Market Outlook

June 8, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking the SGX Nifty and Global markets.

BSE Sensex

0.3

31,271

U.S. markets closed higher on Wednesday as investors hoped the testimony from

Nifty

0.3

9,664

former FBI chief James Comey will be less damaging to President Donald Trump

Mid Cap

0.5

14,801

than previously feared.

Small Cap

0.8

115

15,426

European markets ended Wednesday's session with mixed results. Traders were in a

Bankex

0.7

193

26,722

cautious mood ahead of a trio of potentially market moving events tomorrow. U.K.

voters will head to the polls on Thursday in a closely watched election, while the

Global Indices

Chg (%)

(Pts)

(Close)

European Central Bank is scheduled to make its latest monetary policy

announcement. Former FBI Director James Comey will also begin his testimony

Dow Jones

0.2

21,174

before the Senate Intelligence Committee on Thursday.

Nasdaq

0.4

6,297

FTSE

(0.6)

(46)

7,479

Indian market eked out modest gains to hit fresh record closing highs on

Nikkei

0.0

19,985

Wednesday after the Reserve Bank of India (RBI) kept repo rate unchanged at

6.25%, as widely expected, but cut statutory liquidity ratio by 50 basis points to 20

Hang Seng

(0.1)

(23)

25,974

percent, a move that will help infuse more liquidity into the banking system and

Shanghai Com

1.2

3,140

pave the way for a reduction in bank lending rates going forward.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,471

962

 RBI keeps rates unchanged

 Cadilla gets US FDA approval for Mesalamine tablets…

Declines

1,204

691

Detailed analysis on Pg2

Unchanged

145

102

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,517

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

NSE

23,043

Top Picks

#Net Inflows (` Cr)

Net

Mtd

Ytd

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

FII

(3,134)

(3,583)

48,386

Blue Star

Capital Goods

Buy

630

760

20.6

MFs

449

8,960

29,642

Dewan Housing Fin. Financials

Buy

431

520

20.5

Mahindra Lifespace Real Estate

Buy

420

522

24.3

Top Gainers

Price (`)

Chg (%)

Navkar Corporation Others

Buy

219

265

21.3

KEI Industries

Capital Goods

Buy

216

258

19.4

Iifl

607

10.2

More Top Picks on Pg3

Cadilahc

537

9.6

Edelweiss

197

6.3

Key Upcoming Events

Consensus

Shriramcit

2,455

5.2

Date

Region

Event Description

Reading

Expectations

Ibrealest

171

4.1

Jun 08, 2017 India

RBI Cash Reserve ratio

4.00

Jun 08, 2017 Euro Zone Euro-Zone GDP s.a. (QoQ)

0.50

Top Losers

Price (`)

Chg (%)

Jun 08, 2017 UK

Industrial Production (YoY)

1.40

(0.30)

Jun 08, 2017 China

Exports YoY%

8.00

7.20

Hexaware

245

(5.2)

Jun 09, 2017 Euro Zone ECB announces interest rates

Adanitrans

120

(5.0)

Jun 09, 2017 China

Consumer Price Index (YoY)

1.20

1.50

Videoind

(5.0)

More Events on Pg4

Rcom

(3.7)

Unitdspr

2,351

(3.2)

#as on 7^th June, 2017

www.angelbroking.com

Market Outlook

June 8, 2017

News Analysis

RBI keeps rates unchanged

The RBI has left the key rates unchanged in its 2nd Bi-Monthly monetary policy.

While the MPC has kept a neutral stance on the monetary policy, the under tone

was less hawkish; the lowering of inflation projections indicates that there is still a

room for rate cut in the coming policy meetings. While the REPO rate was kept

unchanged, on a positive side the RBI has cut the SLR requirement by 50 bps which

should allow more liquidity at the end of banks. In the 1st Bi-Monthly monetary

policy in April 2017, the RBI had indicated that inflation could remain at 4.5% in

1HFY18 and gradually rise to 5% in 2HFY18. However, the CPI inflation for April

2017 saw a sharp drop to 2.99% vs. 3.89% in March 2017, this seems to have

resulted in the RBI projecting a lower inflation going ahead.

On the growth front, the RBI has revised its GVA projections by 10 bps to 7.3% for

FY18; however, it has maintained that the process of remonetisation will help in

picking up the discretionary spending fuelling the growth. In another key

announcement, the RBI has reduced the risk weightage on home loans above Rs

75 lakhs to 50% from earlier 75% and in addition to this, the standard asset

provisioning on home loans has been reduced to 25 bps from 40 bps. We had

been positive on the housing finance space in India and the current measure of

lower risk weightage and lower provisioning requirement should bring in higher

growth for the sector in the quarters to come.

Cadilla gets US FDA approval for Mesalamine tablets…

Zydus Cadila, a group company of Cadilla Healthcare, has received US FDA

approval to market Mesalamine tablets in the US. Mesalamine is a generic version

of Lialda which is used extensively in the US to treat ulcerative colitis, which is an

inflammatory bowel condition and afflicts nearly 7 lakh people in the US. Cadilla

was the first to file for an Abbreviated New Drug Application (ANDA) for the

generic version of Lialda and the market size of the brand in the US is estimated to

be nearly $1.15 billion. With this approval coming through, Cadilla now has

nearly 115 approvals from the US FDA. According to our estimates the company

can add around US$60mn and US$20mn in sales and net profit respectively. We

maintain that the valuations of the company are rich and more than adequately

factoring in the positives well, and today’s up move in the stock should be used to

book profits.

Economic and Political News

 Southwest monsoon may hit Maharashtra in next two days

 Working on resolution of large NPA accounts, says RBI

 RBI lowers inflation projection to 2-3.5% in first half FY18

Corporate News

 Idea AGM on June 30 to decide MD Kapania's pay, raising `10,000cr

 Apollo Hospitals aims at better occupancy to boost growth, as Q4 net dips

 Power Finance Corp to borrow `70,000cr this fiscal

www.angelbroking.com

Market Outlook

June 8, 2017

Top Picks HHHHH

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

22,602

1,890

2,161

14.3

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,190

396

447

13.0

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

6,025

630

760

20.6

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

13,520

431

520

20.5

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

is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

7,744

128

160

24.9

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

6,059

185

225

21.4

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

1,680

216

258

19.4

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,156

420

522

24.3

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,116

219

265

21.3

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

1,623

272

344

26.4

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

June 08, 2017

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jun 8, 2017

2:30PM

India

RBI Cash Reserve ratio

Jun 7

4.00

2:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

1Q F

0.50

2:00PM

Industrial Production (YoY)

% Change

Apr

1.40

(0.30)

China

Exports YoY%

% Change

May

8.00

7.20

Jun 9, 2017

5:15PM

Euro Zone

ECB announces interest rates

Jun 8

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

6.40

6:00PM

Consumer price index (mom)

% Change

May

0.20

11:30PM

FOMC rate decision

Jun 14

1.00

1.25

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

May

3.85

Jun 15, 2017

6:45PM

Industrial Production

May

0.98

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

1,225.00

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)

Jun 23, 2017

1:00PM

Germany

PMI Services

Value

Jun P

55.40

7:30PM

New home sales

Thousands

May

569.00

600.00

7:30PM

Consumer Confidence

S.A./ 1985=100

Jun

117.90

Source: Bloomberg, Angel Research

Market Outlook

June 08, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

8.0

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

4.9

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

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

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

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

Stock Watch

June 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

248

4,815

1,937

2,164

13.3

14.3

9.0

11.0

27.5

22.5

4.8

4.2

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

860

43,668

15,176

17,604

18.5

37.4

44.6

23.0

19.3

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Amara Raja Batteries

Buy

874

1,009

14,926

5,305

6,100

16.0

16.3

28.4

34.0

30.8

25.7

5.9

5.0

19.3

2.8

2.4

Apollo Tyres

Neutral

259

13,199

12,877

14,504

14.3

13.9

21.4

23.0

12.1

11.3

1.9

1.6

16.4

15.2

1.2

1.1

Ashok Leyland

Buy

111

26,410

20,021

21,915

11.6

11.9

4.5

5.3

20.6

17.4

4.2

3.7

20.6

21.5

1.3

1.1

Bajaj Auto

Neutral

2,873

83,147

25,093

27,891

19.5

19.2

143.9

162.5

20.0

17.7

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

1,210

28,175

7,726

8,713

20.5

21.2

35.3

42.7

34.3

28.3

6.3

5.7

18.9

20.1

3.7

3.2

Ceat

Neutral

1,892

7,654

7,524

8,624

13.0

12.7

131.1

144.3

14.4

13.1

2.7

2.3

19.8

18.6

1.1

1.0

Eicher Motors

Neutral

29,621

80,635

16,583

20,447

17.5

18.0

598.0

745.2

49.5

39.8

16.9

12.9

41.2

38.3

4.7

3.7

Exide Industries

Neutral

224

19,010

7,439

8,307

15.0

8.1

9.3

27.6

24.1

3.9

3.5

14.3

16.7

2.2

1.9

Gabriel India

Neutral

139

1,995

1,544

1,715

9.0

9.3

5.4

6.3

25.7

22.0

4.9

4.3

18.9

19.5

1.2

1.1

Hero Motocorp

Neutral

3,844

76,764

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

206

542

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

261

2,081

1,486

1,620

9.8

9.9

15.0

17.2

17.4

15.2

3.8

3.2

21.8

21.3

1.5

1.3

JK Tyres

Neutral

182

4,136

7,455

8,056

15.0

21.8

24.5

8.4

7.4

1.8

1.4

22.8

21.3

0.7

0.6

L G Balakrishnan & Bros Neutral

742

1,165

1,302

1,432

11.6

11.9

43.7

53.0

17.0

14.0

2.4

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,433

88,987

46,534

53,077

11.6

11.7

67.3

78.1

21.3

18.4

3.5

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

7,204

217,609

67,822

83,288

16.0

16.4

253.8

312.4

28.4

23.1

6.5

5.3

23.0

22.9

2.9

2.3

Minda Industries

Neutral

624

5,391

2,728

3,042

9.0

9.1

68.2

86.2

9.2

7.2

2.1

1.7

23.8

24.3

2.0

1.8

Motherson Sumi

Neutral

460

64,598

45,896

53,687

7.8

8.3

13.0

16.1

35.3

28.6

11.4

9.1

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

47.4

43.1

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

525

741

837

13.0

15.2

17.0

2.6

2.3

0.4

15.8

16.3

1.1

1.0

Subros

Neutral

268

1,606

1,488

1,681

11.7

11.9

6.4

7.2

41.8

37.4

4.4

4.0

10.8

11.4

1.3

1.1

Swaraj Engines

Neutral

1,945

2,416

660

810

15.2

16.4

54.5

72.8

35.7

26.7

11.1

10.1

31.5

39.2

3.5

2.8

Tata Motors

Neutral

458

132,226

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

536

25,472

13,390

15,948

6.9

7.1

12.8

16.5

42.0

32.4

10.5

8.3

26.3

27.2

1.9

1.6

Capital Goods

ACE

Neutral

640

709

814

4.1

4.6

1.4

2.1

46.2

30.8

1.9

1.8

4.4

6.0

1.1

0.9

BEML

Neutral

1,248

5,196

3,451

4,055

6.3

9.2

31.4

57.9

39.7

21.6

2.4

2.2

6.3

10.9

1.6

1.4

BGR Energy

Neutral

156

1,124

16,567

33,848

6.0

5.6

7.8

5.9

20.0

26.4

1.1

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

June 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

172

38,318

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.7

0.5

0.4

44.6

46.3

3.7

3.3

BHEL

Neutral

138

33,667

28,797

34,742

2.8

2.3

6.9

59.8

19.9

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

630

760

6,025

4,283

5,077

5.9

7.3

14.9

22.1

42.3

28.5

8.2

6.9

20.4

26.4

1.5

1.2

CG Power and Industrial

Neutral

5,280

5,777

6,120

5.9

7.0

3.3

4.5

25.5

18.7

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

156

3,819

1,755

1,881

16.8

16.9

7.8

8.5

20.1

18.4

4.0

3.7

20.6

20.9

1.9

1.7

Inox Wind

Neutral

140

3,106

5,605

6,267

15.7

16.4

24.8

30.0

5.6

4.7

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

266

6,837

9,294

10,186

7.9

8.1

9.9

11.9

26.9

22.4

3.9

3.4

15.6

16.3

1.0

0.9

KEI Industries

Buy

216

258

1,680

2,633

3,001

10.4

10.0

12.7

13.0

17.0

16.6

3.6

3.0

21.4

18.2

0.8

0.7

Thermax

Neutral

955

11,377

5,421

5,940

7.3

25.7

30.2

37.2

31.6

4.5

4.1

12.2

13.1

2.0

1.8

VATech Wabag

Neutral

672

3,668

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

483

15,993

6,511

7,514

7.9

8.7

12.9

16.3

37.5

29.7

6.7

5.9

16.7

18.5

2.2

1.9

Cement

ACC

Neutral

1,612

30,278

11,225

13,172

13.2

16.9

44.5

75.5

36.2

21.4

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

237

47,010

9,350

10,979

18.2

22.5

5.8

9.5

40.8

24.9

3.4

3.1

10.2

12.5

5.0

4.3

India Cements

Neutral

210

6,451

4,364

4,997

18.5

19.2

7.9

11.3

26.6

18.6

1.9

8.0

8.5

2.2

2.0

J K Lakshmi Cement

Neutral

487

5,735

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

1,051

7,349

4,398

5,173

15.5

17.5

31.2

55.5

33.7

18.9

4.0

3.5

12.0

15.5

2.2

1.8

Orient Cement

Neutral

161

3,296

2,114

2,558

18.5

20.5

8.1

11.3

19.9

14.2

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,137

113,575

25,768

30,385

21.0

23.5

111.0

160.0

37.3

25.9

4.8

4.2

13.5

15.8

4.5

3.8

Construction

Engineers India

Neutral

155

10,448

1,725

1,935

16.0

19.1

11.4

13.9

13.6

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Gujarat Pipavav Port

Neutral

144

6,978

705

788

52.2

51.7

5.0

5.6

28.9

25.8

2.9

2.6

11.2

9.6

8.1

ITNL

Neutral

100

3,286

8,946

10,017

31.0

31.6

8.1

9.1

12.3

11.0

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

210

2,958

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,788

166,853

111,017

124,908

11.0

61.1

66.7

29.3

26.8

3.5

3.3

13.1

12.9

2.5

2.3

MEP Infra

Neutral

1,594

1,877

1,943

30.6

29.8

3.0

4.2

32.7

23.4

15.8

10.7

0.6

2.2

2.0

Nagarjuna Const.

Neutral

4,839

8,842

9,775

9.1

8.8

5.3

6.4

16.4

13.6

1.3

1.2

8.2

9.1

0.7

0.6

NBCC

Neutral

201

18,081

7,428

9,549

7.9

8.6

8.2

11.0

24.5

18.3

1.2

1.0

28.2

28.7

2.1

1.6

PNC Infratech

Neutral

145

3,720

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

585

861

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

315

5,404

3,598

4,140

10.3

10.6

9.0

11.9

35.0

26.5

3.7

3.2

9.9

11.9

1.8

1.5

www.angelbroking.com

Stock Watch

June 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

516

2,552

6,829

7,954

10.5

31.4

37.4

16.4

13.8

1.7

1.6

9.9

13.4

0.8

0.7

SIPL

Neutral

110

3,889

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.7

(22.8)

(15.9)

12.0

10.0

Financials

Axis Bank

Accumulate

513

580

123,026

46,932

53,575

3.5

3.4

32.4

44.6

15.9

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

177

40,772

19,980

23,178

1.8

11.5

17.3

15.4

10.2

1.8

1.5

8.3

10.1

Can Fin Homes

Neutral

2,908

7,742

420

526

3.5

86.5

107.8

33.6

27.0

7.2

5.9

23.6

24.1

Canara Bank

Neutral

363

21,670

15,225

16,836

1.8

14.5

28.0

25.0

13.0

1.7

1.4

5.8

8.5

Cholamandalam Inv. &

Buy

1,043

1,230

16,299

2,012

2,317

6.3

42.7

53.6

24.4

19.5

3.9

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

431

520

13,520

2,225

2,688

2.9

29.7

34.6

14.5

12.5

2.3

1.5

16.1

14.8

Equitas Holdings

Buy

158

235

5,347

939

1,281

11.7

11.5

5.8

8.2

27.3

19.3

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

115

125

19,846

8,259

8,995

3.0

4.3

5.6

26.7

20.5

2.3

2.1

8.5

10.1

HDFC

Neutral

1,598

253,918

11,475

13,450

3.4

45.3

52.5

35.3

30.4

6.8

6.0

20.2

20.5

HDFC Bank

Neutral

1,641

421,427

46,097

55,433

4.5

58.4

68.0

28.1

24.1

4.9

4.1

18.8

18.6

ICICI Bank

Neutral

325

189,262

42,800

44,686

3.1

3.3

18.0

21.9

18.0

14.8

2.4

2.3

11.1

12.3

Karur Vysya Bank

Buy

128

160

7,744

5,640

6,030

3.3

3.2

8.9

10.0

14.4

12.8

1.5

1.4

11.2

11.4

Lakshmi Vilas Bank

Neutral

187

3,585

3,339

3,799

2.7

2.8

11.0

14.0

17.0

13.4

1.8

1.6

11.2

12.7

LIC Housing Finance

Neutral

740

37,327

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

152

32,356

23,532

23,595

2.3

2.4

6.8

12.6

22.4

12.1

3.5

2.5

3.3

6.5

RBL Bank

Neutral

549

20,668

1,783

2,309

2.6

12.7

16.4

43.3

33.5

4.7

4.2

12.8

13.3

Repco Home Finance

Neutral

786

4,917

388

457

4.5

4.2

30.0

38.0

26.2

20.7

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,113

6,435

7,578

2.5

2.7

3.1

10.5

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

291

235,794

88,650

98,335

2.6

13.5

18.8

21.5

15.5

2.1

1.8

7.0

8.5

Union Bank

Neutral

159

10,951

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

1,494

68,294

8,978

11,281

3.3

3.4

74.0

90.0

20.2

16.6

3.8

3.3

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,792

8,595

2,955

3,309

13.3

13.7

57.2

69.3

31.4

25.9

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,162

111,488

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

3,637

43,642

9,594

11,011

14.6

14.9

80.3

94.0

45.3

38.7

18.6

14.4

41.2

4.4

3.8

Colgate

Neutral

1,066

28,986

4,605

5,149

23.4

23.8

26.9

44.8

39.6

24.8

19.4

64.8

66.8

6.2

5.5

Dabur India

Accumulate

284

304

49,983

8,315

9,405

19.8

20.7

8.1

9.2

35.0

30.8

9.8

8.1

31.6

31.0

5.7

5.0

GlaxoSmith Con*

Neutral

5,350

22,500

4,350

4,823

21.2

21.4

179.2

196.5

29.9

27.2

7.9

6.7

27.1

26.8

4.6

4.0

www.angelbroking.com

Stock Watch

June 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

1,862

63,423

10,235

11,428

18.4

18.6

41.1

44.2

45.3

42.1

10.1

8.5

24.9

24.8

6.3

5.6

HUL

Neutral

1,107

239,541

35,252

38,495

17.8

20.7

22.4

53.6

49.4

51.2

43.9

95.6

88.9

6.6

6.1

ITC

Neutral

312

379,241

40,059

44,439

38.3

39.2

9.0

10.1

34.8

30.8

9.7

8.5

27.8

27.5

9.0

8.1

Marico

Neutral

320

41,231

6,430

7,349

18.8

19.5

6.4

7.7

49.9

41.5

15.1

12.7

33.2

32.5

6.2

5.4

Nestle*

Neutral

6,668

64,291

10,073

11,807

20.7

21.5

124.8

154.2

53.4

43.2

21.9

19.7

34.8

36.7

6.2

5.3

Procter & Gamble

Neutral

7,898

25,637

2,939

3,342

23.2

23.0

146.2

163.7

54.0

48.3

13.7

11.4

25.3

23.5

8.3

7.2

Hygiene

Tata Global

Neutral

156

9,817

8,675

9,088

9.8

7.4

8.2

21.0

19.0

1.7

1.6

7.9

8.1

1.1

1.0

HCL Tech^

Buy

878

1,014

125,332

46,723

52,342

22.1

20.9

60.0

62.8

14.6

14.0

3.7

3.1

25.3

22.4

2.4

2.1

Infosys

Buy

962

1,179

220,851

68,484

73,963

26.0

63.0

64.0

15.3

15.0

3.2

2.9

20.8

19.7

2.9

2.6

TCS

Neutral

2,615

515,336

117,966

127,403

27.5

27.6

134.3

144.5

19.5

18.1

5.8

5.4

29.8

29.7

4.0

3.7

Tech Mahindra

Buy

400

533

38,946

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

549

133,539

55,421

58,536

20.3

35.1

36.5

15.6

15.0

2.7

2.3

19.2

14.6

1.8

1.6

Media

D B Corp

Neutral

373

6,869

2,297

2,590

27.4

28.2

21.0

23.4

17.8

16.0

4.2

3.6

23.7

23.1

2.8

2.4

Hindustan Media

Neutral

275

2,019

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

1,925

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

185

225

6,059

2,283

2,555

28.0

10.6

12.3

17.4

15.1

3.7

3.2

21.4

2.7

2.3

Sun TV Network

Neutral

823

32,445

2,850

3,265

70.1

71.0

26.2

30.4

31.4

27.1

8.0

7.1

24.3

25.6

11.0

9.4

TV Today Network

Buy

272

344

1,623

608

667

21.5

22.3

15.7

19.2

17.4

14.1

2.6

2.3

16.1

16.0

2.3

2.0

Metals & Mining

Coal India

Neutral

264

163,845

84,638

94,297

21.4

22.3

24.5

27.1

10.8

9.7

4.5

4.3

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

233

98,387

14,252

18,465

55.9

48.3

15.8

21.5

14.7

10.8

2.4

2.1

17.0

20.7

6.9

5.3

Hindalco

Neutral

197

44,261

107,899

112,095

7.4

8.2

9.2

13.0

21.5

15.2

1.0

4.8

6.6

0.9

JSW Steel

Neutral

195

47,208

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

116

36,559

6,643

7,284

44.4

47.7

7.1

7.7

16.3

15.0

1.4

8.8

9.2

3.3

2.9

SAIL

Neutral

23,542

47,528

53,738

(0.7)

2.1

(1.9)

2.6

21.9

0.6

(1.6)

3.9

1.3

1.2

Tata Steel

Neutral

491

47,692

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

233

86,685

71,744

81,944

19.2

21.7

13.4

20.1

17.4

11.6

1.5

1.3

8.4

11.3

1.6

1.3

Oil & Gas

GAIL

Neutral

403

68,083

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

427

207,517

373,359

428,656

5.9

5.5

54.0

59.3

7.9

7.2

1.2

1.1

16.0

15.6

0.7

0.6

ONGC

Neutral

172

221,309

137,222

152,563

15.0

21.8

19.5

24.1

8.8

7.2

0.8

0.7

8.5

10.1

1.9

1.7

www.angelbroking.com

Stock Watch

June 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

Reliance Industries

Neutral

1,339

435,432

301,963

358,039

12.1

12.6

87.7

101.7

15.3

13.2

1.6

1.4

10.7

11.3

1.9

1.6

Pharmaceuticals

Alembic Pharma

Buy

553

648

10,422

3,101

3,966

19.7

20.5

21.4

25.5

25.8

21.7

5.5

4.5

23.0

22.8

3.3

2.5

Alkem Laboratories Ltd

Accumulate

1,890

2,161

22,602

5,853

6,901

17.1

18.4

74.6

85.0

25.3

22.2

5.4

4.5

21.1

20.2

3.8

3.3

Aurobindo Pharma

Buy

598

823

35,039

14,845

17,086

21.5

22.1

39.4

44.7

15.2

13.4

3.7

3.0

27.6

24.7

2.5

2.2

Aventis*

Neutral

4,076

9,387

2,206

2,508

16.6

16.8

128.9

139.9

31.6

29.1

5.4

4.2

21.6

23.5

4.0

3.4

Cadila Healthcare

Neutral

537

55,001

9,220

11,584

18.4

20.3

14.5

18.7

37.1

28.7

7.9

6.4

23.5

24.6

6.3

4.8

Cipla

Reduce

539

465

43,398

15,378

18,089

15.7

16.8

19.3

24.5

28.0

22.0

3.3

2.9

12.3

13.9

3.0

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

2,541

42,097

14,081

15,937

16.1

18.6

72.6

105.9

35.0

24.0

3.4

3.1

9.6

13.6

3.2

2.8

GSK Pharma*

Neutral

2,448

20,738

2,927

3,290

11.8

16.2

34.4

49.6

71.2

49.4

10.3

10.7

13.9

21.3

6.9

6.2

Indoco Remedies

Buy

196

240

1,802

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

505

613

6,372

3,258

3,747

12.8

15.3

12.1

19.2

41.7

26.3

2.6

2.4

6.4

9.5

2.1

1.8

Lupin

Buy

1,154

1,809

52,129

15,912

18,644

26.4

26.7

58.1

69.3

19.9

16.7

3.9

3.2

21.4

20.9

3.4

2.7

Natco Pharma

Accumulate

995

1,060

17,350

2,065

1,988

33.1

33.7

27.9

25.7

35.7

38.7

10.4

8.9

29.2

22.9

8.5

8.6

Sun Pharma

Buy

511

847

122,637

31,129

35,258

32.0

32.9

30.2

35.3

16.9

14.5

2.8

2.3

20.0

20.1

3.5

2.9

Power

NTPC

Neutral

158

130,155

86,605

95,545

17.5

20.8

11.8

13.4

11.8

1.4

1.3

10.5

11.1

2.8

Power Grid

Accumulate

205

223

107,169

25,315

29,193

88.2

88.7

14.2

17.2

14.5

11.9

2.2

1.9

15.2

16.1

8.9

8.0

Tata Power

Neutral

21,638

36,916

39,557

17.4

27.1

5.1

6.3

15.7

12.7

1.4

1.3

9.0

10.3

1.6

1.4

Real Estate

MLIFE

Buy

420

522

2,156

1,152

1,300

22.7

24.6

29.9

35.8

14.1

11.7

1.0

7.6

8.6

2.6

2.2

Prestige Estate

Neutral

247

9,278

4,707

5,105

25.2

26.0

10.3

13.0

24.0

19.0

1.9

1.8

10.3

10.2

3.1

2.8

Telecom

Bharti Airtel

Neutral

373

148,983

105,086

114,808

34.5

34.7

12.2

16.4

30.6

22.7

2.1

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

28,432

40,133

43,731

37.2

37.1

6.4

6.5

12.3

12.1

1.0

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,207

8,939

3,153

3,583

14.1

14.4

152.2

182.7

27.6

23.0

135.7

115.9

25.6

26.1

2.5

2.2

Asian Granito

Accumulate

396

447

1,190

1,066

1,169

11.6

12.5

13.0

16.0

30.4

24.8

3.0

2.7

9.5

10.7

1.4

1.3

Bajaj Electricals

Accumulate

358

395

3,629

4,801

5,351

5.7

6.2

10.4

13.7

34.4

26.2

4.3

3.8

12.4

14.5

0.8

0.7

Banco Products (India)

Neutral

224

1,600

1,353

1,471

12.3

12.4

14.5

16.3

15.4

13.7

21.3

19.2

14.5

14.6

1.1

120.7

Coffee Day Enterprises

Neutral

246

5,070

2,964

3,260

20.5

21.2

4.7

8.0

30.8

2.8

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

7.1

8.5

38.4

34.7

14.3

11.5

0.1

Elecon Engineering

Neutral

698

1,482

1,660

13.7

14.5

3.9

5.8

16.0

10.7

3.8

3.4

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

June 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

Finolex Cables

Neutral

512

7,830

2,883

3,115

12.0

12.1

14.2

18.6

36.1

27.5

19.2

16.8

15.8

14.6

2.4

2.2

Garware Wall Ropes

Neutral

800

1,750

863

928

15.1

15.2

36.4

39.4

22.0

20.3

4.0

3.4

17.5

15.9

1.9

1.8

Goodyear India*

Neutral

875

2,017

1,598

1,704

10.4

10.2

49.4

52.6

17.7

16.6

81.7

71.7

18.2

17.0

0.9

135.0

Hitachi

Neutral

2,066

5,618

2,081

2,433

8.8

8.9

33.4

39.9

61.9

51.8

49.9

41.6

22.1

21.4

2.7

2.3

HSIL

Neutral

345

2,497

2,384

2,515

15.8

16.3

15.3

19.4

22.6

17.8

22.4

19.3

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,128

40,783

21,122

26,005

14.5

27.6

110.7

132.1

10.2

8.5

61.0

43.6

168.5

201.1

1.9

1.5

Jyothy Laboratories

Neutral

376

6,831

1,440

2,052

11.5

13.0

8.5

10.0

44.2

37.6

10.7

9.9

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

381

5,505

2,554

2,800

9.9

10.0

10.5

12.1

36.3

31.5

15.2

14.3

10.7

11.7

1.8

1.6

Ltd

Linc Pen & Plastics

Neutral

263

389

382

420

9.3

9.5

13.5

15.7

19.5

16.7

3.3

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

616

744

546

608

20.4

20.7

41.3

48.7

14.9

12.6

84.4

74.7

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

774

4,431

836

1,087

19.6

19.4

16.9

23.8

45.8

32.5

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

140

1,687

963

1,069

17.2

18.0

6.1

7.5

22.9

18.7

3.5

3.0

15.0

15.7

2.0

1.8

MT Educare

Neutral

255

366

417

17.7

18.2

9.4

10.8

6.9

5.9

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

316

6,453

1,873

2,166

11.5

11.7

2.6

4.0

119.4

79.6

7.3

6.6

6.1

8.3

3.5

3.1

Navkar Corporation

Buy

219

265

3,116

347

371

43.2

37.3

6.7

6.0

32.8

36.4

2.3

2.0

6.2

10.6

10.1

9.4

Navneet Education

Neutral

188

4,385

1,062

1,147

24.0

6.1

6.6

30.8

28.3

6.3

5.6

20.6

19.8

4.2

3.9

Nilkamal

Neutral

2,043

3,048

1,995

2,165

10.7

10.4

69.8

80.6

29.3

25.3

116.7

101.4

16.6

16.5

1.5

1.4

Page Industries

Neutral

14,869

16,585

2,450

3,124

20.1

17.6

299.0

310.0

49.7

48.0

331.2

252.8

47.1

87.5

6.8

5.4

Parag Milk Foods

Neutral

232

1,953

1,919

2,231

9.3

9.6

9.5

12.9

24.6

18.0

3.8

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

213

1,492

408

495

27.3

27.0

7.7

8.8

27.5

24.2

2.6

9.3

10.6

2.8

2.3

Radico Khaitan

Buy

124

147

1,643

1,667

1,824

13.0

13.2

6.7

8.2

18.6

15.1

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

491

5,903

2,085

2,469

9.2

8.2

7.6

8.0

65.0

61.8

25.2

21.5

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

287

4,157

1,036

1,160

15.1

15.0

6.1

7.2

47.1

40.1

5.0

4.6

10.7

11.5

3.9

3.4

Siyaram Silk Mills

Accumulate

2,175

2,376

2,039

1,574

1,769

12.5

12.7

97.1

113.1

22.4

19.2

3.4

3.0

15.4

15.5

1.5

1.3

Styrolution ABS India*

Neutral

775

1,362

1,440

1,537

9.2

9.0

40.6

42.6

19.1

18.2

48.7

44.3

12.3

11.6

0.9

0.8

Surya Roshni

Neutral

290

1,271

3,342

3,625

7.8

7.5

17.3

19.8

16.8

14.7

31.9

25.6

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,235

2,112

3,229

4,001

1.5

1.8

22.8

32.8

54.2

37.6

5.8

5.0

10.7

13.4

0.6

0.4

The Byke Hospitality

Neutral

190

762

287

384

20.5

7.6

10.7

25.0

17.8

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

322

2,468

2,671

2,911

8.5

8.8

13.9

15.7

23.3

20.6

3.2

2.8

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

June 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

TVS Srichakra

Neutral

4,130

3,162

2,304

2,614

13.7

13.8

231.1

266.6

17.9

15.5

464.0

365.4

33.9

29.3

1.4

1.2

UFO Moviez

Neutral

381

1,051

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

452

718

1,051

1,138

10.3

10.4

21.0

23.1

21.5

19.5

58.0

54.3

9.0

9.2

0.9

VRL Logistics

Neutral

324

2,952

1,902

2,119

16.7

16.6

14.6

16.8

22.2

19.2

4.9

4.3

21.9

22.2

1.7

1.5

Wonderla Holidays

Neutral

368

2,078

287

355

38.0

40.0

11.3

14.2

32.5

25.9

4.7

4.1

21.4

23.9

6.9

5.6

VIP Industries

Accumulate

194

218

2,745

1,270

1,450

10.4

5.6

6.5

34.7

29.9

7.2

6.3

20.7

21.1

2.2

1.9

Navin Fluorine

Buy

3,139

3,650

3,074

789

945

21.1

22.4

120.1

143.4

26.1

21.9

4.2

3.6

17.8

18.5

3.8

3.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 07, 2017

www.angelbroking.com

Market Outlook

June 08, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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