Market Outlook

August 30, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

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

BSE Sensex

0.4

120

27,903

Nifty

0.4

8,607

US stock markets climbed on Monday in the wake of comments by top Fed officials

Mid Cap

0.5

13,064

that bolstered expectations for an interest rate hike by U.S. central bank this year.

Small Cap

0.1

12,499

Advance in U.S. stock markets was led by financials, which stand to gain the most in

an environment of higher interest rates. S&P 500 financial index .SPSY ended 1%

Bankex

0.2

22,059

higher; Wells Fargo gained 2.2% and JPMorgan rose more than 1%. Advances

helped Wall Street snap a 3-day losing streak. Report from U.S. Commerce Dept.

Global Indices

Chg (%)

(Pts)

(Close)

showed consumer spending, which a/c’s for over 2/3 of U.S. economic activity, rose

Dow Jones

0.6

108

18,503

for 4^th month in July. That reinforced bets of rate rise soon, even as other data

Nasdaq

0.3

5,232

showed U.S. inflation remained subdued.

FTSE

0.3

6,838

European stocks on Monday finished in negative territory, kicking off week lower as

Nikkei

2.3

377

16,737

rising expectations the U.S. Fed will lift interest rates later this year poked the air out

Hang Seng

(0.4)

(88)

22,821

of a recent rally. Stoxx Europe 600 index SXXP, lost 0.2%, pulling back after 1.1%

climb last week. London markets were closed on account of a holiday.

Shanghai Com

(0.0)

(0)

3,070

After 2-day correction amid consolidation, Indian indices gained strength in last

Advances / Declines

BSE

NSE

hour of trade on Monday with Nifty closing above 8,600 on short covering despite

weak global cues. Reliance Industries, ICICI Bank and Tata Motors contributed more

Advances

1,228

711

than 80% to index gains. Hopes of further monetary easing by Bank of Japan also

Declines

1,482

889

aided sentiment.

Unchanged

196

News Analysis

Volumes (` Cr)

 MEP Infra gets NHAI toll collection contract in Jharkhand

Detailed analysis on Pg2

BSE

2,921

NSE

16,276

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Net Inflows (` Cr)

Net

Mtd

Ytd

Stock Watch: Latest investment recommendations on 150+ stocks

FII

(305)

7,613

38,495

Refer Pg5 onwards

MFs

812

9,600

Top Picks

CMP

Target

Upside

Company

Sector

Rating

Top Gainers

Price (`)

Chg (%)

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

920

1,076

16.9

Deltacorp

157

8.2

HCL Tech

Buy

757

1,000

32.2

Balkrisind

833

6.6

HDFC Bank

Financials

Accumulate

1,238

1,350

9.0

Centralbk

107

6.5

Bharat Electronics

Capital Goods

Buy

1,215

1,414

16.4

Jktyre

130

6.1

Equitas Holdings

Financials

Buy

177

235

32.5

Laxmimach

4,094

6.1

Navkar Corporation Others

Buy

201

265

32.0

More Top Picks on Pg4

Top Losers

Price (`)

Chg (%)

Key Upcoming Events

Hexaware

198

(5.0)

Consensus

Date

Region

Event Description

Gvkpil

(4.4)

Reading

Expectations

Gati

143

(3.4)

Aug 30 US

Consumer Confidence

(97.3)

97.0

Aug 30 Euro Zone

Euro-Zone Consumer Confidence

(8.5)

Gruh

334

(3.4)

Aug 31 US

Initial Jobless claims

261.0

265.0

Persistent

610

(3.3)

As on August 29, 2016

Sep 01 Germany

PMI Manufacturing

53.60

Sep 01 UK

PMI Manufacturing

48.20

6.(

www.angelbroking.com

Market Outlook

August 30, 2016

News Analysis

MEP Infra gets NHAI toll collection contract in Jharkhand

MEP Infrastructure Developers Ltd (MEP) has won its 3^rd short term toll collection

project in Jharkhand for 1-year. MEP has bagged this project with an annual

remittance of `87.30cr, payable on weekly basis over the tenure of the project.

MEP has received the letter of acceptance for toll collection rights at Sau Kala toll

plaza on the Aurangabad-Barachatti section of NH-2 in Jharkhand. Operations

would commence from September 14, 2016.

This is the 3^rd project of MEP in Jharkhand and now has total of 10 short term toll

projects awarded by NHAI with Authority remittance of `659.61cr/ year.

MEP is an operate-maintain-transfer (OMT) player in the road infrastructure sector

having forayed into engineering, procurement and construction space with

hybrid annuity projects in Maharashtra and Gujarat.

Quarterly highlights - Standalone

Particulars (` cr)

Stake (%) Lane kms State

Bid cost (` cr)

NPV (` cr)

Aravali-Kante

157 Maharashtra

592

556

Nagpur-Package I

134 Maharashtra

531

463

Nagpur-Package II

112 Maharashtra

639

587

Kante-Wakad

204 Maharashtra

826

805

Talaja-Mahuva

182 Gujarat

643

624

Mahuva-Kagavadar

40 Gujarat

605

585

Source: Company, Angel Research

MEP currently has 18 operational projects, 14 toll collection projects (25 toll

plazas) in 8 states, 3 OMT projects- covering 1,361.32 lane kms and 9 toll plazas-

and 1 build-operate-transfer project- covering 42 lane km and 5 toll plazas.

Consol. Debt of MEP at FY16-end stands at `2,907cr (reflecting D/E ratio of

28.7x). With Order book of `3,837cr, post the 6 Hybrid project order wins, we

expect more pressure to be seen on MEP’s balance sheet. Till the time the

company pursues the Infrastructure Investment Trust (InvIT), we expect the MEP

stock to remain under pressure, owing to cash flow mismatches.

We continue to maintain our Neutral rating on the stock.

Economic and Political News

 New process to check, finance central schemes from FY18

 Centre revises quantity of red sanders wood exports by Andhra

 Jaitley seeks funding for NIIF from US, UK

 RBI balance sheet expands 12.25% in FY16

Corporate News

 Monsanto approaches Delhi HC against CCI decision

 Zee Entertainment in talks to sell its sports bouquet

 Airtel cuts data price by 33% as Jio trial offer hurts data growth

 Shree Renuka Sugars to exit Brazil partially to reduce debt

www.angelbroking.com

Market Outlook

August 30, 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

15,718

920

1,076

16.9

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

29,158

1,215

1,414

16.4

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,06,731

757

1,000

32.2

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

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,13,518

1,238

1,350

9.0

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

2,34,805

1,022

1,370

34.0

be a US$20bn in FY2020.

Strong market positioning within the domestic AC markets to

Voltas

12,923

391

407

4.2

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

2,629

260

277

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

4,719

495

527

6.5

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,950

177

235

32.5

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

1,261

547

631

15.4

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

2,339

30.8

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

6,202

190

205

8.1

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

1,763

430

522

21.5

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,864

201

265

32.0

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,284

125

29.5

pricing environment. Valuation discount to peers provides

additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,209

1,290

1,347

4.5

going ahead. Stock currently trades at an inexpensive valuation.

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,790

300

363

21.0

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 30, 2016

Key Upcoming Events

Result Calendar

Date

Company

Sep 1, 2016

BPCL

Sep 5, 2016

Petronet LNG

Sep 7, 2016

BHEL

Sep 8, 2016

SAIL

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Aug 30, 2016 2:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Aug F

(8.50)

7:30PM US

Consumer Confidence

S.A./ 1985=100

Aug

97.30

97.00

Aug 31, 2016 6:00PM US

Initial Jobless claims

Thousands

Aug 27

261.00

265.00

Sep 1, 2016

1:25PM Germany

Unemployment change (000's)

Thousands

Aug

(7.00)

(4.00)

1:25PM Germany

PMI Manufacturing

Value

Aug F

53.60

6:00PM US

Change in Nonfarm payrolls

Thousands

Aug

255.00

180.00

2:00PM UK

PMI Manufacturing

Value

Aug

48.20

49.00

Sep 2, 2016

6:30AM China

PMI Manufacturing

Value

Aug

49.90

49.80

6:00PM US

Unnemployment rate

Aug

4.90

4.80

Sep 5, 2016

1:25PM Germany

PMI Services

Value

Aug F

53.30

Sep 6, 2016

2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q F

0.30

Sep 7, 2016

2:00PM UK

Industrial Production (YoY)

% Change

Jul

1.60

Sep 8, 2016

China

Exports YoY%

% Change

Aug

(4.40)

5:15PM Euro Zone

ECB announces interest rates

Sep 8

Sep 9, 2016

India

Imports YoY%

% Change

Aug

(19.03)

India

Exports YoY%

% Change

Aug

(6.84)

7:00AM China

Consumer Price Index (YoY)

% Change

Aug

1.80

Sep 12, 2016 2:00PM UK

CPI (YoY)

% Change

Aug

0.60

Sep 13, 2016 5:30PM India

Industrial Production YoY

% Change

Jul

2.10

7:30AM China

Industrial Production (YoY)

% Change

Aug

6.00

Sep 14, 2016 2:00PM UK

Jobless claims change

% Change

Aug

(8.60)

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Aug

3.55

Sep 15, 2016 2:30PM Euro Zone

Euro-Zone CPI (YoY)

Aug F

0.20

6:45PM US

Industrial Production

Aug

0.74

Producer Price Index (mom)

% Change

Aug

(0.50)

4:30PM UK

BOE Announces rates

% Ratio

Sep 15

0.25

Source: Bloomberg, Angel Research

Market Outlook

August 30, 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 30, 2016

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

6.7

6.0

5.3

5.2

4.0

3.5

4.0

3.1

2.2

2.0

1.2

1.4

0.6

(2.0)

(0.6)

(4.0)

(6.0)

(5.4)

(0.2)

(8.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.5

6.0

4.9

4.4

4.0

3.0

2.4

1.9

1.5

2.0

1.1

0.6

0.5

(3.8)

(1.8)

(2.0)

(4.0)

(6.0)

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

www.angelbroking.com

Market Outlook

August 30, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

58,610

3.4

20.9

32.2

Russia

Micex

1,987

1.7

2.6

17.2

India

Nifty

8,607

(0.1)

5.5

2.8

China

Shanghai Composite

3,070

3.1

8.9

(16.2)

South Africa

Top 40

46,912

0.3

(1.9)

9.5

Mexico

Mexbol

47,599

1.6

4.7

8.9

Indonesia

LQ45

924

1.0

14.4

22.0

Malaysia

KLCI

1,682

1.4

3.1

6.6

Thailand

SET 50

983

2.3

10.2

9.9

USA

Dow Jones

18,503

0.3

3.5

11.9

FTSE

6,838

1.3

9.0

12.9

Japan

Nikkei

16,737

0.4

(0.6)

(18.6)

Germany

DAX

10,544

2.6

2.7

4.9

France

CAC

4,424

0.1

(1.8)

(2.8)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 30, 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

4,409

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

637

684

27,300

15,176

17,604

18.5

37.4

44.6

17.0

14.3

3.3

2.8

21.4

21.2

1.9

1.6

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,001

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

2,884

83,462

25,093

27,891

19.5

19.2

143.9

162.5

20.0

17.8

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

854

19,879

7,726

8,713

20.5

21.2

35.3

42.7

24.2

20.0

4.5

4.0

18.9

20.1

2.6

2.3

Eicher Motors

Neutral

22,308

60,591

16,583

20,447

17.5

18.0

598.0

745.2

37.3

29.9

12.8

9.7

41.2

38.3

3.4

2.7

Gabriel India

Neutral

116

1,659

1,544

1,715

9.0

9.3

5.4

6.3

21.4

18.3

4.0

3.6

18.9

19.5

1.1

0.9

Hero Motocorp

Neutral

3,406

68,009

31,253

35,198

15.3

15.0

172.3

192.1

19.8

17.7

7.2

6.2

38.9

37.0

2.0

1.7

Jamna Auto Industries Neutral

225

1,798

1,486

1,620

9.8

9.9

15.0

17.2

15.0

13.1

3.3

2.8

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

466

731

1,302

1,432

11.6

11.9

43.7

53.0

10.7

8.8

1.5

1.4

13.8

14.2

0.6

Mahindra and Mahindra Neutral

1,422

88,326

46,534

53,077

11.6

11.7

67.3

78.1

21.1

18.2

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

4,929

148,909

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

1,242

1,970

2,728

3,042

9.0

9.1

68.2

86.2

18.2

14.4

4.1

3.3

23.8

24.3

0.8

0.7

Motherson Sumi

Neutral

324

42,903

45,896

53,687

7.8

8.3

13.0

16.1

24.9

20.1

8.0

6.4

34.7

35.4

1.0

0.8

Rane Brake Lining

Neutral

658

521

511

562

11.3

11.5

28.1

30.9

23.4

21.3

3.6

3.3

15.3

15.0

1.2

1.1

Setco Automotive

Neutral

599

741

837

13.0

15.2

17.0

3.0

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

525

151,492

300,209

338,549

8.9

8.4

42.7

54.3

12.3

9.7

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

312

330

14,808

13,390

15,948

6.9

7.1

12.8

16.5

24.4

18.8

6.1

4.8

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

920

1,076

15,718

5,717

6,733

18.7

18.9

38.4

48.9

24.0

18.8

6.0

4.9

25.3

24.8

2.5

2.0

Exide Industries

Neutral

179

15,207

7,439

8,307

15.0

8.1

9.3

22.1

19.2

3.1

2.8

14.3

16.7

1.6

1.5

Apollo Tyres

Accumulate

184

183

9,374

12,877

14,504

14.3

13.9

21.4

23.0

8.6

8.0

1.3

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

899

1,119

3,635

7,524

8,624

13.0

12.7

131.1

144.3

6.9

6.2

1.3

1.1

19.8

18.6

0.5

JK Tyres

Neutral

130

2,949

7,455

8,056

15.0

21.8

24.5

6.0

5.3

1.3

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,116

1,386

660

810

15.2

16.4

54.5

72.8

20.5

15.3

6.4

5.8

31.5

39.2

1.9

1.6

Subros

Neutral

101

608

1,488

1,681

11.7

11.9

6.4

7.2

15.8

14.1

1.7

1.5

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

177

465

286

326

19.8

16.8

11.7

13.3

15.1

13.3

2.6

2.4

17.8

17.1

1.2

1.1

Capital Goods

ACE

Neutral

426

709

814

4.1

4.6

1.4

2.1

30.8

20.5

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Accumulate

1,059

1,157

4,410

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

1,215

1,414

29,158

8,137

9,169

16.8

17.2

58.7

62.5

20.7

19.4

3.2

2.9

44.6

46.3

2.5

2.3

www.angelbroking.com

Stock Watch

August 30, 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

391

407

12,923

6,511

7,514

7.9

8.7

12.9

16.3

30.3

24.0

5.5

4.8

16.7

18.5

1.7

1.4

BGR Energy

Neutral

114

820

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

141

34,438

28,797

34,742

2.8

2.3

6.9

61.2

20.4

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

495

527

4,719

4,351

5,024

6.4

7.1

17.2

20.6

28.8

24.0

18.8

15.6

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,039

5,777

6,120

5.9

7.0

3.3

4.5

24.4

17.9

1.1

1.0

4.4

5.9

0.9

0.7

Greaves Cotton

Neutral

136

3,320

1,755

1,881

16.8

16.9

7.8

8.5

17.4

16.0

3.5

3.2

20.6

20.9

1.6

1.4

Inox Wind

Buy

185

286

4,094

5,605

6,267

15.7

16.4

24.8

30.0

7.4

6.2

2.1

1.5

25.9

24.4

0.8

0.7

KEC International

Neutral

136

3,499

9,294

10,186

7.9

8.1

9.9

11.9

13.8

11.4

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

820

9,771

5,421

5,940

7.3

25.7

30.2

31.9

27.2

3.9

3.5

12.2

13.1

1.7

1.6

VATech Wabag

Buy

555

681

3,027

3,136

3,845

8.9

9.1

26.0

35.9

21.4

15.5

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,635

30,711

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

264

52,451

9,350

10,979

18.2

22.5

5.8

9.5

45.5

27.8

3.8

3.4

10.2

12.5

5.6

4.8

India Cements

Neutral

143

4,402

4,364

4,997

18.5

19.2

7.9

11.3

18.1

12.7

1.3

8.0

8.5

1.8

1.5

JK Cement

Neutral

791

5,528

4,398

5,173

15.5

17.5

31.2

55.5

25.3

14.2

3.0

2.6

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Neutral

453

5,326

2,913

3,412

14.5

19.5

7.5

22.5

60.4

20.1

3.7

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

182

3,727

2,114

2,558

18.5

20.5

8.1

11.3

22.5

16.1

3.3

2.8

9.0

14.0

2.4

1.9

UltraTech Cement

Neutral

3,788

103,946

25,768

30,385

21.0

23.5

111.0

160.0

34.1

23.7

4.4

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Buy

2,339

8,946

10,017

31.0

31.6

8.1

9.1

8.8

7.8

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Accumulate

699

802

1,966

1,385

1,673

14.7

14.0

41.2

48.5

17.0

14.4

3.2

2.7

14.9

15.2

1.5

1.3

Larsen & Toubro

Buy

1,456

1,700

135,719

67,665

77,249

10.7

11.5

57.3

71.2

25.4

20.5

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

176

8,484

705

788

52.2

51.7

5.0

5.6

35.1

31.3

3.5

3.1

11.2

11.4

9.7

MBL Infrastructures

Buy

105

285

437

2,797

3,405

14.7

15.4

21.0

34.8

5.0

3.0

0.5

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,573

8,842

9,775

9.1

8.8

5.3

6.4

15.5

12.9

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

120

129

3,069

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

295

1,457

6,829

7,954

10.5

31.4

37.4

9.4

7.9

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

464

682

1,801

2,219

12.7

14.6

72.1

113.9

6.4

4.1

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

293

5,026

3,598

4,140

10.3

10.6

9.0

11.9

32.6

24.6

3.4

3.0

9.9

11.9

1.6

1.4

NBCC

Neutral

237

14,205

7,428

9,549

7.9

8.6

8.2

11.0

28.9

21.5

1.4

1.1

28.2

28.7

1.7

1.2

MEP Infra

Neutral

717

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 30, 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

3,399

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

265

8,919

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

589

140,532

58,081

66,459

3.5

32.4

44.6

18.2

13.2

2.4

2.1

13.6

16.5

Bank of Baroda

Neutral

160

36,936

19,980

23,178

1.8

11.5

17.3

13.9

9.3

1.6

1.3

8.3

10.1

Canara Bank

Neutral

273

14,810

15,225

16,836

1.8

14.5

28.0

18.8

9.7

1.3

1.1

5.8

8.5

Dewan Housing Finance Neutral

280

8,182

2,225

2,688

2.9

29.7

34.6

9.4

8.1

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

177

235

5,950

939

1,281

11.7

11.5

5.8

8.2

30.6

21.6

2.6

2.4

10.9

11.5

Federal Bank

Neutral

11,520

9,353

10,623

2.9

4.4

5.8

15.2

11.6

1.5

1.3

9.5

11.0

HDFC

Neutral

1,375

217,399

11,475

13,450

3.4

45.3

52.5

30.4

26.2

5.9

5.2

20.2

20.5

HDFC Bank

Accumulate

1,238

1,350

313,518

46,097

55,433

4.5

58.4

68.0

21.2

18.2

3.7

3.1

18.8

18.6

ICICI Bank

Neutral

250

145,656

39,029

45,903

3.3

16.7

16.3

15.0

15.4

1.9

1.7

10.1

12.4

LIC Housing Finance

Neutral

570

28,766

3,712

4,293

2.6

2.5

39.0

46.0

14.6

12.4

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

123

24,162

23,532

23,595

2.3

2.4

6.8

12.6

18.1

9.8

2.8

2.0

3.3

6.5

South Ind.Bank

Neutral

2,998

6,435

7,578

2.5

2.7

3.1

8.2

7.2

1.1

0.9

10.1

11.2

St Bk of India

Neutral

249

193,099

88,650

98,335

2.6

13.5

18.8

18.4

13.2

1.8

1.5

7.0

8.5

Union Bank

Neutral

134

9,229

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

1,337

56,300

8,978

11,281

3.3

3.4

74.0

90.0

18.1

14.9

3.4

2.9

17.0

17.2

FMCG

Asian Paints

Neutral

1,111

106,586

17,128

18,978

16.8

16.4

19.1

20.7

58.2

53.7

20.2

19.1

34.8

35.5

6.1

5.5

Britannia

Neutral

3,408

40,890

9,795

11,040

14.6

14.9

80.3

94.0

42.4

36.3

17.5

13.5

41.2

4.1

3.6

Colgate

Neutral

937

25,481

4,605

5,149

23.4

23.8

26.9

39.4

34.8

21.8

17.0

64.8

66.8

5.5

4.9

Dabur India

Neutral

288

50,707

8,315

9,405

19.8

20.7

8.1

9.2

35.6

31.3

9.9

8.2

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

6,296

26,479

4,350

4,823

21.2

21.4

179.2

196.5

35.1

32.1

9.3

7.9

27.1

26.8

5.4

4.8

Godrej Consumer

Neutral

1,537

52,354

10,235

11,428

18.4

18.6

41.1

44.2

37.4

34.8

8.3

7.0

24.9

24.8

5.2

4.6

HUL

Neutral

905

195,832

35,252

38,495

17.6

17.4

20.4

21.9

44.3

41.3

36.4

31.9

82.2

77.3

5.4

4.9

ITC

Accumulate

253

283

305,210

40,059

44,439

39.0

39.2

9.1

10.1

27.8

25.0

7.6

6.6

27.2

26.5

7.1

6.4

Marico

Neutral

285

36,731

6,430

7,349

18.8

19.5

6.4

7.7

44.5

37.0

13.4

11.3

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,778

65,353

10,073

11,807

20.7

21.5

124.8

154.2

54.3

44.0

22.3

20.1

34.8

36.7

6.4

5.4

Tata Global

Neutral

139

8,773

8,675

9,088

9.8

7.4

8.2

18.8

17.0

2.1

2.0

7.9

8.1

0.9

Procter & Gamble

Accumulate

6,709

7,369

21,778

2,939

3,342

23.2

23.0

146.2

163.7

45.9

41.0

102.7

98.5

25.3

23.5

7.0

6.1

Hygiene

www.angelbroking.com

Stock Watch

August 30, 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

757

1,000

106,731

49,242

57,168

20.5

55.7

64.1

13.6

11.8

2.8

2.1

20.3

17.9

2.2

1.7

Infosys

Buy

1,022

1,370

234,805

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

2,502

3,004

492,922

121,684

136,286

27.3

135.0

150.1

18.5

16.7

6.2

5.7

33.2

33.9

3.9

3.4

Tech Mahindra

Buy

450

700

43,647

30,347

33,685

17.0

37.5

41.3

12.0

10.9

2.6

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

479

680

118,236

51,631

55,822

21.7

17.9

35.9

36.9

13.3

13.0

2.8

2.6

19.0

18.1

2.1

1.9

Media

D B Corp

Neutral

408

7,506

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

1,828

2,693

2,991

12.6

12.9

7.9

9.0

9.9

8.7

0.8

7.8

8.3

0.3

0.1

Jagran Prakashan

Accumulate

190

205

6,202

2,355

2,635

28.0

9.9

10.8

19.2

17.6

3.8

3.3

21.7

2.6

2.3

Sun TV Network

Neutral

467

18,394

2,850

3,265

70.1

71.0

26.2

30.4

17.8

15.4

4.6

4.0

24.3

25.6

6.1

5.2

Hindustan Media

Neutral

286

2,098

1,016

1,138

24.3

25.2

27.3

30.1

10.5

9.5

2.0

1.8

16.2

15.8

1.3

1.2

Ventures

TV Today Network

Buy

300

363

1,790

637

743

27.5

18.4

21.4

16.3

14.0

2.8

2.4

17.4

17.2

2.4

2.0

Metals & Mining

Coal India

Neutral

334

210,872

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

227

96,105

14,252

18,465

55.9

48.3

15.8

21.5

14.4

10.6

2.3

2.1

17.0

20.7

6.7

5.1

Hindalco

Neutral

158

32,699

107,899

112,095

7.4

8.2

9.2

13.0

17.2

12.2

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,770

42,781

53,201

58,779

16.1

16.2

130.6

153.7

13.6

11.5

1.8

1.6

14.0

14.4

1.6

1.3

NMDC

Neutral

108

42,898

6,643

7,284

44.4

47.7

7.1

7.7

15.2

14.1

1.3

8.8

9.2

4.2

3.8

SAIL

Neutral

19,928

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

173

51,393

71,744

81,944

19.2

21.7

13.4

20.1

12.9

8.6

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

373

36,236

121,374

121,856

7.2

8.4

18.6

34.3

20.1

10.9

1.3

1.2

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

203

38,032

9,127

10,632

4.3

20.6

8.8

11.7

23.1

17.3

0.7

3.3

4.2

5.6

4.6

GAIL

Neutral

378

47,929

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.4

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

237

202,979

137,222

152,563

15.0

21.8

19.5

24.1

12.2

9.8

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

572

138,818

373,359

428,656

5.9

5.5

54.0

59.3

10.6

9.6

1.6

1.5

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,057

342,726

301,963

358,039

12.1

12.6

87.7

101.7

12.1

10.4

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

631

11,900

3,483

4,083

20.2

21.4

24.3

30.4

26.0

20.8

5.9

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Accumulate

785

877

45,942

15,720

18,078

23.7

41.4

47.3

19.0

16.6

4.9

3.9

29.6

26.1

3.2

2.7

Sanofi India*

Neutral

4,302

9,908

2,357

2,692

17.3

153.5

169.2

28.0

25.4

4.8

3.8

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

380

38,897

11,126

13,148

22.0

17.1

20.0

22.2

19.0

5.7

4.5

28.8

26.6

3.5

2.9

Cipla

Reduce

567

490

45,578

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 30, 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

3,048

51,987

16,043

18,119

23.1

24.7

126.0

157.8

24.2

19.3

3.6

3.1

15.7

17.1

3.2

2.8

Dishman Pharma

Sell

182

2,935

1,718

1,890

22.7

22.8

9.5

11.3

19.1

16.1

1.9

1.7

10.1

10.9

2.1

1.8

GSK Pharma*

Neutral

2,980

25,243

3,528

3,811

16.6

18.8

51.8

59.4

57.5

50.2

15.4

15.3

26.3

30.6

7.0

6.5

Indoco Remedies

Sell

315

225

2,899

1,112

1,289

18.2

13.2

15.6

23.8

20.2

4.2

3.6

19.2

2.8

2.4

Ipca labs

Accumulate

548

613

6,915

3,303

3,799

15.3

17.3

19.7

31.7

27.8

2.8

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,480

1,809

66,715

15,912

18,644

26.4

26.7

58.1

69.3

25.5

21.4

5.0

4.1

21.4

20.9

4.4

3.6

Sun Pharma

Buy

759

944

182,668

31,129

35,258

30.0

30.9

28.0

32.8

27.1

23.1

4.2

3.5

18.7

18.9

5.5

4.7

Power

Tata Power

Neutral

20,542

36,916

39,557

17.4

27.1

5.1

6.3

14.9

12.1

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

159

131,433

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

Neutral

180

94,299

25,763

29,762

74.3

73.1

14.8

17.3

12.2

10.4

1.9

1.7

16.9

17.5

8.0

7.6

Real Estate

MLIFE

Buy

430

522

1,763

1,152

1,300

22.7

24.6

29.9

35.8

14.4

12.0

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

342

136,611

105,086

114,808

34.5

34.7

12.2

16.4

28.0

20.8

1.9

1.8

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

34,010

40,133

43,731

37.2

37.1

6.4

6.5

14.8

14.5

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,730

10,052

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

260

277

2,629

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

430

6,583

2,883

3,115

12.0

12.1

14.2

18.6

30.3

23.1

16.1

14.1

15.8

14.6

2.0

1.8

Goodyear India*

Buy

547

631

1,261

1,598

1,704

10.4

10.2

49.4

52.6

11.1

10.4

51.1

44.8

18.2

17.0

0.5

62.2

Hitachi

Neutral

1,508

4,101

2,081

2,433

8.8

8.9

33.4

39.9

45.2

37.8

36.4

30.4

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

307

5,559

1,440

2,052

11.5

13.0

8.5

10.0

36.1

30.7

8.8

8.1

18.6

19.3

4.0

2.8

Page Industries

Neutral

14,611

16,297

2,450

3,124

20.1

17.6

299.0

310.0

48.9

47.1

325.4

248.4

47.1

87.5

6.5

5.2

Relaxo Footwears

Neutral

457

5,483

2,085

2,469

9.2

8.2

7.6

8.0

60.4

57.5

23.4

20.0

17.9

18.8

2.7

2.3

Siyaram Silk Mills

Accumulate

1,290

1,347

1,209

1,799

2,040

11.6

11.7

104.9

122.4

12.3

10.5

2.0

1.7

16.4

0.9

0.8

Styrolution ABS India*

Neutral

574

1,010

1,440

1,537

9.2

9.0

40.6

42.6

14.1

13.5

36.1

32.8

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,543

2,932

1,947

2,304

2,614

13.7

13.8

231.1

266.6

11.0

9.5

285.7

225.0

33.9

29.3

0.8

0.7

HSIL

Neutral

356

2,571

2,384

2,515

15.8

16.3

15.3

19.4

23.3

18.3

23.1

19.9

7.8

9.3

1.3

1.2

Kirloskar Engines India

Neutral

281

4,059

2,554

2,800

9.9

10.0

10.5

12.1

26.7

23.2

11.2

10.6

10.7

11.7

1.2

1.1

Ltd

M M Forgings

Neutral

417

503

546

608

20.4

20.7

41.3

48.7

10.1

8.6

57.1

50.5

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

212

1,519

1,353

1,471

12.3

12.4

14.5

16.3

14.7

13.0

20.2

18.2

14.5

14.6

1.1

116.8

Competent Automobiles Neutral

175

108

1,137

1,256

3.1

2.7

28.0

23.6

6.3

7.4

33.7

30.5

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 30, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,264

1,886

1,995

2,165

10.7

10.4

69.8

80.6

18.1

15.7

72.2

62.7

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

159

252

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

189

1,448

2,671

2,911

8.5

8.8

13.9

15.7

13.7

12.1

1.9

1.7

13.7

13.8

1.2

1.1

India

Elecon Engineering

Accumulate

612

1,482

1,660

13.7

14.5

3.9

5.8

14.4

9.7

3.4

3.1

7.8

10.9

0.8

0.7

Surya Roshni

Accumulate

183

201

802

3,342

3,625

7.8

7.5

17.3

19.8

10.6

9.3

20.1

16.1

10.5

10.8

0.5

0.4

MT Educare

Neutral

138

548

366

417

17.7

18.2

9.4

10.8

14.7

12.7

3.3

2.8

22.2

22.3

1.5

1.3

Radico Khaitan

Buy

125

1,284

1,659

1,802

13.0

13.2

6.3

7.4

15.2

13.1

1.3

1.2

8.6

9.3

1.2

1.1

Garware Wall Ropes

Accumulate

481

524

1,053

873

938

12.9

13.1

30.9

34.9

15.6

13.8

2.5

2.1

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

404

2,282

287

355

38.0

40.0

11.3

14.2

35.7

28.4

5.1

4.5

21.4

23.9

7.7

6.2

Linc Pen & Plastics

Neutral

275

407

382

420

9.3

9.5

13.5

15.7

20.5

17.5

3.5

3.0

17.1

17.3

1.2

1.0

The Byke Hospitality

Neutral

159

636

287

384

20.5

7.6

10.7

20.9

14.8

4.4

3.5

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

869

31,319

21,122

26,005

14.5

27.6

110.7

132.1

7.9

6.6

47.0

33.6

168.5

201.1

1.5

1.2

Coffee Day Enterprises

Neutral

244

5,020

2,964

3,260

20.5

21.2

4.7

8.0

30.5

2.8

2.6

5.5

8.5

2.2

1.9

Ltd

Navneet Education

Neutral

103

2,454

1,062

1,147

24.0

6.1

6.6

16.9

15.6

3.5

3.1

20.6

19.8

2.4

2.3

Navkar Corporation

Buy

201

265

2,864

408

612

42.9

42.3

6.8

11.5

29.7

17.5

2.1

1.8

6.9

10.5

7.8

5.2

UFO Moviez

Neutral

480

1,326

619

685

33.2

33.4

30.0

34.9

16.0

13.8

2.2

1.9

13.8

13.9

1.9

1.5

VRL Logistics

Neutral

294

2,683

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

1,130

1,932

3,229

4,001

1.5

1.8

22.8

32.8

49.6

34.4

5.3

4.6

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

326

4,709

1,036

1,160

15.1

15.0

6.1

7.2

53.3

45.4

5.7

5.2

10.7

11.5

4.0

3.5

Quick Heal

Neutral

235

1,646

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

316

6,453

1,873

2,166

11.5

11.7

2.6

4.0

119.4

79.6

7.3

6.6

6.1

8.3

3.5

3.0

Manpasand Bever.

Neutral

749

3,749

836

1,087

19.6

19.4

16.9

23.8

44.3

31.5

5.3

4.6

12.0

14.8

4.1

3.1

Parag Milk Foods

Neutral

308

2,589

1,919

2,231

9.3

9.6

9.5

12.9

32.6

23.8

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 29, 2016

www.angelbroking.com

Market Outlook

August 30, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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