Market Outlook
October 23, 2015
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on positive note tracking the SGX Nifty and
BSE Sensex
(0.1)
(19)
27,288
most its Asian peers.
Nifty
(0.1)
(10)
8,252
US Markets moved sharply higher over the course of the trading day on Thursday,
Mid Cap
(0.1)
(17)
11,167
after the ECB news and earnings reports that included better-than-expected results
Small Cap
(0.4)
(43)
11,562
from McDonald's Corp.
Bankex
(0.8)
(156)
20,215
The European markets ended Thursday's session with substantial gains. The markets
began to rally after comments made by European Central Bank President Mario
Draghi, which suggested that further stimulus measures could be coming in the near
Global Indices
Chg (%)
(Pts)
(Close)
future.
Dow Jones
1.9
321
17,489
The Indian markets reversed early gains to end modestly lower on Wednesday as a
Nasdaq
1.7
80
4,920
sudden selloff in Chinese markets spurred a bout of risk aversion.
FTSE
0.4
28
6,376
Nikkei
2.3
419
18,854
News & Result Analysis
Hang Seng
1.3
308
23,153
Result Review: Wipro, Bajaj Auto, HDFC bank, JSW
Detailed analysis on Pg2
Shanghai Com
(0.1)
(3)
3,365
Investor’s Ready Reckoner
Advances / Declines
Bse
Nse
Key Domestic & Global Indicators
Advances
1,305
827
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,416
708
Refer Pg6 onwards
Unchanged
156
76
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
2,913
Axis Bank
Financials
Buy
511
674
31.8
NSE
15,740
HCL Tech
IT
Buy
861
1,132
31.4
ICICI Bank
Financials
Buy
282
370
31.1
Power Grid
Power
Buy
136
170
25.0
Net Inflows (` Cr)
Net
Mtd
Ytd
TCS
IT
Buy
2,526
3,165
25.3
FII
626
5,306
123,371
More Top Picks on Pg4
MFs
78
1,063
80,068
Key Upcoming Events
Previous
Consensus
Top Gainers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Hcc
28
11.7
Oct 27
UK
GDP(YoY)
2.4
-
Raymond
458
9.6
Oct 27
US
Consumer Confidence
103.4
102
Jubilant
416
7.0
Oct 28
US
FOMC rate decision
0.25
0.25
Renuka
12
6.3
Oct 28
Germany
Unemployment change (000's)
2.0
-
Castrolind
470
5.3
Top Losers
Price (`)
Chg (%)
Federalbnk
58
(12.1)
Sreinfra
55
(4.6)
Ibrealest
68
(4.6)
Srtransfin
932
(4.3)
Pmcfin
1
(3.9)
As on October 21, 2015
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Market Outlook
October 23, 2015
Result Review
Wipro (CMP: `578 / TP: `719 /Upside: 24.4%)
Wipro posted a
2.1% qoq growth to end the period at US$1832mn V/s
US$1826mn expected. In Constant Currency terms (CC), the company posted a
3.0% qoq growth. In rupee terms, the company posted a 2.3% qoq growth of
`12,514cr V/s `12,703cr expected. On the EBIDTA front, the margins came in at
21.7% V/s 21.3% expected. On EBIT front, the company posted an EBIT margins
of 19.0% V/s 18.7% expected, a qoq expansion of 44bps. The IT services segment
has EBIT margins of 20.7% V/s 21.0% in 1QFY2016. Thus, the Net Profit came in
at `2,241cr V/s `2,223cr expected a growth of 2.4% qoq.
On operating matrix, the company had net utilization levels of company came in
at 77.2% V/s 79.4% in 1QFY2016 and the attrition rate was 16.8% V/s 16.4% in
1QFY2016.In client additions, the company has added one client in the
US$50mn+ and three in US$10mn+.
On guidance front, the company has guided towards a sales of US$ 1,841-
1,878mn, a qoq growth of 0.5-2.5%. According to the company the guidance is in
line with fewer working days in 3QFY2016 and slow ramp-up of the clients. We
currently have buy rating on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
52,414
23.7
9,483
38.4
19.5
15.1
2.9
9.8
2.2
FY2017E
58,704
23.8
10,449
42.3
18.0
13.7
2.6
8.0
1.8
Bajaj Auto (CMP: `2,518 / TP: /Upside: )
Bajaj Auto 2QFY2016 results came in marginally ahead of estimates. Bajaj
managed to improve the margins despite the volume pressures (volumes were flat
yoy) and high competition in the industry. Revenues grew marginally 2% yoy to Rs
6,098 cr coming marginally ahead of our estimates of Rs 5,960 cr. Operating
margins at 21.6% improved steeply 270 bp yoy coming 50 bp ahead of our
assumptions. Soft commodity prices coupled with much higher dollar realization
on exports (Bajaj realized INR
65.2/Dollar in the quarter as against INR
61.5/Dollar realized in 2QFY2015) boosted the margins. Alongwith the robust
operating metrics, higher other income (other income grew 34% yoy) further
boosted profitability. Net Profit at Rs 933 cr beat our estimates of Rs 919 cr. We
currently have Neutral rating on the stock but would review our estimates post
interaction with the management.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
23,544
19.8
3,672
127.0
30.3
19.8
6.0
12.7
2.7
FY2017E
27,245
19.8
4,147
143.4
29.4
17.6
5.1
10.2
2.2
HDFC Bank (CMP: `1,095/ TP: `1,265/Upside:15.5%)
HDFC bank continued its trend of delivering consistent earnings performance
quarter after quarter and registered a net interest income growth of 21.2% yoy for
2QFY2016 which was in line with the expectations. The bank’s loan book grew by
27.9% yoy which was aided by NII growth of 21.2% yoy. Non-interest income for
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Market Outlook
October 23, 2015
the bank surprisingly grew at a pace of 24.7% yoy. While operating expenses grew
by 19.8% yoy, pre provision profits were up by 24.2% yoy. On the asset quality
front, the bank continued its steady performance inspite of the challenging macro
environment with the Gross and net NPA levels for the bank declining to 0.91%
and 0.25% from 0.95% and 0.27% qoq respectively. Overall, the bank reported
earnings growth of 20.5% yoy. In light of current macro environment, the current
earnings trajectory of 20%+ yoy is strong which in our view, justifies a premium
valuation multiple. Hence, we recommend Buy rating on the stock.
Y/E
Op. Inc
NIM
PAT
EPS ABV ROA ROE
P/E P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2016E
58,813
4.3 12,363
49.3
285.4
1.9
18.5
22.0
3.8
FY2017E
72,155
4.3 15,302
61.0
332.2
1.9
19.7
17.8
3.3
JSW Steel (CMP: `905 / Rating: Neutral)
JSW reported sales volume of 3.19MT slightly below our expectations of 3.24MT.
Steel realisation per tonne was however ahead of our expectations at ~$525 per
tonne vs. our expectation of ~$497 per tonne. Standalone revenues were ahead
of our estimate at `9,653cr as against our expectation of `9,345cr. Led by the
higher than expected revenue, EBITDA was ahead of our estimate at `1,566cr as
against our expectations of `1,339cr. Coated division produced and sold 0.36MT
in line with expectations. Operating EBITDA for the coated segment however, was
ahead of expectations at `102cr vs. our expectations of `94cr. Plate and pipe mill
reported utilisation levels in line with our estimates at 25% & 12% respectively.
Plate sales volumes however disappointed at 42,000 net tonnes as against our
expectations of 49,000 net tonnes. EBITDA loss at the US mill was lower than
expected at $3.1 million for the quarter vs. our estimate of a net loss of $5.6
million. We expect steel prices to continue to remain under pressure and retain our
neutral view on the stock.
Y/E
Sales OPM PAT
EPS ROE
P/E P/BV EV/EBITDA
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
42,308
16.4
(217)
(10.3)
(1.0)
NMF
1.0
9.6
1.6
FY2017E
45,147
20.7
1,229
49.5
5.6
18.3
1.0
7.0
1.5
Economic and Political News
Road construction picks up 36% this year
Coffee exports drop marginally to 3,00,522 tn in 2014-15
RBI chief went with majority view for rate cut
Corporate News
DLF appoints bankers for selling promoters stake in rental arm
Bajaj gears up to roll out 4 new bikes, eyes bigger market share
Fitch assigns 'BBB-' rating to PGCIL for debt issuance
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Market Outlook
October 23, 2015
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Healthy pace of branch expansion, backed by distribution
Axis Bank
1,21,592
511
674
31.8
network, will be the driving force for the bank’s retail business
and overall earnings.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,21,127
861
1,132
31.4
the bad news.
Due to its robust franchise and capital adequacy position, the
bank is well positioned to grow by at least a few percentage
ICICI Bank
1,63,922
282
370
31.1
points higher than the average industry growth rate from a
structural point of view.
Back on the growth trend , expect a long term growth of 14% to
Infosys
2,61,300
1,138
1,306
14.8
be a US$20bn in FY2020.
Government thrust on Renewable sector and strong order book
Inox Wind
8,886
400
505
26.1
would drive future growth.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC HFL
24,287
481
570
18.4
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Direct beneficiary of the huge investments lined up in the power
Power Grid
71,123
136
170
25.0
transmission sector.
Growth to pick up from 2HFY2017, attractive given the risk-
TCS
4,97,632
2,526
3,165
25.3
reward.
Tech Mahindra
52,043
541
646
19.5
Acquisitions, to drive growth, normalised valuations attractive.
An improving liability franchise, capital adequacy well above
Yes Bank
32,059
765
906
18.4
Basel III requirements and lowest NPA ratio in the industry, will
help Yes Bank to deliver a stronger growth.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Bajaj Electricals
2,550
253
341
34.9
Visible turnaround in E&P business to drive the earnings
Garware Wall Ropes
769
352
390
10.9
Higher exports & easing material prices to drive profitability
Comfortable balance sheet to support strong growth; this
MBL Infrastructures
913
220
360
63.5
coupled with attractive valuation to lead to rerating.
New product introductions and increased sourcing by clients to
Minda Industries
811
511
652
27.6
enable outpace industry growth
Strong brand & quality teaching with innovative technologies &
MT Educare
573
144
169
17.4
higher government educational spending to boost growth
Earnings boost on back of stable material prices and favourable
Radico Khaitan
1,296
97
112
14.9
pricing environment. Valuation discount to peers provides
additional comfort
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
625
143
183
28.3
drive growth.
Tree House
1,239
293
449
53.3
Robust expansion plan for pre-schools to drive growth
Source: Company, Angel Research
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Market Outlook
October 23, 2015
Quarterly Bloomberg Brokers Consensus Estimate
Asian Paints Ltd Consol - October 23, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
3,906
3,587
8.9
3,578
9.2
EBITDA
672
536
25.3
684
(1.7)
EBITDA margin (%)
17.2
15.0
19.1
Net profit
440
347
26.8
455
(3.2)
Godrej Consumer Products Ltd Consol - October 24, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
2,286
2,048
11.7
2,095
9.1
EBITDA
414
342
21.1
315
31.1
EBITDA margin (%)
18.1
16.7
15.0
Net profit
281
235
19.6
199
40.8
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Market Outlook
October 23, 2015
Key Upcoming Events
Result Calendar
Date
Company
Oct 23, 2015
Rallis, Asian Paints
Oct 24, 2015
Godrej Consumer, Persistent
Oct 25, 2015
Oct 26, 2015
United Phosphorus, Blue Star, HDFC, Hindustan Media Ventures, Hitachi
Oct 27, 2015
Maruti, TVS Motor, CEAT, Thermax, Axis Bank, Sesa Goa, Lupin, Alembic Pharma
Exide Industries, Amara Raja Batteries, JK Tyre, Ambuja Cements, Syndicate Bank, Dabur India, Sun TV Network, HT
Oct 28, 2015
Media, Kirloskar Engines India Ltd, Elecon Engineering, Transport Corporation of India
Bharat Forge, Crompton Greaves, Areva, Shriram Trans., Nestle, Colgate, MRF, L G Balakrishnan & Bros, Dr Reddy's,
Oct 29, 2015
Glenmark Pharma., Dishman Pharma, NTPC
Oct 30, 2015
Apollo Tyres, Subros, ICICI Bank, Kotak Mah. Bank, Ipca labs, Indoco Remedies
Oct 31, 2015
IDFC, IOB, GSK Pharma
Oct 30, 2015
Apollo Tyres, Subros, ICICI Bank, Kotak Mah. Bank, Indoco Remedies
Nov 2, 2015
LMW, India Cements, Indian Bank, Electrosteel Castings, GIPCL
Nov 3, 2015
ABB, Power Fin.Corpn., Tech Mahindra, Hexaware, PVR, Finolex Cables, PTC India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 23, 2015 1:00PM Germany
PMI Services
Value
Oct P
54.10
53.90
1:00PM Germany
PMI Manufacturing
Value
Oct P
52.30
51.70
Oct 26, 2015 7:30PM US
New home sales
Thousands
Sep
552.00
549.00
Oct 27, 2015 3:00PM UK
GDP (YoY)
% Change
3Q A
2.40
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
Oct
103.04
102.00
Oct 28, 2015 11:30PM US
FOMC rate decision
%
Oct 28
0.25
0.25
Oct 29, 2015 2:25PM Germany
Unemployment change (000's)
Thousands
Oct
2.00
--
6:00PM US
GDP Qoq (Annualised)
% Change
3Q A
3.90
1.70
Nov 1, 2015
6:30AM China
PMI Manufacturing
Value
Oct
49.80
--
Nov 2, 2015
3:00PM UK
PMI Manufacturing
Value
Oct
51.50
--
Nov 5, 2015
5:30PM UK
BOE Announces rates
% Ratio
Nov 5
0.50
0.50
Nov 6, 2015
3:00PM UK
Industrial Production (YoY)
% Change
Sep
1.90
--
7:00PM US
Change in Nonfarm payrolls
Thousands
Oct
142.00
--
7:00PM US
Unnemployment rate
%
Oct
5.10
--
Nov 8, 2015
China
Exports YoY%
% Change
Oct
(3.70)
--
Nov 10, 2015
India
Imports YoY%
% Change
Oct
(25.40)
--
India
Exports YoY%
% Change
Oct
(24.30)
--
7:00AM China
Consumer Price Index (YoY)
% Change
Oct
1.60
--
Nov 11, 2015 11:00AM China
Industrial Production (YoY)
% Change
Oct
5.70
--
3:00PM UK
Jobless claims change
% Change
Oct
4.60
--
Source: Bloomberg, Angel Research
Market Outlook
October 23, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.0
6.4
7.5
7.5
5.2
8.0
6.0
4.8
7.0
7.0
4.4
4.1
6.7
6.7
6.6
3.6
7.0
6.4
4.0
2.8
3.0
6.3
2.5
2.5
6.0
2.0
5.0
4.7
5.0
-
4.0
(2.0)
3.0
(4.0)
(2.7)
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
6.0
5.4
5.3
5.4
54.0
5.2
5.0
4.9
4.6
5.0
4.3
4.4
52.0
3.7
3.7
4.0
3.3
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
30.0
9.00
20.0
8.00
10.0
7.00
0.0
6.00
(10.0)
5.00
(20.0)
4.00
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
October 23, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
6.0
5.3
4.9
4.7
4.0
2.8
2.7
2.4
1.6
2.0
1.2
1.1
0.8
-
(2.0)
(2.6)
(4.0)
(4.6)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.8
5.2
6.0
4.8
3.7
3.1
4.0
2.7
2.0
1.6
1.2
1.0
2.0
-
(2.0)
(4.0)
(1.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
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Market Outlook
October 23, 2015
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
47,772
2.5
(6.2)
(12.0)
Russia
Micex
1,712
2.9
7.3
23.8
India
Nifty
8,252
4.5
(4.1)
6.5
China
Shanghai Composite
3,369
7.0
(11.8)
42.9
South Africa
Top 40
47,815
5.4
3.1
10.2
Mexico
Mexbol
44,628
3.2
(0.5)
2.7
Indonesia
LQ45
790
9.1
(4.5)
(4.1)
Malaysia
KLCI
1,705
2.1
(1.1)
(3.5)
Thailand
SET 50
915
2.3
(4.1)
(11.6)
USA
Dow Jones
17,489
7.1
(1.4)
4.9
UK
FTSE
6,376
7.4
(4.2)
(0.2)
Japan
Nikkei
18,436
1.5
(10.7)
20.5
Germany
DAX
10,492
9.6
(7.5)
16.0
France
CAC
4,802
8.4
(5.0)
16.8
Source: Bloomberg, Angel Research
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Stock Watch
October 23, 2015
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
213
-
4,145
2,075
2,394
14.4
14.4
9.5
11.0
22.4
19.4
4.5
3.9
21.1
21.3
2.0
1.8
United Phosphorus
Accumulate
479
510
20,524
13,698
15,752
17.6
17.6
32.1
38.5
14.9
12.4
2.9
2.4
21.4
21.3
1.6
1.3
Auto & Auto Ancillary
Ashok Leyland
Accumulate
96
102
27,264
18,763
22,357
11.1
11.2
3.6
4.8
26.6
20.0
4.9
4.5
18.7
22.6
1.4
1.2
Bajaj Auto
Neutral
2,518
-
72,870
23,544
27,245
19.8
19.8
127.0
143.4
19.8
17.6
6.0
5.2
30.3
29.4
2.7
2.3
Eicher Motors
Buy
18,211
22,859
49,428
11,681
15,550
15.3
16.9
358.5
564.3
50.8
32.3
15.3
11.4
29.8
34.9
4.1
3.1
Hero Motocorp
Neutral
2,619
-
52,299
28,500
32,764
14.1
14.3
146.9
167.0
17.8
15.7
6.7
5.7
37.8
36.5
1.7
1.4
L G Balakrishnan & Bros Neutral
484
-
760
1,254
1,394
11.6
11.8
35.9
41.7
13.5
11.6
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,258
1,357
78,149
37,986
42,660
12.8
13.2
51.6
61.9
24.4
20.3
3.6
3.2
14.6
15.6
1.7
1.5
Maruti
Accumulate
4,473
4,960
135,123
58,102
68,587
16.7
16.9
182.0
225.5
24.6
19.8
4.9
4.2
19.9
21.0
2.1
1.7
Minda Industries
Buy
511
652
811
2,567
2,965
7.3
8.0
38.8
54.3
13.2
9.4
1.9
1.6
14.4
16.8
0.4
0.3
Rane Brake Lining
Accumulate
319
366
253
454
511
11.1
11.4
23.8
28.1
13.4
11.4
1.9
1.7
14.2
15.3
0.7
0.6
Setco Automotive
Neutral
226
-
603
594
741
12.7
13.7
8.4
15.8
26.9
14.3
2.8
2.4
10.4
16.9
1.5
1.2
Tata Motors
Accumulate
381
424
110,060
264,038
297,882
13.8
13.9
34.5
38.9
11.1
9.8
1.9
1.6
17.6
16.8
0.6
0.5
TVS Motor
Neutral
252
-
11,979
11,702
13,713
6.8
7.7
10.1
14.5
25.0
17.4
6.1
4.9
24.5
28.3
1.0
0.8
Amara Raja Batteries
Neutral
1,011
-
17,265
5,101
6,224
17.8
17.6
31.1
39.2
32.5
25.8
8.1
6.4
24.8
24.8
3.3
2.7
Exide Industries
Neutral
161
-
13,664
7,363
8,247
13.7
14.5
6.6
7.7
24.4
20.9
3.1
2.8
12.6
13.3
1.6
1.4
Apollo Tyres
Neutral
193
-
9,809
12,576
12,978
16.8
16.1
22.3
19.9
8.6
9.7
1.5
1.3
17.2
13.4
0.9
0.9
Ceat
Neutral
1,242
-
5,024
6,041
6,597
14.3
14.2
101.5
116.6
12.2
10.7
2.4
2.0
20.0
19.1
1.0
0.8
JK Tyres
Neutral
108
-
2,444
7,446
7,669
15.2
14.0
19.6
18.4
5.5
5.9
1.4
1.2
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
943
-
1,171
552
630
14.2
14.7
44.6
54.1
21.2
17.4
4.9
4.5
23.2
25.6
2.0
1.7
Subros
Neutral
88
-
528
1,268
1,488
11.6
11.9
3.7
6.6
23.8
13.3
1.6
1.5
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
199
-
523
283
329
17.0
17.2
13.0
15.4
15.4
12.9
3.4
2.8
21.8
21.6
1.6
1.3
Capital Goods
ACE
Neutral
44
-
437
660
839
4.7
8.2
1.0
3.9
44.2
11.3
1.4
1.2
3.2
11.3
0.8
0.6
BEML
Neutral
1,248
-
5,195
3,277
4,006
6.0
8.9
29.2
64.3
42.7
19.4
2.4
2.2
5.7
11.7
1.7
1.3
BGR Energy
Neutral
126
-
909
3,615
3,181
9.5
9.4
16.7
12.4
7.5
10.2
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
208
-
50,971
33,722
35,272
10.8
11.7
10.5
14.2
19.8
14.7
1.5
1.4
7.0
9.0
1.6
1.5
Blue Star
Accumulate
355
387
3,190
3,649
4,209
5.0
5.9
9.2
14.7
38.8
24.1
7.0
6.6
9.1
17.5
1.0
0.8
Crompton Greaves
Accumulate
183
204
11,448
13,484
14,687
4.9
6.2
4.5
7.1
40.6
25.7
2.9
2.7
7.2
10.8
1.0
0.9
Inox Wind
Buy
400
505
8,886
4,980
5,943
17.0
17.5
26.6
31.6
15.1
12.7
4.5
3.3
35.0
30.0
1.9
1.6
www.angelbroking.com
Stock Watch
October 23, 2015
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
KEC International
Neutral
144
-
3,694
8,791
9,716
6.1
6.8
5.4
8.2
26.6
17.5
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
870
-
10,370
6,413
7,525
7.4
8.5
30.5
39.3
28.5
22.2
4.4
3.8
15.0
17.0
1.6
1.3
Cement
ACC
Accumulate
1,381
1,548
25,921
11,856
14,092
14.5
17.8
47.6
76.1
29.0
18.1
3.0
2.7
10.6
15.7
2.0
1.7
Ambuja Cements
Accumulate
209
233
32,450
10,569
12,022
20.7
22.2
8.7
10.7
24.0
19.5
3.1
2.9
13.0
15.2
2.7
2.3
India Cements
Buy
82
112
2,531
4,716
5,133
15.9
16.9
3.7
7.5
22.3
11.0
0.8
0.8
3.8
7.3
0.8
0.7
JK Cement
Buy
651
767
4,551
4,056
4,748
14.5
17.0
22.6
41.1
28.8
15.8
2.6
2.3
9.3
15.3
1.6
1.3
J K Lakshmi Cement
Accumulate
381
430
4,480
2,947
3,616
16.7
19.9
11.5
27.2
33.1
14.0
3.1
2.7
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
233
-
623
1,053
1,347
10.5
13.3
8.4
26.0
27.8
9.0
1.2
1.1
4.3
12.5
1.0
0.7
Orient Cement
Accumulate
172
183
3,528
1,854
2,524
21.2
22.2
7.7
11.1
22.4
15.5
3.2
2.8
13.3
15.7
2.6
1.9
Ramco Cements
Neutral
340
-
8,098
4,036
4,545
20.8
21.3
15.1
18.8
22.5
18.1
2.8
2.5
12.9
14.3
2.5
2.2
Shree Cement^
Neutral
12,789
-
44,553
7,150
8,742
26.7
28.6
228.0
345.5
56.1
37.0
8.3
6.9
15.7
20.3
6.0
4.8
UltraTech Cement
Accumulate
2,892
3,282
79,368
27,562
31,548
20.4
22.3
111.9
143.3
25.9
20.2
3.7
3.2
15.2
16.8
3.0
2.5
Construction
ITNL
Neutral
96
-
3,155
7,360
8,825
34.0
35.9
1.0
5.0
95.9
19.2
0.4
0.4
0.3
1.4
3.9
3.7
KNR Constructions
Neutral
591
-
1,662
915
1,479
14.3
13.9
20.3
37.2
29.1
15.9
2.7
2.3
9.6
15.6
1.9
1.2
Larsen & Toubro
Buy
1,550
2,013
144,285
68,920
82,446
10.9
11.5
57.0
73.0
27.2
21.2
2.5
2.3
13.6
15.5
2.3
1.9
Gujarat Pipavav Port
Neutral
186
-
8,987
721
784
53.1
53.6
8.2
9.1
22.6
20.4
3.6
3.0
20.0
18.3
12.0
10.7
MBL Infrastructures
Buy
220
360
913
2,313
2,797
12.2
14.6
19.0
20.0
11.6
11.0
1.2
1.1
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
81
-
4,520
7,892
8,842
8.3
9.1
2.4
5.3
33.9
15.3
1.4
1.3
4.2
8.6
0.8
0.7
PNC Infratech
Neutral
510
-
2,619
1,798
2,132
13.2
13.5
22.0
30.0
23.2
17.0
2.1
1.9
11.5
11.4
1.6
1.3
Simplex Infra
Neutral
338
-
1,671
6,241
7,008
10.4
10.7
20.0
36.0
16.9
9.4
1.4
1.2
6.8
11.1
0.8
0.7
Financials
Allahabad Bank
Neutral
78
-
4,663
8,438
9,521
2.8
2.8
21.9
27.0
3.6
2.9
0.4
0.3
10.2
11.5
-
-
Axis Bank
Buy
511
674
121,592
26,941
32,298
3.5
3.6
37.4
46.4
13.7
11.0
2.8
2.4
18.7
20.0
-
-
Bank of Baroda
Neutral
174
-
40,173
19,027
21,737
1.9
2.0
16.9
24.5
10.3
7.1
1.0
0.8
9.1
12.1
-
-
Bank of India
Neutral
139
-
10,968
16,438
18,706
1.9
2.0
19.2
40.9
7.2
3.4
0.4
0.4
4.5
9.1
-
-
Canara Bank
Neutral
294
-
15,969
15,491
17,269
2.0
2.0
61.6
70.9
4.8
4.2
0.5
0.5
10.5
11.1
-
-
Dena Bank
Neutral
42
-
2,723
3,498
3,977
2.1
2.3
7.8
10.7
5.4
4.0
0.4
0.4
6.5
8.4
-
-
Federal Bank
Neutral
58
-
9,869
3,527
4,135
3.0
3.1
5.2
6.7
11.1
8.6
1.2
1.0
10.8
12.7
-
-
HDFC
Neutral
1,316
-
207,591
10,883
12,799
3.5
3.4
43.0
50.6
30.6
26.0
6.1
5.5
25.9
26.7
-
-
HDFC Bank
Buy
1,095
1,265
275,692
38,059
46,851
4.4
4.5
50.0
62.7
21.9
17.5
3.8
3.3
18.8
20.2
-
-
www.angelbroking.com
Stock Watch
October 23, 2015
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
Financials
ICICI Bank
Buy
282
370
163,922
35,810
41,871
3.4
3.5
22.0
26.2
12.8
10.8
2.3
1.9
15.0
15.6
-
-
IDBI Bank
Neutral
84
-
13,481
9,860
10,978
1.8
1.9
9.3
15.6
9.1
5.4
0.6
0.6
6.4
10.1
-
-
Indian Bank
Neutral
136
-
6,522
6,267
7,171
2.4
2.5
25.4
32.1
5.3
4.2
0.4
0.4
8.0
9.3
-
-
LIC Housing Finance
Buy
481
570
24,287
2,934
3,511
2.3
2.3
30.9
36.8
15.6
13.1
2.5
2.2
16.8
17.5
-
-
Oriental Bank
Neutral
142
-
4,249
7,730
8,595
2.4
2.5
38.8
47.4
3.7
3.0
0.3
0.3
8.6
9.8
-
-
Punjab Natl.Bank
Neutral
136
-
26,626
23,446
26,624
2.8
2.9
17.8
27.5
7.6
4.9
0.8
0.6
8.5
12.1
-
-
South Ind.Bank
Neutral
22
-
2,991
1,930
2,215
2.4
2.4
2.6
3.6
8.5
6.2
0.9
0.8
9.9
12.5
-
-
St Bk of India
Buy
250
295
193,837
83,847
96,307
2.8
2.8
20.1
25.1
12.4
10.0
1.4
1.2
11.5
13.1
-
-
Union Bank
Neutral
170
-
11,676
12,755
14,439
2.3
2.4
31.5
39.9
5.4
4.3
0.6
0.5
9.9
11.6
-
-
Vijaya Bank
Neutral
37
-
3,209
3,594
3,969
1.8
1.9
5.8
7.1
6.4
5.3
0.6
0.5
8.2
9.3
-
-
Yes Bank
Buy
765
906
32,059
7,204
9,078
3.2
3.2
57.8
69.5
13.2
11.0
2.4
2.0
19.6
22.6
-
-
FMCG
Asian Paints
Neutral
856
-
82,103
16,553
19,160
16.0
16.2
17.7
21.5
48.4
39.8
12.9
11.6
29.4
31.2
4.8
4.1
Britannia
Neutral
3,281
-
39,366
8,065
9,395
9.6
10.2
47.2
65.5
69.5
50.1
23.1
21.8
38.3
41.2
4.7
4.1
Colgate
Neutral
944
-
25,681
4,836
5,490
19.5
19.7
48.5
53.2
19.5
17.7
14.3
12.4
99.8
97.5
5.2
4.6
Dabur India
Neutral
270
-
47,434
9,370
10,265
17.1
17.2
7.3
8.1
36.8
33.3
11.1
9.0
33.7
30.6
5.0
4.5
GlaxoSmith Con*
Neutral
5,998
-
25,226
4,919
5,742
17.2
17.4
168.3
191.2
35.6
31.4
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,242
-
42,310
10,168
12,886
16.1
16.1
32.1
38.4
38.7
32.4
7.9
7.3
19.7
21.0
4.3
3.3
HUL
Neutral
791
-
171,130
34,940
38,957
17.5
17.7
20.8
24.7
38.0
32.0
42.3
33.8
110.5
114.2
4.7
4.2
ITC
Buy
349
409
279,723
41,068
45,068
37.8
37.4
13.9
15.9
25.0
21.9
8.4
7.4
34.1
33.8
6.4
5.8
Marico
Neutral
394
-
25,384
6,551
7,766
15.7
16.0
10.4
12.5
37.9
31.5
11.0
9.2
33.2
32.4
3.8
3.2
Nestle*
Neutral
6,461
-
62,293
11,291
12,847
22.2
22.3
158.9
184.6
40.7
35.0
21.3
19.1
55.0
57.3
5.4
4.7
Tata Global
Neutral
138
-
8,674
8,635
9,072
9.8
9.9
6.5
7.6
21.2
18.1
2.1
2.0
6.8
7.4
0.9
0.9
IT
HCL Tech^
Buy
861
1,132
121,127
42,038
47,503
23.2
23.5
55.8
62.9
15.4
13.7
3.5
2.7
23.0
19.8
2.5
2.0
Infosys
Accumulate
1,138
1,306
261,300
60,250
66,999
28.0
28.0
58.3
63.7
19.5
17.9
4.1
3.5
20.9
19.7
3.7
3.1
TCS
Buy
2,526
3,165
497,632
111,274
126,852
28.4
28.7
125.4
143.9
20.1
17.6
8.0
7.3
39.9
42.2
4.1
3.5
Tech Mahindra
Buy
541
646
52,043
25,566
28,890
16.0
17.0
26.3
31.9
20.6
17.0
3.7
3.2
17.9
18.6
1.8
1.5
Wipro
Buy
578
719
142,735
52,414
58,704
23.7
23.8
38.4
42.3
15.1
13.7
2.9
2.6
19.5
18.0
2.3
1.9
Media
D B Corp
Accumulate
319
356
5,858
2,241
2,495
27.8
27.9
21.8
25.6
14.7
12.5
3.8
3.4
26.7
28.5
2.6
2.3
HT Media
Neutral
93
-
2,173
2,495
2,603
11.2
11.2
7.3
8.6
12.8
10.9
1.0
0.9
7.4
8.1
0.4
0.4
www.angelbroking.com
Stock Watch
October 23, 2015
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
Media
Jagran Prakashan
Accumulate
144
156
4,691
1,939
2,122
26.0
26.0
8.3
9.2
17.3
15.6
3.0
2.7
17.5
17.1
2.4
2.2
Sun TV Network
Neutral
386
-
15,202
2,779
3,196
70.2
70.5
22.8
27.3
16.9
14.1
4.2
3.8
26.7
28.3
5.2
4.5
Hindustan Media
Neutral
281
-
2,062
920
1,031
20.0
20.0
19.2
20.9
14.6
13.5
2.4
2.1
16.4
15.3
1.8
1.6
Ventures
Metals & Mining
Coal India
Buy
337
400
212,893
72,015
78,415
21.2
21.5
21.7
25.3
15.5
13.3
5.3
5.2
33.1
39.1
2.2
2.0
Hind. Zinc
Neutral
162
-
68,598
15,258
16,495
44.2
45.6
17.6
19.2
9.2
8.5
1.4
1.3
15.9
15.3
2.2
1.7
Hindalco
Neutral
86
-
17,656
104,356
111,186
8.7
9.5
6.7
11.1
12.7
7.7
0.5
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
906
-
21,895
48,125
53,595
18.8
21.0
46.9
97.5
19.3
9.3
0.9
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
101
-
39,945
8,237
10,893
46.6
44.5
10.0
11.7
10.1
8.6
1.1
1.0
12.5
13.0
4.6
3.5
SAIL
Neutral
55
-
22,881
45,915
53,954
7.2
10.5
1.5
4.4
36.8
12.7
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
105
-
31,159
71,445
81,910
26.2
26.3
12.9
19.2
8.2
5.5
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
245
-
23,775
136,805
149,228
11.3
11.9
26.4
36.8
9.3
6.7
0.7
0.7
6.0
8.0
0.7
0.6
Oil & Gas
Cairn India
Neutral
154
-
28,882
11,323
12,490
49.4
51.0
20.7
20.7
7.4
7.5
0.5
0.5
6.4
6.1
1.6
1.0
GAIL
Neutral
319
-
40,496
64,856
70,933
9.1
9.6
24.0
28.9
13.3
11.1
1.1
1.1
8.8
9.6
0.8
0.7
ONGC
Neutral
254
-
217,053
154,564
167,321
36.8
37.4
28.6
32.5
8.9
7.8
1.1
1.0
12.7
13.5
1.6
1.5
Petronet LNG
Accumulate
191
210
14,314
39,007
40,785
3.8
4.2
9.2
11.0
20.9
17.4
2.3
2.1
11.6
12.7
0.4
0.4
Indian Oil Corp
Accumulate
397
455
96,463
359,607
402,760
5.9
6.1
42.5
48.7
9.4
8.2
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
955
1,050
309,189
313,085
362,904
13.1
13.8
78.4
92.9
12.2
10.3
1.3
1.2
10.8
11.6
1.4
1.3
Pharmaceuticals
Alembic Pharma
Neutral
719
-
13,559
2,601
3,115
21.2
20.2
20.8
23.9
34.6
30.1
11.1
8.4
37.2
31.8
5.2
4.3
Aurobindo Pharma
Accumulate
813
872
47,473
14,923
17,162
23.0
23.0
38.2
43.6
21.3
18.7
6.6
4.9
36.0
30.2
3.5
3.0
Aventis*
Neutral
4,148
-
9,553
2,156
2,455
15.1
16.8
109.7
133.9
37.8
31.0
5.2
4.2
18.4
22.5
4.1
3.4
Cadila Healthcare
Neutral
432
-
44,190
10,224
11,840
20.0
21.0
14.2
17.1
30.4
25.2
8.2
6.4
30.1
28.5
4.4
3.7
Cipla
Neutral
677
-
54,362
14,359
16,884
21.3
19.7
28.4
30.5
23.8
22.2
4.2
3.6
19.3
17.5
3.8
3.1
Dr Reddy's
Neutral
4,173
-
71,156
18,213
21,214
22.6
22.7
163.0
192.5
25.6
21.7
5.3
4.3
22.5
20.0
3.9
3.3
Dishman Pharma
Neutral
366
-
2,950
1,716
1,888
20.2
20.2
16.3
21.6
22.4
16.9
2.1
1.9
9.7
11.7
1.9
1.6
GSK Pharma*
Neutral
3,296
-
27,917
2,870
3,158
20.0
22.1
59.5
68.3
55.4
48.3
16.3
16.8
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
340
-
3,133
1,088
1,262
18.2
18.2
13.1
15.5
26.0
21.9
5.1
4.2
21.2
21.1
2.9
2.5
Ipca labs
Accumulate
754
800
9,516
3,507
4,078
17.6
18.6
25.8
32.0
29.2
23.6
3.8
3.3
13.8
14.9
3.0
2.5
Lupin
Neutral
2,061
-
92,801
14,864
17,244
26.9
26.9
62.1
71.1
33.2
29.0
8.1
6.4
27.4
24.6
6.0
5.0
Sun Pharma
Accumulate
889
950
213,896
28,163
32,610
25.8
30.7
17.4
26.9
51.1
33.0
4.8
4.2
13.0
16.6
7.1
5.9
www.angelbroking.com
Stock Watch
October 23, 2015
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
Power
Tata Power
Neutral
71
-
19,095
35,923
37,402
22.6
22.8
4.1
5.2
17.4
13.7
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Buy
130
157
107,109
87,064
98,846
23.5
23.5
11.7
13.2
11.1
9.8
1.2
1.2
11.4
12.1
2.3
2.0
Power Grid
Buy
136
170
71,123
20,702
23,361
86.7
86.4
12.1
13.2
11.3
10.3
1.7
1.5
15.6
15.1
8.4
7.8
Telecom
Bharti Airtel
Neutral
371
-
148,483
101,748
109,191
32.1
31.7
12.0
12.5
31.0
29.7
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
152
-
54,570
34,282
36,941
32.0
31.5
5.9
6.2
25.7
24.5
2.4
2.1
9.9
9.3
2.2
2.0
zOthers
Abbott India
Neutral
5,551
-
11,795
2,715
3,153
14.5
14.1
134.3
152.2
41.3
36.5
10.3
8.5
27.4
25.6
4.1
3.4
Bajaj Electricals
Buy
253
341
2,550
4,719
5,287
5.2
5.8
8.6
12.7
29.5
20.0
3.4
3.0
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
248
-
3,794
2,728
3,036
10.8
11.0
14.4
16.8
17.2
14.8
2.6
2.3
15.2
15.3
1.1
1.0
Goodyear India*
Buy
553
655
1,276
1,953
1,766
12.4
12.0
67.4
59.6
8.2
9.3
2.0
1.7
27.7
20.2
0.4
0.4
Hitachi
Neutral
1,509
-
4,104
1,806
2,112
9.0
9.2
28.6
29.1
52.8
51.9
13.1
10.6
28.1
22.6
2.4
2.0
Jyothy Laboratories
Neutral
312
-
5,643
1,620
1,847
11.5
11.5
7.3
8.5
42.7
36.8
5.5
5.1
13.3
14.4
3.4
2.9
MRF
Neutral
42,283
-
17,933
20,727
14,841
19.3
18.6
4,905.8
3,351.9
8.6
12.6
2.7
2.3
37.6
19.6
0.8
1.1
Page Industries
Neutral
14,479
-
16,149
1,929
2,450
19.8
20.1
229.9
299.0
63.0
48.4
27.8
19.3
52.1
47.1
8.4
6.6
Relaxo Footwears
Neutral
536
-
6,431
1,767
2,152
12.3
12.5
19.3
25.1
27.8
21.4
6.8
5.3
27.7
27.8
3.7
3.0
Siyaram Silk Mills
Buy
964
1,221
904
1,653
1,873
11.7
12.2
99.3
122.1
9.7
7.9
1.8
1.5
19.5
20.2
0.7
0.6
Styrolution ABS India*
Neutral
812
-
1,427
1,271
1,440
8.6
9.2
32.0
41.1
25.3
19.8
2.6
2.3
10.7
12.4
1.1
0.9
Tree House
Buy
293
449
1,239
259
324
56.8
56.8
17.0
21.7
17.2
13.5
1.7
1.6
10.1
11.5
4.7
3.9
TVS Srichakra
Accumulate
2,945
3,210
2,255
2,127
2,388
15.2
14.9
237.7
267.5
12.4
11.0
5.3
3.7
51.7
39.8
1.1
0.9
HSIL
Neutral
307
-
2,219
2,182
2,404
16.3
16.5
15.8
18.9
19.4
16.3
1.6
1.5
8.4
9.4
1.4
1.2
Kirloskar Engines India
Accumulate
279
297
4,029
2,634
3,252
10.1
12.0
10.9
17.4
25.6
16.0
2.9
2.6
11.4
16.8
1.2
0.9
Ltd
M M Forgings
Buy
547
797
660
563
671
22.1
22.9
51.0
66.5
10.7
8.2
2.2
1.8
23.1
24.1
1.3
1.1
Banco Products (India)
Neutral
139
-
994
1,208
1,353
11.0
12.3
10.8
14.5
12.9
9.6
1.5
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
157
-
96
1,007
1,114
3.1
3.1
23.7
28.2
6.6
5.6
0.9
0.8
13.9
14.6
0.1
0.1
Nilkamal
Neutral
980
-
1,463
1,948
2,147
10.6
10.3
60.0
67.0
16.3
14.6
2.6
2.2
16.8
16.1
0.8
0.7
Visaka Industries
Buy
143
166
227
1,158
1,272
8.6
9.5
23.7
32.7
6.0
4.4
0.6
0.5
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
305
-
2,323
2,830
3,350
8.8
9.0
14.4
18.3
21.3
16.7
3.3
2.9
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
83
-
907
1,452
1,596
14.0
14.7
4.4
6.2
18.8
13.4
1.6
1.4
8.6
11.2
0.9
0.8
Surya Roshni
Buy
143
183
625
2,992
3,223
8.3
8.5
14.7
18.3
9.7
7.8
0.9
0.8
9.8
11.0
0.5
0.5
MT Educare
Buy
144
169
573
286
366
18.3
17.7
7.7
9.4
18.6
15.4
3.9
3.4
20.2
21.1
1.9
1.4
www.angelbroking.com
Stock Watch
October 23, 2015
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
Radico Khaitan
Accumulate
97
112
1,296
1,565
1,687
11.9
12.4
5.4
6.6
18.0
14.8
1.4
1.3
8.0
9.0
1.3
1.3
Garware Wall Ropes
Accumulate
352
390
769
875
983
10.4
10.6
23.1
27.8
15.2
12.7
2.2
1.9
14.1
14.8
0.9
0.8
Wonderla Holidays
Accumulate
298
322
1,685
206
308
44.0
43.6
9.0
12.9
33.1
23.1
4.5
4.1
13.7
17.8
8.1
5.4
Linc Pen & Plastics
Accumulate
167
185
246
340
371
8.3
8.9
10.8
13.2
15.4
12.6
2.5
2.2
16.0
17.1
0.8
0.7
The Byke Hospitality
Accumulate
157
181
631
222
287
20.5
20.5
5.6
7.6
27.9
20.8
5.3
4.3
18.9
20.8
2.9
2.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 21, 2015
www.angelbroking.com
Market Outlook
October 23, 2015
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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