Market Outlook
July 31, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open negative tracking global indices and SGX Nifty.
BSE Sensex
(0.2)
(73)
32,310
U.S. markets closed well off session lows on Friday investors shook off a sharp
Nifty
(0.1)
(6)
10,015
pullback from Amazon.com.
Mid Cap
0.5
74
15,330
The European markets ended Friday's session in negative territory. After a weak start
Small Cap
0.3
156
16,071
to the day, the markets remained stuck in a sideways pattern for much of the
Bankex
(0.6)
(162)
28,021
session. Losses accelerated slightly in late trade, following the weak opening on Wall
Street.
Global Indices
Chg (%)
(Pts)
(Close)
Indian markets may follow its Asian peers lower on Friday following the mixed cues
Dow Jones
0.2
134
21,830
overnight from Wall Street after U.S. tech stocks retreated from recent rallies.
Nasdaq
(0.1)
(8)
6,375
Result
FTSE
(1.0)
(75)
7,368
Nikkei
(0.6)
(120)
19,960
Preview: Tech Mahindra
Hang Seng
(0.6)
(152)
26,979
Detailed analysis is on Pg2
Shanghai Com
0.1
3
3,253
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Advances / Declines
BSE
NSE
Stock Watch: Latest investment recommendations on 150+ stocks
Advances
1,249
1,779
Refer Pg7 onwards
Declines
1,420
891
Unchanged
160
76
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Blue Star
Capital Goods
Accumulate
699
760
8.7
BSE
3,890
Dewan Housing FinanceFinancials
Buy
460
550
19.5
Mahindra Lifespace
Real Estate
Buy
425
522
22.9
NSE
29,250
Navkar Corporation
Others
Buy
203
265
30.8
KEI Industries
Capital Goods
Accumulate
235
258
9.9
#Net Inflows (` Cr)
Net
Mtd
Ytd
More Top Picks on Pg5
FII
(2,439
(23,718
59,626
Key Upcoming Events
MFs
(169)
8,129
47,275
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jul 31, 2017
China
PMI Manufacturing
51.70
51.50
Top Gainers
Price (`)
Chg (%)
Aug 01, 2017 Germany PMI Manufacturing
58.30
58.30
Relcapital
717
8.8
Aug 01, 2017 UK
PMI Manufacturing
54.30
54.50
Jswenergy
72
7.6
Aug 01, 2017 Germany Unemployment change (000's)
7.00
(5.00)
Fsl
35
7.6
Aug 01, 2017 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.50
0.60
More Events on Pg7
L&Tfh
170
5.5
Deltacorp
173
5.2
Top Losers
Price (`)
Chg (%)
Indiacem
203
(6.2)
Drreddy
2,462
(6.1)
Lupin
1,063
(4.3)
Sunpharma
551
(3.9)
Icicibank
296
(3.6)
#as on 28t July, 2017
Market Outlook
July 31, 2017
Result Preview
Tech Mahindra (CMP: `380 / TP: `533 /Upside: 40.3%)
Tech Mahindra for 1QFY2018 is likely to post a dip in the top line, while margins
are likely to expand. The sales are expected to come in at US$1,127mn V/s
US$1,131mn, a qoq dip of 0.4%. In Rupee terms, the sales are expected to come
in at `7,262cr v/s `7,495cr posted a qoq dip of 3.1%. On operating front, the
EBIT margins is expected to come in at 8.6% V/s 8.2% in 4QFY2017, a qoq
expansion of 44bps, mainly on back of base effect. Consequently, the PAT is
expected to come in at `624cr V/s `588cr in 4QFY2017, a qoq growth of 6.2%.
We maintain our buy rating on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2018E
31,015
15.0
3,102
35.6
17.0
10.7
1.8
7.5
1.1
FY2019E
33,496
15.0
3,315
38.1
16.3
10.0
1.6
6.8
1.0
Economic and Political News
Power companies seek billions in govt funds or tariff hike to cut emissions
Gold imports in H2 of 2017 set to fall to 50% of H1 level
Govt signs potash import deal with Russia's Uralkali at $240 a tonne
Corporate News
Karur Vysya Bank Q1 net at `148cr
NDTV revenue grows 65% to `38cr in June quarter
Coromandel International's Q1 net profit jumps nine-fold to `75cr
Quarterly Bloomberg Brokers Consensus Estimate
Siemens Ltd - July 31, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17
q-o-q (%)
Net sales
2,625
2,563
2.4
2,725
(3.7)
EBITDA
234
233
0.4
322
(27.4)
EBITDA margin (%)
8.9
9.1
11.8
Net profit
163
130
25.7
177
(7.9)
Bharat Heavy Electricals Ltd - July 31, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17
q-o-q (%)
Net sales
5,962
5,523
7.9
9,405
(36.6)
EBITDA
131
71
84.5
651
(79.9)
EBITDA margin (%)
2.2
1.3
6.9
Net profit
116
78
49.2
216
(46.2)
Market Outlook
July 31, 2017
Godrej Consumer Products Ltd Consol - July 31, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17 q-o-q (%)
Net sales
2,322
2,120
9.5
2,380
(2.5)
EBITDA
409
380
7.7
551
(25.7)
EBITDA margin (%)
17.6
17.9
23.1
Net profit
276
244
13.1
385
(28.4)
UPL Ltd Consol - July 31, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17 q-o-q (%)
Net sales
3,900
3,452
13.0
5,341
(27.0)
EBITDA
786
699
12.5
1,126
(30.2)
EBITDA margin (%)
20.2
20.2
21.1
Net profit
419
402
4.3
741
(43.5)
Shriram Transport Finance Ltd - July 31, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17 q-o-q (%)
Net profit
395
374
5.6
149
165
Market Outlook
July 31, 2017
Top Picks HHHHH
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
21,632
1,809
2,161
19.4
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,263
420
480
14.4
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
Blue Star
6,697
699
760
8.7
market 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
14,436
460
550
19.5
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
8,421
139
160
14.8
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
High order book execution in EPC segment, rising B2C
KEI Industries
1,826
235
258
9.9
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,179
425
522
22.9
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,890
203
265
30.8
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
2,064
2,201
2,500
13.6
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
1,443
242
344
42.2
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
After GST, the company is expected to see higher
volumes along with improving product mix. The Gujarat
Maruti
2,30,244
7,622
8,495
11.5
plant will also enable higher operating leverage which
will be margin accretive.
Source: Company, Angel Research,
Market Outlook
July 31, 2017
Key Upcoming Events
Result Calendar
Date
Company
United Phosphorus, Siemens, Shriram Trans., Bank of Maharashtra, Hexaware, Banco, Reliance Power,
July 31, 2017
Interglobe Aviation
August 01, 2017
Marico, Tech Mahindra, JSW Steel , Power Grid Corpn
KEC International, Punjab Natl.Bank, UCO Bank, Lupin, Reliance Infra., Transport Corporation of India,
August 02, 2017
Narayana Hrudaya
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 31, 2017
6:30 AMChina
PMI Manufacturing
Value
Jul
51.70
51.50
Aug 01, 2017
1:25 PMGermany PMI Manufacturing
Value
Jul F
58.30
58.30
2:00 PMUK
PMI Manufacturing
Value
Jul
54.30
54.50
1:25 PMGermany Unemployment change (000's)
Thousands
Jul
7.00
(5.00)
2:30 PMEuro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
0.50
0.60
Aug 02, 2017
2:30 PMIndia
RBI Cash Reserve ratio
%
Aug 2
4.00
4.00
2:30 PMIndia
RBI Reverse Repo rate
%
Aug 2
6.00
5.75
2:30 PMIndia
RBI Repo rate
%
Aug 2
6.25
6.00
Aug 03, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Jul 29
244.00
240.00
1:25 PMGermany PMI Services
Value
Jul F
53.50
53.50
4:30 PMUK
BOE Announces rates
% Ratio
Aug 3
0.25
0.25
Aug 04, 2017
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jul
222.00
180.00
6:00 PMUS
Unnemployment rate
%
Jul
4.40
4.30
Aug 08, 2017
China
Exports YoY%
% Change
Jul
11.30
Aug 09, 2017
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jul
1.50
1.40
Source: Bloomberg, Angel Research
Market Outlook
July 31, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
5.7
5.7
10.0
6.0
9.1
5.2
8.8
4.9
4.9
9.0
7.9
8.0
7.9
5.0
7.6
7.5
8.0
7.3
7.2
3.8
7.0
4.0
7.0
3.0
6.1
6.1
2.8
3.0
2.6
6.0
1.9
1.7
5.0
2.0
4.0
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
6.0
52.0
5.1
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
1.5
44.0
1.0
-
42.0
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
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
Market Outlook
July 31, 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
2.1
0.5
1.7
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)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
July 31, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,497
5.6
1.3
15.3
Russia
Micex
1,917
1.3
(4.1)
(1.6)
India
Nifty
10,015
5.5
7.2
16.0
China
Shanghai Composite
3,253
2.5
3.6
6.9
South Africa
Top 40
48,551
6.7
3.3
3.8
Mexico
Mexbol
51,214
3.8
4.0
9.8
Indonesia
LQ45
974
(0.0)
4.3
11.7
Malaysia
KLCI
1,767
(0.2)
0.6
6.6
Thailand
SET 50
1,007
1.0
1.4
5.0
USA
Dow Jones
21,830
2.4
4.0
18.4
UK
FTSE
7,368
(0.3)
1.8
10.1
Japan
Nikkei
19,960
(1.3)
4.6
18.7
Germany
DAX
12,163
(3.8)
(2.3)
19.6
France
CAC
5,131
(2.3)
(2.6)
16.3
Source: Bloomberg, Angel Research
Stock Watch
July 31, 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
243
209
4,727
1,937
2,164
13.3
14.3
9.0
11.0
27.0
22.1
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
867
-
44,026
15,176
17,604
18.5
18.5
37.4
44.6
23.2
19.4
4.5
3.8
21.4
21.2
3.0
2.6
Auto & Auto Ancillary
Ashok Leyland
Accumulate
109
116
31,972
20,019
22,789
11.1
11.7
4.3
5.5
25.4
20.0
4.9
4.4
19.4
22.0
1.5
1.3
Bajaj Auto
Neutral
2,823
-
81,681
25,093
27,891
19.5
19.2
143.9
162.5
19.6
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,151
-
26,803
7,726
8,713
20.5
21.2
35.3
42.7
32.6
27.0
6.0
5.4
18.9
20.1
3.5
3.1
Eicher Motors
Neutral
29,388
-
80,001
16,583
20,447
17.5
18.0
598.0
745.2
49.1
39.4
16.8
12.8
41.2
38.3
4.7
3.7
Gabriel India
Neutral
153
-
2,191
1,544
1,715
9.0
9.3
5.4
6.3
28.2
24.2
5.3
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Accumulate
3,632
3,854
72,526
28,120
30,753
15.2
15.6
169.1
189.2
21.5
19.2
7.4
6.2
30.8
28.2
2.4
2.2
Jamna Auto Industries Neutral
256
-
2,036
1,486
1,620
9.8
9.9
15.0
17.2
17.0
14.9
3.7
3.2
21.8
21.3
1.4
1.3
L G Balakrishnan & Bros Neutral
756
-
1,187
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
1,394
-
86,583
46,534
53,077
11.6
11.7
67.3
78.1
20.7
17.9
3.4
2.9
15.4
15.8
1.8
1.6
Maruti
Accumulate
7,622
8,495
230,244
67,822
83,717
15.2
15.0
243.0
291.5
31.4
26.2
7.2
5.8
22.9
22.4
3.1
2.4
Minda Industries
Neutral
786
-
6,788
2,728
3,042
9.0
9.1
68.2
86.2
11.5
9.1
2.6
2.1
23.8
24.3
2.6
2.3
Motherson Sumi
Neutral
324
-
68,197
45,896
53,687
7.8
8.3
13.0
16.1
24.8
20.1
8.0
6.4
34.7
35.4
1.6
1.3
Rane Brake Lining
Neutral
1,304
-
1,032
511
562
11.3
11.5
28.1
30.9
46.4
42.2
7.1
6.4
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
40
-
537
741
837
13.0
13.0
15.2
17.0
2.6
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
446
-
128,862
300,209
338,549
8.9
8.4
42.7
54.3
10.5
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
583
-
27,676
13,390
15,948
6.9
7.1
12.8
16.5
45.7
35.2
11.4
9.0
26.3
27.2
2.1
1.7
Amara Raja Batteries
Accumulate
839
962
14,331
5,339
6,220
15.9
15.3
28.0
32.3
30.0
26.0
5.7
4.8
19.1
18.5
2.7
2.3
Exide Industries
Neutral
217
-
18,403
7,439
8,307
15.0
15.0
8.1
9.3
26.7
23.3
3.7
3.3
14.3
16.7
2.1
1.9
Apollo Tyres
Neutral
263
-
13,385
12,877
14,504
14.3
13.9
21.4
23.0
12.3
11.4
1.9
1.7
16.4
15.2
1.2
1.1
Ceat
Neutral
1,854
-
7,497
7,524
8,624
13.0
12.7
131.1
144.3
14.1
12.8
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
163
-
3,693
7,455
8,056
15.0
15.0
21.8
24.5
7.5
6.6
1.6
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
2,136
-
2,653
660
810
15.2
16.4
54.5
72.8
39.2
29.3
12.2
11.1
31.5
39.2
3.8
3.1
Subros
Neutral
240
-
1,438
1,488
1,681
11.7
11.9
6.4
7.2
37.5
33.4
4.0
3.6
10.8
11.4
1.2
1.0
Indag Rubber
Neutral
200
-
526
286
326
19.8
16.8
11.7
13.3
17.1
15.0
2.9
2.7
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
70
-
694
709
814
4.1
4.6
1.4
2.1
50.1
33.4
2.1
2.0
4.4
6.0
1.1
1.0
BEML
Neutral
1,676
-
6,980
3,451
4,055
6.3
9.2
31.4
57.9
53.4
29.0
3.2
2.9
6.3
10.9
2.1
1.8
Bharat Electronics
Neutral
178
-
39,736
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.9
0.5
0.4
44.6
46.3
3.9
3.5
Stock Watch
July 31, 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
510
-
16,887
6,511
7,514
7.9
8.7
12.9
16.3
39.6
31.3
7.1
6.2
16.7
18.5
2.3
2.0
BGR Energy
Neutral
148
-
1,067
16,567
33,848
6.0
5.6
7.8
5.9
19.0
25.1
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
144
-
35,148
28,797
34,742
-
2.8
2.3
6.9
62.4
20.8
1.1
1.0
1.3
4.8
0.9
0.6
Blue Star
Accumulate
699
760
6,697
4,283
5,077
5.9
7.3
14.9
22.1
47.0
31.6
9.1
7.7
20.4
26.4
1.6
1.4
CG Power and Industrial
Neutral
85
-
5,318
5,777
6,120
5.9
7.0
3.3
4.5
25.7
18.9
1.1
1.1
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
162
-
3,948
1,755
1,881
16.8
16.9
7.8
8.5
20.7
19.0
4.1
3.9
20.6
20.9
1.9
1.8
Inox Wind
Neutral
139
-
3,087
5,605
6,267
15.7
16.4
24.8
30.0
5.6
4.6
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
303
-
7,794
9,294
10,186
7.9
8.1
9.9
11.9
30.6
25.5
4.5
3.9
15.6
16.3
1.1
1.0
KEI Industries
Accumulate
235
258
1,826
2,633
3,001
10.4
10.0
12.7
13.0
18.5
18.0
4.0
3.3
21.4
18.2
0.9
0.8
Thermax
Neutral
890
-
10,600
5,421
5,940
7.3
7.3
25.7
30.2
34.6
29.5
4.2
3.8
12.2
13.1
1.8
1.7
VATech Wabag
Accumulate
611
681
3,336
3,136
3,845
8.9
9.1
26.0
35.9
23.5
17.0
2.9
2.5
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,728
-
32,452
11,225
13,172
13.2
16.9
44.5
75.5
38.8
22.9
3.7
3.4
11.2
14.2
2.9
2.5
Ambuja Cements
Neutral
263
-
52,193
9,350
10,979
18.2
22.5
5.8
9.5
45.3
27.7
3.8
3.4
10.2
12.5
5.6
4.8
India Cements
Neutral
203
-
6,243
4,364
4,997
18.5
19.2
7.9
11.3
25.7
17.9
1.8
1.8
8.0
8.5
2.2
1.9
JK Cement
Neutral
1,010
-
7,057
4,398
5,173
15.5
17.5
31.2
55.5
32.4
18.2
3.9
3.4
12.0
15.5
2.2
1.8
J K Lakshmi Cement
Neutral
446
-
5,250
2,913
3,412
14.5
19.5
7.5
22.5
59.5
19.8
3.7
3.1
12.5
18.0
2.4
2.0
Orient Cement
Neutral
158
-
3,233
2,114
2,558
18.5
20.5
8.1
11.3
19.5
14.0
2.9
2.4
9.0
14.0
2.1
1.7
UltraTech Cement
Neutral
4,024
-
110,457
25,768
30,385
21.0
23.5
111.0
160.0
36.3
25.2
4.6
4.0
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
90
-
2,944
8,946
10,017
31.0
31.6
8.1
9.1
11.1
9.8
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
209
-
2,935
1,385
1,673
14.7
14.0
41.2
48.5
5.1
4.3
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Buy
1,159
1,700
162,308
111,017
124,908
11.0
11.0
61.1
66.7
19.0
17.4
2.3
2.1
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
148
-
7,148
705
788
52.2
51.7
5.0
5.6
29.6
26.4
2.9
2.6
11.2
11.2
9.8
8.3
Nagarjuna Const.
Neutral
90
-
4,998
8,842
9,775
9.1
8.8
5.3
6.4
17.0
14.1
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
140
-
3,589
2,350
2,904
13.1
13.2
9.0
8.8
15.5
15.9
0.6
0.5
15.9
13.9
1.6
1.3
Simplex Infra
Neutral
497
-
2,461
6,829
7,954
10.5
10.5
31.4
37.4
15.8
13.3
1.6
1.5
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
585
-
861
1,801
2,219
12.7
14.6
72.1
113.9
8.1
5.1
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
291
-
4,999
3,598
4,140
10.3
10.6
9.0
11.9
32.4
24.5
3.4
3.0
9.9
11.9
1.7
1.4
NBCC
Neutral
211
-
19,031
7,428
9,549
7.9
8.6
8.2
11.0
25.8
19.2
1.3
1.0
28.2
28.7
2.3
1.7
MEP Infra
Neutral
117
-
1,896
1,877
1,943
30.6
29.8
3.0
4.2
38.9
27.8
18.8
12.7
0.6
0.6
2.4
2.2
Stock Watch
July 31, 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
105
-
3,700
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.5
(22.8)
(15.9)
11.8
9.8
Engineers India
Neutral
159
-
10,745
1,725
1,935
16.0
19.1
11.4
13.9
14.0
11.5
1.9
1.9
13.4
15.3
5.2
4.6
Financials
Axis Bank
Accumulate
515
580
123,455
46,932
53,575
3.5
3.4
32.4
44.6
15.9
11.5
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
162
-
37,212
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
364
-
21,738
15,225
16,836
1.8
1.8
14.5
28.0
25.1
13.0
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
3,107
-
8,272
420
526
3.5
3.5
86.5
107.8
35.9
28.8
7.7
6.3
23.6
24.1
-
-
Cholamandalam Inv. &
Neutral
1,180
-
18,440
2,012
2,317
6.3
6.3
42.7
53.6
27.6
22.0
4.4
3.8
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
460
550
14,436
2,225
2,688
2.9
2.9
29.7
34.6
15.5
13.3
2.5
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
168
235
5,681
939
1,281
11.7
11.5
5.8
8.2
28.9
20.5
2.5
2.2
10.9
11.5
-
-
Federal Bank
Accumulate
114
125
22,112
8,259
8,995
3.0
3.0
4.3
5.6
26.5
20.3
2.2
2.1
8.5
10.1
-
-
HDFC
Neutral
1,784
-
284,140
11,475
13,450
3.4
3.4
45.3
52.5
39.4
34.0
7.6
6.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,779
-
458,002
46,097
55,433
4.5
4.5
58.4
68.0
30.5
26.2
5.3
4.5
18.8
18.6
-
-
ICICI Bank
Accumulate
296
335
189,830
42,800
44,686
3.1
3.3
18.0
21.9
16.4
13.5
2.2
2.1
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
139
160
8,421
5,640
6,030
3.3
3.2
8.9
10.0
15.7
13.9
1.7
1.5
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
180
-
3,443
3,339
3,799
2.7
2.8
11.0
14.0
16.3
12.8
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
721
-
36,381
3,712
4,293
2.6
2.5
39.0
46.0
18.5
15.7
3.5
3.0
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
159
-
33,824
23,532
23,595
2.3
2.4
6.8
12.6
23.4
12.6
3.6
2.6
3.3
6.5
-
-
RBL Bank
Neutral
534
-
20,272
1,783
2,309
2.6
2.6
12.7
16.4
42.1
32.6
4.6
4.1
12.8
13.3
-
-
Repco Home Finance
Accumulate
756
825
4,731
388
457
4.5
4.2
30.0
38.0
25.2
19.9
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
30
-
5,473
6,435
7,578
2.5
2.5
2.7
3.1
11.2
9.8
1.5
1.2
10.1
11.2
-
-
St Bk of India
Neutral
299
-
258,271
88,650
98,335
2.6
2.6
13.5
18.8
22.2
15.9
2.1
1.9
7.0
8.5
-
-
Union Bank
Neutral
157
-
10,796
13,450
14,925
2.3
2.3
25.5
34.5
6.2
4.6
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,844
-
84,364
8,978
11,281
3.3
3.4
74.0
90.0
24.9
20.5
4.7
4.0
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,802
-
8,643
2,955
3,309
13.3
13.7
57.2
69.3
31.5
26.0
10.3
8.7
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,153
-
110,581
17,128
18,978
16.8
16.4
19.1
20.7
60.4
55.7
21.0
19.8
34.8
35.5
6.4
5.8
Britannia
Neutral
3,909
-
46,926
9,594
11,011
14.6
14.9
80.3
94.0
48.7
41.6
20.0
15.5
41.2
-
4.8
4.1
Colgate
Neutral
1,069
-
29,079
4,605
5,149
23.4
23.4
23.8
26.9
44.9
39.8
24.9
19.4
64.8
66.8
6.2
5.6
Dabur India
Neutral
310
-
54,607
8,315
9,405
19.8
20.7
8.1
9.2
38.3
33.7
10.7
8.8
31.6
31.0
6.2
5.5
GlaxoSmith Con*
Neutral
5,551
-
23,345
4,350
4,823
21.2
21.4
179.2
196.5
31.0
28.3
8.2
7.0
27.1
26.8
4.8
4.2
Stock Watch
July 31, 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
1,056
-
71,942
10,235
11,428
18.4
18.6
41.1
44.2
25.7
23.9
5.7
4.8
24.9
24.8
7.1
6.3
HUL
Neutral
1,154
-
249,801
35,252
38,495
17.8
17.8
20.7
22.4
55.9
51.6
53.4
45.8
95.6
88.9
6.9
6.3
ITC
Neutral
291
-
354,213
40,059
44,439
38.3
39.2
9.0
10.1
32.4
28.7
9.0
7.9
27.8
27.5
8.3
7.5
Marico
Neutral
333
-
42,934
6,430
7,349
18.8
19.5
6.4
7.7
52.0
43.2
15.7
13.2
33.2
32.5
6.5
5.6
Nestle*
Neutral
6,779
-
65,358
10,073
11,807
20.7
21.5
124.8
154.2
54.3
44.0
22.3
20.1
34.8
36.7
6.3
5.4
Tata Global
Neutral
169
-
10,676
8,675
9,088
9.8
9.8
7.4
8.2
22.9
20.6
1.8
1.7
7.9
8.1
1.2
1.1
Procter & Gamble
Neutral
7,968
-
25,865
2,939
3,342
23.2
23.0
146.2
163.7
54.5
48.7
13.8
11.5
25.3
23.5
8.3
7.3
Hygiene
IT
HCL Tech^
Accumulate
890
1,014
127,059
46,723
52,342
22.1
20.9
60.0
62.8
14.8
14.2
3.8
3.2
25.3
22.4
2.5
2.1
Infosys
Buy
998
1,179
229,201
68,484
73,963
26.0
26.0
63.0
64.0
15.8
15.6
3.3
3.1
20.8
19.7
3.0
2.7
TCS
Accumulate
2,483
2,651
489,208
117,966
127,403
27.5
27.6
134.3
144.5
18.5
17.2
5.5
5.1
29.8
29.7
3.8
3.5
Tech Mahindra
Buy
380
533
37,086
29,141
31,051
14.4
15.0
32.3
35.6
11.8
10.7
2.0
1.8
17.1
17.0
1.1
1.0
Wipro
Neutral
289
-
140,590
55,421
58,536
20.3
20.3
35.1
36.5
8.2
7.9
1.4
1.2
19.2
14.6
2.0
1.7
Media
D B Corp
Neutral
376
-
6,921
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
88
-
2,047
2,693
2,991
12.6
12.9
7.9
9.0
11.1
9.8
1.0
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
176
225
5,768
2,283
2,555
28.0
28.0
10.6
12.3
16.6
14.4
3.6
3.1
21.4
21.4
2.5
2.2
Sun TV Network
Neutral
797
-
31,407
2,850
3,265
70.1
71.0
26.2
30.4
30.4
26.2
7.8
6.9
24.3
25.6
10.6
9.1
Hindustan Media
Neutral
282
-
2,068
1,016
1,138
24.3
25.2
27.3
30.1
10.3
9.4
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
242
344
1,443
608
667
21.5
22.3
15.7
19.2
15.4
12.6
2.4
2.0
16.1
16.0
2.0
1.7
Music Broadcast Limited Buy
361
434
2,060
271
317
91.0
109.0
6.0
10.0
60.2
36.1
3.8
3.4
6.5
9.3
7.2
5.9
Metals & Mining
Coal India
Neutral
252
-
156,209
84,638
94,297
21.4
22.3
24.5
27.1
10.3
9.3
4.3
4.1
42.6
46.0
1.4
1.2
Hind. Zinc
Neutral
278
-
117,358
14,252
18,465
55.9
48.3
15.8
21.5
17.6
12.9
2.9
2.5
17.0
20.7
8.2
6.4
Hindalco
Neutral
216
-
48,414
107,899
112,095
7.4
8.2
9.2
13.0
23.5
16.6
1.1
1.1
4.8
6.6
1.0
0.9
JSW Steel
Neutral
216
-
52,115
53,201
58,779
16.1
16.2
130.6
153.7
1.7
1.4
0.2
0.2
14.0
14.4
1.7
1.5
NMDC
Neutral
123
-
38,821
6,643
7,284
44.4
47.7
7.1
7.7
17.3
15.9
1.5
1.5
8.8
9.2
3.6
3.2
SAIL
Neutral
63
-
25,854
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.1
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
275
-
102,074
71,744
81,944
19.2
21.7
13.4
20.1
20.5
13.7
1.8
1.6
8.4
11.3
1.8
1.5
Tata Steel
Neutral
552
-
53,572
121,374
121,856
7.2
8.4
18.6
34.3
29.7
16.1
1.9
1.7
6.1
10.1
1.1
1.1
Oil & Gas
GAIL
Neutral
380
-
64,227
56,220
65,198
9.3
10.1
27.1
33.3
14.0
11.4
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
165
-
211,363
137,222
152,563
15.0
21.8
19.5
24.1
8.5
6.8
0.7
0.7
8.5
10.1
1.8
1.6
Stock Watch
July 31, 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
Indian Oil Corp
Neutral
368
-
178,600
373,359
428,656
5.9
5.5
54.0
59.3
6.8
6.2
1.1
1.0
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,594
-
518,408
301,963
358,039
12.1
12.6
87.7
101.7
18.2
15.7
1.9
1.7
10.7
11.3
2.2
1.8
Pharmaceuticals
Alembic Pharma
Buy
544
648
10,257
3,101
3,966
19.7
20.5
21.4
25.5
25.4
21.3
5.4
4.4
23.0
22.8
3.3
2.4
Alkem Laboratories Ltd
Buy
1,809
2,161
21,632
5,853
6,901
17.1
18.4
74.6
85.0
24.2
21.3
5.1
4.3
21.1
20.2
3.7
3.1
Aurobindo Pharma
Accumulate
724
823
42,421
14,845
17,086
21.5
22.1
39.4
44.7
18.4
16.2
4.5
3.6
27.6
24.7
3.0
2.6
Aventis*
Neutral
4,269
-
9,832
2,206
2,508
16.6
16.8
128.9
139.9
33.1
30.5
5.7
4.4
21.6
23.5
4.2
3.5
Cadila Healthcare
Sell
545
450
55,825
9,220
11,584
18.4
20.3
14.5
18.7
37.6
29.2
8.0
6.5
23.5
24.6
6.4
4.9
Cipla
Sell
565
461
45,488
14,281
16,619
15.4
16.2
12.5
19.7
45.2
28.7
3.6
3.3
8.4
12.0
3.4
2.9
Dr Reddy's
Neutral
2,462
-
40,810
14,081
15,937
16.1
18.6
72.6
105.9
33.9
23.3
3.3
3.0
9.6
13.6
3.1
2.8
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
2,431
-
20,595
2,927
3,290
11.8
16.2
34.4
49.6
70.7
49.0
10.3
10.7
13.9
21.3
6.8
6.2
Indoco Remedies
Sell
201
153
1,856
1,067
1,154
12.1
14.9
8.4
11.3
24.0
17.8
2.9
2.5
12.6
15.0
1.9
1.8
Ipca labs
Buy
484
620
6,109
3,211
3,593
13.9
14.5
15.4
19.4
31.4
25.0
2.5
2.3
8.2
9.5
2.0
1.8
Lupin
Buy
1,063
1,526
48,014
17,120
18,657
24.1
24.1
56.9
61.1
18.7
17.4
3.5
3.0
20.7
18.6
3.1
2.5
Natco Pharma
Accumulate
978
1,060
17,044
2,065
1,988
33.1
33.7
27.9
25.7
35.1
38.0
10.2
8.7
29.2
22.9
8.4
8.4
Sun Pharma
Buy
551
712
132,150
30,264
32,899
29.0
26.9
32.7
31.6
16.8
17.4
3.6
3.1
22.2
18.7
4.1
3.7
Power
Tata Power
Neutral
82
-
22,220
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
164
-
135,061
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Neutral
214
-
111,956
25,315
29,193
88.2
88.7
14.2
17.2
15.1
12.5
2.3
2.0
15.2
16.1
9.1
8.1
Real Estate
Prestige Estate
Neutral
258
-
9,658
4,707
5,105
25.2
26.0
10.3
13.0
25.0
19.8
2.0
1.9
10.3
10.2
3.2
2.9
MLIFE
Buy
425
522
2,179
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
413
-
165,233
105,086
114,808
34.5
34.7
12.2
16.4
33.9
25.2
2.3
2.1
6.8
8.4
2.5
2.2
Idea Cellular
Neutral
96
-
34,456
40,133
43,731
37.2
37.1
6.4
6.5
14.9
14.7
1.2
1.2
8.2
7.6
1.9
1.6
zOthers
Abbott India
Neutral
4,283
-
9,100
3,153
3,583
14.1
14.4
152.2
182.7
28.1
23.4
138.2
118.0
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
420
480
1,263
1,066
1,169
11.6
12.5
13.0
16.0
32.3
26.3
3.2
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Buy
336
395
3,408
4,801
5,351
5.7
6.2
10.4
13.7
32.3
24.6
4.0
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
232
-
1,662
1,353
1,471
12.3
12.4
14.5
16.3
16.0
14.3
22.1
19.9
14.5
14.6
1.2
125.7
Coffee Day Enterprises
Neutral
245
-
5,050
2,964
3,260
20.5
21.2
4.7
8.0
-
30.6
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
227
-
145
1,137
1,256
3.1
2.7
28.0
23.6
8.1
9.6
43.6
39.4
14.3
11.5
0.1
0.1
Stock Watch
July 31, 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
Elecon Engineering
Neutral
60
-
676
1,482
1,660
13.7
14.5
3.9
5.8
15.5
10.4
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
476
-
7,285
2,883
3,115
12.0
12.1
14.2
18.6
33.6
25.6
17.8
15.6
15.8
14.6
2.2
2.0
Garware Wall Ropes
Neutral
899
-
1,966
863
928
15.1
15.2
36.4
39.4
24.7
22.8
4.5
3.8
17.5
15.9
2.2
2.0
Goodyear India*
Neutral
884
-
2,039
1,598
1,704
10.4
10.2
49.4
52.6
17.9
16.8
82.6
72.5
18.2
17.0
1.0
137.1
Hitachi
Neutral
2,039
-
5,544
2,081
2,433
8.8
8.9
33.4
39.9
61.0
51.1
49.3
41.0
22.1
21.4
2.7
2.2
HSIL
Neutral
375
-
2,713
2,384
2,515
15.8
16.3
15.3
19.4
24.5
19.4
24.4
21.0
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,286
-
46,505
21,122
26,005
14.5
27.6
110.7
132.1
11.6
9.7
69.5
49.7
168.5
201.1
2.2
1.7
Jyothy Laboratories
Neutral
371
-
6,741
1,440
2,052
11.5
13.0
8.5
10.0
43.7
37.1
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
400
-
5,785
2,554
2,800
9.9
10.0
10.5
12.1
38.1
33.1
15.9
15.0
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
267
-
394
382
420
9.3
9.5
13.5
15.7
19.8
17.0
3.4
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
598
-
722
546
608
20.4
20.7
41.3
48.7
14.5
12.3
81.9
72.5
16.6
17.0
1.2
1.0
Manpasand Bever.
Neutral
807
-
4,618
836
1,087
19.6
19.4
16.9
23.8
47.8
33.9
5.7
5.0
12.0
14.8
5.3
4.0
Mirza International
Neutral
152
-
1,829
963
1,069
17.2
18.0
6.1
7.5
24.8
20.3
3.8
3.2
15.0
15.7
2.1
1.9
MT Educare
Neutral
72
-
286
366
417
17.7
18.2
9.4
10.8
7.7
6.7
1.7
1.5
22.2
22.3
0.7
0.6
Narayana Hrudaya
Neutral
304
-
6,216
1,873
2,166
11.5
11.7
2.6
4.0
115.0
76.7
7.1
6.4
6.1
8.3
3.4
2.9
Navkar Corporation
Buy
203
265
2,890
347
371
43.2
37.3
6.7
6.0
30.4
33.8
2.1
1.9
6.2
10.6
9.4
8.8
Navneet Education
Neutral
170
-
3,968
1,062
1,147
24.0
24.0
6.1
6.6
27.9
25.7
5.7
5.1
20.6
19.8
3.8
3.5
Nilkamal
Neutral
1,902
-
2,838
1,995
2,165
10.7
10.4
69.8
80.6
27.3
23.6
108.7
94.4
16.6
16.5
1.4
1.3
Page Industries
Neutral
16,507
-
18,411
2,450
3,124
20.1
17.6
299.0
310.0
55.2
53.3
367.6
280.6
47.1
87.5
7.6
6.0
Parag Milk Foods
Neutral
247
-
2,080
1,919
2,231
9.3
9.6
9.5
12.9
26.2
19.1
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
214
-
1,503
408
495
27.3
27.0
7.7
8.8
27.7
24.4
2.6
2.6
9.3
10.6
2.8
2.3
Radico Khaitan
Accumulate
139
147
1,854
1,667
1,824
13.0
13.2
6.7
8.2
21.0
17.0
1.9
1.7
9.0
10.2
1.5
1.3
Relaxo Footwears
Neutral
478
-
5,746
2,085
2,469
9.2
8.2
7.6
8.0
63.3
60.2
24.5
20.9
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
271
-
3,914
1,036
1,160
15.1
15.0
6.1
7.2
44.3
37.7
4.7
4.3
10.7
11.5
3.6
3.2
Siyaram Silk Mills
Accumulate
2,201
2,500
2,064
1,574
1,769
12.5
12.7
97.1
113.1
22.7
19.5
3.5
3.0
15.4
15.5
1.5
1.3
Styrolution ABS India*
Neutral
1,074
-
1,888
1,440
1,537
9.2
9.0
40.6
42.6
26.4
25.2
67.5
61.4
12.3
11.6
1.3
1.1
Surya Roshni
Neutral
279
-
1,223
3,342
3,625
7.8
7.5
17.3
19.8
16.2
14.1
30.7
24.6
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,308
-
2,236
3,229
4,001
1.5
1.8
22.8
32.8
57.4
39.8
6.2
5.3
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
202
-
812
287
384
20.5
20.5
7.6
10.7
26.6
18.9
5.6
4.5
20.7
23.5
2.8
2.1
Stock Watch
July 31, 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
Transport Corporation of
Neutral
310
-
2,376
2,671
2,911
8.5
8.8
13.9
15.7
22.4
19.8
3.1
2.7
13.7
13.8
1.0
0.9
India
TVS Srichakra
Neutral
3,683
-
2,820
2,304
2,614
13.7
13.8
231.1
266.6
15.9
13.8
413.8
325.8
33.9
29.3
1.2
1.1
UFO Moviez
Neutral
380
-
1,049
619
685
33.2
33.4
30.0
34.9
12.7
10.9
1.8
1.5
13.8
13.9
1.4
1.1
Visaka Industries
Neutral
484
-
768
1,051
1,138
10.3
10.4
21.0
23.1
23.0
20.9
62.0
58.0
9.0
9.2
1.0
0.9
VRL Logistics
Neutral
327
-
2,982
1,902
2,119
16.7
16.6
14.6
16.8
22.4
19.4
4.9
4.3
21.9
22.2
1.7
1.5
VIP Industries
Buy
175
218
2,474
1,270
1,450
10.4
10.4
5.6
6.5
31.3
26.9
6.5
5.7
20.7
21.1
1.9
1.7
Navin Fluorine
Accumulate
683
730
3,363
789
945
21.1
22.4
24.0
28.7
28.4
23.8
4.6
3.9
17.8
18.5
4.2
3.4
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 28, 2017
Market Outlook
July 31, 2017
Research Team Tel: 022 - 39357800
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