Market Outlook
December 08, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian market is expected to open on a positive note tracking the SGX Nifty and
BSE Sensex
(0.6)
(156)
26,237
strong global markets.
Nifty
(0.5)
(41)
8,102
The US markets continued it’s up move and reached new highs on broad based
Mid Cap
(0.2)
(20)
12,325
buying. After initially showing a lack of direction stocks moved sharply higher over
Small Cap
(0.5)
(62)
12,102
the course of the trading session on Wednesday. The strength in the market can be
Bankex
(1.1)
(225)
20,849
attribute to the expectations of positive out come from European Central Bank’s
monetary policy announcement.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets also closed on a strong footing. The European Central Bank
Dow Jones
1.6
298
19,550
is expected to extend its asset purchase program beyond March 2017 amid the
Nasdaq
1.1
61
5,394
recent political turmoil in Europe following the referendum in Italy. Next week Fed’s
policy also remains on focus where it is widely expected that rates will be hiked.
FTSE
1.8
122
6,902
Nikkei
0.7
136
18,497
Indian markets had been waiting for a relief from RBI in the form of rate cuts.
Hang Seng
0.6
126
22,801
However, in today policy keeping the rates unchanged the RBI has surprised the
street. With deposit base rising substantially banks had already started reducing the
Shanghai Com
0.7
23
3,222
deposit rates and a reduction in repo rate would have allowed banks for further
easing rates. With hawkish views from RBI the broader markets reacted negatively
Advances / Declines
BSE
NSE
and Indian markets corrected quickly reacting to RBI’s decision. In the absence of
Advances
1,061
564
any major development the domestic markets would now on depend on largely
Declines
1,576
1038
global cues.
Unchanged
169
77
News Analysis
Rate cut gets delayed amid concern over inflation
Volumes (` Cr)
Detailed analysis on Pg2
BSE
2,549
Investor’s Ready Reckoner
NSE
15,900
Key Domestic & Global Indicators
Net Inflows (` Cr)
Net
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
FII
(362)
(718)
26,915
MFs
(221)
12,985
34,817
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Amara Raja Batt. Auto & Auto Ancill.
Buy
919
1,167
27.0
Nationalum
69
12.2
Alkem Laboratories Pharmaceuticals
Buy
1,675
1,989
18.7
Mmtc
55
10.5
HCL Tech
IT
Buy
785
1,000
27.4
Bergepaint
228
4.6
Power Grid Corp. Power
Buy
182
223
22.2
Navkar Corp.
Others
Buy
176
265
50.9
Eichermot
23,316
3.8
More Top Picks on Pg3
Bpcl
632
3.0
Key Upcoming Events
Previous
Consensus
Top Losers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Religare
250
(7.3)
Dec 8 US
Initial Jobless claims
268.0
255.0
Sunpharma
664
(6.0)
Dec 8 China
Exports YoY%
(7.3)
(5.0)
Hdil
61
(4.3)
Dec 8 India
Imports YoY%
8.1
--
Dec 8 India
Exports YoY%
9.6
--
Cholafin
879
(3.9)
Dec 9 Euro Zone ECB announces interest rates
--
--
Jubilant
668
(3.6)
More Events on Pg4
As on December 07, 2016
Market Outlook
December 08, 2016
News Analysis
Rate cut gets delayed amid concern over inflation
With inflation under control and expectations of an economic slowdown post
demonetization we as well the stress had factored in a 25 bps rate cut. However,
RBI seems to be worried on inflation spiking up due to rising crude oil prices. RBI
also has indicated that the growth momentum has started seeing some weakness
and accordingly it has revised GVA growth for 2016-17 down from 7.6% to 7.1%.
RBI has categorically said that their decision to keep rates unchanged had nothing
to do the US Fed’s decision and their further course of action depends on lot of
data. We believe by next policy meet lot more clarity should be there including
inflation and the real impact of GDP for Q3FY17 based on corporate results and
RBI could go for rate cuts. However, looking at the current move rate sensitive
stocks could remain under pressure in the near term.
Economic and Political News
Cabinet nod to expand mandate of DMIC trust fund
Odisha to set aside legacy of failed mega projects, tap emerging sectors
ISRO launches another remote sending satellite
Centre to spend `60,000cr more on rural jobs
Corporate News
Compensation to Tata & Adani: regulator provides relief, reduces impact
Govt probes prior info of ONGC gas migrating to RIL block;
US FDA raises fresh concerns on Sun Pharma’s Halol plant
Essel Infra projects in talks to buy IVRCL unit
Market Outlook
December 08, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,699
919
1,167
27.0
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
20,030
1,675
1,989
18.7
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
1,10,709
785
1,000
27.4
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,22,023
967
1,249
29.2
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,26,143
1,353
1,634
20.7
trigger the growth for the L&T
One of the largest pharma companies with strong
international presence. It has a rich pipeline of ANDAs
Lupin
67,973
1,508
1,809
20.0
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
95,450
182
223
22.2
top-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
644
214
351
63.9
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,197
217
274
25.9
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Favourable outlook for AC industry augurs well for Cooling
Blue Star
4,444
466
634
36.1
products business which is outgrowing the market. EMPPAC
division's is likely to turn around on improving economy
With a focus on the low and medium income (LMI)
Dewan Housing Finance
7,721
247
350
41.9
consumer 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
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
5,326
159
235
48.0
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
5,551
170
225
32.5
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,436
350
522
49.1
visibilty in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
968
80
107
33.0
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,504
176
265
50.9
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,159
1,237
1,605
29.8
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
1,731
290
385
32.7
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 08, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Dec 08, 2016
2:30 PM
India
RBI Repo rate
%
Dec 7
6.25
6.00
China Exports YoY%
% Change
Nov
(7.30)
(5.00)
India
Exports YoY%
% Change
Nov
9.59
Dec 09, 2016
6:15 PM
Euro Zone ECB announces interest rates
%
Dec 8
-
-
India
Imports YoY%
% Change
Nov
8.10
7:00 AM
China Consumer Price Index (YoY)
% Change
Nov
2.10
2.20
Dec 12, 2016
5:30 PM
India
Industrial Production YoY
% Change
Oct
0.70
Dec 13, 2016
3:00 PM
UK CPI (YoY)
% Change
Nov
0.90
7:30 AM
China Industrial Production (YoY)
% Change
Nov
6.10
6.10
Dec 14, 2016
3:00 PM
UK Jobless claims change
% Change
Nov
9.80
7:45 PM
US
Industrial Production
%
Nov
0.04
(0.40)
US
Producer Price Index (mom)
% Change
Nov
0.40
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
3.39
Dec 15, 2016
2:00 PM
Germany PMI Services
Value
Dec P
55.10
7:00 PM
US
Consumer price index (mom)
% Change
Nov
0.40
0.20
2:00 PM
Germany PMI Manufacturing
Value
Dec P
54.30
5:30 PM
UK BOE Announces rates
% Ratio
Dec 15
0.25
12:30 AM
US
FOMC rate decision
%
Dec 14
0.50
0.75
Dec 16, 2016
7:00 PM
US
Housing Starts
Thousands
Nov
1,323.00
1,233.00
7:00 PM
US
Building permits
Thousands
Nov
1,260.00
1,238.00
3:30 PM
Euro Zone Euro-Zone CPI (YoY)
%
Nov F
0.60
Dec 21, 2016
8:30 PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec A
(6.10)
8:30 PM
US
Existing home sales
Million
Nov
5.60
Dec 22, 2016
7:00 PM
US
GDP Qoq (Annualised)
% Change
3Q T
3.20
3.30
Dec 23, 2016
8:30 PM
US
New home sales
Thousands
Nov
563.00
8:30 PM
US
Consumer Confidence
S.A./ 1985=100
Dec
107.10
Dec 27, 2016
6:30 AM
China PMI Manufacturing
Value
Dec
51.70
Source: Bloomberg, Angel Research
Market Outlook
December 08, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
8.0
7.5
7.5
7.6
2.0
1.3
7.2
7.1
7.3
0.7
6.6
6.7
1.0
0.3
7.0
6.4
5.8
-
6.0
(1.0)
5.0
(0.9)
(0.7)
(2.0)
(1.3)
(1.6)
4.0
(3.0)
(2.5)
3.0
(4.0)
(3.4)
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
5.6
5.7
5.8
5.8
6.0
5.4
5.5
5.3
5.1
52.0
4.8
5.0
4.4
4.2
50.0
4.0
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
15.0
7.00
10.0
6.50
5.0
6.00
0.0
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
3.50
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
201
-
3,918
1,937
2,164
13.3
14.3
9.0
11.0
22.4
18.3
3.9
3.4
18.4
19.8
2.1
1.8
United Phosphorus
Accumulate
671
684
34,032
15,176
17,604
18.5
18.5
37.4
44.6
18.0
15.1
3.5
2.9
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
77
111
21,842
22,407
26,022
10.6
10.6
5.2
6.4
14.7
12.0
3.3
2.8
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,702
-
78,178
25,093
27,891
19.5
19.2
143.9
162.5
18.8
16.6
5.3
4.5
30.3
29.4
2.8
2.5
Bharat Forge
Neutral
916
-
21,324
7,726
8,713
20.5
21.2
35.3
42.7
26.0
21.5
4.8
4.3
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
23,382
-
63,508
16,583
20,447
17.5
18.0
598.0
745.2
39.1
31.4
13.4
10.2
41.2
38.3
3.5
2.7
Gabriel India
Buy
106
130
1,522
1,544
1,715
9.0
9.3
5.4
6.3
19.6
16.8
3.7
3.3
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,227
3,541
64,443
30,958
34,139
15.7
15.7
193.6
208.3
16.7
15.5
6.5
5.4
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
173
-
1,379
1,486
1,620
9.8
9.9
15.0
17.2
11.5
10.0
2.5
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
600
-
942
1,302
1,432
11.6
11.9
43.7
53.0
13.7
11.3
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,184
-
73,553
46,534
53,077
11.6
11.7
67.3
78.1
17.6
15.2
2.9
2.5
15.4
15.8
1.5
1.3
Maruti
Accumulate
5,118
6,006
154,611
68,057
82,958
15.8
15.5
212.1
261.2
24.1
19.6
4.8
4.0
19.8
20.3
2.0
1.6
Minda Industries
Neutral
296
-
2,350
2,728
3,042
9.0
9.1
68.2
86.2
4.3
3.4
1.0
0.8
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
313
-
43,891
45,896
53,687
7.8
8.3
13.0
16.1
24.0
19.4
7.7
6.2
34.7
35.4
1.0
0.9
Rane Brake Lining
Neutral
1,013
-
802
511
562
11.3
11.5
28.1
30.9
36.1
32.8
5.5
5.0
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
37
-
490
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
445
-
128,553
300,209
338,549
8.9
8.4
42.7
54.3
10.4
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
360
-
17,094
13,390
15,948
6.9
7.1
12.8
16.5
28.2
21.8
7.0
5.6
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
919
1,167
15,699
5,504
6,605
17.6
17.5
33.4
40.9
27.5
22.5
6.1
4.9
22.1
22.0
2.9
2.4
Exide Industries
Neutral
176
-
14,918
7,439
8,307
15.0
15.0
8.1
9.3
21.7
18.9
3.0
2.7
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
188
235
9,587
12,877
14,504
14.3
13.9
21.4
23.0
8.8
8.2
1.4
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,255
1,450
5,076
7,524
8,624
13.0
12.7
131.1
144.3
9.6
8.7
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
119
-
2,709
7,455
8,056
15.0
15.0
21.8
24.5
5.5
4.9
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,343
-
1,668
660
810
15.2
16.4
54.5
72.8
24.7
18.5
7.7
7.0
31.5
39.2
2.3
1.9
Subros
Neutral
163
-
977
1,488
1,681
11.7
11.9
6.4
7.2
25.5
22.7
2.7
2.4
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
175
-
459
286
326
19.8
16.8
11.7
13.3
15.0
13.1
2.5
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
48
-
478
709
814
4.1
4.6
1.4
2.1
34.5
23.0
1.4
1.3
4.4
6.0
0.9
0.8
BEML
Neutral
864
-
3,598
3,451
4,055
6.3
9.2
31.4
57.9
27.5
14.9
1.7
1.5
6.3
10.9
1.1
0.9
Bharat Electronics
Neutral
1,459
-
32,577
8,137
9,169
16.8
17.2
58.7
62.5
24.9
23.3
3.9
3.4
44.6
46.3
2.9
2.6
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
310
407
10,271
6,511
7,514
7.9
8.7
12.9
16.3
24.1
19.0
4.3
3.8
16.7
18.5
1.3
1.1
BGR Energy
Neutral
116
-
839
16,567
33,848
6.0
5.6
7.8
5.9
14.9
19.7
0.9
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
128
-
31,231
28,797
34,742
-
2.8
2.3
6.9
55.5
18.5
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
466
634
4,444
4,283
5,077
5.9
7.3
14.9
22.1
31.3
21.1
6.1
5.1
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
66
-
4,127
5,777
6,120
5.9
7.0
3.3
4.5
20.0
14.6
0.9
0.8
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
127
-
3,104
1,755
1,881
16.8
16.9
7.8
8.5
16.3
15.0
3.3
3.0
20.6
20.9
1.5
1.3
Inox Wind
Neutral
200
-
4,433
5,605
6,267
15.7
16.4
24.8
30.0
8.1
6.7
2.2
1.7
25.9
24.4
0.8
0.6
KEC International
Neutral
140
-
3,608
9,294
10,186
7.9
8.1
9.9
11.9
14.2
11.8
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
830
-
9,890
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
486
681
2,651
3,136
3,845
8.9
9.1
26.0
35.9
18.7
13.6
2.3
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,350
-
25,351
11,225
13,172
13.2
16.9
44.5
75.5
30.3
17.9
2.9
2.7
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
209
-
41,579
9,350
10,979
18.2
22.5
5.8
9.5
36.1
22.0
3.0
2.7
10.2
12.5
4.4
3.7
India Cements
Neutral
112
-
3,440
4,364
4,997
18.5
19.2
7.9
11.3
14.2
9.9
1.0
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
735
-
5,143
4,398
5,173
15.5
17.5
31.2
55.5
23.6
13.3
2.8
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
378
565
4,442
2,913
3,412
14.5
19.5
7.5
22.5
50.3
16.8
3.1
2.6
12.5
18.0
2.1
1.8
Orient Cement
Buy
130
215
2,671
2,114
2,558
18.5
20.5
8.1
11.3
16.1
11.5
2.4
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,567
-
97,880
25,768
30,385
21.0
23.5
111.0
160.0
32.1
22.3
4.1
3.6
13.5
15.8
3.9
3.2
Construction
ITNL
Neutral
99
-
3,268
8,946
10,017
31.0
31.6
8.1
9.1
12.3
10.9
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Accumulate
766
802
2,155
1,385
1,673
14.7
14.0
41.2
48.5
18.6
15.8
3.5
3.0
14.9
15.2
1.6
1.3
Larsen & Toubro
Buy
1,353
1,634
126,143
111,017
124,908
11.0
11.0
61.1
66.7
22.2
20.3
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
138
-
6,679
705
788
52.2
51.7
5.0
5.6
27.6
24.7
2.7
2.5
11.2
11.2
9.1
7.7
Nagarjuna Const.
Neutral
79
-
4,417
8,842
9,775
9.1
8.8
5.3
6.4
15.0
12.4
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
112
143
2,878
2,350
2,904
13.1
13.2
9.0
8.8
12.5
12.8
0.5
0.4
15.9
13.9
1.3
1.1
Simplex Infra
Neutral
295
-
1,460
6,829
7,954
10.5
10.5
31.4
37.4
9.4
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
452
-
665
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
273
298
4,674
3,598
4,140
10.3
10.6
9.0
11.9
30.3
22.9
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
232
-
13,947
7,428
9,549
7.9
8.6
8.2
11.0
28.4
21.1
1.4
1.1
28.2
28.7
1.6
1.1
MEP Infra
Neutral
36
-
585
1,877
1,943
30.6
29.8
3.0
4.2
12.0
8.6
5.8
3.9
0.6
0.6
1.7
1.5
SIPL
Neutral
91
-
3,195
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.4
3.9
(22.8)
(15.9)
11.3
9.4
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
Engineers India
Neutral
298
-
10,042
1,725
1,935
16.0
19.1
11.4
13.9
26.1
21.4
3.6
3.5
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
448
630
106,819
46,932
53,575
3.5
3.4
32.4
44.6
13.8
10.0
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
158
-
36,371
19,980
23,178
1.8
1.8
11.5
17.3
13.7
9.1
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
308
-
16,740
15,225
16,836
1.8
1.8
14.5
28.0
21.3
11.0
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
247
350
7,721
2,225
2,688
2.9
2.9
29.7
34.6
8.3
7.1
1.3
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
159
235
5,326
939
1,281
11.7
11.5
5.8
8.2
27.4
19.4
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
69
-
11,881
9,353
10,623
2.9
2.9
4.4
5.8
15.7
11.9
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,265
-
200,063
11,475
13,450
3.4
3.4
45.3
52.5
27.9
24.1
5.4
4.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,181
1,350
299,024
46,097
55,433
4.5
4.5
58.4
68.0
20.2
17.4
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
258
315
150,396
42,800
44,686
3.1
3.3
18.0
21.9
14.4
11.8
1.9
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
145
174
2,597
3,339
3,799
2.7
2.8
11.0
14.0
13.2
10.3
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
554
630
27,946
3,712
4,293
2.6
2.5
39.0
46.0
14.2
12.0
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
132
-
28,025
23,532
23,595
2.3
2.4
6.8
12.6
19.4
10.5
3.0
2.1
3.3
6.5
-
-
RBL Bank
Neutral
345
-
12,758
1,783
2,309
2.6
2.6
12.7
16.4
27.2
21.0
3.0
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,863
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.8
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
255
-
198,223
88,650
98,335
2.6
2.6
13.5
18.8
18.9
13.6
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
141
-
9,717
13,450
14,925
2.3
2.3
25.5
34.5
5.5
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,190
-
50,084
8,978
11,281
3.3
3.4
74.0
90.0
16.1
13.2
3.1
2.6
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
933
-
89,464
17,128
18,978
16.8
16.4
19.1
20.7
48.8
45.1
17.0
16.0
34.8
35.5
5.2
4.7
Britannia
Buy
3,000
3,626
35,991
9,594
11,011
14.6
14.9
80.3
94.0
37.4
31.9
15.4
11.9
41.2
-
3.6
3.1
Colgate
Accumulate
921
995
25,055
4,605
5,149
23.4
23.4
23.8
26.9
38.7
34.3
21.4
16.8
64.8
66.8
5.4
4.8
Dabur India
Accumulate
280
304
49,221
8,315
9,405
19.8
20.7
8.1
9.2
34.5
30.4
9.6
8.0
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,010
-
21,071
4,350
4,823
21.2
21.4
179.2
196.5
28.0
25.5
7.4
6.3
27.1
26.8
4.4
3.8
Godrej Consumer
Neutral
1,448
-
49,308
10,235
11,428
18.4
18.6
41.1
44.2
35.2
32.8
7.8
6.6
24.9
24.8
5.1
4.5
HUL
Neutral
835
-
180,671
35,252
38,495
17.8
17.8
20.7
22.4
40.4
37.3
38.6
33.1
95.6
88.9
5.0
4.6
ITC
Buy
228
284
274,671
40,059
44,439
38.3
39.2
9.0
10.1
25.3
22.5
7.1
6.2
27.8
27.5
6.5
5.9
Marico
Buy
256
300
32,970
6,430
7,349
18.8
19.5
6.4
7.7
39.9
33.2
12.1
10.1
33.2
32.5
4.9
4.3
Nestle*
Neutral
6,293
-
60,676
10,073
11,807
20.7
21.5
124.8
154.2
50.4
40.8
20.7
18.6
34.8
36.7
5.8
4.9
Tata Global
Neutral
122
-
7,719
8,675
9,088
9.8
9.8
7.4
8.2
16.5
14.9
1.9
1.8
7.9
8.1
0.8
0.8
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Procter & Gamble
Accumulate
6,865
7,369
22,284
2,939
3,342
23.2
23.0
146.2
163.7
47.0
41.9
105.1
100.8
25.3
23.5
6.8
5.9
Hygiene
IT
HCL Tech^
Buy
785
1,000
110,709
49,242
57,168
20.5
20.5
55.7
64.1
14.1
12.2
2.9
2.2
20.3
17.9
2.2
1.7
Infosys
Buy
967
1,249
222,023
68,350
77,326
27.0
27.0
62.5
69.4
15.5
13.9
3.3
3.0
21.3
21.6
2.7
2.4
TCS
Buy
2,158
2,620
425,258
119,025
133,308
27.6
27.6
131.2
145.5
16.5
14.8
5.3
4.9
32.4
33.1
3.5
3.1
Tech Mahindra
Buy
455
600
44,191
29,673
32,937
15.5
17.0
32.8
39.9
13.9
11.4
2.7
2.4
19.6
20.7
1.3
1.1
Wipro
Buy
453
590
110,161
55,440
60,430
18.1
18.1
35.9
39.9
12.6
11.4
2.3
2.1
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
351
-
6,454
2,297
2,590
27.4
28.2
21.0
23.4
16.7
15.0
3.9
3.4
23.7
23.1
2.7
2.3
HT Media
Neutral
73
-
1,697
2,693
2,991
12.6
12.9
7.9
9.0
9.2
8.1
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
170
225
5,551
2,355
2,635
28.0
28.0
10.8
12.5
15.7
13.6
3.4
3.0
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
470
-
18,506
2,850
3,265
70.1
71.0
26.2
30.4
17.9
15.5
4.6
4.1
24.3
25.6
6.0
5.1
Hindustan Media
Neutral
260
-
1,909
1,016
1,138
24.3
25.2
27.3
30.1
9.5
8.6
1.8
1.6
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
290
385
1,731
637
743
27.5
27.5
18.4
21.4
15.8
13.6
2.8
2.3
17.4
17.2
2.6
2.1
Metals & Mining
Coal India
Neutral
306
-
193,218
84,638
94,297
21.4
22.3
24.5
27.1
12.5
11.3
5.2
5.0
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
278
-
117,506
14,252
18,465
55.9
48.3
15.8
21.5
17.6
12.9
2.9
2.5
17.0
20.7
8.2
6.3
Hindalco
Neutral
175
-
36,106
107,899
112,095
7.4
8.2
9.2
13.0
19.0
13.5
0.9
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
1,647
-
39,820
53,201
58,779
16.1
16.2
130.6
153.7
12.6
10.7
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
124
-
39,074
6,643
7,284
44.4
47.7
7.1
7.7
17.4
16.0
1.5
1.5
8.8
9.2
3.4
3.0
SAIL
Neutral
52
-
21,456
47,528
53,738
(0.7)
2.1
(1.9)
2.6
20.0
0.6
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
231
-
68,618
71,744
81,944
19.2
21.7
13.4
20.1
17.3
11.5
1.5
1.3
8.4
11.3
1.3
1.0
Tata Steel
Neutral
413
-
40,063
121,374
121,856
7.2
8.4
18.6
34.3
22.2
12.0
1.4
1.3
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
253
-
47,462
9,127
10,632
4.3
20.6
8.8
11.7
28.8
21.6
0.9
0.9
3.3
4.2
6.6
5.5
GAIL
Neutral
427
-
54,221
56,220
65,198
9.3
10.1
27.1
33.3
15.8
12.8
1.4
1.3
9.3
10.7
1.2
1.0
ONGC
Neutral
297
-
254,355
137,222
152,563
15.0
21.8
19.5
24.1
15.3
12.3
1.3
1.2
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
304
-
147,425
373,359
428,656
5.9
5.5
54.0
59.3
5.6
5.1
0.9
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
1,000
-
324,147
301,963
358,039
12.1
12.6
87.7
101.7
11.4
9.8
1.2
1.1
10.7
11.3
1.5
1.3
Pharmaceuticals
Alembic Pharma
Neutral
634
-
11,953
3,483
4,083
20.2
21.4
24.3
30.4
26.1
20.9
5.9
4.7
25.5
25.3
3.5
2.9
Alkem Laboratories Ltd
Buy
1,675
1,989
20,030
6,043
6,893
18.7
19.3
80.5
88.8
20.8
18.9
4.6
3.8
22.3
20.3
3.3
2.8
Aurobindo Pharma
Buy
723
877
42,296
15,720
18,078
23.7
23.7
41.4
47.3
17.5
15.3
4.5
3.6
29.6
26.1
3.0
2.6
Aventis*
Neutral
4,224
-
9,729
2,277
2,597
17.3
18.3
149.4
172.0
28.3
24.6
4.7
3.8
25.1
28.8
4.0
3.3
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Cadila Healthcare
Neutral
391
-
40,059
10,429
12,318
22.6
22.0
16.9
19.2
23.2
20.4
5.9
4.7
28.5
25.7
3.9
3.2
Cipla
Reduce
570
490
45,836
15,378
18,089
17.4
18.4
21.6
27.2
26.4
21.0
3.4
3.0
13.7
15.2
3.2
2.6
Dr Reddy's
Neutral
3,185
-
52,781
16,043
18,119
20.8
22.4
112.4
142.9
28.3
22.3
3.8
3.3
14.1
15.9
3.3
2.9
Dishman Pharma
Neutral
232
-
3,751
1,718
1,890
22.7
22.8
9.5
11.3
24.5
20.6
2.4
2.1
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,723
-
23,067
3,000
3,312
15.4
20.6
46.5
60.8
58.6
44.8
14.1
14.0
26.3
30.6
7.3
6.7
Indoco Remedies
Reduce
256
240
2,357
1,112
1,289
16.2
18.2
11.6
16.0
22.1
16.0
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
559
613
7,056
3,303
3,799
15.3
15.3
17.3
19.7
32.3
28.4
2.8
2.6
9.1
9.4
2.3
2.0
Lupin
Buy
1,508
1,809
67,973
15,912
18,644
26.4
26.7
58.1
69.3
26.0
21.8
5.1
4.1
21.4
20.9
4.4
3.6
Sun Pharma
Buy
664
847
159,792
31,129
35,258
32.0
32.9
30.2
35.3
22.0
18.8
3.6
3.0
20.0
20.1
5.2
4.3
Power
Tata Power
Neutral
74
-
20,095
36,916
39,557
17.4
27.1
5.1
6.3
14.6
11.8
1.3
1.2
9.0
10.3
1.5
1.4
NTPC
Neutral
163
-
134,484
86,605
95,545
17.5
20.8
11.8
13.4
13.8
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
182
223
95,450
25,315
29,193
88.2
88.7
14.2
17.2
12.9
10.6
2.0
1.7
15.2
16.1
8.5
7.6
Real Estate
Prestige Estate
Buy
149
210
5,574
4,707
5,105
25.2
26.0
10.3
13.0
14.4
11.4
1.2
1.1
10.3
10.2
2.4
2.1
MLIFE
Buy
350
522
1,436
1,152
1,300
22.7
24.6
29.9
35.8
11.7
9.8
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
329
-
131,474
105,086
114,808
34.5
34.7
12.2
16.4
27.0
20.1
1.8
1.7
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
75
-
27,114
40,133
43,731
37.2
37.1
6.4
6.5
11.8
11.6
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,766
-
10,127
3,153
3,583
14.1
14.4
152.2
182.7
31.3
26.1
153.7
131.3
25.6
26.1
3.0
2.6
Asian Granito
Buy
214
351
644
1,071
1,182
12.1
12.4
12.7
16.0
16.8
13.4
1.6
1.4
9.5
10.7
0.9
0.8
Bajaj Electricals
Buy
217
274
2,197
4,801
5,351
5.7
6.2
10.4
13.7
20.9
15.9
2.6
2.3
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
194
-
1,385
1,353
1,471
12.3
12.4
14.5
16.3
13.4
11.9
18.4
16.6
14.5
14.6
1.0
102.1
Coffee Day Enterprises
Neutral
203
-
4,184
2,964
3,260
20.5
21.2
4.7
8.0
-
25.4
2.4
2.2
5.5
8.5
1.8
1.6
Ltd
Competent Automobiles Neutral
166
-
102
1,137
1,256
3.1
2.7
28.0
23.6
5.9
7.0
31.8
28.8
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
590
1,482
1,660
13.7
14.5
3.9
5.8
13.5
9.1
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
399
-
6,102
2,883
3,115
12.0
12.1
14.2
18.6
28.1
21.5
14.9
13.1
15.8
14.6
1.9
1.7
Garware Wall Ropes
Neutral
605
-
1,324
873
938
14.3
14.3
35.2
37.5
17.2
16.2
3.0
2.6
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
721
-
1,662
1,598
1,704
10.4
10.2
49.4
52.6
14.6
13.7
67.4
59.1
18.2
17.0
0.8
104.6
Hitachi
Neutral
1,358
-
3,691
2,081
2,433
8.8
8.9
33.4
39.9
40.7
34.0
32.8
27.3
22.1
21.4
1.8
1.5
HSIL
Neutral
283
-
2,045
2,384
2,515
15.8
16.3
15.3
19.4
18.5
14.6
18.4
15.8
7.8
9.3
1.0
1.0
Interglobe Aviation
Neutral
849
-
30,594
21,122
26,005
14.5
27.6
110.7
132.1
7.7
6.4
45.9
32.8
168.5
201.1
1.4
1.1
Stock Watch
December 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Jyothy Laboratories
Neutral
370
-
6,709
1,440
2,052
11.5
13.0
8.5
10.0
43.5
37.0
10.5
9.8
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
325
-
4,700
2,554
2,800
9.9
10.0
10.5
12.1
31.0
26.9
13.0
12.2
10.7
11.7
1.5
1.3
Ltd
Linc Pen & Plastics
Neutral
240
-
355
382
420
9.3
9.5
13.5
15.7
17.8
15.3
3.1
2.6
17.1
17.3
1.0
0.9
M M Forgings
Neutral
428
-
517
546
608
20.4
20.7
41.3
48.7
10.4
8.8
58.6
51.9
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
613
-
3,508
836
1,087
19.6
19.4
16.9
23.8
36.3
25.8
4.4
3.8
12.0
14.8
4.0
3.0
Mirza International
Buy
80
107
968
987
1,106
18.0
18.0
6.5
7.6
12.3
10.6
2.0
1.7
15.9
15.7
1.2
1.0
MT Educare
Neutral
113
-
450
366
417
17.7
18.2
9.4
10.8
12.1
10.5
2.7
2.3
22.2
22.3
1.2
1.0
Narayana Hrudaya
Neutral
340
-
6,946
1,873
2,166
11.5
11.7
2.6
4.0
128.5
85.7
7.9
7.1
6.1
8.3
3.9
3.3
Navkar Corporation
Buy
176
265
2,504
369
561
42.9
42.3
7.2
11.5
24.3
15.3
1.8
1.6
7.4
10.5
7.8
5.1
Navneet Education
Neutral
108
-
2,579
1,062
1,147
24.0
24.0
6.1
6.6
17.8
16.3
3.7
3.2
20.6
19.8
2.5
2.4
Nilkamal
Neutral
1,349
-
2,013
1,995
2,165
10.7
10.4
69.8
80.6
19.3
16.7
77.1
67.0
16.6
16.5
1.0
0.9
Page Industries
Neutral
13,010
-
14,511
2,450
3,124
20.1
17.6
299.0
310.0
43.5
42.0
289.7
221.2
47.1
87.5
6.0
4.7
Parag Milk Foods
Neutral
267
-
2,246
1,919
2,231
9.3
9.6
9.5
12.9
28.3
20.6
4.4
3.6
15.5
17.5
1.3
1.1
Quick Heal
Neutral
246
-
1,723
408
495
27.3
27.0
7.7
8.8
31.8
28.0
3.0
3.0
9.3
10.6
3.1
2.5
Radico Khaitan
Buy
117
147
1,562
1,667
1,824
13.0
13.2
6.7
8.2
17.7
14.3
1.6
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
410
-
4,925
2,085
2,469
9.2
8.2
7.6
8.0
54.3
51.6
21.0
18.0
17.9
18.8
2.5
2.1
S H Kelkar & Co.
Neutral
299
-
4,325
1,036
1,160
15.1
15.0
6.1
7.2
49.0
41.7
5.2
4.8
10.7
11.5
3.9
3.5
Siyaram Silk Mills
Accumulate
1,237
1,605
1,159
1,733
1,948
11.6
11.7
96.6
114.7
12.8
10.8
2.0
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
585
-
1,029
1,440
1,537
9.2
9.0
40.6
42.6
14.4
13.7
36.8
33.5
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
188
-
824
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
870
-
1,487
3,229
4,001
1.5
1.8
22.8
32.8
38.2
26.5
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
162
-
648
287
384
20.5
20.5
7.6
10.7
21.3
15.1
4.4
3.6
20.7
23.5
2.4
1.8
Transport Corporation of
Neutral
170
-
1,304
2,671
2,911
8.5
8.8
13.9
15.7
12.3
10.9
1.7
1.5
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,325
-
2,546
2,304
2,614
13.7
13.8
231.1
266.6
14.4
12.5
373.6
294.1
33.9
29.3
1.1
1.0
UFO Moviez
Neutral
430
-
1,187
619
685
33.2
33.4
30.0
34.9
14.4
12.3
2.0
1.7
13.8
13.9
1.7
1.3
Visaka Industries
Neutral
197
-
312
1,051
1,138
10.3
10.4
21.0
23.1
9.4
8.5
25.2
23.6
9.0
9.2
0.6
0.5
VRL Logistics
Neutral
264
-
2,410
1,902
2,119
16.7
16.6
14.6
16.8
18.1
15.7
4.0
3.5
21.9
22.2
1.4
1.3
Wonderla Holidays
Neutral
319
-
1,801
287
355
38.0
40.0
11.3
14.2
28.2
22.5
4.0
3.5
21.4
23.9
6.3
5.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 07, 2016
Market Outlook
December 08, 2016
Research Team Tel: 022 - 39357800
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