Market Outlook

January 21, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open in the green tracking the SGX Nifty and Asian

BSE Sensex

(1.7)

(418)

24,062

markets.

Nifty

(1.7)

(126)

7,309

US markets recovered from the lows of the day to end marginally lower as value

Mid Cap

(2.0)

(206)

10,032

buying emerged in the later part of the session. Falling crude prices dragged the

Small Cap

(2.0)

(215)

10,311

major indices down by ~4% at one point before recovering with energy stocks

Bankex

(2.3)

(407)

16,917

leading the slide.

Lower crude prices dragged the European markets down after the International

Global Indices

Chg (%)

(Pts)

(Close)

Energy Agency warned that the oil market could "drown in oversupply" until at least

late 2016. Crude prices plunged to its lowest levels in ~12 years resulting in broad-

Dow Jones

(1.6)

(249)

15,767

based selling.

Nasdaq

(0.1)

(5)

4,472

Indian markets witnessed intense selling pressure after global cues turned negative

FTSE

(3.5)

(203)

5,674

on the back of further weakness in crude prices and the cut in growth forecasts by

Nikkei

(3.7)

(632)

16,416

the IMF. The International Monetary Fund cut its global growth forecasts for the third

Hang Seng

(3.8)

(750)

18,886

time in the last one year on the back of sharp slowdown in China and weakness in

Shanghai Com

(1.0)

(31)

2,977

commodity prices that are hurting markets like Brazil and Russia.

News & Result Analysis

Advances / Declines

BSE

NSE

 TVS Motor reintroduces the “Victor” motorcycle at a starting price of `49,490

Advances

471

223

 Result Review: Axis Bank

Declines

2,170

1,339

Detailed analysis on Pg2

Unchanged

125

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

3,332

Refer P5 onwards

NSE

18,064

Top Picks

CMP

Target

Upside

Net Inflows (` Cr)

Net

Mtd

Ytd

Company

Sector

Rating

(`)

(%)

FII

(761)

(8,251)

7,459

Amara Raja Batteries Auto & Auto Ancillary

Buy

795

1,040

30.8

MFs

313

1,954

70,675

HCL Tech

Buy

839

1,132

35.0

Larsen & Toubro

Construction

Buy

1,113

1,646

47.9

Top Gainers

Price (`)

Chg (%)

LIC Housing Finance Financials

Buy

460

592

28.7

Repcohome

604

4.6

Navkar Corporation Others

Buy

197

265

34.4

More Top Picks on Pg4

Fsl

4.4

Kpit

144

3.5

Key Upcoming Events

Gruh

240

3.4

Consensus

Date

Region

Event Description

Reading

Expectations

Pipavavdoc

3.3

Jan 21

USA

Initial Jobless claims (‘000)

284

280

Euro Zone

Consumer Confidence

(5.70)

Top Losers

Price (`)

Chg (%)

Euro Zone

ECB Interest Rates Announcement (%)

0.05

Vedl

(8.0)

Jan 22

USA

Existing Home Sales

4.76

5.20

Suntv

340

(7.9)

Jpinfratec

(7.5)

Den

(7.3)

Gvkpil

(7.2)

As on January 20, 2015

www.angelbroking.com

Market Outlook

January 21, 2016

TVS Motor reintroduces the “Victor” motorcycle at a starting price

of `49,490

In a bid to strengthen its position in commuter motorcycle segment, TVS Motor has

relaunched its popular “Victor” in an all-new avatar, pricing the bike at `49,490

ex-showroom. The TVS Victor was first introduced way back in 2001 and was the

first motorcycle developed and manufactured by TVS in India post its split with

Suzuki. Victor went on to become TVS Motors most successful product back then

clocking monthly average volumes of about 40,000 units/month in 2002.

The new Victor though is an all-new motorcycle powered by a heavily reworked

110cc engine also employed on the TVS Star City+. The engine produces 8.3PS of

power and 9Nm of peak torque. TVS has claimed fuel efficiency of 76kmpl. The

new Victor will face off against established names in the commuter space like the

Hero Splendor/Passion Pro and the Honda Dream series and Livo primarily. TVS

“Victor” has a strong brand recall and we believe the relaunch should help TVS

increase market share in the motorcycle space. We have Buy rating on the stock.

Result Review

Axis Bank (CMP: `389 / TP: Under Review)

Axis Bank reported a positive set of numbers on the operating front for 3QFY2016

with PAT growing by 14.5% yoy to `2,175.3cr surpassing street as well as our

expectations. On the balance sheet front, advances for the quarter grew by 21%

yoy, which is strong, considering the slower credit growth in the economy. Retail

advances grew 27% yoy and accounted for 40% of the net advances of the Bank.

On the operating front, the net interest income for the bank grew at a moderate

pace by 15.9% yoy, in-line with our expectations. Provisions for the bank surged

40.5% yoy whereas on a qoq basis, it increased marginally by 0.8%.

Asset quality deteriorated with surge in gross and net NPA ratios to 1.68% and

0.75% from 1.38% and 0.48% for the previous quarter. Slippages came in higher

at `2,082cr, whereas bank transferred four accounts worth `1,600cr under 5/25

scheme and strategic debt restructuring in one account (which is a construction

company) worth `500cr. However, the bank has stated that it has taken into

account the full impact of asset quality review conducted by RBI, which accounted

for ~50% of the total slippages for the quarter.

Quarterly Bloomberg Brokers Consensus Estimate

Hindustan Zinc Ltd - January 21, 2016

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

3,384

3,803

(11.0)

3,908

(13.4)

EBITDA

1,471

2,089

(29.6)

2,164

(32.0)

EBITDA margin (%)

43.5

54.9

55.4

Net profit

1,656

2,379

(30.4)

2,285

(27.5)

www.angelbroking.com

Market Outlook

January 21, 2016

Exide Industries - January 21, 2016

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

1,626

1,558

4.3

1,736

(6.4)

EBITDA

234

180

29.7

257

(9.3)

EBITDA margin (%)

14.4

11.6

14.8

Net profit

132

36.0

156

(15.3)

Idea Cellular Ltd Consl - January 21, 2016

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

9,072

8,009

13.3

8,676

4.6

EBITDA

3,208

2,752

16.6

3,057

4.9

EBITDA margin (%)

35.4

34.4

35.2

Net profit

796

767

3.8

809

(1.6)

M & M Fin Ser Ltd - January 21, 2016

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

PAT

168

136

23.5

146

15.1

Economic and Political News

 Infrastructure status granted to shipyard industry

 Government approves `5,050cr funding to push solar projects

 FDI flows to India doubles to $59 billion in 2015: Report

 Cabinet panel okays six-laning of NH2 in Bihar and Jharkhand

Corporate News

 Pricol to invest `500cr to support its target of doubling revenue by 2020

 Cipla to sell hepatitis C drug Daclatasvir

 Gayatri infrastructure to sell stake in Western UP Tollway highway

 MRF may set up factory in Gujarat, ASEAN countries

www.angelbroking.com

Market Outlook

January 21, 2016

Top Picks HHHHH

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

13,586

795

1,040

30.8

products leading to market share gains in both the automotive

OEM and replacement segments.

Earnings to grow strongly given the MHCV cyclical upturn.

Ashok Leyland

23,792

111

32.8

Focus on exports and LCV's provides additional growth

avenue.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,18,171

839

1,132

35.0

the bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

2,56,852

1,017

1,262

24.1

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,57,637

1,122

1,347

20.1

to be a US$20bn in FY2020.

Well positioned to benefit from such expected gradual

recovery in the overall domestic capex cycle, given its presence

Larsen & Toubro

1,03,654

1,113

1,646

47.9

across various infrastructure segments, its execution

capabilities, and its strong balance sheet.

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

23,194

460

592

28.7

post a healthy loan book which is likely to reflect in a strong

earnings growth.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

3,099

345

439

27.4

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Change in business focus towards high-margin chronic &

Garware Wall Ropes

744

340

473

39.1

lifestyle segments and increasing penetration in Europe and

Economic recovery to have favourable impact on advertising &

circulation revenue growth. Further, the acquisition of a radio

Jagran Prakashan

5,219

160

189

18.4

business (Radio City) would also boost the company's revenue

growth.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,812

197

265

34.4

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,426

107

156

45.6

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

983

1,049

1,354

29.1

going ahead. Stock currently trades at an inexpensive

valuation.

Structural shift in the Lighting industry towards LED lighting will

Surya Roshni

607

139

201

45.1

drive growth.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

January 21, 2016

Key Upcoming Events

Result Calendar

Date

Company

Jan 20, 2016

UltraTech Cement, Axis Bank, South Ind.Bank, KPIT Cummins, NIIT, Reliance Infra.

Jan 21, 2016

Exide Industries, Reliance Capital, Hind. Zinc, Heritage Foods, Alembic Pharma, Interglobe Aviation

Jan 22, 2016

ITC, D B Corp, Cairn India

Jan 23, 2016

Persistent, Siyaram Silk Mills

Jan 25, 2016

Subros, HDFC Bank, Hindustan Media Ventures, MRF, Nilkamal

Jan 27, 2016

Colgate, Godrej Consumer, HT Media, Kirloskar Engines India Ltd, L G Balakrishnan & Bros, Power Grid Corpn

Maruti, ICICI Bank, Syndicate Bank, Dabur India, Sesa Goa, Jyothy Laboratories, Tide Water Oil India, Glenmark

Jan 28, 2016

Pharma.

Jan 29, 2016

TVS Motor, Siemens, Thermax, Blue Star, Yes Bank, JSW Steel , Banco, Elecon Engineering, Indoco Remedies, NTPC

Jan 30, 2016

IDFC, Electrosteel Castings, Relaxo

Feb 1, 2016

Tech Mahindra, Transport Corporation of India

Feb 2, 2016

Amara Raja Batteries, Cummins India, Crompton Greaves

Feb 3, 2016

Hexaware, IOC

Feb 4, 2016

Bajaj Auto, ABB, J K Lakshmi Cements, Mphasis, Tata Steel

Feb 5, 2016

Lupin, Tata Power Co.

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jan 21, 2016

7:00PM US

Initial Jobless claims

Thousands

Jan 16

284.00

277.50

8:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Jan A

(5.70)

6:15PM Euro Zone

ECB announces interest rates

Jan 21

0.05

Jan 22, 2016

2:00PM Germany

PMI Services

Value

Jan P

56.00

55.50

2:00PM Germany

PMI Manufacturing

Value

Jan P

53.20

53.00

8:30PM US

Existing home sales

Million

Dec

4.76

5.20

Jan 26, 2016

8:30PM US

Consumer Confidence

S.A./ 1985=100

Jan

96.50

97.00

Jan 27, 2016

8:30PM US

New home sales

Thousands

Dec

490.00

501.00

Jan 28, 2016

3:00PM UK

GDP (YoY)

% Change

4Q A

2.10

12:30AM US

FOMC rate decision

Jan 27

0.50

Jan 29, 2016

7:00PM US

GDP Qoq (Annualised)

% Change

4Q A

2.00

0.90

Feb 1, 2016

3:00PM UK

PMI Manufacturing

Value

Jan

51.90

6:30AM China

PMI Manufacturing

Value

Jan

49.70

Feb 2, 2016

2:25PM Germany

Unemployment change (000's)

Thousands

Jan

(14.00)

11:00AM India

RBI Reverse Repo rate

Feb 2

5.75

11:00AM India

RBI Repo rate

Feb 2

6.75

11:00AM India

RBI Cash Reserve ratio

Feb 2

4.00

Source: Bloomberg, Angel Research

Market Outlook

January 21, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

12.0

9.9

7.5

10.0

8.0

7.4

7.0

6.7

8.0

6.3

6.6

7.0

6.4

6.0

4.8

4.3

4.2

3.8

6.0

2.8

3.0

4.0

2.5

5.0

4.7

5.0

2.0

4.0

(2.0)

3.0

(4.0)

(3.2)

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

6.0

5.4

5.3

5.4

54.0

5.2

5.0

4.9

5.0

4.4

52.0

3.7

4.0

50.0

3.0

2.0

48.0

1.0

46.0

44.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

0.0

8.00

(5.0)

7.50

7.00

(10.0)

6.50

(15.0)

6.00

5.50

(20.0)

5.00

(25.0)

4.50

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

January 21, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

37,645

(16.1)

(19.4)

(21.6)

Russia

Micex

1,630

(6.4)

(5.9)

3.4

India

Nifty

7,309

(5.8)

(11.3)

(13.9)

China

Shanghai Composite

2,977

(19.4)

(12.9)

(9.3)

South Africa

Top 40

41,611

(7.4)

(12.8)

(3.4)

Mexico

Mexbol

40,844

(6.1)

(7.9)

(2.2)

Indonesia

LQ45

769

1.7

(0.1)

(14.4)

Malaysia

KLCI

1,619

(0.9)

(5.7)

(7.4)

Thailand

SET 50

776

(7.3)

(16.0)

(23.8)

USA

Dow Jones

15,767

(11.2)

(8.4)

(10.2)

FTSE

5,674

(6.4)

(10.7)

(16.5)

Japan

Nikkei

16,416

(11.6)

(8.2)

(4.5)

Germany

DAX

9,392

(10.1)

(7.1)

(10.0)

France

CAC

4,125

(11.8)

(11.7)

(10.8)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

January 21, 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

144

2,795

2,097

2,415

14.4

9.5

11.0

15.1

13.1

3.0

2.6

21.1

21.3

1.4

1.2

United Phosphorus

Buy

374

510

16,008

13,698

15,752

17.6

32.1

38.5

11.6

9.7

2.3

1.9

21.4

21.3

1.3

1.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

23,792

17,995

21,544

11.4

11.6

3.4

4.7

24.6

17.8

4.3

4.0

17.7

22.2

1.3

1.0

Bajaj Auto

Buy

2,276

2,728

65,867

23,695

27,298

21.3

20.4

134.6

151.5

16.9

15.0

5.4

4.6

31.8

30.6

2.3

2.0

Bharat Forge

Buy

775

943

18,047

7,867

8,881

20.0

20.3

34.4

41.0

22.5

18.9

4.4

3.6

21.1

20.9

2.4

2.1

Eicher Motors

Buy

15,539

19,036

42,194

15,379

16,498

15.6

16.6

473.2

574.8

32.8

27.0

12.1

9.0

36.7

33.2

2.7

2.4

Gabriel India

Buy

101

1,195

1,415

1,544

8.7

9.0

4.6

5.4

18.1

15.4

3.3

2.9

18.1

18.9

0.8

0.7

Hero Motocorp

Accumulate

2,488

2,774

49,683

28,561

31,559

14.7

151.1

163.2

16.5

15.3

6.4

5.4

38.7

35.6

1.6

1.4

Jamna Auto Industries Neutral

134

1,071

1,292

1,486

9.3

9.8

6.0

7.5

22.3

17.9

4.6

3.9

20.7

21.8

0.9

0.8

L G Balakrishnan & Bros Neutral

462

725

1,254

1,394

11.6

11.8

35.9

41.7

12.9

11.1

1.7

1.5

13.5

13.8

0.7

0.6

Mahindra and Mahindra Buy

1,151

1,449

71,457

39,031

44,440

13.8

13.9

57.9

67.6

19.9

17.0

3.2

2.8

16.1

16.6

1.5

1.2

Maruti

Neutral

4,059

122,611

57,865

68,104

16.4

16.7

176.3

225.5

23.0

18.0

4.5

3.8

19.4

21.2

1.9

1.6

Minda Industries

Accumulate

769

867

1,220

2,567

2,965

8.0

8.3

46.1

57.8

16.7

13.3

2.8

2.3

16.7

17.3

0.6

0.5

Motherson Sumi

Buy

252

313

33,359

39,343

45,100

8.8

9.1

10.1

12.5

25.0

20.2

7.9

6.2

35.3

34.4

0.9

0.8

Rane Brake Lining

Buy

291

366

230

454

511

11.1

11.4

23.8

28.1

12.2

10.4

1.7

1.6

14.2

15.3

0.6

Setco Automotive

Neutral

454

594

741

12.7

13.7

1.7

3.2

20.0

10.6

2.1

1.8

10.4

16.9

1.2

1.0

Tata Motors

Buy

342

409

98,757

266,022

312,667

12.8

13.1

26.3

38.3

13.0

8.9

1.7

1.5

8.4

12.1

0.5

TVS Motor

Buy

274

338

13,022

11,569

13,648

7.3

8.7

10.3

16.1

26.6

17.0

6.6

5.2

24.8

30.5

1.1

0.9

Amara Raja Batteries

Buy

795

1,040

13,586

4,892

5,871

17.4

17.6

28.8

37.1

27.6

21.4

6.5

5.2

23.4

24.1

2.7

2.2

Exide Industries

Buy

125

162

10,625

6,950

7,784

14.4

14.8

6.6

7.3

18.9

17.1

2.4

2.2

12.6

12.8

1.2

1.1

Apollo Tyres

Buy

135

171

6,864

12,146

12,689

16.8

16.0

21.2

19.0

6.4

7.1

1.1

0.9

16.5

13.0

0.6

0.7

Ceat

Buy

889

1,119

3,596

6,041

6,597

14.1

13.7

99.5

111.9

8.9

7.9

1.8

1.5

19.6

18.5

0.7

0.6

JK Tyres

Neutral

1,948

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

907

1,126

552

630

14.2

14.7

44.6

54.1

20.3

16.8

4.7

4.3

23.2

25.6

1.9

1.6

Subros

Neutral

517

1,268

1,488

11.6

11.9

3.7

6.6

23.3

13.1

1.6

1.4

6.8

11.4

0.7

0.6

Indag Rubber

Neutral

172

452

283

329

17.0

17.2

13.0

15.4

13.3

11.2

2.9

2.4

21.8

21.6

1.3

1.1

Capital Goods

ACE

Neutral

364

660

839

4.7

8.2

1.0

3.9

36.8

9.4

1.2

1.0

3.2

11.3

0.7

0.6

BEML

Neutral

1,095

4,559

3,277

4,006

6.0

8.9

29.2

64.3

37.5

17.0

2.1

1.9

5.7

11.7

1.5

1.2

Bharat Electronics

Buy

1,213

1,414

29,110

7,737

8,634

16.8

17.2

54.0

61.0

22.5

19.9

3.2

2.9

39.3

45.6

2.9

2.5

www.angelbroking.com

Stock Watch

January 21, 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

270

353

8,927

5,363

5,963

8.0

9.1

11.0

13.8

24.5

19.6

3.8

3.3

16.2

17.9

1.6

1.4

BGR Energy

Neutral

104

751

3,615

3,181

9.5

9.4

16.7

12.4

6.2

8.4

0.6

10.0

7.0

0.6

0.8

BHEL

Neutral

143

34,915

33,722

35,272

10.8

11.7

10.5

14.2

13.6

10.1

1.0

0.9

7.0

9.0

1.1

Blue Star

Buy

345

439

3,099

3,548

3,977

6.3

6.9

13.7

17.2

25.2

20.1

6.3

4.1

26.1

25.4

1.0

0.8

Crompton Greaves

Buy

169

204

10,608

13,484

14,687

4.9

6.2

4.5

7.1

37.6

23.8

2.7

2.5

7.2

10.8

0.9

0.8

Inox Wind

Buy

321

458

7,115

4,980

5,943

17.0

17.5

26.6

31.6

12.1

10.2

3.6

2.7

35.0

30.0

1.6

1.3

KEC International

Neutral

112

2,881

8,791

9,716

6.1

6.8

5.4

8.2

20.8

13.7

2.1

1.9

10.0

14.0

0.5

Thermax

Neutral

850

10,128

6,413

7,525

7.4

8.5

30.5

39.3

27.9

21.6

4.3

3.7

15.0

17.0

1.6

1.3

Cement

ACC

Buy

1,215

1,630

22,813

13,151

14,757

16.4

18.3

63.9

83.4

19.0

14.6

2.5

2.2

13.3

16.1

1.6

1.3

Ambuja Cements

Buy

187

233

29,020

11,564

12,556

19.4

20.7

8.9

10.1

21.0

18.5

2.6

2.5

12.8

13.8

2.2

2.0

HeidelbergCement

Neutral

1,577

1,772

1,926

13.3

15.4

1.0

3.0

69.6

23.2

1.8

1.6

2.6

7.9

1.5

1.3

India Cements

Buy

112

2,468

4,216

4,840

18.0

19.5

4.0

9.9

20.1

8.1

0.8

0.7

4.0

9.5

0.9

0.7

JK Cement

Buy

457

744

3,193

3,661

4,742

10.1

15.8

18.0

61.0

25.4

7.5

1.8

1.6

7.5

22.9

1.3

1.0

J K Lakshmi Cement

Buy

280

430

3,295

2,947

3,616

16.7

19.9

11.5

27.2

24.4

10.3

2.3

2.0

9.8

20.8

1.5

1.2

Mangalam Cements

Neutral

174

464

1,053

1,347

10.5

13.3

8.4

26.0

20.7

6.7

0.9

0.8

4.3

12.5

0.8

0.6

Orient Cement

Buy

140

183

2,869

1,854

2,524

21.2

22.2

7.7

11.1

18.2

12.6

2.6

2.3

13.3

15.7

2.3

1.6

Ramco Cements

Neutral

361

8,603

4,036

4,545

20.8

21.3

15.1

18.8

23.9

19.2

2.9

2.6

12.9

14.3

2.6

2.3

Shree Cement^

Neutral

9,707

33,815

7,150

8,742

26.7

28.6

228.0

345.5

42.6

28.1

6.3

5.3

15.7

20.3

4.5

3.6

UltraTech Cement

Buy

2,625

3,282

72,042

25,021

30,023

19.1

21.6

89.0

132.0

29.5

19.9

3.4

3.0

12.2

15.9

2.9

2.5

Construction

ITNL

Neutral

2,342

7,360

8,825

34.0

35.9

7.0

9.0

10.2

7.9

0.4

0.3

3.2

3.7

3.6

KNR Constructions

Buy

464

673

1,305

937

1,470

14.3

14.0

33.5

38.6

13.9

12.0

2.1

1.8

15.4

1.5

1.0

Larsen & Toubro

Buy

1,113

1,646

103,654

65,065

77,009

11.5

11.7

61.5

65.6

18.1

17.0

1.8

1.7

13.4

14.0

1.8

1.5

Gujarat Pipavav Port

Neutral

143

6,908

629

684

51.0

52.2

6.4

5.9

22.3

24.2

2.9

2.7

15.9

12.7

10.6

9.6

MBL Infrastructures

Buy

162

285

672

2,313

2,797

12.2

14.6

19.0

20.0

8.5

8.1

0.9

0.8

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

3,558

7,892

8,842

8.8

9.1

3.0

5.3

21.3

12.1

1.1

1.0

5.0

8.5

0.7

0.6

PNC Infratech

Buy

470

558

2,411

1,873

2,288

13.2

13.5

24.0

32.0

19.6

14.7

1.9

1.7

12.1

12.3

1.4

1.2

Simplex Infra

Neutral

281

1,389

5,955

6,829

10.3

10.5

16.0

31.0

17.5

9.1

0.9

5.3

9.9

0.7

0.6

Power Mech Projects

Neutral

575

846

1,539

1,801

12.8

12.7

59.0

72.1

9.7

8.0

1.5

1.2

18.6

16.8

0.6

0.5

Sadbhav Engineering

Neutral

294

5,043

3,481

4,219

10.7

10.8

8.0

12.0

36.8

24.5

3.4

3.0

10.3

13.5

1.7

1.4

www.angelbroking.com

Stock Watch

January 21, 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

NBCC

Buy

879

1,089

10,552

7,382

9,506

7.7

8.6

39.8

54.4

22.1

16.2

5.3

4.2

26.7

29.1

1.2

0.9

MEP Infra

Neutral

671

1,956

1,876

28.1

30.5

1.3

3.0

31.7

13.8

6.7

4.5

21.2

32.8

1.8

1.7

SIPL

Neutral

2,862

675

1,042

62.4

64.7

3.0

3.5

15.9

10.7

Financials

Allahabad Bank

Neutral

3,024

8,569

9,392

2.8

2.9

16.3

27.5

3.1

1.8

0.3

0.2

7.6

11.9

Axis Bank

Buy

389

531

92,469

26,473

31,527

3.5

3.6

35.7

43.5

10.9

8.9

2.1

1.8

17.9

18.9

Bank of Baroda

Neutral

121

27,938

18,485

21,025

1.9

2.0

13.5

21.1

9.0

5.7

0.7

0.6

7.3

10.6

Bank of India

Neutral

7,238

15,972

17,271

1.9

2.0

15.3

33.4

6.0

2.7

0.3

0.2

3.6

7.6

Canara Bank

Neutral

172

9,353

15,441

16,945

2.0

2.1

46.6

70.4

3.7

2.5

0.3

8.0

11.2

Dena Bank

Neutral

2,226

3,440

3,840

2.1

2.3

7.3

10.0

4.8

3.4

0.4

0.3

6.1

7.9

Federal Bank

Neutral

8,184

3,477

3,999

3.0

5.0

6.2

9.5

7.6

1.0

0.9

10.6

11.9

HDFC

Neutral

1,135

179,217

10,358

11,852

3.3

41.1

47.0

27.6

24.1

5.3

4.8

24.7

24.9

HDFC Bank

Buy

1,017

1,262

256,852

38,309

47,302

4.3

49.3

61.1

20.6

16.7

3.6

3.1

18.5

19.7

ICICI Bank

Buy

224

304

130,282

34,279

39,262

3.3

21.0

24.4

10.7

9.2

1.8

1.5

14.4

14.7

IDBI Bank

Neutral

10,507

9,625

10,455

1.8

8.5

14.2

6.5

3.9

0.4

5.9

9.3

Indian Bank

Neutral

4,263

6,160

6,858

2.5

24.5

29.8

3.6

3.0

0.3

7.7

8.6

LIC Housing Finance

Buy

460

592

23,194

3,101

3,745

2.5

33.0

40.2

13.9

11.4

2.6

2.2

19.7

20.5

Oriental Bank

Neutral

104

3,132

7,643

8,373

2.4

37.2

45.4

2.8

2.3

0.3

0.2

8.2

9.4

Punjab Natl.Bank

Neutral

17,201

23,638

26,557

2.8

17.9

27.2

4.9

3.2

0.5

0.4

8.5

12.0

South Ind.Bank

Neutral

2,424

1,965

2,185

2.5

3.3

7.2

5.4

0.7

0.6

9.5

11.7

St Bk of India

Buy

174

237

134,839

82,520

93,299

2.7

2.8

20.0

24.5

8.7

7.1

0.9

0.8

11.5

12.8

Union Bank

Neutral

111

7,655

12,646

14,129

2.3

2.4

31.0

39.1

3.6

2.9

0.4

0.3

9.8

11.4

Vijaya Bank

Neutral

2,543

3,536

3,827

1.9

5.5

6.7

5.4

4.5

0.4

7.8

8.8

Yes Bank

Buy

645

825

27,043

7,190

9,011

3.2

3.3

58.2

69.7

11.1

9.3

2.0

1.7

19.2

19.6

FMCG

Asian Paints

Neutral

839

80,510

16,553

19,160

16.0

16.2

17.7

21.5

47.5

39.0

12.6

11.3

29.4

31.2

4.7

4.1

Britannia

Neutral

2,678

32,133

8,065

9,395

9.6

10.2

47.2

65.5

56.7

40.9

18.9

17.8

38.3

41.2

3.8

3.3

Colgate

Neutral

916

24,902

4,836

5,490

19.5

19.7

48.5

53.2

18.9

17.2

13.8

12.1

99.8

97.5

5.0

4.4

Dabur India

Accumulate

249

267

43,803

9,370

10,265

17.1

17.2

7.3

8.1

34.0

30.7

10.2

8.3

33.7

30.6

4.6

4.2

GlaxoSmith Con*

Accumulate

5,762

6,118

24,231

4,919

5,742

17.2

17.4

168.3

191.2

34.2

30.1

9.7

8.3

28.8

28.9

4.5

3.8

Godrej Consumer

Neutral

1,190

40,539

10,168

12,886

16.1

32.1

38.4

37.1

31.0

7.5

7.0

19.7

21.0

4.1

3.2

www.angelbroking.com

Stock Watch

January 21, 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

HUL

Neutral

797

172,352

34,940

38,957

17.5

17.7

20.8

24.7

38.3

32.3

42.6

34.0

110.5

114.2

4.7

4.2

ITC

Buy

309

382

248,374

41,068

45,068

37.8

37.4

13.9

15.9

22.2

19.4

7.4

6.6

34.1

33.8

5.7

5.1

Marico

Neutral

225

29,087

6,551

7,766

15.7

16.0

10.4

12.5

21.7

18.0

6.3

5.2

33.2

32.4

4.4

3.7

Nestle*

Buy

5,471

6,646

52,750

11,291

12,847

22.2

22.3

158.9

184.6

34.4

29.6

18.0

16.2

55.0

57.3

4.5

3.9

Tata Global

Buy

123

144

7,734

8,635

9,072

9.8

9.9

6.5

7.6

18.9

16.1

1.9

1.8

6.8

7.4

0.8

HCL Tech^

Buy

839

1,132

118,171

42,038

47,503

23.2

23.5

55.8

62.9

15.0

13.3

3.5

2.7

23.0

19.8

2.4

1.9

Infosys

Buy

1,122

1,347

257,637

61,850

69,981

27.5

59.4

65.7

18.9

17.1

4.0

3.4

21.2

20.1

3.4

2.9

TCS

Buy

2,278

2,854

448,785

108,487

122,590

28.3

28.5

122.8

138.4

18.6

16.5

7.1

6.4

38.0

38.9

3.7

3.3

Tech Mahindra

Buy

507

646

49,043

25,566

28,890

16.0

17.0

26.3

31.9

19.3

15.9

3.5

3.0

17.9

18.6

1.7

1.4

Wipro

Buy

542

719

133,937

50,808

58,713

23.7

23.8

37.3

42.3

14.5

12.8

2.8

2.5

19.0

17.9

2.2

1.7

Media

D B Corp

Buy

302

356

5,549

2,241

2,495

27.8

27.9

21.8

25.6

13.9

11.8

3.6

3.2

26.7

28.5

2.4

2.2

HT Media

Neutral

1,868

2,495

2,603

11.2

7.3

8.6

11.0

9.3

0.9

0.8

7.4

8.1

0.3

0.2

Jagran Prakashan

Buy

160

189

5,219

2,170

2,355

27.2

26.2

8.9

9.9

17.9

16.1

3.8

3.3

20.9

20.5

2.3

2.1

Sun TV Network

Neutral

340

13,385

2,779

3,196

70.2

70.5

22.8

27.3

14.9

12.4

3.7

3.3

26.7

28.3

4.6

4.0

Hindustan Media

Neutral

270

1,982

920

1,031

20.0

19.2

20.9

14.1

12.9

2.3

2.0

16.4

15.3

1.7

1.5

Ventures

Metals & Mining

Coal India

Buy

298

380

188,196

76,167

84,130

19.9

22.3

22.4

25.8

13.3

11.5

4.8

4.7

35.5

41.0

1.8

1.6

Hind. Zinc

Buy

139

175

58,690

14,641

14,026

50.4

17.7

16.0

7.9

8.7

1.2

1.1

16.2

13.2

1.6

1.5

Hindalco

Neutral

13,980

104,356

111,186

8.7

9.5

6.7

11.1

10.1

6.1

0.4

3.5

5.9

0.7

0.6

JSW Steel

Neutral

1,019

24,631

42,308

45,147

16.4

20.7

(10.3)

49.5

20.6

1.1

(1.0)

5.6

1.6

1.5

NMDC

Neutral

32,094

8,237

10,893

46.6

44.5

10.0

11.7

8.1

6.9

0.9

0.8

12.5

13.0

3.7

2.8

SAIL

Neutral

17,078

45,915

53,954

7.2

10.5

1.5

4.4

27.5

9.5

0.4

2.3

4.1

1.0

0.9

Vedanta

Neutral

18,944

71,445

81,910

26.2

26.3

12.9

19.2

5.0

3.3

0.3

7.2

8.9

0.7

0.5

Tata Steel

Neutral

232

22,503

126,760

137,307

8.9

11.3

6.4

23.1

36.4

10.0

0.7

2.0

7.1

0.8

0.7

Oil & Gas

Cairn India

Neutral

111

20,792

11,323

12,490

49.4

51.0

20.7

5.4

0.3

6.4

6.1

0.9

0.3

GAIL

Neutral

340

43,065

64,856

70,933

9.1

9.6

24.0

28.9

14.2

11.8

1.2

1.1

8.8

9.6

0.9

0.8

ONGC

Neutral

213

182,317

154,564

167,321

36.8

37.4

28.6

32.5

7.5

6.6

1.0

0.9

12.7

13.5

1.4

1.3

Petronet LNG

Neutral

243

18,199

29,691

31,188

5.8

6.2

12.8

13.4

19.0

18.1

2.8

2.5

15.8

14.8

0.7

0.6

Indian Oil Corp

Accumulate

403

455

97,895

359,607

402,760

5.9

6.1

42.5

48.7

9.5

8.3

1.3

1.1

14.1

14.4

0.4

0.3

Reliance Industries

Accumulate

1,004

1,150

325,330

304,775

344,392

12.6

13.4

91.3

102.6

11.0

9.8

1.2

1.1

11.8

12.0

1.0

0.8

www.angelbroking.com

Stock Watch

January 21, 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

Pharmaceuticals

Alembic Pharma

Neutral

588

11,076

2,658

3,112

24.1

20.2

24.6

23.9

24.6

8.6

6.6

42.5

30.2

4.2

3.5

Aurobindo Pharma

Accumulate

801

856

46,764

14,923

17,162

22.0

23.0

35.7

42.8

22.4

18.7

6.6

5.0

34.0

30.2

3.5

3.0

Aventis*

Neutral

4,144

9,544

2,082

2,371

17.4

20.8

118.2

151.5

35.1

27.4

5.1

4.1

19.9

25.5

4.3

3.5

Cadila Healthcare

Buy

301

352

30,845

10,224

11,840

21.0

22.0

14.6

17.6

20.6

17.1

5.7

4.4

30.8

29.0

3.1

2.6

Cipla

Accumulate

594

636

47,672

14,211

16,611

20.6

19.0

27.0

28.9

22.0

20.5

3.7

3.2

18.4

16.8

3.3

2.8

Dr Reddy's

Buy

2,868

3,933

48,915

16,838

19,575

25.0

23.1

167.5

178.8

17.1

16.0

3.6

3.0

23.1

20.4

2.8

2.4

Dishman Pharma

Neutral

295

2,377

1,733

1,906

21.5

17.0

19.9

17.3

14.8

1.7

1.6

10.5

11.2

1.9

1.6

GSK Pharma*

Neutral

3,143

26,618

2,870

3,158

20.0

22.1

59.5

68.3

52.8

46.0

15.6

16.0

28.5

34.3

8.8

8.0

Indoco Remedies

Neutral

304

2,803

1,033

1,199

15.9

18.2

9.4

13.6

32.4

22.4

4.8

4.1

15.7

19.7

2.8

2.4

Ipca labs

Buy

639

900

8,058

3,363

3,909

12.9

18.6

13.4

28.0

47.7

22.8

3.4

3.0

7.4

14.0

2.7

2.3

Lupin

Neutral

1,692

76,204

13,092

16,561

25.0

27.0

50.4

68.3

33.6

24.8

6.9

5.5

22.8

24.7

5.5

4.3

Sun Pharma

Buy

794

950

191,048

28,163

32,610

25.8

30.7

17.4

26.9

45.6

29.5

4.3

3.8

13.0

16.6

6.3

5.2

Power

Tata Power

Neutral

16,701

35,923

37,402

22.6

22.8

4.1

5.2

15.2

12.0

1.2

1.1

7.5

9.3

1.4

1.3

NTPC

Buy

132

157

109,005

87,064

98,846

23.5

11.7

13.2

11.3

10.0

1.3

1.2

11.4

12.1

2.3

2.0

Power Grid

Buy

135

170

70,470

20,702

23,361

86.7

86.4

12.1

13.2

11.2

10.2

1.6

1.5

15.6

15.1

8.3

7.8

Telecom

Bharti Airtel

Neutral

309

123,680

101,748

109,191

32.1

31.7

12.0

12.5

25.8

24.8

1.8

1.7

6.9

6.7

1.9

1.7

Idea Cellular

Neutral

117

42,286

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

5,106

10,850

2,715

3,153

14.5

14.1

134.3

152.2

38.0

33.5

9.5

7.8

27.4

25.6

3.7

3.1

Bajaj Electricals

Buy

176

290

1,772

4,719

5,287

5.2

5.8

8.6

12.7

20.5

13.9

2.3

2.1

11.4

14.8

0.4

0.3

Finolex Cables

Neutral

212

3,238

2,520

2,883

12.2

12.0

12.7

14.2

16.7

14.9

2.3

2.0

13.6

13.5

1.0

0.9

Goodyear India*

Buy

486

622

1,120

1,888

1,680

12.1

11.9

62.2

56.6

7.8

8.6

1.8

1.6

25.9

19.7

0.4

Hitachi

Neutral

1,073

2,917

1,779

2,081

7.8

8.8

21.8

33.4

49.2

32.1

7.9

6.4

17.4

22.1

1.7

1.4

Jyothy Laboratories

Neutral

274

4,969

1,620

1,847

11.5

7.3

8.5

37.6

32.4

4.9

4.5

13.3

14.4

2.9

2.5

MRF

Buy

34,977

45,575

14,834

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.4

9.2

2.2

1.8

41.1

21.2

0.7

0.9

Page Industries

Neutral

12,460

13,897

1,929

2,450

19.8

20.1

229.9

299.0

54.2

41.7

23.9

16.6

52.1

47.1

7.2

5.7

Relaxo Footwears

Neutral

429

5,149

1,767

2,152

12.3

12.5

19.3

25.1

22.3

17.1

5.5

4.2

27.7

27.8

3.0

2.4

Siyaram Silk Mills

Buy

1,049

1,354

983

1,636

1,815

11.5

89.9

104.1

11.7

10.1

1.9

1.7

17.9

17.8

0.8

0.7

Styrolution ABS India*

Accumulate

655

698

1,152

1,271

1,440

8.6

9.2

32.0

41.1

20.5

16.0

2.1

1.9

10.7

12.4

0.9

0.8

TVS Srichakra

Buy

2,365

3,240

1,811

2,101

2,338

15.7

15.0

248.6

270.0

9.5

8.8

4.2

3.0

43.6

34.0

0.9

0.8

www.angelbroking.com

Stock Watch

January 21, 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

HSIL

Buy

261

302

1,886

2,123

2,384

16.1

16.5

15.0

18.9

17.3

13.8

1.4

1.3

8.0

9.4

1.2

1.1

Kirloskar Engines India

Neutral

235

3,399

2,471

2,826

8.8

10.4

9.1

13.3

25.8

17.6

2.5

2.3

9.7

13.4

1.0

0.9

Ltd

M M Forgings

Buy

471

614

569

511

615

21.7

21.6

43.1

55.8

10.9

8.4

2.0

1.6

19.9

21.2

1.3

1.0

Banco Products (India) Neutral

122

869

1,208

1,353

11.0

12.3

10.8

14.5

11.3

8.4

1.3

1.2

11.9

14.5

0.7

0.6

Competent Automobiles Neutral

137

1,040

1,137

3.2

3.1

25.7

28.0

5.3

4.9

0.8

0.7

15.0

14.3

0.1

Nilkamal

Neutral

1,144

1,708

1,910

2,083

10.5

10.3

63.3

69.2

18.1

16.5

3.0

2.5

17.6

16.5

1.0

0.8

Visaka Industries

Buy

103

144

163

1,086

1,197

9.9

10.3

21.5

28.8

4.8

3.6

0.5

0.4

9.6

11.6

0.4

0.3

Transport Corporation of

Neutral

247

1,877

2,830

3,350

8.8

9.0

14.4

18.3

17.2

13.5

2.6

2.3

15.4

17.1

0.8

0.7

India

Elecon Engineering

Buy

685

1,369

1,533

13.7

14.9

3.3

6.1

18.9

10.4

1.2

1.1

6.6

11.4

0.8

0.7

Surya Roshni

Buy

139

201

607

2,992

3,223

8.1

8.4

14.7

18.3

9.4

7.6

0.9

0.8

9.7

11.0

0.5

0.4

MT Educare

Neutral

154

613

286

366

18.3

17.7

7.7

9.4

19.9

16.4

4.2

3.7

20.2

21.1

2.0

1.6

Radico Khaitan

Buy

107

156

1,426

1,565

1,687

12.2

13.0

5.7

7.1

18.8

15.1

1.6

1.5

8.3

9.6

1.4

1.3

Garware Wall Ropes

Buy

340

473

744

862

974

11.2

24.9

29.6

13.7

11.5

2.1

1.8

15.1

15.4

0.9

0.7

Wonderla Holidays

Neutral

371

2,096

206

308

44.0

43.6

9.0

12.9

41.2

28.8

5.6

5.1

13.7

17.8

10.1

6.7

Linc Pen & Plastics

Neutral

205

303

340

371

8.3

8.9

10.8

13.2

19.0

15.5

3.0

2.7

16.0

17.1

0.9

0.8

The Byke Hospitality

Neutral

149

595

222

287

20.5

5.6

7.6

26.3

19.7

5.0

4.1

18.9

20.8

2.7

2.1

Interglobe Aviation

Neutral

1,202

43,318

17,022

21,122

20.7

14.5

63.9

53.7

18.8

22.4

28.2

23.1

149.9

103.2

2.6

2.1

Coffee Day Enterprises

Neutral

244

5,019

2,692

2,964

17.0

18.6

4.7

51.4

3.0

2.8

0.2

5.5

2.3

2.1

Ltd

Navneet Education

Neutral

1,940

998

1,062

24.1

24.0

5.8

6.1

14.2

13.4

3.1

2.8

22.0

20.6

2.0

1.9

Navkar Corporation

Buy

197

265

2,812

365

436

38.3

37.5

5.6

5.9

35.0

33.6

2.2

2.1

6.3

6.1

8.5

7.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 20, 2016

www.angelbroking.com

Market Outlook

January 21, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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