Market Outlook
May 08, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with positive bias tracking the SGX Nifty and
BSE Sensex
(0.9)
(267)
29,859
Asian markets.
Nifty
(0.8)
(75)
9,285
US stocks reacted positively to a strong jobs report. US non-farm payroll
Mid Cap
(1.1)
(162)
14,718
employment increased by 211,000 in April, against an expectation of an increase of
Small Cap
(0.8)
(130)
15,356
185,000. The unemployment rate moved lower to 4.4 percent in April from 4.5
percent in March. The unemployment rate had been expected to increase to 4.6
Bankex
(0.6)
(152)
25,680
percent. The unemployment rate has fallen to its lowest level since May 2007.
Global Indices
Chg (%)
(Pts)
(Close)
UK stocks reacted positively to a strong jobs report from the US. European markets
also reacted positively to opinion polls which showed Emanuel Macron having a
Dow Jones
0.3
155
21,007
strong lead over Le Pen. UK Retail sales saw April's YoY sales grow just 1.9 percent,
Nasdaq
0.4
25
6,101
the BDO's High Street Sales Tracker report said.
FTSE
0.7
49
7,297
Indian markets fell on weak commodity prices as well as uncertainty over the new
Nikkei
(00.7
135
19,446
ordinance regarding NPA in the domestic banking system. Reliance Industries,
Hang Seng
(0.8)
(208)
24,476
ONGC and Oil India lost 2-3 percent after oil prices fell as much as 5 percent
Shanghai Com
(0.8)
(24)
3,103
overnight on concerns about global oversupply. Bank stocks also fell with PSU banks
dropping the most. Bank of Baroda and Bank of India fell by 4.3 and 4.4 percent
Advances / Declines
BSE
NSE
respectively.
Advances
1,821
1,412
Result Review
Declines
2,027
1,277
National Steel Policy to help steel demand increase by 6 percent over next 5
Unchanged
154
74
years
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
4,532
NSE
28,923
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
#Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg6 onwards
FII
(5(140)
(2(567)
41,445
Top Picks
MFs
8258
9,918
19,355
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
680
760
11.7
Top Gainers
Price (`)
Chg (%)
Dewan Housing Fin. Financials
Buy
431
520
20.6
Finolexind
577
4.3
Mahindra Lifespace Real Estate
Accumulate
477
522
9.5
Escorts
592
4.2
Navkar Corporation Others
Buy
216
265
22.9
Sci
80
3.6
KEI Industries
Capital Goods
Accumulate
213
239
11.9
More Top Picks on Pg4
Federalbnk
116
3.6
Jubilant
760
3.5
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
May 08, 2017 China
Exports YoY%
16.40
11.30
Tatacomm
641
(9.1)
May 10, 2017 China
Consumer Price Index (YoY)
0.90
1.10
Hcc
43
(8.0)
May 10, 2017 India
Exports YoY%
27.60
--
May 10, 2017 India
Imports YoY%
45.30
--
Hathway
40
(5.5)
May 11, 2017 US
Initial Jobless claims
238.00
245.00
Jisljaleqs
102
(5.4)
May 11, 2017 UK
BOE Announces rates
0.25
0.25
Fsl
40
(4.7)
More Events on Pg5
#As on May 05, 2017
Market Outlook
May 08, 2017
News Analysis
National Steel Policy to help steel demand increase by 6 percent
over next 5 years
Assisted by government-led initiatives, including National Steel Policy (NSP),
domestic steel demand is expected to grow by 6-6.5 per cent in the next five years.
The NSP targets to achieve a steelmaking capacity of 300 mln Tonnes by 2030
through additional investments of `10 lakh cr by 2030-31.
The government envisages domestic steel consumption to grow at 7 per cent
through 2030 under the NSP. The consumption of the steel has grown at a steady
pace of 6 per cent, during the last decade (2006-07 to 2016-17).
The growth over the next five years in steel demand is expected to be driven by
various government-led initiatives in affordable housing and infrastructure sector,
coupled with robust growth in automotive and capital goods segments. The NSP is
also expected to encourage in-house production of flat and alloy steel products
reducing their share in overall imports.
The Union Cabinet approved the NSP 2017 on May 3, which seeks to enhance
steel consumption, ensure high quality steel production, and create a
technologically advanced and globally competitive steel industry.
In terms of steel trade, the NSP envisages India's steel exports to rise to 24 mln
Tonnes by 2030-31 from 8.2 mln Tonnes in 2016-17.
Economic and Political News
Investment pacts worth `2 lakh cr signed at the maiden integrated logistics
summit: Union Minister Nitin Gadkari
Cost of air tickets may go up as govt considers hike in passenger service fee
GSLV Successfully Launches South Asia Satellite
Corporate News
TCS sets up research lab for drones in US
Tata Motors down 4% as JLR sales drop 2.3% YoY in April
Eicher motors to invest `800cr in capex to expand production to 825,000
Maruti Suzuki opens bookings for all new Dzire in compact sedan segment
Bosch to resume operations from its Bengaluru plant
Market Outlook
May 08, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Bharti Infratel Consol - May 8, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
3,486
3,162
10.3
1,530
127.8
EBITDA
1,540
1,425
8.1
706
118.3
EBITDA margin (%)
44.2
45.1
46.1
Net profit
700
662
5.8
620
12.9
ABB India Ltd - May 8, 2017
Particulars ( ` cr)
1QCY17E
1QCY16
y-o-y (%)
4QCY16
q-o-q (%)
Net sales
2,224
1,976
12.5
2,441
(8.9)
EBITDA
195
149
30.5
282
(31.0)
EBITDA margin (%)
8.7
7.5
11.5
Net profit
92
71
29.8
147
(37.3)
Canara Bank - May 8, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
363
(3,905)
0.0
322
12.7
Union Bank of India - May 8, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
134
96
39.6
104
29.0
Godrej Consumer Products Ltd Consol - May 9, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2,496
2,266
10.1
2,392
4.3
EBITDA
512
444
15.5
517
(0.9)
EBITDA margin (%)
20.5
19.6
21.6
Net profit
357
310
15.2
354
1.0
Bharti Airtel Ltd Consol - May 9, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
22,421
24,960
(10.2)
23,336
(3.9)
EBITDA
7,742
9,136
(15.3)
8,510
(9.0)
EBITDA margin (%)
34.5
36.6
36.5
Net profit
508
1,590
(68.1)
636
(20.2)
Zee Entertainment Enterprises Ltd Consol - May 10, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,547
1,532
1.0
1,639
(5.7)
EBITDA
443
414
7.2
516
(14.1)
EBITDA margin (%)
28.7
27.0
31.5
Net profit
308
261
18.4
251
23.0
Market Outlook
May 08, 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
23,098
1,932
2,257
16.8
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,144
380
405
6.5
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
6,500
680
760
11.7
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
13,508
431
520
20.6
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
5,403
160
235
46.9
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
6,314
193
225
16.5
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
1,657
213
239
11.9
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,957
477
522
9.5
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,076
216
265
22.9
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,589
1,695
1,872
10.4
growth 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
TV Today Network
1,582
265
344
29.7
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 08, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 8, 2017
ABB, Canara Bank, Union Bank
May 9, 2017
Blue Star, Syndicate Bank, Vijaya Bank, HCL Tech, Petronet LNG
May 10, 2017
Hero Motocorp, Siemens, Kirloskar Engines India Ltd
May 11, 2017
Asian Paints, GlaxoSmith Con, ITD Cementation, Vesuvius India, Nilkamal, Glenmark Pharma., MT Educare
May 12, 2017
Relaxo, Dr Reddy's, GIPCL, S H Kelkar & Co., Quick Heal
May 13, 2017
Mangalam Cement
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 8,, 2017
China
Exports YoY%
% Change
Apr
16.40
11.30
May 10, 20177:00 AM China
Consumer Price Index (YoY)
% Change
Apr
0.90
1.10
India
Exports YoY%
% Change
Apr
27.60
--
India
Imports YoY%
% Change
Apr
45.30
--
May 11, 20176:00 PM US
Initial Jobless claims
Thousands
May 6
238.00
245.00
4:30 PM UK
BOE Announces rates
% Ratio
May 11
0.25
0.25
US
Producer Price Index (mom)
% Change
Apr
(0.20)
--
2:00 PM UK
Industrial Production (YoY)
% Change
Mar
2.80
1.90
May 12, 20175:30 PM India
Industrial Production YoY
% Change
Mar
(1.20)
--
6:00 PM US
Consumer price index (mom)
% Change
Apr
(0.30)
0.20
1:30 AM Germany
GDP nsa (YoY)
% Change
1Q P
1.20
2.80
May 15, 20172:00 PM India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
--
7:30 AM China
Industrial Production (YoY)
% Change
Apr
7.60
7.00
May 16, 20172:30 PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
0.50
--
6:00 PM US
Housing Starts
Thousands
Apr
1,215.00
1,250.00
6:00 PM US
Building permits
Thousands
Apr
1,267.00
1,270.00
6:45 PM US
Industrial Production
%
Apr
0.55
0.40
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.90
--
May 17, 20172:00 PM UK
CPI (YoY)
% Change
Apr
2.30
--
2:00 PM UK
Jobless claims change
% Change
Apr
25.50
--
May 19, 20177:30 PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(3.60)
--
May 23, 20177:30 PM US
New home sales
Thousands
Apr
621.00
--
May 24, 20171:00 PM Germany
PMI Services
Value
May P
55.40
--
1:00 PM Germany
PMI Manufacturing
Value
May P
58.20
--
7:30 PM US
Existing home sales
Million
Apr
5.71
--
Source: Bloomberg, Angel Research
Market Outlook
May 08, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
7.0
5.6
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
4.0
3.3
7.0
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
(1.2)
3.0
(3.0)
(1.9)
(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
5.8
5.8
6.0
5.5
5.1
52.0
5.0
4.3
4.2
3.8
50.0
3.6
3.7
4.0
3.4
3.2
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
50.0
7.00
40.0
6.50
30.0
6.00
20.0
5.50
10.0
5.00
0.0
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 08, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
5.0
0.7
4.5
4.0
3.0
2.1
1.9
0.3
1.6
2.0
1.2
0.8
-
(2.0)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
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
May 08, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,710
1.1
2.2
25.7
Russia
Micex
2,002
(1.1)
(10.3)
4.9
India
Nifty
9,285
1.2
7.6
19.0
China
Shanghai Composite
3,103
(3.7)
(1.5)
4.9
South Africa
Top 40
47,010
4.0
2.5
3.2
Mexico
Mexbol
49,486
1.9
5.1
9.5
Indonesia
LQ45
946
1.8
6.7
11.9
Malaysia
KLCI
1,763
0.9
5.3
5.3
Thailand
SET 50
997
(0.4)
0.2
11.3
USA
Dow Jones
21,007
1.5
5.6
18.4
UK
FTSE
7,297
(0.3)
2.7
19.3
Japan
Nikkei
19,446
2.8
2.1
10.7
Germany
DAX
12,717
3.3
9.1
27.5
France
CAC
5,432
6.0
13.3
25.8
Source: Bloomberg, Angel Research
Stock Watch
May 08, 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
237
-
4,606
1,937
2,164
13.3
14.3
9.0
11.0
26.3
21.5
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
807
-
40,983
15,176
17,604
18.5
18.5
37.4
44.6
21.6
18.1
4.2
3.5
21.4
21.2
2.8
2.4
Auto & Auto Ancillary
Amara Raja Batteries
Buy
874
1,009
14,924
5,305
6,100
16.0
16.3
28.4
34.0
30.8
25.7
5.9
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Neutral
245
-
12,491
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
1.0
Ashok Leyland
Buy
83
111
23,663
20,021
21,915
11.6
11.9
4.5
5.3
18.5
15.6
3.8
3.4
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,890
-
83,631
25,093
27,891
19.5
19.2
143.9
162.5
20.1
17.8
5.6
4.8
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,098
-
25,563
7,726
8,713
20.5
21.2
35.3
42.7
31.1
25.7
5.7
5.2
18.9
20.1
3.4
2.9
Ceat
Neutral
1,664
-
6,731
7,524
8,624
13.0
12.7
131.1
144.3
12.7
11.5
2.3
2.0
19.8
18.6
1.0
0.8
Eicher Motors
Neutral
25,833
-
70,293
16,583
20,447
17.5
18.0
598.0
745.2
43.2
34.7
14.8
11.2
41.2
38.3
4.1
3.2
Exide Industries
Neutral
241
-
20,506
7,439
8,307
15.0
15.0
8.1
9.3
29.8
25.9
4.2
3.7
14.3
16.7
2.4
2.1
Gabriel India
Neutral
125
-
1,788
1,544
1,715
9.0
9.3
5.4
6.3
23.1
19.8
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,363
-
67,150
28,083
30,096
15.3
15.7
171.8
187.0
19.6
18.0
6.8
5.7
30.1
27.9
2.2
2.0
Indag Rubber
Neutral
213
-
560
286
326
19.8
16.8
11.7
13.3
18.2
16.0
3.1
2.9
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
237
-
1,885
1,486
1,620
9.8
9.9
15.0
17.2
15.8
13.8
3.5
2.9
21.8
21.3
1.3
1.2
JK Tyres
Neutral
177
-
4,004
7,455
8,056
15.0
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
634
-
995
1,302
1,432
11.6
11.9
43.7
53.0
14.5
12.0
2.1
1.9
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,321
-
82,031
46,534
53,077
11.6
11.7
67.3
78.1
19.6
16.9
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Neutral
6,648
-
200,827
67,822
83,288
16.0
16.4
253.8
312.4
26.2
21.3
6.0
4.9
23.0
22.9
2.6
2.1
Minda Industries
Neutral
482
-
4,168
2,728
3,042
9.0
9.1
68.2
86.2
7.1
5.6
1.6
1.3
23.8
24.3
1.6
1.4
Motherson Sumi
Neutral
395
-
55,462
45,896
53,687
7.8
8.3
13.0
16.1
30.3
24.5
9.8
7.8
34.7
35.4
1.3
1.1
Rane Brake Lining
Neutral
993
-
786
511
562
11.3
11.5
28.1
30.9
35.3
32.1
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
41
-
545
741
837
13.0
13.0
15.2
17.0
2.7
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
249
-
1,496
1,488
1,681
11.7
11.9
6.4
7.2
39.0
34.8
4.1
3.7
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,828
-
2,271
660
810
15.2
16.4
54.5
72.8
33.6
25.1
10.5
9.5
31.5
39.2
3.3
2.6
Tata Motors
Neutral
420
-
121,196
300,209
338,549
8.9
8.4
42.7
54.3
9.8
7.7
1.6
1.3
15.6
17.2
0.5
0.4
TVS Motor
Neutral
493
-
23,408
13,390
15,948
6.9
7.1
12.8
16.5
38.6
29.8
9.6
7.6
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
62
-
617
709
814
4.1
4.6
1.4
2.1
44.5
29.7
1.8
1.7
4.4
6.0
1.0
0.9
BEML
Neutral
1,359
-
5,659
3,451
4,055
6.3
9.2
31.4
57.9
43.3
23.5
2.6
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
161
-
1,162
16,567
33,848
6.0
5.6
7.8
5.9
20.7
27.3
1.2
1.1
4.7
4.2
0.2
0.1
Stock Watch
May 08, 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
180
-
40,094
8,137
9,169
16.8
17.2
58.7
62.5
3.1
2.9
0.5
0.4
44.6
46.3
3.9
3.5
BHEL
Neutral
173
-
42,233
28,797
34,742
-
2.8
2.3
6.9
75.0
25.0
1.3
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
680
760
6,500
4,283
5,077
5.9
7.3
14.9
22.1
45.7
30.7
8.9
7.5
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
78
-
4,885
5,777
6,120
5.9
7.0
3.3
4.5
23.6
17.3
1.0
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
165
-
4,037
1,755
1,881
16.8
16.9
7.8
8.5
21.2
19.5
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
198
-
4,393
5,605
6,267
15.7
16.4
24.8
30.0
8.0
6.6
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
212
-
5,439
9,294
10,186
7.9
8.1
9.9
11.9
21.4
17.8
3.1
2.7
15.6
16.3
0.8
0.7
KEI Industries
Accumulate
213
239
1,657
2,682
3,058
10.4
10.0
11.7
12.8
18.2
16.6
3.6
3.0
20.1
18.2
0.8
0.7
Thermax
Neutral
1,009
-
12,019
5,421
5,940
7.3
7.3
25.7
30.2
39.3
33.4
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
675
-
3,683
3,136
3,845
8.9
9.1
26.0
35.9
26.0
18.8
3.2
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
418
-
13,833
6,511
7,514
7.9
8.7
12.9
16.3
32.4
25.7
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,655
-
31,084
11,225
13,172
13.2
16.9
44.5
75.5
37.2
21.9
3.5
3.3
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
246
-
48,906
9,350
10,979
18.2
22.5
5.8
9.5
42.5
25.9
3.6
3.2
10.2
12.5
5.2
4.5
India Cements
Neutral
207
-
6,372
4,364
4,997
18.5
19.2
7.9
11.3
26.3
18.4
1.9
1.8
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
487
-
5,733
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
999
-
6,983
4,398
5,173
15.5
17.5
31.2
55.5
32.0
18.0
3.8
3.3
12.0
15.5
2.1
1.8
Orient Cement
Neutral
167
-
3,419
2,114
2,558
18.5
20.5
8.1
11.3
20.6
14.8
3.0
2.6
9.0
14.0
2.2
1.8
UltraTech Cement
Neutral
4,323
-
118,679
25,768
30,385
21.0
23.5
111.0
160.0
39.0
27.0
5.0
4.4
13.5
15.8
4.7
3.9
Construction
Engineers India
Neutral
166
-
11,180
1,725
1,935
16.0
19.1
11.4
13.9
14.6
11.9
2.0
1.9
13.4
15.3
5.4
4.8
Gujarat Pipavav Port
Neutral
156
-
7,561
705
788
52.2
51.7
5.0
5.6
31.3
27.9
3.1
2.8
11.2
11.2
10.4
8.8
ITNL
Neutral
110
-
3,633
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
203
-
2,855
1,385
1,673
14.7
14.0
41.2
48.5
4.9
4.2
0.9
0.8
14.9
15.2
2.1
1.8
Larsen & Toubro
Neutral
1,725
-
160,975
111,017
124,908
11.0
11.0
61.1
66.7
28.2
25.9
3.4
3.1
13.1
12.9
2.5
2.3
MEP Infra
Neutral
67
-
1,097
1,877
1,943
30.6
29.8
3.0
4.2
22.5
16.1
10.9
7.3
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
94
-
5,251
8,842
9,775
9.1
8.8
5.3
6.4
17.8
14.8
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
197
-
17,744
7,428
9,549
7.9
8.6
8.2
11.0
24.0
17.9
1.2
0.9
28.2
28.7
2.1
1.6
PNC Infratech
Neutral
158
-
4,064
2,350
2,904
13.1
13.2
9.0
8.8
17.6
18.0
0.6
0.6
15.9
13.9
1.8
1.5
Power Mech Projects
Neutral
584
-
859
1,801
2,219
12.7
14.6
72.1
113.9
8.1
5.1
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
326
-
5,586
3,598
4,140
10.3
10.6
9.0
11.9
36.2
27.4
3.8
3.3
9.9
11.9
1.8
1.6
Stock Watch
May 08, 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
405
-
2,006
6,829
7,954
10.5
10.5
31.4
37.4
12.9
10.8
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
112
-
3,955
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.2
4.8
(22.8)
(15.9)
12.0
10.0
Financials
Axis Bank
Accumulate
505
580
120,992
46,932
53,575
3.5
3.4
32.4
44.6
15.6
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
187
-
43,168
19,980
23,178
1.8
1.8
11.5
17.3
16.3
10.8
1.9
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,835
-
7,548
420
526
3.5
3.5
86.5
107.8
32.8
26.3
7.1
5.8
23.6
24.1
-
-
Canara Bank
Neutral
395
-
23,566
15,225
16,836
1.8
1.8
14.5
28.0
27.2
14.1
1.9
1.5
5.8
8.5
-
-
Cholamandalam Inv. &
Accumulate
1,091
1,230
17,053
2,012
2,317
6.3
6.3
42.7
53.6
25.6
20.4
4.0
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
431
520
13,508
2,225
2,688
2.9
2.9
29.7
34.6
14.5
12.5
2.3
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
160
235
5,403
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
116
125
20,070
8,259
8,995
3.0
3.0
4.3
5.6
27.1
20.8
2.3
2.1
8.5
10.1
-
-
HDFC
Neutral
1,547
-
245,687
11,475
13,450
3.4
3.4
45.3
52.5
34.1
29.5
6.6
5.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,532
1,650
392,970
46,097
55,433
4.5
4.5
58.4
68.0
26.2
22.5
4.6
3.8
18.8
18.6
-
-
ICICI Bank
Accumulate
299
315
173,923
42,800
44,686
3.1
3.3
18.0
21.9
16.6
13.6
2.3
2.1
11.1
12.3
-
-
Karur Vysya Bank
Buy
118
140
7,152
5,640
6,030
3.3
3.2
8.9
10.0
13.3
11.8
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
179
-
3,426
3,339
3,799
2.7
2.8
11.0
14.0
16.3
12.8
1.7
1.5
11.2
12.7
-
-
LIC Housing Finance
Neutral
721
-
36,379
3,712
4,293
2.6
2.5
39.0
46.0
18.5
15.7
3.5
3.0
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
175
-
37,165
23,532
23,595
2.3
2.4
6.8
12.6
25.7
13.9
4.0
2.8
3.3
6.5
-
-
RBL Bank
Neutral
561
-
21,055
1,783
2,309
2.6
2.6
12.7
16.4
44.2
34.2
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
742
825
4,642
388
457
4.5
4.2
30.0
38.0
24.7
19.5
4.1
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
25
-
4,588
6,435
7,578
2.5
2.5
2.7
3.1
9.4
8.2
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
296
-
240,011
88,650
98,335
2.6
2.6
13.5
18.8
21.9
15.7
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
187
-
12,852
13,450
14,925
2.3
2.3
25.5
34.5
7.3
5.4
1.1
0.9
7.5
10.2
-
-
Yes Bank
Neutral
1,609
-
73,464
8,978
11,281
3.3
3.4
74.0
90.0
21.7
17.9
4.1
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,972
-
9,456
2,955
3,309
13.3
13.7
57.2
69.3
34.5
28.4
11.3
9.5
32.7
33.3
3.0
2.6
Asian Paints
Neutral
1,146
-
109,943
17,128
18,978
16.8
16.4
19.1
20.7
60.0
55.4
20.9
19.7
34.8
35.5
6.3
5.7
Britannia
Neutral
3,523
-
42,270
9,594
11,011
14.6
14.9
80.3
94.0
43.9
37.5
18.0
13.9
41.2
-
4.3
3.7
Colgate
Neutral
1,013
-
27,539
4,605
5,149
23.4
23.4
23.8
26.9
42.5
37.6
23.6
18.4
64.8
66.8
5.9
5.3
Dabur India
Accumulate
273
304
48,072
8,315
9,405
19.8
20.7
8.1
9.2
33.7
29.7
9.4
7.8
31.6
31.0
5.4
4.8
GlaxoSmith Con*
Neutral
5,164
-
21,719
4,350
4,823
21.2
21.4
179.2
196.5
28.8
26.3
7.7
6.5
27.1
26.8
4.4
3.9
Stock Watch
May 08, 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
1,766
-
60,150
10,235
11,428
18.4
18.6
41.1
44.2
43.0
40.0
9.5
8.0
24.9
24.8
6.0
5.3
HUL
Neutral
954
-
206,447
35,252
38,495
17.8
17.8
20.7
22.4
46.2
42.6
44.2
37.9
95.6
88.9
5.7
5.2
ITC
Neutral
277
-
336,543
40,059
44,439
38.3
39.2
9.0
10.1
30.9
27.3
8.6
7.5
27.8
27.5
7.9
7.1
Marico
Neutral
305
-
39,385
6,430
7,349
18.8
19.5
6.4
7.7
47.7
39.6
14.4
12.1
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,722
-
64,815
10,073
11,807
20.7
21.5
124.8
154.2
53.9
43.6
22.1
19.9
34.8
36.7
6.2
5.3
Procter & Gamble
Neutral
7,403
-
24,031
2,939
3,342
23.2
23.0
146.2
163.7
50.6
45.2
12.8
10.7
25.3
23.5
7.7
6.7
Hygiene
Tata Global
Neutral
152
-
9,612
8,675
9,088
9.8
9.8
7.4
8.2
20.6
18.6
1.6
1.6
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
828
1,000
118,111
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
932
1,179
213,960
68,484
73,963
26.0
26.0
63.0
64.0
14.8
14.6
3.1
2.9
20.8
19.7
2.8
2.5
TCS
Accumulate
2,320
2,651
457,129
117,966
127,403
27.5
27.6
134.3
144.5
17.3
16.1
5.1
4.8
29.8
29.7
3.5
3.3
Tech Mahindra
Buy
413
600
40,243
29,673
32,937
15.5
17.0
32.8
39.9
12.6
10.4
2.5
2.1
19.6
20.7
1.1
0.9
Wipro
Accumulate
498
570
121,235
55,421
58,536
20.3
20.3
35.1
36.5
14.2
13.7
2.5
2.1
19.2
14.6
1.6
1.4
Media
D B Corp
Neutral
376
-
6,908
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.1
4.2
3.6
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
285
-
2,094
1,016
1,138
24.3
25.2
27.3
30.1
10.5
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
82
-
1,913
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
193
225
6,314
2,355
2,635
28.0
28.0
10.8
12.5
17.9
15.5
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
852
-
33,574
2,850
3,265
70.1
71.0
26.2
30.4
32.5
28.0
8.3
7.3
24.3
25.6
11.4
9.8
TV Today Network
Buy
265
344
1,582
567
645
26.7
27.0
15.4
18.1
17.3
14.7
2.6
2.2
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
279
-
173,156
84,638
94,297
21.4
22.3
24.5
27.1
11.4
10.3
4.7
4.5
42.6
46.0
1.6
1.4
Hind. Zinc
Neutral
251
-
105,929
14,252
18,465
55.9
48.3
15.8
21.5
15.9
11.7
2.6
2.3
17.0
20.7
7.4
5.7
Hindalco
Neutral
186
-
41,647
107,899
112,095
7.4
8.2
9.2
13.0
20.2
14.3
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
190
-
45,879
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
124
-
39,375
6,643
7,284
44.4
47.7
7.1
7.7
17.5
16.2
1.5
1.5
8.8
9.2
3.7
3.3
SAIL
Neutral
60
-
24,739
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.0
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
433
-
42,054
121,374
121,856
7.2
8.4
18.6
34.3
23.3
12.6
1.5
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
224
-
66,335
71,744
81,944
19.2
21.7
13.4
20.1
16.7
11.1
1.4
1.3
8.4
11.3
1.3
1.0
Oil & Gas
Cairn India
#VALUE!
9,127
10,632
4.3
20.6
8.8
11.7
3.3
4.2
GAIL
Neutral
419
-
70,815
56,220
65,198
9.3
10.1
27.1
33.3
15.5
12.6
1.4
1.3
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
433
-
210,309
373,359
428,656
5.9
5.5
54.0
59.3
8.0
7.3
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
May 08, 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
ONGC
Neutral
183
-
235,362
137,222
152,563
15.0
21.8
19.5
24.1
9.4
7.6
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,329
-
431,972
301,963
358,039
12.1
12.6
87.7
101.7
15.2
13.1
1.6
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Buy
593
689
11,182
3,483
4,244
20.2
21.4
24.3
33.6
24.4
17.7
5.6
4.4
25.5
25.3
3.1
2.5
Alkem Laboratories Ltd
Buy
1,932
2,257
23,098
6,065
7,009
18.7
20.0
80.2
92.0
24.1
21.0
5.4
4.5
22.5
21.6
3.8
3.2
Aurobindo Pharma
Buy
590
877
34,549
15,720
18,078
23.7
23.7
41.4
47.3
14.2
12.5
3.7
2.9
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,181
-
9,629
2,277
2,597
16.6
17.4
128.9
157.0
32.4
26.6
5.5
4.3
21.6
26.4
4.0
3.3
Cadila Healthcare
Neutral
466
-
47,706
10,429
12,318
17.7
21.6
13.1
19.2
35.6
24.3
7.4
5.9
22.8
27.1
4.6
3.8
Cipla
Sell
549
465
44,135
15,378
18,089
15.7
16.8
19.3
24.5
28.4
22.4
3.3
2.9
12.3
13.9
3.0
2.5
Dishman Pharma
Sell
313
143
5,048
1,718
1,890
22.7
22.8
9.5
11.3
32.9
27.7
3.2
2.9
10.1
10.9
3.4
3.0
Dr Reddy's
Neutral
2,602
-
43,106
16,043
18,119
18.0
23.0
78.6
130.9
33.1
19.9
3.2
2.8
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,445
-
20,710
2,800
3,290
10.2
20.6
32.2
60.3
75.9
40.6
14.1
13.9
17.2
34.5
7.2
6.1
Indoco Remedies
Accumulate
225
240
2,074
1,112
1,289
16.2
18.2
11.6
16.0
19.4
14.1
3.1
2.6
17.0
20.1
2.0
1.7
Ipca labs
Accumulate
538
613
6,786
3,258
3,747
12.8
15.3
12.1
19.2
44.5
28.0
2.8
2.5
6.4
9.5
2.2
1.9
Lupin
Buy
1,251
1,809
56,477
15,912
18,644
26.4
26.7
58.1
69.3
21.5
18.0
4.2
3.4
21.4
20.9
3.6
3.0
Natco Pharma
Accumulate
902
974
15,723
2,090
2,335
32.1
26.6
26.8
23.2
33.6
38.9
9.5
8.2
28.4
21.1
7.6
93.2
Sun Pharma
Buy
631
847
151,332
31,129
35,258
32.0
32.9
30.2
35.3
20.9
17.9
3.4
2.8
20.0
20.1
4.4
3.7
Power
NTPC
Neutral
160
-
131,969
86,605
95,545
17.5
20.8
11.8
13.4
13.6
11.9
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
209
223
109,288
25,315
29,193
88.2
88.7
14.2
17.2
14.8
12.2
2.2
2.0
15.2
16.1
9.0
8.1
Tata Power
Neutral
83
-
22,558
36,916
39,557
17.4
27.1
5.1
6.3
16.4
13.2
1.4
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Accumulate
477
522
1,957
1,152
1,300
22.7
24.6
29.9
35.8
15.9
13.3
1.2
1.1
7.6
8.6
2.4
2.0
Prestige Estate
Neutral
244
-
9,165
4,707
5,105
25.2
26.0
10.3
13.0
23.7
18.8
1.9
1.8
10.3
10.2
3.1
2.8
Telecom
Bharti Airtel
Neutral
345
-
137,770
105,086
114,808
34.5
34.7
12.2
16.4
28.3
21.0
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
82
-
29,459
40,133
43,731
37.2
37.1
6.4
6.5
12.8
12.6
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,269
-
9,071
3,153
3,583
14.1
14.4
152.2
182.7
28.1
23.4
137.7
117.6
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
380
405
1,144
1,060
1,169
12.2
12.5
12.7
15.9
30.0
23.9
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
349
395
3,530
4,801
5,351
5.7
6.2
10.4
13.7
33.5
25.5
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
240
-
1,715
1,353
1,471
12.3
12.4
14.5
16.3
16.5
14.7
22.8
20.6
14.5
14.6
1.2
130.0
Coffee Day Enterprises
Neutral
250
-
5,151
2,964
3,260
20.5
21.2
4.7
8.0
-
31.2
2.9
2.7
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
219
-
141
1,137
1,256
3.1
2.7
28.0
23.6
7.8
9.3
42.2
38.1
14.3
11.5
0.1
0.1
Stock Watch
May 08, 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
Elecon Engineering
Neutral
61
-
680
1,482
1,660
13.7
14.5
3.9
5.8
15.6
10.5
3.7
3.4
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
523
-
7,994
2,883
3,115
12.0
12.1
14.2
18.6
36.8
28.1
19.6
17.1
15.8
14.6
2.5
2.2
Garware Wall Ropes
Neutral
811
-
1,775
863
928
15.1
15.2
36.4
39.4
22.3
20.6
4.0
3.4
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
866
-
1,997
1,598
1,704
10.4
10.2
49.4
52.6
17.5
16.5
80.9
71.0
18.2
17.0
0.9
133.1
Hitachi
Neutral
1,760
-
4,784
2,081
2,433
8.8
8.9
33.4
39.9
52.7
44.1
42.5
35.4
22.1
21.4
2.3
1.9
HSIL
Neutral
338
-
2,443
2,384
2,515
15.8
16.3
15.3
19.4
22.1
17.4
21.9
18.9
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,115
-
40,313
21,122
26,005
14.5
27.6
110.7
132.1
10.1
8.4
60.3
43.1
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
377
-
6,853
1,440
2,052
11.5
13.0
8.5
10.0
44.4
37.7
10.8
10.0
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
399
-
5,773
2,554
2,800
9.9
10.0
10.5
12.1
38.0
33.0
15.9
15.0
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
283
-
419
382
420
9.3
9.5
13.5
15.7
21.0
18.0
3.6
3.1
17.1
17.3
1.2
1.0
M M Forgings
Neutral
608
-
734
546
608
20.4
20.7
41.3
48.7
14.7
12.5
83.3
73.7
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
683
-
3,908
836
1,087
19.6
19.4
16.9
23.8
40.4
28.7
4.9
4.2
12.0
14.8
4.4
3.3
Mirza International
Neutral
116
-
1,397
963
1,069
17.2
18.0
6.1
7.5
18.9
15.5
2.9
2.5
15.0
15.7
1.7
1.5
MT Educare
Neutral
86
-
342
366
417
17.7
18.2
9.4
10.8
9.2
7.9
2.0
1.8
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
310
-
6,341
1,873
2,166
11.5
11.7
2.6
4.0
117.3
78.3
7.2
6.5
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
216
265
3,076
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
167
-
3,909
1,062
1,147
24.0
24.0
6.1
6.6
27.5
25.3
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,188
-
3,264
1,995
2,165
10.7
10.4
69.8
80.6
31.3
27.1
125.0
108.6
16.6
16.5
1.6
1.5
Page Industries
Neutral
14,206
-
15,845
2,450
3,124
20.1
17.6
299.0
310.0
47.5
45.8
316.4
241.5
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
240
-
2,020
1,919
2,231
9.3
9.6
9.5
12.9
25.4
18.6
4.0
3.3
15.5
17.5
1.2
1.0
Quick Heal
Neutral
239
-
1,676
408
495
27.3
27.0
7.7
8.8
30.9
27.2
2.9
2.9
9.3
10.6
3.3
2.7
Radico Khaitan
Buy
121
147
1,608
1,667
1,824
13.0
13.2
6.7
8.2
18.2
14.8
1.6
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
483
-
5,804
2,085
2,469
9.2
8.2
7.6
8.0
63.9
60.8
24.8
21.2
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
311
-
4,496
1,036
1,160
15.1
15.0
6.1
7.2
50.9
43.3
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,695
1,872
1,589
1,652
1,857
11.6
11.7
92.4
110.1
18.3
15.4
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
707
-
1,243
1,440
1,537
9.2
9.0
40.6
42.6
17.4
16.6
44.5
40.4
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
282
-
1,236
3,342
3,625
7.8
7.5
17.3
19.8
16.3
14.3
31.0
24.9
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,095
-
1,872
3,229
4,001
1.5
1.8
22.8
32.8
48.1
33.3
5.2
4.5
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
206
-
826
287
384
20.5
20.5
7.6
10.7
27.1
19.3
5.7
4.6
20.7
23.5
2.9
2.2
Stock Watch
May 08, 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
Transport Corporation of
Neutral
249
-
1,905
2,671
2,911
8.5
8.8
13.9
15.7
18.0
15.9
2.5
2.2
13.7
13.8
0.8
0.8
India
TVS Srichakra
Neutral
4,015
-
3,074
2,304
2,614
13.7
13.8
231.1
266.6
17.4
15.1
451.1
355.2
33.9
29.3
1.3
1.2
UFO Moviez
Neutral
434
-
1,197
619
685
33.2
33.4
30.0
34.9
14.5
12.4
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
330
-
524
1,051
1,138
10.3
10.4
21.0
23.1
15.7
14.3
42.3
39.6
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
328
-
2,997
1,902
2,119
16.7
16.6
14.6
16.8
22.6
19.5
4.9
4.3
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
382
-
2,158
287
355
38.0
40.0
11.3
14.2
33.8
26.9
4.8
4.2
21.4
23.9
7.2
5.8
VIP Industries
Accumulate
202
218
2,858
1,270
1,450
10.4
10.4
5.6
6.5
36.1
31.1
7.5
6.5
20.7
21.1
2.3
2.0
Navin Fluorine
Buy
3,039
3,650
2,975
789
945
21.1
22.4
120.1
143.4
25.3
21.2
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 May 05, 2017
Market Outlook
May 08, 2017
Research Team Tel: 022 - 39357800
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