,768
30,385
21.0
23.5
111.0
160.0
35.7
24.7
4.6
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
94
-
3,104
8,946
10,017
31.0
31.6
8.1
9.1
11.7
10.4
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
206
-
2,902
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.3
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,699
-
158,550
111,017
124,908
11.0
11.0
61.1
66.7
27.8
25.5
3.3
3.1
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
144
-
6,978
705
788
52.2
51.7
5.0
5.6
28.9
25.8
2.9
2.6
11.2
11.2
9.6
8.1
Nagarjuna Const.
Neutral
90
-
4,976
8,842
9,775
9.1
8.8
5.3
6.4
16.9
14.0
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
143
-
3,656
2,350
2,904
13.1
13.2
9.0
8.8
15.8
16.2
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
490
-
2,425
6,829
7,954
10.5
10.5
31.4
37.4
15.6
13.1
1.6
1.5
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
594
-
874
1,801
2,219
12.7
14.6
72.1
113.9
8.2
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
305
-
5,233
3,598
4,140
10.3
10.6
9.0
11.9
33.9
25.6
3.6
3.1
9.9
11.9
1.7
1.5
NBCC
Neutral
204
-
18,315
7,428
9,549
7.9
8.6
8.2
11.0
24.8
18.5
1.2
1.0
28.2
28.7
2.2
1.6
MEP Infra
Neutral
113
-
1,844
1,877
1,943
30.6
29.8
3.0
4.2
37.8
27.0
18.3
12.3
0.6
0.6
2.4
2.2
www.angelbroking.com
Stock Watch
June 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
SIPL
Neutral
108
-
3,793
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.0
4.6
(22.8)
(15.9)
11.9
9.9
Engineers India
Neutral
153
-
10,320
1,725
1,935
16.0
19.1
11.4
13.9
13.4
11.0
1.9
1.8
13.4
15.3
4.9
4.4
Financials
Axis Bank
Buy
495
580
118,526
46,932
53,575
3.5
3.4
32.4
44.6
15.3
11.1
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
155
-
35,818
19,980
23,178
1.8
1.8
11.5
17.3
13.5
9.0
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
325
-
19,430
15,225
16,836
1.8
1.8
14.5
28.0
22.4
11.6
1.6
1.3
5.8
8.5
-
-
Can Fin Homes
Neutral
3,109
-
8,277
420
526
3.5
3.5
86.5
107.8
36.0
28.8
7.7
6.3
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,083
1,230
16,933
2,012
2,317
6.3
6.3
42.7
53.6
25.4
20.2
4.0
3.4
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
428
520
13,417
2,225
2,688
2.9
2.9
29.7
34.6
14.4
12.4
2.3
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
149
235
5,039
939
1,281
11.7
11.5
5.8
8.2
25.7
18.2
2.2
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
112
125
19,311
8,259
8,995
3.0
3.0
4.3
5.6
26.0
20.0
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,629
-
258,992
11,475
13,450
3.4
3.4
45.3
52.5
36.0
31.0
6.9
6.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,666
-
427,965
46,097
55,433
4.5
4.5
58.4
68.0
28.5
24.5
5.0
4.2
18.8
18.6
-
-
ICICI Bank
Accumulate
291
315
186,581
42,800
44,686
3.1
3.3
18.0
21.9
16.2
13.3
2.2
2.0
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
142
160
8,590
5,640
6,030
3.3
3.2
8.9
10.0
16.0
14.2
1.7
1.6
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
197
-
3,787
3,339
3,799
2.7
2.8
11.0
14.0
18.0
14.1
1.9
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
742
-
37,466
3,712
4,293
2.6
2.5
39.0
46.0
19.0
16.1
3.6
3.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
136
-
29,036
23,532
23,595
2.3
2.4
6.8
12.6
20.1
10.8
3.1
2.2
3.3
6.5
-
-
RBL Bank
Neutral
505
-
19,024
1,783
2,309
2.6
2.6
12.7
16.4
39.8
30.8
4.3
3.9
12.8
13.3
-
-
Repco Home Finance
Neutral
810
-
5,069
388
457
4.5
4.2
30.0
38.0
27.0
21.3
4.5
3.8
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
4,959
6,435
7,578
2.5
2.5
2.7
3.1
10.2
8.9
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
276
-
238,590
88,650
98,335
2.6
2.6
13.5
18.8
20.5
14.7
2.0
1.7
7.0
8.5
-
-
Union Bank
Neutral
146
-
10,037
13,450
14,925
2.3
2.3
25.5
34.5
5.7
4.2
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,449
-
66,248
8,978
11,281
3.3
3.4
74.0
90.0
19.6
16.1
3.7
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,830
-
8,777
2,955
3,309
13.3
13.7
57.2
69.3
32.0
26.4
10.5
8.8
32.7
33.3
2.8
2.4
Asian Paints
Neutral
1,109
-
106,389
17,128
18,978
16.8
16.4
19.1
20.7
58.1
53.6
20.2
19.1
34.8
35.5
6.1
5.5
Britannia
Neutral
3,640
-
43,684
9,594
11,011
14.6
14.9
80.3
94.0
45.3
38.7
18.6
14.4
41.2
-
4.4
3.8
Colgate
Neutral
1,087
-
29,557
4,605
5,149
23.4
23.4
23.8
26.9
45.7
40.4
25.3
19.8
64.8
66.8
6.3
5.7
Dabur India
Neutral
290
-
51,075
8,315
9,405
19.8
20.7
8.1
9.2
35.8
31.5
10.0
8.3
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
5,400
-
22,709
4,350
4,823
21.2
21.4
179.2
196.5
30.1
27.5
8.0
6.8
27.1
26.8
4.6
4.1
www.angelbroking.com
Stock Watch
June 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
Godrej Consumer
Neutral
940
-
64,053
10,235
11,428
18.4
18.6
41.1
44.2
22.9
21.3
5.1
4.3
24.9
24.8
6.3
5.6
HUL
Neutral
1,090
-
235,840
35,252
38,495
17.8
17.8
20.7
22.4
52.8
48.7
50.4
43.3
95.6
88.9
6.5
6.0
ITC
Neutral
308
-
374,322
40,059
44,439
38.3
39.2
9.0
10.1
34.3
30.4
9.6
8.4
27.8
27.5
8.8
8.0
Marico
Neutral
311
-
40,114
6,430
7,349
18.8
19.5
6.4
7.7
48.6
40.4
14.7
12.3
33.2
32.5
6.1
5.2
Nestle*
Neutral
6,635
-
63,968
10,073
11,807
20.7
21.5
124.8
154.2
53.2
43.0
21.8
19.6
34.8
36.7
6.2
5.2
Tata Global
Neutral
149
-
9,413
8,675
9,088
9.8
9.8
7.4
8.2
20.2
18.2
1.6
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Neutral
8,009
-
25,996
2,939
3,342
23.2
23.0
146.2
163.7
54.8
48.9
13.9
11.5
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Buy
847
1,014
120,816
46,723
52,342
22.1
20.9
60.0
62.8
14.1
13.5
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
924
1,179
212,330
68,484
73,963
26.0
26.0
63.0
64.0
14.7
14.4
3.1
2.8
20.8
19.7
2.8
2.4
TCS
Accumulate
2,351
2,651
463,287
117,966
127,403
27.5
27.6
134.3
144.5
17.5
16.3
5.2
4.8
29.8
29.7
3.6
3.3
Tech Mahindra
Buy
392
533
38,223
29,141
31,051
14.4
15.0
32.3
35.6
12.1
11.0
2.1
1.9
17.1
17.0
1.2
1.0
Wipro
Accumulate
258
280
125,741
55,421
58,536
20.3
20.3
35.1
36.5
7.4
7.1
1.3
1.1
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
377
-
6,932
2,297
2,590
27.4
28.2
21.0
23.4
18.0
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
82
-
1,911
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
180
225
5,880
2,283
2,555
28.0
28.0
10.6
12.3
16.9
14.7
3.6
3.1
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
808
-
31,832
2,850
3,265
70.1
71.0
26.2
30.4
30.8
26.6
7.9
7.0
24.3
25.6
10.8
9.3
Hindustan Media
Neutral
273
-
2,004
1,016
1,138
24.3
25.2
27.3
30.1
10.0
9.1
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
239
344
1,428
608
667
21.5
22.3
15.7
19.2
15.3
12.4
2.3
2.0
16.1
16.0
1.9
1.7
Metals & Mining
Coal India
Neutral
246
-
152,578
84,638
94,297
21.4
22.3
24.5
27.1
10.0
9.1
4.2
4.0
42.6
46.0
1.3
1.2
Hind. Zinc
Neutral
260
-
109,668
14,252
18,465
55.9
48.3
15.8
21.5
16.4
12.1
2.7
2.3
17.0
20.7
7.7
5.9
Hindalco
Neutral
190
-
42,546
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
0.9
JSW Steel
Neutral
198
-
47,752
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.7
1.4
NMDC
Neutral
106
-
33,680
6,643
7,284
44.4
47.7
7.1
7.7
15.0
13.8
1.3
1.3
8.8
9.2
2.8
2.5
SAIL
Neutral
57
-
23,645
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.0
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
243
-
90,161
71,744
81,944
19.2
21.7
13.4
20.1
18.1
12.1
1.6
1.4
8.4
11.3
1.6
1.3
Tata Steel
Neutral
520
-
50,494
121,374
121,856
7.2
8.4
18.6
34.3
28.0
15.2
1.7
1.6
6.1
10.1
1.1
1.0
Oil & Gas
GAIL
Neutral
356
-
60,210
56,220
65,198
9.3
10.1
27.1
33.3
13.1
10.7
1.2
1.1
9.3
10.7
1.3
1.1
ONGC
Neutral
158
-
202,958
137,222
152,563
15.0
21.8
19.5
24.1
8.1
6.6
0.7
0.7
8.5
10.1
1.8
1.6
Indian Oil Corp
Neutral
387
-
187,996
373,359
428,656
5.9
5.5
54.0
59.3
7.2
6.5
1.1
1.0
16.0
15.6
0.7
0.6
www.angelbroking.com
Stock Watch
June 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
1,399
-
454,731
301,963
358,039
12.1
12.6
87.7
101.7
16.0
13.8
1.6
1.5
10.7
11.3
2.0
1.7
Pharmaceuticals
Alembic Pharma
Buy
503
648
9,483
3,101
3,966
19.7
20.5
21.4
25.5
23.5
19.7
5.0
4.1
23.0
22.8
3.0
2.2
Alkem Laboratories Ltd
Buy
1,825
2,161
21,826
5,853
6,901
17.1
18.4
74.6
85.0
24.5
21.5
5.2
4.3
21.1
20.2
3.7
3.2
Aurobindo Pharma
Buy
671
823
39,289
14,845
17,086
21.5
22.1
39.4
44.7
17.0
15.0
4.2
3.3
27.6
24.7
2.8
2.4
Aventis*
Neutral
4,140
-
9,534
2,206
2,508
16.6
16.8
128.9
139.9
32.1
29.6
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Reduce
527
450
53,956
9,220
11,584
18.4
20.3
14.5
18.7
36.4
28.2
7.8
6.3
23.5
24.6
6.2
4.7
Cipla
Reduce
537
461
43,209
14,281
16,619
15.4
16.2
12.5
19.7
43.0
27.3
3.4
3.1
8.4
12.0
3.2
2.7
Dr Reddy's
Neutral
2,651
-
43,935
14,081
15,937
16.1
18.6
72.6
105.9
36.5
25.0
3.6
3.2
9.6
13.6
3.3
3.0
Dishman Pharma
Sell
143
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,452
-
20,772
2,927
3,290
11.8
16.2
34.4
49.6
71.3
49.4
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Sell
186
153
1,714
1,067
1,154
12.1
14.9
8.4
11.3
22.1
16.5
2.6
2.3
12.6
15.0
1.8
1.7
Ipca labs
Buy
479
620
6,039
3,211
3,593
13.9
14.5
15.4
19.4
31.1
24.7
2.5
2.3
8.2
9.5
2.0
1.7
Lupin
Buy
1,065
1,526
48,102
17,120
18,657
24.1
24.1
56.9
61.1
18.7
17.4
3.6
3.0
20.7
18.6
3.1
2.5
Natco Pharma
Accumulate
942
1,060
16,415
2,065
1,988
33.1
33.7
27.9
25.7
33.8
36.6
9.8
8.4
29.2
22.9
8.0
8.1
Sun Pharma
Buy
545
712
130,807
30,264
32,899
29.0
26.9
32.7
31.6
16.7
17.3
3.6
3.0
22.2
18.7
4.1
3.6
Power
Tata Power
Neutral
82
-
22,084
36,916
39,557
17.4
27.1
5.1
6.3
16.0
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
159
-
130,897
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.9
1.4
1.3
10.5
11.1
2.9
2.8
Power Grid
Accumulate
207
223
108,451
25,315
29,193
88.2
88.7
14.2
17.2
14.7
12.1
2.2
1.9
15.2
16.1
8.9
8.0
Real Estate
Prestige Estate
Neutral
239
-
8,968
4,707
5,105
25.2
26.0
10.3
13.0
23.2
18.4
1.9
1.7
10.3
10.2
3.1
2.7
MLIFE
Buy
426
522
2,184
1,152
1,300
22.7
24.6
29.9
35.8
14.2
11.9
1.1
1.0
7.6
8.6
2.6
2.2
Telecom
Bharti Airtel
Neutral
377
-
150,842
105,086
114,808
34.5
34.7
12.2
16.4
30.9
23.0
2.1
2.0
6.8
8.4
2.3
2.1
Idea Cellular
Neutral
83
-
30,092
40,133
43,731
37.2
37.1
6.4
6.5
13.0
12.8
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,218
-
8,963
3,153
3,583
14.1
14.4
152.2
182.7
27.7
23.1
136.1
116.2
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
424
447
1,274
1,066
1,169
11.6
12.5
13.0
16.0
32.6
26.5
3.2
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Buy
324
395
3,282
4,801
5,351
5.7
6.2
10.4
13.7
31.1
23.7
3.8
3.4
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
216
-
1,546
1,353
1,471
12.3
12.4
14.5
16.3
14.9
13.3
20.6
18.5
14.5
14.6
1.1
116.3
Coffee Day Enterprises
Neutral
242
-
4,978
2,964
3,260
20.5
21.2
4.7
8.0
-
30.2
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
174
-
112
1,137
1,256
3.1
2.7
28.0
23.6
6.2
7.4
33.5
30.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
56
-
629
1,482
1,660
13.7
14.5
3.9
5.8
14.4
9.7
3.4
3.1
7.8
10.9
0.7
0.7
www.angelbroking.com
Stock Watch
June 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
Finolex Cables
Neutral
466
-
7,129
2,883
3,115
12.0
12.1
14.2
18.6
32.8
25.1
17.5
15.3
15.8
14.6
2.2
2.0
Garware Wall Ropes
Neutral
823
-
1,801
863
928
15.1
15.2
36.4
39.4
22.6
20.9
4.1
3.5
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
874
-
2,016
1,598
1,704
10.4
10.2
49.4
52.6
17.7
16.6
81.7
71.6
18.2
17.0
0.9
134.9
Hitachi
Neutral
1,996
-
5,428
2,081
2,433
8.8
8.9
33.4
39.9
59.8
50.0
48.2
40.2
22.1
21.4
2.6
2.2
HSIL
Neutral
368
-
2,661
2,384
2,515
15.8
16.3
15.3
19.4
24.1
19.0
23.9
20.6
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,263
-
45,665
21,122
26,005
14.5
27.6
110.7
132.1
11.4
9.6
68.3
48.8
168.5
201.1
2.1
1.7
Jyothy Laboratories
Neutral
353
-
6,412
1,440
2,052
11.5
13.0
8.5
10.0
41.5
35.3
10.1
9.3
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
404
-
5,842
2,554
2,800
9.9
10.0
10.5
12.1
38.5
33.4
16.1
15.2
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
275
-
407
382
420
9.3
9.5
13.5
15.7
20.4
17.5
3.5
3.0
17.1
17.3
1.1
1.0
M M Forgings
Neutral
620
-
748
546
608
20.4
20.7
41.3
48.7
15.0
12.7
84.9
75.2
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
751
-
4,295
836
1,087
19.6
19.4
16.9
23.8
44.4
31.5
5.3
4.7
12.0
14.8
4.9
3.7
Mirza International
Neutral
147
-
1,772
963
1,069
17.2
18.0
6.1
7.5
24.0
19.6
3.7
3.1
15.0
15.7
2.1
1.8
MT Educare
Neutral
62
-
247
366
417
17.7
18.2
9.4
10.8
6.6
5.7
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
313
-
6,394
1,873
2,166
11.5
11.7
2.6
4.0
118.3
78.9
7.3
6.6
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
205
265
2,923
347
371
43.2
37.3
6.7
6.0
30.7
34.2
2.1
1.9
6.2
10.6
9.5
8.9
Navneet Education
Neutral
169
-
3,938
1,062
1,147
24.0
24.0
6.1
6.6
27.7
25.5
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
1,891
-
2,821
1,995
2,165
10.7
10.4
69.8
80.6
27.1
23.5
108.0
93.8
16.6
16.5
1.4
1.3
Page Industries
Neutral
16,847
-
18,791
2,450
3,124
20.1
17.6
299.0
310.0
56.4
54.4
375.2
286.4
47.1
87.5
7.7
6.1
Parag Milk Foods
Neutral
217
-
1,823
1,919
2,231
9.3
9.6
9.5
12.9
23.0
16.8
3.6
2.9
15.5
17.5
1.1
0.9
Quick Heal
Neutral
209
-
1,462
408
495
27.3
27.0
7.7
8.8
26.9
23.7
2.5
2.5
9.3
10.6
2.7
2.3
Radico Khaitan
Buy
122
147
1,624
1,667
1,824
13.0
13.2
6.7
8.2
18.4
14.9
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
476
-
5,713
2,085
2,469
9.2
8.2
7.6
8.0
62.9
59.8
24.4
20.8
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
270
-
3,900
1,036
1,160
15.1
15.0
6.1
7.2
44.2
37.6
4.7
4.3
10.7
11.5
3.6
3.2
Siyaram Silk Mills
Buy
1,991
2,500
1,866
1,574
1,769
12.5
12.7
97.1
113.1
20.5
17.6
3.2
2.7
15.4
15.5
1.4
1.2
Styrolution ABS India*
Neutral
821
-
1,444
1,440
1,537
9.2
9.0
40.6
42.6
20.2
19.3
51.6
46.9
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
282
-
1,237
3,342
3,625
7.8
7.5
17.3
19.8
16.3
14.3
31.0
24.9
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,312
-
2,243
3,229
4,001
1.5
1.8
22.8
32.8
57.6
40.0
6.2
5.4
10.7
13.4
0.6
0.5
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
290
-
2,224
2,671
2,911
8.5
8.8
13.9
15.7
21.0
18.6
2.9
2.6
13.7
13.8
0.9
0.9
India
www.angelbroking.com
Stock Watch
June 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
TVS Srichakra
Neutral
3,821
-
2,926
2,304
2,614
13.7
13.8
231.1
266.6
16.5
14.3
429.3
338.0
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
387
-
1,067
619
685
33.2
33.4
30.0
34.9
12.9
11.1
1.8
1.5
13.8
13.9
1.4
1.1
Visaka Industries
Neutral
509
-
809
1,051
1,138
10.3
10.4
21.0
23.1
24.2
22.0
65.3
61.2
9.0
9.2
1.0
1.0
VRL Logistics
Neutral
325
-
2,969
1,902
2,119
16.7
16.6
14.6
16.8
22.3
19.3
4.9
4.3
21.9
22.2
1.7
1.5
VIP Industries
Buy
181
218
2,554
1,270
1,450
10.4
10.4
5.6
6.5
32.3
27.8
6.7
5.8
20.7
21.1
2.0
1.8
Navin Fluorine
Buy
3,068
3,650
3,020
789
945
21.1
22.4
120.1
143.4
25.6
21.4
4.1
3.5
17.8
18.5
3.8
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 28, 2017
www.angelbroking.com
Market Outlook
June 29, 2017
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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