Market Outlook
January 27, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
50
24,486
Indian markets are expected to open in the green tracking the SGX Nifty.
Nifty
0.2
14
7,436
Strong bounce back in the oil prices coupled with increased buying interest across
Mid Cap
0.2
24
10,217
some of the heavyweights ahead of the earnings season led U.S. markets close with
over 1% gains. Better than expected quarterly earnings of 3M (MMM), P&G, Johnson
Small Cap
0.9
100
10,698
and Johnson, Sprint also contributed to the rally.
Bankex
0.2
37
17,662
Most of the European indices moved upside. FTSE 100 was up 0.6%, German DAX
and French CAC were up 1% each. Oil players like BP, Royal Dutch, Shell, BG
Global Indices
Chg (%)
(Pts)
(Close)
Group listed in FTSE reported over 1% gains.
Dow Jones
1.8
282
16,167
Indian stock markets failed to hold the entire gains in last couple of hours of trade
Nasdaq
1.1
49
4,568
on Monday, tracking volatility in the Europe markets and correction in the oil prices
FTSE
0.6
34
5,911
after Friday's rally. Sensex surged over 200 points intraday, but trimmed its gains in
Nikkei
2.6
429
17,137
the afternoon trade, especially after the European markets fell. HDFC Bank gained
Hang Seng
1.1
210
19,071
nearly a % after its in-line third quarter earnings.
Shanghai Com
(1.6)
(44)
2,706
News & Result Analysis
IOC,BPCL to invest `1.5lakh cr to set up biggest refinery
Advances / Declines
BSE
NSE
Result Review: HDFC Bank, Nilkamal
Advances
1,729
1,313
Result Preview: BEL
Detailed analysis on Pg2
Declines
943
266
Unchanged
162
41
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,615
Refer P6 onwards
NSE
13,706
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
FII
(761)
(8,251)
7,459
Amara Raja Batteries Auto & Auto Ancillary
Buy
839
1,040
24.0
MFs
810
2,764
71,592
HCL Tech
IT
Buy
840
1,132
23.6
Larsen & Toubro
Construction
Buy
1,114
1,646
47.8
LIC Housing Finance Financials
Buy
481
592
22.9
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
197
265
34.8
Bhusanstl
40
9.5
More Top Picks on Pg5
Finolexind
306
9.3
Gruh
259
7.2
Key Upcoming Events
Previous
Consensus
Niittech
512
6.5
Date
Region
Event Description
Reading
Expectations
Cairn
119
5.3
Jan 27
USA
New Home Sales
490.00
500.00
Jan 28
UK
GDP (YoY)
2.10
1.90
Top Losers
Price (`)
Chg (%)
USA
FOMC rate decision
0.50
0.50
Jan 29
USA
GDP (QoQ, Annualised)
2.00
0.80
Jubilant
317
(6.0)
Relinfra
438
(4.7)
Cesc
432
(3.8)
Gail
356
(3.1)
Ncc
64
(3.0)
As on January 22, 2015
www.angelbroking.com
Market Outlook
January 27, 2016
IOC, BPCL to invest `1.5lakh cr to set up biggest refinery
PSU oil firms IOCL, BPCL, HPCL and Engineers India will invest `1.5lakh cr to set-
up 60mn tn oil refinery unit in Maharashtra, which will also be India's biggest
refinery on the west coast. This refinery is expected to be built in 2 phases, where
the first phase would have 40mn tn of capacity and does envisage over `1.0lakh
cr of investment. This refinery will also be accompanied by a petrochemical
complex.
IOCL is exploring this alternative as it finds catering to customers in Western and
Southern India difficult, given that most of its refineries are based in North India.
Further, HPCL and BPCL face constraints from their Mumbai units.
This refinery is expected to produce petrol, diesel, LPG, ATF and feedstock for
petrochemical plant in plastic, chemical and textile industries in Maharashtra.
We are of view that setting-up a refinery in the west coast would act as natural
advantage, given that we source majority of crude from Middle East. Also,
movement of products to consumption heartland will get easier once the refinery
commences operations. Given that we are at very early stages, where the project
location is yet to be identified, land has to be allocated, we sense it would take at
least not less than 5 years for this new refinery to come-up.
If we look historical capex execution trends of the PSU Hydro-Carbon players, EIL
has been the preferred choice for design and engineering works of large ticket
complex Hydro-Carbon projects. On the same lines, for this new upcoming
refinery, we expect EIL to emerge as a beneficiary.
This is a positive development for IOCL and it would contribute to their financials
in the long-run. We continue to maintain our Neutral on the stock.
Result Review
HDFC Bank (CMP: `1,040/ TP: `1,262/Upside:21.4%)
HDFC bank continued its trend of delivering consistent earnings performance
quarter after quarter and registered a net interest income growth of 24.0% YoY for
3QFY2016 which was slightly above our expectations. The bank’s loan book grew
by 25.7% YoY which was aided by NII growth of 24.0% YoY. Non-interest income
for the bank grew at a pace of 13.3% YoY. While operating expenses grew by
21.7% YoY, pre-provision profits were up by 20.0% 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 inching marginally for the bank to
0.97% and 0.29% from 0.91% and 0.25% QoQ respectively. Overall, the bank
reported earnings growth of 20.1% 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 maintain our 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
38,309
4.3 12,363
49.3
285.4
1.9
18.5
21.1
3.6
FY2017E
47,302
4.3 15,302
61.0
332.2
1.9
19.7
17.0
3.1
www.angelbroking.com
Market Outlook
January 27, 2016
Nilkamal - 3QFY2016 (CMP: `1,338/ TP: -/ Upside: -)
For 3QFY2016, Nilkamal reported numbers that were mostly in-line with our
estimate. The top-line grew by 1.8% yoy to `428cr, which is below our estimate of
`456cr. Aided by sharp decline in raw material prices, EBITDA grew by an
impressive 49.2% yoy to `46cr which is in-line with our estimate of `46cr. As per
our reckoning, the average polyethylene prices declined by 15.7% on yoy basis
(7.8% decline on qoq basis) during the quarter resulting in raw material cost
declining by 738bp yoy to 54.8% of sales. However, the employee cost and other
expenses increased by 176bp yoy and 217bp yoy to 8.6% and 25.8% of sales,
respectively. As a result, the EBITDA margin expanded by 345bp yoy to 10.8%
which is mostly in-line with our estimate of 10.1%. The finance cost declined by
53.2% yoy to `4cr and consequently, the net profit grew by 138.6% yoy to `20cr
which is also in-line with our estimate of `21cr.
As far as segmental performance is concerned, the plastics division witnessed 0.3%
yoy growth to `365cr and the margins for the segment improved by 641bp yoy to
12.3%. The lifestyle segments’ revenues grew by 13.4% yoy to `60cr while the
segment reported loss of `2 cr. Others, which is includes the mattress business,
saw revenue growth of 9.4% on yoy basis to `9cr while the segment reported loss
of `0.8cr.
At current market price, the stock is trading at 18.8x and 16.6x its FY2017E and
FY2018E earnings, respectively. We have a Neutral rating on the stock
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
1,871
10.7
94
63.2 17.6 21.2
3.4
10.4
1.1
FY2017E
2,031
10.7
106
71.0 16.9 18.8
2.9
9.2
1.0
FY2018E
2,220
10.6
121
80.8 16.4 16.6
2.5
8.1
0.9
Result Preview
Bharat Electronics Ltd. (CMP: `1,208 / TP: `1,414/ Upside: 17%)
We expect Bharat Electronics Ltd. (BEL) to report strong set of 3QFY2016 numbers.
On the top-line front, we expect BEL to report 8.3% yoy growth to `1,713cr (on
higher 3QFY2015 base). Despite quarterly volatility in the revenues of the
company, we expect 3QFY2016 to benefit from bulk clearances across some of
the projects. During the quarter, BEL reported a ~`8,000cr IACCS (Integrated Air
Command Control Systems) order. Considering the shift in revenue mix, we expect
BEL to report ``90cr of EBITDA (reflecting yoy decline in EBITDA margins to
16.3%). In-line with EBITDA movement, we expect BEL to report 5.9% yoy increase
in its PAT to `288cr (reflecting yoy decline in PAT margins to 16.2%). Key things to
watch out would be margin profile as well as outlook on the order inflows. Post the
recent correction in stock price, we upgrade to Buy on the stock with target of
`1,414.
Y/E
Sales OPM
PAT EPS ROE P/E
P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
7,737
16.8
1,296
54
39.3
22.4
3.2
17.0
2.9
FY2017E
8,634
17.2
1,475
61
45.6
19.6
2.8
14.2
2.5
www.angelbroking.com
Market Outlook
January 27, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Bharti InfraTel (Consol.) - January 27, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
3,114
2,948
5.6
3,038
2.5
EBITDA
1,469
1,327
10.7
1,468
0.1
EBITDA margin (%)
47.2
45.0
48.3
Net profit
582
507
14.8
579
0.5
Colgate-Palmolive Ltd - January 27, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
1,038
988
5.1
1,032
0.6
EBITDA
224
195
14.9
255
(12.2)
EBITDA margin (%)
21.6
19.7
24.7
Net profit
146
131
11.5
157
(7.0)
Godrej Consumer (Consol.) - January 27, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
2,430
2,225
9.2
2,242
8.4
EBITDA
461
398
15.8
407
13.3
EBITDA margin (%)
19.0
17.9
18.2
Net profit
322
264
22.0
287
12.2
Economic and Political News
French firm EDF signs deal to build 6 nuclear plants in India
Government mulls coastal economic zones to boost manufacturing
Germany to invest 130 bn euro on Defence
French to upgrade Delhi-Chandigarh rail route to 200 kmph
World steel output falls 2.8% in 2015; first decline since 2009
Corporate News
Apollo to divest 23.3% stake in Apollo Munich to JV partner
Reliance Power seeks to exit Krishnapatnam UMPP; writes to Andhra govt
Neyveli Lignite Corporation to add 19,000MW by 2025
Madhya Pradesh govt. agrees on tax deferment to BPCL's Bina refinery
www.angelbroking.com
Market Outlook
January 27, 2016
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,324
839
1,040
24.0
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
24,617
87
111
28.3
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,18,376
840
1,038
23.6
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,62,596
1,040
1,262
21.4
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,61,312
1,138
1,347
18.4
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
1,03,723
1,114
1,646
47.8
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
24,297
481
592
22.9
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,203
356
439
23.3
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
764
349
473
35.4
lifestyle segments and increasing penetration in Europe and
US
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,392
165
189
14.6
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,804
197
265
34.8
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,487
112
156
39.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,024
1,093
1,354
23.9
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
629
144
201
40.0
drive growth.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
January 27, 2016
Key Upcoming Events
Result Calendar
Date
Company
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.
United Phosphorus, TVS Motor, Siemens, Suzlon Energy, Thermax, Blue Star, Yes Bank, Jagran Prakashan, PVR, JSW
Jan 29, 2016
Steel , Banco, Elecon Engineering, Indoco Remedies, NTPC
Jan 30, 2016
IDFC, Shriram Trans., Marico, 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
Mangalam Cement, Hexaware, IOC
Feb 4, 2016
Bajaj Auto, ABB, J K Lakshmi Cements, Mphasis, Tata Steel, Styrolution, Visaka Industries, Aventis
Feb 5, 2016
Bosch India, Lupin, Cadila Healthcare, Tata Power Co., PTC India
Feb 8, 2016
GlaxoSmith Con, Sterling Tools
Feb 9, 2016
Motherson Sumi, Apollo Tyres, Ramco Cements, Britannia, Dr Reddy's, CESC
Feb 10, 2016
Ambuja Cements, ACC, India Cements, Rural Elec.Corp., GSK Pharma, NHPC
Feb 11, 2016
Page Industries
Feb 12, 2016
M&M, FAG Bearings, Nestle
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 27, 2016
8:30PM US
New home sales
Thousands
Dec
490.00
500.00
Jan 28, 2016
3:00PM UK
GDP (YoY)
% Change
4Q A
2.10
1.90
12:30AM US
FOMC rate decision
%
Jan 27
0.50
0.50
Jan 29, 2016
7:00PM US
GDP Qoq (Annualised)
% Change
4Q A
2.00
0.80
Feb 1, 2016
3:00PM UK
PMI Manufacturing
Value
Jan
51.90
--
6:30AM China
PMI Manufacturing
Value
Jan
49.70
49.60
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
--
Feb 4, 2016
5:30PM UK
BOE Announces rates
% Ratio
Feb 4
0.50
0.50
Feb 5, 2016
7:00PM US
Change in Nonfarm payrolls
Thousands
Jan
292.00
--
7:00PM US
Unnemployment rate
%
Jan
5.00
--
Feb 10, 2016
India
Imports YoY%
% Change
Jan
(3.90)
--
India
Exports YoY%
% Change
Jan
(14.70)
--
3:00PM UK
Industrial Production (YoY)
% Change
Dec
0.90
--
Feb 12, 2016 7:30AM India
Industrial Production YoY
% Change
Dec
(3.20)
--
3:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.30
--
12:30PM Germany
GDP nsa (YoY)
% Change
4Q P
1.80
--
Source: Bloomberg, Angel Research
Market Outlook
January 27, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
12.0
9.9
7.5
7.5
10.0
8.0
7.4
7.0
7.0
6.7
6.7
8.0
6.3
6.6
7.0
6.4
6.0
4.8
4.2
4.3
3.8
6.0
2.8
3.0
4.0
2.5
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
5.4
54.0
5.2
5.0
5.0
4.9
5.0
4.4
52.0
3.7
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
www.angelbroking.com
Market Outlook
January 27, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.3
6.0
4.7
4.7
4.0
2.9
2.1
2.1
1.8
2.0
1.0
1.1
1.6
-
(2.0)
(4.0)
(4.1)
(4.5)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.3
8.0
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
2.0
1.2
0.6
-
(2.0)
(4.0)
(3.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
January 27, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
37,497
(16.1)
(19.4)
(21.6)
Russia
Micex
1,705
(6.4)
(5.9)
3.4
India
Nifty
7,436
(5.8)
(11.3)
(13.9)
China
Shanghai Composite
2,706
(19.4)
(12.9)
(9.3)
South Africa
Top 40
42,626
(7.4)
(12.8)
(3.4)
Mexico
Mexbol
41,932
(6.1)
(7.9)
(2.2)
Indonesia
LQ45
783
1.7
(0.1)
(14.4)
Malaysia
KLCI
1,627
(0.1)
(4.7)
(6.7)
Thailand
SET 50
794
(7.3)
(16.0)
(23.8)
USA
Dow Jones
16,167
(11.2)
(8.4)
(10.2)
UK
FTSE
5,911
(2.8)
(8.3)
(13.4)
Japan
Nikkei
16,709
(11.7)
(8.2)
(0.9)
Germany
DAX
9,823
(10.1)
(7.1)
(10.0)
France
CAC
4,357
(11.8)
(11.7)
(10.8)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
January 27, 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
164
-
3,190
2,097
2,415
14.4
14.4
9.5
11.0
17.3
14.9
3.4
3.0
21.1
21.3
1.6
1.3
United Phosphorus
Buy
401
510
17,187
13,698
15,752
17.6
17.6
32.1
38.5
12.5
10.4
2.5
2.0
21.4
21.3
1.4
1.1
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,617
17,995
21,544
11.4
11.6
3.4
4.7
25.4
18.4
4.5
4.1
17.7
22.2
1.3
1.1
Bajaj Auto
Buy
2,323
2,728
67,224
23,695
27,298
21.3
20.4
134.6
151.5
17.3
15.3
5.5
4.7
31.8
30.6
2.4
2.0
Bharat Forge
Buy
813
943
18,934
7,867
8,881
20.0
20.3
34.4
41.0
23.6
19.8
4.6
3.8
21.1
20.9
2.5
2.2
Eicher Motors
Buy
16,416
19,036
44,577
15,379
16,498
15.6
16.6
473.2
574.8
34.7
28.6
12.8
9.6
36.7
33.2
2.8
2.6
Gabriel India
Buy
85
101
1,217
1,415
1,544
8.7
9.0
4.6
5.4
18.4
15.7
3.3
3.0
18.1
18.9
0.8
0.7
Hero Motocorp
Accumulate
2,521
2,774
50,337
28,561
31,559
14.7
14.7
151.1
163.2
16.7
15.5
6.5
5.5
38.7
35.6
1.6
1.4
Jamna Auto Industries Neutral
147
-
1,175
1,292
1,486
9.3
9.8
6.0
7.5
24.5
19.6
5.1
4.3
20.7
21.8
1.0
0.9
L G Balakrishnan & Bros Neutral
471
-
739
1,254
1,394
11.6
11.8
35.9
41.7
13.1
11.3
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,178
1,449
73,171
39,031
44,440
13.8
13.9
57.9
67.6
20.4
17.4
3.3
2.9
16.1
16.6
1.5
1.3
Maruti
Neutral
4,086
-
123,421
57,865
68,104
16.4
16.7
176.3
225.5
23.2
18.1
4.5
3.8
19.4
21.2
1.9
1.6
Minda Industries
Accumulate
807
867
1,280
2,567
2,965
8.0
8.3
46.1
57.8
17.5
14.0
2.9
2.4
16.7
17.3
0.6
0.5
Motherson Sumi
Buy
259
313
34,192
39,343
45,100
8.8
9.1
10.1
12.5
25.6
20.7
8.1
6.4
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
310
366
245
454
511
11.1
11.4
23.8
28.1
13.0
11.0
1.8
1.7
14.2
15.3
0.7
0.6
Setco Automotive
Neutral
34
-
457
594
741
12.7
13.7
1.7
3.2
20.1
10.7
2.1
1.8
10.4
16.9
1.2
1.0
Tata Motors
Buy
333
409
96,115
266,022
312,667
12.8
13.1
26.3
38.3
12.7
8.7
1.7
1.4
8.4
12.1
0.5
0.5
TVS Motor
Buy
288
338
13,683
11,569
13,648
7.3
8.7
10.3
16.1
28.0
17.9
7.0
5.4
24.8
30.5
1.2
1.0
Amara Raja Batteries
Buy
839
1,040
14,324
4,892
5,871
17.4
17.6
28.8
37.1
29.1
22.6
6.8
5.4
23.4
24.1
2.9
2.3
Exide Industries
Buy
125
162
10,608
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
143
171
7,266
12,146
12,689
16.8
16.0
21.2
19.0
6.7
7.5
1.1
1.0
16.5
13.0
0.7
0.7
Ceat
Buy
924
1,119
3,738
6,041
6,597
14.1
13.7
99.5
111.9
9.3
8.3
1.8
1.5
19.6
18.5
0.8
0.7
JK Tyres
Neutral
90
-
2,038
7,446
7,669
15.2
14.0
19.6
18.4
4.6
4.9
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
892
-
1,108
552
630
14.2
14.7
44.6
54.1
20.0
16.5
4.7
4.2
23.2
25.6
1.9
1.6
Subros
Neutral
100
-
601
1,268
1,488
11.6
11.9
3.7
6.6
27.1
15.2
1.8
1.7
6.8
11.4
0.8
0.6
Indag Rubber
Neutral
183
-
481
283
329
17.0
17.2
13.0
15.4
14.2
11.9
3.1
2.6
21.8
21.6
1.4
1.2
Capital Goods
ACE
Neutral
40
-
391
660
839
4.7
8.2
1.0
3.9
39.5
10.1
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Neutral
1,101
-
4,586
3,277
4,006
6.0
8.9
29.2
64.3
37.7
17.1
2.1
1.9
5.7
11.7
1.5
1.2
Bharat Electronics
Buy
1,209
1,414
29,026
7,737
8,634
16.8
17.2
54.0
61.0
22.4
19.8
3.2
2.8
39.3
45.6
2.9
2.4
www.angelbroking.com
Stock Watch
January 27, 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
283
353
9,366
5,363
5,963
8.0
9.1
11.0
13.8
25.7
20.5
4.0
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
113
-
815
3,615
3,181
9.5
9.4
16.7
12.4
6.8
9.1
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
146
-
35,637
33,722
35,272
10.8
11.7
10.5
14.2
13.9
10.3
1.0
1.0
7.0
9.0
1.1
1.1
Blue Star
Buy
356
439
3,203
3,548
3,977
6.3
6.9
13.7
17.2
26.0
20.8
6.5
4.3
26.1
25.4
1.0
0.8
Crompton Greaves
Buy
172
204
10,805
13,484
14,687
4.9
6.2
4.5
7.1
38.3
24.3
2.7
2.5
7.2
10.8
0.9
0.8
Greaves Cotton
Neutral
128
-
3,115
1,655
1,755
16.6
16.8
7.4
7.8
17.2
16.4
3.5
3.3
21.1
20.6
1.8
1.7
Inox Wind
Buy
308
458
6,835
4,980
5,943
17.0
17.5
26.6
31.6
11.6
9.8
3.5
2.6
35.0
30.0
1.5
1.2
KEC International
Neutral
119
-
3,054
8,791
9,716
6.1
6.8
5.4
8.2
22.0
14.5
2.2
2.0
10.0
14.0
0.6
0.5
Thermax
Neutral
842
-
10,034
6,413
7,525
7.4
8.5
30.5
39.3
27.6
21.4
4.3
3.7
15.0
17.0
1.5
1.3
Cement
ACC
Buy
1,242
1,630
23,325
13,151
14,757
16.4
18.3
63.9
83.4
19.4
14.9
2.5
2.3
13.3
16.1
1.6
1.4
Ambuja Cements
Buy
197
233
30,588
11,564
12,556
19.4
20.7
8.9
10.1
22.2
19.5
2.8
2.6
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
69
-
1,573
1,772
1,926
13.3
15.4
1.0
3.0
69.4
23.1
1.8
1.6
2.6
7.9
1.5
1.3
India Cements
Buy
87
112
2,682
4,216
4,840
18.0
19.5
4.0
9.9
21.8
8.8
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Buy
506
744
3,540
3,661
4,742
10.1
15.8
18.0
61.0
28.1
8.3
2.0
1.8
7.5
22.9
1.4
1.1
J K Lakshmi Cement
Buy
301
430
3,539
2,947
3,616
16.7
19.9
11.5
27.2
26.2
11.1
2.5
2.1
9.8
20.8
1.6
1.3
Mangalam Cements
Neutral
178
-
474
1,053
1,347
10.5
13.3
8.4
26.0
21.2
6.8
0.9
0.8
4.3
12.5
0.8
0.6
Orient Cement
Buy
149
183
3,045
1,854
2,524
21.2
22.2
7.7
11.1
19.3
13.4
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
383
-
9,108
4,036
4,545
20.8
21.3
15.1
18.8
25.3
20.4
3.1
2.8
12.9
14.3
2.8
2.4
Shree Cement^
Neutral
10,090
-
35,150
7,150
8,742
26.7
28.6
228.0
345.5
44.3
29.2
6.5
5.5
15.7
20.3
4.7
3.7
UltraTech Cement
Buy
2,750
3,282
75,473
25,021
30,023
19.1
21.6
89.0
132.0
30.9
20.8
3.6
3.1
12.2
15.9
3.1
2.6
Construction
ITNL
Neutral
75
-
2,466
7,360
8,825
34.0
35.9
7.0
9.0
10.7
8.3
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
497
673
1,396
937
1,470
14.3
14.0
33.5
38.6
14.8
12.9
2.3
1.9
15.4
15.4
1.6
1.0
Larsen & Toubro
Buy
1,114
1,646
103,723
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
150
-
7,244
629
684
51.0
52.2
6.4
5.9
23.4
25.4
3.1
2.8
15.9
12.7
11.2
10.1
MBL Infrastructures
Buy
174
285
722
2,313
2,797
12.2
14.6
19.0
20.0
9.2
8.7
1.0
0.9
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
64
-
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
484
558
2,485
1,873
2,288
13.2
13.5
24.0
32.0
20.2
15.1
2.0
1.7
12.1
12.3
1.4
1.2
Simplex Infra
Neutral
279
-
1,380
5,955
6,829
10.3
10.5
16.0
31.0
17.4
9.0
0.9
0.8
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
610
-
898
1,539
1,801
12.8
12.7
59.0
72.1
10.3
8.5
1.6
1.3
18.6
16.8
0.6
0.5
www.angelbroking.com
Stock Watch
January 27, 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
Sadbhav Engineering
Neutral
308
-
5,282
3,481
4,219
10.7
10.8
8.0
12.0
38.5
25.7
3.6
3.1
10.3
13.5
1.8
1.5
NBCC
Buy
933
1,089
11,192
7,382
9,506
7.7
8.6
39.8
54.4
23.4
17.1
5.7
4.5
26.7
29.1
1.3
0.9
MEP Infra
Neutral
43
-
697
1,956
1,876
28.1
30.5
1.3
3.0
33.0
14.3
6.9
4.7
21.2
32.8
1.8
1.8
SIPL
Neutral
88
-
3,084
675
1,042
62.4
64.7
-
-
3.3
3.7
-
-
16.2
11.0
Financials
Allahabad Bank
Neutral
53
-
3,174
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
420
531
99,936
26,473
31,527
3.5
3.6
35.7
43.5
11.8
9.7
2.0
1.7
17.9
18.9
-
-
Bank of Baroda
Neutral
130
-
29,850
18,485
21,025
1.9
2.0
13.5
21.1
9.6
6.1
0.8
0.7
7.3
10.6
-
-
Bank of India
Neutral
100
-
8,095
15,972
17,271
1.9
2.0
15.3
33.4
6.5
3.0
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
184
-
10,005
15,441
16,945
2.0
2.1
46.6
70.4
4.0
2.6
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
36
-
2,297
3,440
3,840
2.1
2.3
7.3
10.0
4.9
3.6
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
47
-
8,107
3,477
3,999
3.0
3.0
5.0
6.2
9.4
7.6
0.9
0.9
10.6
11.9
-
-
HDFC
Neutral
1,174
-
185,358
10,358
11,852
3.3
3.3
41.1
47.0
28.6
25.0
5.4
4.9
24.7
24.9
-
-
HDFC Bank
Buy
1,040
1,262
262,596
38,309
47,302
4.3
4.3
49.3
61.1
21.1
17.0
3.6
3.1
18.5
19.7
-
-
ICICI Bank
Buy
236
304
137,258
34,279
39,262
3.3
3.3
21.0
24.4
11.3
9.7
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
59
-
11,239
9,625
10,455
1.8
1.8
8.5
14.2
6.9
4.2
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
93
-
4,460
6,160
6,858
2.5
2.5
24.5
29.8
3.8
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
481
592
24,297
3,101
3,745
2.5
2.5
33.0
40.2
14.6
12.0
2.7
2.3
19.7
20.5
-
-
Oriental Bank
Neutral
108
-
3,241
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.4
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
92
-
18,036
23,638
26,557
2.8
2.8
17.9
27.2
5.1
3.4
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,484
1,965
2,185
2.5
2.5
2.5
3.3
7.4
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Buy
183
237
141,981
82,520
93,299
2.7
2.8
20.0
24.5
9.1
7.5
1.0
0.9
11.5
12.8
-
-
Union Bank
Neutral
119
-
8,160
12,646
14,129
2.3
2.4
31.0
39.1
3.8
3.0
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,745
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Buy
677
825
28,415
7,190
9,011
3.2
3.3
58.2
69.7
11.6
9.7
2.1
1.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
877
-
84,160
16,553
19,160
16.0
16.2
17.7
21.5
49.6
40.8
13.2
11.9
29.4
31.2
4.9
4.2
Britannia
Neutral
2,602
-
31,217
8,065
9,395
9.6
10.2
47.2
65.5
55.1
39.7
18.3
17.3
38.3
41.2
3.7
3.2
Colgate
Neutral
867
-
23,591
4,836
5,490
19.5
19.7
48.5
53.2
17.9
16.3
13.1
11.4
99.8
97.5
4.8
4.2
Dabur India
Accumulate
238
267
41,832
9,370
10,265
17.1
17.2
7.3
8.1
32.4
29.4
9.8
8.0
33.7
30.6
4.4
4.0
GlaxoSmith Con*
Accumulate
5,612
6,118
23,603
4,919
5,742
17.2
17.4
168.3
191.2
33.4
29.4
9.5
8.1
28.8
28.9
4.4
3.7
www.angelbroking.com
Stock Watch
January 27, 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
Godrej Consumer
Neutral
1,150
-
39,168
10,168
12,886
16.1
16.1
32.1
38.4
35.8
30.0
7.3
6.7
19.7
21.0
4.0
3.1
HUL
Neutral
782
-
169,139
34,940
38,957
17.5
17.7
20.8
24.7
37.6
31.7
41.8
33.4
110.5
114.2
4.6
4.1
ITC
Buy
310
382
248,776
41,068
45,068
37.8
37.4
13.9
15.9
22.2
19.5
7.5
6.6
34.1
33.8
5.7
5.1
Marico
Neutral
215
-
27,745
6,551
7,766
15.7
16.0
10.4
12.5
20.7
17.2
6.0
5.0
33.2
32.4
4.2
3.5
Nestle*
Buy
5,464
6,646
52,682
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
124
144
7,845
8,635
9,072
9.8
9.9
6.5
7.6
19.1
16.4
1.9
1.8
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
840
1,038
118,376
42,038
47,503
21.2
21.5
51.5
57.7
16.3
14.6
3.5
2.7
21.5
18.8
2.4
2.0
Infosys
Buy
1,138
1,347
261,312
61,850
69,981
27.5
27.5
59.4
65.7
19.2
17.3
4.1
3.5
21.2
20.1
3.5
3.0
TCS
Buy
2,306
2,854
454,371
108,487
122,590
28.3
28.5
122.8
138.4
18.8
16.7
7.1
6.5
38.0
38.9
3.8
3.3
Tech Mahindra
Buy
514
646
49,739
25,566
28,890
16.0
17.0
26.3
31.9
19.6
16.1
3.5
3.0
17.9
18.6
1.7
1.5
Wipro
Buy
547
719
135,098
50,808
58,713
23.7
23.8
37.3
42.3
14.7
12.9
2.8
2.5
19.0
17.9
2.2
1.8
Media
D B Corp
Accumulate
316
356
5,811
2,241
2,495
27.8
27.9
21.8
25.6
14.5
12.4
3.8
3.4
26.7
28.5
2.5
2.3
HT Media
Neutral
79
-
1,845
2,495
2,603
11.2
11.2
7.3
8.6
10.9
9.2
0.9
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Accumulate
165
189
5,392
2,170
2,355
27.2
26.2
8.9
9.9
18.5
16.7
3.9
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
355
-
14,004
2,779
3,196
70.2
70.5
22.8
27.3
15.6
13.0
3.8
3.5
26.7
28.3
4.8
4.1
Hindustan Media
Neutral
270
-
1,983
920
1,031
20.0
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
305
380
192,333
76,167
84,130
19.9
22.3
22.4
25.8
13.6
11.8
4.9
4.8
35.5
41.0
1.9
1.7
Hind. Zinc
Buy
151
175
63,845
14,641
14,026
50.4
50.4
17.7
16.0
8.6
9.4
1.3
1.2
16.2
13.2
2.0
1.8
Hindalco
Neutral
72
-
14,878
104,356
111,186
8.7
9.5
6.7
11.1
10.7
6.5
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,107
-
26,768
42,308
45,147
16.4
20.7
(10.3)
49.5
22.4
1.2
1.2
(1.0)
5.6
1.7
1.6
NMDC
Neutral
81
-
31,936
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
44
-
17,966
45,915
53,954
7.2
10.5
1.5
4.4
28.9
9.9
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
64
-
19,093
71,445
81,910
26.2
26.3
12.9
19.2
5.0
3.4
0.4
0.3
7.2
8.9
0.7
0.5
Tata Steel
Neutral
254
-
24,654
126,760
137,307
8.9
11.3
6.4
23.1
39.9
11.0
0.8
0.8
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
119
-
22,292
11,323
12,490
49.4
51.0
20.7
20.7
5.7
5.8
0.4
0.4
6.4
6.1
1.0
0.4
GAIL
Neutral
356
-
45,170
64,856
70,933
9.1
9.6
24.0
28.9
14.9
12.3
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
220
-
188,092
154,564
167,321
36.8
37.4
28.6
32.5
7.7
6.8
1.0
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
251
-
18,844
29,691
31,188
5.8
6.2
12.8
13.4
19.7
18.7
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
396
455
96,026
359,607
402,760
5.9
6.1
42.5
48.7
9.3
8.1
1.2
1.1
14.1
14.4
0.4
0.3
www.angelbroking.com
Stock Watch
January 27, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Reliance Industries
Accumulate
1,005
1,150
325,495
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
Pharmaceuticals
Alembic Pharma
Neutral
630
-
11,882
2,658
3,112
24.1
20.2
24.6
23.9
25.6
26.4
9.2
7.0
42.5
30.2
4.5
3.8
Aurobindo Pharma
Neutral
818
-
47,760
14,923
17,162
22.0
23.0
35.7
42.8
22.9
19.1
6.7
5.1
34.0
30.2
3.6
3.1
Aventis*
Neutral
4,148
-
9,553
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
302
352
30,958
10,224
11,840
21.0
22.0
14.6
17.6
20.7
17.2
5.7
4.4
30.8
29.0
3.1
2.6
Cipla
Accumulate
582
636
46,708
14,211
16,611
20.6
19.0
27.0
28.9
21.5
20.1
3.7
3.1
18.4
16.8
3.3
2.7
Dr Reddy's
Buy
2,899
3,933
49,436
16,838
19,575
25.0
23.1
167.5
178.8
17.3
16.2
3.6
3.0
23.1
20.4
2.9
2.4
Dishman Pharma
Neutral
333
-
2,690
1,733
1,906
21.5
21.5
17.0
19.9
19.6
16.8
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,173
-
26,879
2,870
3,158
20.0
22.1
59.5
68.3
53.3
46.5
15.7
16.2
28.5
34.3
8.9
8.1
Indoco Remedies
Neutral
321
-
2,959
1,033
1,199
15.9
18.2
9.4
13.6
34.2
23.6
5.1
4.3
15.7
19.7
2.9
2.6
Ipca labs
Buy
654
900
8,252
3,363
3,909
12.9
18.6
13.4
28.0
48.8
23.4
3.5
3.1
7.4
14.0
2.7
2.4
Lupin
Neutral
1,699
-
76,551
13,092
16,561
25.0
27.0
50.4
68.3
33.7
24.9
7.0
5.5
22.8
24.7
5.6
4.3
Sun Pharma
Buy
808
950
194,406
28,163
32,610
25.8
30.7
17.4
26.9
46.4
30.0
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
61
-
16,593
35,923
37,402
22.6
22.8
4.1
5.2
15.1
11.9
1.2
1.1
7.5
9.3
1.4
1.3
NTPC
Accumulate
138
157
113,581
87,064
98,846
23.5
23.5
11.7
13.2
11.8
10.4
1.3
1.2
11.4
12.1
2.3
2.1
Power Grid
Buy
133
170
69,711
20,702
23,361
86.7
86.4
12.1
13.2
11.0
10.1
1.6
1.4
15.6
15.1
8.3
7.7
Telecom
Bharti Airtel
Neutral
298
-
119,023
101,748
109,191
32.1
31.7
12.0
12.5
24.8
23.8
1.7
1.6
6.9
6.7
1.8
1.6
Idea Cellular
Neutral
107
-
38,488
34,282
36,941
32.0
31.5
5.9
6.2
18.1
17.2
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,864
-
10,336
2,715
3,153
14.5
14.1
134.3
152.2
36.2
32.0
9.0
7.5
27.4
25.6
3.5
3.0
Bajaj Electricals
Buy
187
290
1,888
4,719
5,287
5.2
5.8
8.6
12.7
21.9
14.8
2.5
2.2
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
231
-
3,533
2,520
2,883
12.2
12.0
12.7
14.2
18.2
16.3
2.5
2.2
13.6
13.5
1.1
1.0
Goodyear India*
Buy
496
622
1,144
1,888
1,680
12.1
11.9
62.2
56.6
8.0
8.8
1.9
1.6
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,152
-
3,132
1,779
2,081
7.8
8.8
21.8
33.4
52.8
34.5
8.5
6.9
17.4
22.1
1.8
1.5
Jyothy Laboratories
Neutral
286
-
5,174
1,620
1,847
11.5
11.5
7.3
8.5
39.2
33.7
5.1
4.7
13.3
14.4
3.1
2.6
MRF
Buy
36,011
45,575
15,273
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.6
9.5
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,446
-
13,882
1,929
2,450
19.8
20.1
229.9
299.0
54.1
41.6
23.9
16.6
52.1
47.1
7.2
5.7
Relaxo Footwears
Neutral
461
-
5,536
1,767
2,152
12.3
12.5
19.3
25.1
24.0
18.4
5.9
4.5
27.7
27.8
3.2
2.6
Siyaram Silk Mills
Buy
1,093
1,354
1,024
1,636
1,815
11.5
11.5
89.9
104.1
12.2
10.5
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India*
Neutral
689
-
1,212
1,271
1,440
8.6
9.2
32.0
41.1
21.5
16.8
2.2
2.0
10.7
12.4
0.9
0.8
www.angelbroking.com
Stock Watch
January 27, 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
TVS Srichakra
Buy
2,533
3,240
1,939
2,101
2,338
15.7
15.0
248.6
270.0
10.2
9.4
4.4
3.2
43.6
34.0
1.0
0.8
HSIL
Accumulate
281
302
2,033
2,123
2,384
16.1
16.5
15.0
18.9
18.7
14.9
1.5
1.4
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
231
-
3,336
2,471
2,826
8.8
10.4
9.1
13.3
25.3
17.3
2.4
2.2
9.7
13.4
1.0
0.8
Ltd
M M Forgings
Buy
484
614
584
511
615
21.7
21.6
43.1
55.8
11.2
8.7
2.0
1.7
19.9
21.2
1.4
1.0
Banco Products (India) Neutral
127
-
906
1,208
1,353
11.0
12.3
10.8
14.5
11.8
8.8
1.3
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
146
-
90
1,040
1,137
3.2
3.1
25.7
28.0
5.7
5.2
0.9
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,338
-
1,997
1,910
2,083
10.5
10.3
63.3
69.2
21.1
19.3
3.5
3.0
17.6
16.5
1.1
1.0
Visaka Industries
Buy
106
144
169
1,086
1,197
9.9
10.3
21.5
28.8
4.9
3.7
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
236
-
1,794
2,830
3,350
8.8
9.0
14.4
18.3
16.4
12.9
2.5
2.2
15.4
17.1
0.8
0.7
India
Elecon Engineering
Buy
63
85
686
1,369
1,533
13.7
14.9
3.3
6.1
19.0
10.4
1.2
1.1
6.6
11.4
0.8
0.7
Surya Roshni
Buy
144
201
629
2,992
3,223
8.1
8.4
14.7
18.3
9.8
7.8
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
164
-
651
286
366
18.3
17.7
7.7
9.4
21.2
17.5
4.5
3.9
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
112
156
1,487
1,565
1,687
12.2
13.0
5.7
7.1
19.6
15.7
1.7
1.5
8.3
9.6
1.4
1.3
Garware Wall Ropes
Buy
349
473
764
862
974
11.2
11.2
24.9
29.6
14.0
11.8
2.1
1.8
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
403
-
2,274
206
308
44.0
43.6
9.0
12.9
44.7
31.2
6.1
5.5
13.7
17.8
10.9
7.3
Linc Pen & Plastics
Neutral
212
-
314
340
371
8.3
8.9
10.8
13.2
19.7
16.1
3.1
2.7
16.0
17.1
1.0
0.9
The Byke Hospitality
Neutral
157
-
628
222
287
20.5
20.5
5.6
7.6
27.8
20.7
5.2
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
903
-
32,529
17,022
21,122
20.7
14.5
63.9
53.7
14.1
16.8
21.2
17.4
149.9
103.2
1.9
1.6
Coffee Day Enterprises
Neutral
249
-
5,122
2,692
2,964
17.0
18.6
-
4.7
-
52.5
3.0
2.9
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
86
-
2,037
998
1,062
24.1
24.0
5.8
6.1
14.9
14.0
3.3
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
197
265
2,804
365
436
38.3
37.5
5.6
5.9
34.9
33.5
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 25, 2016
www.angelbroking.com
Market Outlook
January 27, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
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of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co
-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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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
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The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
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