Market Outlook

November 02, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative tracking global cues and SGX Nifty.

BSE Sensex

(0.2)

(54)

27,877

Nifty

0.0

8,626

U.S. stocks fell Tuesday, with the S&P 500 dropping for a sixth consecutive session to

Mid Cap

(0.2)

(32)

13,441

end at a nearly four-month low as investors grappled with a tightening presidential

Small Cap

(0.2)

(26)

13,557

race, economic data, corporate earnings, and the Federal Reserve’s monetary policy

decision. The S&P 500 index fell 0.7%, to close at 2,112, while Dow Jones Industrial

Bankex

(0.5)

(119)

22,250

Average declined 0.6%, to finish at 18,037.

Global Indices

Chg (%)

(Pts)

(Close)

U.K. stocks dropped Tuesday, with investors starting off November trade by sifting

through more earnings releases and knocking down BP PLC and Standard

Dow Jones

(0.6)

(105)

18,037

Chartered PLC shares after their respective updates. The FTSE 100 finished a choppy

Nasdaq

(0.7)

(36)

5,154

session down 0.5% at 6,917 with no sectors finishing higher.

FTSE

(0.5)

(37)

6,917

Indian markets closed on a lower note on Tuesday amid volatile trading session

Nikkei

0.1

17,442

weighed down by defensive sectors like IT, FMCG and pharma. However, the

Hang Seng

0.9

213

23,147

downside was limited due to buying among metal shares and favourable core sector

Shanghai Com

0.7

3,122

growth in October. BSE Sensex declined by 53.6 points, to close at 27,877 and Nifty

closed up 0.55 point, at 8,626.

Advances / Declines

BSE

NSE

Advances

1,461

671

Result Review

Declines

1,480

973

 Cipla is back to old strategy with a twist

Unchanged

Detailed analysis on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,318

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

20,891

Refer Pg6 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

Company

Sector

Rating

FII

(1,109)

(4,122)

45,882

(`)

(%)

MFs

560

8,106

22,052

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,041

1,218

17.1

HCL Tech

Buy

773

1,000

29.4

Bharat Electronics

Capital Goods

Accumulate

1,330

1,414

6.3

Top Gainers

Price (`)

Chg (%)

Equitas Holdings

Financials

Buy

179

235

31.4

Centurytex

1,024

8.5

Navkar Corporation Others

Buy

203

265

30.5

Vedl

220

8.5

More Top Picks on Pg4

Naukri

974

8.0

Key Upcoming Events

Hindzinc

273

8.0

Consensus

Date

Region

Event Description

Cairn

243

7.3

Reading

Expectations

Nov 02 US

FOMC rate decision

0.5

Nov 02 Germany

PMI Manufacturing

55.1

Top Losers

Price (`)

Chg (%)

Nov 02 Germany

Unemployment change (000’s)

1.0

(1.0)

Bharatfin

849

(4.1)

Nov 03 Germany

PMI Services

54.1

Iifl

316

(3.7)

Nov 03 US

Initial Jobless claims

258.0

256.0

6.(

Pel

1,750

(3.5)

More Events on Pg5

Deltacorp

178

(3.5)

Balramchin

113

(3.4)

As on October 28, 2016

www.angelbroking.com

Market Outlook

November 02, 2016

News analysis

Cipla is back to old strategy with a twist

As strategic focus has altered with appointment of new CEO, Cipla has exited

many countries and has brought down its presence abroad to 110 nations. The

company will exit six more countries in the near future and there could be more on

the cards. These moves are aimed to enable Cipla to keep the company on

profitable growth. In order to expand globally, the company carried several

acquisitions which saw its return on capital employed dropping to 14.5% in FY16,

from 24% in FY13. The expansionist strategy did not work hence under new CEO

a new consolidation strategy is in play now.

In the past four years, Cipla invested in building front-end in various global

markets, acquiring key assets such as Medpro in South Africa and building strong

leadership positions in various emerging markets. Cipla acquired Medpro in 2013

for `2,707cr and followed up with the `3,575cr acquisitions of the US generic

drug makers, InvaGen and Exelan. As part of the new strategy, Cipla intends to

have front-end presence in “key markets” including India, the US and South Africa.

In other markets, it intends to return to the old model of partnership.

In the US market, the company plans to launch 10-15 products and has a target

of filing 20-25 ANDAs in current fiscal. The execution of the InvaGen pipeline and

continued approvals in Cipla DTM (direct-to-market) is expected to ramp up the

US revenue to ~$500 million in next fiscal boosting profitability.

Cipla in June quarter generated ~18%of its revenues from North America whereas

most large Indian pharma companies derive ~50-60% of their revenues from

North America. The renewed focus of Cipla in US markets has come quite late

compared to its peers.

www.angelbroking.com

Market Outlook

November 02, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Ambuja Cement Ltd - Nov 3, 2016

Particulars ( ` cr)

3QCY16E

3QCY15

y-o-y (%)

2QCY16

q-o-q (%)

Net sales

2,624

2,095

25.3

2,541

3.3

EBITDA

501

310

61.7

601

(16.6)

EBITDA margin (%)

19.1

14.8

23.6

Net profit

333

154

116.6

400

(16.7)

Union Bank Of India Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

203

658

(69.2)

166

22.1

Titan Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

3,058

2,655

15.2

2,783

9.9

EBITDA

275

203

35.5

292

(5.9)

EBITDA margin (%)

9.0

7.6

10.5

Net profit

180

145

23.8

127

42.1

United Breweries Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

1,640

1,016

61.3

1,486

10.4

EBITDA

296

150

97.1

290

2.1

EBITDA margin (%)

18.0

14.8

19.5

Net profit

142

194.2

147

(3.6)

Punjab National Bank Ltd - Nov 5, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

125

621

(80.0)

306

(59.4)

Economic and Political News

 RBI sets up second Banking Ombudsman office in New Delhi

 Government plans second phase of telecom sector reforms

 Cabinet may hike Rabi pulses minimum support price by up to `600/quintal

Corporate News

 Tata Motors posts strongest car sales in four years at 28%

 Maruti Suzuki sales decline marginally in October

 Hindustan Media Ventures Q2 profit rises 20.9% to `54.7cr

 Dabur to acquire personal care firm in South Africa

 Airtel signs `420cr deal with Nokia on VoLTE calling tech

www.angelbroking.com

Market Outlook

November 02, 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

17,773

1,041

1,218

17.1

products leading to market share gains in both the

automotive OEM and replacement segments.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,13,478

475

630

32.5

network, will be the driving force for the bank’s retail business

and overall earnings.

Uptick in defense capex by government when coupled with

Bharat Electronics

31,925

1,330

1,414

6.3

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

1,09,023

773

1,000

29.4

the bad news.

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

Infosys

2,27,133

989

1,249

26.3

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

820

273

351

28.7

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,632

261

306

17.5

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,381

564

634

12.3

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 Finance

10,300

329

350

6.4

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

6,000

179

235

31.4

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,363

195

225

15.6

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

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,764

430

522

21.4

in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,122

113

21.1

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,895

203

265

30.5

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,531

1,633

1,714

5.0

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

2,032

341

363

6.5

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 02, 2016

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Nov 2, 2016

2:25PM

Germany

Unemployment change (000's)

Thousands

Oct

1.00

(0.50)

2:25PM

Germany

PMI Manufacturing

Value

Oct F

55.10

11:30PM

FOMC rate decision

Nov 2

0.50

Nov 3, 2016

2:25PM

Germany

PMI Services

Value

Oct F

54.10

6:00PM

Initial Jobless claims

Thousands

Oct 29

258.00

256.00

Nov 4, 2016

5:30PM

BOE Announces rates

% Ratio

Nov 3

0.25

6:00PM

Change in Nonfarm payrolls

Thousands

Oct

156.00

175.00

6:00PM

Unnemployment rate

Oct

5.00

4.90

Nov 8, 2016

China

Exports YoY%

% Change

Oct

(10.00)

(6.00)

3:00PM

Industrial Production (YoY)

% Change

Sep

0.70

Nov 9, 2016

7:00AM

China

Consumer Price Index (YoY)

% Change

Oct

1.90

2.10

Nov 10, 2016

India

Imports YoY%

% Change

Oct

(2.50)

India

Exports YoY%

% Change

Oct

4.60

Nov 11, 2016 5:30PM

India

Industrial Production YoY

% Change

Sep

(0.70)

Nov 14, 2016 7:30AM

China

Industrial Production (YoY)

% Change

Oct

6.10

6.20

3:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

3Q P

0.30

Nov 15, 2016 12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Oct

3.57

3:00PM

CPI (YoY)

% Change

Oct

1.00

12:30PM

Germany

GDP nsa (YoY)

% Change

3Q P

3.10

Nov 16, 2016 3:00PM

Jobless claims change

% Change

Oct

0.70

7:45PM

Industrial Production

Oct

0.06

0.10

Producer Price Index (mom)

% Change

Oct

0.80

Nov 17, 2016 7:00PM

Housing Starts

Thousands

Oct

1,047.00

1,120.00

7:00PM

Building permits

Thousands

Oct

1,225.00

1,190.00

7:00PM

Consumer price index (mom)

% Change

Oct

0.30

0.40

8:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Nov A

(8.00)

Source: Bloomberg, Angel Research

Market Outlook

November 02, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

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

56.0

Mfg. PMI

Services PMI

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

November 02, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

63,326

9.4

13.3

37.5

Russia

Micex

1,997

0.9

3.9

16.6

India

Nifty

8,626

(1.4)

0.1

4.0

China

Shanghai Composite

3,122

2.9

3.5

(7.3)

South Africa

Top 40

44,444

(2.4)

(3.9)

(8.2)

Mexico

Mexbol

47,303

0.7

2.6

5.9

Indonesia

LQ45

926

0.4

(0.1)

17.2

Malaysia

KLCI

1,671

0.1

0.7

(2.3)

Thailand

SET 50

943

(0.8)

(1.4)

2.9

USA

Dow Jones

18,037

(0.0)

(1.4)

1.8

FTSE

6,917

0.3

4.1

7.9

Japan

Nikkei

17,442

4.5

5.9

(5.4)

Germany

DAX

10,526

2.7

5.4

(1.4)

France

CAC

4,470

1.6

4.6

(8.0)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

November 02, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

221

4,295

1,937

2,164

13.3

14.3

9.0

11.0

24.5

20.1

4.3

3.7

18.4

19.8

2.3

2.0

United Phosphorus

Neutral

706

35,776

15,176

17,604

18.5

37.4

44.6

18.9

15.8

3.7

3.1

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,641

22,407

26,022

10.6

5.2

6.4

17.3

14.0

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,825

81,738

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

866

20,148

7,726

8,713

20.5

21.2

35.3

42.7

24.5

20.3

4.5

4.1

18.9

20.1

2.7

2.3

Eicher Motors

Neutral

25,321

68,775

16,583

20,447

17.5

18.0

598.0

745.2

42.3

34.0

14.5

11.0

41.2

38.3

4.0

3.2

Gabriel India

Neutral

124

1,782

1,544

1,715

9.0

9.3

5.4

6.3

23.0

19.7

4.3

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Accumulate

3,371

3,541

67,311

30,958

34,139

15.7

193.6

208.3

17.4

16.2

6.8

5.6

34.2

30.5

2.0

1.8

Jamna Auto Industries Neutral

234

1,867

1,486

1,620

9.8

9.9

15.0

17.2

15.6

13.6

3.4

2.9

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

677

1,063

1,302

1,432

11.6

11.9

43.7

53.0

15.5

12.8

2.2

2.0

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,323

82,139

46,534

53,077

11.6

11.7

67.3

78.1

19.7

16.9

3.2

2.8

15.4

15.8

1.7

1.5

Maruti

Neutral

5,879

177,578

69,186

82,217

14.7

14.4

198.5

241.4

29.6

24.4

5.8

4.7

20.2

20.0

2.3

1.8

Minda Industries

Neutral

385

3,058

2,728

3,042

9.0

9.1

68.2

86.2

5.7

4.5

1.3

1.0

23.8

24.3

1.2

1.0

Motherson Sumi

Neutral

328

46,080

45,896

53,687

7.8

8.3

13.0

16.1

25.2

20.4

8.1

6.5

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,134

897

511

562

11.3

11.5

28.1

30.9

40.4

36.7

6.2

5.6

15.3

15.0

1.9

1.7

Setco Automotive

Neutral

588

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

531

153,296

300,209

338,549

8.9

8.4

42.7

54.3

12.5

9.8

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

404

19,191

13,390

15,948

6.9

7.1

12.8

16.5

31.7

24.4

7.9

6.2

26.3

27.2

1.5

1.2

Amara Raja Batteries

Buy

1,041

1,218

17,773

5,429

6,471

17.5

17.6

35.3

43.5

29.5

23.9

6.8

5.5

25.3

24.8

3.1

2.5

Exide Industries

Neutral

203

17,247

7,439

8,307

15.0

8.1

9.3

25.1

21.8

3.5

3.1

14.3

16.7

1.9

1.7

Apollo Tyres

Accumulate

206

235

10,478

12,877

14,504

14.3

13.9

21.4

23.0

9.6

9.0

1.5

1.3

16.4

15.2

1.0

0.9

Ceat

Buy

1,247

1,450

5,046

7,524

8,624

13.0

12.7

131.1

144.3

9.5

8.6

1.8

1.5

19.8

18.6

0.8

0.7

JK Tyres

Neutral

148

3,350

7,455

8,056

15.0

21.8

24.5

6.8

6.0

1.4

1.2

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,350

1,677

660

810

15.2

16.4

54.5

72.8

24.8

18.5

7.7

7.0

31.5

39.2

2.4

1.9

Subros

Neutral

170

1,022

1,488

1,681

11.7

11.9

6.4

7.2

26.6

23.8

2.8

2.6

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

190

499

286

326

19.8

16.8

11.7

13.3

16.3

14.3

2.7

2.6

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

556

709

814

4.1

4.6

1.4

2.1

40.1

26.8

1.7

1.6

4.4

6.0

0.9

0.8

BEML

Neutral

926

3,858

3,451

4,055

6.3

9.2

31.4

57.9

29.5

16.0

1.8

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,330

1,414

31,925

8,137

9,169

16.8

17.2

58.7

62.5

22.7

21.3

3.5

3.1

44.6

46.3

2.9

2.6

www.angelbroking.com

Stock Watch

November 02, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Accumulate

385

407

12,742

6,511

7,514

7.9

8.7

12.9

16.3

29.9

23.6

5.4

4.7

16.7

18.5

1.7

1.5

BGR Energy

Neutral

123

889

16,567

33,848

6.0

5.6

7.8

5.9

15.8

20.9

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

142

34,646

28,797

34,742

2.8

2.3

6.9

61.5

20.5

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

564

634

5,381

4,283

5,077

5.9

7.3

14.9

22.1

37.9

25.5

7.4

6.2

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,851

5,777

6,120

5.9

7.0

3.3

4.5

23.5

17.2

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

140

3,427

1,755

1,881

16.8

16.9

7.8

8.5

18.0

16.5

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Neutral

219

4,852

5,605

6,267

15.7

16.4

24.8

30.0

8.8

7.3

2.5

1.8

25.9

24.4

0.9

0.8

KEC International

Neutral

126

3,234

9,294

10,186

7.9

8.1

9.9

11.9

12.7

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

851

10,138

5,421

5,940

7.3

25.7

30.2

33.1

28.2

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

501

681

2,731

3,136

3,845

8.9

9.1

26.0

35.9

19.3

14.0

2.4

2.1

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,507

28,295

11,225

13,172

13.2

16.9

44.5

75.5

33.9

20.0

3.2

3.0

11.2

14.2

2.5

2.2

Ambuja Cements

Neutral

244

48,529

9,350

10,979

18.2

22.5

5.8

9.5

42.1

25.7

3.5

3.2

10.2

12.5

5.2

4.4

India Cements

Neutral

161

4,933

4,364

4,997

18.5

19.2

7.9

11.3

20.3

14.2

1.5

1.4

8.0

8.5

1.9

1.7

JK Cement

Neutral

929

6,497

4,398

5,173

15.5

17.5

31.2

55.5

29.8

16.7

3.6

3.1

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Accumulate

496

565

5,837

2,913

3,412

14.5

19.5

7.5

22.5

66.1

22.1

4.1

3.4

12.5

18.0

2.6

2.2

Orient Cement

Buy

174

215

3,558

2,114

2,558

18.5

20.5

8.1

11.3

21.4

15.4

3.2

2.7

9.0

14.0

2.3

1.8

UltraTech Cement

Neutral

3,975

109,097

25,768

30,385

21.0

23.5

111.0

160.0

35.8

24.9

4.6

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

110

3,604

8,946

10,017

31.0

31.6

8.1

9.1

13.5

12.0

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Accumulate

734

802

2,064

1,385

1,673

14.7

14.0

41.2

48.5

17.8

15.1

3.3

2.9

14.9

15.2

1.6

1.3

Larsen & Toubro

Buy

1,465

1,700

136,502

67,665

77,249

10.7

11.5

57.3

71.2

25.6

20.6

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

169

8,163

705

788

52.2

51.7

5.0

5.6

33.8

30.2

3.3

3.0

11.2

9.6

Nagarjuna Const.

Neutral

5,206

8,842

9,775

9.1

8.8

5.3

6.4

17.7

14.6

1.4

1.3

8.2

9.1

0.7

PNC Infratech

Buy

123

143

3,143

2,350

2,904

13.1

13.2

9.0

8.8

13.6

13.9

0.5

0.4

15.9

13.9

1.5

1.2

Simplex Infra

Neutral

325

1,607

6,829

7,954

10.5

31.4

37.4

10.4

8.7

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

500

736

1,801

2,219

12.7

14.6

72.1

113.9

6.9

4.4

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

277

298

4,750

3,598

4,140

10.3

10.6

9.0

11.9

30.8

23.3

3.2

2.8

9.9

11.9

1.6

1.4

NBCC

Neutral

241

14,442

7,428

9,549

7.9

8.6

8.2

11.0

29.4

21.9

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

696

1,877

1,943

30.6

29.8

3.0

4.2

14.3

10.2

6.9

4.7

0.6

1.8

1.6

SIPL

Neutral

104

3,646

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.9

4.4

(22.8)

(15.9)

11.7

9.8

www.angelbroking.com

Stock Watch

November 02, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Engineers India

Neutral

272

9,153

1,725

1,935

16.0

19.1

11.4

13.9

23.8

19.5

3.3

3.2

13.4

15.3

4.2

3.8

Financials

Axis Bank

Buy

475

630

113,478

46,932

53,575

3.5

3.4

32.4

44.6

14.7

10.7

1.9

1.6

13.6

16.5

Bank of Baroda

Neutral

155

35,703

19,980

23,178

1.8

11.5

17.3

13.5

9.0

1.5

1.3

8.3

10.1

Canara Bank

Neutral

312

16,920

15,225

16,836

1.8

14.5

28.0

21.5

11.1

1.5

1.2

5.8

8.5

Dewan Housing Finance Accumulate

329

350

10,300

2,225

2,688

2.9

29.7

34.6

11.1

9.5

1.8

1.5

16.1

16.8

Equitas Holdings

Buy

179

235

6,000

939

1,281

11.7

11.5

5.8

8.2

30.8

21.8

2.7

2.4

10.9

11.5

Federal Bank

Neutral

14,055

9,353

10,623

2.9

4.4

5.8

18.6

14.1

1.8

1.6

9.5

11.0

HDFC

Neutral

1,417

223,967

11,475

13,450

3.4

45.3

52.5

31.3

27.0

6.0

5.3

20.2

20.5

HDFC Bank

Accumulate

1,260

1,350

318,949

46,097

55,433

4.5

58.4

68.0

21.6

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

275

160,230

39,029

45,903

3.3

16.7

16.3

16.5

16.9

2.0

1.9

10.1

12.4

LIC Housing Finance

Accumulate

589

630

29,727

3,712

4,293

2.6

2.5

39.0

46.0

15.1

12.8

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

144

30,536

23,532

23,595

2.3

2.4

6.8

12.6

21.1

11.4

3.3

2.3

3.3

6.5

RBL Bank

Neutral

396

14,637

1,783

2,309

2.6

12.7

16.4

31.2

24.1

3.4

3.0

12.8

13.3

South Ind.Bank

Neutral

3,200

6,435

7,578

2.5

2.7

3.1

8.8

7.7

1.1

1.0

10.1

11.2

St Bk of India

Neutral

258

200,590

88,650

98,335

2.6

13.5

18.8

19.1

13.7

1.8

1.6

7.0

8.5

Union Bank

Neutral

144

9,920

13,450

14,925

2.3

25.5

34.5

5.7

4.2

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,250

52,606

8,978

11,281

3.3

3.4

74.0

90.0

16.9

13.9

3.2

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,076

103,191

17,128

18,978

16.8

16.4

19.1

20.7

56.3

52.0

19.6

18.5

34.8

35.5

5.9

5.4

Britannia

Accumulate

3,326

3,626

39,909

9,795

11,040

14.6

14.9

80.3

94.0

41.4

35.4

17.0

13.2

41.2

3.9

3.4

Colgate

Neutral

972

26,447

4,605

5,149

23.4

23.8

26.9

40.9

36.2

22.6

17.7

64.8

66.8

5.7

5.0

Dabur India

Neutral

290

51,024

8,315

9,405

19.8

20.7

8.1

9.2

35.8

31.5

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

6,080

25,569

4,350

4,823

21.2

21.4

179.2

196.5

33.9

31.0

9.0

7.6

27.1

26.8

5.3

4.7

Godrej Consumer

Neutral

1,573

53,576

10,235

11,428

18.4

18.6

41.1

44.2

38.3

35.6

8.5

7.2

24.9

24.8

5.3

4.7

HUL

Neutral

835

180,769

35,252

38,495

17.6

17.4

20.4

21.9

40.9

38.1

33.6

29.5

82.2

77.3

4.9

4.5

ITC

Buy

240

283

289,518

40,059

44,439

39.0

39.2

9.1

10.1

26.4

23.8

7.2

6.3

27.2

26.5

6.7

6.0

Marico

Accumulate

276

300

35,602

6,430

7,349

18.8

19.5

6.4

7.7

43.1

35.8

13.0

11.0

33.2

32.5

5.4

4.6

Nestle*

Neutral

6,786

65,429

10,073

11,807

20.7

21.5

124.8

154.2

54.4

44.0

22.3

20.1

34.8

36.7

6.3

5.4

Tata Global

Neutral

139

8,747

8,675

9,088

9.8

7.4

8.2

18.7

16.9

2.1

2.0

7.9

8.1

0.9

Procter & Gamble

Neutral

7,050

22,885

2,939

3,342

23.2

23.0

146.2

163.7

48.2

43.1

108.0

103.5

25.3

23.5

7.3

6.4

Hygiene

www.angelbroking.com

Stock Watch

November 02, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

773

1,000

109,023

49,242

57,168

20.5

55.7

64.1

13.9

12.1

2.8

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

989

1,249

227,133

68,350

77,326

27.0

62.5

69.4

15.8

14.3

3.4

3.1

21.3

21.6

2.8

2.4

TCS

Accumulate

2,348

2,620

462,597

119,025

133,308

27.6

131.2

145.5

17.9

16.1

5.8

5.3

32.4

33.1

3.7

3.2

Tech Mahindra

Buy

434

700

42,084

30,347

33,685

17.0

37.5

41.3

11.6

10.5

2.5

2.2

21.8

20.7

1.1

0.9

Wipro

Buy

461

590

112,032

55,440

60,430

18.1

35.9

39.9

12.8

11.6

2.3

2.1

19.0

19.3

1.7

1.6

Media

D B Corp

Neutral

385

7,076

2,297

2,590

27.4

28.2

21.0

23.4

18.3

16.5

4.3

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

2,156

2,693

2,991

12.6

12.9

7.9

9.0

11.7

10.3

1.0

0.9

7.8

8.3

0.4

0.3

Jagran Prakashan

Buy

195

225

6,363

2,355

2,635

28.0

10.8

12.5

18.0

15.6

3.9

3.4

21.7

2.7

2.4

Sun TV Network

Neutral

543

21,401

2,850

3,265

70.1

71.0

26.2

30.4

20.7

17.9

5.3

4.7

24.3

25.6

7.1

6.1

Hindustan Media

Neutral

302

2,216

1,016

1,138

24.3

25.2

27.3

30.1

11.1

10.0

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

341

363

2,032

637

743

27.5

18.4

21.4

18.5

15.9

3.2

2.7

17.4

17.2

2.8

2.3

Metals & Mining

Coal India

Neutral

330

208,345

84,638

94,297

21.4

22.3

24.5

27.1

13.5

12.2

5.6

5.3

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

273

115,224

14,252

18,465

55.9

48.3

15.8

21.5

17.3

12.7

2.8

2.5

17.0

20.7

8.1

6.2

Hindalco

Neutral

157

32,327

107,899

112,095

7.4

8.2

9.2

13.0

17.0

12.0

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,660

40,114

53,201

58,779

16.1

16.2

130.6

153.7

12.7

10.8

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

138

54,792

6,643

7,284

44.4

47.7

7.1

7.7

19.5

18.0

1.7

1.6

8.8

9.2

6.0

5.4

SAIL

Neutral

21,559

47,528

53,738

(0.7)

2.1

(1.9)

2.6

20.1

0.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

220

65,164

71,744

81,944

19.2

21.7

13.4

20.1

16.4

10.9

1.4

1.3

8.4

11.3

1.3

1.0

Tata Steel

Neutral

418

40,568

121,374

121,856

7.2

8.4

18.6

34.3

22.5

12.2

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

243

45,522

9,127

10,632

4.3

20.6

8.8

11.7

27.6

20.8

0.9

3.3

4.2

6.5

5.4

GAIL

Neutral

432

54,849

56,220

65,198

9.3

10.1

27.1

33.3

16.0

13.0

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

289

247,425

137,222

152,563

15.0

21.8

19.5

24.1

14.8

12.0

1.3

1.2

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

325

157,890

373,359

428,656

5.9

5.5

54.0

59.3

6.0

5.5

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,048

339,906

301,963

358,039

12.1

12.6

87.7

101.7

12.0

10.3

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

673

12,691

3,483

4,083

20.2

21.4

24.3

30.4

27.7

22.1

6.3

5.0

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

809

877

47,334

15,720

18,078

23.7

41.4

47.3

19.5

17.1

5.1

4.0

29.6

26.1

3.2

2.8

Sanofi India*

Neutral

4,313

9,934

2,357

2,692

17.3

153.5

169.2

28.1

25.5

4.8

3.9

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

424

43,381

11,126

13,148

22.0

17.1

20.0

24.8

21.2

6.4

5.1

28.8

26.6

3.9

3.2

Cipla

Neutral

571

45,888

15,378

18,089

17.4

18.4

21.6

27.2

26.4

21.0

3.4

3.0

13.7

15.2

3.2

2.7

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Stock Watch

November 02, 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,326

55,104

16,043

18,119

23.1

24.7

126.0

157.8

26.4

21.1

3.9

3.4

15.7

17.1

3.4

3.0

Dishman Pharma

Neutral

252

4,073

1,718

1,890

22.7

22.8

9.5

11.3

26.6

22.3

2.6

2.3

10.1

10.9

2.8

2.5

GSK Pharma*

Neutral

2,860

24,224

3,528

3,811

16.6

18.8

51.8

59.4

55.2

48.2

14.8

14.7

26.3

30.6

6.6

6.2

Indoco Remedies

Neutral

284

2,620

1,112

1,289

18.2

13.2

15.6

21.5

18.2

3.8

3.3

19.2

2.5

2.1

Ipca labs

Neutral

613

7,736

3,303

3,799

15.3

17.3

19.7

35.4

31.1

3.1

2.8

9.1

9.4

2.5

2.1

Lupin

Buy

1,513

1,809

68,212

15,912

18,644

26.4

26.7

58.1

69.3

26.0

21.8

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

734

944

176,615

31,129

35,258

30.0

30.9

28.0

32.8

26.2

22.4

4.0

3.3

18.7

18.9

5.3

4.4

Power

Tata Power

Neutral

21,137

36,916

39,557

17.4

27.1

5.1

6.3

15.3

12.4

1.4

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

155

127,763

86,605

95,545

17.5

20.8

11.8

13.4

13.1

11.6

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

177

92,573

25,763

29,762

74.3

73.1

14.8

17.3

12.0

10.2

1.9

1.6

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

430

522

1,764

1,152

1,300

22.7

24.6

29.9

35.8

14.4

12.0

1.1

1.0

7.6

8.6

2.2

1.9

Telecom

Bharti Airtel

Neutral

317

126,598

105,086

114,808

34.5

34.7

12.2

16.4

26.0

19.3

1.8

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

27,582

40,133

43,731

37.2

37.1

6.4

6.5

12.0

11.8

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,919

10,452

3,153

3,583

14.1

14.4

152.2

182.7

32.3

26.9

158.7

135.5

25.6

26.1

3.0

2.6

Bajaj Electricals

Buy

261

306

2,632

5,099

5,805

5.6

5.9

11.4

14.6

22.9

17.9

3.1

2.7

13.4

15.1

0.5

Finolex Cables

Neutral

444

6,797

2,883

3,115

12.0

12.1

14.2

18.6

31.3

23.9

16.7

14.6

15.8

14.6

2.1

1.9

Goodyear India*

Neutral

812

1,874

1,598

1,704

10.4

10.2

49.4

52.6

16.4

15.4

75.9

66.6

18.2

17.0

0.9

121.2

Hitachi

Neutral

1,482

4,030

2,081

2,433

8.8

8.9

33.4

39.9

44.4

37.2

35.8

29.8

22.1

21.4

1.9

1.6

Jyothy Laboratories

Neutral

358

6,504

1,440

2,052

11.5

13.0

8.5

10.0

42.1

35.8

10.2

9.5

18.6

19.3

4.8

3.3

Page Industries

Neutral

16,363

18,251

2,450

3,124

20.1

17.6

299.0

310.0

54.7

52.8

364.4

278.2

47.1

87.5

7.5

5.9

Relaxo Footwears

Neutral

433

5,197

2,085

2,469

9.2

8.2

7.6

8.0

57.3

54.5

22.2

19.0

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,633

1,714

1,531

1,799

2,040

11.6

11.7

104.9

122.4

15.6

13.3

2.6

2.2

16.4

1.0

0.9

Styrolution ABS India*

Neutral

648

1,140

1,440

1,537

9.2

9.0

40.6

42.6

16.0

15.2

40.8

37.1

12.3

11.6

0.8

0.7

TVS Srichakra

Neutral

3,876

2,968

2,304

2,614

13.7

13.8

231.1

266.6

16.8

14.5

435.5

342.9

33.9

29.3

1.3

1.1

HSIL

Neutral

350

2,529

2,384

2,515

15.8

16.3

15.3

19.4

22.9

18.0

22.7

19.6

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

349

5,047

2,554

2,800

9.9

10.0

10.5

12.1

33.2

28.8

13.9

13.1

10.7

11.7

1.6

1.4

Ltd

M M Forgings

Neutral

461

556

546

608

20.4

20.7

41.3

48.7

11.2

9.5

63.2

55.9

16.6

17.0

0.9

0.8

Banco Products (India)

Neutral

222

1,589

1,353

1,471

12.3

12.4

14.5

16.3

15.3

13.6

21.2

19.1

14.5

14.6

1.1

119.8

Competent Automobiles Neutral

207

127

1,137

1,256

3.1

2.7

28.0

23.6

7.4

8.8

39.8

35.9

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

November 02, 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,748

2,609

1,995

2,165

10.7

10.4

69.8

80.6

25.1

21.7

99.9

86.8

16.6

16.5

1.3

1.2

Visaka Industries

Neutral

227

360

1,051

1,138

10.3

10.4

21.0

23.1

10.8

9.8

29.1

27.2

9.0

9.2

0.6

Transport Corporation of

Neutral

183

1,404

2,671

2,911

8.5

8.8

13.9

15.7

13.2

11.7

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Neutral

728

1,482

1,660

13.7

14.5

3.9

5.8

17.1

11.5

4.0

3.7

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

239

1,048

3,342

3,625

7.8

7.5

17.3

19.8

13.9

12.1

26.3

21.1

10.5

10.8

0.6

0.5

MT Educare

Neutral

136

542

366

417

17.7

18.2

9.4

10.8

14.5

12.6

3.2

2.8

22.2

22.3

1.4

1.2

Radico Khaitan

Neutral

146

1,940

1,659

1,802

13.0

13.2

6.3

7.4

23.0

19.8

2.0

1.8

8.6

9.3

1.6

1.5

Garware Wall Ropes

Neutral

560

1,225

873

938

12.9

13.1

30.9

34.9

18.1

16.0

2.9

2.5

15.7

15.2

1.3

1.2

Wonderla Holidays

Neutral

391

2,210

287

355

38.0

40.0

11.3

14.2

34.6

27.6

5.0

4.3

21.4

23.9

7.4

6.0

Linc Pen & Plastics

Neutral

260

385

382

420

9.3

9.5

13.5

15.7

19.3

16.6

3.3

2.9

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

192

771

287

384

20.5

7.6

10.7

25.3

18.0

5.3

4.3

20.7

23.5

2.7

2.0

Interglobe Aviation

Neutral

940

33,881

21,122

26,005

14.5

27.6

110.7

132.1

8.5

7.1

50.8

36.3

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

224

4,620

2,964

3,260

20.5

21.2

4.7

8.0

28.0

2.6

2.4

5.5

8.5

2.0

1.7

Ltd

Navneet Education

Neutral

111

2,644

1,062

1,147

24.0

6.1

6.6

18.2

16.8

3.7

3.3

20.6

19.8

2.6

2.4

Navkar Corporation

Buy

203

265

2,895

408

612

42.9

42.3

6.8

11.5

30.0

17.7

2.1

1.9

6.9

10.5

8.0

5.3

UFO Moviez

Neutral

493

1,360

619

685

33.2

33.4

30.0

34.9

16.4

14.1

2.3

2.0

13.8

13.9

1.9

1.5

VRL Logistics

Neutral

287

2,620

1,902

2,119

16.7

16.6

14.6

16.8

19.7

17.1

4.3

3.8

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,025

1,752

3,229

4,001

1.5

1.8

22.8

32.8

45.0

31.2

4.8

4.2

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

321

4,646

1,036

1,160

15.1

15.0

6.1

7.2

52.6

44.8

5.6

5.2

10.7

11.5

4.4

3.8

Quick Heal

Neutral

256

1,790

408

495

27.3

27.0

7.7

8.8

33.0

29.1

3.1

9.3

10.6

3.5

2.9

Narayana Hrudaya

Neutral

345

7,049

1,873

2,166

11.5

11.7

2.6

4.0

130.4

87.0

8.0

7.2

6.1

8.3

3.9

3.3

Manpasand Bever.

Neutral

717

4,099

836

1,087

19.6

19.4

16.9

23.8

42.4

30.1

5.1

4.5

12.0

14.8

4.6

3.5

Parag Milk Foods

Neutral

317

2,669

1,919

2,231

9.3

9.6

9.5

12.9

33.6

24.5

5.2

4.3

15.5

17.5

1.5

1.3

Mirza International

Buy

113

1,122

1,024

1,148

18.0

6.9

8.0

13.5

11.7

2.3

1.9

16.6

16.2

1.3

1.1

Asian Granito

Buy

273

351

820

1,118

1,220

11.8

12.0

13.0

16.0

21.0

17.1

2.0

1.8

9.7

10.7

1.0

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 01, 2016

www.angelbroking.com

Market Outlook

November 02, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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