Market Outlook
June 07, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian Markets are expected to open in green tracking SGX Nifty & Global Markets.
BSE Sensex
(0.2)
(66)
26,777
U.S. stocks closed higher on Monday, with energy stock leading as oil rose, after
Nifty
(0.2)
(20)
8,201
comments from Fed remained positive on economy, while omitting specific reference
Mid Cap
(0.1)
(11)
11,384
to the timing of rate hike. Dow Jones was up 113pts higher, off the session highs,
Small Cap
0.2
24
11,173
with 3.6% rise seen in Boeing stock on potential 100 jet order from Iran Air. S&P
Bankex
(0.1)
(14)
20,206
500 closed at its highest since Nov. 3 and 1.1% below its 52-week intraday high set
last July. Energy jumped about 2% in its best day since April, as U.S. crude oil
futures settled at their highest since July.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.6
113
17,920
U.K. stocks climbed up, led by gains seen across mining shares, while the pound
touched 3-week low after polls showed the “Brexit” campaign gaining ground.
Nasdaq
0.5
26
4,969
Shares in Anglo American jumped 11% and Glencore was 6.2% higher. Mining
FTSE
1.0
64
6,273
shares were lifted by rising metal prices, which were boosted by the fall in the value
Nikkei
(0.4)
(62)
16,580
of the dollar following Friday's weaker-than-expected US jobs figures.
Hang Seng
0.4
83
21,030
Post consolidation, the Indian equity benchmarks ended marginally lower on
Shanghai Com
(0.2)
(5)
2,934
Monday due to profit booking after rising ~6% in the last 2 weeks. Private Banks,
Pharma and Telecom stocks ended in green whereas PSU banks and select Infra
Advances / Declines
BSE
NSE
stocks gained. Reserve Bank of India is expected to announce its monetary policy
review on Tuesday, which is expected to be non-event as policy rates would be kept
Advances
1,188
726
unchanged.
Declines
1,464
843
Unchanged
133
63
News Analysis
NBCC reports `1,900cr of orders in May-16
Volumes (` Cr)
Govt to develop 6 bulk drugs, medical devices parks
Detailed analysis on Pg2
BSE
3,097
NSE
15,099
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Net Inflows (` Cr)
Net
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
FII
1,612
2,558
16,927
Refer Pg4 onwards
MFs
(154)
(342)
9,089
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Top Gainers
Price (`)
Chg (%)
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
838
1,076
28.4
Ktkbank
135
7.5
HCL Tech
IT
Buy
725
1,000
38.0
Muthootfin
271
7.0
LIC Housing
Financials
Buy
467
592
26.6
Ptc
73
6.7
Bharat Electronics
Capital Goods
Buy
1,186
1,414
19.2
Alstomt&D
360
5.4
Navkar Corporation Others
Buy
197
265
34.2
Federalbnk
54
5.1
More Top Picks on Pg3
Top Losers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Redington
102
(8.4)
Reading
Expectations
Rajeshexpo
492
(6.6)
June 07 India
RBI Repo rate
6.5
6.5
Bfutilitie
504
(4.0)
June 07 India
RBI Reverse Repo rate
6.0
6.0
Fincables
336
(3.5)
June 08 UK
Industrial Production (YoY)
(0.20)
(0.40)
Glenmark
782
(3.5)
June 08 China
Consumer price Index (YoY)
2.30
2.20
6.(
As on June 6, 2016
More Events on Pg4
Market Outlook
June 07, 2016
NBCC reports `1,900cr of orders in May-16
National Buildings Construction Corporation Limited (NBCC) has informed that it
has secured businesses worth `1,900.79cr in May-16. These order wins are in
continuation to last year’s big ticket order wins, which include re-development of
exhibition centre of India Trade Promotion Organisation (ITPO) for `2,149cr and
AIIMS redevelopment works project worth `5,828cr.
NBCC is also expected to get 3 re-development projects of government properties
worth ~`25,000cr in the Delhi NCR region in the next 2-3 months.
Our View: NBCC reported an order book of over `37,000cr at 4QFY2016-end.
Considering bid pipeline for re-development works from Delhi and other state
governments, and with ‘Smart City’ projects to take-off shortly, we expect NBCC’s
order-book to grow 1.6x during FY2016-18E to `59,710cr.
We expect NBCC to report
27.9% revenue CAGR during FY2016-18E (to
`9,549cr), mainly driven by 30.9% revenue CAGR from PMC segment, where re-
development projects would contribute the maximum. We expect NBCC to report
53.2% EBITDA CAGR during the same period, led by increased contribution from
PMC segment, which is likely to experience margin expansion. Owing to lower
other income growth assumption, we expect NBCC to report 45.5% PAT CAGR
during FY2016-18E to `659cr.
We have a strong positive view on NBCC, given its growth prospects as reflected
by its strong order book of `37,000cr (6.3x OB to LTM revenues). Also, emerging
opportunities in re-development space, government’s initiative of developing
‘Smart Cities’, and the company’s cash rich status, should aid its growth. On
assigning 20.0x P/E multiple to our FY2018E EPS of `11.0/share, we arrive at a
price target of `220. Given the limited upside, we recommend Accumulate on the
stock.
Govt to develop 6 bulk drugs, medical devices parks
In order to reduce import costs, Government has decided to establish 3 bulk drugs
and 3 Medical Devices parks, which will entail combined investment of `60,000cr.
As per estimates, once these parks become operational, they can bring down the
cost of production of devices and bulk drugs by at least 30% and in this long-run
this initiative is expected to help general public too.
Currently ~80% of total requirement of bulk drugs and 65% of total demand of
medical devices is met through imports. These parks will be established on the
public private partnership (PPP) mode and centre is in talks with various states for
setting up of these parks. As a government initiative, government could consider
one-time financial support for these bulk drug parks.
These bulk drug and medical devices parks will have common facilities like testing,
power and effluent treatment plants. Also, there will be common utilities and
services such as storage, testing laboratories, IPR management, designing and
guest house/accommodation, maintained by a separate special purpose vehicle.
Department of Pharmaceuticals has already moved an updated cabinet note on
policy for bulk drugs which is under circulation.
Market Outlook
June 07, 2016
In long-run this development could benefit general public, but in the immediate
future, we see this development to be positive for Infra Asset developers.
Experienced it needs to be seen if Asset developers like Ramky Infra, HBS Realtors
who have experience of developing Pharma SEZ’s would participate in any such
initiative or not, given their stretched Balance Sheets. On a whole, `60,000cr of
opportunity opens up for the Infra Asset Developers.
Economic and Political News
NPPA cuts prices of major drugs by 25%
May steel imports lowest in at least 14 months
China's aluminium output data fail to carry conviction
Switzerland backs India's bid for NSG membership
Corporate News
Tata-JLR's joint project Q5 to develop new SUV
Essar steel gets 2 weeks to make repayment plan
Tilaknagar's Andhra expansion plans gets HC breather
HDIL to garner `750cr from Mumbai land deals
NTPC to revisit its core business plan
ICICI Bank to raise `25k cr through NCDs in FY17
Market Outlook
June 07, 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
14,311
838
1,076
28.4
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
28,472
1,186
1,414
19.2
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,02,230
725
1,000
38.0
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,96,173
1,171
1,262
7.8
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
2,91,046
1,267
1,374
8.4
to be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
23,585
467
592
26.6
improvement in asset quality. Expect LICHF to 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
11,484
191
220
14.9
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
11,020
333
407
22.2
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,223
220
268
21.7
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
3,835
426
495
16.1
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,727
196
270
37.6
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,859
175
235
34.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,321
71
93
31.8
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
5,589
171
205
19.9
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,819
443
554
24.9
visibility in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,816
197
265
34.2
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,158
87
125
43.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
984
1,050
1,347
28.3
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
June 07, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
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 Cash Reserve ratio
%
Jun 7
4.00
4.00
11:00AM
India
RBI Repo rate
%
Jun 7
6.50
6.50
Jun 8, 2016
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(0.20)
(0.40)
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.30
2.20
Jun 9, 2016
China
Exports YoY%
% Change
May
(1.80)
(4.00)
6:00PM
US
Initial Jobless claims
Thousands
Jun 4
267.00
270.00
Jun 10, 2016
India
Imports YoY%
% Change
May
(23.10)
--
India
Exports YoY%
% Change
May
(6.70)
--
5:30PM
India
Industrial Production YoY
% Change
Apr
0.10
(0.60)
Jun 12, 2016
11:00AM
China
Industrial Production (YoY)
% Change
May
6.00
6.00
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
(0.10)
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
May F
(0.10)
--
Jun 16, 2016
11:30PM
US
FOMC rate decision
%
Jun 15
0.50
0.50
6:00PM
US
Consumer price index (mom)
% Change
May
0.40
0.20
4:30PM
UK
BOE Announces rates
% Ratio
Jun 16
0.50
--
Jun 17, 2016
6:00PM
US
Housing Starts
Thousands
May
1,172.00
1,164.00
6:00PM
US
Building permits
Thousands
May
1,130.00
1,145.00
Jun 22, 2016
7:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Jun A
(7.00)
--
7:30PM
US
Existing home sales
Million
May
5.45
--
Source: Bloomberg, Angel Research
Market Outlook
June 07, 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
-
4.0
(2.0)
(0.9)
(1.5)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
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
Market Outlook
June 07, 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
Market Outlook
June 07, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,432
(4.0)
6.9
(6.6)
Russia
Micex
1,916
(0.5)
4.5
16.9
India
Nifty
8,201
6.0
17.4
(2.8)
China
Shanghai Composite
2,934
0.6
1.1
(36.5)
South Africa
Top 40
47,822
4.8
7.2
4.9
Mexico
Mexbol
45,858
1.6
2.5
2.9
Indonesia
LQ45
841
1.6
(0.6)
(7.5)
Malaysia
KLCI
1,649
0.2
(2.9)
(5.4)
Thailand
SET 50
921
3.3
8.2
(6.9)
USA
Dow Jones
17,920
1.5
5.4
0.9
UK
FTSE
6,273
2.6
2.1
(7.1)
Japan
Nikkei
16,580
2.7
3.1
(19.0)
Germany
DAX
10,121
3.0
3.8
(10.2)
France
CAC
4,423
2.4
(0.7)
(8.1)
Source: Bloomberg, Angel Research
Stock Watch
June 07, 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
216
-
4,205
1,612
1,911
13.3
13.3
7.4
9.5
29.2
22.8
4.7
4.2
16.7
18.4
2.6
2.2
United Phosphorus
Accumulate
612
684
26,235
13,083
15,176
18.5
18.5
31.5
37.4
19.4
16.4
3.9
3.2
21.4
21.4
2.2
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
105
-
29,924
17,995
21,544
11.4
11.6
3.4
4.7
30.9
22.4
5.4
5.0
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,633
-
76,198
22,709
25,860
20.9
20.1
129.0
143.6
20.4
18.3
6.3
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Buy
741
875
17,238
7,351
8,318
19.9
19.7
31.2
36.5
23.7
20.3
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,995
20,044
51,593
15,556
16,747
15.5
17.3
464.8
597.5
40.9
31.8
14.9
11.0
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
90
101
1,291
1,415
1,544
8.7
9.0
4.6
5.4
19.5
16.6
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,102
-
61,943
28,244
30,532
15.5
15.9
156.7
168.5
19.8
18.4
7.9
6.7
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
161
-
1,288
1,281
1,473
11.2
11.5
7.6
9.2
21.2
17.5
5.4
4.4
25.4
25.2
1.1
0.9
L G Balakrishnan & Bros Neutral
455
-
714
1,254
1,394
11.6
11.8
35.9
41.7
12.7
10.9
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,370
-
85,065
38,416
42,904
13.7
13.9
54.8
63.4
25.0
21.6
3.9
3.4
15.4
15.8
1.8
1.6
Maruti
Neutral
4,135
-
124,915
57,865
68,104
16.4
16.7
176.3
225.5
23.5
18.3
4.6
3.9
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,170
-
1,856
2,523
2,890
8.7
9.0
55.0
65.4
21.3
17.9
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
280
313
37,077
39,343
45,100
8.8
9.1
10.1
12.5
27.8
22.4
8.8
6.9
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
381
465
301
454
511
11.5
12.0
25.2
31.0
15.1
12.3
2.3
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
39
-
527
594
741
12.7
13.7
1.7
3.2
23.2
12.3
2.4
2.1
10.4
16.9
1.3
1.1
Tata Motors
Neutral
461
-
133,028
259,686
273,957
13.0
13.4
25.9
29.5
17.8
15.6
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
295
330
14,036
11,263
13,122
6.9
8.5
9.2
15.0
32.1
19.7
7.3
5.8
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
838
1,076
14,311
4,690
5,429
17.5
17.5
28.5
35.3
29.5
23.7
6.8
5.6
23.1
25.9
3.0
2.6
Exide Industries
Neutral
162
-
13,732
6,950
7,784
14.4
14.8
6.6
7.3
24.5
22.1
3.1
2.8
12.6
12.8
1.6
1.5
Apollo Tyres
Buy
152
183
7,719
12,056
12,714
17.2
16.4
23.0
20.3
6.6
7.5
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
903
1,119
3,651
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
0.6
JK Tyres
Neutral
86
-
1,949
7,446
7,669
15.2
14.0
19.6
18.4
4.4
4.7
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,099
-
1,365
552
630
14.2
14.7
44.6
54.1
24.6
20.3
5.7
5.2
23.2
25.6
2.3
2.0
Subros
Neutral
93
-
559
1,293
1,527
11.8
11.9
4.2
6.7
22.2
13.9
1.7
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
190
-
499
283
329
17.0
17.2
13.0
15.4
14.7
12.3
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
40
-
396
660
839
4.7
8.2
1.0
3.9
40.1
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
835
1,157
3,476
3,277
4,006
6.0
8.9
36.2
64.3
23.1
13.0
1.6
1.5
5.7
11.7
1.1
0.9
Bharat Electronics
Buy
1,186
1,414
28,472
7,295
8,137
20.0
16.8
56.5
58.7
21.0
20.2
3.1
2.8
42.1
44.6
3.0
2.5
Stock Watch
June 07, 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
11,020
5,857
6,511
7.5
7.9
11.7
12.9
28.5
25.8
4.7
4.1
17.1
16.7
1.9
1.7
BGR Energy
Neutral
116
-
834
3,615
3,181
9.5
9.4
16.7
12.4
6.9
9.3
0.7
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
118
-
28,894
33,722
35,272
10.8
11.7
10.5
14.2
11.2
8.3
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Buy
426
495
3,835
3,770
4,351
5.7
6.4
11.4
17.2
37.3
24.8
5.8
5.4
18.4
23.1
1.0
0.9
Crompton Greaves
Neutral
71
-
4,422
13,484
14,687
4.9
6.2
4.5
7.1
15.7
9.9
1.1
1.0
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
137
-
3,343
1,655
1,755
16.6
16.8
7.4
7.8
18.5
17.6
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
214
286
4,753
4,406
5,605
15.5
15.7
20.4
24.8
10.5
8.6
2.4
1.8
27.9
25.9
1.3
1.0
KEC International
Neutral
136
-
3,496
8,791
9,716
6.1
6.8
5.4
8.2
25.2
16.6
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
760
-
9,051
6,413
7,525
7.4
8.5
30.5
39.3
24.9
19.3
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
608
-
3,315
2,722
3,336
7.9
8.1
19.5
24.6
31.2
24.7
3.3
2.9
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,537
-
28,851
13,151
14,757
16.4
18.3
63.9
83.4
24.1
18.4
3.1
2.8
13.3
16.1
2.0
1.7
Ambuja Cements
Neutral
229
-
35,569
11,564
12,556
19.4
20.7
8.9
10.1
25.8
22.7
3.2
3.1
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
107
-
2,421
1,772
1,926
13.3
15.4
1.0
3.0
106.9
35.6
2.7
2.5
2.6
7.9
1.9
1.7
India Cements
Neutral
97
-
2,966
4,216
4,840
18.0
19.5
4.0
9.9
24.1
9.8
1.0
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
622
-
4,346
3,661
4,742
10.1
15.8
7.5
28.5
82.9
21.8
2.5
2.2
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
337
-
3,965
2,947
3,616
16.7
19.9
11.5
27.2
29.3
12.4
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
268
-
716
1,053
1,347
10.5
13.3
8.4
26.0
31.9
10.3
1.4
1.2
4.3
12.5
1.1
0.8
Orient Cement
Neutral
165
-
3,374
1,854
2,524
21.2
22.2
7.7
11.1
21.4
14.8
3.1
2.7
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
503
-
11,975
4,036
4,545
20.8
21.3
15.1
18.8
33.3
26.8
4.1
3.6
12.9
14.3
3.5
3.0
Shree Cement^
Neutral
13,889
-
48,386
7,150
8,742
26.7
28.6
228.0
345.5
60.9
40.2
9.0
7.5
15.7
20.3
6.4
5.1
UltraTech Cement
Neutral
3,229
-
88,609
24,669
29,265
18.2
20.6
82.0
120.0
39.4
26.9
4.2
3.7
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
71
93
2,321
7,360
8,682
34.0
32.2
7.0
8.6
10.1
8.2
0.3
0.3
3.2
2.5
3.7
3.5
KNR Constructions
Neutral
572
-
1,607
937
1,470
14.3
14.0
44.2
38.6
12.9
14.8
2.6
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Buy
1,468
1,700
136,803
58,870
65,708
8.3
10.3
42.0
53.0
35.0
27.7
2.4
2.2
8.8
11.2
2.5
2.3
Gujarat Pipavav Port
Neutral
159
-
7,704
629
684
51.0
52.2
6.4
5.9
24.9
27.0
3.3
3.0
15.9
12.7
11.8
10.7
MBL Infrastructures
Buy
120
285
498
2,313
2,797
12.2
14.6
19.0
20.0
6.3
6.0
0.7
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
72
-
4,014
7,892
8,842
8.8
9.1
3.0
5.3
24.1
13.6
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Neutral
558
-
2,863
1,873
2,288
13.2
13.5
24.0
32.0
23.3
17.4
2.3
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
262
-
1,294
5,955
6,829
10.3
10.5
16.0
31.0
16.4
8.4
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
June 07, 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
584
-
859
1,539
1,801
12.8
12.7
59.0
72.1
9.9
8.1
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
282
298
4,830
3,186
3,598
10.2
10.3
8.0
9.0
35.2
31.3
3.3
2.9
9.4
9.9
1.8
1.6
NBCC
Accumulate
191
220
11,484
5,838
7,428
6.0
7.9
5.2
8.2
36.8
23.3
1.2
0.9
21.9
28.2
1.8
1.3
MEP Infra
Neutral
37
-
597
1,956
1,876
28.1
30.5
1.3
3.0
28.2
12.2
5.9
4.0
21.2
32.8
1.7
1.7
SIPL
Neutral
96
-
3,392
675
1,042
62.4
64.7
-
-
3.6
4.1
-
-
16.7
11.3
Engineers India
Neutral
190
-
6,390
1,667
1,725
13.5
16.0
9.7
11.4
19.6
16.6
2.3
2.2
11.7
13.4
2.7
2.7
Financials
Allahabad Bank
Neutral
51
-
3,713
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
534
-
127,368
26,204
29,738
3.6
3.5
34.5
35.4
15.5
15.1
2.4
2.2
16.8
14.9
-
-
Bank of Baroda
Neutral
143
-
32,938
18,802
21,088
2.0
2.2
(7.4)
13.0
11.0
1.1
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
84
-
7,888
15,972
17,271
1.9
2.0
15.3
33.4
5.5
2.5
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
194
-
10,545
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
-
1,947
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
196
270
5,727
1,828
2,225
2.9
3.0
24.9
29.7
7.9
6.6
1.2
1.1
15.1
16.1
-
-
Equitas Holdings
Buy
175
235
5,859
679
1,076
12.4
11.7
6.2
6.7
28.2
26.1
3.5
2.6
13.3
12.5
-
-
Federal Bank
Neutral
54
-
9,226
3,279
3,787
2.8
2.9
3.9
5.5
13.6
9.7
1.1
1.0
8.4
10.8
-
-
HDFC
Neutral
1,252
-
197,749
10,358
11,852
3.3
3.3
41.1
47.0
30.5
26.6
5.8
5.3
24.7
24.9
-
-
HDFC Bank
Accumulate
1,171
1,262
296,173
38,606
47,696
4.4
4.5
48.8
61.4
24.0
19.1
4.1
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
243
-
141,521
34,279
39,262
3.3
3.3
21.0
24.4
11.6
10.0
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
65
-
13,351
9,625
10,455
1.8
1.8
8.5
14.2
7.6
4.6
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
95
-
4,565
6,160
6,858
2.5
2.5
24.5
29.8
3.9
3.2
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
467
592
23,585
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
83
-
2,875
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
-
15,120
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
20
-
2,653
1,965
2,185
2.5
2.5
2.5
3.3
7.9
6.0
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
199
-
154,518
79,958
86,061
2.6
2.6
13.4
20.7
14.9
9.6
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
116
-
7,981
12,646
14,129
2.3
2.4
31.0
39.1
3.8
3.0
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,858
3,536
3,827
1.9
1.9
5.5
6.7
5.5
4.6
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
1,063
-
44,719
7,190
9,011
3.2
3.3
58.2
69.7
18.3
15.3
3.3
2.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,025
-
98,327
15,534
17,445
17.7
16.8
18.4
19.6
55.8
52.3
19.7
18.6
34.6
35.6
6.2
5.5
Stock Watch
June 07, 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
Britannia
Neutral
2,772
-
33,251
8,481
9,795
14.0
14.1
65.5
78.3
42.3
35.4
20.0
16.4
38.3
41.2
3.8
3.3
Colgate
Neutral
855
-
23,252
4,136
4,632
22.5
23.3
22.2
25.3
38.5
33.8
23.4
20.9
68.6
67.5
5.6
5.0
Dabur India
Neutral
303
-
53,337
9,370
10,265
17.6
17.3
7.3
8.1
41.3
37.4
10.7
9.8
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Accumulate
5,701
6,118
23,976
4,519
5,142
19.6
19.8
164.3
191.2
34.7
29.8
9.6
8.2
30.8
29.9
4.7
4.1
Godrej Consumer
Neutral
1,527
-
52,010
9,003
10,335
18.1
18.7
34.1
41.8
44.8
36.5
9.7
8.3
23.9
24.8
6.1
5.3
HUL
Neutral
879
-
190,221
33,299
35,497
17.1
17.1
18.9
20.0
46.5
44.0
40.8
35.5
87.6
80.8
5.6
5.2
ITC
Accumulate
356
380
286,320
36,837
39,726
38.8
38.7
12.2
13.5
29.1
26.4
8.1
7.1
27.8
26.9
7.2
6.7
Marico
Neutral
256
-
33,061
6,151
6,966
17.2
17.3
5.4
6.4
47.5
40.0
14.9
11.8
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,459
-
62,278
9,393
10,507
22.2
22.3
106.8
121.8
60.5
53.0
21.3
19.1
34.8
36.7
6.2
5.6
Tata Global
Accumulate
119
137
7,529
8,635
9,072
9.8
9.9
5.8
7.2
20.6
16.6
1.8
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,195
7,369
20,110
2,588
2,939
23.3
23.2
130.2
146.2
47.6
42.4
94.9
91.0
27.6
25.3
7.4
6.4
Hygiene
IT
HCL Tech^
Buy
725
1,000
102,230
37,061
30,781
21.5
20.5
51.4
40.0
14.1
18.1
3.6
2.7
20.1
20.3
2.5
2.7
Infosys
Accumulate
1,267
1,374
291,046
62,441
70,558
27.5
27.5
59.0
65.3
21.5
19.4
4.3
3.9
22.2
22.4
4.1
3.5
TCS
Accumulate
2,611
3,004
514,548
108,646
122,770
28.3
28.3
123.7
141.0
21.1
18.5
7.0
6.4
33.1
34.6
4.3
3.7
Tech Mahindra
Buy
540
700
52,352
26,494
30,347
16.3
17.0
32.2
37.5
16.8
14.4
3.6
3.1
21.7
21.8
1.8
1.5
Wipro
Buy
536
680
132,418
50,808
56,189
23.7
23.8
37.3
40.7
14.4
13.2
2.7
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Neutral
388
-
7,132
2,025
2,187
27.4
27.4
17.4
18.9
22.3
20.6
5.0
4.6
22.9
23.7
3.4
3.1
HT Media
Neutral
80
-
1,864
2,495
2,673
12.9
13.2
6.8
7.2
11.8
11.1
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
171
205
5,589
2,107
2,355
33.5
28.0
10.1
10.8
17.0
15.8
4.0
3.4
23.3
21.7
2.7
2.4
Sun TV Network
Neutral
363
-
14,311
2,510
2,763
71.8
71.5
21.9
24.8
16.6
14.6
3.9
3.6
22.8
24.3
5.2
4.7
Hindustan Media
Neutral
271
-
1,992
914
1,016
21.7
21.5
21.9
23.3
12.4
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
306
380
193,186
76,167
84,130
19.9
22.3
22.4
25.8
13.6
11.8
4.9
4.8
35.5
41.0
1.9
1.7
Hind. Zinc
Neutral
170
-
71,725
14,641
14,026
50.4
50.4
17.7
16.0
9.6
10.6
1.5
1.3
16.2
13.2
2.5
2.3
Hindalco
Neutral
107
-
22,064
104,356
111,186
8.7
9.5
6.7
11.1
15.9
9.7
0.6
0.6
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,369
-
33,087
42,308
45,147
16.4
20.7
(10.3)
49.5
27.7
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
90
-
35,742
8,237
10,893
46.6
44.5
10.0
11.7
9.1
7.7
1.0
0.9
12.5
13.0
4.1
3.1
SAIL
Neutral
41
-
17,099
45,915
53,954
7.2
10.5
1.5
4.4
27.5
9.5
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
106
-
31,500
71,445
81,910
26.2
26.3
12.9
19.2
8.3
5.5
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
338
-
32,798
126,760
137,307
8.9
11.3
6.4
23.1
53.1
14.6
1.1
1.0
2.0
7.1
0.8
0.8
Stock Watch
June 07, 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
Cairn India
Neutral
140
-
26,323
11,323
12,490
49.4
51.0
20.7
20.7
6.8
6.8
0.4
0.4
6.4
6.1
1.4
0.8
GAIL
Neutral
375
-
47,530
64,856
70,933
9.1
9.6
24.0
28.9
15.6
13.0
1.3
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
211
-
180,606
154,564
145,998
36.8
37.4
20.8
22.6
10.2
9.3
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
270
-
20,250
29,691
31,188
5.8
6.2
12.8
13.4
21.1
20.1
3.2
2.8
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
418
455
101,561
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
956
1,150
309,834
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
558
-
10,521
3,274
3,802
26.9
19.4
35.0
28.7
16.0
19.5
7.1
5.3
55.6
31.2
3.2
2.7
Aurobindo Pharma
Accumulate
779
856
45,602
14,923
17,162
22.0
23.0
35.7
42.8
21.8
18.2
6.4
4.8
34.0
30.2
3.5
3.0
Aventis*
Accumulate
4,349
4,738
10,015
2,049
2,375
15.4
17.3
115.4
153.5
37.7
28.3
6.2
4.8
19.3
25.8
4.6
3.9
Cadila Healthcare
Buy
323
400
33,052
9,469
11,246
21.2
22.0
14.9
17.1
21.7
18.9
6.2
4.9
28.8
26.6
3.4
2.9
Cipla
Buy
468
605
37,570
13,979
16,447
20.2
18.6
25.7
27.5
18.2
17.0
3.0
2.6
17.6
16.1
2.7
2.2
Dr Reddy's
Accumulate
3,152
3,476
53,751
15,471
17,479
24.6
24.6
138.2
152.4
22.8
20.7
4.2
3.6
19.7
18.7
3.4
3.0
Dishman Pharma
Neutral
152
-
2,460
1,733
1,906
21.5
21.5
10.1
10.0
15.1
15.2
1.8
1.6
10.5
11.2
1.9
1.7
GSK Pharma*
Neutral
3,522
-
29,833
2,870
3,158
20.0
22.1
59.5
68.3
59.2
51.6
17.5
17.9
28.5
34.3
9.9
9.1
Indoco Remedies
Neutral
283
-
2,609
1,033
1,199
15.9
18.2
9.4
13.6
30.1
20.8
4.5
3.8
15.7
19.7
2.6
2.3
Ipca labs
Buy
406
750
5,121
3,363
3,909
12.9
18.6
13.4
28.0
30.3
14.5
2.2
1.9
7.4
14.0
1.9
1.6
Lupin
Buy
1,419
1,809
63,947
13,702
15,912
23.7
26.4
50.5
58.1
28.1
24.4
5.8
4.8
22.9
21.4
5.2
4.2
Sun Pharma
Buy
726
950
174,714
28,163
32,610
25.8
30.7
17.4
26.9
41.7
27.0
4.0
3.4
13.0
16.6
5.8
4.8
Power
Tata Power
Neutral
74
-
20,068
35,923
37,402
22.6
22.8
4.1
5.2
18.3
14.4
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
147
-
121,291
87,271
99,297
23.5
23.5
11.8
13.3
12.5
11.1
1.4
1.3
11.5
12.2
2.4
2.2
Power Grid
Accumulate
149
170
78,029
20,702
23,361
86.7
86.4
12.1
13.2
12.4
11.3
1.8
1.6
15.6
15.1
8.7
8.1
Real Estate
MLIFE
Buy
443
554
1,819
826
1,011
20.1
21.9
22.7
30.7
19.5
14.4
1.2
1.1
6.0
7.4
4.1
3.1
Telecom
Bharti Airtel
Neutral
349
-
139,429
101,748
109,191
32.1
31.7
12.0
12.5
29.1
27.9
2.0
1.9
6.9
6.7
2.0
1.9
Idea Cellular
Neutral
106
-
38,220
34,282
36,941
32.0
31.5
5.9
6.2
18.0
17.1
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,547
-
9,662
2,715
3,153
14.5
14.1
134.3
152.2
33.9
29.9
8.5
7.0
27.4
25.6
3.3
2.8
Bajaj Electricals
Buy
220
268
2,223
4,612
5,351
5.6
5.7
23.4
18.0
9.4
12.3
2.9
2.6
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
343
-
5,238
2,520
2,883
12.2
12.0
12.7
14.2
27.0
24.1
3.7
3.3
13.6
13.5
1.9
1.6
Goodyear India*
Accumulate
518
582
1,194
1,800
1,600
11.7
11.5
58.7
52.9
8.8
9.8
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,225
-
3,330
1,779
2,081
7.8
8.8
21.8
33.4
56.2
36.6
9.1
7.3
17.4
22.1
2.0
1.7
Stock Watch
June 07, 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
Jyothy Laboratories
Neutral
286
-
5,186
1,620
1,847
11.5
11.5
7.3
8.5
39.3
33.8
5.1
4.7
13.3
14.4
3.1
2.7
MRF
Buy
33,246
45,575
14,100
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
0.6
0.9
Page Industries
Neutral
13,950
-
15,559
1,929
2,450
19.8
20.1
229.9
299.0
60.7
46.7
26.8
18.6
52.1
47.1
8.2
6.4
Relaxo Footwears
Neutral
453
-
5,434
1,767
2,152
12.3
12.5
19.3
25.1
23.5
18.1
5.8
4.4
27.7
27.8
3.0
2.5
Siyaram Silk Mills
Buy
1,050
1,347
984
1,619
1,799
11.6
11.6
93.5
104.9
11.2
10.0
1.9
1.6
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
597
-
1,049
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
2,356
2,932
1,804
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
267
310
1,933
2,123
2,384
16.1
16.5
15.0
18.9
17.8
14.2
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
252
-
3,645
2,403
2,554
8.6
9.9
9.2
10.5
27.4
24.0
2.6
2.5
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
425
546
513
511
615
21.7
21.6
43.1
55.8
9.9
7.6
1.8
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
138
-
984
1,208
1,353
11.0
12.3
10.8
14.5
12.8
9.5
1.5
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
139
-
85
1,040
1,137
3.2
3.1
25.7
28.0
5.4
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,192
-
1,779
1,871
2,031
10.7
10.5
63.2
69.8
18.9
17.1
3.1
2.6
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
299
-
2,273
2,830
3,350
8.8
9.0
14.4
18.3
20.8
16.3
3.2
2.8
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
58
-
627
1,359
1,482
10.3
13.7
0.8
3.9
71.7
14.8
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
156
201
684
2,992
3,223
8.1
8.4
14.7
18.3
10.6
8.5
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
177
-
706
286
366
18.3
17.7
7.7
9.4
23.0
18.9
4.8
4.2
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
87
125
1,158
1,543
1,659
12.6
13.0
5.8
6.3
15.1
13.7
1.3
1.2
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
346
460
757
828
898
11.2
10.3
28.3
29.0
12.2
11.9
2.1
1.8
16.8
14.9
0.9
0.8
Wonderla Holidays
Neutral
392
-
2,212
206
308
44.0
43.6
9.0
12.9
43.5
30.4
5.9
5.4
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Accumulate
209
235
309
344
382
9.1
9.1
12.4
13.1
16.9
16.0
3.0
2.7
18.0
16.7
1.0
0.9
The Byke Hospitality
Neutral
170
-
680
222
287
20.5
20.5
5.6
7.6
30.1
22.4
5.7
4.7
18.9
20.8
3.1
2.4
Interglobe Aviation
Neutral
1,020
-
36,749
17,022
21,122
20.7
14.5
63.9
53.7
16.0
19.0
23.9
19.6
149.9
103.2
2.1
1.7
Coffee Day Enterprises
Neutral
261
-
5,380
2,692
2,964
17.0
18.6
-
4.7
-
55.1
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
86
-
2,050
998
1,062
24.1
24.0
5.8
6.1
15.0
14.1
3.3
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
197
265
2,816
347
408
43.2
42.9
6.7
6.8
29.6
29.2
2.2
2.0
7.3
6.9
8.7
7.9
UFO Moviez
Neutral
527
-
1,456
558
619
32.0
33.2
22.5
30.0
23.4
17.6
2.8
2.4
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
276
-
2,517
1,725
1,902
16.5
16.7
12.2
14.6
22.7
18.9
4.7
4.2
20.8
21.9
1.6
1.4
Stock Watch
June 07, 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
Team Lease Serv.
Neutral
907
-
1,551
2,565
3,229
1.3
1.5
15.2
22.8
59.8
39.8
4.8
4.3
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
210
-
3,041
928
1,036
15.3
15.1
4.9
6.1
42.6
34.4
4.0
3.7
9.4
10.7
3.2
2.8
Quick Heal
Neutral
244
-
1,709
339
408
27.8
27.3
7.1
7.7
34.5
31.5
2.9
2.9
8.5
9.3
3.8
3.2
Narayana Hrudaya
Neutral
313
-
6,388
1,603
1,873
10.9
11.5
1.0
2.6
328.1
118.2
7.9
7.3
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
553
-
2,766
540
836
19.9
19.6
10.2
16.9
54.0
32.7
4.4
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 06, 2016
Market Outlook
June 07, 2016
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership
of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co
-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.
