Market Outlook

August 29, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with negative bias tracking SGX Nifty.

BSE Sensex

(0.2)

(54)

27,782

Nifty

(0.2)

(20)

8,573

US stocks ended modestly lower after volatile session on Friday, having bounced

Mid Cap

0.2

13,000

between gains and losses as investors wrestled with likely timing of US rate hike

Small Cap

(0.1)

(15)

12,487

following comments from top Fed officials. S&P 500 rose after Fed Chair Janet

Yellen said case for raising rates had strengthened but did not indicate when Fed

Bankex

(0.6)

(131)

22,006

would act. Yellen told that US economy was nearing central bank's goals of

maximum employment and price stability but that future hikes should be "gradual".

Global Indices

Chg (%)

(Pts)

(Close)

Stocks later traded lower after hawkish comments from Fed Vice Chair Stanley

Dow Jones

(0.3)

(53)

18,395

Fischer raised possibility of rate hike as soon as next month.

Nasdaq

0.1

5,219

FTSE 100 closed up following bout of volatility as traders digested Fed boss Yellen's

FTSE

0.3

6,838

remarks on future US rate moves. London-listed miners, Rio Tinto and Glencore

Nikkei

(1.2)

(195)

16,361

rebounded following poor performance in recent sessions. Restaurant Group was

Hang Seng

0.4

22,910

among biggest risers on the FTSE 250, despite reporting loss for the first half of year

as it announced that it would shut 33 under-performing sites.

Shanghai Com

0.1

3,070

Indian Markets fell on the first session of new F&O series on Friday with Sensex

Advances / Declines

BSE

NSE

down 54pts, as investors chose to stay on the sidelines ahead of speech by US Fed

Chair Janet Yellen. Both the indices posted second straight weekly losses.

Advances

1,056

577

Declines

1,603

1,019

News Analysis

Unchanged

207

 L&T looks to turn asset-light, eyes `2tn revenues by FY2021E

Detailed analysis on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

2,799

Key Domestic & Global Indicators

NSE

17,711

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

FII

(305)

7,613

38,495

Top Picks

CMP

Target

Upside

MFs

453

752

9,540

Company

Sector

Rating

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

902

1,076

19.3

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

779

1,000

28.4

Gruh

345

9.3

HDFC Bank

Financials

Accumulate

1,258

1,350

7.3

Centurytex

710

5.9

Bharat Electronics

Capital Goods

Buy

1,219

1,414

16.0

Equitas Holdings

Financials

Buy

180

235

30.7

Cox&Kings

192

5.9

Navkar Corporation Others

Buy

197

265

34.8

Icra

3,802

5.8

More Top Picks on Pg4

Carerating

1,254

5.3

Key Upcoming Events

Consensus

Top Losers

Price (`)

Chg (%)

Date

Region

Event Description

Reading

Expectations

Pel

1,851

(5.4)

Aug 30 Germany

Unemployment change (000's)

(7.00)

Jpinfratec

(4.8)

Aug 30 Euro Zone

Euro-Zone Consumer Confidence

(8.50)

Idbi

(4.0)

Aug 31 US

Consumer Confidence

97.30

96.65

Punjlloyd

(3.9)

Sep 01 Germany

PMI Manufacturing

53.60

Jpassociat

(3.6)

Sep 01 UK

PMI Manufacturing

48.20

6.(

As on August 26, 2016

More Events on Pg5

www.angelbroking.com

Market Outlook

August 29, 2016

News Analysis

L&T looks to turn asset-light, eyes `2tn revenues by FY2021E

Engineering major L&T's outgoing Chairman A.M.Naik has laid out 5-year road

map to become an "asset-light" entity with revenues of `2lakh cr by FY2021. L&T

has identified few non-core assets and is waiting for opportune moment to sell

them off, the chairman said while outlining his vision for a leaner L&T in times to

come.

Addressing shareholders at company's 71st Annual General Meeting, he said, "I

would like to take this opportunity to share my vision of L&T of tomorrow. Our

goal is to achieve revenue of `2tn by FY2021 without compromising on margins

and achieving an order inflow in excess of `2.5tn per annum." Naik, who is due to

retire on September 30, 2017, talked about the unfinished agenda, but his priority

is to make L&T asset light and restructure small businesses. "There is still so much

to be done, but one thing is asset light and putting in top gear all the restructuring

which is left of small businesses that are still part of L&T due to the bad world-wide

market. They have to be sold or tackled strategically," he told reporters after the

AGM. The company is restructuring its projects division- L&T IDPL and Naik hopes

this process to be completed by March next year.

"In General Insurance, we have sold the business and hope it will go out (from the

books) in next 10 days. We have already sold Kattupalli port project that was asset

heavy. Once we have finished restructuring the main ones, we will then look at

selling Nabha power project in Punjab," Naik said. For Nabha project, according

to Naik, the company will have to wait till the legal problems, claims and counter

claims are resolved and it might take more than a year to get settled. L&T is

reportedly in talks with the Adani group to sell the project at an estimated value of

around `3,000cr. Naik expressed confidence that with the economy starting to

turn around, this target is achievable provided right strategy and on-ground

execution is in place. As part of sharpening the business focus, Naik spoke of the

company identifying select growth businesses in L&T's broad portfolio. These

include IT, Technology Services, Defence, Smart world and Water Management.

"Our strategic plan involves re-allocation of resources- both talent and capital- to

businesses with visible value creation potential. As most of these are also asset-

light businesses, initiative will be in line with our larger objective of building asset-

light organisation."

We sense that strategic initiatives highlighted above are in the right direction and

good for long-term growth prospects of the company. As a result of divestment of

non-core assets, we expect L&T’s RoEs (at standalone level) to expand to 13.7% by

FY2018E. We continue to maintain BUY on the stock with price target of `1,700.

www.angelbroking.com

Market Outlook

August 29, 2016

Economic and Political News

 Centre to set up fodder farms in districts

 Maharashtra govt proposes subsidy for onion farmers

 Kashmir's economy suffers body blow, `6,400cr loss in 49 days

Corporate News

 Seed MNCs unite against GM rules

 JSW Steel to set up 10mn tn a year capacity steel plant in Odisha

 GMR wins bid to develop airport at Mopa

Quarterly Bloomberg Brokers Consensus Estimate

DLF Ltd Consol - Aug 29, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

2,219

2,231

(0.6)

2,336

(5.0)

EBITDA

840

827

1.5

874

(3.9)

EBITDA margin (%)

37.9

37.1

37.4

Net profit

134

122

10.2

132

1.2

Indian Oil Corp Ltd - Aug 29, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

94,037

1,01,009

(6.9)

80,019

17.5

EBITDA

8,960

10,101

(11.3)

4,044

121.5

EBITDA margin (%)

9.5

10.0

5.1

Net profit

4,214

6,436

(34.5)

1,243

239.0

Bharat Petroleum Corp Ltd - Sep 1, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

49,977

51,917

(3.7)

44,146

13.2

EBITDA

3,485

3,818

(8.7)

3,490

(0.1)

EBITDA margin (%)

7.0

7.4

7.9

Net profit

2,172

2,376

(8.6)

2,549

(14.8)

www.angelbroking.com

Market Outlook

August 29, 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

15,412

902

1,076

19.3

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government, coupled with BELs

Bharat Electronics

29,261

1,219

1,414

16.0

strong market positioning, indicate good times ahead for BEL.

HCL Tech

109,870

779

1,000

28.4

Stock is trading at attractive valuations & factors all bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

318,468

1,258

1,350

7.3

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

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

Infosys

234,461

1,021

1,370

34.2

be a US$20bn in FY2020.

Strong market positioning within the domestic AC markets to

Voltas

12,964

392

407

3.9

continue, EMP business set to revive

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

2,635

261

277

6.2

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

4,675

490

527

7.5

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

6,030

180

235

30.7

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,245

540

631

16.9

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

tyre segment.

Commencement of new projects, downtrend in the interest rate

IL&FS Transport

2,349

30.3

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

6,112

187

205

9.7

circulation revenue growth. Further, the acquisition of a radio business

(Radio City) would also boost the company`s revenue growth.

Speedier execution and speedier sales, strong revenue visibility

Mahindra Lifespace

1,774

432

522

20.7

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,803

197

265

34.8

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,271

125

30.9

pricing environment. Valuation discount to peers provides

additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,258

1,342

1,347

0.4

going ahead. Stock currently trades at an inexpensive valuation.

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,801

302

363

20.2

ranking in English news genre, exit from the radio business, and

anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 29, 2016

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 30, 2016

1:25 PM Germany

Unemployment change (000's)

Thousands

Aug

(7.00)

2:30 PM Euro Zone

Euro-Zone Consumer Confidence

Value

Aug F

(8.50)

Aug 31, 2016

7:30 PM

Consumer Confidence

S.A./ 1985=100

Aug

97.30

96.65

Sep 01, 2016

1:25 PM Germany

PMI Manufacturing

Value

Aug F

53.60

2:00 PM

PMI Manufacturing

Value

Aug

48.20

6:30 AM

China

PMI Manufacturing

Value

Aug

49.90

50.00

Sep 02, 2016

6:00 PM

Change in Nonfarm payrolls

Thousands

Aug

255.00

180.00

6:00 PM

Unemployment rate

Aug

4.90

4.80

Sep 05, 2016

1:25 PM Germany

PMI Services

Value

Aug F

53.30

Sep 06, 2016

2:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q F

0.30

Sep 07, 2016

2:00 PM

Industrial Production (YoY)

% Change

Jul

1.60

Sep 08, 2016

China

Exports YoY%

% Change

Aug

(4.40)

India

Imports YoY%

% Change

Aug

(19.03)

Sep 09, 2016

India

Imports YoY%

% Change

Aug

(19.03)

7:00 AM

China

Consumer Price Index (YoY)

% Change

Aug

1.80

India

Exports YoY%

% Change

Aug

(6.84)

Sep 12, 2016

5:30 PM

India

Industrial Production YoY

% Change

Jul

2.10

Sep 13, 2016

2:00 PM

CPI (YoY)

% Change

Aug

0.60

7:30 AM

China

Industrial Production (YoY)

% Change

Aug

6.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 29, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

12.0

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

3.7

5.8

4.0

2.1

6.0

1.9

1.1

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

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

(%)

7.0

6.1

54.0

5.6

5.7

5.8

5.4

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

44.0

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

7.50

0.0

7.00

(5.0)

6.50

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

August 29, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

57,716

1.7

17.7

23.7

Russia

Micex

1,993

2.4

3.7

19.7

India

Nifty

8,573

(0.5)

8.3

1.5

China

Shanghai Composite

3,070

2.6

8.8

(18.1)

South Africa

Top 40

46,807

1.0

(0.6)

10.9

Mexico

Mexbol

47,370

1.7

3.5

9.9

Indonesia

LQ45

938

4.6

17.4

21.4

Malaysia

KLCI

1,683

1.2

3.2

6.4

Thailand

SET 50

987

2.5

11.5

6.4

USA

Dow Jones

18,395

(0.1)

3.3

10.8

FTSE

6,838

1.3

9.0

12.9

Japan

Nikkei

16,361

(0.1)

(2.5)

(20.7)

Germany

DAX

10,588

2.8

2.4

2.6

France

CAC

4,442

0.3

(2.4)

(5.3)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 29, 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

227

4,410

1,937

2,164

13.3

14.3

9.0

11.0

25.2

20.6

4.4

3.8

18.4

19.8

2.3

2.1

United Phosphorus

Accumulate

634

684

27,161

15,176

17,604

18.5

37.4

44.6

16.9

14.2

3.3

2.8

21.4

21.2

1.9

1.6

Auto & Auto Ancillary

Ashok Leyland

Buy

111

24,944

22,407

26,022

10.6

5.2

6.4

16.8

13.7

3.8

3.2

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,857

82,679

25,093

27,891

19.5

19.2

143.9

162.5

19.9

17.6

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

859

19,995

7,726

8,713

20.5

21.2

35.3

42.7

24.3

20.1

4.5

4.1

18.9

20.1

2.6

2.3

Eicher Motors

Neutral

22,331

60,654

16,583

20,447

17.5

18.0

598.0

745.2

37.3

30.0

12.8

9.7

41.2

38.3

3.4

2.7

Gabriel India

Neutral

118

1,692

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

3,317

66,232

31,253

35,198

15.3

15.0

172.3

192.1

19.3

17.3

7.1

6.0

38.9

37.0

2.0

1.7

Jamna Auto Industries Neutral

217

1,731

1,486

1,620

9.8

9.9

15.0

17.2

14.4

12.6

3.2

2.7

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

457

718

1,302

1,432

11.6

11.9

43.7

53.0

10.5

8.6

1.5

1.3

13.8

14.2

0.6

Mahindra and Mahindra Neutral

1,424

88,447

46,534

53,077

11.6

11.7

67.3

78.1

21.2

18.2

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

4,921

148,645

69,186

82,217

14.7

14.4

198.5

241.4

24.8

20.4

4.8

3.9

20.2

20.0

1.9

1.5

Minda Industries

Neutral

1,234

1,959

2,728

3,042

9.0

9.1

68.2

86.2

18.1

14.3

4.1

3.3

23.8

24.3

0.8

0.7

Motherson Sumi

Neutral

322

42,619

45,896

53,687

7.8

8.3

13.0

16.1

24.7

20.0

8.0

6.4

34.7

35.4

1.0

0.8

Rane Brake Lining

Neutral

662

524

511

562

11.3

11.5

28.1

30.9

23.6

21.4

3.6

3.3

15.3

15.0

1.2

1.1

Setco Automotive

Neutral

609

741

837

13.0

15.2

17.0

3.0

2.7

0.5

15.8

16.3

1.2

1.1

Tata Motors

Neutral

504

145,414

300,209

338,549

8.9

8.4

42.7

54.3

11.8

9.3

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

303

330

14,402

13,390

15,948

6.9

7.1

12.8

16.5

23.8

18.3

5.9

4.7

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

902

1,076

15,412

5,717

6,733

18.7

18.9

38.4

48.9

23.5

18.5

5.9

4.8

25.3

24.8

2.5

2.0

Exide Industries

Neutral

175

14,841

7,439

8,307

15.0

8.1

9.3

21.6

18.8

3.0

2.7

14.3

16.7

1.6

1.5

Apollo Tyres

Accumulate

177

183

8,997

12,877

14,504

14.3

13.9

21.4

23.0

8.3

7.7

1.3

1.1

16.4

15.2

0.9

0.8

Ceat

Buy

866

1,119

3,504

7,524

8,624

13.0

12.7

131.1

144.3

6.6

6.0

1.2

1.0

19.8

18.6

0.5

JK Tyres

Neutral

123

2,780

7,455

8,056

15.0

21.8

24.5

5.6

5.0

1.2

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,126

1,398

660

810

15.2

16.4

54.5

72.8

20.7

15.5

6.4

5.8

31.5

39.2

1.9

1.6

Subros

Neutral

100

602

1,488

1,681

11.7

11.9

6.4

7.2

15.7

14.0

1.7

1.5

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

172

451

286

326

19.8

16.8

11.7

13.3

14.7

12.9

2.5

2.3

17.8

17.1

1.2

1.1

Capital Goods

ACE

Neutral

419

709

814

4.1

4.6

1.4

2.1

30.3

20.2

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Accumulate

1,057

1,157

4,403

3,451

4,055

6.3

9.2

31.4

57.9

33.7

18.3

2.0

1.8

6.3

10.9

1.4

1.2

Bharat Electronics

Buy

1,219

1,414

29,261

8,137

9,169

16.8

17.2

58.7

62.5

20.8

19.5

3.2

2.9

44.6

46.3

2.5

2.3

www.angelbroking.com

Stock Watch

August 29, 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

392

407

12,964

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

1.4

BGR Energy

Neutral

114

823

16,567

33,848

6.0

5.6

7.8

5.9

14.6

19.3

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

140

34,144

28,797

34,742

2.8

2.3

6.9

60.7

20.2

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

490

527

4,675

4,351

5,024

6.4

7.1

17.2

20.6

28.6

23.8

18.6

15.5

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,193

5,777

6,120

5.9

7.0

3.3

4.5

25.1

18.4

1.1

4.4

5.9

0.9

0.7

Greaves Cotton

Neutral

139

3,385

1,755

1,881

16.8

16.9

7.8

8.5

17.8

16.3

3.6

3.3

20.6

20.9

1.6

1.4

Inox Wind

Buy

189

286

4,191

5,605

6,267

15.7

16.4

24.8

30.0

7.6

6.3

2.1

1.6

25.9

24.4

0.8

0.7

KEC International

Neutral

137

3,521

9,294

10,186

7.9

8.1

9.9

11.9

13.8

11.5

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

833

9,931

5,421

5,940

7.3

25.7

30.2

32.4

27.6

3.9

3.6

12.2

13.1

1.7

1.6

VATech Wabag

Buy

564

681

3,077

3,136

3,845

8.9

9.1

26.0

35.9

21.7

15.7

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,638

30,768

11,225

13,172

13.2

16.9

44.5

75.5

36.8

21.7

3.5

3.2

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

266

52,749

9,350

10,979

18.2

22.5

5.8

9.5

45.8

28.0

3.9

3.5

10.2

12.5

5.6

4.8

India Cements

Neutral

144

4,437

4,364

4,997

18.5

19.2

7.9

11.3

18.3

12.8

1.3

8.0

8.5

1.8

1.5

JK Cement

Neutral

780

5,453

4,398

5,173

15.5

17.5

31.2

55.5

25.0

14.1

3.0

2.6

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Neutral

454

5,341

2,913

3,412

14.5

19.5

7.5

22.5

60.5

20.2

3.7

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

185

3,785

2,114

2,558

18.5

20.5

8.1

11.3

22.8

16.4

3.4

2.8

9.0

14.0

2.4

1.9

UltraTech Cement

Neutral

3,801

104,308

25,768

30,385

21.0

23.5

111.0

160.0

34.2

23.8

4.4

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Buy

2,349

8,946

10,017

31.0

31.6

8.1

9.1

8.8

7.9

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Accumulate

702

802

1,975

1,385

1,673

14.7

14.0

41.2

48.5

17.0

14.5

3.2

2.7

14.9

15.2

1.5

1.3

Larsen & Toubro

Buy

1,428

1,700

133,077

67,665

77,249

10.7

11.5

57.3

71.2

24.9

20.1

2.3

2.1

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

170

8,235

705

788

52.2

51.7

5.0

5.6

34.1

30.4

3.4

3.0

11.2

11.4

9.7

MBL Infrastructures

Buy

114

285

472

2,797

3,405

14.7

15.4

21.0

34.8

5.4

3.3

0.6

0.5

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,620

8,842

9,775

9.1

8.8

5.3

6.4

15.7

13.0

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

121

129

3,116

2,350

2,904

13.4

13.7

48.0

42.0

2.5

2.9

0.5

0.4

16.8

13.2

1.4

1.2

Simplex Infra

Neutral

299

1,480

6,829

7,954

10.5

31.4

37.4

9.5

8.0

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

475

699

1,801

2,219

12.7

14.6

72.1

113.9

6.6

4.2

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

291

4,987

3,598

4,140

10.3

10.6

9.0

11.9

32.3

24.4

3.4

3.0

9.9

11.9

1.6

1.4

NBCC

Neutral

240

14,400

7,428

9,549

7.9

8.6

8.2

11.0

29.3

21.8

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

714

1,877

1,943

30.6

29.8

3.0

4.2

14.7

10.5

7.1

4.8

0.6

1.8

1.6

www.angelbroking.com

Stock Watch

August 29, 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

SIPL

Neutral

3,390

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.6

4.1

(22.8)

(15.9)

11.5

9.6

Engineers India

Neutral

264

8,895

1,725

1,935

16.0

19.1

11.4

13.9

23.2

19.0

3.2

3.1

13.4

15.3

4.0

3.6

Financials

Axis Bank

Neutral

587

140,055

58,081

66,459

3.5

32.4

44.6

18.1

13.1

2.4

2.1

13.6

16.5

Bank of Baroda

Neutral

158

36,509

19,980

23,178

1.8

11.5

17.3

13.8

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

269

14,582

15,225

16,836

1.8

14.5

28.0

18.5

9.6

1.3

1.0

5.8

8.5

Dewan Housing Finance Neutral

284

8,272

2,225

2,688

2.9

29.7

34.6

9.6

8.2

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

180

235

6,030

939

1,281

11.7

11.5

5.8

8.2

31.0

21.9

2.7

2.4

10.9

11.5

Federal Bank

Neutral

11,435

9,353

10,623

2.9

4.4

5.8

15.1

11.5

1.5

1.3

9.5

11.0

HDFC

Neutral

1,367

216,110

11,475

13,450

3.4

45.3

52.5

30.2

26.0

5.8

5.1

20.2

20.5

HDFC Bank

Accumulate

1,258

1,350

318,468

46,097

55,433

4.5

58.4

68.0

21.5

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

245

142,660

39,029

45,903

3.3

16.7

16.3

14.7

15.1

1.8

1.7

10.1

12.4

LIC Housing Finance

Neutral

578

29,159

3,712

4,293

2.6

2.5

39.0

46.0

14.8

12.6

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

123

24,093

23,532

23,595

2.3

2.4

6.8

12.6

18.0

9.7

2.8

2.0

3.3

6.5

South Ind.Bank

Neutral

2,977

6,435

7,578

2.5

2.7

3.1

8.2

7.1

1.1

0.9

10.1

11.2

St Bk of India

Neutral

247

191,508

88,650

98,335

2.6

13.5

18.8

18.3

13.1

1.7

1.5

7.0

8.5

Union Bank

Neutral

134

9,205

13,450

14,925

2.3

25.5

34.5

5.3

3.9

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,326

55,835

8,978

11,281

3.3

3.4

74.0

90.0

17.9

14.7

3.4

2.9

17.0

17.2

FMCG

Asian Paints

Neutral

1,123

107,732

17,128

18,978

16.8

16.4

19.1

20.7

58.8

54.3

20.5

19.3

34.8

35.5

6.1

5.5

Britannia

Neutral

3,436

41,219

9,795

11,040

14.6

14.9

80.3

94.0

42.8

36.6

17.6

13.6

41.2

4.1

3.6

Colgate

Neutral

948

25,776

4,605

5,149

23.4

23.8

26.9

39.8

35.2

22.0

17.2

64.8

66.8

5.5

4.9

Dabur India

Neutral

289

50,804

8,315

9,405

19.8

20.7

8.1

9.2

35.7

31.4

9.9

8.2

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

6,307

26,523

4,350

4,823

21.2

21.4

179.2

196.5

35.2

32.1

9.4

7.9

27.1

26.8

5.4

4.8

Godrej Consumer

Neutral

1,518

51,685

10,235

11,428

18.4

18.6

41.1

44.2

36.9

34.3

8.2

6.9

24.9

24.8

5.2

4.6

HUL

Neutral

903

195,345

35,252

38,495

17.6

17.4

20.4

21.9

44.2

41.2

36.3

31.8

82.2

77.3

5.4

4.9

ITC

Accumulate

254

283

306,297

40,059

44,439

39.0

39.2

9.1

10.1

27.9

25.1

7.6

6.7

27.2

26.5

7.1

6.4

Marico

Neutral

285

36,821

6,430

7,349

18.8

19.5

6.4

7.7

44.6

37.1

13.5

11.3

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,822

65,770

10,073

11,807

20.7

21.5

124.8

154.2

54.7

44.2

22.4

20.2

34.8

36.7

6.4

5.4

Tata Global

Neutral

140

8,830

8,675

9,088

9.8

7.4

8.2

18.9

17.1

2.1

7.9

8.1

0.9

Procter & Gamble

Accumulate

6,760

7,369

21,942

2,939

3,342

23.2

23.0

146.2

163.7

46.2

41.3

103.5

99.3

25.3

23.5

7.0

6.1

Hygiene

www.angelbroking.com

Stock Watch

August 29, 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

779

1,000

109,870

49,242

57,168

20.5

55.7

64.1

14.0

12.2

2.8

2.2

20.3

17.9

2.2

1.7

Infosys

Buy

1,021

1,370

234,461

69,934

79,025

27.5

64.8

72.0

15.8

14.2

3.5

3.2

22.0

22.3

2.9

2.5

TCS

Buy

2,529

3,004

498,351

121,684

136,286

27.3

135.0

150.1

18.7

16.9

6.2

5.7

33.2

33.9

3.9

3.4

Tech Mahindra

Buy

460

700

44,613

30,347

33,685

17.0

37.5

41.3

12.3

11.1

2.7

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

490

680

121,053

51,631

55,822

21.7

17.9

35.9

36.9

13.7

13.3

2.9

2.6

19.0

18.1

2.1

1.9

Media

D B Corp

Neutral

408

7,505

2,297

2,590

27.4

28.2

21.0

23.4

19.5

17.5

4.5

3.9

23.7

23.1

3.1

2.7

HT Media

Neutral

1,870

2,693

2,991

12.6

12.9

7.9

9.0

10.2

8.9

0.9

0.8

7.8

8.3

0.3

0.1

Jagran Prakashan

Accumulate

187

205

6,112

2,355

2,635

28.0

9.9

10.8

18.9

17.3

3.8

3.3

21.7

2.6

2.3

Sun TV Network

Neutral

469

18,471

2,850

3,265

70.1

71.0

26.2

30.4

17.9

15.4

4.6

4.0

24.3

25.6

6.1

5.2

Hindustan Media

Neutral

275

2,019

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.1

1.9

1.7

16.2

15.8

1.3

1.2

Ventures

TV Today Network

Buy

302

363

1,801

637

743

27.5

18.4

21.4

16.4

14.1

2.9

2.4

17.4

17.2

2.4

2.0

Metals & Mining

Coal India

Neutral

333

210,619

84,638

94,297

21.4

22.3

24.5

27.1

13.6

12.3

5.7

5.4

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

225

94,964

14,252

18,465

55.9

48.3

15.8

21.5

14.2

10.5

2.3

2.0

17.0

20.7

6.7

5.1

Hindalco

Neutral

155

32,028

107,899

112,095

7.4

8.2

9.2

13.0

16.9

11.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,754

42,388

53,201

58,779

16.1

16.2

130.6

153.7

13.4

11.4

1.8

1.6

14.0

14.4

1.6

1.3

NMDC

Neutral

106

41,907

6,643

7,284

44.4

47.7

7.1

7.7

14.9

13.7

1.3

8.8

9.2

4.2

3.8

SAIL

Neutral

19,824

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.5

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

169

50,177

71,744

81,944

19.2

21.7

13.4

20.1

12.6

8.4

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

370

35,920

121,374

121,856

7.2

8.4

18.6

34.3

19.9

10.8

1.2

1.1

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

201

37,591

9,127

10,632

4.3

20.6

8.8

11.7

22.8

17.1

0.7

3.3

4.2

5.6

4.6

GAIL

Neutral

379

48,101

56,220

65,198

9.3

10.1

27.1

33.3

14.0

11.4

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

238

204,006

137,222

152,563

15.0

21.8

19.5

24.1

12.2

9.9

1.1

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

574

139,255

373,359

428,656

5.9

5.5

54.0

59.3

10.6

9.7

1.6

1.5

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,028

333,226

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

633

11,936

3,483

4,083

20.2

21.4

24.3

30.4

26.1

20.8

5.9

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Accumulate

790

877

46,199

15,720

18,078

23.7

41.4

47.3

19.1

16.7

5.0

3.9

29.6

26.1

3.2

2.7

Aventis*

Neutral

4,334

9,982

2,357

2,692

17.3

153.5

169.2

28.2

25.6

4.8

3.9

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

381

38,999

11,126

13,148

22.0

17.1

20.0

22.3

19.1

5.7

4.6

28.8

26.6

3.5

2.9

Cipla

Reduce

567

490

45,599

15,378

18,089

17.4

18.4

21.6

27.2

26.3

20.9

3.4

3.0

13.7

15.2

3.1

2.6

www.angelbroking.com

Stock Watch

August 29, 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

3,040

51,843

16,043

18,119

23.1

24.7

126.0

157.8

24.1

19.3

3.6

3.1

15.7

17.1

3.2

2.8

Dishman Pharma

Sell

176

2,844

1,718

1,890

22.7

22.8

9.5

11.3

18.6

15.6

1.8

1.6

10.1

10.9

2.1

1.8

GSK Pharma*

Neutral

2,984

25,276

3,528

3,811

16.6

18.8

51.8

59.4

57.6

50.2

15.4

26.3

30.6

7.0

6.5

Indoco Remedies

Sell

310

225

2,857

1,112

1,289

18.2

13.2

15.6

23.5

19.9

4.2

3.5

19.2

2.8

2.4

Ipca labs

Accumulate

550

613

6,941

3,303

3,799

15.3

17.3

19.7

31.8

27.9

2.8

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,512

1,809

68,178

15,912

18,644

26.4

26.7

58.1

69.3

26.0

21.8

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

756

944

181,946

31,129

35,258

30.0

30.9

28.0

32.8

27.0

23.1

4.1

3.4

18.7

18.9

5.5

4.7

Power

Tata Power

Neutral

20,488

36,916

39,557

17.4

27.1

5.1

6.3

14.9

12.0

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

158

130,278

86,605

95,545

17.5

20.8

11.8

13.4

11.8

1.4

1.3

10.5

11.1

2.9

2.8

Power Grid

Neutral

181

94,666

25,763

29,762

74.3

73.1

14.8

17.3

12.2

10.5

1.9

1.7

16.9

17.5

8.0

7.6

Real Estate

Prestige Estate

Buy

182

210

6,833

4,707

5,105

25.2

26.0

10.3

13.0

17.7

14.0

1.4

1.3

10.3

10.2

2.6

2.3

MLIFE

Buy

432

522

1,774

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

344

137,551

105,086

114,808

34.5

34.7

12.2

16.4

28.2

21.0

1.9

1.8

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

33,830

40,133

43,731

37.2

37.1

6.4

6.5

14.7

14.5

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,731

10,054

3,153

3,583

14.1

14.4

152.2

182.7

31.1

25.9

152.6

130.3

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

261

277

2,635

5,099

5,805

5.7

5.9

11.4

14.6

22.9

17.9

3.1

2.7

13.4

15.1

0.5

0.4

Finolex Cables

Neutral

429

6,556

2,883

3,115

12.0

12.1

14.2

18.6

30.2

23.1

16.1

14.0

15.8

14.6

2.0

1.8

Goodyear India*

Buy

540

631

1,245

1,598

1,704

10.4

10.2

49.4

52.6

10.9

10.3

50.5

44.3

18.2

17.0

0.5

62.2

Hitachi

Neutral

1,510

4,105

2,081

2,433

8.8

8.9

33.4

39.9

45.2

37.8

36.5

30.4

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

297

5,381

1,440

2,052

11.5

13.0

8.5

10.0

35.0

29.7

8.5

7.8

18.6

19.3

4.0

2.8

Page Industries

Neutral

14,812

16,521

2,450

3,124

20.1

17.6

299.0

310.0

49.5

47.8

329.9

251.8

47.1

87.5

6.5

5.2

Relaxo Footwears

Neutral

459

5,504

2,085

2,469

9.2

8.2

7.6

8.0

60.7

57.7

23.5

20.1

17.9

18.8

2.7

2.3

Siyaram Silk Mills

Accumulate

1,342

1,347

1,258

1,799

2,040

11.6

11.7

104.9

122.4

12.8

11.0

2.1

1.8

16.4

0.9

0.8

Styrolution ABS India*

Neutral

566

995

1,440

1,537

9.2

9.0

40.6

42.6

13.9

13.3

35.6

32.4

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,511

2,932

1,923

2,304

2,614

13.7

13.8

231.1

266.6

10.9

9.4

282.1

222.2

33.9

29.3

0.8

0.7

HSIL

Neutral

358

2,589

2,384

2,515

15.8

16.3

15.3

19.4

23.4

18.5

23.3

20.0

7.8

9.3

1.3

1.2

Kirloskar Engines India

Neutral

277

4,009

2,554

2,800

9.9

10.0

10.5

12.1

26.4

22.9

11.0

10.4

10.7

11.7

1.2

1.1

Ltd

M M Forgings

Neutral

421

508

546

608

20.4

20.7

41.3

48.7

10.2

8.6

57.6

51.0

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

213

1,525

1,353

1,471

12.3

12.4

14.5

16.3

14.7

13.1

20.3

18.3

14.5

14.6

1.1

116.8

www.angelbroking.com

Stock Watch

August 29, 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

Competent Automobiles Neutral

184

113

1,137

1,256

3.1

2.7

28.0

23.6

6.6

7.8

35.3

31.9

14.3

11.5

0.1

Nilkamal

Neutral

1,245

1,857

1,995

2,165

10.7

10.4

69.8

80.6

17.8

15.4

71.1

61.8

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

159

253

1,051

1,138

10.3

10.4

21.0

23.1

7.6

6.9

20.4

19.1

9.0

9.2

0.5

Transport Corporation of

Neutral

195

1,494

2,671

2,911

8.5

8.8

13.9

15.7

14.1

12.5

1.9

1.7

13.7

13.8

1.2

1.1

India

Elecon Engineering

Accumulate

623

1,482

1,660

13.7

14.5

3.9

5.8

14.7

9.9

3.4

3.2

7.8

10.9

0.8

0.7

Surya Roshni

Accumulate

180

201

791

3,342

3,625

7.8

7.5

17.3

19.8

10.5

9.1

19.8

15.9

10.5

10.8

0.5

0.4

MT Educare

Neutral

141

560

366

417

17.7

18.2

9.4

10.8

15.0

13.0

3.3

2.9

22.2

22.3

1.5

1.3

Radico Khaitan

Buy

125

1,271

1,659

1,802

13.0

13.2

6.3

7.4

15.1

13.0

1.3

1.2

8.6

9.3

1.2

1.1

Garware Wall Ropes

Accumulate

491

524

1,075

873

938

12.9

13.1

30.9

34.9

15.9

14.1

2.5

2.2

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

409

2,308

287

355

38.0

40.0

11.3

14.2

36.2

28.8

5.2

4.5

21.4

23.9

7.7

6.2

Linc Pen & Plastics

Neutral

276

408

382

420

9.3

9.5

13.5

15.7

20.5

17.6

3.5

3.0

17.1

17.3

1.2

1.0

The Byke Hospitality

Neutral

158

632

287

384

20.5

7.6

10.7

20.7

14.7

4.3

3.5

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

857

30,875

21,122

26,005

14.5

27.6

110.7

132.1

7.7

6.5

46.3

33.1

168.5

201.1

1.5

1.2

Coffee Day Enterprises

Neutral

250

5,153

2,964

3,260

20.5

21.2

4.7

8.0

31.3

2.9

2.7

5.5

8.5

2.2

1.9

Ltd

Navneet Education

Neutral

105

2,493

1,062

1,147

24.0

6.1

6.6

17.2

15.8

3.5

3.1

20.6

19.8

2.4

2.3

Navkar Corporation

Buy

197

265

2,803

408

612

42.9

42.3

6.8

11.5

29.0

17.1

2.0

1.8

6.9

10.5

7.8

5.2

UFO Moviez

Neutral

483

1,332

619

685

33.2

33.4

30.0

34.9

16.1

13.8

2.2

1.9

13.8

13.9

1.9

1.5

VRL Logistics

Neutral

295

2,688

1,902

2,119

16.7

16.6

14.6

16.8

20.2

17.5

4.4

3.9

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,110

1,898

3,229

4,001

1.5

1.8

22.8

32.8

48.8

33.8

5.2

4.5

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

301

4,355

1,036

1,160

15.1

15.0

6.1

7.2

49.3

42.0

5.3

4.8

10.7

11.5

4.0

3.5

Quick Heal

Neutral

235

1,645

408

495

27.3

27.0

7.7

8.8

30.4

26.7

2.8

9.3

10.6

3.2

2.7

Narayana Hrudaya

Neutral

310

6,335

1,873

2,166

11.5

11.7

2.6

4.0

117.2

78.2

7.2

6.5

6.1

8.3

3.5

3.0

Manpasand Bever.

Neutral

733

3,669

836

1,087

19.6

19.4

16.9

23.8

43.4

30.8

5.2

4.6

12.0

14.8

4.1

3.1

Parag Milk Foods

Neutral

310

2,611

1,919

2,231

9.3

9.6

9.5

12.9

32.9

24.0

5.1

4.2

15.5

17.5

1.5

1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 26, 2016

www.angelbroking.com

Market Outlook

August 29, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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