Market Outlook
June 2, 2016
T
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
46
26,714
Indian Markets are expected to open on a marginally negative note tracking the SGX
Nifty
0.2
20
8,180
Nifty and Global cues.
Mid Cap
(0.3)
(34)
11,332
After spending majority of the day in the negative territory, the US markets managed
Small Cap
0.2
21
11,163
to eke out minor gains. After an earlier downside move, the markets recovered on
data indicating uptick in pace of growth of manufacturing activity for the month of
Bankex
(1.2)
(240)
19,872
May (PMI index rose to 51.3 from 50.8 in April).
European shares fell on Wednesday, hit by a drop in commodity stocks and banks.
Global Indices
Chg (%)
(Pts)
(Close)
Mining stocks fell by c. 2.8% on disappointing Chinese manufacturing data which
Dow Jones
0.0
2
17,790
showed activity at China's factories shrank for a 15th straight month in May. Fears of
Nasdaq
0.1
4
4,952
Britain’s exit from the Euro continued to weigh on the markets.
FTSE
(0.6)
(39)
6,192
Indian markets rose to its highest levels since October but pared its early gains to
Nikkei
(1.6)
(279)
16,956
close off day’s high as sell-off in global peers (on poor Chinese PMI) prompted
Hang Seng
(0.3)
(54)
20,761
traders to book profits.
Shanghai Com
(0.1)
(3)
2,914
News Analysis
Monthly Auto sales update - Two-wheelers
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,321
873
Declines
1,333
684
Investor’s Ready Reckoner
Unchanged
152
76
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg4 onwards
BSE
2,535
Top Picks
NSE
17,370
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
845
1,076
27.3
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
734
1,000
36.2
FII
20
2,579
14,369
LIC Housing
Financials
Buy
467
592
26.7
MFs
164
5,994
8,589
Bharat Electronics
Capital Goods
Buy
1,157
1,414
22.3
Navkar Corporation Others
Buy
196
265
35.5
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Amtekauto
35
7.6
Key Upcoming Events
Tubeinvest
467
6.1
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Monsanto
2,370
5.9
June 02 Euro zone
ECB announces interest rates
0.0
--
Adaniports
202
5.0
June 02 China
PMI Manufacturing
50.1
50.0
Muthootfin
244
4.9
June 03 US
Unemployment rate
5.0
4.9
June 03 US
Change in Nonfarm payrolls
160.0
160.0
Top Losers
Price (`)
Chg (%)
6.(
More Events on Pg4
Supremeind
928
(5.9)
Suzlon
15
(5.3)
Welcorp
75
(4.2)
Syndibank
64
(4.1)
Canbk
197
(4.0)
As on June 1, 2016
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Market Outlook
June 2, 2016
Monthly Auto Sales update (Two-wheelers)
The Two-wheeler sales for the month of May saw strong growth across all major
players. Although market leader Hero Motocorp reported a marginal growth of
2.3%, other players like TVS Motor, Honda Motorcycle & Scooter India (HMSI), and
Yamaha reported stellar growth for the month of May.
Hero MotoCorp reported a 2.32% increase in sales at 583,117 units in May.
HMSI reported 18.8% yoy increase in total sales to 436,358 units. Motorcycle
sales grew by 6.8% yoy to 147,479 units while scooter sales grew by 24.7%
yoy to 268,423 units.
TVS Motor Company's total two-wheeler sales increased by ~13% yoy to
238,320 units in May. Motorcycles sales grew by 5.6% yoy to 96,485 units
while Scooters sales grew by 20.2% yoy to 65,434 units.
Yamaha Motor reported ~36% yoy growth in domestic sales to 62,748 units
in May.
In the premium bikes segment, Royal Enfield reported ~37% yoy increase in
total motorcycle sales to 48,604 units.
In our coverage, we currently have a Neutral rating on Hero Motocorp while we
have a BUY rating on TVS Motor. The scooter segment is clearly the faster growing
segment which is evident in the case of TVS Motor as well as HMSI owing to shift in
preference towards scooter segment in Rural India as well as it having higher
share in the Urban areas. Going forward, scooter/two-wheeler sales are expected
to perform well on various factors ranging from normal monsoons as well as
increased focus towards Rural India by the government.
Apart for the Two-wheeler stocks, we believe that TVS Srichakra (TVSSL) is an
indirect beneficiary of rising scooter/motorcycle sales on account of it being only
present in the Two-wheeler space. TVSSL has strong ties with these OEMs
(accounting for ~45-50% of total sales) and has the highest market share in the
OEM space. We believe that this bodes well for TVSSL in terms of OEM demand as
well as replacement demand in the future. We maintain our Buy recommendation
on TVSSL.
Economic and Political News
India to charge premium for transfer of mining rights
Coal ministry releases `210cr to states towards auction fees
Odisha to urge Centre for container terminal facility at ports
Corporate News
Tree House merger with Zee Learn put on hold
South Indian Bank to raise `500cr from bonds
RIL arm invests $16 million in US-based startup
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Market Outlook
June 2, 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
14,438
845
1,076
27.3
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
27,756
1,157
1,414
22.3
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
1,03,577
734
1,000
36.2
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,97,236
1,175
1,262
7.4
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
2,88,600
1,256
1,374
9.4
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
23,560
467
592
26.7
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
11,643
970
1,098
13.2
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,828
426
481
13.0
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,753
197
270
37.0
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,290
70
93
33.6
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,571
170
205
20.3
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,819
443
554
25.0
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,789
196
265
35.5
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,157
87
125
43.8
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
948
1,011
1,354
33.9
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
June 02, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jun 2, 2016
6:30AM
China
PMI Manufacturing
Value
May
50.10
50.00
5:15PM
Euro Zone
ECB announces interest rates
%
Jun 2
--
--
Jun 3, 2016
6:00PM
US
Unnemployment rate
%
May
5.00
4.90
1:25PM
Germany
PMI Services
Value
May F
55.20
55.20
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
160.00
160.00
Jun 7, 2016
2:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
0.50
11:00AM
India
RBI Reverse Repo rate
%
Jun 7
6.00
6.00
11:00AM
India
RBI Repo rate
%
Jun 7
6.50
6.50
11:00AM
India
RBI Cash Reserve ratio
%
Jun 7
4.00
4.00
Jun 8, 2016
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(0.20)
--
China
Exports YoY%
% Change
May
(1.80)
(4.30)
Jun 9, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.30
2.30
Jun 10, 2016
India
Imports YoY%
% Change
May
(23.10)
--
India
Exports YoY%
% Change
May
(6.70)
--
11:00AM
China
Industrial Production (YoY)
% Change
May
6.00
5.90
Jun 12, 2016
5:30PM
India
Industrial Production YoY
% Change
Apr
0.10
--
Jun 14, 2016
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
May
0.34
--
2:00PM
UK
CPI (YoY)
% Change
May
0.30
--
Jun 15, 2016
2:00PM
UK
Jobless claims change
% Change
May
(2.40)
--
US
Producer Price Index (mom)
% Change
May
0.20
--
6:45PM
US
Industrial Production
%
May
0.66
--
11:30PM
US
FOMC rate decision
%
Jun 15
0.50
0.50
Source: Bloomberg, Angel Research
Market Outlook
June 2, 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
4.2
4.3
3.7
5.8
4.0
2.5
6.0
2.0
2.0
0.1
5.0
-
(2.0)
4.0
(0.9)
(1.5)
(4.0)
3.0
(3.4)
(6.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
5.6
5.7
6.0
5.4
5.4
5.4
5.3
54.0
5.0
5.0
4.8
5.0
4.4
52.0
3.7
3.7
4.0
50.0
3.0
48.0
2.0
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
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
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
www.angelbroking.com
Market Outlook
June 2, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.0
2.0
1.3
1.4
2.0
0.5
-
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(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
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Market Outlook
June 2, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,013
(9.1)
14.5
(10.2)
Russia
Micex
1,893
(2.1)
4.2
17.1
India
Nifty
8,180
4.8
16.5
(1.9)
China
Shanghai Composite
2,914
(2.7)
2.2
(40.7)
South Africa
Top 40
47,510
2.2
11.2
2.9
Mexico
Mexbol
45,558
(0.3)
4.2
1.8
Indonesia
LQ45
829
(0.6)
0.2
(10.6)
Malaysia
KLCI
1,627
(2.8)
(3.8)
(7.3)
Thailand
SET 50
903
0.0
7.0
(10.6)
USA
Dow Jones
17,790
0.1
5.5
(1.6)
UK
FTSE
6,192
(2.1)
1.6
(9.7)
Japan
Nikkei
16,956
(2.3)
5.1
(16.3)
Germany
DAX
10,204
1.6
7.5
(8.9)
France
CAC
4,475
0.7
1.6
(9.3)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
June 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
212
-
4,117
1,612
1,911
13.3
13.3
7.4
9.5
28.6
22.3
4.6
4.1
16.7
18.4
2.5
2.1
United Phosphorus
Accumulate
591
684
25,350
13,083
15,176
18.5
18.5
31.5
37.4
18.8
15.8
3.7
3.1
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
105
-
29,768
17,995
21,544
11.4
11.6
3.4
4.7
30.8
22.3
5.4
5.0
17.7
22.2
1.7
1.4
Bajaj Auto
Neutral
2,603
-
75,314
22,709
25,860
20.9
20.1
129.0
143.6
20.2
18.1
6.2
5.3
30.7
29.4
2.9
2.5
Bharat Forge
Buy
761
875
17,708
7,351
8,318
19.9
19.7
31.2
36.5
24.4
20.8
4.4
3.7
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,713
20,044
50,827
15,556
16,747
15.5
17.3
464.8
597.5
40.3
31.3
14.7
10.8
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
91
101
1,301
1,415
1,544
8.7
9.0
4.6
5.4
19.7
16.8
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,087
-
61,650
28,244
30,532
15.5
15.9
156.7
168.5
19.7
18.3
7.9
6.7
39.9
36.4
2.0
1.8
Jamna Auto Industries Accumulate
160
160
1,275
1,281
1,473
11.2
11.5
7.6
9.2
21.0
17.4
5.3
4.4
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
451
-
707
1,254
1,394
11.6
11.8
35.9
41.7
12.6
10.8
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,334
-
82,844
38,416
42,904
13.7
13.9
54.8
63.4
24.3
21.0
3.8
3.3
15.4
15.8
1.8
1.6
Maruti
Neutral
4,162
-
125,715
57,865
68,104
16.4
16.7
176.3
225.5
23.6
18.5
4.6
3.9
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,169
-
1,855
2,523
2,890
8.7
9.0
55.0
65.4
21.3
17.9
4.1
3.3
19.3
18.7
0.9
0.7
Motherson Sumi
Accumulate
293
313
38,710
39,343
45,100
8.8
9.1
10.1
12.5
29.0
23.4
9.2
7.2
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
388
465
307
454
511
11.5
12.0
25.2
31.0
15.4
12.5
2.3
2.1
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
34
-
452
594
741
12.7
13.7
1.7
3.2
19.9
10.6
2.1
1.8
10.4
16.9
1.2
1.0
Tata Motors
Neutral
449
-
129,693
259,686
273,957
13.0
13.4
25.9
29.5
17.3
15.2
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Buy
289
330
13,711
11,263
13,122
6.9
8.5
9.2
15.0
31.4
19.2
7.2
5.7
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
845
1,076
14,438
4,892
5,871
17.4
17.6
28.8
37.1
29.4
22.8
6.9
5.5
23.4
24.1
2.9
2.4
Exide Industries
Neutral
159
-
13,511
6,950
7,784
14.4
14.8
6.6
7.3
24.1
21.8
3.0
2.8
12.6
12.8
1.7
1.5
Apollo Tyres
Buy
154
183
7,814
12,056
12,714
17.2
16.4
23.0
20.3
6.7
7.6
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
908
1,119
3,674
6,041
6,597
14.1
13.7
99.5
111.9
9.1
8.1
1.8
1.5
19.6
18.5
0.8
0.7
JK Tyres
Neutral
87
-
1,979
7,446
7,669
15.2
14.0
19.6
18.4
4.5
4.7
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,108
-
1,376
552
630
14.2
14.7
44.6
54.1
24.8
20.5
5.8
5.3
23.2
25.6
2.4
2.0
Subros
Neutral
96
-
579
1,293
1,527
11.8
11.9
4.2
6.7
23.0
14.4
1.7
1.6
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
186
-
489
283
329
17.0
17.2
13.0
15.4
14.4
12.1
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
40
-
398
660
839
4.7
8.2
1.0
3.9
40.2
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
847
1,157
3,528
3,277
4,006
6.0
8.9
36.2
64.3
23.4
13.2
1.6
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Buy
1,157
1,414
27,756
7,737
8,634
16.8
17.2
54.0
61.5
21.4
18.8
3.1
2.7
39.3
45.6
2.8
2.4
www.angelbroking.com
Stock Watch
June 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
333
407
11,007
5,363
5,963
8.0
9.1
11.0
13.8
30.2
24.1
4.6
4.1
16.2
17.9
2.0
1.8
BGR Energy
Neutral
116
-
836
3,615
3,181
9.5
9.4
16.7
12.4
6.9
9.4
0.7
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
118
-
28,943
33,722
35,272
10.8
11.7
10.5
14.2
11.3
8.3
0.8
0.8
7.0
9.0
1.0
0.9
Blue Star
Buy
426
481
3,828
3,548
3,977
6.3
6.9
13.7
17.2
31.1
24.8
7.8
5.1
26.1
25.4
1.1
1.0
Crompton Greaves
Neutral
68
-
4,274
13,484
14,687
4.9
6.2
4.5
7.1
15.2
9.6
1.1
1.0
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
136
-
3,325
1,655
1,755
16.6
16.8
7.4
7.8
18.4
17.5
3.7
3.5
21.1
20.6
2.0
1.8
Inox Wind
Buy
219
286
4,859
4,406
5,605
15.5
15.7
20.4
24.8
10.7
8.8
2.5
1.8
27.9
25.9
1.3
1.0
KEC International
Neutral
137
-
3,522
8,791
9,716
6.1
6.8
5.4
8.2
25.4
16.7
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
752
-
8,964
6,413
7,525
7.4
8.5
30.5
39.3
24.7
19.1
3.8
3.3
15.0
17.0
1.3
1.1
VATech Wabag
Neutral
594
-
3,237
2,722
3,336
7.9
8.1
19.5
24.6
30.5
24.1
3.2
2.8
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,548
-
29,061
13,151
14,757
16.4
18.3
63.9
83.4
24.2
18.6
3.1
2.9
13.3
16.1
2.0
1.7
Ambuja Cements
Neutral
231
-
35,833
11,564
12,556
19.4
20.7
8.9
10.1
25.9
22.9
3.3
3.1
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
103
-
2,341
1,772
1,926
13.3
15.4
1.0
3.0
103.3
34.4
2.6
2.4
2.6
7.9
1.9
1.6
India Cements
Neutral
95
-
2,915
4,216
4,840
18.0
19.5
4.0
9.9
23.7
9.6
1.0
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
582
-
4,070
3,661
4,742
10.1
15.8
7.5
28.5
77.6
20.4
2.3
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
344
-
4,049
2,947
3,616
16.7
19.9
11.5
27.2
29.9
12.7
2.8
2.5
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
255
-
681
1,053
1,347
10.5
13.3
8.4
26.0
30.4
9.8
1.3
1.2
4.3
12.5
1.0
0.8
Orient Cement
Neutral
162
-
3,312
1,854
2,524
21.2
22.2
7.7
11.1
21.0
14.6
3.0
2.6
13.3
15.7
2.5
1.8
Ramco Cements
Neutral
487
-
11,605
4,036
4,545
20.8
21.3
15.1
18.8
32.3
25.9
4.0
3.5
12.9
14.3
3.4
3.0
Shree Cement^
Neutral
13,318
-
46,394
7,150
8,742
26.7
28.6
228.0
345.5
58.4
38.6
8.6
7.2
15.7
20.3
6.2
5.0
UltraTech Cement
Neutral
3,236
-
88,818
24,669
29,265
18.2
20.6
82.0
120.0
39.5
27.0
4.2
3.7
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
70
93
2,290
7,360
8,825
34.0
35.9
7.0
9.0
9.9
7.7
0.3
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
562
603
1,579
937
1,470
14.3
14.0
44.2
38.6
12.7
14.6
2.5
2.2
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,467
-
136,677
58,870
65,708
8.3
10.3
42.0
53.0
34.9
27.7
2.4
2.2
8.8
11.2
2.6
2.3
Gujarat Pipavav Port
Neutral
160
-
7,740
629
684
51.0
52.2
6.4
5.9
25.0
27.1
3.3
3.0
15.9
12.7
12.0
10.8
MBL Infrastructures
Buy
124
285
512
2,313
2,797
12.2
14.6
19.0
20.0
6.5
6.2
0.7
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
72
-
4,017
7,892
8,842
8.8
9.1
3.0
5.3
24.1
13.6
1.2
1.1
5.0
8.5
0.8
0.6
PNC Infratech
Neutral
565
-
2,898
1,873
2,288
13.2
13.5
24.0
32.0
23.5
17.7
2.3
2.0
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
276
-
1,366
5,955
6,829
10.3
10.5
16.0
31.0
17.3
8.9
0.9
0.8
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
June 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
Power Mech Projects
Neutral
589
-
866
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
278
298
4,769
3,186
3,598
10.2
10.3
8.0
9.0
34.8
30.9
3.2
2.8
9.4
9.9
1.8
1.6
NBCC
Buy
970
1,098
11,643
5,816
7,382
6.9
7.7
29.6
39.8
32.8
24.4
5.9
4.6
24.1
26.7
1.7
1.3
MEP Infra
Neutral
40
-
644
1,956
1,876
28.1
30.5
1.3
3.0
30.5
13.2
6.4
4.3
21.2
32.8
1.8
1.7
SIPL
Neutral
98
-
3,438
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.7
11.3
Engineers India
Neutral
183
-
6,173
1,667
1,725
13.5
16.0
9.7
11.4
18.9
16.1
2.2
2.2
11.7
13.4
2.4
2.4
Financials
Allahabad Bank
Neutral
52
-
3,167
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Neutral
513
-
122,420
26,204
29,738
3.6
3.5
34.5
35.4
14.9
14.5
2.3
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
139
-
31,970
18,802
21,088
2.0
2.2
(7.4)
13.0
10.7
1.1
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
86
-
8,037
15,972
17,271
1.9
2.0
15.3
33.4
5.6
2.6
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
197
-
10,716
15,441
16,945
2.0
2.1
46.6
70.4
4.2
2.8
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,944
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
197
270
5,753
1,828
2,225
2.9
3.0
24.9
29.7
7.9
6.7
1.2
1.1
15.1
16.1
-
-
Federal Bank
Neutral
51
-
8,753
3,279
3,787
2.8
2.9
3.9
5.5
12.9
9.2
1.1
1.0
8.4
10.8
-
-
HDFC
Neutral
1,241
-
196,113
10,358
11,852
3.3
3.3
41.1
47.0
30.2
26.4
5.8
5.2
24.7
24.9
-
-
HDFC Bank
Accumulate
1,175
1,262
297,236
38,606
47,696
4.4
4.5
48.8
61.4
24.1
19.2
4.1
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
240
-
139,631
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.9
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
66
-
13,588
9,625
10,455
1.8
1.8
8.5
14.2
7.7
4.6
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
91
-
4,366
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
467
592
23,560
3,179
3,758
2.6
2.6
32.9
40.6
14.2
11.5
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
82
-
2,846
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
77
-
15,071
23,122
26,022
2.8
2.8
7.0
21.6
11.0
3.6
0.6
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
19
-
2,532
1,965
2,185
2.5
2.5
2.5
3.3
7.5
5.7
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
198
-
153,625
79,958
86,061
2.6
2.6
13.4
20.7
14.8
9.6
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
114
-
7,823
12,646
14,129
2.3
2.4
31.0
39.1
3.7
2.9
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
30
-
2,770
3,536
3,827
1.9
1.9
5.5
6.7
5.4
4.5
0.4
0.4
7.8
8.8
-
-
Yes Bank
Neutral
1,017
-
42,804
7,190
9,011
3.2
3.3
58.2
69.7
17.5
14.6
3.1
2.7
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,019
-
97,737
16,553
19,160
16.0
16.2
17.7
21.5
57.7
47.4
15.3
13.8
29.4
31.2
5.5
4.8
Britannia
Neutral
2,764
-
33,157
8,481
9,795
14.0
14.1
65.5
78.3
42.2
35.3
20.0
16.4
38.3
41.2
3.8
3.2
www.angelbroking.com
Stock Watch
June 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
Colgate
Neutral
849
-
23,101
4,136
4,632
22.5
23.3
22.2
25.3
38.3
33.6
23.3
20.7
68.6
67.5
5.5
4.9
Dabur India
Neutral
290
-
51,059
9,370
10,265
17.6
17.3
7.3
8.1
39.6
35.8
10.3
9.4
31.7
30.6
5.3
4.8
GlaxoSmith Con*
Accumulate
5,775
6,118
24,286
4,519
5,142
19.6
19.8
164.3
191.2
35.2
30.2
9.7
8.3
30.8
29.9
4.8
4.1
Godrej Consumer
Neutral
1,483
-
50,493
9,003
10,335
18.1
18.7
34.1
41.8
43.5
35.5
9.4
8.1
23.9
24.8
5.8
5.0
HUL
Neutral
855
-
184,984
33,299
35,497
17.1
17.1
18.9
20.0
45.2
42.7
22.9
26.3
87.6
80.8
5.3
5.0
ITC
Neutral
361
-
290,303
36,804
38,776
37.9
37.9
12.2
12.9
29.6
28.0
8.2
7.2
27.7
25.8
7.3
6.9
Marico
Neutral
252
-
32,448
6,151
6,966
17.2
17.3
5.4
6.4
46.6
39.3
14.6
11.5
33.2
32.4
5.1
4.5
Nestle*
Neutral
6,353
-
61,249
9,393
10,507
22.2
22.3
106.8
121.8
59.5
52.2
20.9
18.8
34.8
36.7
6.1
5.4
Tata Global
Buy
118
137
7,450
8,635
9,072
9.8
9.9
5.8
7.2
20.4
16.4
1.8
1.7
6.8
7.4
0.9
0.8
Procter & Gamble
Buy
6,215
7,369
20,174
2,588
2,939
23.3
23.2
130.2
146.2
47.7
42.5
95.2
91.3
27.6
25.3
7.3
6.4
Hygiene
IT
HCL Tech^
Buy
734
1,000
103,577
37,061
30,781
21.5
20.5
51.4
40.0
14.3
18.4
3.7
2.7
20.1
20.3
2.6
2.7
Infosys
Accumulate
1,256
1,374
288,600
62,441
70,558
27.5
27.5
59.0
65.3
21.3
19.2
4.3
3.9
22.2
22.4
4.0
3.5
TCS
Buy
2,632
3,004
518,587
108,646
122,770
28.3
28.3
123.7
141.0
21.3
18.7
7.0
6.5
33.1
34.6
4.2
3.7
Tech Mahindra
Neutral
540
-
52,362
26,524
29,177
16.2
17.0
28.8
33.6
18.7
16.1
3.6
3.1
19.3
19.1
1.7
1.5
Wipro
Buy
553
680
136,692
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.6
2.8
2.6
19.2
17.7
2.1
1.8
Media
D B Corp
Neutral
373
-
6,845
2,025
2,187
27.4
27.4
17.4
18.9
21.4
19.8
4.8
4.4
22.9
23.7
3.4
3.1
HT Media
Neutral
82
-
1,912
2,495
2,673
12.9
13.2
6.8
7.2
12.1
11.4
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
170
205
5,571
2,170
2,355
27.2
26.2
8.9
9.9
19.2
17.2
4.0
3.5
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
364
-
14,357
2,510
2,763
71.8
71.5
21.9
24.8
16.6
14.7
3.9
3.6
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
268
-
1,965
914
1,016
21.7
21.5
21.9
23.3
12.2
11.5
2.2
1.9
18.0
16.2
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
297
380
187,533
76,167
84,130
19.9
22.3
22.4
25.8
13.2
11.5
4.8
4.7
35.5
41.0
1.8
1.6
Hind. Zinc
Neutral
169
-
71,239
14,641
14,026
50.4
50.4
17.7
16.0
9.6
10.5
1.5
1.3
16.2
13.2
2.6
2.4
Hindalco
Neutral
103
-
21,280
104,356
111,186
8.7
9.5
6.7
11.1
15.3
9.3
0.6
0.5
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,375
-
33,244
42,308
45,147
16.4
20.7
(10.3)
49.5
27.8
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
87
-
34,334
8,237
10,893
46.6
44.5
10.0
11.7
8.7
7.4
1.0
0.9
12.5
13.0
4.0
3.1
SAIL
Neutral
42
-
17,284
45,915
53,954
7.2
10.5
1.5
4.4
27.8
9.6
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
105
-
31,144
71,445
81,910
26.2
26.3
12.9
19.2
8.2
5.5
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
332
-
32,259
126,760
137,307
8.9
11.3
6.4
23.1
52.2
14.4
1.1
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
144
-
26,904
11,323
12,490
49.4
51.0
20.7
20.7
6.9
7.0
0.5
0.4
6.4
6.1
1.5
0.8
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Stock Watch
June 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
GAIL
Neutral
372
-
47,124
64,856
70,933
9.1
9.6
24.0
28.9
15.5
12.9
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
210
-
179,965
154,564
145,998
36.8
37.4
20.8
22.6
10.1
9.3
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
272
-
20,430
29,691
31,188
5.8
6.2
12.8
13.4
21.3
20.3
3.2
2.8
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
421
455
102,120
359,607
402,760
5.9
6.1
42.5
48.7
9.9
8.6
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
953
1,150
308,992
304,775
344,392
12.6
13.4
91.3
102.6
10.5
9.3
1.2
1.1
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
543
-
10,245
3,274
3,802
26.9
19.4
35.0
28.7
15.5
18.9
6.9
5.2
55.6
31.2
3.1
2.6
Aurobindo Pharma
Accumulate
789
856
46,185
14,923
17,162
22.0
23.0
35.7
42.8
22.1
18.4
6.5
4.9
34.0
30.2
3.5
2.9
Aventis*
Accumulate
4,235
4,738
9,754
2,049
2,375
15.4
17.3
115.4
153.5
36.7
27.6
6.0
4.7
19.3
25.8
4.5
3.8
Cadila Healthcare
Buy
334
400
34,152
9,469
11,246
21.2
22.0
14.9
17.1
22.4
19.5
6.4
5.0
28.8
26.6
3.6
3.0
Cipla
Buy
465
605
37,385
13,979
16,447
20.2
18.6
25.7
27.5
18.1
16.9
3.0
2.5
17.6
16.1
2.7
2.2
Dr Reddy's
Accumulate
3,183
3,476
54,282
15,471
17,479
24.6
24.6
138.2
152.4
23.0
20.9
4.2
3.6
19.7
18.7
3.5
3.1
Dishman Pharma
Neutral
152
-
2,450
1,733
1,906
21.5
21.5
10.1
10.0
15.0
15.2
1.8
1.6
10.5
11.2
1.9
1.6
GSK Pharma*
Neutral
3,516
-
29,778
2,870
3,158
20.0
22.1
59.5
68.3
59.1
51.5
17.4
17.9
28.5
34.3
10.0
9.1
Indoco Remedies
Neutral
278
-
2,558
1,033
1,199
15.9
18.2
9.4
13.6
29.5
20.4
4.4
3.7
15.7
19.7
2.6
2.2
Ipca labs
Buy
423
750
5,343
3,363
3,909
12.9
18.6
13.4
28.0
31.6
15.1
2.3
2.0
7.4
14.0
1.9
1.6
Lupin
Buy
1,489
1,809
67,104
13,702
15,912
23.7
26.4
50.5
58.1
29.5
25.6
6.1
5.0
22.9
21.4
5.3
4.2
Sun Pharma
Buy
755
950
181,802
28,163
32,610
25.8
30.7
17.4
26.9
43.4
28.1
4.1
3.6
13.0
16.6
6.0
5.0
Power
Tata Power
Neutral
73
-
19,676
35,923
37,402
22.6
22.8
4.1
5.2
17.9
14.1
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
145
-
119,229
87,271
99,297
23.5
23.5
11.8
13.3
12.3
10.9
1.4
1.3
11.5
12.2
2.4
2.1
Power Grid
Accumulate
149
170
77,925
20,702
23,361
86.7
86.4
12.1
13.2
12.3
11.3
1.8
1.6
15.6
15.1
8.7
8.1
Real Estate
MLIFE
Buy
443
554
1,819
826
1,133
20.1
21.8
22.6
30.7
19.6
14.4
1.2
1.1
6.0
7.4
4.1
2.8
Telecom
Bharti Airtel
Neutral
363
-
145,026
101,748
109,191
32.1
31.7
12.0
12.5
30.2
29.0
2.1
2.0
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
117
-
42,252
34,282
36,941
32.0
31.5
5.9
6.2
19.9
18.9
1.8
1.7
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,656
-
9,894
2,715
3,153
14.5
14.1
134.3
152.2
34.7
30.6
8.7
7.1
27.4
25.6
3.4
2.9
Bajaj Electricals
Neutral
228
-
2,303
4,719
5,287
5.2
5.8
8.6
12.7
26.7
18.0
3.0
2.7
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
350
-
5,353
2,520
2,883
12.2
12.0
12.7
14.2
27.6
24.7
3.8
3.3
13.6
13.5
1.9
1.6
Goodyear India*
Buy
510
582
1,176
1,800
1,600
11.7
11.5
58.7
52.9
8.7
9.6
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,279
-
3,476
1,779
2,081
7.8
8.8
21.8
33.4
58.6
38.2
9.5
7.7
17.4
22.1
2.0
1.7
Jyothy Laboratories
Neutral
280
-
5,067
1,620
1,847
11.5
11.5
7.3
8.5
38.4
33.0
5.0
4.6
13.3
14.4
3.0
2.6
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Stock Watch
June 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
MRF
Buy
33,326
45,575
14,134
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.1
8.8
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
14,280
-
15,928
1,929
2,450
19.8
20.1
229.9
299.0
62.1
47.8
27.4
19.1
52.1
47.1
8.0
6.3
Relaxo Footwears
Neutral
451
-
5,415
1,767
2,152
12.3
12.5
19.3
25.1
23.4
18.0
5.8
4.4
27.7
27.8
3.1
2.5
Siyaram Silk Mills
Buy
1,011
1,354
948
1,636
1,815
11.5
11.5
89.9
104.1
11.3
9.7
1.9
1.6
17.9
17.8
0.7
0.7
Styrolution ABS India* Neutral
595
-
1,046
1,271
1,440
8.6
9.2
32.0
41.1
18.6
14.5
1.9
1.7
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,348
2,932
1,798
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
272
310
1,968
2,123
2,384
16.1
16.5
15.0
18.9
18.1
14.4
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
242
-
3,503
2,403
2,554
8.6
9.9
9.2
10.5
26.4
23.1
2.5
2.4
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
449
546
542
511
615
21.7
21.6
43.1
55.8
10.4
8.1
1.9
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
134
-
957
1,208
1,353
11.0
12.3
10.8
14.5
12.4
9.2
1.4
1.3
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
143
-
88
1,040
1,137
3.2
3.1
25.7
28.0
5.6
5.1
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,215
-
1,813
1,871
2,031
10.7
10.5
63.2
69.8
19.2
17.4
3.1
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
139
162
221
1,020
1,120
8.7
9.1
13.9
20.1
10.0
6.9
0.6
0.6
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
284
-
2,162
2,830
3,350
8.8
9.0
14.4
18.3
19.8
15.5
3.1
2.7
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
58
-
635
1,359
1,482
10.3
13.7
0.8
3.9
72.5
15.0
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
151
201
663
2,992
3,223
8.1
8.4
14.7
18.3
10.3
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
182
-
725
286
366
18.3
17.7
7.7
9.4
23.6
19.4
5.0
4.4
20.2
21.1
2.5
1.9
Radico Khaitan
Buy
87
125
1,157
1,543
1,659
12.6
13.0
5.8
6.3
15.1
13.7
1.3
1.2
8.5
8.6
1.2
1.1
Garware Wall Ropes
Buy
355
473
777
862
974
11.2
11.2
24.9
29.6
14.3
12.0
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
381
-
2,154
206
308
44.0
43.6
9.0
12.9
42.4
29.6
5.8
5.2
13.7
17.8
10.3
6.8
Linc Pen & Plastics
Neutral
210
-
310
340
371
8.3
8.9
10.8
13.2
19.4
15.9
3.1
2.7
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
172
-
688
222
287
20.5
20.5
5.6
7.6
30.4
22.7
5.7
4.7
18.9
20.8
3.1
2.4
Interglobe Aviation
Neutral
1,024
-
36,899
17,022
21,122
20.7
14.5
63.9
53.7
16.0
19.1
24.0
19.7
149.9
103.2
2.3
1.8
Coffee Day Enterprises
Neutral
265
-
5,458
2,692
2,964
17.0
18.6
-
4.7
-
55.9
3.2
3.1
0.2
5.5
2.4
2.3
Ltd
Navneet Education
Neutral
87
-
2,067
998
1,062
24.1
24.0
5.8
6.1
15.1
14.2
3.3
2.9
22.0
20.6
2.2
2.0
Navkar Corporation
Buy
196
265
2,789
365
436
38.3
37.5
5.6
5.9
34.7
33.3
2.2
2.0
6.3
6.1
8.6
7.4
UFO Moviez
Neutral
522
-
1,439
558
619
32.0
33.2
22.5
30.0
23.2
17.4
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
275
-
2,507
1,725
1,902
16.5
16.7
12.2
14.6
22.6
18.9
4.7
4.1
20.8
21.9
1.6
1.4
Team Lease Serv.
Neutral
914
-
1,563
2,565
3,229
1.3
1.5
15.2
22.8
60.3
40.2
4.8
4.3
8.0
10.7
0.5
0.4
www.angelbroking.com
Stock Watch
June 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
S H Kelkar & Co.
Neutral
216
-
3,127
928
1,036
15.3
15.1
4.9
6.1
43.8
35.4
4.1
3.8
9.4
10.7
3.3
2.9
Quick Heal
Neutral
236
-
1,654
339
408
27.8
27.3
7.1
7.7
33.4
30.5
2.8
2.8
8.5
9.3
3.6
3.1
Narayana Hrudaya
Neutral
311
-
6,349
1,603
1,873
10.9
11.5
1.0
2.6
326.2
117.5
7.9
7.2
2.4
6.1
4.2
3.5
Manpasand Bever.
Neutral
544
-
2,721
540
836
19.9
19.6
10.2
16.9
53.1
32.2
4.3
3.9
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 01, 2016
www.angelbroking.com
Market Outlook
June 02, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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