Market Outlook
July12, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Indian markets are likely to open on flat note tracking SGX Nifty and global indices.
BSE Sensex
0.1
31
31,747
The US stocks showed a lack of direction over the course of the trading session on
Nifty
0.2
15
9,786
Tuesday as traders remained reluctant to make significant move ahead of FED Chair
Mid Cap
(0.8)
(118)
14,923
Janet Yellen's semiannual testimony before Congress. The S&P 500 edged down 0.1
Small Cap
(0.6)
(93)
15,806
percent to close at 2,426, the Dow inched up 0.55 points to 21,409 and the
Bankex
(0.4)
(111)
26,667
Nasdaq rose 0.3 percent to close at 6,193.
The U.K. equity benchmark closed lower on Tuesday, as Pearson Plc shares dropped
Global Indices
Chg (%)
(Pts)
(Cl ose)
sharply in the wake of $1billion stake selling news, and Marks &Spencer group Plc
plunged after disappointment update. The FTSE 100 index UKX, -0.55% gave up
Dow Jones
0.0
171
21,409
0.6% to end at 7,330, pulling back after two winning sessions in a row.
Nasdaq
0.3
17
6,193
FTSE
(0.5)
(40)
4
7,330
Domestic front, Markets continued to set records for the second straight session on
Nikkei
(00.6
115
20,195
Tuesday with both the Sensex and Nifty closing at life-time highs. Sentiment was also
lifted as investors expect inflation for the month of June to be at record low which
Hang Seng
1.5
378
25,878
could lead to a rate cut in the next monetary policy review. Easing further from
Shanghai Com
(0.3)
(10)
3,203
May’s 2.18%, Consumer price inflation for June is predicted to cool to 1.70%, below
the RBI's medium-term target of 4% for the eighth successive month. The Sensex
A dvances / Declines
BSE
NSE
gained 0.1%, to close at 31474, Nifty 50 settled at 0.15% up to close at 9786.
Advances
1,148
1,650
News Analysis
Declines
1,603
1,041
IndusInd Bank -Q1FY18 Results
Unchanged
148
75
Detailed analysis is on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
4,488
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
26,456
Refer Pg6 onwards
#Net Inflows (` Cr)
Ne t
Mtd
Ytd
Top Picks
FII
(5(420)
(1,743)
54,165
C MP
Target
Upside
C ompany
Sector
R ating
(`)
(`)
(%)
MFs
8790
2,369
41,515
Blue Star
Capital Goods
Buy
601
760
26.5
Dewan Housing FinanceFinancials
Buy
437
520
19.0
Top Gainers
Price (`)
Chg (%)
Mahindra Lifespace
Real Estate
Buy
437
522
19.5
Navkar Corporation
Others
Buy
205
265
29.3
Videoind
129
4.9
KEI Industrie s
Capital Goods
Accumulate
233
258
10.9
Niittech
590
4.5
More Top Picks on Pg3
Igl
1,117
4.1
Key Upcoming Events
Aplltd
534
3.5
Previous
C onsensus
D ate
Region
Event Description
Bajajelec
340
3.2
Reading
Expectations
Jul 12, 2017
UK
Joble ss claims change
7.30
Jul12, 2017
India
Industrial Production YoY
3.10
1.70
Top Losers
Price (`)
Chg (%)
Jul 13, 2017
US
Producer Price Index (mom)
(0.70)
Religare
102
(20.0)
Jul 13, 2017
US
Initial Jobless claims
248.00
245.00
Unitech
8
(6.3)
Jul 13, 2017
China
Exports YoY%
8.70
8.90
Gvkpil
8
(5.0)
More Events on Pg4
Shriramcit
2,237
(4.8)
Tubeinvest
738
(4.8)
#as on 11t July, 2017
Market Outlook
July12, 2017
News Analysis
IndusInd Bank -Q1FY18 Results
IndusInd Bank continued its strong performance during the quarter as well, with
NII and PAT growing by NII and PAT growing by 31% and 26% YoY. PAT at
`837cr was broadly in line with market expectations. Advances growth remained
healthy at 24% YoY,3% QoQ, while deposit growth accelerated, growing by 31%.
The growth in deposit was backed by a strong 65% growth in Savings Accounts.
Higher SA growth led to CASA ratio improving to 37.8%. IndusInd Bank has been
quite aggressive in acquiring the low cost deposits as a result its CASA has
continuously been going up.
The loan growth for the quarterly was quite balanced with a 26% growth in
corporate and 22% growth in the retail lending space. Within the retail space the
bank witnessed some slowdown in the vehicle finance segment due to the new
emission norms. However, the non-vehicle portfolio had a strong growth during
the period.
There was slight increase in the GNPAs levels to 1.1% vs 0.9% while NNPAs were
flat at 0.4% QoQ. Two accounts slipped into NPAs from the restructured book and
hence the NPAs went up marginally. IndusInd Bank has been consistent performer
among the Pvt Banks and is expected to report a healthy set of performance going
ahead as well. We don’t have a rating on the stock.
Economic and Political News
Uttar Pradesh budget earmarks `36,000cr for farm loan waiver
Mundra makes a 'strong' case for lending to MSMEs
India’s banks to raise $23 b of loss-absorbing capital by end-2018: Fitch
Govt evaluating open acreage licence policy for mineral exploration
Corporate News
All India UCO Bank Officers’ Federation to go on strike on July 15
Biocon: U.S. advisory committee to meet on July 13 for vote on Trastuzumab
Supreme Infrastructure to raise funds
Tata Global Beverages to divest stake in group’s firms to parent
ICICI Lombard IPO: Fairfax, ICICI Bank to sell at least 20% stake
HMT to undertake closure of 3 subsidiaries (HMT Watches, HMT Chinar
Watches and HMT Bearings) including disposal of all movable assets.
Market Outlook
July12, 2017
Top Picks ★★★★★
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segme nt. Alke m expects to launch
Alkem Laboratories
21,902
1,832
2,161
18.0
more products in USA, which bodes for its international
busine ss.
We expect the company would report strong profitability
Asian Granito
1,360
452
480
6.2
owing to better product mix, hi gher B2C sales and
amalgamation synergy.
Favourable outl ook for the AC industry to augur well for
Cooling products business w hich i s out pacing the market
Blue Star
5,746
601
760
26.5
growth. EMPPAC divisi on's profitability to improve once
operating environme nt turns around.
With a focus on the low and me dium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
13,707
437
520
19.0
presence i n tier-II & III cities where the growth opportunity
is immense .
Loan growth i s likely to pick up after a sluggish FY17.
Karur Vysya Bank
8,649
142
160
12.7
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM i mprovement.
High order book execution in EPC segment, rising B2C
KEI Industrie s
1,810
233
258
10.9
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,241
437
522
19.5
visibilty in short-to-long run, attractive valuations
Massive capacity expansion al ong with rail advantage at
Navkar Corporation
2,923
205
265
29.3
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
2,145
2,288
2,500
9.3
growth going ahe ad. Stock currently trade s 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
1,455
244
344
41.1
radio busine ss, and anticipated growth in ad spe nds by
corporates to benefit the stock.
After GST, the company is expected to see higher
volume s along with improving product mix. The Gujarat
Maruti
2,25,083
7,451
8,495
14.0
plant will also enable higher operating leverage which
will be margin accretive.
Source: Company, Angel Research,
Market Outlook
July12, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - July 13, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17
q-o-q (%)
Net sales
29,579
29,305
0.9
29,642
(0.2)
EBITDA
7,726
7,838
(1.4)
8,132
(5.0)
EBITDA margin (%)
26.1
26.7
27.4
Net profit
6,200
6,317
(1.9)
6,608
(6.2)
Infosys Ltd Consol - July 14, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17
q-o-q (%)
Net sales
16,998
16,782
1.3
17,120
(0.7)
EBITDA
4,463
4,447
0.3
4,658
(4.2)
EBITDA margin (%)
26.3
26.5
27.2
Net profit
3,429
3,436
(0.2)
3,603
(4.8)
ACC Ltd - July 17, 2017
Particulars ( ` cr)
2QCY17E
2QCY16
y-o-y (%)
1QCY17
q-o-q (%)
Net sales
3,263
2,870
13.7
3,557
(8.3)
EBITDA
454
457
(0.6)
416
9.1
EBITDA margin (%)
13.9
15.9
11.7
Net profit
246
238
3.5
212
16.4
Ultratech Cement Ltd - July 18, 2017
Particulars ( ` cr)
1QFY18E
1QFY17
y-o-y (%)
4QFY17
q-o-q (%)
Net sales
6,784
6,182
9.7
6,595
2.9
EBITDA
1,453
1,423
2.1
1,278
13.7
EBITDA margin (%)
21.4
23.0
19.4
Net profit
785
775
1.2
688
14.0
Market Outlook
July 12, 2017
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Jul 12, 2017
2:00 PM UK
Joble ss claims change
% Change
Jun
7.30
5:30 PM India
Industrial Production YoY
% Change
May
3.10
1.70
Jul 13, 2017
US
Producer Price Index (mom)
% Change
Jun
(0.70)
6:00 PM US
Initial Jobless claims
Thousands
Jul 8
248.00
245.00
China
Exports YoY%
% Change
Jun
8.70
8.90
Jul 14, 2017
6:45 PM US
Industrial Production
%
Jun
-
0.30
India
Imports YoY%
% Change
Jun
33.10
India
Exports YoY%
% Change
Jun
8.30
6:00 PM US
Consumer price index (mom)
% Change
Jun
(0.10)
0.10
12: 00 PM India
Monthly Wholesale Prices YoY%
% Change
Jun
2.17
1.39
Jul 17, 2017
7:30 AM China
Industrial Production (YoY)
% Change
Jun
6.50
6.50
7:30 AM China
Real GDP (YoY)
% Change
2Q
6.90
6.80
Jul 18, 2017
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Jun F
1.30
2:00 PM UK
CPI (YoY)
% Change
Jun
2.90
Jul 19, 2017
6:00 PM US
Housi ng Starts
Thousands
Jun
1,092.00
1,160.00
6:00 PM US
Building permits
Thousands
Jun
1,168.00
1,208.00
Jul 20, 2017
7:30 PM Euro Zone
Euro-Zone Consumer Confidence
Value
Jul A
(1.30)
1:00 PM Germany
PMI Services
Value
Jul P
54.00
Jul 24, 2017
5:15 PM Euro Zone
ECB announces interest rates
%
Jul 20
-
1:00 PM Germany
PMI Manufacturing
Value
Jul P
59.60
7:30 PM US
Existing home sales
Million
Jun
5.62
5.64
Source: Bloomberg, Angel Research
Market Outlook
July 12, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
5.0
6.0
3.8
4.0
3.0
3.1
5.0
2.6
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
52.0
5.1
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
2.2
46.0
2.0
44.0
1.0
42.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
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
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
July 12, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.0
2.0
0.5
2.0
1.1
1.3
1.0
-
(1.0)
(0.4)
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
July 12, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,832
1.7
(0.6)
22.7
Russia
Micex
1,938
3.4
(5.7)
0.1
India
Nifty
9,786
1.4
6.4
17.4
China
Shanghai Composite
3,203
1.4
(2.6)
8.7
South Africa
Top 40
46,193
1.0
0.1
3.1
Mexico
Mexbol
50,510
2.9
2.4
8.8
Indonesia
LQ45
967
0.9
4.7
16.5
Malaysia
KLCI
1,755
(2.0)
0.6
6.1
Thailand
SET 50
992
0.1
(0.9)
8.0
USA
Dow Jones
21,409
1.1
3.6
16.7
UK
FTSE
7,330
(2.6)
0.4
9.9
Japan
Nikkei
20,195
0.9
8.2
28.0
Germany
DAX
12,437
(3.0)
1.7
23.5
France
CAC
5,141
(3.0)
0.1
18.7
Source: Bloomberg, Angel Research,
Stock Watch
July 12, 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
Reduce
243
209
4,723
1,937
2,164
13.3
14.3
9.0
11.0
27.0
22.1
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
853
-
43,355
15,176
17,604
18.5
18.5
37.4
44.6
22.8
19.1
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Accumulate
105
116
30,802
20,019
22,789
11.1
11.7
4.3
5.5
24.5
19.2
4.8
4.2
19.4
22.0
1.5
1.3
Bajaj Auto
Neutral
2,793
-
80,832
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,104
-
25,696
7,726
8,713
20.5
21.2
35.3
42.7
31.3
25.9
5.8
5.2
18.9
20.1
3.4
3.0
Eicher Motors
Neutral
28,131
-
76,578
16,583
20,447
17.5
18.0
598.0
745.2
47.0
37.8
16.1
12.2
41.2
38.3
4.4
3.5
Gabriel India
Neutral
151
-
2,164
1,544
1,715
9.0
9.3
5.4
6.3
27.9
23.9
5.3
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,750
-
74,888
28,120
30,753
15.2
15.6
169.1
189.2
22.2
19.8
7.6
6.4
30.8
28.2
2.5
2.2
Jamna Auto Industries Neutral
260
-
2,070
1,486
1,620
9.8
9.9
15.0
17.2
17.3
15.1
3.8
3.2
21.8
21.3
1.5
1.3
L G Balakrishnan & Bros Neutral
782
-
1,227
1,302
1,432
11.6
11.9
43.7
53.0
17.9
14.8
2.5
2.3
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,390
-
86,341
46,534
53,077
11.6
11.7
67.3
78.1
20.7
17.8
3.4
2.9
15.4
15.8
1.8
1.6
Maruti
Accumulate
7,451
8,495
225,083
67,822
83,717
15.2
15.0
243.0
291.5
30.7
25.6
7.0
5.7
22.9
22.4
3.0
2.4
Minda Industries
Neutral
674
-
5,826
2,728
3,042
9.0
9.1
68.2
86.2
9.9
7.8
2.2
1.8
23.8
24.3
2.2
1.9
Motherson Sumi
Neutral
313
-
65,911
45,896
53,687
7.8
8.3
13.0
16.1
24.0
19.4
7.7
6.2
34.7
35.4
1.5
1.3
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
41
-
546
741
837
13.0
13.0
15.2
17.0
2.7
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
457
-
131,937
300,209
338,549
8.9
8.4
42.7
54.3
10.7
8.4
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
566
-
26,890
13,390
15,948
6.9
7.1
12.8
16.5
44.4
34.2
11.0
8.7
26.3
27.2
2.0
1.7
Amara Raja Batteries
Accumulate
852
962
14,545
5,339
6,220
15.9
15.3
28.0
32.3
30.4
26.4
5.8
4.9
19.1
18.5
2.7
2.3
Exide Industries
Neutral
225
-
19,087
7,439
8,307
15.0
15.0
8.1
9.3
27.7
24.2
3.9
3.5
14.3
16.7
2.2
1.9
Apollo Tyres
Neutral
250
-
12,718
12,877
14,504
14.3
13.9
21.4
23.0
11.7
10.9
1.8
1.6
16.4
15.2
1.2
1.1
Ceat
Neutral
1,862
-
7,533
7,524
8,624
13.0
12.7
131.1
144.3
14.2
12.9
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
169
-
3,838
7,455
8,056
15.0
15.0
21.8
24.5
7.8
6.9
1.6
1.3
22.8
21.3
0.6
0.6
Swaraj Engines
Neutral
2,251
-
2,796
660
810
15.2
16.4
54.5
72.8
41.3
30.9
12.9
11.7
31.5
39.2
4.1
3.3
Subros
Neutral
255
-
1,527
1,488
1,681
11.7
11.9
6.4
7.2
39.8
35.5
4.2
3.8
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
209
-
549
286
326
19.8
16.8
11.7
13.3
17.9
15.7
3.0
2.8
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
70
-
697
709
814
4.1
4.6
1.4
2.1
50.3
33.6
2.1
2.0
4.4
6.0
1.1
1.0
BEML
Neutral
1,556
-
6,479
3,451
4,055
6.3
9.2
31.4
57.9
49.6
26.9
3.0
2.7
6.3
10.9
2.0
1.7
Bharat Electronics
Neutral
171
-
38,217
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
Stock Watch
July 12, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Neutral
463
-
15,315
6,511
7,514
7.9
8.7
12.9
16.3
35.9
28.4
6.5
5.7
16.7
18.5
2.1
1.8
BGR Energy
Neutral
156
-
1,129
16,567
33,848
6.0
5.6
7.8
5.9
20.1
26.5
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
140
-
34,217
28,797
34,742
-
2.8
2.3
6.9
60.8
20.3
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
601
760
5,746
4,283
5,077
5.9
7.3
14.9
22.1
40.4
27.1
7.8
6.6
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
82
-
5,168
5,777
6,120
5.9
7.0
3.3
4.5
25.0
18.3
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
159
-
3,884
1,755
1,881
16.8
16.9
7.8
8.5
20.4
18.7
4.1
3.8
20.6
20.9
1.9
1.7
Inox Wind
Neutral
147
-
3,252
5,605
6,267
15.7
16.4
24.8
30.0
5.9
4.9
1.7
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
276
-
7,103
9,294
10,186
7.9
8.1
9.9
11.9
27.9
23.2
4.1
3.6
15.6
16.3
1.0
0.9
KEI Industries
Accumulate
233
258
1,810
2,633
3,001
10.4
10.0
12.7
13.0
18.3
17.9
3.9
3.3
21.4
18.2
0.9
0.8
Thermax
Neutral
923
-
11,001
5,421
5,940
7.3
7.3
25.7
30.2
35.9
30.6
4.3
4.0
12.2
13.1
1.9
1.8
VATech Wabag
Neutral
683
-
3,726
3,136
3,845
8.9
9.1
26.0
35.9
26.3
19.0
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,652
-
31,024
11,225
13,172
13.2
16.9
44.5
75.5
37.1
21.9
3.5
3.2
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
255
-
50,674
9,350
10,979
18.2
22.5
5.8
9.5
44.0
26.9
3.7
3.3
10.2
12.5
5.4
4.6
India Cements
Neutral
206
-
6,342
4,364
4,997
18.5
19.2
7.9
11.3
26.1
18.2
1.9
1.8
8.0
8.5
2.2
1.9
JK Cement
Neutral
973
-
6,804
4,398
5,173
15.5
17.5
31.2
55.5
31.2
17.5
3.7
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
464
-
5,464
2,913
3,412
14.5
19.5
7.5
22.5
61.9
20.6
3.8
3.2
12.5
18.0
2.5
2.1
Orient Cement
Neutral
155
-
3,185
2,114
2,558
18.5
20.5
8.1
11.3
19.2
13.8
2.8
2.4
9.0
14.0
2.1
1.7
UltraTech Cement
Neutral
4,151
-
113,965
25,768
30,385
21.0
23.5
111.0
160.0
37.4
26.0
4.8
4.2
13.5
15.8
4.5
3.8
Construction
ITNL
Neutral
97
-
3,201
8,946
10,017
31.0
31.6
8.1
9.1
12.0
10.7
0.4
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
211
-
2,966
1,385
1,673
14.7
14.0
41.2
48.5
5.1
4.4
1.0
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,739
-
162,344
111,017
124,908
11.0
11.0
61.1
66.7
28.5
26.1
3.4
3.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
146
-
7,056
705
788
52.2
51.7
5.0
5.6
29.2
26.1
2.9
2.6
11.2
11.2
9.7
8.2
Nagarjuna Const.
Neutral
89
-
4,948
8,842
9,775
9.1
8.8
5.3
6.4
16.8
13.9
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
146
-
3,754
2,350
2,904
13.1
13.2
9.0
8.8
16.3
16.6
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
535
-
2,646
6,829
7,954
10.5
10.5
31.4
37.4
17.0
14.3
1.8
1.6
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
591
-
869
1,801
2,219
12.7
14.6
72.1
113.9
8.2
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
294
-
5,051
3,598
4,140
10.3
10.6
9.0
11.9
32.7
24.7
3.4
3.0
9.9
11.9
1.7
1.4
NBCC
Neutral
209
-
18,801
7,428
9,549
7.9
8.6
8.2
11.0
25.5
19.0
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
137
-
2,221
1,877
1,943
30.6
29.8
3.0
4.2
45.5
32.5
22.0
14.9
0.6
0.6
2.6
2.4
Stock Watch
July 12, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
109
-
3,834
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
11.9
9.9
Engineers India
Neutral
157
-
10,593
1,725
1,935
16.0
19.1
11.4
13.9
13.8
11.3
1.9
1.8
13.4
15.3
5.1
4.5
Financials
Axis Bank
Accumulate
508
580
121,648
46,932
53,575
3.5
3.4
32.4
44.6
15.7
11.4
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
163
-
37,443
19,980
23,178
1.8
1.8
11.5
17.3
14.1
9.4
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
356
-
21,252
15,225
16,836
1.8
1.8
14.5
28.0
24.5
12.7
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
3,211
-
8,548
420
526
3.5
3.5
86.5
107.8
37.1
29.8
8.0
6.5
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,127
1,230
17,612
2,012
2,317
6.3
6.3
42.7
53.6
26.4
21.0
4.2
3.6
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
437
520
13,716
2,225
2,688
2.9
2.9
29.7
34.6
14.7
12.6
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
157
235
5,310
939
1,281
11.7
11.5
5.8
8.2
27.1
19.2
2.3
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
114
125
22,130
8,259
8,995
3.0
3.0
4.3
5.6
26.5
20.4
2.2
2.1
8.5
10.1
-
-
HDFC
Neutral
1,642
-
261,474
11,475
13,450
3.4
3.4
45.3
52.5
36.2
31.3
7.0
6.2
20.2
20.5
-
-
HDFC Bank
Neutral
1,681
-
432,554
46,097
55,433
4.5
4.5
58.4
68.0
28.8
24.7
5.1
4.2
18.8
18.6
-
-
ICICI Bank
Accumulate
290
315
185,812
42,800
44,686
3.1
3.3
18.0
21.9
16.1
13.2
2.2
2.0
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
142
160
8,649
5,640
6,030
3.3
3.2
8.9
10.0
16.0
14.2
1.7
1.6
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
207
-
3,962
3,339
3,799
2.7
2.8
11.0
14.0
18.8
14.8
2.0
1.8
11.2
12.7
-
-
LIC Housing Finance
Neutral
725
-
36,596
3,712
4,293
2.6
2.5
39.0
46.0
18.6
15.8
3.5
3.0
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
149
-
31,792
23,532
23,595
2.3
2.4
6.8
12.6
22.0
11.9
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
532
-
20,038
1,783
2,309
2.6
2.6
12.7
16.4
41.9
32.4
4.6
4.1
12.8
13.3
-
-
Repco Home Finance
Neutral
787
-
4,925
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
28
-
4,986
6,435
7,578
2.5
2.5
2.7
3.1
10.2
8.9
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
284
-
244,805
88,650
98,335
2.6
2.6
13.5
18.8
21.0
15.1
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
152
-
10,470
13,450
14,925
2.3
2.3
25.5
34.5
6.0
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,511
-
69,120
8,978
11,281
3.3
3.4
74.0
90.0
20.4
16.8
3.9
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,813
-
8,693
2,955
3,309
13.3
13.7
57.2
69.3
31.7
26.2
10.4
8.7
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,130
-
108,409
17,128
18,978
16.8
16.4
19.1
20.7
59.2
54.6
20.6
19.4
34.8
35.5
6.2
5.6
Britannia
Neutral
3,690
-
44,298
9,594
11,011
14.6
14.9
80.3
94.0
46.0
39.3
18.9
14.6
41.2
-
4.5
3.9
Colgate
Neutral
1,079
-
29,343
4,605
5,149
23.4
23.4
23.8
26.9
45.3
40.1
25.1
19.6
64.8
66.8
6.3
5.6
Dabur India
Neutral
304
-
53,594
8,315
9,405
19.8
20.7
8.1
9.2
37.6
33.1
10.5
8.7
31.6
31.0
6.1
5.4
GlaxoSmith Con*
Neutral
5,444
-
22,893
4,350
4,823
21.2
21.4
179.2
196.5
30.4
27.7
8.1
6.8
27.1
26.8
4.6
4.1
Stock Watch
July 12, 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
969
-
66,008
10,235
11,428
18.4
18.6
41.1
44.2
23.6
21.9
5.2
4.4
24.9
24.8
6.5
5.8
HUL
Neutral
1,107
-
239,639
35,252
38,495
17.8
17.8
20.7
22.4
53.6
49.5
51.2
44.0
95.6
88.9
6.6
6.1
ITC
Neutral
330
-
401,508
40,059
44,439
38.3
39.2
9.0
10.1
36.8
32.6
10.3
9.0
27.8
27.5
9.5
8.6
Marico
Neutral
322
-
41,527
6,430
7,349
18.8
19.5
6.4
7.7
50.3
41.8
15.2
12.8
33.2
32.5
6.3
5.4
Nestle*
Neutral
6,791
-
65,479
10,073
11,807
20.7
21.5
124.8
154.2
54.4
44.0
22.3
20.1
34.8
36.7
6.3
5.4
Tata Global
Neutral
170
-
10,698
8,675
9,088
9.8
9.8
7.4
8.2
22.9
20.7
1.8
1.7
7.9
8.1
1.2
1.1
Procter & Gamble
Neutral
8,048
-
26,124
2,939
3,342
23.2
23.0
146.2
163.7
55.1
49.2
13.9
11.6
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Buy
850
1,014
121,308
46,723
52,342
22.1
20.9
60.0
62.8
14.2
13.5
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
976
1,179
224,136
68,484
73,963
26.0
26.0
63.0
64.0
15.5
15.3
3.3
3.0
20.8
19.7
2.9
2.6
TCS
Accumulate
2,472
2,651
487,070
117,966
127,403
27.5
27.6
134.3
144.5
18.4
17.1
5.5
5.1
29.8
29.7
3.8
3.5
Tech Mahindra
Buy
386
533
37,618
29,141
31,051
14.4
15.0
32.3
35.6
11.9
10.8
2.0
1.8
17.1
17.0
1.1
1.0
Wipro
Accumulate
263
280
128,150
55,421
58,536
20.3
20.3
35.1
36.5
7.5
7.2
1.3
1.1
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
374
-
6,872
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
HT Media
Neutral
82
-
1,913
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
177
225
5,780
2,283
2,555
28.0
28.0
10.6
12.3
16.6
14.4
3.6
3.1
21.4
21.4
2.5
2.2
Sun TV Network
Neutral
819
-
32,279
2,850
3,265
70.1
71.0
26.2
30.4
31.3
26.9
8.0
7.1
24.3
25.6
10.9
9.4
Hindustan Media
Neutral
280
-
2,055
1,016
1,138
24.3
25.2
27.3
30.1
10.3
9.3
2.0
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
244
344
1,455
608
667
21.5
22.3
15.7
19.2
15.6
12.7
2.4
2.0
16.1
16.0
2.0
1.7
Metals & Mining
Coal India
Neutral
254
-
157,916
84,638
94,297
21.4
22.3
24.5
27.1
10.4
9.4
4.3
4.1
42.6
46.0
1.4
1.2
Hind. Zinc
Neutral
270
-
114,274
14,252
18,465
55.9
48.3
15.8
21.5
17.1
12.6
2.8
2.4
17.0
20.7
8.0
6.2
Hindalco
Neutral
200
-
44,913
107,899
112,095
7.4
8.2
9.2
13.0
21.8
15.4
1.1
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
214
-
51,656
53,201
58,779
16.1
16.2
130.6
153.7
1.6
1.4
0.2
0.2
14.0
14.4
1.7
1.5
NMDC
Neutral
117
-
37,144
6,643
7,284
44.4
47.7
7.1
7.7
16.5
15.3
1.4
1.4
8.8
9.2
3.4
3.0
SAIL
Neutral
62
-
25,503
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.8
0.7
0.6
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
258
-
95,755
71,744
81,944
19.2
21.7
13.4
20.1
19.2
12.8
1.6
1.5
8.4
11.3
1.7
1.4
Tata Steel
Neutral
557
-
54,102
121,374
121,856
7.2
8.4
18.6
34.3
30.0
16.2
1.9
1.7
6.1
10.1
1.1
1.1
Oil & Gas
GAIL
Neutral
364
-
61,479
56,220
65,198
9.3
10.1
27.1
33.3
13.4
10.9
1.2
1.1
9.3
10.7
1.3
1.1
ONGC
Neutral
160
-
205,717
137,222
152,563
15.0
21.8
19.5
24.1
8.2
6.7
0.7
0.7
8.5
10.1
1.8
1.6
Indian Oil Corp
Neutral
388
-
188,166
373,359
428,656
5.9
5.5
54.0
59.3
7.2
6.5
1.1
1.0
16.0
15.6
0.7
0.6
Stock Watch
July 12, 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
1,495
-
486,174
301,963
358,039
12.1
12.6
87.7
101.7
17.1
14.7
1.8
1.6
10.7
11.3
2.1
1.7
Pharmaceuticals
Alembic Pharma
Buy
534
648
10,071
3,101
3,966
19.7
20.5
21.4
25.5
25.0
21.0
5.3
4.3
23.0
22.8
3.2
2.4
Alkem Laboratories Ltd
Buy
1,832
2,161
21,902
5,853
6,901
17.1
18.4
74.6
85.0
24.5
21.6
5.2
4.4
21.1
20.2
3.7
3.2
Aurobindo Pharma
Buy
700
823
41,023
14,845
17,086
21.5
22.1
39.4
44.7
17.8
15.7
4.4
3.5
27.6
24.7
2.9
2.5
Aventis*
Neutral
4,196
-
9,665
2,206
2,508
16.6
16.8
128.9
139.9
32.6
30.0
5.6
4.4
21.6
23.5
4.2
3.5
Cadila Healthcare
Reduce
518
450
52,979
9,220
11,584
18.4
20.3
14.5
18.7
35.7
27.7
7.6
6.2
23.5
24.6
6.1
4.6
Cipla
Reduce
538
461
43,297
14,281
16,619
15.4
16.2
12.5
19.7
43.1
27.3
3.5
3.1
8.4
12.0
3.2
2.7
Dr Reddy's
Neutral
2,691
-
44,596
14,081
15,937
16.1
18.6
72.6
105.9
37.1
25.4
3.6
3.3
9.6
13.6
3.4
3.0
Dishman Pharma
Sell
143
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,601
-
22,035
2,927
3,290
11.8
16.2
34.4
49.6
75.6
52.5
11.0
11.4
13.9
21.3
7.3
6.6
Indoco Remedies
Sell
199
153
1,837
1,067
1,154
12.1
14.9
8.4
11.3
23.7
17.6
2.8
2.5
12.6
15.0
1.9
1.8
Ipca labs
Buy
473
620
5,972
3,211
3,593
13.9
14.5
15.4
19.4
30.7
24.4
2.4
2.2
8.2
9.5
2.0
1.7
Lupin
Buy
1,139
1,526
51,467
17,120
18,657
24.1
24.1
56.9
61.1
20.0
18.7
3.8
3.2
20.7
18.6
3.3
2.7
Natco Pharma
Accumulate
989
1,060
17,230
2,065
1,988
33.1
33.7
27.9
25.7
35.4
38.5
10.3
8.8
29.2
22.9
8.4
8.5
Sun Pharma
Buy
564
712
135,257
30,264
32,899
29.0
26.9
32.7
31.6
17.2
17.8
3.7
3.2
22.2
18.7
4.2
3.8
Power
Tata Power
Neutral
83
-
22,450
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
NTPC
Neutral
163
-
134,442
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
Accumulate
212
223
110,857
25,315
29,193
88.2
88.7
14.2
17.2
15.0
12.4
2.3
2.0
15.2
16.1
9.0
8.1
Real Estate
Prestige Estate
Neutral
281
-
10,536
4,707
5,105
25.2
26.0
10.3
13.0
27.3
21.6
2.2
2.0
10.3
10.2
3.4
3.0
MLIFE
Buy
437
522
2,241
1,152
1,300
22.7
24.6
29.9
35.8
14.6
12.2
1.1
1.0
7.6
8.6
2.7
2.3
Telecom
Bharti Airtel
Neutral
395
-
158,077
105,086
114,808
34.5
34.7
12.2
16.4
32.4
24.1
2.2
2.0
6.8
8.4
2.4
2.1
Idea Cellular
Neutral
84
-
30,417
40,133
43,731
37.2
37.1
6.4
6.5
13.2
13.0
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,310
-
9,159
3,153
3,583
14.1
14.4
152.2
182.7
28.3
23.6
139.0
118.7
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
452
480
1,360
1,066
1,169
11.6
12.5
13.0
16.0
34.8
28.3
3.4
3.0
9.5
10.7
1.6
1.4
Bajaj Electricals
Buy
340
395
3,451
4,801
5,351
5.7
6.2
10.4
13.7
32.7
24.9
4.0
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
220
-
1,576
1,353
1,471
12.3
12.4
14.5
16.3
15.2
13.5
21.0
18.9
14.5
14.6
1.1
118.7
Coffee Day Enterprises
Neutral
244
-
5,034
2,964
3,260
20.5
21.2
4.7
8.0
-
30.5
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
190
-
122
1,137
1,256
3.1
2.7
28.0
23.6
6.8
8.1
36.5
33.0
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
61
-
688
1,482
1,660
13.7
14.5
3.9
5.8
15.7
10.6
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
July 12, 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
492
-
7,528
2,883
3,115
12.0
12.1
14.2
18.6
34.7
26.5
18.4
16.1
15.8
14.6
2.3
2.1
Garware Wall Ropes
Neutral
978
-
2,139
863
928
15.1
15.2
36.4
39.4
26.9
24.8
4.9
4.2
17.5
15.9
2.4
2.2
Goodyear India*
Neutral
911
-
2,101
1,598
1,704
10.4
10.2
49.4
52.6
18.4
17.3
85.1
74.7
18.2
17.0
1.0
143.1
Hitachi
Neutral
1,989
-
5,408
2,081
2,433
8.8
8.9
33.4
39.9
59.6
49.9
48.0
40.0
22.1
21.4
2.6
2.2
HSIL
Neutral
386
-
2,789
2,384
2,515
15.8
16.3
15.3
19.4
25.2
19.9
25.1
21.6
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,224
-
44,253
21,122
26,005
14.5
27.6
110.7
132.1
11.1
9.3
66.2
47.3
168.5
201.1
2.1
1.6
Jyothy Laboratories
Neutral
368
-
6,680
1,440
2,052
11.5
13.0
8.5
10.0
43.3
36.8
10.5
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
392
-
5,674
2,554
2,800
9.9
10.0
10.5
12.1
37.4
32.4
15.6
14.8
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
271
-
401
382
420
9.3
9.5
13.5
15.7
20.1
17.3
3.4
3.0
17.1
17.3
1.1
1.0
M M Forgings
Neutral
653
-
788
546
608
20.4
20.7
41.3
48.7
15.8
13.4
89.5
79.2
16.6
17.0
1.3
1.2
Manpasand Bever.
Neutral
771
-
4,409
836
1,087
19.6
19.4
16.9
23.8
45.6
32.4
5.5
4.8
12.0
14.8
5.0
3.8
Mirza International
Neutral
153
-
1,839
963
1,069
17.2
18.0
6.1
7.5
24.9
20.4
3.8
3.2
15.0
15.7
2.1
1.9
MT Educare
Neutral
76
-
301
366
417
17.7
18.2
9.4
10.8
8.1
7.0
1.8
1.6
22.2
22.3
0.7
0.6
Narayana Hrudaya
Neutral
305
-
6,235
1,873
2,166
11.5
11.7
2.6
4.0
115.4
77.0
7.1
6.4
6.1
8.3
3.4
3.0
Navkar Corporation
Buy
205
265
2,923
347
371
43.2
37.3
6.7
6.0
30.7
34.2
2.1
1.9
6.2
10.6
9.5
8.9
Navneet Education
Neutral
179
-
4,176
1,062
1,147
24.0
24.0
6.1
6.6
29.4
27.0
6.0
5.3
20.6
19.8
4.0
3.7
Nilkamal
Neutral
1,925
-
2,873
1,995
2,165
10.7
10.4
69.8
80.6
27.6
23.9
110.0
95.6
16.6
16.5
1.4
1.3
Page Industries
Neutral
16,393
-
18,284
2,450
3,124
20.1
17.6
299.0
310.0
54.8
52.9
365.1
278.7
47.1
87.5
7.5
5.9
Parag Milk Foods
Neutral
234
-
1,969
1,919
2,231
9.3
9.6
9.5
12.9
24.8
18.1
3.9
3.2
15.5
17.5
1.2
1.0
Quick Heal
Neutral
224
-
1,574
408
495
27.3
27.0
7.7
8.8
29.0
25.5
2.7
2.7
9.3
10.6
3.0
2.5
Radico Khaitan
Accumulate
133
147
1,767
1,667
1,824
13.0
13.2
6.7
8.2
20.0
16.2
1.8
1.7
9.0
10.2
1.5
1.3
Relaxo Footwears
Neutral
514
-
6,180
2,085
2,469
9.2
8.2
7.6
8.0
68.1
64.7
26.4
22.5
17.9
18.8
3.1
2.6
S H Kelkar & Co.
Neutral
262
-
3,791
1,036
1,160
15.1
15.0
6.1
7.2
42.9
36.5
4.6
4.2
10.7
11.5
3.5
3.1
Siyaram Silk Mills
Accumulate
2,288
2,500
2,145
1,574
1,769
12.5
12.7
97.1
113.1
23.6
20.2
3.6
3.1
15.4
15.5
1.6
1.4
Styrolution ABS India*
Neutral
923
-
1,624
1,440
1,537
9.2
9.0
40.6
42.6
22.7
21.7
58.1
52.8
12.3
11.6
1.1
1.0
Surya Roshni
Neutral
285
-
1,247
3,342
3,625
7.8
7.5
17.3
19.8
16.5
14.4
31.3
25.1
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,500
-
2,565
3,229
4,001
1.5
1.8
22.8
32.8
65.9
45.7
7.1
6.1
10.7
13.4
0.7
0.5
The Byke Hospitality
Neutral
190
-
763
287
384
20.5
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
334
-
2,557
2,671
2,911
8.5
8.8
13.9
15.7
24.1
21.3
3.3
2.9
13.7
13.8
1.1
1.0
India
Stock Watch
July 12, 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
3,825
-
2,929
2,304
2,614
13.7
13.8
231.1
266.6
16.6
14.4
429.7
338.4
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
396
-
1,092
619
685
33.2
33.4
30.0
34.9
13.2
11.3
1.8
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
522
-
829
1,051
1,138
10.3
10.4
21.0
23.1
24.9
22.6
67.0
62.7
9.0
9.2
1.1
1.0
VRL Logistics
Neutral
330
-
3,014
1,902
2,119
16.7
16.6
14.6
16.8
22.7
19.6
5.0
4.4
21.9
22.2
1.7
1.5
VIP Industries
Buy
186
218
2,629
1,270
1,450
10.4
10.4
5.6
6.5
33.2
28.6
6.9
6.0
20.7
21.1
2.1
1.8
Navin Fluorine
Buy
3,153
3,650
3,104
789
945
21.1
22.4
120.1
143.4
26.3
22.0
4.2
3.6
17.8
18.5
3.9
3.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 11, 2017
Market Outlook
July 12, 2017
Research Team Tel: 022 - 39357800
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