Market Outlook
May 31, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.3
72
26,726
Indian Markets are expected to open in the green tracking the SGX Nifty and Asian
Nifty
0.3
22
8,179
Markets.
Mid Cap
0.3
39
11,386
US Markets were closed yesterday in observance of Memorial Day.
Small Cap
0.4
47
11,158
European Markets were stable in a mostly cautious trading session after Fed. Chair
Bankex
0.1
26
19,977
Janet Yellen hinted at near term interest rate hike in her Friday’s address. Trading
volumes were subdued as UK Markets too were closed for a bank holiday. German
stocks gained as investors bet the euro's weakness against the U.S. dollar would
Global Indices
Chg (%)
(Pts)
(Close)
help German exporters.
Dow Jones
0.3
45
17,873
Nasdaq
0.6
32
4,934
Indian Markets rose for fifth straight session yesterday after earnings of major
companies like Coal India and Hindalco Industries suggested that the economy is
FTSE
0.1
5
6,271
recovering.
Nikkei
1.4
233
17,068
Hang Seng
0.3
53
20,629
News Analysis
Shanghai Com
0.0
1
2,822
Result Review: IPCA Labs, Blue Star, Goodyear India, Hitachi Home,
Jagran Prakashan
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,247
775
Investor’s Ready Reckoner
Declines
1,386
790
Key Domestic & Global Indicators
Unchanged
180
79
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
Top Picks
BSE
2,573
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
17,003
Amara Raja
Auto/Auto Ancillary
Buy
850
1,076
26.5
HCL Tech
IT
Buy
747
1,000
33.8
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
468
592
26.6
FII
658
2,169
13,960
Bharat Electronics
Capital Goods
Buy
1,191
1,414
18.7
MFs
436
5,504
8,100
Navkar Corporation Others
Buy
189
265
40.4
More Top Picks on Pg5
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Crompgreav
68
13.4
Previous
Consensus
Date
Region
Event Description
Hindalco
103
12.0
Reading
Expectations
June 01 US
Consumer Confidence
94.2
96.3
Muthootfin
234
8.7
June 01 UK
PMI Manifacturing
49.2
49.6
Cholafin
951
7.2
June 01 Euro zone
ECB announces interest rates
0.0
--
Wabag
595
7.1
June 02 US
Initial Jobless claims
268.0
270.0
6.(
More Events on Pg6
Top Losers
Price (`)
Chg (%)
Jublfood
1,024
(8.0)
Bajajelec
236
(7.0)
Bhel
121
(5.8)
Punjlloyd
21
(5.3)
Jppower
4
(4.1)
As on May 30, 2016
www.angelbroking.com
Market Outlook
May 31, 2016
IPCA Labs (CMP: `436 / TP: Under Review/ Upside : -)
For 4QFY2016, IPCA Labs, posted results much below expectations on sales and
OPM front, while tax write back lead the net profit come in better than expected.
For the quarter, the company posted sales of `612cr V/s `680cr expected a yoy
de-growth of 1.7%. The dip in the sales was lead by the API sales (`114cr), a dip
of 26% yoy, while Formulations (`498cr) posted a yoy growth of 6.0%, with
domestic formulation posting a yoy growth of 9.0%. On operating front, the gross
margins came in at 64.4% V/s 58.8% during the last corresponding period, while
EBDITA came in at 8.4% V/s 4.6% during the last corresponding period. The
reported net profit thus came in at `38cr V/s a loss of `14cr during the last
corresponding period. The, Adj. net profit was `38cr V/s `8cr during the last
corresponding period. We maintain our BUY with the target price to be revised
later.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%) (x) (x)
(x)
(x)
FY2016E
3,363 12.9
169 13.4
7.4
32.9
2.4
14.9
1.9
FY2017E
3,909 18.6
354 28.0 14.0 15.7
2.1
8.9
1.7
Blue Star Ltd (CMP: `427/ TP: `481 / Upside: 12.7%)
For 4QFY2016, Blue Star has reported a subdued set of numbers on margin and
bottom line front. The top-line for the quarter grew by 9.8% yoy to `1,103cr. The
cooling products business grew by 18.8% yoy to `540cr while the EMPPAC
business grew by 8.0% yoy to `546cr. The PEIS business recorded top-line of
`18cr.
On operating front, The EBITDA margin contracted by 170bp yoy to 5.2% largely
owing to 210bp yoy increase in raw material cost to 73.7% of sales. The EBIT
margins for EMPPAC business declined by 138bp yoy to 2.8% while EBIT margin
for the cooling products business declined marginally to 10.8%. The depreciation
expense nearly doubled to `19cr, and there was net exceptional income of `48cr
arising from gain from profit on sale of IT business of merged entity, Blue Star
Infotech (BSIL), as well as cost update on major contracts. Consequently, the
reported net profit came in at `72cr.
The BSIL merger with the company has resulted in cash infusion to the tune of
~`200cr with estimated equity dilution of ~6.0%. The company has laid out plans
to significantly increase its room air-conditioner (RAC) business and will utilize part
of the funds towards its new facilities. With legacy books perceived to have come
off the books in this quarter we believe the EMPPAC business will show
improvement in the profitability while the RAC business is expected to continue its
strong run. We remain Positive on the overall outlook of the company and
maintain our 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)
FY2017E
3,977
6.9
162 17.0 24.2 24.5
4.8
14.2
1.0
FY2018E
4,391
7.5
191 20.0 21.4 20.8
4.2
11.5
0.9
www.angelbroking.com
Market Outlook
May 31, 2016
Goodyear India (CMP: `517/ TP: `582/ Upside: 12.6%)
Goodyear’s numbers for 5QFY2016 have come in lower than our estimates. The
top-line during the quarter grew by 7.3% yoy to `295cr but the same was below
our estimate of `345cr. The EBITDA margin was more or less stable on yoy basis
at 9.3% (v/s 9.6% in same quarter of the previous year), but the same is below our
estimate of 12.0% with major divergence caused by higher than expected other
expenses. Consequently, the bottom line remained flat at `16cr, lower than our
estimate of `28cr.
The company’s performance over the past two years has been impacted on
account of poor monsoons and erratic rain (hurting winter crops) as it derives
significant portion of its revenue from the underperforming Tractor tyre segment.
We believe that the performance is likely to improve with expectations of normal
monsoon as well as higher government spends targeted towards rural India.
Moreover, the company has made conscious effort to grow in the passenger car
segment which has shown good growth in recent times. Additionally, Goodyear is
a cash rich, debt free company which is trading at lower valuations compared to
other MNCs. We continue to maintain our Positive 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)
FY2017E
1,561 10.5
110 47.6 17.0 10.7
1.7
4.1
0.4
FY2018E
1,635 10.4
114 49.4 15.6 10.3
1.5
3.5
0.4
Hitachi Home (CMP: `1,400/ TP: -/ Upside: -)
For 4QFY2016, the company reported a disappointing set of numbers. The top-
line de-grew by 15.9% yoy to `416cr which is below our estimate of `536cr. This is
despite of Industry posting stellar growth numbers for the month of March. On the
operating front, the EBITDA margin contracted by 127bp yoy to 7.9% of sales v/s
our expectation of 9.5% mainly on account of 264bp yoy increase in other
expenses to 26.2% of sales (while raw material cost as percentage of sale declined
by
147bp yoy). On the back top-line de-growth and decline in operating
profitability, the net profit declined by 44.4% yoy to `13cr. We maintain 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)
FY2017E
1,918
7.2
53 19.5 13.8 69.9
9.1
28.2
2.0
FY2018E
2,239
7.4
69 25.4 15.7 53.5
7.8
23.3
1.7
Jagran Prakashan (CMP: `175/ TP: 205/ Upside: 17%)
For 4QFY2016, Jagran Prakashan’s (JPL) standalone top-line grew by 11% yoy to
` 442cr owing to improvement in advertisements and circulation revenue. The
standalone EBITDA grew by 8.8% yoy to `112cr. However, OPM contracted by
61bp yoy to 25.4% due to higher other expenditure (up 249bp). The standalone
net profit grew by ~22% yoy to `61cr due to lower depreciation and interest
cost. The company has reported consolidated net sales of `530cr and net profit of
`80cr for 4QFY16. Consolidated numbers are not comparable on yoy basis owing
www.angelbroking.com
Market Outlook
May 31, 2016
to acquisition of radio city at the beginning of FY2016. Currently, we have Buy
rating on stock with a target price of `205.
Economic and Political News
Payment banks to have initial corpus of `800cr: Ravi Shankar Prasad
1,780 km rail lines commissioned; 6,000 km highways built in 2015-16
NHAI awards `2,640cr road projects in Gujarat
Corporate News
Maruti suspends production as component supplies hit
Neyveli Lignite to set up 20 MW solar project in Andaman and Nicobar
S&P, Fitch downgrade Rolta
www.angelbroking.com
Market Outlook
May 31, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,527
850
1,076
26.5
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
28,592
1,191
1,414
18.7
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,05,404
747
1,000
33.8
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,98,462
1,180
1,262
7.0
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
2,90,208
1,263
1,374
8.7
to be a US$20bn in FY2020.
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
23,596
468
592
26.6
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,393
949
1,098
15.7
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,845
427
481
12.5
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,697
195
270
38.3
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,298
70
93
33.1
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,726
175
205
17.0
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,784
435
554
27.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,691
189
265
40.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,135
85
125
46.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
957
1,021
1,354
32.6
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
May 31, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 31, 2016 1:25PM
Germany
Unemployment change (000's)
Thousands
May
(16.00)
(5.00)
1:25PM
Germany
PMI Manufacturing
Value
May F
52.40
52.40
Jun 1, 2016
7:30PM
US
Consumer Confidence
S.A./ 1985=100
May
94.20
96.25
2:00PM
UK
PMI Manufacturing
Value
May
49.20
49.60
5:15PM
Euro Zone
ECB announces interest rates
%
Jun 2
--
--
Jun 2, 2016
6:30AM
China
PMI Manufacturing
Value
May
50.10
50.00
6:00PM
US
Initial Jobless claims
Thousands
May 28
268.00
270.00
Jun 3, 2016
1:25PM
Germany
PMI Services
Value
May F
55.20
55.20
6:00PM
US
Change in Nonfarm payrolls
Thousands
May
160.00
160.00
6:00PM
US
Unnemployment rate
%
May
5.00
4.90
Jun 7, 2016
2:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
--
11:00AM
India
RBI Reverse Repo rate
%
Jun 7
6.00
--
11:00AM
India
RBI Repo rate
%
Jun 7
6.50
--
11:00AM
India
RBI Cash Reserve ratio
%
Jun 7
4.00
--
Jun 8, 2016
2:00PM
UK
Industrial Production (YoY)
% Change
Apr
(0.20)
--
China
Exports YoY%
% Change
May
(1.80)
--
Jun 9, 2016
India
Imports YoY%
% Change
May
(23.10)
--
Jun 10, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
May
2.30
--
India
Exports YoY%
% Change
May
(6.70)
--
5:30PM
India
Industrial Production YoY
% Change
Apr
0.10
--
Jun 12, 2016
11:00AM
China
Industrial Production (YoY)
% Change
May
6.00
--
Jun 14, 2016
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
May
0.34
--
2:00PM
UK
CPI (YoY)
% Change
May
0.30
--
Source: Bloomberg, Angel Research
Market Outlook
May 31, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.6
7.7
10.0
8.0
7.5
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
2.5
6.0
2.0
2.0
0.1
5.0
4.5
-
4.0
(2.0)
(0.9)
(1.5)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.4
5.3
5.0
5.0
54.0
4.8
5.0
4.4
52.0
3.7
3.7
4.0
50.0
3.0
48.0
2.0
1.0
46.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
May 31, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.0
2.0
1.3
1.4
2.0
0.6
-
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
May 31, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
48,964
(10.1)
16.9
(11.2)
Russia
Micex
1,936
(1.0)
7.7
16.8
India
Nifty
8,179
4.2
13.0
(2.3)
China
Shanghai Composite
2,822
(3.7)
5.6
(39.1)
South Africa
Top 40
48,448
3.8
12.8
3.5
Mexico
Mexbol
46,017
1.1
5.9
2.8
Indonesia
LQ45
829
(0.2)
2.2
(9.5)
Malaysia
KLCI
1,630
(3.7)
(1.5)
(7.8)
Thailand
SET 50
912
1.5
11.9
(10.0)
USA
Dow Jones
17,873
(0.9)
7.4
(0.9)
UK
FTSE
6,271
(0.2)
6.9
(9.5)
Japan
Nikkei
17,068
(2.9)
6.3
(15.5)
Germany
DAX
10,333
0.3
10.7
(9.5)
France
CAC
4,529
(0.6)
5.0
(6.8)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
May 31, 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
209
-
4,060
1,612
1,911
13.3
13.3
7.4
9.5
28.2
22.0
4.5
4.0
16.7
18.4
2.5
2.1
United Phosphorus
Accumulate
593
684
25,408
13,083
15,176
18.5
18.5
31.5
37.4
18.8
15.9
3.7
3.1
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
106
-
30,223
17,995
21,544
11.4
11.6
3.4
4.7
31.2
22.6
5.5
5.0
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,609
-
75,489
22,709
25,860
20.9
20.1
129.0
143.6
20.2
18.2
6.2
5.3
30.7
29.4
2.8
2.4
Bharat Forge
Buy
748
875
17,421
7,351
8,318
19.9
19.7
31.2
36.5
24.0
20.5
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,742
20,044
50,905
15,556
16,747
15.5
17.3
464.8
597.5
40.3
31.4
14.7
10.8
36.2
34.3
3.2
2.9
Gabriel India
Buy
89
101
1,276
1,415
1,544
8.7
9.0
4.6
5.4
19.3
16.5
3.5
3.1
18.1
18.9
0.8
0.8
Hero Motocorp
Neutral
3,094
-
61,781
28,244
30,532
15.5
15.9
156.7
168.5
19.7
18.4
7.9
6.7
39.9
36.4
2.0
1.8
Jamna Auto Industries Accumulate
147
160
1,175
1,281
1,473
11.2
11.5
7.6
9.2
19.4
16.0
4.9
4.0
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
460
-
723
1,254
1,394
11.6
11.8
35.9
41.7
12.8
11.1
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,332
-
82,717
38,416
42,904
13.7
13.9
54.8
63.4
24.3
21.0
3.8
3.3
15.4
15.8
1.8
1.6
Maruti
Neutral
4,073
-
123,042
57,865
68,104
16.4
16.7
176.3
225.5
23.1
18.1
4.5
3.8
19.4
21.2
1.9
1.6
Minda Industries
Neutral
1,165
-
1,848
2,523
2,890
8.7
9.0
55.0
65.4
21.2
17.8
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
284
313
37,592
39,343
45,100
8.8
9.1
10.1
12.5
28.1
22.7
8.9
7.0
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
383
465
303
454
511
11.5
12.0
25.2
31.0
15.2
12.4
2.3
2.1
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
-
413
594
741
12.7
13.7
1.7
3.2
18.2
9.7
1.9
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
421
-
121,421
259,686
273,957
13.0
13.4
25.9
29.5
16.2
14.3
2.1
1.9
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
289
330
13,728
11,263
13,122
6.9
8.5
9.2
15.0
31.4
19.3
7.2
5.7
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
850
1,076
14,527
4,892
5,871
17.4
17.6
28.8
37.1
29.5
22.9
6.9
5.5
23.4
24.1
3.0
2.4
Exide Industries
Neutral
161
-
13,651
6,950
7,784
14.4
14.8
6.6
7.3
24.3
22.0
3.1
2.8
12.6
12.8
1.6
1.5
Apollo Tyres
Buy
157
183
8,004
12,056
12,714
17.2
16.4
23.0
20.3
6.8
7.8
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Buy
932
1,119
3,768
6,041
6,597
14.1
13.7
99.5
111.9
9.4
8.3
1.8
1.5
19.6
18.5
0.8
0.7
JK Tyres
Neutral
83
-
1,888
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.5
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,113
-
1,382
552
630
14.2
14.7
44.6
54.1
25.0
20.6
5.8
5.3
23.2
25.6
2.3
2.0
Subros
Neutral
90
-
537
1,293
1,527
11.8
11.9
4.2
6.7
21.3
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
190
-
498
283
329
17.0
17.2
13.0
15.4
14.6
12.3
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
41
-
404
660
839
4.7
8.2
1.0
3.9
40.8
10.5
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
884
1,157
3,680
3,277
4,006
6.0
8.9
36.2
64.3
24.4
13.7
1.7
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Buy
1,191
1,414
28,592
7,737
8,634
16.8
17.2
54.0
61.5
22.1
19.4
3.1
2.8
39.3
45.6
2.8
2.4
www.angelbroking.com
Stock Watch
May 31, 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
339
407
11,229
5,363
5,963
8.0
9.1
11.0
13.8
30.9
24.6
4.7
4.2
16.2
17.9
2.0
1.8
BGR Energy
Neutral
111
-
803
3,615
3,181
9.5
9.4
16.7
12.4
6.7
9.0
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
121
-
29,555
33,722
35,272
10.8
11.7
10.5
14.2
11.5
8.5
0.9
0.8
7.0
9.0
1.0
1.0
Blue Star
Accumulate
427
481
3,845
3,548
3,977
6.3
6.9
13.7
17.2
31.2
24.9
7.9
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
68
-
4,265
13,484
14,687
4.9
6.2
4.5
7.1
15.1
9.6
1.1
1.0
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
138
-
3,381
1,655
1,755
16.6
16.8
7.4
7.8
18.7
17.8
3.7
3.6
21.1
20.6
2.0
1.9
Inox Wind
Buy
226
286
5,004
4,406
5,605
15.5
15.7
20.4
24.8
11.1
9.1
2.5
1.9
27.9
25.9
1.3
1.0
KEC International
Neutral
137
-
3,521
8,791
9,716
6.1
6.8
5.4
8.2
25.4
16.7
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
745
-
8,882
6,413
7,525
7.4
8.5
30.5
39.3
24.4
19.0
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
595
-
3,244
2,722
3,336
7.9
8.1
19.5
24.6
30.5
24.2
3.2
2.8
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,535
-
28,818
13,151
14,757
16.4
18.3
63.9
83.4
24.0
18.4
3.1
2.8
13.3
16.1
2.0
1.7
Ambuja Cements
Neutral
229
-
35,500
11,564
12,556
19.4
20.7
8.9
10.1
25.7
22.7
3.2
3.1
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
98
-
2,212
1,772
1,926
13.3
15.4
1.0
3.0
97.6
32.5
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
92
-
2,835
4,216
4,840
18.0
19.5
4.0
9.9
23.1
9.3
0.9
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
590
-
4,124
3,661
4,742
10.1
15.8
7.5
28.5
78.6
20.7
2.4
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
343
-
4,034
2,947
3,616
16.7
19.9
11.5
27.2
29.8
12.6
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
250
-
666
1,053
1,347
10.5
13.3
8.4
26.0
29.7
9.6
1.3
1.2
4.3
12.5
1.0
0.7
Orient Cement
Neutral
160
-
3,282
1,854
2,524
21.2
22.2
7.7
11.1
20.8
14.4
3.0
2.6
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
499
-
11,872
4,036
4,545
20.8
21.3
15.1
18.8
33.0
26.5
4.0
3.6
12.9
14.3
3.4
3.0
Shree Cement^
Neutral
13,427
-
46,776
7,150
8,742
26.7
28.6
228.0
345.5
58.9
38.9
8.7
7.3
15.7
20.3
6.2
5.0
UltraTech Cement
Neutral
3,220
-
88,379
24,669
29,265
18.2
20.6
82.0
120.0
39.3
26.8
4.2
3.7
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
70
93
2,298
7,360
8,825
34.0
35.9
7.0
9.0
10.0
7.8
0.3
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
539
603
1,516
937
1,470
14.3
14.0
44.2
38.6
12.2
14.0
2.4
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,486
-
138,513
58,870
65,708
8.3
10.3
42.0
53.0
35.4
28.1
2.5
2.2
8.8
11.2
2.6
2.3
Gujarat Pipavav Port
Neutral
162
-
7,827
629
684
51.0
52.2
6.4
5.9
25.3
27.4
3.3
3.1
15.9
12.7
12.1
10.9
MBL Infrastructures
Buy
133
285
552
2,313
2,797
12.2
14.6
19.0
20.0
7.0
6.7
0.7
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
74
-
4,094
7,892
8,842
8.8
9.1
3.0
5.3
24.6
13.9
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Neutral
575
-
2,952
1,873
2,288
13.2
13.5
24.0
32.0
24.0
18.0
2.3
2.1
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
274
-
1,355
5,955
6,829
10.3
10.5
16.0
31.0
17.1
8.8
0.9
0.8
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
May 31, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
597
-
879
1,539
1,801
12.8
12.7
59.0
72.1
10.1
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
278
298
4,772
3,186
3,598
10.2
10.3
8.0
9.0
34.8
30.9
3.2
2.8
9.4
9.9
1.8
1.6
NBCC
Buy
949
1,098
11,393
5,816
7,382
6.9
7.7
29.6
39.8
32.1
23.9
5.8
4.5
24.1
26.7
1.7
1.3
MEP Infra
Neutral
41
-
658
1,956
1,876
28.1
30.5
1.3
3.0
31.2
13.5
6.5
4.4
21.2
32.8
1.8
1.7
SIPL
Neutral
99
-
3,473
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.9
11.4
Engineers India
Neutral
182
-
6,122
1,667
1,725
13.5
16.0
9.7
11.4
18.7
15.9
2.2
2.1
11.7
13.4
2.4
2.5
Financials
Allahabad Bank
Neutral
53
-
3,229
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Neutral
513
-
122,408
26,204
29,738
3.6
3.5
34.5
35.4
14.9
14.5
2.3
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
138
-
31,901
18,802
21,088
2.0
2.2
(7.4)
13.0
10.6
1.1
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
86
-
8,056
15,972
17,271
1.9
2.0
15.3
33.4
5.6
2.6
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
193
-
10,472
15,441
16,945
2.0
2.1
46.6
70.4
4.1
2.7
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,931
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
195
270
5,697
1,828
2,225
2.9
3.0
24.9
29.7
7.9
6.6
1.2
1.1
15.1
16.1
-
-
Federal Bank
Neutral
52
-
9,003
3,279
3,787
2.8
2.9
3.9
5.5
13.3
9.5
1.1
1.0
8.4
10.8
-
-
HDFC
Neutral
1,231
-
194,407
10,358
11,852
3.3
3.3
41.1
47.0
30.0
26.2
5.7
5.2
24.7
24.9
-
-
HDFC Bank
Accumulate
1,180
1,262
298,462
38,606
47,696
4.4
4.5
48.8
61.4
24.2
19.2
4.1
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
245
-
142,306
34,279
39,262
3.3
3.3
21.0
24.4
11.7
10.0
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
67
-
13,866
9,625
10,455
1.8
1.8
8.5
14.2
7.9
4.7
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
93
-
4,481
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
468
592
23,596
3,179
3,758
2.6
2.6
32.9
40.6
14.2
11.5
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
84
-
2,908
7,643
8,373
2.4
2.4
37.2
45.4
2.3
1.9
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
77
-
15,159
23,122
26,022
2.8
2.8
7.0
21.6
11.0
3.6
0.6
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
19
-
2,593
1,965
2,185
2.5
2.5
2.5
3.3
7.7
5.8
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
199
-
154,208
79,958
86,061
2.6
2.6
13.4
20.7
14.8
9.6
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
116
-
7,943
12,646
14,129
2.3
2.4
31.0
39.1
3.7
3.0
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,844
3,536
3,827
1.9
1.9
5.5
6.7
5.5
4.6
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
1,026
-
43,155
7,190
9,011
3.2
3.3
58.2
69.7
17.6
14.7
3.1
2.7
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
985
-
94,486
16,553
19,160
16.0
16.2
17.7
21.5
55.7
45.8
14.8
13.3
29.4
31.2
5.6
4.8
Britannia
Neutral
2,743
-
32,912
8,481
9,795
14.0
14.1
65.5
78.3
41.9
35.0
19.8
16.3
38.3
41.2
3.8
3.3
www.angelbroking.com
Stock Watch
May 31, 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
Colgate
Neutral
853
-
23,187
4,136
4,632
22.5
23.3
22.2
25.3
38.4
33.7
23.4
20.8
68.6
67.5
5.4
4.8
Dabur India
Neutral
298
-
52,387
9,370
10,265
17.6
17.3
7.3
8.1
40.6
36.8
10.5
9.6
31.7
30.6
5.4
4.9
GlaxoSmith Con*
Neutral
5,974
-
25,125
4,519
5,142
19.6
19.8
164.3
191.2
36.4
31.3
10.1
8.6
30.8
29.9
4.9
4.3
Godrej Consumer
Neutral
1,525
-
51,916
9,003
10,335
18.1
18.7
34.1
41.8
44.7
36.5
9.7
8.3
23.9
24.8
5.9
5.1
HUL
Neutral
855
-
184,963
33,299
35,497
17.1
17.1
18.9
20.0
45.2
42.7
22.9
26.3
87.6
80.8
5.4
5.1
ITC
Neutral
357
-
286,963
36,804
38,776
37.9
37.9
12.2
12.9
29.2
27.6
8.1
7.2
27.7
25.8
7.4
7.1
Marico
Neutral
253
-
32,693
6,151
6,966
17.2
17.3
5.4
6.4
46.9
39.6
14.7
11.6
33.2
32.4
5.3
4.7
Nestle*
Neutral
6,286
-
60,610
9,393
10,507
22.2
22.3
106.8
121.8
58.9
51.6
20.7
18.6
34.8
36.7
6.1
5.5
Tata Global
Buy
118
137
7,444
8,635
9,072
9.8
9.9
5.8
7.2
20.3
16.4
1.8
1.7
6.8
7.4
0.9
0.8
Procter & Gamble
Buy
6,185
7,369
20,077
2,588
2,939
23.3
23.2
130.2
146.2
47.5
42.3
94.7
90.8
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
747
1,000
105,404
37,061
30,781
21.5
20.5
51.4
40.0
14.5
18.7
3.8
2.7
20.1
20.3
2.6
2.8
Infosys
Accumulate
1,263
1,374
290,208
62,441
70,558
27.5
27.5
59.0
65.3
21.4
19.4
4.3
3.9
22.2
22.4
4.0
3.5
TCS
Buy
2,635
3,004
519,277
108,646
122,770
28.3
28.3
123.7
141.0
21.3
18.7
7.1
6.5
33.1
34.6
4.2
3.6
Tech Mahindra
Neutral
544
-
52,779
26,524
29,177
16.2
17.0
28.8
33.6
18.9
16.2
3.6
3.1
19.3
19.1
1.7
1.5
Wipro
Buy
550
680
135,963
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.5
2.8
2.6
19.2
17.7
2.1
1.8
Media
D B Corp
Neutral
365
-
6,713
2,025
2,187
27.4
27.4
17.4
18.9
21.0
19.4
4.7
4.3
22.9
23.7
3.1
2.9
HT Media
Neutral
80
-
1,855
2,495
2,673
12.9
13.2
6.8
7.2
11.7
11.1
0.9
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
175
205
5,726
2,170
2,355
27.2
26.2
8.9
9.9
19.7
17.7
4.1
3.6
20.9
20.5
2.5
2.3
Sun TV Network
Neutral
379
-
14,918
2,510
2,763
71.8
71.5
21.9
24.8
17.3
15.3
4.1
3.7
22.8
24.3
5.5
4.9
Hindustan Media
Neutral
269
-
1,971
914
1,016
21.7
21.5
21.9
23.3
12.3
11.6
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
292
380
184,469
76,167
84,130
19.9
22.3
22.4
25.8
13.0
11.3
4.7
4.6
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
172
-
72,612
14,641
14,026
50.4
50.4
17.7
16.0
9.7
10.7
1.5
1.4
16.2
13.2
2.5
2.3
Hindalco
Neutral
103
-
21,249
104,356
111,186
8.7
9.5
6.7
11.1
15.3
9.3
0.6
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,370
-
33,122
42,308
45,147
16.4
20.7
(10.3)
49.5
27.7
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
90
-
35,603
8,237
10,893
46.6
44.5
10.0
11.7
9.0
7.7
1.0
0.9
12.5
13.0
4.2
3.2
SAIL
Neutral
43
-
17,739
45,915
53,954
7.2
10.5
1.5
4.4
28.5
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
107
-
31,574
71,445
81,910
26.2
26.3
12.9
19.2
8.3
5.6
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
323
-
31,380
126,760
137,307
8.9
11.3
6.4
23.1
50.8
14.0
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
144
-
26,989
11,323
12,490
49.4
51.0
20.7
20.7
7.0
7.0
0.5
0.4
6.4
6.1
1.4
0.7
www.angelbroking.com
Stock Watch
May 31, 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
GAIL
Neutral
380
-
48,151
64,856
70,933
9.1
9.6
24.0
28.9
15.8
13.2
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
214
-
182,959
154,564
145,998
36.8
37.4
20.8
22.6
10.3
9.5
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
278
-
20,824
29,691
31,188
5.8
6.2
12.8
13.4
21.7
20.7
3.2
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
403
455
97,847
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
Buy
969
1,150
314,226
304,775
344,392
12.6
13.4
91.3
102.6
10.6
9.5
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
531
-
10,013
3,274
3,802
26.9
19.4
35.0
28.7
15.2
18.5
6.7
5.1
55.6
31.2
3.1
2.6
Aurobindo Pharma
Accumulate
754
856
44,148
14,923
17,162
22.0
23.0
35.7
42.8
21.1
17.6
6.2
4.7
34.0
30.2
3.4
2.9
Aventis*
Accumulate
4,223
4,738
9,726
2,049
2,375
15.4
17.3
115.4
153.5
36.6
27.5
6.0
4.7
19.3
25.8
4.5
3.8
Cadila Healthcare
Buy
333
400
34,126
9,469
11,246
21.2
22.0
14.9
17.1
22.4
19.5
6.4
5.0
28.8
26.6
3.5
2.9
Cipla
Buy
474
605
38,052
13,979
16,447
20.2
18.6
25.7
27.5
18.4
17.2
3.0
2.6
17.6
16.1
2.7
2.2
Dr Reddy's
Accumulate
3,170
3,476
54,063
15,471
17,479
24.6
24.6
138.2
152.4
22.9
20.8
4.2
3.6
19.7
18.7
3.4
3.0
Dishman Pharma
Neutral
153
-
2,474
1,733
1,906
21.5
21.5
10.1
10.0
15.2
15.3
1.8
1.6
10.5
11.2
1.9
1.7
GSK Pharma*
Neutral
3,576
-
30,286
2,870
3,158
20.0
22.1
59.5
68.3
60.1
52.4
17.7
18.2
28.5
34.3
9.8
9.0
Indoco Remedies
Neutral
288
-
2,657
1,033
1,199
15.9
18.2
9.4
13.6
30.7
21.2
4.6
3.9
15.7
19.7
2.7
2.3
Ipca labs
Buy
440
750
5,557
3,363
3,909
12.9
18.6
13.4
28.0
32.9
15.7
2.4
2.1
7.4
14.0
1.9
1.7
Lupin
Buy
1,468
1,809
66,153
13,702
15,912
23.7
26.4
50.5
58.1
29.1
25.3
6.0
4.9
22.9
21.4
5.3
4.2
Sun Pharma
Buy
813
950
195,544
28,163
32,610
25.8
30.7
17.4
26.9
46.7
30.2
4.4
3.8
13.0
16.6
6.5
5.4
Power
Tata Power
Neutral
75
-
20,325
35,923
37,402
22.6
22.8
4.1
5.2
18.5
14.6
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
143
-
117,993
87,271
99,297
23.5
23.5
11.8
13.3
12.2
10.8
1.4
1.3
11.5
12.2
2.3
2.1
Power Grid
Accumulate
152
170
79,259
20,702
23,361
86.7
86.4
12.1
13.2
12.5
11.5
1.8
1.6
15.6
15.1
8.7
8.1
Real Estate
MLIFE
Buy
435
554
1,784
826
1,133
20.1
21.8
22.6
30.7
19.2
14.2
1.1
1.1
6.0
7.4
4.1
2.8
Telecom
Bharti Airtel
Neutral
356
-
142,467
101,748
109,191
32.1
31.7
12.0
12.5
29.7
28.5
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
113
-
40,812
34,282
36,941
32.0
31.5
5.9
6.2
19.2
18.3
1.8
1.6
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,759
-
10,112
2,715
3,153
14.5
14.1
134.3
152.2
35.4
31.3
8.8
7.3
27.4
25.6
3.4
2.9
Bajaj Electricals
Neutral
236
-
2,386
4,719
5,287
5.2
5.8
8.6
12.7
27.6
18.7
3.2
2.8
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
342
-
5,237
2,520
2,883
12.2
12.0
12.7
14.2
27.0
24.1
3.7
3.3
13.6
13.5
1.8
1.5
Goodyear India*
Buy
517
582
1,193
1,800
1,600
11.7
11.5
58.7
52.9
8.8
9.8
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,400
-
3,807
1,779
2,081
7.8
8.8
21.8
33.4
64.2
41.9
10.4
8.4
17.4
22.1
2.1
1.8
Jyothy Laboratories
Neutral
284
-
5,145
1,620
1,847
11.5
11.5
7.3
8.5
39.0
33.5
5.0
4.7
13.3
14.4
3.1
2.7
www.angelbroking.com
Stock Watch
May 31, 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
MRF
Buy
33,456
45,575
14,189
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.1
8.8
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
14,020
-
15,637
1,929
2,450
19.8
20.1
229.9
299.0
61.0
46.9
26.9
18.7
52.1
47.1
7.8
6.1
Relaxo Footwears
Neutral
453
-
5,434
1,767
2,152
12.3
12.5
19.3
25.1
23.5
18.1
5.8
4.4
27.7
27.8
3.1
2.5
Siyaram Silk Mills
Buy
1,021
1,354
957
1,636
1,815
11.5
11.5
89.9
104.1
11.4
9.8
1.9
1.6
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
595
-
1,046
1,271
1,440
8.6
9.2
32.0
41.1
18.6
14.5
1.9
1.7
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,362
2,932
1,809
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
283
310
2,047
2,123
2,384
16.1
16.5
15.0
18.9
18.8
15.0
1.5
1.4
8.0
9.4
1.3
1.2
Kirloskar Engines India
Neutral
246
-
3,551
2,403
2,554
8.6
9.9
9.2
10.5
26.7
23.4
2.6
2.5
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
446
546
538
511
615
21.7
21.6
43.1
55.8
10.3
8.0
1.9
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
133
-
954
1,208
1,353
11.0
12.3
10.8
14.5
12.4
9.2
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
143
-
88
1,040
1,137
3.2
3.1
25.7
28.0
5.6
5.1
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,221
-
1,822
1,871
2,031
10.7
10.5
63.2
69.8
19.3
17.5
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
141
162
224
1,020
1,120
8.7
9.1
13.9
20.1
10.2
7.0
0.7
0.6
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
279
-
2,120
2,830
3,350
8.8
9.0
14.4
18.3
19.4
15.2
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
58
-
635
1,359
1,482
10.3
13.7
0.8
3.9
72.5
15.0
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
152
201
665
2,992
3,223
8.1
8.4
14.7
18.3
10.3
8.3
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
177
-
706
286
366
18.3
17.7
7.7
9.4
23.0
18.9
4.8
4.2
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
85
125
1,135
1,543
1,659
12.6
13.0
5.8
6.3
14.8
13.5
1.3
1.2
8.5
8.6
1.2
1.1
Garware Wall Ropes
Buy
360
473
788
862
974
11.2
11.2
24.9
29.6
14.5
12.2
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
382
-
2,156
206
308
44.0
43.6
9.0
12.9
42.4
29.6
5.8
5.3
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
205
-
304
340
371
8.3
8.9
10.8
13.2
19.0
15.6
3.0
2.7
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
173
-
695
222
287
20.5
20.5
5.6
7.6
30.7
22.9
5.8
4.8
18.9
20.8
3.2
2.4
Interglobe Aviation
Neutral
1,061
-
38,225
17,022
21,122
20.7
14.5
63.9
53.7
16.6
19.8
24.9
20.4
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
256
-
5,268
2,692
2,964
17.0
18.6
-
4.7
-
54.0
3.1
3.0
0.2
5.5
2.3
2.2
Ltd
Navneet Education
Neutral
88
-
2,100
998
1,062
24.1
24.0
5.8
6.1
15.3
14.5
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
189
265
2,691
365
436
38.3
37.5
5.6
5.9
33.5
32.1
2.1
2.0
6.3
6.1
8.3
7.1
UFO Moviez
Neutral
525
-
1,449
558
619
32.0
33.2
22.5
30.0
23.3
17.5
2.8
2.4
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
279
-
2,542
1,725
1,902
16.5
16.7
12.2
14.6
22.9
19.1
4.8
4.2
20.8
21.9
1.6
1.4
Team Lease Serv.
Neutral
925
-
1,581
2,565
3,229
1.3
1.5
15.2
22.8
60.9
40.6
4.9
4.4
8.0
10.7
0.5
0.4
www.angelbroking.com
Stock Watch
May 31, 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
S H Kelkar & Co.
Neutral
222
-
3,211
928
1,036
15.3
15.1
4.9
6.1
45.0
36.4
4.2
3.9
9.4
10.7
3.3
3.0
Quick Heal
Neutral
231
-
1,616
339
408
27.8
27.3
7.1
7.7
32.6
29.8
2.8
2.8
8.5
9.3
3.7
3.1
Narayana Hrudaya
Neutral
307
-
6,269
1,603
1,873
10.9
11.5
1.0
2.6
322.0
116.0
7.8
7.1
2.4
6.1
4.0
3.4
Manpasand Bever.
Neutral
534
-
2,672
540
836
19.9
19.6
10.2
16.9
52.1
31.6
4.2
3.8
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 30, 2016
www.angelbroking.com
Market Outlook
May 31, 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
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