1
Please refer to important disclosures at the end of this report
1
1
Angel Top Picks – November 2019
FPI flows positive for the second month in a row – The Government announced cut
in corporate tax cuts on the 20
th
of Sep’19 post which FPI flows have turned
positive. FPI flows have now been positive for the second month in a row and at
INR 12,476 for the month of November. Total flows for 2019 now stands at INR
67,335 cr. as compared to outflow of INR 33,553 cr. for 2018
Q1FY20 GDP number of 5.0% probably the bottom in terms of growth rate - Rate
cuts and large transfer by the RBI, Improving monsoon situation, relief for FPI's
from additional surcharge and tax cuts announced by the Government should help
in reversing sentiments going forward. The Q1FY20 GDP growth number at 5.0%
probably marks the bottom in terms of growth rate. Hence we believe that the
worst is over and growth rates should start improving from Q2 onwards driven by
Government spending while private spending is expected to pick up from the
second half of FY20.
US-China trade war throws up opportunity for India - The trade war between US
and China has already caused global growth rates to slow. The OECD has
recently cut its GDP growth estimate for FY19 from 3.2% to 2.9% while growth rate
for 2020 have been cut to 3.0% from it's earlier forecast of 3.4%. While the US
China trade war is having an adverse impact on global growth India is relatively
immune given low share of exports to GDP as compared to some of the other
Asian countries. The US China trade war however is an opportunity for India as
some manufacturing capacities would be moving out of China in order to de-risk
their supply chain. With tax rates in India now comparable to some of the other
emerging economies we would be in a better position to capture the opportunities
thrown up by the disruption caused by the trade war.
Earnings upgrades post corporate tax cuts keeps valuations attractive - The tax cuts
would increase profitability for companies at the highest tax bracket by ~14%. Post
the tax cuts Nifty earnings are expected to be revised upwards by 8-10% led banks
and consumer companies which are paying taxes at the highest rate. Most analysts
on street are incorporating only the direct impact of tax cuts in their Nifty earnings
estimates. We believe that there would be a second round of impact on growth as
the increased profits would be used by the companies to stimulate demand
through price cuts and by investments in new capacities. This will help boost
growth over a period of time which would in turn lead to higher tax collections and
thus lower fiscal deficit in the long run.
Top pick’s overview
We recommend our top picks as it has outperformed the benchmark BSE 100
since inception. We believe that consumer (both discretionary and non
discretionary) space and private sector banks (both corporate and retail) offers
good growth opportunity going forward despite volatile market environment.
Exhibit 1: Top Picks Performance
Return Since Inception (30th Oct, 2015)
Top Picks Return
50.6%
BSE 100
46.4%
Outperformance
4.2%
Source: Company, Angel Research
Company
CMP (`)
TP (`)
Banking/NBFC
ICICI Bank
463
532
HDFC Bank
1229
1390
RBL Bank
310
410
Shriram Transport Finance
1139
1410
Consumption
Amber Enterprises
1046
1200
Blue Star
841
990
Safari Industries
578
646
TTK Prestige
6200
7708
Media/Automobiles
Maruti Suzuki
7557
8552
Real Estate/Infra/Logistics/Power
GMM Pfaudler
1428
1740
Ultratech Cement
4144
4984
KEI Industries
591
612
Larsen & Toubro
1473
1850
2
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Angel Top Picks | November 2019
November 8, 2019
2
Top Picks
3
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Angel Top Picks | November 2019
November 8, 2019
3
Amber Enterprise
Amber Enterprises India Ltd. (Amber) is the market leader in the room air
conditioners (RAC) outsourced manufacturing space in India. It is a one-stop
solutions provider for the major brands in the RAC industry and currently
serves eight out of the ten top RAC brands in India.
In line with its strategy to capture more wallet share, it has made few
acquisitions in the printed circuit board (PCB) manufacturing space which
would boost its manufacturing capabilities.
We expect Amber to report consolidated revenue/PAT CAGR of 20%/32%
respectively over FY2019-21E. Its growing manufacturing capabilities and
scale put it in a sweet spot to capture the underpenetrated RAC market in
India.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
3434
8.5
133
42.2
12.1
23.6
2.9
1.0
FY2021E
3988
8.6
163
52.0
13.2
19.2
2.5
0.8
Source: Company, Angel Research
Blue Star
BSL is one of the largest air-conditioning companies in India. With a mere 3%
penetration level of ACs vs 25% in China, the overall outlook for the room
air-conditioner (RAC) market in India is favorable.
BSL's RAC business has been outgrowing the industry by ~10% points over the
last few quarters, resulting in the company consistently increasing its market
share. This has resulted in the Cooling Products Division (CPD)'s share in
overall revenues increasing from~23% in FY2010 to ~43% in FY2019
(expected to improve further). With strong brand equity and higher share in
split ACs, we expect the CPD to continue to drive growth.
Aided by increasing contribution from the Unitary Products, we expect the
overall top-line to post revenue CAGR of ~11% over FY2019-21E and
margins to improve from 5.7% in FY2018 to 6.8% in FY2021E.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
5711
6.5
215
22.4
23.1
37.6
8.7
1.4
FY2021E
6397
6.8
255
26.5
24.6
31.7
7.8
1.3
Source: Company, Angel Research
Stock Info
CMP
1046
TP
1200
Upside
14.7%
Sector
Electronics
Market Cap (` cr)
3,289
Beta
0.82
52 Week High / Low
1060/622
2 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
Jan-18
Mar-18
Apr-18
Jun-18
Jul-18
Sep-18
Oct-18
Dec-18
Jan-19
Mar-19
Apr-19
Jun-19
Jul-19
Sep-19
Oct-19
Stock Info
CMP
841
TP
990
Upside
17.7%
Sector
Cons.Durable
Market Cap (` cr)
8,100
Beta
0.79
52 Week High / Low
881/508
3 year-Chart
Source: Company, Angel Research
-
100
200
300
400
500
600
700
800
900
1,000
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
4
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Angel Top Picks | November 2019
November 8, 2019
4
GMM Pfaudler
GMM Pfaudler Limited (GMM) is the Indian market leader in glass-lined (GL)
steel equipment used in corrosive chemical processes of agrochemicals,
specialty chemical and pharma sector. The company is seeing strong order
inflow from the user industries which is likely to provide 20%+ growth outlook
for next couple of years.
GMM has also increased focus on the non-GL business, which includes mixing
equipment, filtration and drying equipment for the chemical processing
industry. It is expecting to increase its share of non-GL business gradually over
the medium term.
GMM is likely to maintain the 20%+ growth trajectory over FY19-21 backed
by capacity expansion and cross selling of non-GL products to its clients.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
665
17.5
86.2
59.0
24.3
24.2
5.9
2.9
FY2021E
767
17.5
110.4
75.6
24.6
18.9
4.7
2.4
Source: Company, Angel Research
HDFC Bank
HDFC Bank has planned to improve business with digital platforms and is
engaging with mid market clients. Its next leg of growth road map includes (1)
increasing branch opening number from 300 current to 600 annually in non
urban area, (2) increase point of sale (POS) 4x to 4mn by FY2021 and double
the virtual relationship manager clients in 3 years.
The bank registered NIM of 4.4% on the back of lower cost of funds, while
healthy asset quality kept the provision cost lower. Consistency in both the
parameters helped the bank to report healthy return ratio. Despite strong
advance growth, the bank has maintained stable asset quality (GNPA/NPA –
1.3%/0.4%).
HDFC Bank’s subsidiary, HDB Financial Services (HDBFS) continue to
contribute well to the banks overall growth. Strong loan book, well-planned
product line and clear customer segmentation aided this growth.
We expect the bank’s loan growth to remain 20% over next two years and
earnings growth is likely to be more than 20%.
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2020E
57,126
4.4
26,640
48.7
309
2.0
16.9
25.2
4.0
FY2021E
68,121
4.3
33,355
61.0
358
2.1
18.1
20.2
3.4
Source: Company, Angel Research
Stock Info
CMP
1,229
TP
1,390
Upside
13.0%
Sector
Banking
Market Cap (` cr)
6,73,229
Beta
0.92
52 Week High / Low
1285/942
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Stock Info
CMP
1,428
TP
1,740
Upside
21.8%
Sector
Machinery
Market Cap (` cr)
2,087
Beta
0.55
52 Week High / Low
1558/922
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
5
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Angel Top Picks | November 2019
November 8, 2019
5
ICICI Bank
ICICI Bank has taken a slew of steps to strengthen its balance sheet viz.
measures like incremental lending to higher rated corporate, reducing
concentration in few stressed sectors and building up the retail loan book. The
share of retail loans in overall loans increased to 61.5% (Q2FY2020) from
38% in FY2012.
ICICI Bank’s slippages remained high during FY2018, and hence, GNPA went
up to 8.8% vs. 5.8% in FY2016. We expect addition to stress assets to reduce
and credit costs to further decline owing to incremental lending to higher rated
corporate and faster resolution in accounts referred to NCLT under IBC.
The gradual improvement in recovery of bad loans would reduce credit costs
which would help to improve return ratio. At the current market price, the
bank’s core banking business (after adjusting the value of subsidiaries) is
trading at 1.8x FY2021E ABV, which is inexpensive considering retail Mix and
strong capitalization (CET-I of 13.24%).
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2020E
32,145
3.5
9,559
15
165
0.9
9
29
2.6
FY2021E
37,259
3.5
16,443
26
185
1.4
13
17
2.3
Source: Company, Angel Research
KEI Industries
KEI’s current order book (OB) stands at `4,414cr (segmental break-up: EPC is
around `2,210cr and balance from cables, substation & EHV). Its OB grew
strongly in the last 3 years due to strong order inflows from State Electricity
Boards, Power grid, etc.
KEI’s focus is to increase its retail business from 30-32% of revenue in FY19 to
40-45% of revenue in the next 2-3 years on the back of strengthening
distribution network (currently 926 which is expect to increase ~1,500 by
FY20) and higher ad spend.
KEI’s export (FY19 – 16% of revenue) is expected to reach a level 20% in next
two years with higher order execution from current OB and participation in
various international tenders. We expect KEI to report net revenue CAGR of
~15% to ~`5,632cr and net profit CAGR of ~29% to `300cr over
FY2019-21E.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
2307
13.9
235
171
17.4
36.4
5.97
3.6
FY2021E
2557
13.9
262
190
16.8
32.6
5.18
3.3
Source: Company, Angel Research
Stock Info
CMP
591
TP
612
Upside
16.2%
Sector
Cable
Market Cap (` cr)
4,698
Beta
1.20
52 Week High / Low
559/249
3 year-Chart
Source: Company, Angel Research
-
100
200
300
400
500
600
700
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Stock Info
CMP
463
TP
532
Upside
14.9%
Sector
Banking
Market Cap (` cr)
299,028
Beta
1.40
52 Week High / Low
484/310
3 year-Chart
Source: Company, Angel Research
-
100
200
300
400
500
600
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
6
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Angel Top Picks | November 2019
November 8, 2019
6
Larsen & Toubro
L&T is India’s largest EPC company with strong presence across various
verticals including Infra, Hydrocarbon and services segment. The company
also has a very strong presence in the IT services and NBFC space through it’s
various subsidiary companies which are also growth drivers for the company.
L&T continued to report strong order flows during Q2FY20 despite the quarter
being hampered by economic slowdown. Company reported order flow of
`483bn and retained it’s guidance of a 10-12% order inflow for the year and
12-15% revenue growth guidance.
Management had indicated a very strong pipeline for FY20 of `9lakh Cr.
which includes both domestic as well international orders. The company has a
strong order backlog of over `3lakh Cr. and the pipeline provides strong
visibility for new order flows for the rest of the year.
We are positive on the prospects of the company given the Government’s
thrust on Infrastructure with over 100lakh cr. of investments lined up over the
next 5 years.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
91,855
9.8
8637
62
15.6
24.0
3.6
2.0
FY2021E
1,02,877
9.8
9036
64
14.8
23.8
3.2
1.7
Source: Company, Angel Research (Above numbers are of parent entity only).
Maruti Suzuki
Maruti Suzuki continues to maintain ~52% market share in the passenger
vehicles space. The launch of exciting new models has helped the company to
ride on the premiumization wave that is happening in the country. In the last
two years, company has seen improvement in the business mix with increasing
share from utility vehicles.
Company is well placed to capture any revival in industry due to overall
refreshment of portfolio (Already more than 50% of portfolio launched based
on BS6 compliance like Alto, Wagon, Baleno, Dzire, Swift. Recent new
launches in August 2019 also has the potential to contribute significantly to
the Top-line (MPV - XL6 and S-Presso).
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
84,277
11.9
6,806
225.4
13.5
33.5
4.5
2.2
FY2021E
90,201
12.6
7,527
249.2
14.0
30.3
4.3
2.0
Source: Company, Angel Research
Stock Info
CMP
7,557
TP
8,552
Upside
13.2%
Sector
Automobile
Market Cap (` cr)
228,296
Beta
1.38
52 Week High / Low
7929/5447
3 year-Chart
Source: Company, Angel Research
-
2,000
4,000
6,000
8,000
10,000
12,000
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Stock Info
CMP
1,473
TP
1,850
Upside
25.6%
Sector
Infrastructure
Market Cap (` cr)
206,803
Beta
1.35
52 Week High / Low
1607/1183
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
7
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Angel Top Picks | November 2019
November 8, 2019
7
RBL Bank
RBL Bank (RBK) has grown its loan book at healthy CAGR of 53% over
FY2010-19. We expect it to grow at 27% over FY2019-21E. With an
adequately diversified, well capitalised balance sheet, RBK is set to grab
market share from corporate lenders (mainly PSUs).
During Q2FY20 the retail loan portfolio grew 62% yoy to `20,138cr and now
constitutes 34% of the loan book (from 18% share in 4QFY2017). NIM has
expanded to 4.35%, up 27bps yoy despite a challenging interest rate scenario
on the back of a changing portfolio mix. However, the management disclosed
stressed asset worth `1,800cr, which will increase GNPA to 2.25%.
Management is confident that it would normalize by Q1FY2021.
RBL Bank currently trading at 1.5x its FY2021E book value per share, which
we believe is reasonable for a bank in a high growth phase with improving
retail loan mix and building strong retail liability franchise.
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2020E
3,240
3.7
674
16
185
0.7
9
20
1.7
FY2021E
4,109
3.7
1,550
36
212
1.3
18
9
1.5
Source: Company, Angel Research
Safari Industries
Safari Industries Ltd (Safari) is the third largest branded player in the Indian
luggage industry. Post the management change in 2012, Safari has grown its
revenue by 6x in the last 7 years. This has been achieved by foraying in many
new categories like back pack, school bags (via acquisition of Genius and
Genie) and improvement in distribution networks.
Its margins have more than doubled from 4.1% in FY2014 to 9.1% in FY2019,
driven by launch of new product categories and business. We expect it to
maintain 9%+ margins from FY2018 onwards led by regular price hikes, shift
towards organized player and favorable industry dynamics.
We expect its revenue to grow by a CAGR of ~23%/23.5% in revenue/
earnings over FY2019-21E on the back of growth in its recently introduced
new products.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
730
9.1
28.0
12.6
12.5
45.9
7.5
1.9
FY2021E
882
10.0
41.6
18.7
15.9
31.0
6.4
1.6
Source: Company, Angel Research
Stock Info
CMP
310
TP
410
Upside
32.2%
Sector
Banking
Market Cap (` cr)
13,352
Beta
1.89
52 Week High / Low
717/230
3 year-Chart
Source: Company, Angel Research
-
100
200
300
400
500
600
700
800
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Stock Info
Stock Info
CMP
578
CMP
395
TP
646
TP
537
Upside
11.70%
Upside
35.8%
Sector
Luggage
Sector
Media
Market Cap (` cr)
1,292
Market Cap (` cr)
2,356
Beta
0.46
Beta
0.9
52 Week High / Low
829/481
52 Week High / Low
557/341
3 year-Chart
3 year-Chart
Source: Company, Angel Research
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
8
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Angel Top Picks | November 2019
November 8, 2019
8
Shriram Transport
SHTF's primary focus is on financing pre-owned commercial vehicles. We
expect AUM growth to improve going ahead led by (1) good monsoon which
will improve rural economic activity, (2) pick-up in infra/construction, which
was subdued since 2019 elections, (3) ramping up in rural distribution.
SHTF gradually expanded its offering to existing borrower with good track
record. New offering includes business loan and working capital which cover
overall truck business owner requirement (payment at petrol pump/ tyre
dealers, insurance premium).We expect asset quality to remain stable owing to
lower LTVs since 3QFY2019 and stable collateral value as used CV prices to
improve or remain stable in a BS6 regime.
We expect SHTF to report RoA/RoE of 3%/18.3% in FY2021E respectively. At
CMP, the stock is trading at 1.2x FY2021E ABV and 7x FY2021E EPS, which
we believe is reasonable for differentiated business model with high return
ratios.
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2020E
8,572
8.1
3,157
139
823
2.9
18.3
8
1.4
FY2021E
9,604
8.2
3,713
164
970
3.0
18.3
7
1.2
Source: Company, Angel Research
TTK Prestige
TTK Prestige (TTK) is the leading brands in kitchen appliances with 40%+
market share in organized market. It has successfully transformed from a
single product company to a multi product company offering an entire gamut
of kitchen and home appliances (600+ products).
It has also launched a economy range – ‘Judge Cookware’ to capture the
untapped demand especially at the bottom end of the pyramid. It is expecting
good growth in cleaning solutions.
Management expects to double its revenue in the next five years backed by
revival in consumption demand, inorganic expansion and traction in exports.
Key Financials
Source: Company, Angel Research
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
2307
13.9
235
171
17.4
36.4
5.97
3.6
FY2021E
2557
13.9
262
190
16.8
32.6
5.18
3.3
Stock Info
CMP
6,200
TP
7,708
Upside
24.3%
Sector
Houseware
Market Cap (` cr)
8,594
Beta
0.68
52 Week High / Low
7741/4883
3 year-Chart
Source: Company, Angel Research
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Stock Info
CMP
1,139
TP
1,410
Upside
23.8%
Sector
Financials
Market Cap (` cr)
25,848
Beta
1.50
52 Week High / Low
1297/910
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
9
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Angel Top Picks | November 2019
November 8, 2019
9
Ultratech Cement
Ultratech Cement is India’s largest cement manufacturer with ~100mn TPA of
capacity spread across the country with a strong presence in Central, North,
and West India.
The company has added capacity by taking over stressed assets of over
~30mn TPA since 2017. Company took over Century textile’s cement capacity
of 14.4mn TPA in Q2FY20 which will give it 40% plus market share in West
and Central India which are amongst the best regions.
Increased costs due to high energy prices had adversely impacted margins in
1HFY19. However strong pricing discipline due to consolidation allowed
cement companies to hike prices in Q4FY19. Energy prices (coal and pet coke)
have come off significantly since the beginning of 2019 which along with
benign freight costs would allow cement companies to protect margins despite
any marginal dip in realizations.
We are positive on the long term prospects of the company given ramp up
from acquired capacities, pricing discipline in the industry and benign energy
& freight costs.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2020E
43,916
22.3
4051
140
12.3
29.5
4.7
3.2
FY2021E
47,482
22.7
4670
162
11.8
25.6
4.3
2.8
Source: Company, Angel Research
Stock Info
CMP
4,144
TP
4,984
Upside
20.3%
Sector
Cement
Market Cap (` cr)
1,19,613
Beta
1.26
52 Week High / Low
4,903/3263
3 year-Chart
Source: Company, Angel Research
-
1,000
2,000
3,000
4,000
5,000
Nov-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
10
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Angel Top Picks | November 2019
November 8, 2019
10
Exhibit 2: Changes in Recommendation
Effective Date
Stock
Price
Change in recommantaion
(`)
From
To
06-06-2019
Ashok Leyland
70
Buy
Hold
06-06-2019
GIC Housing
243
Buy
Hold
06-06-2019
Inox Wind
55
Buy
Hold
06-06-2019
Music Broadcast
46
Buy
Hold
06-06-2019
Siyaram Silk Mills
255
Buy
Hold
06-09-2019
Parag Food Milks
137
Buy
Hold
06-09-2019
Bata India
1545
Buy
Hold
06-09-2019
Aditya Birla Capital
93
Buy
Hold
05-10-2019
Jindal Steel
94
Buy
Hold
06-11-2019
M&M
580
Buy
Sell
Source: Angel Research
Hold – While we recommend to Hold on to existing positions at current level, we would await
for further data points before recommending any fresh purchases.
11
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ence
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Angel Top Picks | November 2019
November 8, 2019
11
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement
Top Picks
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or
relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on Expected Returns: Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Over 12 months investment period) Reduce (-5% to -15%) Sell (< -15%)
Hold (Fresh purchase not recommended)