Market Outlook
March 2, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a Positive note tracking the SGX Nifty and
BSE Sensex
3.4
777
23,779
most Global markets.
Nifty
3.4
235
7,222
US markets moved sharply higher and closed yesterday’s session on a positive note
Mid Cap
3.0
291
9,866
on encouraging U.S. factory and construction data which indicated that the US
Small Cap
3.2
308
9,857
economy was regaining momentum. The major averages reached their best levels in
Bankex
3.5
560
16,375
almost two months.
European shares rose yesterday on positive economic data release from the US. The
Global Indices
Chg (%)
(Pts)
(Close)
weakness in Euro also boosted Auto stocks across Europe. Also, investors are
Dow Jones
2.1
349
16,865
expecting further quantitative easing measures being announced in the upcoming
Nasdaq
2.9
132
4,690
European Central Bank meeting which possibly added to the positive sentiment.
FTSE
0.9
56
6,153
Indian markets posted its biggest daily gains in nearly two years after expectations of
Nikkei
0.4
59
16,086
an imminent interest rate cut triggered heavy short covering across the board.
Hang Seng
1.5
296
19,407
News & Result Analysis
Shanghai Com
1.7
45
2,733
Indian Auto sales - February
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
2,019
1,343
Key Domestic & Global Indicators
Declines
604
210
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
106
50
Refer Pg4 onwards
Volumes (` Cr)
Top Picks
CMP
Target
Upside
BSE
4,723
Company
Sector
Rating
(`)
(`)
(%)
NSE
19,346
Amara Raja Batteries Auto & Auto Ancillary
Buy
864
1,040
20.4
HCL Tech
IT
Buy
832
1,038
24.8
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing Finance Financials
Buy
439
592
34.7
FII
(1,706)
(7,987)
(28,174)
Bharat Electronics
Capital Goods
Buy
1,039
1,414
36.1
MFs
646
5,039
80,939
Navkar Corporation Others
Buy
153
265
73.1
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Sadbhav
245
17.3
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Hathway
34
12.2
Mar 3 US
Initial Jobless Claims (000’s)
272
270
Centralbk
65
10.7
Germany
PMI Services
55.10
55.10
Niittech
462
10.2
Mar 4 US
Change in Nonfarm Payroll
151.00
195.00
Cox&Kings
162
10.0
US
Unemployment rate
4.90
4.90
6.(
Top Losers
Price (`)
Chg (%)
Wabag
421
(6.4)
Neyvelilig
62
(4.0)
Mfsl
325
(3.4)
Pel
886
(2.6)
Oil
302
(2.6)
As on March 1, 2016
www.angelbroking.com
Market Outlook
March 2, 2016
Indian Auto sales - February
India’s domestic car sales posted muted growth for the month of February.
Maruti Suzuki India Ltd (MSIL) reported marginal increase to 1,08,115 units for
February 2016 as against 1,07,892 in February 2015. The company indicated
that the reservation agitation had disrupted component supplies, causing a
temporary suspension of production by the company. Total production loss due to
this was over 10,000 units. MSIL’s mini segment cars which include Alto and
WagonR declined by 11.2% to 35,495 units while compact car sales increased
marginally by 192 units to 42,970 units. We currently have a Neutral view on the
stock.
Mahindra & Mahindra’s domestic sales grew by 18.4% to 41,348 units in February
as against 34,918 in February 2015. As per the management, the auto sales
growth has been on the back of the company's range of passenger and
commercial vehicles. We currently have an Accumulate rating on M&M.
While MSIL and M&M witnessed marginal and strong growths respectively, Tata
Motors witnessed a decline of 20% in its passenger vehicles sales for the month of
February to 10,962 units. We maintain our Buy rating on Tata Motors.
In two-wheelers space, Hero MotoCorp reported a 14% increase in sales to
5,50,992 units during the period despite of production being impacted due to
local agitations that effected production. We maintain our Accumulate rating on
the stock.
TVS Motors reported a 7.3% increase in total sales to 2,19,467 units for the
period. We are particularly positive on TVS Motors owing to its growing market
share and presence in fast growing scooter segment. We have a Buy rating on TVS
Motors.
Economic and Political News
JICA keen to support six more metro projects in India
Trai will enforce the call drop regulation: Prasad
Finmin clarifies on EPF withdrawals
Corporate News
Videocon Industries Q4 loss at `84cr
Tata Communications' deal to sell Neotel to Vodacom lapses
Cipla transfers consumer healthcare business to subsidiary
www.angelbroking.com
Market Outlook
March 2, 2016
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,758
864
1,040
20.4
products leading to market share gains in both the automotive
OEM and replacement segments.
Earnings to grow strongly given the MHCV cyclical upturn.
Ashok Leyland
25,869
91
111
22.1
Focus on exports and LCV's provides additional growth
avenue.
Uptick in defense capex by government when coupled with
Bharat Electronics
24,943
1,039
1,414
36.1
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,17,315
832
1,038
24.8
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,48,820
985
1,262
28.1
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%
Infosys
2,58,291
1,125
1,347
19.8
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
22,170
439
592
34.7
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
10,676
890
1,089
22.4
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
New launches to enable outpace industry growth; margins
TVS Motors
13,478
284
330
16.3
expansion to boost earnings.
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
2,946
328
439
34.0
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,136
157
189
20.3
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,183
153
265
73.1
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,289
97
156
61.0
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
909
970
1,354
39.7
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
March 02, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Mar 3, 2016
7:00PM
US
Initial Jobless claims
Thousands
Feb 27
272.00
270.00
2:25PM
Germany
PMI Services
Value
Feb F
55.10
55.10
Mar 4, 2016
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
151.00
195.00
7:00PM
US
Unemployment rate
%
Feb
4.90
4.90
Mar 8, 2016
China
Exports YoY%
% Change
Feb
(11.20)
(12.50)
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q P
0.30
--
Mar 9, 2016
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(0.40)
--
Mar 10, 2016 7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
1.80
1.80
India
Imports YoY%
% Change
Feb
(11.00)
--
India
Exports YoY%
% Change
Feb
(13.60)
--
6:15PM
Euro Zone
ECB announces interest rates
%
Mar 10
0.05
--
Mar 14, 2016 12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
(0.90)
--
5:30PM
India
Industrial Production YoY
% Change
Jan
(1.30)
--
Mar 15, 2016
US
Producer Price Index (mom)
% Change
Feb
(0.50)
--
Mar 16, 2016 6:00PM
US
Consumer price index (mom)
% Change
Feb
--
--
6:00PM
US
Housing Starts
Thousands
Feb
1,099.00
--
6:00PM
US
Building permits
Thousands
Feb
1,202.00
--
3:00PM
UK
Jobless claims change
% Change
Feb
(14.80)
--
6:45PM
US
Industrial Production
%
Feb
0.92
--
11:30PM
US
FOMC rate decision
%
Mar 16
0.50
0.50
Mar 17, 2016 3:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Feb F
(0.20)
--
5:30PM
UK
BOE Announces rates
% Ratio
Mar 17
0.50
0.50
Mar 21, 2016 7:30PM
US
Existing home sales
Million
Feb
5.47
--
Mar 22, 2016 3:00PM
UK
CPI (YoY)
% Change
Feb
0.30
--
Mar 23, 2016 8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Mar A
(8.80)
--
7:30PM
US
New home sales
Thousands
Feb
494.00
--
Mar 25, 2016 6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
1.00
--
Mar 29, 2016 7:30PM
US
Consumer Confidence
S.A./ 1985=100
Mar
92.20
--
Mar 31, 2016 2:00PM
UK
GDP (YoY)
% Change
4Q F
1.90
--
Apr 5, 2016
11:00AM
India
RBI Reverse Repo rate
%
Apr 5
5.75
--
11:00AM
India
RBI Repo rate
%
Apr 5
6.75
--
11:00AM
India
RBI Cash Reserve ratio
%
Apr 5
4.00
--
Source: Bloomberg, Angel Research
Market Outlook
March 2, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.6
7.7
10.0
8.0
7.5
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
4.8
6.0
4.2
4.3
3.7
5.8
3.0
4.0
2.5
2.5
6.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.3)
(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
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.4
5.3
4.9
5.0
5.0
54.0
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
2.0
48.0
1.0
46.0
-
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
0.0
8.00
7.50
(5.0)
7.00
(10.0)
6.50
6.00
(15.0)
5.50
(20.0)
5.00
(25.0)
4.50
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
March 2, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
5.0
4.5
4.0
2.8
1.9
1.9
2.1
1.4
2.0
0.6
0.5
-
(2.0)
(4.0)
(4.1)
(4.5)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
2.0
1.2
0.6
-
(2.0)
(3.0)
(4.0)
(3.8)
(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
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Market Outlook
March 2, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
44,122
15.0
(8.4)
(13.9)
Russia
Micex
1,844
4.1
0.6
4.8
India
Nifty
7,222
(4.5)
(9.0)
(16.8)
China
Shanghai Composite
2,733
(7.0)
(25.1)
(15.2)
South Africa
Top 40
44,621
1.3
(3.7)
(4.6)
Mexico
Mexbol
44,215
4.3
(0.1)
0.8
Indonesia
LQ45
837
5.3
7.1
(11.0)
Malaysia
KLCI
1,671
2.7
(0.0)
(7.7)
Thailand
SET 50
865
6.4
(2.3)
(18.5)
USA
Dow Jones
16,865
4.9
(5.3)
(7.4)
UK
FTSE
6,153
1.1
(3.5)
(11.1)
Japan
Nikkei
16,086
(5.6)
(19.0)
(12.3)
Germany
DAX
9,717
(0.8)
(14.2)
(14.7)
France
CAC
4,407
(0.2)
(11.1)
(10.7)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
149
-
2,888
2,097
2,415
14.4
14.4
9.5
11.0
15.6
13.5
3.1
2.7
21.1
21.3
1.4
1.2
United Phosphorus
Buy
406
480
17,380
12,500
14,375
18.3
18.3
29.8
35.9
13.6
11.3
2.5
2.1
20.0
20.3
1.5
1.2
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,869
17,995
21,544
11.4
11.6
3.4
4.7
26.7
19.3
4.7
4.3
17.7
22.2
1.4
1.1
Bajaj Auto
Accumulate
2,260
2,585
65,397
22,709
25,860
20.9
20.1
129.0
143.6
17.5
15.7
5.4
4.6
30.7
29.4
2.4
2.1
Bharat Forge
Accumulate
775
875
18,036
7,351
8,318
19.9
19.7
31.2
36.5
24.8
21.2
4.4
3.8
19.3
19.2
2.6
2.3
Eicher Motors
Neutral
19,184
-
52,107
15,556
16,747
15.5
17.3
464.8
597.5
41.3
32.1
15.1
11.1
36.2
34.3
3.3
3.0
Gabriel India
Buy
82
101
1,173
1,415
1,544
8.7
9.0
4.6
5.4
17.8
15.1
3.2
2.9
18.1
18.9
0.8
0.7
Hero Motocorp
Accumulate
2,667
2,864
53,257
28,244
30,532
15.5
15.9
156.7
168.5
17.0
15.8
6.8
5.8
39.9
36.4
1.7
1.6
Jamna Auto Industries Buy
128
160
1,021
1,281
1,473
11.2
11.5
7.6
9.2
16.8
13.9
4.3
3.5
25.4
25.2
0.9
0.7
L G Balakrishnan & Bros Neutral
423
-
663
1,254
1,394
11.6
11.8
35.9
41.7
11.8
10.2
1.6
1.4
13.5
13.8
0.6
0.6
Mahindra and Mahindra Accumulate
1,266
1,364
78,646
38,416
42,904
13.7
13.9
54.8
63.4
23.1
20.0
3.6
3.2
15.4
15.8
1.7
1.5
Maruti
Neutral
3,496
-
105,592
57,865
68,104
16.4
16.7
176.3
225.5
19.8
15.5
3.9
3.3
19.4
21.2
1.6
1.3
Minda Industries
Buy
831
1,047
1,318
2,523
2,890
8.7
9.0
55.0
65.4
15.1
12.7
2.9
2.4
19.3
18.7
0.6
0.5
Motherson Sumi
Buy
233
313
30,833
39,343
45,100
8.8
9.1
10.1
12.5
23.1
18.7
7.3
5.7
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
360
465
285
454
511
11.5
12.0
25.2
31.0
14.3
11.6
2.1
1.9
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
30
-
407
594
741
12.7
13.7
1.7
3.2
17.9
9.5
1.9
1.6
10.4
16.9
1.1
0.9
Tata Motors
Buy
315
371
91,034
259,686
273,957
13.0
13.4
25.9
29.5
12.2
10.7
1.6
1.4
8.0
9.0
0.5
0.5
TVS Motor
Buy
284
330
13,478
11,263
13,122
6.9
8.5
9.2
15.0
30.8
18.9
7.0
5.6
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
864
1,040
14,758
4,892
5,871
17.4
17.6
28.8
37.1
30.0
23.3
7.0
5.6
23.4
24.1
3.0
2.4
Exide Industries
Buy
128
162
10,897
6,950
7,784
14.4
14.8
6.6
7.3
19.4
17.6
2.5
2.2
12.6
12.8
1.3
1.2
Apollo Tyres
Buy
159
183
8,078
12,056
12,714
17.2
16.4
23.0
20.3
6.9
7.8
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Accumulate
988
1,119
3,997
6,041
6,597
14.1
13.7
99.5
111.9
9.9
8.8
2.0
1.6
19.6
18.5
0.8
0.7
JK Tyres
Neutral
77
-
1,739
7,446
7,669
15.2
14.0
19.6
18.4
3.9
4.2
1.0
0.8
25.2
19.5
0.6
0.5
Swaraj Engines
Accumulate
841
919
1,045
552
630
14.2
14.7
44.6
54.1
18.9
15.6
4.4
4.0
23.2
25.6
1.7
1.5
Subros
Neutral
81
-
488
1,293
1,527
11.8
11.9
4.2
6.7
19.4
12.2
1.5
1.3
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
154
-
404
283
329
17.0
17.2
13.0
15.4
11.9
10.0
2.6
2.2
21.8
21.6
1.1
0.9
Capital Goods
ACE
Neutral
37
-
365
660
839
4.7
8.2
1.0
3.9
36.9
9.5
1.2
1.0
3.2
11.3
0.7
0.6
BEML
Buy
990
1,157
4,123
3,277
4,006
6.0
8.9
36.2
64.3
27.4
15.4
1.9
1.7
5.7
11.7
1.3
1.1
Bharat Electronics
Buy
1,039
1,414
24,943
7,737
8,634
16.8
17.2
54.0
61.5
19.3
16.9
2.7
2.4
39.3
45.6
2.3
2.0
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
231
353
7,653
5,363
5,963
8.0
9.1
11.0
13.8
21.0
16.8
3.2
2.8
16.2
17.9
1.4
1.2
BGR Energy
Neutral
95
-
687
3,615
3,181
9.5
9.4
16.7
12.4
5.7
7.7
0.5
0.5
10.0
7.0
0.6
0.8
BHEL
Neutral
93
-
22,689
33,722
35,272
10.8
11.7
10.5
14.2
8.8
6.5
0.7
0.6
7.0
9.0
0.8
0.7
Blue Star
Buy
328
439
2,946
3,548
3,977
6.3
6.9
13.7
17.2
23.9
19.1
6.0
3.9
26.1
25.4
0.9
0.8
Crompton Greaves
Neutral
134
-
8,417
13,484
14,687
4.9
6.2
4.5
7.1
29.8
18.9
2.1
2.0
7.2
10.8
0.8
0.7
Greaves Cotton
Neutral
125
-
3,050
1,655
1,755
16.6
16.8
7.4
7.8
16.9
16.0
3.4
3.2
21.1
20.6
1.8
1.7
Inox Wind
Buy
232
458
5,143
4,980
5,943
17.0
17.5
26.6
31.6
8.7
7.3
2.6
1.9
35.0
30.0
1.2
0.9
KEC International
Neutral
108
-
2,787
8,791
9,716
6.1
6.8
5.4
8.2
20.1
13.2
2.0
1.8
10.0
14.0
0.5
0.5
Thermax
Neutral
763
-
9,092
6,413
7,525
7.4
8.5
30.5
39.3
25.0
19.4
3.9
3.4
15.0
17.0
1.4
1.1
Cement
ACC
Neutral
1,231
-
23,107
13,151
14,757
16.4
18.3
63.9
83.4
19.3
14.8
2.5
2.3
13.3
16.1
1.6
1.3
Ambuja Cements
Neutral
191
-
29,564
11,564
12,556
19.4
20.7
8.9
10.1
21.4
18.9
2.7
2.5
12.8
13.8
2.2
2.0
HeidelbergCement
Neutral
65
-
1,465
1,772
1,926
13.3
15.4
1.0
3.0
64.7
21.6
1.6
1.5
2.6
7.9
1.4
1.2
India Cements
Neutral
70
-
2,143
4,216
4,840
18.0
19.5
4.0
9.9
17.4
7.1
0.7
0.6
4.0
9.5
0.8
0.7
JK Cement
Buy
494
605
3,451
3,661
4,742
10.1
15.8
7.5
28.5
65.8
17.3
2.0
1.8
7.5
22.9
1.4
1.1
J K Lakshmi Cement
Neutral
287
-
3,371
2,947
3,616
16.7
19.9
11.5
27.2
24.9
10.5
2.4
2.0
9.8
20.8
1.6
1.2
Mangalam Cements
Neutral
170
-
454
1,053
1,347
10.5
13.3
8.4
26.0
20.2
6.5
0.9
0.8
4.3
12.5
0.8
0.6
Orient Cement
Neutral
138
-
2,821
1,854
2,524
21.2
22.2
7.7
11.1
17.9
12.4
2.6
2.2
13.3
15.7
2.3
1.6
Ramco Cements
Neutral
365
-
8,687
4,036
4,545
20.8
21.3
15.1
18.8
24.2
19.4
3.0
2.6
12.9
14.3
2.7
2.3
Shree Cement^
Neutral
10,368
-
36,119
7,150
8,742
26.7
28.6
228.0
345.5
45.5
30.0
6.7
5.6
15.7
20.3
4.8
3.9
UltraTech Cement
Accumulate
2,888
3,107
79,240
24,669
29,265
18.2
20.6
82.0
120.0
35.2
24.1
3.8
3.3
11.3
14.7
3.3
2.8
Construction
ITNL
Neutral
68
-
2,234
7,360
8,825
34.0
35.9
7.0
9.0
9.7
7.5
0.3
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
497
603
1,399
937
1,470
14.3
14.0
44.2
38.6
11.3
12.9
2.3
1.9
15.4
15.4
1.6
1.0
Larsen & Toubro
Buy
1,124
1,310
104,675
58,870
65,708
8.3
10.3
42.0
53.0
26.8
21.2
1.9
1.7
8.8
11.2
2.0
1.8
Gujarat Pipavav Port
Neutral
154
-
7,435
629
684
51.0
52.2
6.4
5.9
24.0
26.1
3.2
2.9
15.9
12.7
11.5
10.4
MBL Infrastructures
Buy
128
285
529
2,313
2,797
12.2
14.6
19.0
20.0
6.7
6.4
0.7
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
63
-
3,500
7,892
8,842
8.8
9.1
3.0
5.3
21.0
11.9
1.1
1.0
5.0
8.5
0.7
0.6
PNC Infratech
Buy
477
558
2,449
1,873
2,288
13.2
13.5
24.0
32.0
19.9
14.9
1.9
1.7
12.1
12.3
1.4
1.2
Simplex Infra
Neutral
211
-
1,042
5,955
6,829
10.3
10.5
16.0
31.0
13.2
6.8
0.7
0.6
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
570
-
839
1,539
1,801
12.8
12.7
59.0
72.1
9.7
7.9
1.5
1.2
18.6
16.8
0.6
0.5
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Sadbhav Engineering
Buy
244
289
4,183
3,481
4,219
10.7
10.8
8.2
11.7
29.7
20.8
2.8
2.5
10.3
13.5
1.5
1.2
NBCC
Buy
890
1,089
10,676
5,816
7,382
6.9
7.7
29.6
39.8
30.1
22.4
5.4
4.3
24.1
26.7
1.6
1.2
MEP Infra
Neutral
39
-
641
1,956
1,876
28.1
30.5
1.3
3.0
30.3
13.1
6.4
4.3
21.2
32.8
1.7
1.7
SIPL
Neutral
80
-
2,818
675
1,042
62.4
64.7
-
-
3.0
3.4
-
-
15.8
10.7
Financials
Allahabad Bank
Neutral
45
-
2,672
8,569
9,392
2.8
2.9
16.3
27.5
2.7
1.6
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
392
494
93,293
26,473
31,527
3.5
3.6
35.7
43.5
11.0
9.0
1.8
1.6
17.9
18.9
-
-
Bank of Baroda
Neutral
136
-
31,360
18,485
21,025
1.9
2.0
13.5
21.1
10.1
6.4
0.8
0.7
7.3
10.6
-
-
Bank of India
Neutral
87
-
7,039
15,972
17,271
1.9
2.0
15.3
33.4
5.7
2.6
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
165
-
8,976
15,441
16,945
2.0
2.1
46.6
70.4
3.6
2.4
0.3
0.3
8.0
11.2
-
-
Dena Bank
Neutral
27
-
1,710
3,440
3,840
2.1
2.3
7.3
10.0
3.7
2.6
0.3
0.2
6.1
7.9
-
-
Federal Bank
Neutral
48
-
8,185
3,477
3,999
3.0
3.0
5.0
6.2
9.5
7.6
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,069
-
168,791
10,358
11,852
3.3
3.3
41.1
47.0
26.0
22.7
5.0
4.5
24.7
24.9
-
-
HDFC Bank
Buy
985
1,262
248,820
38,309
47,302
4.3
4.3
49.3
61.1
20.0
16.1
3.5
3.0
18.5
19.7
-
-
ICICI Bank
Buy
205
254
119,222
34,279
39,262
3.3
3.3
21.0
24.4
9.8
8.4
1.7
1.4
14.4
14.7
-
-
IDBI Bank
Neutral
60
-
11,305
9,625
10,455
1.8
1.8
8.5
14.2
7.0
4.2
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
77
-
3,698
6,160
6,858
2.5
2.5
24.5
29.8
3.2
2.6
0.3
0.2
7.7
8.6
-
-
LIC Housing Finance
Buy
439
592
22,170
3,101
3,745
2.5
2.5
33.0
40.2
13.3
10.9
2.5
2.1
19.7
20.5
-
-
Oriental Bank
Neutral
80
-
2,406
7,643
8,373
2.4
2.4
37.2
45.4
2.2
1.8
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
74
-
14,462
23,638
26,557
2.8
2.8
17.9
27.2
4.1
2.7
0.4
0.3
8.5
12.0
-
-
South Ind.Bank
Neutral
17
-
2,268
1,965
2,185
2.5
2.5
2.5
3.3
6.7
5.1
0.7
0.6
9.5
11.7
-
-
St Bk of India
Accumulate
162
177
125,912
79,958
86,061
2.6
2.6
13.4
20.7
12.1
7.9
1.0
0.9
11.5
12.8
-
-
Union Bank
Neutral
113
-
7,754
12,646
14,129
2.3
2.4
31.0
39.1
3.6
2.9
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,698
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.7
0.5
0.4
7.8
8.8
-
-
Yes Bank
Accumulate
719
767
30,194
7,190
9,011
3.2
3.3
58.2
69.7
12.3
10.3
2.2
1.9
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
872
-
83,666
16,553
19,160
16.0
16.2
17.7
21.5
49.4
40.6
13.1
11.8
29.4
31.2
4.9
4.2
Britannia
Neutral
2,840
-
34,073
8,481
9,795
14.0
14.1
65.5
78.3
43.4
36.3
20.5
16.8
38.3
41.2
3.9
3.4
Colgate
Neutral
824
-
22,398
4,836
5,490
19.5
19.7
48.5
53.2
17.0
15.5
12.5
10.8
99.8
97.5
4.5
4.0
Dabur India
Accumulate
242
267
42,554
9,370
10,265
17.1
17.2
7.3
8.1
33.0
29.9
10.0
8.1
33.7
30.6
4.4
4.1
GlaxoSmith Con*
Accumulate
5,448
6,118
22,912
4,919
5,742
17.2
17.4
168.3
191.2
32.4
28.5
9.2
7.8
28.8
28.9
4.2
3.6
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Godrej Consumer
Neutral
1,247
-
42,448
10,168
12,886
16.1
16.1
32.1
38.4
38.8
32.5
7.9
7.3
19.7
21.0
4.3
3.4
HUL
Neutral
825
-
178,519
34,940
38,957
17.5
17.7
20.8
24.7
39.7
33.4
44.1
35.3
110.5
114.2
4.9
4.4
ITC
Accumulate
325
359
261,324
36,804
38,776
37.9
37.9
12.2
12.9
26.7
25.2
7.4
6.5
27.7
25.8
6.7
6.3
Marico
Neutral
236
-
30,396
6,551
7,766
15.7
16.0
10.4
12.5
22.7
18.9
6.6
5.5
33.2
32.4
4.6
3.9
Nestle*
Buy
5,049
6,646
48,680
11,291
12,847
22.2
22.3
158.9
184.6
31.8
27.4
16.6
14.9
55.0
57.3
4.2
3.6
Tata Global
Buy
109
144
6,873
8,635
9,072
9.8
9.9
6.5
7.6
16.8
14.3
1.7
1.6
6.8
7.4
0.7
0.7
IT
HCL Tech^
Buy
832
1,038
117,315
42,038
47,503
21.2
21.5
51.5
57.7
16.2
14.4
3.5
2.7
21.5
18.8
2.4
1.9
Infosys
Buy
1,125
1,347
258,291
61,850
69,981
27.5
27.5
59.4
65.7
18.9
17.1
4.0
3.4
21.2
20.1
3.5
2.9
TCS
Buy
2,275
2,854
448,272
108,487
122,590
28.3
28.5
122.8
138.4
18.5
16.4
7.0
6.4
38.0
38.9
3.7
3.2
Tech Mahindra
Buy
432
530
41,769
26,524
29,177
16.2
17.0
28.8
33.6
15.0
12.9
2.9
2.5
19.3
19.1
1.3
1.2
Wipro
Buy
535
680
132,177
50,808
56,189
23.7
23.8
37.3
40.7
14.3
13.1
2.7
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Accumulate
313
356
5,745
2,241
2,495
27.8
27.9
21.8
25.6
14.4
12.2
3.8
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
80
-
1,854
2,495
2,603
11.2
11.2
7.3
8.6
10.9
9.3
0.9
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
157
189
5,136
2,170
2,355
27.2
26.2
8.9
9.9
17.7
15.9
3.7
3.2
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
339
-
13,356
2,779
3,196
70.2
70.5
22.8
27.3
14.9
12.4
3.7
3.3
26.7
28.3
4.6
3.9
Hindustan Media
Neutral
260
-
1,908
920
1,031
20.0
20.0
19.2
20.9
13.5
12.5
2.2
1.9
16.4
15.3
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
318
380
200,671
76,167
84,130
19.9
22.3
22.4
25.8
14.2
12.3
5.1
5.0
35.5
41.0
2.0
1.8
Hind. Zinc
Accumulate
163
175
68,873
14,641
14,026
50.4
50.4
17.7
16.0
9.2
10.2
1.4
1.3
16.2
13.2
2.3
2.2
Hindalco
Neutral
70
-
14,496
104,356
111,186
8.7
9.5
6.7
11.1
10.5
6.4
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,144
-
27,647
42,308
45,147
16.4
20.7
(10.3)
49.5
23.1
1.3
1.2
(1.0)
5.6
1.7
1.6
NMDC
Neutral
82
-
32,669
8,237
10,893
46.6
44.5
10.0
11.7
8.3
7.1
0.9
0.8
12.5
13.0
3.8
2.9
SAIL
Neutral
36
-
14,868
45,915
53,954
7.2
10.5
1.5
4.4
23.9
8.2
0.4
0.3
2.3
4.1
1.0
0.9
Vedanta
Neutral
75
-
22,220
71,445
81,910
26.2
26.3
12.9
19.2
5.8
3.9
0.4
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
257
-
24,951
126,760
137,307
8.9
11.3
6.4
23.1
40.4
11.1
0.8
0.8
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
123
-
23,023
11,323
12,490
49.4
51.0
20.7
20.7
5.9
6.0
0.4
0.4
6.4
6.1
1.1
0.5
GAIL
Neutral
320
-
40,579
64,856
70,933
9.1
9.6
24.0
28.9
13.4
11.1
1.1
1.1
8.8
9.6
0.8
0.7
ONGC
Neutral
192
-
163,838
154,564
167,321
36.8
37.4
28.6
32.5
6.7
5.9
0.9
0.8
12.7
13.5
1.3
1.2
Petronet LNG
Neutral
247
-
18,510
29,691
31,188
5.8
6.2
12.8
13.4
19.3
18.4
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
386
455
93,719
359,607
402,760
5.9
6.1
42.5
48.7
9.1
7.9
1.2
1.1
14.1
14.4
0.4
0.3
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Reliance Industries
Buy
982
1,150
318,190
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
622
-
11,730
3,274
3,802
26.9
19.4
35.0
28.7
17.8
21.7
7.9
5.9
55.6
31.2
3.6
3.0
Aurobindo Pharma
Buy
680
856
39,753
14,923
17,162
22.0
23.0
35.7
42.8
19.0
15.9
5.6
4.2
34.0
30.2
3.0
2.6
Aventis*
Neutral
4,350
-
10,018
2,082
2,371
17.4
20.8
118.2
151.5
36.8
28.7
5.4
4.3
19.9
25.5
4.5
3.7
Cadila Healthcare
Accumulate
325
352
33,302
10,224
11,840
21.0
22.0
14.6
17.6
22.3
18.5
6.1
4.8
30.8
29.0
3.3
2.8
Cipla
Buy
518
605
41,575
13,979
16,447
20.2
18.6
25.7
27.5
20.1
18.8
3.3
2.8
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,028
3,933
51,638
16,838
19,575
25.0
23.1
167.5
178.8
18.1
16.9
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
320
-
2,586
1,733
1,906
21.5
21.5
17.0
19.9
18.9
16.1
1.9
1.7
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,185
-
26,974
2,870
3,158
20.0
22.1
59.5
68.3
53.5
46.6
15.8
16.2
28.5
34.3
8.9
8.1
Indoco Remedies
Neutral
270
-
2,487
1,033
1,199
15.9
18.2
9.4
13.6
28.7
19.9
4.3
3.6
15.7
19.7
2.5
2.2
Ipca labs
Buy
566
900
7,135
3,363
3,909
12.9
18.6
13.4
28.0
42.2
20.2
3.0
2.6
7.4
14.0
2.4
2.1
Lupin
Neutral
1,761
-
79,332
13,092
16,561
25.0
27.0
50.4
68.3
34.9
25.8
7.2
5.7
22.8
24.7
5.8
4.4
Sun Pharma
Accumulate
868
950
208,779
28,163
32,610
25.8
30.7
17.4
26.9
49.9
32.3
4.7
4.1
13.0
16.6
6.9
5.7
Power
Tata Power
Neutral
58
-
15,795
35,923
37,402
22.6
22.8
4.1
5.2
14.4
11.3
1.1
1.0
7.5
9.3
1.4
1.3
NTPC
Buy
123
146
101,007
87,271
99,297
23.5
23.5
11.8
13.3
10.4
9.2
1.2
1.1
11.5
12.2
2.2
1.9
Power Grid
Buy
133
170
69,789
20,702
23,361
86.7
86.4
12.1
13.2
11.0
10.1
1.6
1.4
15.6
15.1
8.3
7.7
Telecom
Bharti Airtel
Neutral
321
-
128,237
101,748
109,191
32.1
31.7
12.0
12.5
26.7
25.7
1.8
1.7
6.9
6.7
1.9
1.7
Idea Cellular
Neutral
106
-
38,057
34,282
36,941
32.0
31.5
5.9
6.2
17.9
17.1
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,894
-
10,399
2,715
3,153
14.5
14.1
134.3
152.2
36.5
32.2
9.1
7.5
27.4
25.6
3.5
3.0
Bajaj Electricals
Buy
165
237
1,664
4,719
5,287
5.2
5.8
8.6
12.7
19.3
13.0
2.2
1.9
11.4
14.8
0.4
0.3
Finolex Cables
Neutral
238
-
3,641
2,520
2,883
12.2
12.0
12.7
14.2
18.8
16.8
2.6
2.3
13.6
13.5
1.2
1.0
Goodyear India*
Buy
455
582
1,049
1,800
1,600
11.7
11.5
58.7
52.9
7.8
8.6
1.7
1.5
24.6
18.7
0.4
0.3
Hitachi
Neutral
1,144
-
3,111
1,779
2,081
7.8
8.8
21.8
33.4
52.5
34.2
8.5
6.9
17.4
22.1
1.8
1.5
Jyothy Laboratories
Neutral
264
-
4,772
1,620
1,847
11.5
11.5
7.3
8.5
36.2
31.1
4.7
4.3
13.3
14.4
2.8
2.4
MRF
Buy
33,726
45,575
14,304
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.2
8.9
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
9,989
-
11,142
1,929
2,450
19.8
20.1
229.9
299.0
43.5
33.4
19.2
13.3
52.1
47.1
5.8
4.5
Relaxo Footwears
Neutral
396
-
4,755
1,767
2,152
12.3
12.5
19.3
25.1
20.6
15.8
5.1
3.9
27.7
27.8
2.7
2.2
Siyaram Silk Mills
Buy
970
1,354
909
1,636
1,815
11.5
11.5
89.9
104.1
10.8
9.3
1.8
1.5
17.9
17.8
0.7
0.6
Styrolution ABS India*
Neutral
498
-
876
1,271
1,440
8.6
9.2
32.0
41.1
15.5
12.1
1.6
1.4
10.7
12.4
0.7
0.6
www.angelbroking.com
Stock Watch
March 02, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
TVS Srichakra
Buy
2,049
3,217
1,569
2,035
2,252
15.9
15.3
248.6
268.1
8.2
7.6
3.6
2.6
43.6
33.9
0.8
0.7
HSIL
Buy
254
302
1,835
2,123
2,384
16.1
16.5
15.0
18.9
16.9
13.5
1.3
1.2
8.0
9.4
1.2
1.1
Kirloskar Engines India
Neutral
210
-
3,036
2,403
2,554
8.6
9.9
9.2
10.5
22.9
20.0
2.2
2.1
9.7
10.7
0.9
0.8
Ltd
M M Forgings
Buy
396
614
478
511
615
21.7
21.6
43.1
55.8
9.2
7.1
1.7
1.4
19.9
21.2
1.1
0.9
Banco Products (India) Neutral
98
-
701
1,208
1,353
11.0
12.3
10.8
14.5
9.1
6.8
1.0
0.9
11.9
14.5
0.5
0.5
Competent Automobiles Neutral
135
-
83
1,040
1,137
3.2
3.1
25.7
28.0
5.2
4.8
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,015
-
1,514
1,871
2,031
10.7
10.5
63.2
69.8
16.1
14.6
2.6
2.2
17.6
16.6
0.9
0.8
Visaka Industries
Buy
98
144
156
1,086
1,197
9.9
10.3
21.5
28.8
4.6
3.4
0.4
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
242
-
1,844
2,830
3,350
8.8
9.0
14.4
18.3
16.9
13.3
2.6
2.3
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
49
-
531
1,359
1,482
10.3
13.7
0.8
3.9
60.7
12.5
1.0
1.0
1.6
7.8
0.7
0.7
Surya Roshni
Buy
128
201
559
2,992
3,223
8.1
8.4
14.7
18.3
8.7
7.0
0.8
0.7
9.7
11.0
0.5
0.4
MT Educare
Neutral
149
-
595
286
366
18.3
17.7
7.7
9.4
19.3
16.0
4.1
3.6
20.2
21.1
2.0
1.5
Radico Khaitan
Buy
97
156
1,289
1,517
1,635
12.7
13.4
5.8
7.1
16.6
13.6
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
290
473
634
862
974
11.2
11.2
24.9
29.6
11.7
9.8
1.8
1.5
15.1
15.4
0.7
0.6
Wonderla Holidays
Neutral
362
-
2,043
206
308
44.0
43.6
9.0
12.9
40.2
28.0
5.5
5.0
13.7
17.8
9.8
6.5
Linc Pen & Plastics
Neutral
179
-
265
340
371
8.3
8.9
10.8
13.2
16.6
13.6
2.7
2.3
16.0
17.1
0.8
0.7
The Byke Hospitality
Neutral
154
-
616
222
287
20.5
20.5
5.6
7.6
27.2
20.3
5.1
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
826
-
29,755
17,022
21,122
20.7
14.5
63.9
53.7
12.9
15.4
19.4
15.9
149.9
103.2
1.8
1.4
Coffee Day Enterprises
Neutral
225
-
4,636
2,692
2,964
17.0
18.6
-
4.7
-
47.5
2.8
2.6
0.2
5.5
2.1
2.0
Ltd
Navneet Education
Neutral
84
-
1,997
998
1,062
24.1
24.0
5.8
6.1
14.6
13.8
3.2
2.8
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
153
265
2,183
365
436
38.3
37.5
5.6
5.9
27.2
26.1
1.7
1.6
6.3
6.1
6.8
5.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 01, 2016
www.angelbroking.com
Market Outlook
March 02, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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