Market Outlook
August 12, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat and remain in positive bias, tracking SGX
BSE Sensex
0.3
85
27,860
NIFTY and global markets.
Nifty
0.2
17
8,592
The US markets closed strongly on the back of surging crude oil prices. All the key
Mid Cap
0.0
4
12,648
indices of US markets closed at new high backed by better than expected results
Small Cap
(0.0)
(3)
12,189
from several of the country’s department stores.
Bankex
(0.2)
(35)
21,324
The FTSE closed at 14 months high surpassing 6900. A set of M&A news helped
strong buy across the board and markets closed strong. Other European indices like
Global Indices
Chg (%)
(Pts)
(Close)
DAX and CAC also closed in positive territory.
Dow Jones
0.6
118
18,614
The Indian markets witnessed some positive move backed by short covering. After
Nasdaq
0.5
24
5,228
two days of weak markets bargain hunting helped some relief for market
FTSE
0.7
48
6,915
participants.
Nikkei
0.9
144
16,879
Hang Seng
0.7
162
22,742
News Analysis & Result Review
Shanghai Com
0.2
7
3,010
Result Review: IPCA Labs, Bank Of Baroda
Results Preview: Sun Pharma, Cipla
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,163
624
Investor’s Ready Reckoner
Declines
1,534
967
Key Domestic & Global Indicators
Unchanged
159
83
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
Volumes (` Cr)
Top Picks
BSE
3,406
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
20,914
Amara Raja
Auto/Auto Ancillary
Buy
906
1,076
18.7
HCL Tech
IT
Buy
825
1,000
21.2
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Accumulate
523
582
11.4
FII
501
4,564
35,446
Bharat Electronics
Capital Goods
Buy
1,211
1,414
16.8
MFs
(358)
182
8,970
Navkar Corporation Others
Buy
192
265
37.9
More Top Picks on Pg5
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Escorts
305
17.4
Previous
Consensus
Date
Region
Event Description
Deltacorp
128
6.2
Reading
Expectations
Aug 12
India
Imports YoY %
(7.3)
--
Jpinfratec
9
5.9
Aug 12
US
Producer Price Index (mom)
0.8
--
Jpassociat
12
5.8
Aug 12
India
Industrial Production YoY
1.2
1.7
Aiaeng
1,143
4.3
Aug 12 Euro Zone
Euro Zone GDP s.a. (QoQ)
0.3
0.3
Aug 12 Germany GDP nsa (YoY)
1.3
2.8
Top Losers
Price (`)
Chg (%)
6.(
More Events on Pg6
Bankbaroda
146
(9.0)
Gati
142
(6.9)
Grasim
4,539
(6.4)
Muthootfin
368
(6.0)
Adanient
76
(5.0)
As on August 11, 2016
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Market Outlook
August 12, 2016
Result Review:
IPCA Labs (CMP: `523 / TP: `613 /Upside: 17.2%)
For 1QFY2017 the company posted results better than expected sales and OPM,
while net profit came in lower than expected. Sales came in `822cr V/s `680cr
expected V/s `751cr in 1QFY2016, a yoy growth of 9.4%. Formulation sales
(`620cr), posted a yoy growth of 15%, while API (`202cr), posted a yoy de-growth
of 3%. Domestic formulation sales (`345cr), a posted a yoy growth of 9%, while
Exports formulation sales (`275cr), posted a yoy growth of 22%. Domestic API
sales (`35cr), posted de-growth of 37%, Exports API sales (`166cr), growth of 9%.
On the operating profit front, the EBITDA margins came in at 13.1% V/s 9.6%
expected V/s 10.0% in 1QFY2016. This is against 8.4% in 4QFY2016. Other
income (`17.4cr), posted a yoy growth of 56.2%. Thus, the Adj. net profit, came in
at `47cr V/s `52cr expected V/s `28cr in 1QFY2016, a yoy growth of 11.4%. We
maintain our buy rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
3,303
15.3
219
17.3
9.1
30.2
2.6
13.9
2.1
FY2018E
3,799
15.3
248
19.7
9.4
26.6
2.4
12.2
1.9
Bank Of Baroda
Bank Of Baroda continued to disappoint on the asset quality front. Slippages at
`5,527cr were much higher than our expectations. After a sharp rise in NPAs in
3QFY16 and 4QFY16, it was expected to see some moderation. During the
quarter, however, higher slippages and lower than expected up gradation and
recovery led to GNPAs rising to 11.15% at the end of 1QFY17 vs 9.99% in
4QFY16. Provisions remained higher than expected due to higher slippages. While
there was some expectations of some decline in loan book, 11% YoY decline in
look book has come in as a negative surprise. We believe slippages will continue
to remains high and consequently higher provisions will keep bottom-line under
pressure. We have a NEUTRAL rating on the stock.
Result Preview:
Sun Pharma (CMP: `809 / TP: `944 /Upside: 16.7%)
For 1QFY2017, sales are expected to come in at `7414cr V/s `6,526cr in
1QFY2016, a yoy growth of 13.6%, mainly driven by exports. On the operating
profit front, the EBITDA margins came in at 29.5% V/s 24.8% in 1QFY2016,
mainly driven by gross margin expansion. Thus, the Adj. net profit came in at
`1,602cr V/s `480cr in 1QFY2016.We maintain our buy rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
31,129
30.0
6,735
28.0
18.7
28.9
4.4
19.7
5.9
FY2018E
35,258
30.9
7,895
32.8
18.9
24.7
3.7
16.2
5.0
www.angelbroking.com
Market Outlook
August 12, 2016
Cipla (CMP: `523 / TP: `613 /Upside: 17.2%)
For 1QFY2017 the company, is expected sales came in `3,743cr V/s `3,777cr, a
dip of 0.9%. The sales will be impacted on back of exports, while a domestic
formulation sale is expected to post a decent growth. On the operating profit front,
the EBITDA margins are expected to come in at 18.6% V/s 25.5% in 1QFY2016.
This was against Adj. OPM 15.8% in 4QFY2016. Thus, the Adj. net profit; is
expected to come in at `435cr V/s `651cr in 1QFY2016, a yoy de-growth of
33.1%. We maintain our buy rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
15,378
17.4
1,736
21.6
13.7
24.2
3.1
17.0
2.9
FY2018E
18,089
18.4
2,185
27.2
15.2
19.2
2.7
13.3
2.4
Economic and Political News
Govt plans 160 MW renewable energy projects at major ports by 17
Govt to construct 1000 km expressway at `16,680cr
RS passes bill allowing 6 month maternity leave
Govt may get `23944cr from clean environment cess in FY17
UTI AMC gets majority nod for listing
Corporate News
Rane Engine Valve sells land for `95cr
Aditya Birla Nuvo to merge with Grasim
JK Lakshmi Cement 1QFY17 PAT at `29cr
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Market Outlook
August 12, 2016
Quarterly Bloomberg Brokers Consensus Estimate
State Bank of India Ltd. - Aug 12, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net profit
2,471
3,692
(33.1)
1,264
95.5
Sun Pharmaceuticals Ltd Consol - Aug 12, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
7,930
6,522
21.6
7,414
7.0
EBITDA
2,758
1,850
49.1
2,520
9.4
EBITDA margin (%)
34.8
28.4
34.0
Net profit
1,935
479
303.9
1,714
12.9
Hindalco Industries Ltd - Aug 12, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
8,619
8,517
1.2
8,543
0.9
EBITDA
936
877
6.7
1,166
(19.8)
EBITDA margin (%)
10.9
10.3
13.7
Net profit
208
107
94.1
356
(41.6)
Bosch Ltd - Aug 12, 2016
Particulars (` cr)
2QCY16E 2QCY15
y-o-y (%)
1QCY16
q-o-q (%)
Net sales
2,846
2,457
15.9
2,532
12.4
EBITDA
531
438
21.0
486
9.2
EBITDA margin (%)
18.6
17.8
19.2
Net profit
365
344
6.1
344
6.3
Glenmark Pharmaceuticals Ltd Consol - Aug 12, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,979
1,642
20.5
2,289
(13.6)
EBITDA
404
360
12.3
302
33.9
EBITDA margin (%)
20.4
21.9
13.2
Net profit
223
178
25.2
171
30.2
United Breweries Ltd - Aug 12, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,640
1,338
22.6
1,185
38.4
EBITDA
296
264
11.9
125
136.4
EBITDA margin (%)
18.0
19.8
10.6
Net profit
142
123
15.5
51
175.7
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Market Outlook
August 12, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
15,479
906
1,076
18.7
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
29,066
1,211
1,414
16.8
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,16,352
825
1,000
21.2
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
3,10,974
1,228
1,350
9.9
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,47,404
1,077
1,370
27.2
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
26,371
523
582
11.4
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Strong market positioning within the domestic AC markets to
Voltas
11,904
360
407
13.1
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,704
268
299
11.8
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
4,576
480
527
9.8
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
7,550
259
270
4.3
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
5,696
170
235
38.4
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Expectations of above average monsoon augurs well for
Goodyear India
1,220
529
631
19.3
Goodyear India as it derives ~50% of its turnover from farm
tyre segment.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,306
70
93
32.7
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
6,002
184
205
11.7
circulation revenue growth. Further, the acquisition of a radio business
(Radio City) would also boost the company`s revenue growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,763
430
554
28.9
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD as
Navkar Corporation
2,739
192
265
37.9
well CFS augurs well for the company
Earnings boost on back of stable material prices and favourable
Radico Khaitan
1,189
89
125
39.8
pricing environment. Valuation discount to peers provides
additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
989
1,055
1,347
27.7
going ahead. Stock currently trades at an inexpensive valuation.
Market leadership in Hindi news genre and no. 2 viewership
TV Today Network
1,742
292
363
24.3
ranking in English news genre, exit from the radio business, and
anticipated growth in ad spends by corporates to benefit the stock.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
August 12, 2016
Key Upcoming Events
Result Calendar
Date
Company
Bosch India, Automotive Axle, St Bk of India, Oriental Bank, Allahabad Bank, Central Bank, Dena Bank, Bank of
Aug 12, 2016
Maharashtra, Hindalco, Bajaj Electrical, Cravatex, Sun Pharma, Glenmark Pharma., NHPC, Competent Automobiles
Aug 16, 2016
Power Grid Corpn
Aug 17, 2016
Radico Khaitan
Aug 18, 2016
India Cements, Transport Corporation of India
Aug 20, 2016
TVS Srichakra
Aug 23, 2016
Tata Power Co.
Aug 26, 2016
Tata Motors
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Aug 12, 2016
India
Imports YoY%
% Change
Jul
(7.30)
--
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
0.30
0.30
India
Exports YoY%
% Change
Jul
1.30
--
US
Producer Price Index (mom)
% Change
Jul
0.80
--
11:30AM Germany
GDP nsa (YoY)
% Change
2Q P
1.30
2.80
7:30AM China
Industrial Production (YoY)
% Change
Jul
6.20
6.20
5:30PM India
Industrial Production YoY
% Change
Jun
1.20
1.60
Aug 16, 2016 12:00PM India
Monthly Wholesale Prices YoY%
% Change
Jul
1.62
2.84
6:00PM US
Housing Starts
Thousands
Jul
1,189.00
1,175.00
6:00PM US
Building permits
Thousands
Jul
1,153.00
1,160.00
2:00PM UK
CPI (YoY)
% Change
Jul
0.50
0.60
6:00PM US
Consumer price index (mom)
% Change
Jul
0.20
--
6:45PM US
Industrial Production
%
Jul
0.60
0.20
Aug 17, 2016 2:00PM UK
Jobless claims change
% Change
Jul
0.40
5.50
Aug 18, 2016 2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Jul F
0.20
--
Aug 23, 2016 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Aug A
(7.90)
--
1:00PM Germany
PMI Services
Value
Aug P
54.40
--
Aug 24, 2016 7:30PM US
New home sales
Thousands
Jul
592.00
575.00
1:00PM Germany
PMI Manufacturing
Value
Aug P
53.80
--
7:30PM US
Existing home sales
Million
Jul
5.57
5.58
Aug 26, 2016 6:00PM US
GDP Qoq (Annualised)
% Change
2Q S
1.20
1.10
2:00PM UK
GDP (YoY)
% Change
2Q P
2.20
--
Aug 30, 2016 7:30PM US
Consumer Confidence
S.A./ 1985=100
Aug
97.30
--
Aug 31, 2016 1:25PM Germany
Unemployment change (000's)
Thousands
Aug
(7.00)
--
Source: Bloomberg, Angel Research
Market Outlook
August 12, 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
4.3
3.7
5.8
4.0
6.0
1.9
1.2
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(1.3)
(1.6)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.7
5.8
5.8
5.4
5.6
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
5.0
7.50
0.0
7.00
(5.0)
6.50
6.00
(10.0)
5.50
(15.0)
5.00
(20.0)
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
www.angelbroking.com
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Market Outlook
August 12, 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
2.2
1.3
1.4
2.0
1.2
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(0.2)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
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Market Outlook
August 12, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
58,300
7.5
9.5
16.6
Russia
Micex
1,952
0.7
2.6
15.0
India
Nifty
8,592
0.8
8.8
0.3
China
Shanghai Composite
3,003
(1.7)
6.1
(19.9)
South Africa
Top 40
45,206
0.6
(1.1)
(2.6)
Mexico
Mexbol
48,342
4.1
6.5
10.2
Indonesia
LQ45
929
5.5
14.6
14.7
Malaysia
KLCI
1,679
1.5
2.6
(2.6)
Thailand
SET 50
991
8.2
11.7
4.2
USA
Dow Jones
18,614
1.4
5.1
6.9
UK
FTSE
6,915
3.5
13.3
5.6
Japan
Nikkei
16,735
10.8
0.9
(18.7)
Germany
DAX
10,743
7.8
8.9
(1.8)
France
CAC
4,504
4.0
4.3
(5.8)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
220
-
4,280
1,937
2,164
13.3
14.3
9.0
11.0
24.5
20.0
4.3
3.7
18.4
19.8
2.3
2.0
United Phosphorus
Accumulate
627
684
26,891
15,176
17,604
18.5
18.5
37.4
44.6
16.8
14.1
3.3
2.7
21.4
21.2
1.9
1.6
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,845
22,407
26,022
10.6
10.6
5.2
6.4
16.7
13.6
3.8
3.2
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,845
-
82,316
25,093
27,891
19.5
19.2
143.9
162.5
19.8
17.5
5.6
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Accumulate
808
875
18,802
7,726
8,713
20.5
21.2
35.3
42.7
22.9
18.9
4.2
3.8
18.9
20.1
2.5
2.2
Eicher Motors
Neutral
22,268
-
60,483
16,583
20,447
17.5
18.0
598.0
745.2
37.2
29.9
12.7
9.7
41.2
38.3
3.4
2.7
Gabriel India
Neutral
104
-
1,498
1,544
1,715
9.0
9.3
5.4
6.3
19.3
16.6
3.7
3.2
18.9
19.5
0.9
0.8
Hero Motocorp
Neutral
3,304
-
65,973
31,253
35,198
15.3
15.0
172.3
192.1
19.2
17.2
7.0
6.0
38.9
37.0
2.0
1.7
Jamna Auto Industries Neutral
194
-
1,553
1,486
1,620
9.8
9.9
15.0
17.2
13.0
11.3
2.8
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
463
-
727
1,302
1,432
11.6
11.9
43.7
53.0
10.6
8.7
1.5
1.4
13.8
14.2
0.7
0.6
Mahindra and Mahindra Neutral
1,421
-
88,239
46,534
53,077
11.6
11.7
67.3
78.1
21.1
18.2
3.4
3.0
15.4
15.8
1.9
1.6
Maruti
Neutral
4,883
-
147,512
69,186
82,217
14.7
14.4
198.5
241.4
24.6
20.2
4.8
3.9
20.2
20.0
1.8
1.5
Minda Industries
Neutral
1,119
-
1,775
2,728
3,042
9.0
9.1
68.2
86.2
16.4
13.0
3.7
3.0
23.8
24.3
0.7
0.6
Motherson Sumi
Neutral
317
-
41,918
45,896
53,687
7.8
8.3
13.0
16.1
24.3
19.7
7.8
6.3
34.7
35.4
1.0
0.9
Rane Brake Lining
Neutral
654
-
518
511
562
11.3
11.5
28.1
30.9
23.3
21.2
3.6
3.2
15.3
15.0
1.2
1.1
Setco Automotive
Neutral
45
-
604
741
837
13.0
13.0
15.2
17.0
3.0
2.7
0.5
0.4
15.8
16.3
1.3
1.2
Tata Motors
Neutral
502
-
145,024
300,209
338,549
8.9
8.4
42.7
54.3
11.8
9.3
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Accumulate
297
330
14,098
13,390
15,948
6.9
7.1
12.8
16.5
23.3
17.9
5.8
4.6
26.3
27.2
1.1
0.9
Amara Raja Batteries
Buy
906
1,076
15,479
5,717
6,733
18.7
18.9
38.4
48.9
23.6
18.5
5.9
4.8
25.3
24.8
2.6
2.1
Exide Industries
Neutral
175
-
14,858
7,439
8,307
15.0
15.0
8.1
9.3
21.6
18.8
3.0
2.7
14.3
16.7
1.6
1.5
Apollo Tyres
Accumulate
169
183
8,603
12,877
14,504
14.3
13.9
21.4
23.0
7.9
7.4
1.2
1.1
16.4
15.2
0.8
0.8
Ceat
Buy
882
1,119
3,567
7,524
8,624
13.0
12.7
131.1
144.3
6.7
6.1
1.2
1.1
19.8
18.6
0.6
0.5
JK Tyres
Neutral
101
-
2,287
7,455
8,056
15.0
15.0
21.8
24.5
4.6
4.1
1.0
0.8
22.8
21.3
0.4
0.4
Swaraj Engines
Neutral
1,140
-
1,416
660
810
15.2
16.4
54.5
72.8
20.9
15.7
6.5
5.9
31.5
39.2
2.0
1.6
Subros
Neutral
94
-
563
1,488
1,681
11.7
11.9
6.4
7.2
14.7
13.1
1.6
1.4
10.8
11.4
0.6
0.5
Indag Rubber
Neutral
176
-
461
286
326
19.8
16.8
11.7
13.3
15.0
13.2
2.5
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
43
-
427
709
814
4.1
4.6
1.4
2.1
30.8
20.6
1.3
1.2
4.4
6.0
0.8
0.7
BEML
Accumulate
988
1,157
4,114
3,451
4,055
6.3
9.2
31.4
57.9
31.5
17.1
1.9
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Accumulate
1,211
1,414
29,066
8,137
9,169
16.8
17.2
58.7
62.5
20.6
19.4
3.2
2.8
44.6
46.3
2.6
2.3
www.angelbroking.com
Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
360
407
11,904
6,511
7,514
7.9
8.7
12.9
16.3
27.9
22.1
5.0
4.4
16.7
18.5
1.5
1.3
BGR Energy
Neutral
114
-
823
16,567
33,848
6.0
5.6
7.8
5.9
14.6
19.3
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
137
-
33,410
28,797
34,742
-
2.8
2.3
6.9
59.4
19.8
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Accumulate
480
527
4,576
4,351
5,024
6.4
7.1
17.2
20.6
28.0
23.3
18.2
15.2
23.1
24.1
1.1
0.9
Crompton Greaves
Neutral
83
-
5,177
5,777
6,120
5.9
7.0
3.3
4.5
25.0
18.4
1.1
1.1
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
138
-
3,374
1,755
1,881
16.8
16.9
7.8
8.5
17.7
16.3
3.5
3.3
20.6
20.9
1.6
1.5
Inox Wind
Buy
191
286
4,238
5,605
6,267
15.7
16.4
24.8
30.0
7.7
6.4
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
137
-
3,526
9,294
10,186
7.9
8.1
9.9
11.9
13.9
11.5
2.0
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
904
-
10,774
5,421
5,940
7.3
7.3
25.7
30.2
35.2
29.9
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Buy
585
681
3,189
3,136
3,845
8.9
9.1
26.0
35.9
22.5
16.3
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,622
-
30,455
11,225
13,172
13.2
16.9
44.5
75.5
36.4
21.5
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
260
-
40,342
9,350
10,979
18.2
22.5
5.8
9.5
44.8
27.4
3.8
3.4
10.2
12.5
4.3
3.7
India Cements
Neutral
122
-
3,761
4,364
4,997
18.5
19.2
7.9
11.3
15.5
10.8
1.1
1.1
8.0
8.5
1.6
1.4
JK Cement
Neutral
757
-
5,295
4,398
5,173
15.5
17.5
31.2
55.5
24.3
13.6
2.9
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Neutral
438
-
5,154
2,913
3,412
14.5
19.5
7.5
22.5
58.4
19.5
3.6
3.0
12.5
18.0
2.4
2.0
Orient Cement
Neutral
165
-
3,380
2,114
2,558
18.5
20.5
8.1
11.3
20.4
14.6
3.0
2.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
3,704
-
101,644
25,768
30,385
21.0
23.5
111.0
160.0
33.4
23.2
4.3
3.7
13.5
15.8
4.1
3.4
Construction
ITNL
Buy
70
93
2,306
8,946
10,017
31.0
31.6
8.1
9.1
8.7
7.7
0.3
0.3
4.2
5.0
3.6
3.3
KNR Constructions
Neutral
615
-
1,729
1,210
1,595
15.4
16.0
33.9
52.1
18.1
11.8
2.8
2.4
13.6
18.0
1.5
1.1
Larsen & Toubro
Accumulate
1,474
1,700
137,397
67,665
77,249
10.7
11.5
57.3
71.2
25.7
20.7
2.4
2.2
12.6
14.3
2.2
1.9
Gujarat Pipavav Port
Neutral
169
-
8,170
705
788
52.2
51.7
5.0
5.6
33.8
30.2
3.3
3.0
11.2
11.2
11.1
9.5
MBL Infrastructures
Buy
127
285
527
2,797
3,405
14.7
15.4
21.0
34.8
6.1
3.7
0.6
0.6
11.0
16.2
0.8
0.8
Nagarjuna Const.
Neutral
77
-
4,295
8,842
9,775
9.1
8.8
5.3
6.4
14.6
12.1
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Accumulate
571
647
2,927
2,350
2,904
13.4
13.7
48.0
42.0
11.9
13.6
2.3
2.1
16.8
13.2
1.4
1.1
Simplex Infra
Neutral
297
-
1,468
6,829
7,954
10.5
10.5
31.4
37.4
9.5
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
530
-
780
1,801
2,219
12.7
14.6
72.1
113.9
7.4
4.7
1.4
1.1
16.8
11.9
0.5
0.3
Sadbhav Engineering
Accumulate
279
298
4,788
3,598
4,140
10.3
10.6
9.0
11.9
31.0
23.5
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
233
-
13,977
7,428
9,549
7.9
8.6
8.2
11.0
28.4
21.2
1.4
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
41
-
660
1,877
1,943
30.6
29.8
3.0
4.2
13.5
9.7
6.6
4.4
0.6
0.6
1.7
1.6
www.angelbroking.com
Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
98
-
3,436
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.2
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
218
-
7,359
1,725
1,935
16.0
19.1
11.4
13.9
19.2
15.7
2.6
2.6
13.4
15.3
3.2
2.9
Financials
Axis Bank
Neutral
568
-
135,592
58,081
66,459
3.5
3.5
32.4
44.6
17.6
12.7
2.3
2.0
13.6
16.5
-
-
Bank of Baroda
Neutral
146
-
33,629
19,980
23,178
1.8
1.8
11.5
17.3
12.7
8.4
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
247
-
13,412
15,225
16,836
1.8
1.8
14.5
28.0
17.0
8.8
1.2
1.0
5.8
8.5
-
-
Dewan Housing Finance Accumulate
259
270
7,550
2,225
2,688
2.9
2.9
29.7
34.6
8.7
7.5
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
170
235
5,696
939
1,281
11.7
11.5
5.8
8.2
29.3
20.7
2.5
2.3
10.9
11.5
-
-
Federal Bank
Neutral
63
-
10,816
9,353
10,623
2.9
2.9
4.4
5.8
14.3
10.9
1.4
1.2
9.5
11.0
-
-
HDFC
Neutral
1,349
-
213,233
11,475
13,450
3.4
3.4
45.3
52.5
29.8
25.7
5.7
5.1
20.2
20.5
-
-
HDFC Bank
Accumulate
1,228
1,350
310,974
46,097
55,433
4.5
4.5
58.4
68.0
21.0
18.1
3.7
3.1
18.8
18.6
-
-
ICICI Bank
Accumulate
242
254
140,973
39,029
45,903
3.3
3.3
16.7
16.3
14.5
14.9
1.8
1.6
10.1
12.4
-
-
LIC Housing Finance
Accumulate
523
582
26,371
3,712
4,293
2.6
2.5
39.0
46.0
13.4
11.4
2.5
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
116
-
22,827
23,532
23,595
2.3
2.4
6.8
12.6
17.1
9.2
2.6
1.9
3.3
6.5
-
-
South Ind.Bank
Neutral
21
-
2,890
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.9
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
227
-
176,176
88,650
98,335
2.6
2.6
13.5
18.8
16.8
12.1
1.6
1.4
7.0
8.5
-
-
Union Bank
Neutral
124
-
8,511
13,450
14,925
2.3
2.3
25.5
34.5
4.9
3.6
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,253
-
52,736
8,978
11,281
3.3
3.4
74.0
90.0
16.9
13.9
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,144
-
109,775
17,128
18,978
16.8
16.4
19.1
20.7
59.9
55.3
20.9
19.7
34.8
35.5
6.2
5.6
Britannia
Neutral
3,225
-
38,692
9,795
10,940
14.1
14.1
80.3
93.0
40.2
34.7
16.5
12.8
41.2
-
3.7
3.2
Colgate
Neutral
961
-
26,136
4,605
5,249
22.8
22.8
25.2
28.5
38.1
33.7
25.8
23.0
64.8
66.8
5.6
4.9
Dabur India
Neutral
294
-
51,701
9,405
10,581
18.1
18.3
8.1
9.2
36.3
32.0
10.1
8.4
31.6
31.0
5.0
4.5
GlaxoSmith Con*
Neutral
6,350
-
26,703
4,959
5,623
17.4
18.0
190.5
219.3
33.3
29.0
9.1
7.9
29.6
29.5
4.8
4.1
Godrej Consumer
Neutral
1,509
-
51,385
10,335
11,518
18.4
18.6
41.5
46.0
36.4
32.8
8.1
6.9
24.9
24.8
5.0
4.5
HUL
Neutral
933
-
201,989
35,252
38,495
17.6
17.4
20.4
21.9
45.7
42.6
37.6
32.9
82.2
77.3
5.5
5.0
ITC
Accumulate
251
283
303,158
40,059
44,439
39.0
39.2
9.1
10.1
27.6
24.9
7.5
6.6
27.2
26.5
6.9
6.2
Marico
Neutral
295
-
38,079
6,730
7,649
17.3
17.5
6.4
7.6
46.1
38.8
13.9
11.7
33.2
32.5
5.4
4.7
Nestle*
Neutral
6,828
-
65,830
9,393
10,507
22.2
22.3
106.8
121.8
63.9
56.1
22.5
20.2
34.8
36.7
6.8
6.0
Tata Global
Neutral
137
-
8,665
9,072
9,687
9.4
9.8
7.2
7.8
19.1
17.6
2.1
2.0
7.6
7.9
0.9
0.9
Procter & Gamble
Accumulate
6,816
7,369
22,125
2,939
3,342
23.2
23.0
146.2
163.7
46.6
41.6
104.4
100.1
25.3
23.5
7.1
6.2
Hygiene
www.angelbroking.com
Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
IT
HCL Tech^
Buy
825
1,000
116,352
49,242
57,168
20.5
20.5
55.7
64.1
14.8
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,077
1,370
247,404
69,934
79,025
27.5
27.5
64.8
72.0
16.6
15.0
3.7
3.3
22.0
22.3
3.0
2.6
TCS
Accumulate
2,704
3,004
532,863
121,684
136,286
27.3
27.3
135.0
150.1
20.0
18.0
6.7
6.1
33.2
33.9
4.1
3.6
Tech Mahindra
Buy
499
700
48,414
30,347
33,685
17.0
17.0
37.5
41.3
13.3
12.1
2.9
2.5
21.8
20.7
1.3
1.1
Wipro
Buy
544
680
134,333
51,631
55,822
21.7
17.9
35.9
36.9
15.1
14.7
3.2
2.9
19.0
18.1
2.3
2.1
Media
D B Corp
Neutral
404
-
7,416
2,187
2,329
27.4
28.2
18.9
21.0
21.4
19.2
4.5
3.9
23.7
23.1
3.2
2.9
HT Media
Neutral
78
-
1,811
2,673
2,891
13.2
13.8
7.2
8.5
10.8
9.2
0.8
0.8
7.8
8.3
0.3
0.1
Jagran Prakashan
Accumulate
184
205
6,002
2,355
2,635
28.0
28.0
9.9
10.8
18.6
17.0
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
460
-
18,122
2,850
3,265
70.1
71.0
26.2
30.4
17.6
15.1
4.5
4.0
24.3
25.6
6.0
5.1
Hindustan Media
Neutral
274
-
2,007
1,016
1,138
21.5
21.5
23.3
25.8
11.7
10.6
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
292
363
1,742
637
743
27.5
27.5
18.4
21.4
15.9
13.7
2.8
2.4
17.4
17.2
2.3
1.9
Metals & Mining
Coal India
Neutral
338
-
213,493
84,638
94,297
21.4
22.3
24.5
27.1
13.8
12.5
5.7
5.5
42.6
46.0
2.0
1.8
Hind. Zinc
Neutral
217
-
91,732
14,252
18,465
55.9
48.3
15.8
21.5
13.7
10.1
2.2
2.0
17.0
20.7
6.5
5.0
Hindalco
Neutral
142
-
29,374
107,899
112,095
7.4
8.2
9.2
13.0
15.5
10.9
0.7
0.7
4.8
6.6
0.8
0.7
JSW Steel
Neutral
1,707
-
41,256
53,201
58,779
16.1
16.2
130.6
153.7
13.1
11.1
1.8
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
100
-
39,647
6,643
7,284
44.4
47.7
7.1
7.7
14.1
13.0
1.2
1.2
8.8
9.2
3.7
3.3
SAIL
Neutral
46
-
18,813
47,528
53,738
(0.7)
2.1
(1.9)
2.6
17.5
0.5
0.5
(1.6)
3.9
1.3
1.1
Vedanta
Neutral
161
-
47,850
71,744
81,944
19.2
21.7
13.4
20.1
12.0
8.0
1.0
0.9
8.4
11.3
1.1
0.8
Tata Steel
Neutral
369
-
35,789
121,374
121,856
7.2
8.4
18.6
34.3
19.8
10.7
1.2
1.1
6.1
10.1
0.9
0.9
Oil & Gas
Cairn India
Neutral
190
-
35,576
9,127
10,632
4.3
20.6
8.8
11.7
21.6
16.2
0.7
0.7
3.3
4.2
5.4
4.5
GAIL
Neutral
371
-
47,080
56,220
65,198
9.3
10.1
27.1
33.3
13.7
11.2
1.3
1.2
9.3
10.7
1.0
0.9
ONGC
Neutral
231
-
197,717
137,222
152,563
15.0
21.8
19.5
24.1
11.9
9.6
1.0
1.0
8.5
10.1
1.7
1.5
Indian Oil Corp
Neutral
544
-
132,166
373,359
428,656
5.9
5.5
54.0
59.3
10.1
9.2
1.6
1.4
16.0
15.6
0.5
0.4
Reliance Industries
Neutral
1,012
-
328,281
301,963
358,039
12.1
12.6
87.7
101.7
11.5
10.0
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
639
-
12,054
3,483
4,083
20.2
21.4
24.3
30.4
26.3
21.0
6.0
4.8
25.5
25.3
3.4
2.8
Aurobindo Pharma
Buy
750
877
43,891
15,720
18,078
23.7
23.7
41.4
47.3
18.1
15.9
4.7
3.7
29.6
26.1
3.0
2.6
Sanofi India*
Neutral
4,348
-
10,014
2,357
2,692
17.3
17.3
153.5
169.2
28.3
25.7
4.8
3.9
25.8
28.4
4.0
3.3
Cadila Healthcare
Accumulate
372
400
38,099
11,126
13,148
22.0
22.0
17.1
20.0
21.8
18.6
5.6
4.4
28.8
26.6
3.4
2.8
Cipla
Neutral
523
-
42,047
15,378
18,089
17.4
18.4
21.6
27.2
24.2
19.2
3.1
2.7
13.7
15.2
2.9
2.4
www.angelbroking.com
Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Dr Reddy's
Neutral
3,013
-
51,376
16,043
18,119
23.1
24.7
126.0
157.8
23.9
19.1
3.5
3.1
15.7
17.1
3.1
2.8
Dishman Pharma
Neutral
165
-
2,660
1,718
1,890
21.7
21.8
8.7
10.4
18.9
15.9
1.7
1.6
9.3
10.2
2.0
1.7
GSK Pharma*
Neutral
3,109
-
26,330
3,528
3,811
16.6
18.8
51.8
59.4
60.0
52.3
16.1
16.0
26.3
30.6
7.2
6.7
Indoco Remedies
Sell
318
225
2,927
1,112
1,289
18.2
18.2
13.2
15.6
24.1
20.4
4.3
3.6
19.2
19.2
2.8
2.4
Ipca labs
Buy
523
613
6,599
3,303
3,799
15.3
15.3
17.3
19.7
30.2
26.6
2.6
2.4
9.1
9.4
2.0
1.8
Lupin
Buy
1,580
1,809
71,235
15,912
18,644
26.4
26.7
58.1
69.3
27.2
22.8
5.3
4.3
21.4
20.9
4.5
3.7
Sun Pharma
Buy
809
944
194,677
31,129
35,258
30.0
30.9
28.0
32.8
28.9
24.7
4.4
3.7
18.7
18.9
5.9
5.0
Power
Tata Power
Neutral
75
-
20,190
36,916
39,557
17.4
27.1
5.1
6.3
14.6
11.9
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
159
-
131,350
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.9
1.4
1.3
10.5
11.1
2.8
2.8
Power Grid
Neutral
174
-
91,030
25,763
29,762
74.3
73.1
14.8
17.3
11.8
10.1
1.8
1.6
16.9
17.5
7.8
7.4
Real Estate
MLIFE
Buy
430
554
1,763
925
1,139
18.4
22.3
18.3
33.8
23.5
12.7
1.1
1.1
4.9
8.5
2.6
2.0
Telecom
Bharti Airtel
Neutral
346
-
138,390
105,086
114,808
34.5
34.7
12.2
16.4
28.4
21.1
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
96
-
34,388
40,133
43,731
37.2
37.1
6.4
6.5
14.9
14.7
1.2
1.2
8.2
7.6
1.9
1.6
zOthers
Abbott India
Neutral
4,658
-
9,898
3,153
3,583
14.1
14.4
152.2
182.7
30.6
25.5
150.3
128.3
25.6
26.1
2.9
2.5
Bajaj Electricals
Accumulate
268
299
2,704
5,351
6,098
5.7
5.9
12.4
15.7
21.6
17.0
3.1
2.7
14.4
16.1
0.5
0.5
Finolex Cables
Neutral
404
-
6,184
2,883
3,115
12.0
12.1
14.2
18.6
28.5
21.7
15.1
13.2
15.8
14.6
1.8
1.6
Goodyear India*
Buy
529
631
1,220
1,598
1,704
10.4
10.2
49.4
52.6
10.7
10.1
49.4
43.4
18.2
17.0
0.5
59.0
Hitachi
Neutral
1,400
-
3,807
2,081
2,433
8.8
8.9
33.4
39.9
41.9
35.1
33.8
28.2
22.1
21.4
1.9
1.6
Jyothy Laboratories
Neutral
285
-
5,169
1,440
2,052
11.5
13.0
8.5
10.0
33.6
28.5
8.1
7.5
18.6
19.3
3.9
2.7
Page Industries
Neutral
14,215
-
15,855
2,450
3,124
20.1
17.6
299.0
310.0
47.5
45.9
316.6
241.7
47.1
87.5
6.4
5.1
Relaxo Footwears
Neutral
469
-
5,629
2,085
2,469
9.2
8.2
7.6
8.0
62.0
59.0
24.1
20.5
17.9
18.8
2.8
2.4
Siyaram Silk Mills
Buy
1,055
1,347
989
1,799
2,040
11.6
11.7
104.9
122.4
10.1
8.6
1.7
1.4
16.4
16.4
0.8
0.7
Styrolution ABS India*
Neutral
600
-
1,055
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.7
34.3
12.3
11.6
0.7
0.6
TVS Srichakra
Buy
2,399
2,932
1,837
2,304
2,614
13.7
13.8
231.1
266.6
10.4
9.0
269.6
212.2
33.9
29.3
0.8
0.7
HSIL
Neutral
327
-
2,363
2,384
2,515
15.8
16.3
15.3
19.4
21.4
16.9
21.2
18.3
7.8
9.3
1.2
1.1
Kirloskar Engines India
Neutral
283
-
4,097
2,554
2,800
9.9
10.0
10.5
12.1
27.0
23.4
11.3
10.7
10.7
11.7
1.2
1.1
Ltd
M M Forgings
Neutral
426
-
515
546
608
20.4
20.7
41.3
48.7
10.3
8.8
58.4
51.7
16.6
17.0
0.8
0.8
Banco Products (India)
Neutral
199
-
1,424
1,353
1,471
12.3
12.4
14.5
16.3
13.7
12.2
19.0
17.1
14.5
14.6
1.0
104.5
Competent Automobiles Neutral
159
-
97
1,137
1,256
3.1
2.7
28.0
23.6
5.7
6.7
30.5
27.6
14.3
11.5
0.1
0.1
www.angelbroking.com
Stock Watch
August 12, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Nilkamal
Neutral
1,167
-
1,741
1,995
2,165
10.7
10.4
69.8
80.6
16.7
14.5
66.7
57.9
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
151
-
240
1,051
1,138
10.3
10.4
21.0
23.1
7.2
6.5
19.4
18.1
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
331
-
2,538
2,671
2,911
8.5
8.8
13.9
15.7
23.9
21.2
3.3
2.9
13.7
13.8
1.1
1.0
India
Elecon Engineering
Accumulate
55
63
598
1,482
1,660
13.7
14.5
3.9
5.8
14.1
9.5
3.3
3.0
7.8
10.9
0.7
0.6
Surya Roshni
Buy
171
201
749
3,342
3,625
7.8
7.5
17.3
19.8
9.9
8.7
18.8
15.1
10.5
10.8
0.5
0.4
MT Educare
Neutral
137
-
546
366
417
17.7
18.2
9.4
10.8
14.6
12.7
3.3
2.8
22.2
22.3
1.5
1.3
Radico Khaitan
Buy
89
125
1,189
1,659
1,802
13.0
13.2
6.3
7.4
14.1
12.1
1.2
1.1
8.6
9.3
1.2
1.1
Garware Wall Ropes
Neutral
478
-
1,046
898
997
11.9
11.7
29.0
32.9
16.5
14.5
2.5
2.1
14.9
14.6
1.1
0.9
Wonderla Holidays
Neutral
400
-
2,261
287
355
38.0
40.0
11.3
14.2
35.4
28.2
5.1
4.4
21.4
23.9
7.7
6.2
Linc Pen & Plastics
Neutral
259
-
383
382
416
9.1
9.1
13.1
14.7
19.8
17.6
3.3
2.9
16.7
16.3
1.1
1.0
The Byke Hospitality
Neutral
160
-
642
287
384
20.5
20.5
7.6
10.7
21.1
15.0
4.4
3.6
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
794
-
28,594
21,122
26,005
14.5
27.6
110.7
132.1
7.2
6.0
42.9
30.6
168.5
201.1
1.3
1.0
Coffee Day Enterprises
Neutral
239
-
4,922
2,964
3,260
20.5
21.2
4.7
8.0
-
29.9
2.8
2.5
5.5
8.5
2.1
1.8
Ltd
Navneet Education
Neutral
98
-
2,327
1,062
1,147
24.0
24.0
6.1
6.6
16.0
14.8
3.3
2.9
20.6
19.8
2.3
2.2
Navkar Corporation
Buy
192
265
2,740
408
612
42.9
42.3
6.8
11.5
28.4
16.7
2.0
1.8
6.9
10.5
7.7
5.1
UFO Moviez
Neutral
521
-
1,437
619
685
33.2
33.4
30.0
34.9
17.4
14.9
2.4
2.1
13.8
13.9
2.0
1.7
VRL Logistics
Neutral
288
-
2,628
1,902
2,119
16.7
16.6
14.6
16.8
19.8
17.1
4.3
3.8
21.9
22.2
1.5
1.3
Team Lease Serv.
Neutral
1,097
-
1,876
3,229
4,001
1.5
1.8
22.8
32.8
48.2
33.4
5.2
4.5
10.7
13.4
0.5
0.4
S H Kelkar & Co.
Neutral
263
-
3,803
1,036
1,160
15.1
15.0
6.1
7.2
43.1
36.6
4.6
4.2
10.7
11.5
3.5
3.1
Quick Heal
Neutral
241
-
1,685
408
495
27.3
27.0
7.7
8.8
31.1
27.4
2.9
2.9
9.3
10.6
3.4
2.8
Narayana Hrudaya
Neutral
308
-
6,294
1,873
2,166
11.5
11.7
2.6
4.0
116.5
77.7
7.1
6.5
6.1
8.3
3.6
3.1
Manpasand Bever.
Neutral
679
-
3,401
836
1,087
19.6
19.4
16.9
23.8
40.2
28.5
4.8
4.2
12.0
14.8
3.9
2.9
Parag Milk Foods
Neutral
326
-
2,739
1,919
2,231
9.3
9.6
9.5
12.9
34.5
25.2
5.4
4.4
15.5
17.5
1.6
1.4
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 11, 2016
www.angelbroking.com
Market Outlook
August 12, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
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/dealing in securities Market. 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.
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. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
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
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