Market Outlook

June 5, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on Positive note tracking the SGX Nifty and Global

BSE Sensex

0.4

136

31,273

markets.

Nifty

0.4

9,654

U.S. stock-market indexes closed at records Friday, led by gains for technology

shares as investors looked past a weaker-than-expected May jobs report.

Mid Cap

0.7

105

14,801

Small Cap

0.5

177

15,311

The European markets got off to a positive start Friday and advanced further later in

Bankex

0.3

26,499

the morning. However, the markets pared their gains in the afternoon, following the

release of the weaker than expected U.S. jobs report. Despite the late pullback, the

Global Indices

Chg (%)

(Pts)

(Close)

markets still finished firmly in positive territory.

Dow Jones

0.3

162

21,206

Indian Market hit fresh record highs on Friday, with a surging rupee, hopes of good

Nasdaq

0.9

6,306

southwest monsoon rains, robust monthly sales figures from automakers and firm

FTSE

0.1

7,548

global cues helping underpin investor sentiment.

Nikkei

(01.6

317

20,177

News Analysis

Hang Seng

0.4

115

25,924

 Tata Motors sales decline 4% to 38,361 units in May

Shanghai Com

0.1

3,106

Detailed analysis on Pg2

Investor’s Ready Reckoner

Advances / Declines

BSE

NSE

Key Domestic & Global Indicators

Advances

1,471

1,997

Stock Watch: Latest investment recommendations on 150+ stocks

Declines

1,243

689

Refer Pg5 onwards

Unchanged

156

Top Picks

CMP

Target

Upside

Volumes (` Cr)

Company

Sector

Rating

(`)

(%)

BSE

3,082

Blue Star

Capital Goods

Buy

639

760

19.0

NSE

22,302

Dewan Housing Fin. Financials

Buy

414

520

25.5

Mahindra Lifespace Real Estate

Buy

431

522

21.0

Navkar Corporation Others

Buy

216

265

22.8

#Net Inflows (` Cr)

Net

Mtd

Ytd

KEI Industries

Capital Goods

Accumulate

215

239

11.0

FII

(5(451)

(2(451)

51,518

More Top Picks on Pg3

MFs

8449

8,960

29,642

Key Upcoming Events

Consensus

Date

Region

Event Description

Top Gainers

Price (`)

Chg (%)

Reading

Expectations

Gvkpilem

196

14.5

Jun 05, 2017 Germany PMI Services

55.20

Jun 07, 2017 India

RBI Reverse Repo rate

6.00

Gmrinfra

13.7

Jun 07, 2017 India

RBI Cash Reserve ratio

4.00

Bayercrop

5,003

9.7

Jun 07, 2017 India

RBI Repo rate

6.25

M&Mfin

389

7.6

Jun 08, 2017 US

Initial Jobless claims

248.00

240.00

Godrejprop

521

6.2

Jun 08, 2017 Euro Zone ECB announces interest rates

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Videoind

237

(4.9)

Sintex

(3.8)

Intellect

121

(2.9)

Gppl

146

(2.7)

Fortis

193

(2.7)

#as on 2^nd June, 2017

www.angelbroking.com

Market Outlook

June 5, 2017

News Analysis

Tata Motors sales decline 4% to 38,361 units in May

Tata Motors on Friday reported a 4.39% decline in total sales in May at 38,361

units compared to 40,123 units in the same month last year. Domestic sales of

Tata Motors' commercial and passenger vehicles declined by 3.45% to 34,461

units last month as compared to 35,695 units in May 2016. Sales of passenger

vehicles in the domestic market grew 27% to 10,855 units last month. This was

due to continued strong demand for the Tata Tiago, the Tata Tigor and the Tata

Hexa.

In the commercial vehicles segment, the company's domestic sales were down 13%

at 23,606 units last month. The company said market continues to remain weak

and the demand has still not picked up. There are early signs of retails of BS4

vehicles but it has still been slow. Overall sales of Tata Motors' MHCV trucks were

at 6,522 units in May 2017, a decline of 40 per cent over May 2016 base.

The sale in MHCV was affected primarily due to severe global supply constraints of

Fuel Injection Pumps for BS4 engines. ILCV trucks sales were 12% down at 2,368

units last month compared to 2,697 units sold last year in May, impacted by late

supplies of fuel injector systems.

On the SCV and Pick-up segments, there is a strong sales recovery with full

availability of BS4 products and good market response to new variants like Xenon

Yodha and Ace Mega. The company's sales from exports declined 12% at 3,900

units last month compared to 4,428 vehicles in May 2016.

According to company exports have been impacted in April and May due to retail

drop of SCV in Sri Lanka after steep increase in import tariffs in late 2016, as well

as fall in Nepal demand in the build-up to their elections.

Economic and Political News



71 mineral blocks to go under hammer in FY18, says Mines ministry

 Govt confident of 7.5% growth by March 2018 after GST roll-out: Panagariya

 India's domestic passenger air traffic growth accelerates to 15.3%

Corporate News

 GMR Group plans to sell assets, refinance loans to cut debt and expand biz

 Karnataka Bank cuts home loan rate by up to 0.40%

 NBCC to auction 11 office towers to raise `12,000cr

www.angelbroking.com

Market Outlook

June 5, 2017

Top Picks ★★★★★

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

23,696

1,982

2,161

9.0

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,157

384

405

5.3

owing to better product mix, higher B2C sales and

amalgamation synergy..

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

6,107

639

760

19.0

growth. EMPPAC division's profitability to improve once

operating environment turns around..

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

12,981

414

520

25.5

presence in tier-II & III cities where the growth opportunity

is immense.

Strong loan growth backed by diversified loan portfolio

and adequate CAR. ROE & ROA likely to remain decent

Equitas Holdings

5,416

160

235

46.6

as risk of dilution remains low. Attractive valuations

considering growth.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

5,855

179

225

25.6

acquisition of a radio business (Radio City) would also

boost the company's revenue growth.

High order book execution in EPC segment, rising B2C

KEI Industries

1,671

215

239

11.0

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,214

431

522

21.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,077

216

265

22.8

ICD as well CFS augurs well for the company

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,600

268

344

28.3

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

June 05, 2017

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jun 5, 2017

1:25PM

Germany

PMI Services

Value

May F

55.20

Jun 7, 2017

2:30PM

India

RBI Reverse Repo rate

Jun 7

6.00

2:30PM

India

RBI Cash Reserve ratio

Jun 7

4.00

2:30PM

India

RBI Repo rate

Jun 7

6.25

Jun 8, 2017

6:00PM

Initial Jobless claims

Thousands

Jun 3

248.00

240.00

5:15PM

Euro Zone

ECB announces interest rates

Jun 8

2:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

1Q F

0.50

China

Exports YoY%

% Change

May

8.00

7.00

Jun 9, 2017

2:00PM

Industrial Production (YoY)

% Change

Apr

1.40

(0.30)

7:00AM

China

Consumer Price Index (YoY)

% Change

May

1.20

1.50

Jun 12, 2017

5:30PM

India

Industrial Production YoY

% Change

Apr

2.70

Jun 13, 2017

2:00PM

CPI (YoY)

% Change

May

2.70

Producer Price Index (mom)

% Change

May

0.60

Jun 14, 2017

India

Imports YoY%

% Change

May

49.10

India

Exports YoY%

% Change

May

19.80

2:00PM

Jobless claims change

% Change

May

19.40

7:30AM

China

Industrial Production (YoY)

% Change

May

6.50

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

May

3.85

6:00PM

Consumer price index (mom)

% Change

May

0.20

0.10

11:30PM

FOMC rate decision

Jun 14

1.00

1.25

Jun 15, 2017

6:45PM

Industrial Production

May

0.98

0.20

4:30PM

BOE Announces rates

% Ratio

Jun 15

0.25

Jun 16, 2017

2:30PM

Euro Zone

Euro-Zone CPI (YoY)

May F

1.40

6:00PM

Housing Starts

Thousands

May

1,172.00

1,215.00

6:00PM

Building permits

Thousands

May

1,260.00

1,250.00

Jun 21, 2017

7:30PM

Existing home sales

Million

May

5.57

5.60

Jun 22, 2017

7:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Jun A

(3.30)

Source: Bloomberg, Angel Research

Market Outlook

June 5, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.2

10.0

8.9

9.0

8.3

8.4

9.0

8.0

7.9

8.0

7.7

7.6

8.0

7.4

7.5

7.0

6.8

5.7

7.0

6.0

5.2

4.9

6.0

6.1

5.0

6.0

3.8

4.0

2.6

2.7

5.0

3.0

1.9

4.0

2.0

1.0

3.0

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

(%)

7.0

54.0

6.1

5.8

6.0

52.0

5.1

5.0

4.3

4.2

50.0

3.9

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

46.0

2.0

44.0

1.0

42.0

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

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

June 5, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

62,511

(5.4)

(6.7)

27.5

Russia

Micex

1,882

(6.7)

(7.6)

(1.8)

India

Nifty

9,654

3.7

8.7

18.0

China

Shanghai Composite

3,106

(1.6)

(3.8)

10.6

South Africa

Top 40

46,523

(0.8)

4.6

(3.0)

Mexico

Mexbol

49,317

0.4

5.3

7.4

Indonesia

LQ45

961

1.6

7.8

19.4

Malaysia

KLCI

1,777

(0.1)

3.6

8.9

Thailand

SET 50

990

(0.3)

1.5

10.8

USA

Dow Jones

21,206

1.2

1.0

19.1

FTSE

7,548

4.1

3.9

20.3

Japan

Nikkei

20,177

5.1

5.5

20.3

Germany

DAX

12,823

2.4

6.3

27.1

France

CAC

5,343

0.8

7.7

24.1

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

June 05, 2017

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

246

4,778

1,937

2,164

13.3

14.3

9.0

11.0

27.3

22.3

4.8

4.2

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

865

43,930

15,176

17,604

18.5

37.4

44.6

23.1

19.4

4.5

3.8

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Amara Raja Batteries

Buy

871

1,009

14,885

5,305

6,100

16.0

16.3

28.4

34.0

30.7

25.6

5.9

5.0

19.3

2.8

2.4

Apollo Tyres

Neutral

247

12,550

12,877

14,504

14.3

13.9

21.4

23.0

11.5

10.7

1.8

1.6

16.4

15.2

1.1

Ashok Leyland

Buy

111

26,424

20,021

21,915

11.6

11.9

4.5

5.3

20.6

17.5

4.2

3.7

20.6

21.5

1.3

1.1

Bajaj Auto

Neutral

2,846

82,357

25,093

27,891

19.5

19.2

143.9

162.5

19.8

17.5

5.6

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,194

27,786

7,726

8,713

20.5

21.2

35.3

42.7

33.8

28.0

6.2

5.6

18.9

20.1

3.7

3.2

Ceat

Neutral

1,848

7,475

7,524

8,624

13.0

12.7

131.1

144.3

14.1

12.8

2.6

2.2

19.8

18.6

1.1

0.9

Eicher Motors

Neutral

29,180

79,434

16,583

20,447

17.5

18.0

598.0

745.2

48.8

39.2

16.7

12.7

41.2

38.3

4.6

3.7

Exide Industries

Neutral

227

19,316

7,439

8,307

15.0

8.1

9.3

28.1

24.4

3.9

3.5

14.3

16.7

2.2

2.0

Gabriel India

Neutral

133

1,913

1,544

1,715

9.0

9.3

5.4

6.3

24.7

21.1

4.7

4.1

18.9

19.5

1.2

1.1

Hero Motocorp

Neutral

3,842

76,719

28,083

30,096

15.3

15.7

171.8

187.0

22.4

20.6

7.8

6.6

30.1

27.9

2.6

2.3

Indag Rubber

Neutral

207

543

286

326

19.8

16.8

11.7

13.3

17.7

15.5

3.0

2.8

17.8

17.1

1.6

1.4

Jamna Auto Industries

Neutral

258

2,052

1,486

1,620

9.8

9.9

15.0

17.2

15.0

3.8

3.2

21.8

21.3

1.4

1.3

JK Tyres

Neutral

176

3,996

7,455

8,056

15.0

21.8

24.5

8.1

7.2

1.7

1.4

22.8

21.3

0.7

0.6

L G Balakrishnan & Bros Neutral

731

1,147

1,302

1,432

11.6

11.9

43.7

53.0

16.7

13.8

2.4

2.1

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,418

88,099

46,534

53,077

11.6

11.7

67.3

78.1

21.1

18.2

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

7,114

214,907

67,822

83,288

16.0

16.4

253.8

312.4

28.0

22.8

6.4

5.2

23.0

22.9

2.8

2.2

Minda Industries

Neutral

619

5,352

2,728

3,042

9.0

9.1

68.2

86.2

9.1

7.2

2.1

1.6

23.8

24.3

2.0

1.8

Motherson Sumi

Neutral

453

63,616

45,896

53,687

7.8

8.3

13.0

16.1

34.8

28.2

11.2

8.9

34.7

35.4

1.5

1.2

Rane Brake Lining

Neutral

1,333

1,055

511

562

11.3

11.5

28.1

30.9

47.5

43.1

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

540

741

837

13.0

15.2

17.0

2.7

2.4

0.4

15.8

16.3

1.1

1.0

Subros

Neutral

253

1,515

1,488

1,681

11.7

11.9

6.4

7.2

39.5

35.2

4.2

3.8

10.8

11.4

1.3

1.1

Swaraj Engines

Neutral

1,898

2,358

660

810

15.2

16.4

54.5

72.8

34.8

26.1

10.9

9.9

31.5

39.2

3.4

2.7

Tata Motors

Neutral

479

138,174

300,209

338,549

8.9

8.4

42.7

54.3

11.2

8.8

1.8

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

542

25,728

13,390

15,948

6.9

7.1

12.8

16.5

42.4

32.7

10.6

8.4

26.3

27.2

2.0

1.6

Capital Goods

ACE

Neutral

655

709

814

4.1

4.6

1.4

2.1

47.3

31.5

2.0

1.8

4.4

6.0

1.1

0.9

BEML

Neutral

1,251

5,211

3,451

4,055

6.3

9.2

31.4

57.9

39.9

21.6

2.4

2.2

6.3

10.9

1.6

1.4

BGR Energy

Neutral

160

1,154

16,567

33,848

6.0

5.6

7.8

5.9

20.5

27.1

1.2

1.1

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

June 05, 2017

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

Bharat Electronics

Neutral

172

38,441

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.8

0.5

0.4

44.6

46.3

3.7

3.3

BHEL

Neutral

140

34,340

28,797

34,742

2.8

2.3

6.9

61.0

20.3

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

639

760

6,107

4,283

5,077

5.9

7.3

14.9

22.1

42.9

28.9

8.3

7.0

20.4

26.4

1.5

1.2

CG Power and Industrial

Neutral

5,249

5,777

6,120

5.9

7.0

3.3

4.5

25.4

18.6

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

158

3,849

1,755

1,881

16.8

16.9

7.8

8.5

20.2

18.5

4.0

3.8

20.6

20.9

1.9

1.7

Inox Wind

Neutral

144

3,193

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

267

6,876

9,294

10,186

7.9

8.1

9.9

11.9

27.0

22.5

4.0

3.4

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

215

239

1,671

2,682

3,058

10.4

10.0

11.7

12.8

18.3

16.8

3.7

3.1

20.1

18.2

0.8

0.7

Thermax

Neutral

982

11,700

5,421

5,940

7.3

25.7

30.2

38.2

32.5

4.6

4.2

12.2

13.1

2.0

1.9

VATech Wabag

Neutral

672

3,669

3,136

3,845

8.9

9.1

26.0

35.9

25.9

18.7

3.2

2.8

13.4

15.9

1.1

0.9

Voltas

Neutral

501

16,562

6,511

7,514

7.9

8.7

12.9

16.3

38.8

30.7

7.0

6.1

16.7

18.5

2.3

2.0

Cement

ACC

Neutral

1,644

30,881

11,225

13,172

13.2

16.9

44.5

75.5

37.0

21.8

3.5

3.2

11.2

14.2

2.8

2.3

Ambuja Cements

Neutral

240

47,735

9,350

10,979

18.2

22.5

5.8

9.5

41.5

25.3

3.5

3.1

10.2

12.5

5.1

4.4

India Cements

Neutral

213

6,538

4,364

4,997

18.5

19.2

7.9

11.3

26.9

18.8

1.9

8.0

8.5

2.3

2.0

J K Lakshmi Cement

Neutral

487

5,732

2,913

3,412

14.5

19.5

7.5

22.5

65.0

21.7

4.0

3.4

12.5

18.0

2.6

2.1

JK Cement

Neutral

1,104

7,720

4,398

5,173

15.5

17.5

31.2

55.5

35.4

19.9

4.3

3.7

12.0

15.5

2.3

1.9

Orient Cement

Neutral

156

3,189

2,114

2,558

18.5

20.5

8.1

11.3

19.2

13.8

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,230

116,123

25,768

30,385

21.0

23.5

111.0

160.0

38.1

26.4

4.9

4.3

13.5

15.8

4.6

3.8

Construction

Engineers India

Neutral

161

10,849

1,725

1,935

16.0

19.1

11.4

13.9

14.1

11.6

2.0

1.9

13.4

15.3

5.2

4.7

Gujarat Pipavav Port

Neutral

146

7,039

705

788

52.2

51.7

5.0

5.6

29.1

26.0

2.9

2.6

11.2

9.6

8.1

ITNL

Neutral

100

3,301

8,946

10,017

31.0

31.6

8.1

9.1

12.4

11.0

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

208

2,925

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,784

166,514

111,017

124,908

11.0

61.1

66.7

29.2

26.7

3.5

3.3

13.1

12.9

2.5

2.3

MEP Infra

Neutral

1,267

1,877

1,943

30.6

29.8

3.0

4.2

26.0

18.6

12.6

8.5

0.6

2.1

1.9

Nagarjuna Const.

Neutral

4,898

8,842

9,775

9.1

8.8

5.3

6.4

16.6

13.8

1.3

1.2

8.2

9.1

0.7

0.6

NBCC

Neutral

196

17,609

7,428

9,549

7.9

8.6

8.2

11.0

23.9

17.8

1.2

0.9

28.2

28.7

2.1

1.6

PNC Infratech

Neutral

145

3,724

2,350

2,904

13.1

13.2

9.0

8.8

16.1

16.5

0.6

0.5

15.9

13.9

1.7

1.4

Power Mech Projects

Neutral

589

867

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

312

5,351

3,598

4,140

10.3

10.6

9.0

11.9

34.7

26.2

3.6

3.2

9.9

11.9

1.8

1.5

www.angelbroking.com

Stock Watch

June 05, 2017

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

Simplex Infra

Neutral

458

2,267

6,829

7,954

10.5

31.4

37.4

14.6

12.3

1.5

1.4

9.9

13.4

0.8

0.6

SIPL

Neutral

106

3,742

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

Financials

Axis Bank

Accumulate

508

580

121,719

46,932

53,575

3.5

3.4

32.4

44.6

15.7

11.4

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

179

41,268

19,980

23,178

1.8

11.5

17.3

15.6

10.4

1.8

1.5

8.3

10.1

Can Fin Homes

Neutral

2,727

7,258

420

526

3.5

86.5

107.8

31.5

25.3

6.8

5.6

23.6

24.1

Canara Bank

Neutral

360

21,491

15,225

16,836

1.8

14.5

28.0

24.8

12.9

1.7

1.4

5.8

8.5

Cholamandalam Inv. &

Buy

1,035

1,230

16,177

2,012

2,317

6.3

42.7

53.6

24.2

19.3

3.8

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

414

520

12,981

2,225

2,688

2.9

29.7

34.6

14.0

12.0

2.3

1.5

16.1

14.8

Equitas Holdings

Buy

160

235

5,416

939

1,281

11.7

11.5

5.8

8.2

27.6

19.5

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

114

125

19,725

8,259

8,995

3.0

4.3

5.6

26.6

20.4

2.3

2.1

8.5

10.1

HDFC

Neutral

1,610

255,905

11,475

13,450

3.4

45.3

52.5

35.5

30.7

6.9

6.1

20.2

20.5

HDFC Bank

Neutral

1,636

420,207

46,097

55,433

4.5

58.4

68.0

28.0

24.1

4.9

4.1

18.8

18.6

ICICI Bank

Neutral

318

185,350

42,800

44,686

3.1

3.3

18.0

21.9

17.7

14.5

2.4

2.2

11.1

12.3

Karur Vysya Bank

Accumulate

122

140

7,364

5,640

6,030

3.3

3.2

8.9

10.0

13.7

12.2

1.5

1.3

11.2

11.4

Lakshmi Vilas Bank

Neutral

189

3,633

3,339

3,799

2.7

2.8

11.0

14.0

17.2

13.5

1.8

1.6

11.2

12.7

LIC Housing Finance

Neutral

733

36,972

3,712

4,293

2.6

2.5

39.0

46.0

18.8

15.9

3.5

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

153

32,526

23,532

23,595

2.3

2.4

6.8

12.6

22.5

12.1

3.5

2.5

3.3

6.5

RBL Bank

Neutral

551

20,721

1,783

2,309

2.6

12.7

16.4

43.4

33.6

4.7

4.2

12.8

13.3

Repco Home Finance

Neutral

790

4,941

388

457

4.5

4.2

30.0

38.0

26.3

20.8

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,203

6,435

7,578

2.5

2.7

3.1

10.7

9.3

1.4

1.2

10.1

11.2

St Bk of India

Neutral

287

233,077

88,650

98,335

2.6

13.5

18.8

21.3

15.3

2.0

1.8

7.0

8.5

Union Bank

Neutral

160

11,016

13,450

14,925

2.3

25.5

34.5

6.3

4.6

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,482

67,726

8,978

11,281

3.3

3.4

74.0

90.0

20.0

16.5

3.8

3.2

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,778

8,527

2,955

3,309

13.3

13.7

57.2

69.3

31.1

25.7

10.2

8.5

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,163

111,540

17,128

18,978

16.8

16.4

19.1

20.7

60.9

56.2

21.2

20.0

34.8

35.5

6.4

5.8

Britannia

Neutral

3,575

42,903

9,594

11,011

14.6

14.9

80.3

94.0

44.5

38.0

18.3

14.1

41.2

4.3

3.7

Colgate

Neutral

1,026

27,906

4,605

5,149

23.4

23.8

26.9

43.1

38.1

23.9

18.7

64.8

66.8

6.0

5.3

Dabur India

Accumulate

284

304

50,045

8,315

9,405

19.8

20.7

8.1

9.2

35.1

30.9

9.8

8.1

31.6

31.0

5.7

5.0

GlaxoSmith Con*

Neutral

5,421

22,798

4,350

4,823

21.2

21.4

179.2

196.5

30.3

27.6

8.0

6.8

27.1

26.8

4.6

4.1

www.angelbroking.com

Stock Watch

June 05, 2017

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

FMCG

Godrej Consumer

Neutral

1,819

61,967

10,235

11,428

18.4

18.6

41.1

44.2

44.3

41.2

9.8

8.3

24.9

24.8

6.1

5.4

HUL

Neutral

1,087

235,254

35,252

38,495

17.8

20.7

22.4

52.7

48.6

50.3

43.2

95.6

88.9

6.5

6.0

ITC

Neutral

319

387,684

40,059

44,439

38.3

39.2

9.0

10.1

35.6

31.5

9.9

8.7

27.8

27.5

9.2

8.3

Marico

Neutral

322

41,540

6,430

7,349

18.8

19.5

6.4

7.7

50.3

41.8

15.2

12.8

33.2

32.5

6.3

5.4

Nestle*

Neutral

6,645

64,066

10,073

11,807

20.7

21.5

124.8

154.2

53.2

43.1

21.9

19.7

34.8

36.7

6.2

5.2

Procter & Gamble

Neutral

7,716

25,048

2,939

3,342

23.2

23.0

146.2

163.7

52.8

47.1

13.4

11.1

25.3

23.5

8.1

7.0

Hygiene

Tata Global

Neutral

155

9,773

8,675

9,088

9.8

7.4

8.2

20.9

18.9

1.7

1.6

7.9

8.1

1.0

HCL Tech^

Buy

857

1,014

122,336

46,723

52,342

22.1

20.9

60.0

62.8

14.3

13.7

3.6

3.1

25.3

22.4

2.4

2.0

Infosys

Buy

969

1,179

222,677

68,484

73,963

26.0

63.0

64.0

15.4

15.2

3.2

3.0

20.8

19.7

2.9

2.6

TCS

Neutral

2,562

504,794

117,966

127,403

27.5

27.6

134.3

144.5

19.1

17.7

5.7

5.3

29.8

29.7

3.9

3.7

Tech Mahindra

Buy

400

533

38,961

29,141

31,051

14.4

15.0

32.3

35.6

12.4

11.2

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

552

134,287

55,421

58,536

20.3

35.1

36.5

15.7

15.1

2.7

2.3

19.2

14.6

1.8

1.6

Media

D B Corp

Neutral

377

6,932

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.1

4.2

3.6

23.7

23.1

2.8

2.4

Hindustan Media

Neutral

274

2,014

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

HT Media

Neutral

1,906

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

179

225

5,855

2,355

2,635

28.0

10.8

12.5

16.6

14.3

3.6

3.1

21.7

2.5

2.2

Sun TV Network

Neutral

835

32,904

2,850

3,265

70.1

71.0

26.2

30.4

31.9

27.5

8.2

7.2

24.3

25.6

11.1

9.6

TV Today Network

Buy

268

344

1,600

567

645

26.7

27.0

15.4

18.1

17.5

14.8

2.6

2.3

14.9

15.2

2.4

2.0

Metals & Mining

Coal India

Neutral

269

166,855

84,638

94,297

21.4

22.3

24.5

27.1

11.0

9.9

4.6

4.4

42.6

46.0

1.5

1.3

Hind. Zinc

Neutral

238

100,436

14,252

18,465

55.9

48.3

15.8

21.5

15.0

11.1

2.5

2.1

17.0

20.7

7.1

5.4

Hindalco

Neutral

197

44,127

107,899

112,095

7.4

8.2

9.2

13.0

21.4

15.1

1.0

4.8

6.6

0.9

JSW Steel

Neutral

195

47,100

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

113

35,784

6,643

7,284

44.4

47.7

7.1

7.7

15.9

14.7

1.4

1.3

8.8

9.2

3.2

2.8

SAIL

Neutral

23,665

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.0

0.6

(1.6)

3.9

1.4

1.2

Tata Steel

Neutral

492

47,745

121,374

121,856

7.2

8.4

18.6

34.3

26.4

14.3

1.7

1.5

6.1

10.1

1.0

Vedanta

Neutral

229

85,068

71,744

81,944

19.2

21.7

13.4

20.1

17.1

11.4

1.5

1.3

8.4

11.3

1.6

1.2

Oil & Gas

GAIL

Neutral

402

68,041

56,220

65,198

9.3

10.1

27.1

33.3

14.9

12.1

1.4

1.3

9.3

10.7

1.4

1.2

Indian Oil Corp

Neutral

415

201,423

373,359

428,656

5.9

5.5

54.0

59.3

7.7

7.0

1.2

1.1

16.0

15.6

0.7

0.6

ONGC

Neutral

174

223,170

137,222

152,563

15.0

21.8

19.5

24.1

8.9

7.2

0.8

0.7

8.5

10.1

1.9

1.7

www.angelbroking.com

Stock Watch

June 05, 2017

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

Oil & Gas

Reliance Industries

Neutral

1,325

430,734

301,963

358,039

12.1

12.6

87.7

101.7

15.1

13.0

1.6

1.4

10.7

11.3

1.9

1.6

Pharmaceuticals

Alembic Pharma

Buy

537

648

10,128

3,101

3,966

19.7

20.5

21.4

25.5

25.1

21.1

5.3

4.4

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Accumulate

1,982

2,161

23,696

5,853

6,901

17.1

18.4

74.6

85.0

26.6

23.3

5.6

4.7

21.1

20.2

4.0

3.4

Aurobindo Pharma

Buy

593

823

34,766

14,845

17,086

21.5

22.1

39.4

44.7

15.1

13.3

3.7

2.9

27.6

24.7

2.5

2.1

Aventis*

Neutral

4,078

9,392

2,206

2,508

16.6

16.8

128.9

139.9

31.6

29.2

5.4

4.2

21.6

23.5

4.0

3.4

Cadila Healthcare

Neutral

495

50,629

10,429

12,318

17.7

21.6

13.1

19.2

37.8

25.8

7.9

6.3

22.8

27.1

4.9

4.0

Cipla

Reduce

529

465

42,533

15,378

18,089

15.7

16.8

19.3

24.5

27.4

21.6

3.2

2.8

12.3

13.9

2.9

2.5

Dishman Pharma

Sell

301

143

4,859

1,718

1,890

22.7

22.8

9.5

11.3

31.7

26.6

3.1

2.8

10.1

10.9

3.3

2.9

Dr Reddy's

Neutral

2,553

42,302

14,081

15,937

16.1

18.6

72.6

105.9

35.2

24.1

3.5

3.1

9.6

13.6

3.2

2.9

GSK Pharma*

Neutral

2,460

20,834

2,927

3,290

11.8

16.2

34.4

49.6

71.5

49.6

10.4

10.8

13.9

21.3

6.9

6.2

Indoco Remedies

Buy

195

240

1,801

1,112

1,289

16.2

18.2

11.6

16.0

16.9

12.2

2.7

2.3

17.0

20.1

1.7

1.4

Ipca labs

Buy

503

613

6,349

3,258

3,747

12.8

15.3

12.1

19.2

41.6

26.2

2.6

2.4

6.4

9.5

2.1

1.8

Lupin

Buy

1,165

1,809

52,630

15,912

18,644

26.4

26.7

58.1

69.3

20.1

16.8

3.9

3.2

21.4

20.9

3.4

2.8

Natco Pharma

Neutral

956

16,661

2,090

2,335

32.1

26.6

26.8

23.2

35.6

41.2

10.1

8.7

28.4

21.1

8.0

98.7

Sun Pharma

Buy

515

847

123,512

31,129

35,258

32.0

32.9

30.2

35.3

17.1

14.6

2.8

2.3

20.0

20.1

3.5

2.9

Power

NTPC

Neutral

162

133,865

86,605

95,545

17.5

20.8

11.8

13.4

13.8

12.1

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

206

223

107,849

25,315

29,193

88.2

88.7

14.2

17.2

14.6

12.0

2.2

1.9

15.2

16.1

8.9

8.0

Tata Power

Neutral

21,922

36,916

39,557

17.4

27.1

5.1

6.3

15.9

12.9

1.4

1.3

9.0

10.3

1.6

1.4

Real Estate

MLIFE

Buy

431

522

2,214

1,152

1,300

22.7

24.6

29.9

35.8

14.4

12.1

1.1

1.0

7.6

8.6

2.6

2.2

Prestige Estate

Neutral

248

9,308

4,707

5,105

25.2

26.0

10.3

13.0

24.1

19.1

1.9

1.8

10.3

10.2

3.1

2.8

Telecom

Bharti Airtel

Neutral

373

149,163

105,086

114,808

34.5

34.7

12.2

16.4

30.6

22.8

2.1

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

28,810

40,133

43,731

37.2

37.1

6.4

6.5

12.5

12.3

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,188

8,898

3,153

3,583

14.1

14.4

152.2

182.7

27.5

22.9

135.1

115.4

25.6

26.1

2.5

2.2

Asian Granito

Accumulate

384

405

1,157

1,060

1,169

12.2

12.5

12.7

15.9

30.4

24.2

2.9

2.6

9.5

10.7

1.4

1.2

Bajaj Electricals

Accumulate

352

395

3,566

4,801

5,351

5.7

6.2

10.4

13.7

33.8

25.7

4.2

3.7

12.4

14.5

0.7

Banco Products (India)

Neutral

228

1,634

1,353

1,471

12.3

12.4

14.5

16.3

15.8

14.0

21.8

19.6

14.5

14.6

1.1

123.4

Coffee Day Enterprises

Neutral

249

5,138

2,964

3,260

20.5

21.2

4.7

8.0

31.2

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

200

128

1,137

1,256

3.1

2.7

28.0

23.6

7.2

8.5

38.5

34.8

14.3

11.5

0.1

Elecon Engineering

Neutral

718

1,482

1,660

13.7

14.5

3.9

5.8

16.4

11.0

3.9

3.5

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

June 05, 2017

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

Finolex Cables

Neutral

515

7,870

2,883

3,115

12.0

12.1

14.2

18.6

36.2

27.7

19.3

16.9

15.8

14.6

2.4

2.2

Garware Wall Ropes

Neutral

806

1,764

863

928

15.1

15.2

36.4

39.4

22.2

20.5

4.0

3.4

17.5

15.9

2.0

1.8

Goodyear India*

Neutral

850

1,962

1,598

1,704

10.4

10.2

49.4

52.6

17.2

16.2

79.5

69.7

18.2

17.0

0.9

129.6

Hitachi

Neutral

2,142

5,825

2,081

2,433

8.8

8.9

33.4

39.9

64.1

53.7

51.8

43.1

22.1

21.4

2.8

2.4

HSIL

Neutral

343

2,483

2,384

2,515

15.8

16.3

15.3

19.4

22.4

17.7

22.3

19.2

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,116

40,354

21,122

26,005

14.5

27.6

110.7

132.1

10.1

8.5

60.4

43.1

168.5

201.1

1.9

1.5

Jyothy Laboratories

Neutral

366

6,645

1,440

2,052

11.5

13.0

8.5

10.0

43.0

36.6

10.4

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

388

5,607

2,554

2,800

9.9

10.0

10.5

12.1

36.9

32.1

15.5

14.6

10.7

11.7

1.8

1.6

Ltd

Linc Pen & Plastics

Neutral

265

392

382

420

9.3

9.5

13.5

15.7

19.7

16.9

3.4

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

620

748

546

608

20.4

20.7

41.3

48.7

15.0

12.7

84.9

75.2

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

781

4,467

836

1,087

19.6

19.4

16.9

23.8

46.2

32.8

5.5

4.8

12.0

14.8

5.1

3.8

Mirza International

Neutral

145

1,746

963

1,069

17.2

18.0

6.1

7.5

23.7

19.3

3.6

3.1

15.0

15.7

2.0

1.8

MT Educare

Neutral

263

366

417

17.7

18.2

9.4

10.8

7.1

6.1

1.6

1.4

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

334

6,817

1,873

2,166

11.5

11.7

2.6

4.0

126.1

84.1

7.7

7.0

6.1

8.3

3.7

3.2

Navkar Corporation

Buy

216

265

3,077

369

561

42.9

42.3

6.9

11.5

31.2

18.7

2.2

2.0

7.4

10.5

9.4

6.1

Navneet Education

Neutral

180

4,213

1,062

1,147

24.0

6.1

6.6

29.6

27.2

6.1

5.4

20.6

19.8

4.0

3.7

Nilkamal

Neutral

2,101

3,135

1,995

2,165

10.7

10.4

69.8

80.6

30.1

26.1

120.1

104.3

16.6

16.5

1.6

1.4

Page Industries

Neutral

14,276

15,923

2,450

3,124

20.1

17.6

299.0

310.0

47.8

46.1

318.0

242.7

47.1

87.5

6.5

5.2

Parag Milk Foods

Neutral

236

1,983

1,919

2,231

9.3

9.6

9.5

12.9

25.0

18.2

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

215

1,505

408

495

27.3

27.0

7.7

8.8

27.7

24.4

2.6

9.3

10.6

2.8

2.3

Radico Khaitan

Buy

123

147

1,638

1,667

1,824

13.0

13.2

6.7

8.2

18.5

15.0

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

471

5,658

2,085

2,469

9.2

8.2

7.6

8.0

62.3

59.3

24.2

20.6

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

280

4,054

1,036

1,160

15.1

15.0

6.1

7.2

45.9

39.1

4.9

4.5

10.7

11.5

3.8

3.3

Siyaram Silk Mills

Accumulate

2,043

2,200

1,916

1,652

1,857

11.6

11.7

92.4

110.1

22.1

18.6

3.3

2.8

14.7

15.2

1.4

1.2

Styrolution ABS India*

Neutral

762

1,340

1,440

1,537

9.2

9.0

40.6

42.6

18.8

17.9

47.9

43.6

12.3

11.6

0.9

0.8

Surya Roshni

Neutral

286

1,254

3,342

3,625

7.8

7.5

17.3

19.8

16.6

14.5

31.5

25.2

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,195

2,043

3,229

4,001

1.5

1.8

22.8

32.8

52.5

36.4

5.6

4.9

10.7

13.4

0.5

0.4

The Byke Hospitality

Neutral

189

759

287

384

20.5

7.6

10.7

24.9

17.7

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

324

2,481

2,671

2,911

8.5

8.8

13.9

15.7

23.4

20.7

3.2

2.9

13.7

13.8

1.0

India

www.angelbroking.com

Stock Watch

June 05, 2017

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

TVS Srichakra

Neutral

4,055

3,105

2,304

2,614

13.7

13.8

231.1

266.6

17.5

15.2

455.6

358.7

33.9

29.3

1.4

1.2

UFO Moviez

Neutral

379

1,046

619

685

33.2

33.4

30.0

34.9

12.7

10.9

1.8

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

428

680

1,051

1,138

10.3

10.4

21.0

23.1

20.4

18.5

54.9

51.4

9.0

9.2

0.9

VRL Logistics

Neutral

328

2,991

1,902

2,119

16.7

16.6

14.6

16.8

22.5

19.5

4.9

4.3

21.9

22.2

1.7

1.5

Wonderla Holidays

Neutral

370

2,088

287

355

38.0

40.0

11.3

14.2

32.7

26.0

4.7

4.1

21.4

23.9

7.0

5.6

VIP Industries

Accumulate

198

218

2,797

1,270

1,450

10.4

5.6

6.5

35.3

30.5

7.3

6.4

20.7

21.1

2.2

1.9

Navin Fluorine

Buy

3,050

3,650

2,986

789

945

21.1

22.4

120.1

143.4

25.4

21.3

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 02, 2017

www.angelbroking.com

Market Outlook

June 05, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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