Market Outlook
February 06, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to start off on a positive note today tracking global cues
BSE Sensex
0.0
14
28,241
and SGX nifty.
Nifty
0.1
7
8,741
U.S. markets closed on positive note on Friday, with the Dow Jones closing above
Mid Cap
0.6
80
13,285
20,000 mark and the NASDAQ reaching at a record high. Steps by President
Small Cap
1.1
143
13,422
Donald Trump to roll back bank regulations and a stronger-than-expected January
jobs report contributed to the upbeat sentiment.
Bankex
0.6
137
23,138
U.K. markets closed at a two-week high on Friday, achieving a small weekly rise, as
Global Indices
Chg (%)
(Pts)
(Close)
bank shares climbed on plans by U.S. President Donald Trump to dismantle some
U.S. regulations on the financial-services sector. The FTSE 100 ended higher by
Dow Jones
0.9
187
20,071
0.7% at 7,188.
Nasdaq
0.5
31
5,667
FTSE
0.7
48
7,188
BSE Sensex closed higher by 14 points to 28,241, while the Nifty 50 rose 7 points.
Nikkei
0.0
4
18,918
The post-Budget climb went on for the third day as well since the Sensex managed
to close at 28,241 with a minuscule gain after a monthly survey suggested that
Hang Seng
(0.2)
(55)
23,129
Reserve Bank has much headroom to stay accommodative in its policy meet next
Shanghai Com
(0.6)
(19)
3,140
week.
Advances / Declines
BSE
NSE
News Analysis
BSE limited - Book profit
Advances
1,641
1,000
Dr. Reddy’s reports 16% fall in Q3 profit
Declines
1,197
636
Detailed analysis on Pg2
Unchanged
155
73
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,524
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
26,736
Refer Pg6 onwards
Top Picks
Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
FII
720
795
748
Amara Raja Batteries Auto & Auto AncillaryAccumulate
909
1,009
11.0
MFs
952
952
6,167
Alkem Laboratories
Pharmaceuticals
Accumulate
1,812
1,989
9.8
HCL Tech
IT
Buy
829
1,000
20.6
Top Gainers
Price (`)
Chg (%)
Power Grid Corp.
Power
Accumulate
202
223
10.6
Suntv
684
23.9
Navkar Corp.
Others
Buy
174
265
52.3
More Top Picks on Pg4
Unitech
6
16.7
Unionbank
167
10.6
Key Upcoming Events
Star
1,194
10.6
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Rcom
37
8.6
Feb 08 India
RBI Repo rate
6.25
6.00
Feb 08 India
RBI Reserve Repo rate
5.75
5.50
Top Losers
Price (`)
Chg (%)
Feb 08 US
Initial Jobless claims
246.00
249.00
Intellect
140
(7.0)
Feb 09 India
RBI Cash Reserve Ratio
4.00
4.00
Vedl
251
(3.3)
Feb 10 India
Export YoY%
5.70
--
More Events on Pg5
Aban
245
(2.9)
Cairn
276
(2.7)
Nationalum
72
(2.7)
As on February 03, 2017
Market Outlook
February 06, 2017
News Analysis
BSE Limited- Book profit
Shares of BSE Ltd saw a stellar listing on Friday as they jumped nearly 33% on
debut. The stock at the CMP of `1,069 is trading at the price to earnings ratio of
27.45x of its FY17E annualized EPS. We believe that the stock has captured the
upside already and investors should book profit in the scrip.
Dr. Reddy’s reports 16% fall in Q3 profit
Dr Reddy’s Laboratories reported 16% fall in its third quarter profit due to weak
sales in North America and emerging markets. Its net profit fell to `492.3cr in
Q3FY17 vs. `585.7cr in Q3FY16. The net profit was ahead of market expectations
of `377.1cr.
Net sales fell by 6.6% yoy to `3,653.4cr. Sales of generic drugs in North America,
its biggest segment, fell by 15% due to increased competition in valgancyclovir and
its injectables franchise coupled with continuing pricing pressure.
Sales in India rose by 2% yoy to `594.7cr, while revenues from emerging markets
declined 7% to `594.8cr.
Economic and Political News
Reserve Bank of India seen cutting rates February 8 to boost demand after
cash crunch
FPIs get back to buying mode, pump in `2,300 cr in 3 days
RBI mulls giving banks freedom to fix bank service charges for transactions
Demonetisation lowers India's gold demand to 7-year low in 2016
Corporate News
New AT1 rules double PSBs' debt servicing ability to `2.3 lakh crore
Coal shortage, procurement woes cost NTPC `11,000 cr in 2010-16
JSPL exploring options to reduce around `46,000cr debt
Mahindra recalls Bolero Maxi Truck Plus model in India
HDFC to raise `35,000cr via NCDs
Market Outlook
February 06, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Bharat Heavy Electricals Ltd. - Feb 7, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
6,514
5,230
24.5
6,551
(0.6)
EBITDA
78
(1,639)
0.0
155
(49.7)
EBITDA margin (%)
1.2
-31.3
2.4
Net profit
70
(1,102)
0.0
109
(35.8)
Titan Co Ltd - Feb 7, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
3,052
3,398
(10.2)
2,636
15.8
EBITDA
277
310
(10.7)
276
0.1
EBITDA margin (%)
9.1
9.1
10.5
Net profit
188
225
(16.4)
183
3.1
Tata Steel Ltd Consol - Feb 7, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
27,243
27,819
(2.1)
26,292
3.6
EBITDA
3,359
776
333.0
2,970
13.1
EBITDA margin (%)
12.3
2.8
11.3
Net profit
740
(2,127)
0.0
(182)
0.0
Punjab National Bank - Feb 7, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net profit
493
51
866.5
549
(10.3)
IDBI Bank Ltd - Feb 7, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net profit
164
(2,184)
0.0
56
194.5
Hero MotoCorp Ltd - Feb 8, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
7,807
7,174
8.8
7,670
1.8
EBITDA
1,278
1,140
12.1
1,369
(6.6)
EBITDA margin (%)
16.4
15.9
17.8
Net profit
936
796
17.6
995
(5.9)
Market Outlook
February 06, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,534
909
1,009
11.0
technological products leading to market share gains in both
the automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
21,662
1,812
1,989
9.8
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,17,052
829
1,000
20.6
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,14,753
935
1,249
33.6
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,37,985
1,479
1,634
10.4
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,289
1,491
1,809
21.4
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong top-
Power Grid Corporation
1,05,521
202
223
10.6
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
815
271
351
29.6
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,530
250
274
9.5
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
5,138
538
634
17.9
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
9,290
297
350
18.0
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
6,149
183
235
28.2
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
6,118
187
225
20.2
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,308
168
207
23.1
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,461
356
522
46.6
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,118
93
107
15.2
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,481
174
265
52.3
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,451
1,548
1,720
11.1
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
1,609
270
385
42.7
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
February 06, 2017
Key Upcoming Events
Result Calendar
Date
Company
Feb 6, 2017
Automotive Axle, LMW, GSPL, Abbott India, Banco
CEAT, BHEL, Ramco Cements, Punjab Natl.Bank, IDBI Bank, United Bank, Hexaware, Tata Steel, Godawari Ispat, L G
Feb 7, 2017
Balakrishnan & Bros, Orchid Chemicals, NHPC
Tata Chemicals, Hero Motocorp, Bharat Forge, Siemens, Thermax, Union Bank, Indraprasth Gas, Goodyear, Elecon
Feb 8, 2017
Engineering, Cipla, NTPC, Reliance Power, Competent Automobiles, Coffee Day Enterprises Ltd
JK Tyre, ABB, Jyoti Structures, Bank of India, Andhra Bank, SAIL, Cairn India, BPCL, Page Industries, Bajaj Electrical,
Feb 9, 2017
Styrolution, Lupin, Aurobindo Pharma, Power Grid Corpn
M&M, Bosch India, Crompton Greaves, St Bk of India, Bank of Baroda, Reliance Capital, Corporation Bank, Dena
Feb 10, 2017
Bank, Sun TV Network, Jagran Prakashan, Hind. Zinc, Bhushan Steel, GAIL, Tide Water Oil India, Ipca labs, Tata
Power Co., CESC, GIPCL, Anant Raj, Radico Khaitan
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Feb 8, 2017
2:30PM India
RBI Reverse Repo rate
%
Feb 8
5.75
5.50
2:30PM India
RBI Repo rate
%
Feb 8
6.25
6.00
7:00PM US
Initial Jobless claims
Thousands
Feb 4
246.00
249.00
Feb 9, 2017
2:30PM India
RBI Cash Reserve ratio
%
Feb 8
4.00
4.00
Feb 10, 2017 3:00PM UK
Industrial Production (YoY)
% Change
Dec
2.00
3.20
India
Exports YoY%
% Change
Jan
5.70
--
China
Exports YoY%
% Change
Jan
(6.20)
3.00
India
Imports YoY%
% Change
Jan
0.50
--
5:30PM India
Industrial Production YoY
% Change
Dec
5.70
1.40
Feb 14, 2017 3:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q P
0.50
--
7:00AM China
Consumer Price Index (YoY)
% Change
Jan
2.10
2.40
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Jan
3.39
4.30
3:00PM UK
CPI (YoY)
% Change
Jan
1.60
--
US
Producer Price Index (mom)
% Change
Jan
0.80
--
12:30PM Germany
GDP nsa (YoY)
% Change
4Q P
1.50
--
Feb 15, 2017 3:00PM UK
Jobless claims change
% Change
Jan
(10.10)
--
7:45PM US
Industrial Production
%
Jan
0.83
(0.10)
7:00PM US
Housing Starts
Thousands
Jan
1,226.00
1,228.00
Feb 16, 2017 7:00PM US
Consumer price index (mom)
% Change
Jan
0.30
0.30
7:00PM US
Building permits
Thousands
Jan
1,228.00
1,230.00
Feb 20, 2017 8:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Feb A
(4.90)
--
Feb 21, 2017 2:00PM Germany
PMI Services
Value
Feb P
53.40
--
2:00PM Germany
PMI Manufacturing
Value
Feb P
56.40
--
Feb 22, 2017 3:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Jan F
1.80
--
8:30PM US
Existing home sales
Million
Jan
5.49
5.55
3:00PM UK
GDP (YoY)
% Change
4Q P
2.20
--
Feb 24, 2017 8:30PM US
New home sales
Thousands
Jan
536.00
570.00
Source: Bloomberg, Angel Research
Market Outlook
February 06, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
7.0
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.3
5.0
7.2
7.1
6.6
6.7
4.0
7.0
6.4
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.7)
(2.0)
(1.3)
3.0
(1.6)
(1.8)
(3.0)
(2.5)
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
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
4.0
3.6
3.4
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 06, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.9
1.5
2.0
1.1
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
February 06, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
64,954
5.1
2.6
64.1
Russia
Micex
2,227
(1.6)
13.4
27.7
India
Nifty
8,741
6.7
3.0
15.6
China
Shanghai Composite
3,140
0.8
1.2
4.4
South Africa
Top 40
45,418
3.3
2.2
5.7
Mexico
Mexbol
47,225
1.4
1.2
11.4
Indonesia
LQ45
893
0.1
(3.4)
12.4
Malaysia
KLCI
1,685
2.6
0.8
3.3
Thailand
SET 50
991
1.0
5.1
24.8
USA
Dow Jones
20,071
1.0
11.3
23.9
UK
FTSE
7,188
(0.0)
5.0
26.3
Japan
Nikkei
18,918
(1.0)
8.4
13.2
Germany
DAX
11,651
0.6
13.6
33.1
France
CAC
4,825
(1.5)
10.2
17.3
Source: Bloomberg, Angel Research
Stock Watch
February 06, 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
250
-
4,859
1,937
2,164
13.3
14.3
9.0
11.0
27.8
22.7
4.8
4.2
18.4
19.8
2.6
2.2
United Phosphorus
Neutral
738
-
37,423
15,176
17,604
18.5
18.5
37.4
44.6
19.7
16.6
3.9
3.2
21.4
21.2
2.6
2.2
Auto & Auto Ancillary
Ashok Leyland
Buy
95
111
26,894
22,407
26,022
10.6
10.6
5.2
6.4
18.1
14.7
4.1
3.5
23.6
24.7
1.3
1.1
Bajaj Auto
Neutral
2,810
-
81,311
25,093
27,891
19.5
19.2
143.9
162.5
19.5
17.3
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
948
-
22,060
7,726
8,713
20.5
21.2
35.3
42.7
26.8
22.2
5.0
4.5
18.9
20.1
2.9
2.5
Eicher Motors
Neutral
23,386
-
63,618
16,583
20,447
17.5
18.0
598.0
745.2
39.1
31.4
13.4
10.2
41.2
38.3
3.7
2.9
Gabriel India
Buy
112
130
1,610
1,544
1,715
9.0
9.3
5.4
6.3
20.8
17.8
3.9
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,216
3,541
64,215
30,958
34,139
15.7
15.7
193.6
208.3
16.6
15.4
6.5
5.4
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
194
-
1,541
1,486
1,620
9.8
9.9
15.0
17.2
12.9
11.3
2.8
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
588
-
923
1,302
1,432
11.6
11.9
43.7
53.0
13.5
11.1
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,263
-
78,447
46,534
53,077
11.6
11.7
67.3
78.1
18.8
16.2
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
6,118
6,560
184,813
67,822
83,288
16.0
16.4
253.8
312.4
24.1
19.6
5.5
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
383
-
3,042
2,728
3,042
9.0
9.1
68.2
86.2
5.6
4.5
1.3
1.0
23.8
24.3
1.2
1.0
Motherson Sumi
Neutral
340
-
47,744
45,896
53,687
7.8
8.3
13.0
16.1
26.1
21.1
8.4
6.7
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
975
-
771
511
562
11.3
11.5
28.1
30.9
34.7
31.5
5.3
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
37
-
494
741
837
13.0
13.0
15.2
17.0
2.4
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
523
-
150,856
300,209
338,549
8.9
8.4
42.7
54.3
12.3
9.6
2.0
1.7
15.6
17.2
0.6
0.5
TVS Motor
Neutral
392
-
18,612
13,390
15,948
6.9
7.1
12.8
16.5
30.7
23.7
7.6
6.1
26.3
27.2
1.4
1.2
Amara Raja Batteries
Accumulate
909
1,009
15,534
5,305
6,100
16.0
16.3
28.4
34.0
32.0
26.8
6.2
5.2
19.3
19.3
2.9
2.5
Exide Industries
Neutral
209
-
17,752
7,439
8,307
15.0
15.0
8.1
9.3
25.8
22.5
3.6
3.2
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
183
235
9,330
12,877
14,504
14.3
13.9
21.4
23.0
8.6
8.0
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,193
1,450
4,827
7,524
8,624
13.0
12.7
131.1
144.3
9.1
8.3
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
121
-
2,754
7,455
8,056
15.0
15.0
21.8
24.5
5.6
5.0
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,437
-
1,784
660
810
15.2
16.4
54.5
72.8
26.4
19.7
8.2
7.5
31.5
39.2
2.5
2.0
Subros
Neutral
188
-
1,125
1,488
1,681
11.7
11.9
6.4
7.2
29.3
26.2
3.1
2.8
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
180
-
474
286
326
19.8
16.8
11.7
13.3
15.4
13.5
2.6
2.4
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
53
-
523
709
814
4.1
4.6
1.4
2.1
37.8
25.2
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,256
-
5,232
3,451
4,055
6.3
9.2
31.4
57.9
40.0
21.7
2.4
2.2
6.3
10.9
1.6
1.4
Bharat Electronics
Neutral
1,544
-
34,495
8,137
9,169
16.8
17.2
58.7
62.5
26.3
24.7
4.1
3.6
44.6
46.3
3.2
2.9
Stock Watch
February 06, 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
Voltas
Buy
331
407
10,954
6,511
7,514
7.9
8.7
12.9
16.3
25.7
20.3
4.6
4.1
16.7
18.5
1.4
1.2
BGR Energy
Neutral
135
-
977
16,567
33,848
6.0
5.6
7.8
5.9
17.4
23.0
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
143
-
34,939
28,797
34,742
-
2.8
2.3
6.9
62.1
20.7
1.1
1.0
1.3
4.8
0.9
0.6
Blue Star
Buy
538
634
5,138
4,283
5,077
5.9
7.3
14.9
22.1
36.1
24.3
7.0
5.9
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
68
-
4,249
5,777
6,120
5.9
7.0
3.3
4.5
20.6
15.1
0.9
0.9
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
140
-
3,415
1,755
1,881
16.8
16.9
7.8
8.5
17.9
16.5
3.6
3.3
20.6
20.9
1.6
1.5
Inox Wind
Neutral
184
-
4,079
5,605
6,267
15.7
16.4
24.8
30.0
7.4
6.1
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
152
-
3,896
9,294
10,186
7.9
8.1
9.9
11.9
15.3
12.7
2.2
2.0
15.6
16.3
0.7
0.6
KEI Industries
Buy
168
207
1,308
2,682
3,058
10.4
10.0
11.7
12.8
14.3
13.1
2.9
2.4
20.1
18.2
0.7
0.6
Thermax
Neutral
830
-
9,886
5,421
5,940
7.3
7.3
25.7
30.2
32.3
27.5
3.9
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
490
681
2,671
3,136
3,845
8.9
9.1
26.0
35.9
18.8
13.6
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,426
-
26,787
11,225
13,172
13.2
16.9
44.5
75.5
32.1
18.9
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
229
-
45,521
9,350
10,979
18.2
22.5
5.8
9.5
39.5
24.1
3.3
3.0
10.2
12.5
4.9
4.2
India Cements
Neutral
162
-
4,970
4,364
4,997
18.5
19.2
7.9
11.3
20.5
14.3
1.5
1.4
8.0
8.5
1.9
1.7
JK Cement
Neutral
755
-
5,275
4,398
5,173
15.5
17.5
31.2
55.5
24.2
13.6
2.9
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
393
565
4,629
2,913
3,412
14.5
19.5
7.5
22.5
52.5
17.5
3.2
2.7
12.5
18.0
2.2
1.8
Orient Cement
Buy
143
215
2,920
2,114
2,558
18.5
20.5
8.1
11.3
17.6
12.6
2.6
2.2
9.0
14.0
2.0
1.6
UltraTech Cement
Neutral
3,738
-
102,583
25,768
30,385
21.0
23.5
111.0
160.0
33.7
23.4
4.3
3.8
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
110
-
3,627
8,946
10,017
31.0
31.6
8.1
9.1
13.6
12.1
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
185
-
2,608
1,385
1,673
14.7
14.0
41.2
48.5
4.5
3.8
0.8
0.7
14.9
15.2
2.0
1.6
Larsen & Toubro
Accumulate
1,479
1,634
137,985
111,017
124,908
11.0
11.0
61.1
66.7
24.2
22.2
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
150
-
7,269
705
788
52.2
51.7
5.0
5.6
30.1
26.9
3.0
2.7
11.2
11.2
10.0
8.4
Nagarjuna Const.
Neutral
85
-
4,731
8,842
9,775
9.1
8.8
5.3
6.4
16.1
13.3
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,710
2,350
2,904
13.1
13.2
9.0
8.8
11.7
12.0
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
312
-
1,543
6,829
7,954
10.5
10.5
31.4
37.4
9.9
8.3
1.0
0.9
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
451
-
663
1,801
2,219
12.7
14.6
72.1
113.9
6.3
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
283
298
4,859
3,598
4,140
10.3
10.6
9.0
11.9
31.5
23.8
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
276
-
16,542
7,428
9,549
7.9
8.6
8.2
11.0
33.6
25.1
1.7
1.3
28.2
28.7
1.9
1.4
MEP Infra
Neutral
41
-
674
1,877
1,943
30.6
29.8
3.0
4.2
13.8
9.9
6.7
4.5
0.6
0.6
1.7
1.6
Stock Watch
February 06, 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
SIPL
Neutral
100
-
3,526
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.3
(22.8)
(15.9)
11.6
9.7
Engineers India
Neutral
150
-
10,118
1,725
1,935
16.0
19.1
11.4
13.9
13.2
10.8
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
490
580
117,099
46,932
53,575
3.5
3.4
32.4
44.6
15.1
11.0
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
186
-
42,927
19,980
23,178
1.8
1.8
11.5
17.3
16.2
10.8
1.9
1.5
8.3
10.1
-
-
Canara Bank
Neutral
311
-
16,865
15,225
16,836
1.8
1.8
14.5
28.0
21.4
11.1
1.5
1.2
5.8
8.5
-
-
Can Fin Homes
Accumulate
2,001
2,128
5,328
420
526
3.5
3.5
86.5
107.8
23.1
18.6
5.0
4.1
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,044
1,230
16,313
2,012
2,317
6.3
6.3
42.7
53.6
24.5
19.5
3.9
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
297
350
9,290
2,225
2,688
2.9
2.9
29.7
34.6
10.0
8.6
1.6
1.4
16.1
16.8
-
-
Equitas Holdings
Buy
183
235
6,149
939
1,281
11.7
11.5
5.8
8.2
31.6
22.4
2.7
2.4
10.9
11.5
-
-
Federal Bank
Neutral
85
-
14,548
8,259
8,995
3.0
3.0
4.3
5.6
19.7
15.1
1.7
1.5
8.5
10.1
-
-
HDFC
Neutral
1,396
-
221,244
11,475
13,450
3.4
3.4
45.3
52.5
30.8
26.6
5.9
5.3
20.2
20.5
-
-
HDFC Bank
Neutral
1,311
-
334,775
46,097
55,433
4.5
4.5
58.4
68.0
22.5
19.3
3.9
3.3
18.8
18.6
-
-
ICICI Bank
Accumulate
281
315
163,796
42,800
44,686
3.1
3.3
18.0
21.9
15.6
12.9
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
140
174
2,679
3,339
3,799
2.7
2.8
11.0
14.0
12.7
10.0
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
559
630
28,201
3,712
4,293
2.6
2.5
39.0
46.0
14.3
12.2
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
150
-
31,920
23,532
23,595
2.3
2.4
6.8
12.6
22.1
11.9
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
390
-
14,428
1,783
2,309
2.6
2.6
12.7
16.4
30.7
23.8
3.4
3.0
12.8
13.3
-
-
South Ind.Bank
Neutral
22
-
3,021
6,435
7,578
2.5
2.5
2.7
3.1
8.3
7.2
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
277
-
221,185
88,650
98,335
2.6
2.6
13.5
18.8
20.6
14.8
2.0
1.7
7.0
8.5
-
-
Union Bank
Neutral
167
-
11,497
13,450
14,925
2.3
2.3
25.5
34.5
6.6
4.9
1.0
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,397
-
59,101
8,978
11,281
3.3
3.4
74.0
90.0
18.9
15.5
3.6
3.0
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
985
-
94,515
17,128
18,978
16.8
16.4
19.1
20.7
51.6
47.6
18.0
16.9
34.8
35.5
5.4
4.9
Britannia
Accumulate
3,230
3,626
38,757
9,594
11,011
14.6
14.9
80.3
94.0
40.2
34.4
16.5
12.8
41.2
-
3.9
3.4
Colgate
Accumulate
901
995
24,509
4,605
5,149
23.4
23.4
23.8
26.9
37.9
33.5
21.0
16.4
64.8
66.8
5.2
4.7
Dabur India
Accumulate
269
304
47,438
8,315
9,405
19.8
20.7
8.1
9.2
33.3
29.3
9.3
7.7
31.6
31.0
5.4
4.7
GlaxoSmith Con*
Neutral
5,076
-
21,345
4,350
4,823
21.2
21.4
179.2
196.5
28.3
25.8
7.5
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,582
-
53,871
10,235
11,428
18.4
18.6
41.1
44.2
38.5
35.8
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
848
-
183,595
35,252
38,495
17.8
17.8
20.7
22.4
41.1
37.9
39.3
33.7
95.6
88.9
5.0
4.6
ITC
Neutral
272
-
330,246
40,059
44,439
38.3
39.2
9.0
10.1
30.3
26.9
8.5
7.4
27.8
27.5
7.7
7.0
Stock Watch
February 06, 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
Marico
Buy
256
300
33,014
6,430
7,349
18.8
19.5
6.4
7.7
40.0
33.2
12.1
10.2
33.2
32.5
4.9
4.3
Nestle*
Neutral
6,079
-
58,607
10,073
11,807
20.7
21.5
124.8
154.2
48.7
39.4
20.0
18.0
34.8
36.7
5.6
4.8
Tata Global
Neutral
142
-
8,953
8,675
9,088
9.8
9.8
7.4
8.2
19.2
17.3
2.2
2.1
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
7,000
7,369
22,724
2,939
3,342
23.2
23.0
146.2
163.7
47.9
42.8
107.2
102.8
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
829
1,000
117,052
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
935
1,249
214,753
68,350
77,326
27.0
27.0
62.5
69.4
15.0
13.5
3.2
2.9
21.3
21.6
2.6
2.2
TCS
Buy
2,234
2,620
440,144
119,025
133,308
27.6
27.6
131.2
145.5
17.0
15.4
5.5
5.1
32.4
33.1
3.5
3.1
Tech Mahindra
Buy
481
600
46,759
29,673
32,937
15.5
17.0
32.8
39.9
14.7
12.0
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
457
583
111,018
55,440
60,430
18.1
18.1
36.1
38.9
12.7
11.7
2.3
2.1
19.0
17.6
1.7
1.5
Media
D B Corp
Neutral
379
-
6,971
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.2
4.2
3.7
23.7
23.1
2.8
2.4
HT Media
Neutral
83
-
1,929
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
187
225
6,118
2,355
2,635
28.0
28.0
10.8
12.5
17.3
15.0
3.8
3.3
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
684
-
26,949
2,850
3,265
70.1
71.0
26.2
30.4
26.1
22.5
6.7
5.9
24.3
25.6
9.1
7.8
Hindustan Media
Neutral
276
-
2,029
1,016
1,138
24.3
25.2
27.3
30.1
10.1
9.2
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
270
385
1,609
637
743
27.5
27.5
18.4
21.4
14.7
12.6
2.6
2.2
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
326
-
202,393
84,638
94,297
21.4
22.3
24.5
27.1
13.3
12.0
5.5
5.3
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
322
-
135,907
14,252
18,465
55.9
48.3
15.8
21.5
20.4
15.0
3.3
2.9
17.0
20.7
9.5
7.4
Hindalco
Neutral
192
-
39,587
107,899
112,095
7.4
8.2
9.2
13.0
20.8
14.7
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
191
-
46,169
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
148
-
46,920
6,643
7,284
44.4
47.7
7.1
7.7
20.9
19.3
1.8
1.8
8.8
9.2
4.8
4.4
SAIL
Neutral
66
-
27,073
47,528
53,738
(0.7)
2.1
(1.9)
2.6
25.2
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
251
-
74,340
71,744
81,944
19.2
21.7
13.4
20.1
18.7
12.5
1.6
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
472
-
45,837
121,374
121,856
7.2
8.4
18.6
34.3
25.4
13.8
1.6
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
276
-
51,755
9,127
10,632
4.3
20.6
8.8
11.7
31.4
23.6
1.0
1.0
3.3
4.2
7.1
5.9
GAIL
Neutral
478
-
60,601
56,220
65,198
9.3
10.1
27.1
33.3
17.6
14.4
1.6
1.5
9.3
10.7
1.3
1.1
ONGC
Neutral
201
-
257,884
137,222
152,563
15.0
21.8
19.5
24.1
10.3
8.3
0.9
0.8
8.5
10.1
2.2
1.9
Indian Oil Corp
Neutral
387
-
188,093
373,359
428,656
5.9
5.5
54.0
59.3
7.2
6.5
1.1
1.0
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,034
-
335,290
301,963
358,039
12.1
12.6
87.7
101.7
11.8
10.2
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
557
-
10,506
3,483
4,083
20.2
21.4
24.3
30.4
22.9
18.3
5.2
4.2
25.5
25.3
3.0
2.4
Stock Watch
February 06, 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
Pharmaceuticals
Alkem Laboratories Ltd
Accumulate
1,812
1,989
21,662
6,043
6,893
18.7
19.3
80.5
88.8
22.5
20.4
5.0
4.2
22.3
20.3
3.5
3.0
Aurobindo Pharma
Buy
685
877
40,105
15,720
18,078
23.7
23.7
41.4
47.3
16.6
14.5
4.3
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,080
-
9,396
2,277
2,597
17.3
18.3
149.4
172.0
27.3
23.7
4.5
3.7
25.1
28.8
3.8
3.1
Cadila Healthcare
Accumulate
365
400
37,331
10,429
12,318
22.6
22.0
16.9
19.2
21.6
19.0
5.5
4.4
28.5
25.7
3.6
2.9
Cipla
Sell
608
490
48,936
15,378
18,089
17.4
18.4
21.6
27.2
28.2
22.4
3.6
3.2
13.7
15.2
3.4
2.8
Dr Reddy's
Neutral
3,142
-
52,043
16,043
18,119
20.8
22.4
112.4
142.9
28.0
22.0
3.7
3.3
14.1
15.9
3.2
2.8
Dishman Pharma
Neutral
237
-
3,827
1,718
1,890
22.7
22.8
9.5
11.3
25.0
21.0
2.4
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,699
-
22,864
3,000
3,312
15.4
20.6
46.5
60.8
58.1
44.4
13.9
13.9
26.3
30.6
7.4
6.7
Indoco Remedies
Reduce
273
240
2,518
1,112
1,289
16.2
18.2
11.6
16.0
23.6
17.1
3.8
3.2
17.0
20.1
2.4
2.0
Ipca labs
Buy
531
613
6,703
3,303
3,799
15.3
15.3
17.3
19.7
30.7
27.0
2.7
2.4
9.1
9.4
2.2
1.9
Lupin
Buy
1,491
1,809
67,289
15,912
18,644
26.4
26.7
58.1
69.3
25.7
21.5
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
647
847
155,265
31,129
35,258
32.0
32.9
30.2
35.3
21.4
18.3
3.5
2.9
20.0
20.1
4.6
3.8
Power
Tata Power
Neutral
81
-
21,814
36,916
39,557
17.4
27.1
5.1
6.3
15.8
12.8
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
172
-
141,781
86,605
95,545
17.5
20.8
11.8
13.4
14.6
12.8
1.5
1.4
10.5
11.1
3.0
3.0
Power Grid
Accumulate
202
223
105,521
25,315
29,193
88.2
88.7
14.2
17.2
14.3
11.8
2.2
1.9
15.2
16.1
8.8
7.9
Real Estate
Prestige Estate
Buy
168
210
6,291
4,707
5,105
25.2
26.0
10.3
13.0
16.3
12.9
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
356
522
1,461
1,152
1,300
22.7
24.6
29.9
35.8
11.9
9.9
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
354
-
141,368
105,086
114,808
34.5
34.7
12.2
16.4
29.0
21.6
2.0
1.8
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
109
-
39,326
40,133
43,731
37.2
37.1
6.4
6.5
17.1
16.8
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,440
-
9,434
3,153
3,583
14.1
14.4
152.2
182.7
29.2
24.3
143.2
122.3
25.6
26.1
2.7
2.3
Asian Granito
Buy
271
351
815
1,060
1,169
12.2
12.5
12.7
15.9
21.4
17.1
2.0
1.8
9.5
10.7
1.1
0.9
Bajaj Electricals
Accumulate
250
274
2,530
4,801
5,351
5.7
6.2
10.4
13.7
24.0
18.3
3.0
2.6
12.4
14.5
0.5
0.5
Banco Products (India)
Neutral
214
-
1,529
1,353
1,471
12.3
12.4
14.5
16.3
14.7
13.1
20.4
18.3
14.5
14.6
1.1
114.9
Coffee Day Enterprises
Neutral
200
-
4,117
2,964
3,260
20.5
21.2
4.7
8.0
-
25.0
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Competent Automobiles Neutral
170
-
104
1,137
1,256
3.1
2.7
28.0
23.6
6.1
7.2
32.7
29.5
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
57
-
642
1,482
1,660
13.7
14.5
3.9
5.8
14.7
9.9
3.5
3.2
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
446
-
6,828
2,883
3,115
12.0
12.1
14.2
18.6
31.4
24.0
16.7
14.6
15.8
14.6
2.1
1.9
Garware Wall Ropes
Neutral
615
-
1,345
873
938
14.3
14.3
35.2
37.5
17.5
16.4
3.1
2.6
17.5
15.9
1.5
1.3
Goodyear India*
Neutral
728
-
1,679
1,598
1,704
10.4
10.2
49.4
52.6
14.7
13.8
68.0
59.7
18.2
17.0
0.7
102.4
Stock Watch
February 06, 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
Hitachi
Neutral
1,429
-
3,884
2,081
2,433
8.8
8.9
33.4
39.9
42.8
35.8
34.5
28.8
22.1
21.4
1.9
1.6
HSIL
Neutral
284
-
2,056
2,384
2,515
15.8
16.3
15.3
19.4
18.6
14.7
18.5
15.9
7.8
9.3
1.0
0.9
Interglobe Aviation
Neutral
859
-
31,036
21,122
26,005
14.5
27.6
110.7
132.1
7.8
6.5
46.4
33.2
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
351
-
6,368
1,440
2,052
11.5
13.0
8.5
10.0
41.3
35.1
10.0
9.3
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
343
-
4,959
2,554
2,800
9.9
10.0
10.5
12.1
32.7
28.3
13.7
12.9
10.7
11.7
1.6
1.4
Ltd
Linc Pen & Plastics
Neutral
267
-
395
382
420
9.3
9.5
13.5
15.7
19.8
17.0
3.4
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
495
-
597
546
608
20.4
20.7
41.3
48.7
12.0
10.2
67.8
60.0
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
660
-
3,776
836
1,087
19.6
19.4
16.9
23.8
39.1
27.7
4.7
4.1
12.0
14.8
4.3
3.2
Mirza International
Buy
93
107
1,118
1,024
1,148
18.0
18.0
6.9
8.0
13.5
11.6
2.3
1.9
16.6
16.3
1.3
1.1
MT Educare
Neutral
127
-
507
366
417
17.7
18.2
9.4
10.8
13.6
11.8
3.0
2.6
22.2
22.3
1.3
1.1
Narayana Hrudaya
Neutral
334
-
6,827
1,873
2,166
11.5
11.7
2.6
4.0
126.3
84.3
7.8
7.0
6.1
8.3
3.7
3.2
Navkar Corporation
Buy
174
265
2,481
369
561
42.9
42.3
7.2
11.5
24.1
15.1
1.8
1.6
7.4
10.5
7.7
5.1
Navneet Education
Neutral
133
-
3,107
1,062
1,147
24.0
24.0
6.1
6.6
21.8
20.1
4.5
4.0
20.6
19.8
3.0
2.8
Nilkamal
Neutral
1,672
-
2,495
1,995
2,165
10.7
10.4
69.8
80.6
24.0
20.7
95.5
83.0
16.6
16.5
1.2
1.1
Page Industries
Neutral
14,238
-
15,880
2,450
3,124
20.1
17.6
299.0
310.0
47.6
45.9
317.1
242.1
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
270
-
2,272
1,919
2,231
9.3
9.6
9.5
12.9
28.6
20.9
4.4
3.7
15.5
17.5
1.3
1.1
Quick Heal
Neutral
278
-
1,949
408
495
27.3
27.0
7.7
8.8
35.9
31.6
3.3
3.3
9.3
10.6
3.9
3.2
Radico Khaitan
Buy
122
147
1,629
1,667
1,824
13.0
13.2
6.7
8.2
18.4
15.0
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
438
-
5,259
2,085
2,469
9.2
8.2
7.6
8.0
57.9
55.1
22.5
19.2
17.9
18.8
2.6
2.2
S H Kelkar & Co.
Neutral
312
-
4,517
1,036
1,160
15.1
15.0
6.1
7.2
51.2
43.5
5.5
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,548
1,720
1,451
1,652
1,857
11.6
11.7
92.4
110.1
16.7
14.1
2.5
2.1
14.7
15.2
1.1
1.0
Styrolution ABS India*
Neutral
637
-
1,119
1,440
1,537
9.2
9.0
40.6
42.6
15.7
14.9
40.0
36.4
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
191
-
837
3,342
3,625
7.8
7.5
17.3
19.8
11.1
9.7
21.0
16.9
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
941
-
1,608
3,229
4,001
1.5
1.8
22.8
32.8
41.3
28.6
4.4
3.8
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
164
-
656
287
384
20.5
20.5
7.6
10.7
21.5
15.3
4.5
3.6
20.7
23.5
2.3
1.7
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
0.6
India
TVS Srichakra
Neutral
3,306
-
2,531
2,304
2,614
13.7
13.8
231.1
266.6
14.3
12.4
371.4
292.5
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
422
-
1,166
619
685
33.2
33.4
30.0
34.9
14.1
12.1
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
207
-
329
1,051
1,138
10.3
10.4
21.0
23.1
9.9
9.0
26.6
24.9
9.0
9.2
0.6
0.5
Stock Watch
February 06, 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
VRL Logistics
Neutral
302
-
2,752
1,902
2,119
16.7
16.6
14.6
16.8
20.7
17.9
4.5
4.0
21.9
22.2
1.6
1.4
Wonderla Holidays
Neutral
377
-
2,129
287
355
38.0
40.0
11.3
14.2
33.4
26.5
4.8
4.2
21.4
23.9
7.1
5.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 04, 2017
Market Outlook
February 06, 2017
Research Team Tel: 022 - 39357800
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