Market Outlook
May 09, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking the SGX Nifty and Asian markets.
BSE Sensex
0.2
67
29,926
US stocks had a choppy trading session as lack of economic data led to traders
Nifty
0.3
29
9,314
staying on the sidelines. Biotechnology stocks saw considerable weakness, with the
Mid Cap
0.5
74
14,793
NYSE Arca Biotechnology Index closing down by 2.7 percent. Steel stocks also lost
Small Cap
0.7
107
15,463
ground with the NYSE Arca Steel Index dropping by 1.2 percent on weak commodity
prices.
Bankex
0.8
203
25,882
UK stocks closed flat as the positive news of the French elections was tempered by
Global Indices
Chg (%)
(Pts)
(Close)
weak commodity and local housing prices. U.K. house prices slid 0.1 percent MoM
in April after staying flat in March. This was the first decrease in three months.
Dow Jones
0.0
175
21,012
Miners Anglo American, Antofagasta and Glencore fell by over 2 percent each as
Nasdaq
0.0
52
6,103
commodity prices continued to remain weak.
FTSE
0.0
3
7,301
Indian markets rose modestly as global markets reacted positively to the victory of
Nikkei
(02.3
450
19,896
Macron in the French Presidential election. Cement stocks rallied strongly with
Hang Seng
0.4
102
24,578
Ambuja Cements climbing nearly 6 percent and ACC rallying 3.6 percent after the
Shanghai Com
(0.8)
(24)
3,079
companies said they are exploring the possibility of a merger. UltraTech also rose by
1.7 percent. Banks recovered from yesterday’s fall with PNB, Axis Bank, and ICICI
Advances / Declines
BSE
NSE
Bank rising by about 1 percent.
Advances
1,620
1,020
News Analysis
Declines
1,198
650
ACC and Ambuja Cements move one step closer to a merger
Unchanged
163
97
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
3,208
Key Domestic & Global Indicators
NSE
22,094
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
#Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(5(248)
(2(815)
41,197
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
MFs
8229
2,401
21,756
Blue Star
Capital Goods
Accumulate
696
760
9.3
Dewan Housing Fin. Financials
Buy
441
520
17.9
Top Gainers
Price (`)
Chg (%)
Mahindra Lifespace Real Estate
Accumulate
468
522
11.5
Ibrealest
170
12.1
Navkar Corporation Others
Buy
215
265
23.1
Hdil
93
7.6
KEI Industries
Capital Goods
Accumulate
216
239
10.2
More Top Picks on Pg4
Welcorp
88
7.4
Idea
88
7.2
Key Upcoming Events
Mrpl
135
6.7
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
May 10, 2017 China
Consumer Price Index (YoY)
0.90
1.10
Top Losers
Price (`)
Chg (%)
May 10, 2017 India
Exports YoY%
27.60
--
Gspl
174
(4.7)
May 10, 2017 India
Imports YoY%
45.30
--
Ajantpharm
1,580
(3.4)
May 11, 2017 US
Initial Jobless claims
238.00
245.00
May 11, 2017 UK
BOE Announces rates
0.25
0.25
Gati
131
(3.0)
May 11, 2017 US
Producer Price Index (mom)
(0.20)
--
Geship
414
(2.9)
More Events on Pg5
Colpal
985
(2.7)
#As on May 08, 2017
Market Outlook
May 09, 2017
News Analysis
ACC and Ambuja Cements move one step closer to a merger
In separate filings with the stock exchange, ACC and Ambuja Cements announced
they were exploring a full-fledged merger. The merged entity will be India’s second
largest cement company in terms of market value. Ultratech Cements, which was
created by consolidating the cement operations of L&T and the A V Birla Group,
will still remain the largest cement company in India. Currently, both ACC and
Ambuja are group companies Lafarge-Holcim of France, which was formed by the
merger of Lafarge of France and Holcim of Switzerland.
Lafarge-Holcim currently owns 66% in ACC and 55% in Ambuja Cements. The
proposed merger appears to be timed to capitalize on the emerging opportunities
in this sector. India is already the second largest producer of cement in the world.
However, India’s cement consumption per capita is much lower than other
emerging markets. India’s cement capacity is expected to increase to 550 million
tonnes per annum (MTPA) by 2025. That will still be 1/5th of China’s capacity, but
the inevitable journey towards consolidation has surely begun. The ACC/Ambuja
merger is indicative of this larger wave of cement sector consolidation.
Economic and Political News
India to become the third largest solar market in 2017
Jharkhand government and Oracle sign MoU to setup start up hub
Reserve Bank of India to start NPA cases for action
Corporate News
Textbook publisher S Chand to be listed today
Torrent Pharma acquires women healthcare brands Regestrone and
Pregachieve from Novartis AG
Bharti Infratel Ltd posts a 17 percent drop YoY in 4QFY17
Havells announces successful completion of its acquisition of Lloyd Consumer
Durable Business Division
Union Bank of India Q4 net rises 12.5% YoY on `420cr tax write-back
Market Outlook
May 09, 2017
Quarterly Bloomberg Brokers Consensus Estimate
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
Hero MotoCorp Ltd - May 10, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
7,807
7,174
8.8
7,670
1.8
EBITDA
1,278
1,140
12.1
1,369
(6.6)
EBITDA margin (%)
16.4
15.9
17.8
Net profit
936
796
17.6
995
(5.9)
Siemens Ltd - May 10, 2017
Particulars ( ` cr)
2QSY17E
2QSY16
y-o-y (%)
1QSY17
q-o-q (%)
Net sales
2,855
2,725
4.8
2,265
26.0
EBITDA
263
306
(16.3)
189
39.4
EBITDA margin (%)
9.2
11.2
8.3
Net profit
188
177
5.8
114
64.7
Market Outlook
May 09, 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
22,866
1,912
2,257
18.0
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,158
385
405
5.3
owing to better product mix, higher B2C sales and
amalgamation synergy..
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
6,648
696
760
9.3
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
13,813
441
520
17.9
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
5,449
161
235
45.7
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
6,339
194
225
16.0
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
1,684
216
239
10.2
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,921
468
522
11.5
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,069
215
265
23.1
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,591
1,697
1,872
10.3
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
1,593
267
344
28.8
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 09, 2017
Key Upcoming Events
Result Calendar
Date
Company
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
May 15, 2017
South Ind.Bank
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 10, 2017 7:00AM 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, 2017 6:00PM US
Initial Jobless claims
Thousands
May 6
238.00
245.00
4:30PM UK
BOE Announces rates
% Ratio
May 11
0.25
0.25
US
Producer Price Index (mom)
% Change
Apr
(0.20)
--
2:00PM UK
Industrial Production (YoY)
% Change
Mar
2.80
2.00
May 12, 2017 5:30PM India
Industrial Production YoY
% Change
Mar
(1.20)
2.20
6:00PM US
Consumer price index (mom)
% Change
Apr
(0.30)
0.20
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
1.20
2.80
5:00PM India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
--
May 15, 2017 7:30AM China
Industrial Production (YoY)
% Change
Apr
7.60
7.00
May 16, 2017 2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
0.50
--
6:00PM US
Housing Starts
Thousands
Apr
1,215.00
1,250.00
6:00PM US
Building permits
Thousands
Apr
1,267.00
1,270.00
6:45PM US
Industrial Production
%
Apr
0.55
0.40
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.90
--
May 17, 2017 2:00PM UK
CPI (YoY)
% Change
Apr
2.30
--
2:00PM UK
Jobless claims change
% Change
Apr
25.50
--
May 19, 2017 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(3.60)
--
May 23, 2017 7:30PM US
New home sales
Thousands
Apr
621.00
--
May 24, 2017 1:00PM Germany
PMI Services
Value
May P
55.40
--
1:00PM Germany
PMI Manufacturing
Value
May P
58.20
--
7:30PM US
Existing home sales
Million
Apr
5.71
--
May 25, 2017 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
--
Source: Bloomberg, Angel Research
Market Outlook
May 09, 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 09, 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 09, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,526
0.5
1.3
24.7
Russia
Micex
2,002
(1.1)
(10.3)
4.9
India
Nifty
9,314
0.8
8.8
20.2
China
Shanghai Composite
3,079
(6.7)
(2.6)
3.2
South Africa
Top 40
47,077
4.2
2.5
3.3
Mexico
Mexbol
49,506
1.4
5.3
9.4
Indonesia
LQ45
949
2.6
8.8
14.3
Malaysia
KLCI
1,768
1.3
4.9
5.7
Thailand
SET 50
997
0.0
1.3
10.4
USA
Dow Jones
21,012
1.8
4.7
18.7
UK
FTSE
7,301
0.2
2.2
18.6
Japan
Nikkei
19,896
4.8
3.9
14.1
Germany
DAX
12,695
3.6
9.2
28.7
France
CAC
5,383
5.8
12.3
24.8
Source: Bloomberg, Angel Research
Stock Watch
May 09, 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
-
4,614
1,937
2,164
13.3
14.3
9.0
11.0
26.4
21.6
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
804
-
40,821
15,176
17,604
18.5
18.5
37.4
44.6
21.5
18.0
4.2
3.5
21.4
21.2
2.8
2.4
Auto & Auto Ancillary
Amara Raja Batteries
Buy
882
1,009
15,058
5,305
6,100
16.0
16.3
28.4
34.0
31.0
25.9
6.0
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Neutral
241
-
12,245
12,877
14,504
14.3
13.9
21.4
23.0
11.2
10.5
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
83
111
23,720
20,021
21,915
11.6
11.9
4.5
5.3
18.5
15.7
3.8
3.4
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,855
-
82,610
25,093
27,891
19.5
19.2
143.9
162.5
19.8
17.6
5.6
4.8
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,100
-
25,617
7,726
8,713
20.5
21.2
35.3
42.7
31.2
25.8
5.8
5.2
18.9
20.1
3.4
2.9
Ceat
Neutral
1,670
-
6,755
7,524
8,624
13.0
12.7
131.1
144.3
12.7
11.6
2.3
2.0
19.8
18.6
1.0
0.8
Eicher Motors
Neutral
26,919
-
73,249
16,583
20,447
17.5
18.0
598.0
745.2
45.0
36.1
15.4
11.7
41.2
38.3
4.1
3.2
Exide Industries
Neutral
240
-
20,358
7,439
8,307
15.0
15.0
8.1
9.3
29.6
25.8
4.1
3.7
14.3
16.7
2.4
2.1
Gabriel India
Neutral
124
-
1,786
1,544
1,715
9.0
9.3
5.4
6.3
23.0
19.7
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,394
-
67,774
28,083
30,096
15.3
15.7
171.8
187.0
19.8
18.2
6.9
5.8
30.1
27.9
2.2
2.0
Indag Rubber
Neutral
211
-
553
286
326
19.8
16.8
11.7
13.3
18.0
15.8
3.0
2.8
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
238
-
1,896
1,486
1,620
9.8
9.9
15.0
17.2
15.9
13.8
3.5
2.9
21.8
21.3
1.3
1.2
JK Tyres
Neutral
177
-
4,008
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
642
-
1,007
1,302
1,432
11.6
11.9
43.7
53.0
14.7
12.1
2.1
1.9
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,333
-
82,801
46,534
53,077
11.6
11.7
67.3
78.1
19.8
17.1
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Neutral
6,630
-
200,291
67,822
83,288
16.0
16.4
253.8
312.4
26.1
21.2
6.0
4.9
23.0
22.9
2.6
2.1
Minda Industries
Neutral
493
-
4,262
2,728
3,042
9.0
9.1
68.2
86.2
7.2
5.7
1.6
1.3
23.8
24.3
1.6
1.4
Motherson Sumi
Neutral
407
-
57,083
45,896
53,687
7.8
8.3
13.0
16.1
31.2
25.3
10.1
8.0
34.7
35.4
1.3
1.1
Rane Brake Lining
Neutral
999
-
791
511
562
11.3
11.5
28.1
30.9
35.6
32.3
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
42
-
557
741
837
13.0
13.0
15.2
17.0
2.7
2.5
0.5
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
243
-
1,456
1,488
1,681
11.7
11.9
6.4
7.2
37.9
33.9
4.0
3.6
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,835
-
2,279
660
810
15.2
16.4
54.5
72.8
33.7
25.2
10.5
9.5
31.5
39.2
3.3
2.6
Tata Motors
Neutral
423
-
122,207
300,209
338,549
8.9
8.4
42.7
54.3
9.9
7.8
1.6
1.3
15.6
17.2
0.5
0.4
TVS Motor
Neutral
501
-
23,792
13,390
15,948
6.9
7.1
12.8
16.5
39.2
30.3
9.8
7.7
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
66
-
649
709
814
4.1
4.6
1.4
2.1
46.9
31.2
1.9
1.8
4.4
6.0
1.0
0.9
BEML
Neutral
1,345
-
5,601
3,451
4,055
6.3
9.2
31.4
57.9
42.8
23.2
2.6
2.3
6.3
10.9
1.8
1.5
BGR Energy
Neutral
166
-
1,195
16,567
33,848
6.0
5.6
7.8
5.9
21.2
28.1
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
May 09, 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
181
-
40,440
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
176
-
43,017
28,797
34,742
-
2.8
2.3
6.9
76.4
25.5
1.3
1.3
1.3
4.8
1.1
0.8
Blue Star
Accumulate
696
760
6,648
4,283
5,077
5.9
7.3
14.9
22.1
46.7
31.4
9.1
7.6
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
77
-
4,798
5,777
6,120
5.9
7.0
3.3
4.5
23.2
17.0
1.0
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
167
-
4,067
1,755
1,881
16.8
16.9
7.8
8.5
21.4
19.6
4.3
4.0
20.6
20.9
2.0
1.8
Inox Wind
Neutral
203
-
4,512
5,605
6,267
15.7
16.4
24.8
30.0
8.2
6.8
2.3
1.7
25.9
24.4
0.8
0.7
KEC International
Neutral
218
-
5,612
9,294
10,186
7.9
8.1
9.9
11.9
22.1
18.3
3.2
2.8
15.6
16.3
0.8
0.7
KEI Industries
Accumulate
216
239
1,684
2,682
3,058
10.4
10.0
11.7
12.8
18.4
16.9
3.7
3.1
20.1
18.2
0.8
0.7
Thermax
Neutral
1,023
-
12,194
5,421
5,940
7.3
7.3
25.7
30.2
39.8
33.9
4.8
4.4
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
669
-
3,650
3,136
3,845
8.9
9.1
26.0
35.9
25.7
18.6
3.2
2.7
13.4
15.9
1.1
0.9
Voltas
Neutral
424
-
14,013
6,511
7,514
7.9
8.7
12.9
16.3
32.8
26.0
5.9
5.2
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,714
-
32,194
11,225
13,172
13.2
16.9
44.5
75.5
38.5
22.7
3.7
3.4
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
261
-
51,786
9,350
10,979
18.2
22.5
5.8
9.5
45.0
27.5
3.8
3.4
10.2
12.5
5.2
4.5
India Cements
Neutral
210
-
6,455
4,364
4,997
18.5
19.2
7.9
11.3
26.6
18.6
1.9
1.9
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
489
-
5,758
2,913
3,412
14.5
19.5
7.5
22.5
65.2
21.8
4.0
3.4
12.5
18.0
2.6
2.1
JK Cement
Neutral
1,000
-
6,990
4,398
5,173
15.5
17.5
31.2
55.5
32.1
18.0
3.9
3.3
12.0
15.5
2.1
1.8
Orient Cement
Neutral
167
-
3,411
2,114
2,558
18.5
20.5
8.1
11.3
20.6
14.7
3.0
2.6
9.0
14.0
2.2
1.8
UltraTech Cement
Neutral
4,411
-
121,079
25,768
30,385
21.0
23.5
111.0
160.0
39.7
27.6
5.1
4.4
13.5
15.8
4.7
3.9
Construction
Engineers India
Neutral
168
-
11,318
1,725
1,935
16.0
19.1
11.4
13.9
14.7
12.1
2.0
2.0
13.4
15.3
5.4
4.8
Gujarat Pipavav Port
Neutral
158
-
7,634
705
788
52.2
51.7
5.0
5.6
31.6
28.2
3.1
2.8
11.2
11.2
10.4
8.8
ITNL
Neutral
113
-
3,724
8,946
10,017
31.0
31.6
8.1
9.1
14.0
12.4
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
1,709
-
159,463
111,017
124,908
11.0
11.0
61.1
66.7
28.0
25.6
3.4
3.1
13.1
12.9
2.5
2.3
MEP Infra
Neutral
68
-
1,100
1,877
1,943
30.6
29.8
3.0
4.2
22.6
16.1
10.9
7.4
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
96
-
5,312
8,842
9,775
9.1
8.8
5.3
6.4
18.0
14.9
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
199
-
17,946
7,428
9,549
7.9
8.6
8.2
11.0
24.3
18.1
1.2
1.0
28.2
28.7
2.1
1.6
PNC Infratech
Neutral
157
-
4,025
2,350
2,904
13.1
13.2
9.0
8.8
17.4
17.8
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
325
-
5,576
3,598
4,140
10.3
10.6
9.0
11.9
36.1
27.3
3.8
3.3
9.9
11.9
1.8
1.6
Stock Watch
May 09, 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
401
-
1,983
6,829
7,954
10.5
10.5
31.4
37.4
12.8
10.7
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
111
-
3,922
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
511
580
122,477
46,932
53,575
3.5
3.4
32.4
44.6
15.8
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
189
-
43,537
19,980
23,178
1.8
1.8
11.5
17.3
16.4
10.9
1.9
1.6
8.3
10.1
-
-
Can Fin Homes
Neutral
2,845
-
7,573
420
526
3.5
3.5
86.5
107.8
32.9
26.4
7.1
5.8
23.6
24.1
-
-
Canara Bank
Neutral
396
-
23,644
15,225
16,836
1.8
1.8
14.5
28.0
27.3
14.1
1.9
1.5
5.8
8.5
-
-
Cholamandalam Inv. &
Accumulate
1,088
1,230
17,000
2,012
2,317
6.3
6.3
42.7
53.6
25.5
20.3
4.0
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
441
520
13,813
2,225
2,688
2.9
2.9
29.7
34.6
14.9
12.8
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
161
235
5,449
939
1,281
11.7
11.5
5.8
8.2
27.8
19.7
2.4
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
118
125
20,389
8,259
8,995
3.0
3.0
4.3
5.6
27.5
21.1
2.3
2.2
8.5
10.1
-
-
HDFC
Neutral
1,530
-
243,034
11,475
13,450
3.4
3.4
45.3
52.5
33.8
29.1
6.5
5.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,535
1,650
393,726
46,097
55,433
4.5
4.5
58.4
68.0
26.3
22.6
4.6
3.9
18.8
18.6
-
-
ICICI Bank
Accumulate
303
315
176,690
42,800
44,686
3.1
3.3
18.0
21.9
16.9
13.9
2.3
2.1
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,185
5,640
6,030
3.3
3.2
8.9
10.0
13.4
11.9
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
182
-
3,483
3,339
3,799
2.7
2.8
11.0
14.0
16.5
13.0
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
703
-
35,468
3,712
4,293
2.6
2.5
39.0
46.0
18.0
15.3
3.4
2.9
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
176
-
37,463
23,532
23,595
2.3
2.4
6.8
12.6
25.9
14.0
4.0
2.8
3.3
6.5
-
-
RBL Bank
Neutral
555
-
20,839
1,783
2,309
2.6
2.6
12.7
16.4
43.7
33.9
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
749
825
4,686
388
457
4.5
4.2
30.0
38.0
25.0
19.7
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,633
6,435
7,578
2.5
2.5
2.7
3.1
9.5
8.3
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
299
-
242,201
88,650
98,335
2.6
2.6
13.5
18.8
22.1
15.9
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
188
-
12,924
13,450
14,925
2.3
2.3
25.5
34.5
7.4
5.5
1.1
0.9
7.5
10.2
-
-
Yes Bank
Neutral
1,615
-
73,750
8,978
11,281
3.3
3.4
74.0
90.0
21.8
17.9
4.1
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,980
-
9,496
2,955
3,309
13.3
13.7
57.2
69.3
34.7
28.6
11.3
9.5
32.7
33.3
3.0
2.6
Asian Paints
Neutral
1,167
-
111,929
17,128
18,978
16.8
16.4
19.1
20.7
61.1
56.4
21.3
20.1
34.8
35.5
6.3
5.7
Britannia
Neutral
3,526
-
42,310
9,594
11,011
14.6
14.9
80.3
94.0
43.9
37.5
18.1
13.9
41.2
-
4.3
3.7
Colgate
Neutral
988
-
26,860
4,605
5,149
23.4
23.4
23.8
26.9
41.5
36.7
23.0
18.0
64.8
66.8
5.9
5.3
Dabur India
Accumulate
273
304
48,134
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
5,176
-
21,767
4,350
4,823
21.2
21.4
179.2
196.5
28.9
26.4
7.7
6.5
27.1
26.8
4.4
3.9
Stock Watch
May 09, 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
1,758
-
59,879
10,235
11,428
18.4
18.6
41.1
44.2
42.8
39.8
9.5
8.0
24.9
24.8
6.0
5.3
HUL
Neutral
955
-
206,750
35,252
38,495
17.8
17.8
20.7
22.4
46.3
42.7
44.2
37.9
95.6
88.9
5.7
5.2
ITC
Neutral
273
-
331,563
40,059
44,439
38.3
39.2
9.0
10.1
30.4
26.9
8.5
7.4
27.8
27.5
7.9
7.1
Marico
Neutral
303
-
39,101
6,430
7,349
18.8
19.5
6.4
7.7
47.3
39.4
14.3
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,701
-
64,608
10,073
11,807
20.7
21.5
124.8
154.2
53.7
43.5
22.0
19.8
34.8
36.7
6.2
5.3
Procter & Gamble
Neutral
7,823
-
25,394
2,939
3,342
23.2
23.0
146.2
163.7
53.5
47.8
13.6
11.3
25.3
23.5
7.7
6.7
Hygiene
Tata Global
Neutral
153
-
9,641
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
839
1,000
119,802
49,242
57,168
20.5
20.5
55.7
64.1
15.1
13.1
3.1
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
945
1,179
217,165
68,484
73,963
26.0
26.0
63.0
64.0
15.0
14.8
3.2
2.9
20.8
19.7
2.8
2.5
TCS
Accumulate
2,342
2,651
461,455
117,966
127,403
27.5
27.6
134.3
144.5
17.4
16.2
5.2
4.8
29.8
29.7
3.5
3.3
Tech Mahindra
Buy
421
600
41,017
29,673
32,937
15.5
17.0
32.8
39.9
12.8
10.6
2.5
2.2
19.6
20.7
1.1
0.9
Wipro
Accumulate
503
570
122,244
55,421
58,536
20.3
20.3
35.1
36.5
14.3
13.8
2.5
2.1
19.2
14.6
1.6
1.4
Media
D B Corp
Neutral
383
-
7,049
2,297
2,590
27.4
28.2
21.0
23.4
18.3
16.4
4.3
3.7
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
285
-
2,089
1,016
1,138
24.3
25.2
27.3
30.1
10.4
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
83
-
1,921
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
194
225
6,339
2,355
2,635
28.0
28.0
10.8
12.5
18.0
15.5
3.9
3.4
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
856
-
33,724
2,850
3,265
70.1
71.0
26.2
30.4
32.7
28.2
8.4
7.4
24.3
25.6
11.4
9.8
TV Today Network
Buy
267
344
1,593
567
645
26.7
27.0
15.4
18.1
17.4
14.8
2.6
2.3
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
279
-
173,187
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
248
-
104,725
14,252
18,465
55.9
48.3
15.8
21.5
15.7
11.5
2.6
2.2
17.0
20.7
7.4
5.7
Hindalco
Neutral
184
-
41,333
107,899
112,095
7.4
8.2
9.2
13.0
20.0
14.2
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
191
-
46,241
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
-
39,343
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
-
24,966
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.3
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
432
-
41,957
121,374
121,856
7.2
8.4
18.6
34.3
23.2
12.6
1.5
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
222
-
65,772
71,744
81,944
19.2
21.7
13.4
20.1
16.6
11.0
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
418
-
70,722
56,220
65,198
9.3
10.1
27.1
33.3
15.4
12.6
1.4
1.3
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
429
-
208,076
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
Stock Watch
May 09, 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
186
-
238,955
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,322
-
429,810
301,963
358,039
12.1
12.6
87.7
101.7
15.1
13.0
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
585
648
11,033
3,101
3,966
19.7
20.5
21.4
25.5
27.4
23.0
5.8
4.7
23.0
22.8
3.6
2.7
Alkem Laboratories Ltd
Buy
1,912
2,257
22,866
6,065
7,009
18.7
20.0
80.2
92.0
23.9
20.8
5.4
4.5
22.5
21.6
3.8
3.2
Aurobindo Pharma
Buy
603
877
35,352
15,720
18,078
23.7
23.7
41.4
47.3
14.6
12.8
3.8
3.0
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,158
-
9,575
2,206
2,508
16.6
16.8
128.9
139.9
32.3
29.7
5.5
4.3
21.6
23.5
4.1
3.5
Cadila Healthcare
Neutral
466
-
47,752
10,429
12,318
17.7
21.6
13.1
19.2
35.6
24.3
7.5
5.9
22.8
27.1
4.6
3.8
Cipla
Sell
551
465
44,300
15,378
18,089
15.7
16.8
19.3
24.5
28.5
22.5
3.4
3.0
12.3
13.9
3.0
2.5
Dishman Pharma
Sell
308
143
4,974
1,718
1,890
22.7
22.8
9.5
11.3
32.4
27.3
3.1
2.8
10.1
10.9
3.4
3.0
Dr Reddy's
Neutral
2,601
-
43,096
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
2,439
-
20,663
2,800
3,290
10.2
20.6
32.2
60.3
75.8
40.5
14.0
13.9
17.2
34.5
7.2
6.1
Indoco Remedies
Accumulate
225
240
2,070
1,112
1,289
16.2
18.2
11.6
16.0
19.4
14.0
3.1
2.6
17.0
20.1
2.0
1.7
Ipca labs
Accumulate
542
613
6,837
3,258
3,747
12.8
15.3
12.1
19.2
44.8
28.2
2.8
2.6
6.4
9.5
2.2
1.9
Lupin
Buy
1,280
1,809
57,789
15,912
18,644
26.4
26.7
58.1
69.3
22.0
18.5
4.3
3.5
21.4
20.9
3.6
3.0
Natco Pharma
Accumulate
907
974
15,816
2,090
2,335
32.1
26.6
26.8
23.2
33.8
39.1
9.6
8.3
28.4
21.1
7.6
93.2
Sun Pharma
Buy
638
847
152,975
31,129
35,258
32.0
32.9
30.2
35.3
21.1
18.1
3.4
2.8
20.0
20.1
4.4
3.7
Power
NTPC
Neutral
161
-
132,587
86,605
95,545
17.5
20.8
11.8
13.4
13.6
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
210
223
109,837
25,315
29,193
88.2
88.7
14.2
17.2
14.8
12.2
2.3
2.0
15.2
16.1
9.0
8.1
Tata Power
Neutral
83
-
22,477
36,916
39,557
17.4
27.1
5.1
6.3
16.3
13.2
1.4
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Accumulate
468
522
1,921
1,152
1,300
22.7
24.6
29.9
35.8
15.7
13.1
1.2
1.1
7.6
8.6
2.4
2.0
Prestige Estate
Neutral
254
-
9,523
4,707
5,105
25.2
26.0
10.3
13.0
24.7
19.5
2.0
1.8
10.3
10.2
3.1
2.8
Telecom
Bharti Airtel
Neutral
351
-
140,409
105,086
114,808
34.5
34.7
12.2
16.4
28.8
21.4
2.0
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
88
-
31,569
40,133
43,731
37.2
37.1
6.4
6.5
13.7
13.5
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,189
-
8,902
3,153
3,583
14.1
14.4
152.2
182.7
27.5
22.9
135.1
115.4
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
385
405
1,158
1,060
1,169
12.2
12.5
12.7
15.9
30.4
24.2
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
352
395
3,567
4,801
5,351
5.7
6.2
10.4
13.7
33.8
25.7
4.2
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
232
-
1,662
1,353
1,471
12.3
12.4
14.5
16.3
16.0
14.3
22.1
19.9
14.5
14.6
1.2
130.0
Coffee Day Enterprises
Neutral
250
-
5,150
2,964
3,260
20.5
21.2
4.7
8.0
-
31.2
2.9
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
221
-
142
1,137
1,256
3.1
2.7
28.0
23.6
7.9
9.4
42.5
38.4
14.3
11.5
0.1
0.1
Stock Watch
May 09, 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
-
684
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
525
-
8,036
2,883
3,115
12.0
12.1
14.2
18.6
37.0
28.3
19.7
17.2
15.8
14.6
2.5
2.2
Garware Wall Ropes
Neutral
799
-
1,748
863
928
15.1
15.2
36.4
39.4
22.0
20.3
4.0
3.4
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
858
-
1,980
1,598
1,704
10.4
10.2
49.4
52.6
17.4
16.3
80.2
70.4
18.2
17.0
0.9
133.1
Hitachi
Neutral
1,757
-
4,778
2,081
2,433
8.8
8.9
33.4
39.9
52.6
44.0
42.4
35.4
22.1
21.4
2.3
1.9
HSIL
Neutral
348
-
2,516
2,384
2,515
15.8
16.3
15.3
19.4
22.8
17.9
22.6
19.5
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,119
-
40,443
21,122
26,005
14.5
27.6
110.7
132.1
10.1
8.5
60.5
43.2
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
372
-
6,755
1,440
2,052
11.5
13.0
8.5
10.0
43.7
37.2
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
399
-
5,776
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
292
-
431
382
420
9.3
9.5
13.5
15.7
21.7
18.6
3.7
3.2
17.1
17.3
1.2
1.0
M M Forgings
Neutral
635
-
767
546
608
20.4
20.7
41.3
48.7
15.4
13.0
87.1
77.0
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
692
-
3,962
836
1,087
19.6
19.4
16.9
23.8
41.0
29.1
4.9
4.3
12.0
14.8
4.4
3.3
Mirza International
Neutral
118
-
1,418
963
1,069
17.2
18.0
6.1
7.5
19.2
15.7
2.9
2.5
15.0
15.7
1.7
1.5
MT Educare
Neutral
83
-
331
366
417
17.7
18.2
9.4
10.8
8.9
7.7
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
297
-
6,068
1,873
2,166
11.5
11.7
2.6
4.0
112.3
74.9
6.9
6.2
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
215
265
3,069
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
170
-
3,976
1,062
1,147
24.0
24.0
6.1
6.6
28.0
25.7
5.7
5.1
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,177
-
3,249
1,995
2,165
10.7
10.4
69.8
80.6
31.2
27.0
124.4
108.1
16.6
16.5
1.6
1.5
Page Industries
Neutral
14,454
-
16,122
2,450
3,124
20.1
17.6
299.0
310.0
48.3
46.6
321.9
245.7
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
249
-
2,097
1,919
2,231
9.3
9.6
9.5
12.9
26.4
19.3
4.1
3.4
15.5
17.5
1.2
1.0
Quick Heal
Neutral
242
-
1,693
408
495
27.3
27.0
7.7
8.8
31.2
27.5
2.9
2.9
9.3
10.6
3.3
2.7
Radico Khaitan
Buy
121
147
1,612
1,667
1,824
13.0
13.2
6.7
8.2
18.2
14.8
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
485
-
5,828
2,085
2,469
9.2
8.2
7.6
8.0
64.2
61.0
24.9
21.2
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
313
-
4,522
1,036
1,160
15.1
15.0
6.1
7.2
51.2
43.6
5.5
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,697
1,872
1,591
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
718
-
1,263
1,440
1,537
9.2
9.0
40.6
42.6
17.7
16.9
45.2
41.1
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
282
-
1,238
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
1,109
-
1,896
3,229
4,001
1.5
1.8
22.8
32.8
48.7
33.8
5.2
4.5
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
205
-
823
287
384
20.5
20.5
7.6
10.7
27.0
19.2
5.6
4.6
20.7
23.5
2.9
2.2
Stock Watch
May 09, 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
253
-
1,938
2,671
2,911
8.5
8.8
13.9
15.7
18.3
16.2
2.5
2.2
13.7
13.8
0.8
0.8
India
TVS Srichakra
Neutral
4,017
-
3,076
2,304
2,614
13.7
13.8
231.1
266.6
17.4
15.1
451.4
355.4
33.9
29.3
1.3
1.2
UFO Moviez
Neutral
436
-
1,202
619
685
33.2
33.4
30.0
34.9
14.5
12.5
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
333
-
529
1,051
1,138
10.3
10.4
21.0
23.1
15.9
14.4
42.7
40.0
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
329
-
3,003
1,902
2,119
16.7
16.6
14.6
16.8
22.6
19.6
5.0
4.4
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
377
-
2,128
287
355
38.0
40.0
11.3
14.2
33.3
26.5
4.8
4.2
21.4
23.9
7.2
5.8
VIP Industries
Accumulate
198
218
2,802
1,270
1,450
10.4
10.4
5.6
6.5
35.4
30.5
7.3
6.4
20.7
21.1
2.3
2.0
Navin Fluorine
Buy
3,063
3,650
2,999
789
945
21.1
22.4
120.1
143.4
25.5
21.4
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 08, 2017
Market Outlook
May 09, 2017
Research Team Tel: 022 - 39357800
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