Market Outlook
December 16, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking the SGX Nifty.
BSE Sensex
(0.3)
(84)
26,519
Nifty
(0.4)
(29)
8,154
US Markets rose on Thursday as a post-election rally resumed, while investors
digested a slew of economic data and the Federal Reserve's decision to raise interest
Mid Cap
(0.0)
(0)
12,241
rates.
Small Cap
0.2
25
12,143
The European markets ended Thursday's session in the green after a series of
Bankex
0.3
61
21,100
announcements from central banks. Banks were among the strongest performing
stocks after yesterday's decision by the Federal Reserve to hike interest rates by a
Global Indices
Chg (%)
(Pts)
(Close)
quarter point.
Dow Jones
0.3
60
19,852
Indian markets closed lower on Thursday in a volatile session after the U.S. Federal
Nasdaq
0.4
20
5,457
Reserve raised its key interest rate for the first time in 2016 and also hinted at a
FTSE
0.7
50
6,999
more aggressive pattern of rate increases next year. Higher U.S. interest rates could
Nikkei
0.1
20
19,274
result in dollar outflows from emerging markets towards the U.S.
Hang Seng
(1.8)
(397)
22,059
News Analysis
Shanghai Com
(0.7)
(23)
3,118
Bajaj launches Dominar 400 at `1.5 lakh
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,283
781
Investor’s Ready Reckoner
Declines
1,331
805
Key Domestic & Global Indicators
Unchanged
182
87
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
2,582
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
17,108
Amara Raja Batt. Auto & Auto Ancill.
Buy
909
1,167
28.4
Alkem Laboratories Pharmaceuticals
Buy
1,636
1,989
21.6
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
832
1,000
20.2
FII
(477)
(376)
26,902
Power Grid Corp. Power
Buy
183
223
21.6
MFs
(222)
411
38,596
Navkar Corp.
Others
Buy
174
265
52.7
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Hathway
36
5.4
Date
Region
Event Description
Reading
Expectations
Ifci
27
4.6
Dec 16 UK
BOE Announces rates
0.25
0.25
Igl
907
4.3
Dec 16 US
Building permits
1,260.00
1,240.00
Jswenergy
62
4.2
Dec 16 Euro Zone Euro-Zone CPI (YoY)
0.60
0.60
Dec 21 Euro Zone Euro-Zone Consumer Confidence
(6.10)
--
Mphasis
555
4.1
Dec 21 US
Existing home sales
5.60
5.52
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Nationalum
61
(7.8)
Sunpharma
649
(4.4)
Unitech
5
(3.6)
Intellect
160
(3.5)
Edelweiss
88
(3.3)
As on December 15, 2016
Market Outlook
December 16, 2016
News Analysis
Bajaj Auto launches Dominar 400 at `1.5 lakh
Bajaj Auto on Thursday launched its latest sports bike Dominar 400 priced up to
`1.5 lakh (ex-showroom Delhi) as it looks to challenge segment leader Royal
Enfield in the `1-2 lakh category. The Dominar 400, powered by a 373cc engine
will be available with ABS and disc brake versions which are priced at `1.5 lakh
and `1.36 lakh, respectively.
The company is targeting about 20 per cent of the segment and if achieve that the
Dominar will be a $1 billion brand in the next 12-18 months. Initially the
company is looking at selling around 10,000 units in the domestic market even as
it will start exporting the new product to the global markets from February 2017.
Further, the company has plan to export to Europe, ASEAN countries like
Indonesia, Malaysia and the Philippines besides Latin America.The company on
Thursday opened the booking for the Dominar 400 online with an amount of
`9,000 and deliveries will begin by January.
Economic and Political News
Withdrawal limit may ease after 80% new notes re-channelised
Smart city initiatives to benefit 50% of citizens across the globe: Gartner
Fortis to add two hospitals through operations and management contracts
Corporate News
US-based Baxter to acquire Claris Injectables for `4,237cr
Maruti Suzuki to launch premium hatchback Ignis on Jan 13
IVRCL Q2 net loss at `354cr
Market Outlook
December 16, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,529
909
1,167
28.4
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
19,561
1,636
1,989
21.6
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
1,17,370
832
1,000
20.2
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,28,144
993
1,249
25.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,26,681
1,358
1,634
20.3
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
66,769
1,479
1,809
22.3
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
95,921
183
223
21.6
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
638
212
351
65.4
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,211
219
274
25.2
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
4,429
464
634
36.7
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
7,625
244
350
43.7
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
5,153
154
235
52.9
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
5,368
164
225
37.0
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,477
360
522
45.0
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
985
82
107
30.7
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
2,474
174
265
52.7
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,130
1,205
1,605
33.2
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
1,655
277
385
38.8
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 16, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Dec 16, 2016
5:30 PM
UK
BOE Announces rates
% Ratio
Dec 15
0.25
0.25
7:00 PM
US
Building permits
Thousands
Nov
1,260.00
1,240.00
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Nov F
0.60
0.60
Dec 21, 2016
8:30 PM Euro ZoneEuro-Zone Consumer Confidence
Value
Dec A
(6.10)
8:30 PM
US
Existing home sales
Million
Nov
5.60
5.52
Dec 22, 2016
7:00 PM
US
GDP Qoq (Annualised)
% Change
3Q T
3.20
3.30
Dec 23, 2016
3:00 PM
UK
GDP (YoY)
% Change
3Q F
2.30
8:30 PM
US
New home sales
Thousands
Nov
563.00
575.00
Dec 27, 2016
8:30 PM
US
Consumer ConfidenceS.A./ 1985=100
Dec
107.10
107.00
Jan 01, 2017
6:30 AM
China
PMI Manufacturing
Value
Dec
51.70
Jan 03, 2017
2:25 PM
Germany
Unemployment change (000's)
Thousands
Dec
(5.00)
3:00 PM
UK
PMI Manufacturing
Value
Dec
53.40
Jan 06, 2017
7:00 PM
US
Change in Nonfarm payrolls
Thousands
Dec
178.00
169.00
7:00 PM
US
Unnemployment rate
% Dec
4.60
4.70
Jan 08, 2017
China
Exports YoY%
% Change
Dec
0.10
Jan 09, 2017
China
Consumer Price Index (YoY)
% Change
Dec
2.30
Jan 11, 2017
3:00 PM
UK
Industrial Production (YoY)
% Change
Nov
(1.10)
Jan 12, 2017
5:30 PM
India
Industrial Production YoY
% Change
Nov
(1.90)
Jan 13, 2017
US
Producer Price Index (mom)
% Change
Dec
-
Jan 16, 2017
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
3.15
Jan 17, 2017
China
Industrial Production (YoY)
% Change
Dec
6.20
China
Real GDP (YoY)
% Change
4Q
6.70
3:00 PM
UK
Jobless claims change
% Change
Dec
2.40
Jan 18, 2017
3:00 PM
UK
CPI (YoY)
% Change
Dec
1.20
7:45 PM
US
Industrial Production
% Dec
(0.44)
Source: Bloomberg, Angel Research
Market Outlook
December 16, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(3.0)
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
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
Market Outlook
December 16, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.3
1.6
1.5
2.0
1.1
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
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
December 16, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
58,212
(1.6)
(0.6)
26.3
Russia
Micex
2,229
10.1
11.2
27.4
India
Nifty
8,182
0.6
(6.4)
7.1
China
Shanghai Composite
3,141
(2.8)
0.8
(11.9)
South Africa
Top 40
44,052
1.6
(3.7)
0.1
Mexico
Mexbol
46,221
2.2
(0.5)
7.7
Indonesia
LQ45
883
3.0
(2.9)
13.3
Malaysia
KLCI
1,643
0.6
(2.6)
(1.7)
Thailand
SET 50
950
1.4
2.3
10.5
USA
Dow Jones
19,793
5.0
9.7
11.5
UK
FTSE
6,949
2.9
3.3
13.9
Japan
Nikkei
19,254
10.8
13.5
(1.3)
Germany
DAX
11,245
5.4
8.5
6.7
France
CAC
4,769
5.9
10.9
3.0
Source: Bloomberg, Angel Research
Stock Watch
December 16, 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
Accumulate
197
209
3,839
1,937
2,164
13.3
14.3
9.0
11.0
21.9
18.0
3.8
3.3
18.4
19.8
2.0
1.8
United Phosphorus
Accumulate
646
684
32,752
15,176
17,604
18.5
18.5
37.4
44.6
17.3
14.5
3.4
2.8
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
78
111
22,141
22,407
26,022
10.6
10.6
5.2
6.4
14.9
12.1
3.4
2.9
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,675
-
77,396
25,093
27,891
19.5
19.2
143.9
162.5
18.6
16.5
5.2
4.5
30.3
29.4
2.8
2.5
Bharat Forge
Neutral
975
-
22,689
7,726
8,713
20.5
21.2
35.3
42.7
27.6
22.8
5.1
4.6
18.9
20.1
3.0
2.6
Eicher Motors
Neutral
21,515
-
58,529
16,583
20,447
17.5
18.0
598.0
745.2
36.0
28.9
12.3
9.4
41.2
38.3
3.4
2.7
Gabriel India
Buy
107
130
1,538
1,544
1,715
9.0
9.3
5.4
6.3
19.8
17.0
3.7
3.3
18.9
19.5
1.0
0.8
Hero Motocorp
Accumulate
3,168
3,541
63,264
30,958
34,139
15.7
15.7
193.6
208.3
16.4
15.2
6.4
5.3
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
170
-
1,354
1,486
1,620
9.8
9.9
15.0
17.2
11.3
9.9
2.5
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
601
-
943
1,302
1,432
11.6
11.9
43.7
53.0
13.8
11.3
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,182
-
73,432
46,534
53,077
11.6
11.7
67.3
78.1
17.6
15.2
2.9
2.5
15.4
15.8
1.6
1.3
Maruti
Buy
5,152
6,006
155,624
68,057
82,958
15.8
15.5
212.1
261.2
24.3
19.7
4.8
4.0
19.8
20.3
2.0
1.5
Minda Industries
Neutral
322
-
2,554
2,728
3,042
9.0
9.1
68.2
86.2
4.7
3.7
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
321
-
45,028
45,896
53,687
7.8
8.3
13.0
16.1
24.6
19.9
7.9
6.3
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
990
-
783
511
562
11.3
11.5
28.1
30.9
35.2
32.0
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
37
-
495
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
463
-
133,807
300,209
338,549
8.9
8.4
42.7
54.3
10.9
8.5
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
378
-
17,965
13,390
15,948
6.9
7.1
12.8
16.5
29.6
22.9
7.4
5.8
26.3
27.2
1.4
1.1
Amara Raja Batteries
Buy
909
1,167
15,529
5,504
6,605
17.6
17.5
33.4
40.9
27.2
22.2
6.0
4.9
22.1
22.0
2.8
2.3
Exide Industries
Neutral
174
-
14,816
7,439
8,307
15.0
15.0
8.1
9.3
21.5
18.7
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
200
235
10,191
12,877
14,504
14.3
13.9
21.4
23.0
9.3
8.7
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,282
1,450
5,188
7,524
8,624
13.0
12.7
131.1
144.3
9.8
8.9
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
119
-
2,700
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
1,358
-
1,687
660
810
15.2
16.4
54.5
72.8
24.9
18.7
7.8
7.1
31.5
39.2
2.4
1.9
Subros
Neutral
161
-
965
1,488
1,681
11.7
11.9
6.4
7.2
25.1
22.4
2.7
2.4
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
177
-
466
286
326
19.8
16.8
11.7
13.3
15.2
13.3
2.6
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
48
-
473
709
814
4.1
4.6
1.4
2.1
34.1
22.8
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
927
-
3,862
3,451
4,055
6.3
9.2
31.4
57.9
29.5
16.0
1.8
1.6
6.3
10.9
1.2
1.0
Bharat Electronics
Neutral
1,439
-
32,147
8,137
9,169
16.8
17.2
58.7
62.5
24.5
23.0
3.8
3.4
44.6
46.3
2.9
2.6
Stock Watch
December 16, 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
324
407
10,712
6,511
7,514
7.9
8.7
12.9
16.3
25.1
19.9
4.5
4.0
16.7
18.5
1.4
1.2
BGR Energy
Neutral
117
-
844
16,567
33,848
6.0
5.6
7.8
5.9
15.0
19.8
0.9
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
125
-
30,693
28,797
34,742
-
2.8
2.3
6.9
54.5
18.2
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
464
634
4,429
4,283
5,077
5.9
7.3
14.9
22.1
31.2
21.0
6.1
5.1
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
59
-
3,704
5,777
6,120
5.9
7.0
3.3
4.5
17.9
13.1
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
124
-
3,027
1,755
1,881
16.8
16.9
7.8
8.5
15.9
14.6
3.2
3.0
20.6
20.9
1.4
1.3
Inox Wind
Neutral
204
-
4,537
5,605
6,267
15.7
16.4
24.8
30.0
8.2
6.8
2.3
1.7
25.9
24.4
0.9
0.7
KEC International
Neutral
141
-
3,635
9,294
10,186
7.9
8.1
9.9
11.9
14.3
11.9
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
824
-
9,813
5,421
5,940
7.3
7.3
25.7
30.2
32.0
27.3
3.9
3.5
12.2
13.1
1.7
1.6
VATech Wabag
Buy
478
681
2,606
3,136
3,845
8.9
9.1
26.0
35.9
18.4
13.3
2.3
2.0
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,315
-
24,695
11,225
13,172
13.2
16.9
44.5
75.5
29.6
17.4
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
202
-
40,100
9,350
10,979
18.2
22.5
5.8
9.5
34.8
21.3
2.9
2.6
10.2
12.5
4.3
3.7
India Cements
Neutral
113
-
3,463
4,364
4,997
18.5
19.2
7.9
11.3
14.3
10.0
1.0
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
693
-
4,846
4,398
5,173
15.5
17.5
31.2
55.5
22.2
12.5
2.7
2.3
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
354
565
4,160
2,913
3,412
14.5
19.5
7.5
22.5
47.1
15.7
2.9
2.4
12.5
18.0
2.0
1.7
Orient Cement
Buy
124
215
2,543
2,114
2,558
18.5
20.5
8.1
11.3
15.3
11.0
2.3
1.9
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,268
-
89,705
25,768
30,385
21.0
23.5
111.0
160.0
29.4
20.4
3.8
3.3
13.5
15.8
3.6
3.0
Construction
ITNL
Neutral
103
-
3,373
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Buy
169
802
2,374
1,385
1,673
14.7
14.0
41.2
48.5
4.1
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,358
1,634
126,681
111,017
124,908
11.0
11.0
61.1
66.7
22.2
20.4
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
141
-
6,817
705
788
52.2
51.7
5.0
5.6
28.2
25.2
2.8
2.5
11.2
11.2
9.3
7.9
Nagarjuna Const.
Neutral
83
-
4,631
8,842
9,775
9.1
8.8
5.3
6.4
15.7
13.0
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,717
2,350
2,904
13.1
13.2
9.0
8.8
11.8
12.0
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
282
-
1,393
6,829
7,954
10.5
10.5
31.4
37.4
9.0
7.5
0.9
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
453
-
667
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
274
298
4,700
3,598
4,140
10.3
10.6
9.0
11.9
30.4
23.0
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
223
-
13,398
7,428
9,549
7.9
8.6
8.2
11.0
27.2
20.3
1.4
1.1
28.2
28.7
1.5
1.1
MEP Infra
Neutral
38
-
624
1,877
1,943
30.6
29.8
3.0
4.2
12.8
9.1
6.2
4.2
0.6
0.6
1.7
1.5
SIPL
Neutral
90
-
3,158
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.4
3.8
(22.8)
(15.9)
11.3
9.4
Stock Watch
December 16, 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
305
-
10,266
1,725
1,935
16.0
19.1
11.4
13.9
26.7
21.9
3.7
3.6
13.4
15.3
4.9
4.4
Financials
Axis Bank
Buy
477
630
114,083
46,932
53,575
3.5
3.4
32.4
44.6
14.8
10.7
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
160
-
36,855
19,980
23,178
1.8
1.8
11.5
17.3
13.9
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
305
-
16,542
15,225
16,836
1.8
1.8
14.5
28.0
21.0
10.9
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
244
350
7,625
2,225
2,688
2.9
2.9
29.7
34.6
8.2
7.0
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
154
235
5,153
939
1,281
11.7
11.5
5.8
8.2
26.5
18.7
2.3
2.0
10.9
11.5
-
-
Federal Bank
Neutral
69
-
11,941
9,353
10,623
2.9
2.9
4.4
5.8
15.8
12.0
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,260
-
199,320
11,475
13,450
3.4
3.4
45.3
52.5
27.8
24.0
5.4
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,177
1,350
300,373
46,097
55,433
4.5
4.5
58.4
68.0
20.2
17.3
3.5
3.0
18.8
18.6
-
-
ICICI Bank
Buy
260
315
151,526
42,800
44,686
3.1
3.3
18.0
21.9
14.5
11.9
2.0
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
143
174
2,565
3,339
3,799
2.7
2.8
11.0
14.0
13.0
10.2
1.4
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
556
630
28,054
3,712
4,293
2.6
2.5
39.0
46.0
14.3
12.1
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
126
-
26,866
23,532
23,595
2.3
2.4
6.8
12.6
18.6
10.0
2.9
2.0
3.3
6.5
-
-
RBL Bank
Neutral
356
-
13,154
1,783
2,309
2.6
2.6
12.7
16.4
28.0
21.7
3.1
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,866
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
265
-
205,714
88,650
98,335
2.6
2.6
13.5
18.8
19.6
14.1
1.9
1.6
7.0
8.5
-
-
Union Bank
Neutral
139
-
9,552
13,450
14,925
2.3
2.3
25.5
34.5
5.5
4.0
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,186
-
50,157
8,978
11,281
3.3
3.4
74.0
90.0
16.0
13.2
3.0
2.6
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
906
-
86,884
17,128
18,978
16.8
16.4
19.1
20.7
47.4
43.8
16.5
15.6
34.8
35.5
5.0
4.5
Britannia
Buy
2,920
3,626
35,041
9,594
11,011
14.6
14.9
80.3
94.0
36.4
31.1
15.0
11.6
41.2
-
3.5
3.0
Colgate
Accumulate
910
995
24,740
4,605
5,149
23.4
23.4
23.8
26.9
38.2
33.8
21.2
16.5
64.8
66.8
5.3
4.7
Dabur India
Accumulate
272
304
47,887
8,315
9,405
19.8
20.7
8.1
9.2
33.6
29.6
9.3
7.8
31.6
31.0
5.4
4.8
GlaxoSmith Con*
Neutral
5,071
-
21,325
4,350
4,823
21.2
21.4
179.2
196.5
28.3
25.8
7.5
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,455
-
49,557
10,235
11,428
18.4
18.6
41.1
44.2
35.4
32.9
7.9
6.6
24.9
24.8
4.9
4.3
HUL
Neutral
817
-
176,865
35,252
38,495
17.8
17.8
20.7
22.4
39.6
36.5
37.8
32.4
95.6
88.9
4.9
4.4
ITC
Buy
230
284
278,503
40,059
44,439
38.3
39.2
9.0
10.1
25.6
22.7
7.1
6.2
27.8
27.5
6.5
5.8
Marico
Buy
253
300
32,605
6,430
7,349
18.8
19.5
6.4
7.7
39.5
32.8
11.9
10.0
33.2
32.5
4.9
4.2
Nestle*
Neutral
6,167
-
59,455
10,073
11,807
20.7
21.5
124.8
154.2
49.4
40.0
20.3
18.2
34.8
36.7
5.7
4.9
Tata Global
Neutral
124
-
7,854
8,675
9,088
9.8
9.8
7.4
8.2
16.8
15.2
1.9
1.8
7.9
8.1
0.8
0.8
Stock Watch
December 16, 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
6,986
7,369
22,677
2,939
3,342
23.2
23.0
146.2
163.7
47.8
42.7
107.0
102.6
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
832
1,000
117,370
49,242
57,168
20.5
20.5
55.7
64.1
14.9
13.0
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
993
1,249
228,144
68,350
77,326
27.0
27.0
62.5
69.4
15.9
14.3
3.4
3.1
21.3
21.6
2.8
2.4
TCS
Buy
2,260
2,620
445,218
119,025
133,308
27.6
27.6
131.2
145.5
17.2
15.5
5.6
5.1
32.4
33.1
3.5
3.1
Tech Mahindra
Buy
478
600
46,493
29,673
32,937
15.5
17.0
32.8
39.9
14.6
12.0
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
467
590
113,424
55,440
60,430
18.1
18.1
35.9
39.9
13.0
11.7
2.3
2.1
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
354
-
6,503
2,297
2,590
27.4
28.2
21.0
23.4
16.8
15.1
3.9
3.4
23.7
23.1
2.6
2.3
HT Media
Neutral
72
-
1,678
2,693
2,991
12.6
12.9
7.9
9.0
9.1
8.0
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
164
225
5,368
2,355
2,635
28.0
28.0
10.8
12.5
15.2
13.1
3.3
2.9
21.7
21.7
2.3
2.0
Sun TV Network
Neutral
497
-
19,572
2,850
3,265
70.1
71.0
26.2
30.4
19.0
16.3
4.9
4.3
24.3
25.6
6.5
5.5
Hindustan Media
Neutral
266
-
1,955
1,016
1,138
24.3
25.2
27.3
30.1
9.8
8.9
1.9
1.7
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
277
385
1,655
637
743
27.5
27.5
18.4
21.4
15.1
13.0
2.6
2.2
17.4
17.2
2.2
1.8
Metals & Mining
Coal India
Neutral
290
-
180,170
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
285
-
120,506
14,252
18,465
55.9
48.3
15.8
21.5
18.1
13.3
2.9
2.6
17.0
20.7
8.5
6.5
Hindalco
Neutral
176
-
36,393
107,899
112,095
7.4
8.2
9.2
13.0
19.2
13.6
0.9
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
1,632
-
39,447
53,201
58,779
16.1
16.2
130.6
153.7
12.5
10.6
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
130
-
41,131
6,643
7,284
44.4
47.7
7.1
7.7
18.3
16.9
1.6
1.5
8.8
9.2
4.0
3.6
SAIL
Neutral
53
-
21,889
47,528
53,738
(0.7)
2.1
(1.9)
2.6
20.4
0.6
0.6
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
236
-
69,996
71,744
81,944
19.2
21.7
13.4
20.1
17.6
11.8
1.5
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
419
-
40,708
121,374
121,856
7.2
8.4
18.6
34.3
22.5
12.2
1.4
1.3
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
261
-
48,969
9,127
10,632
4.3
20.6
8.8
11.7
29.7
22.3
1.0
0.9
3.3
4.2
6.8
5.7
GAIL
Neutral
417
-
52,908
56,220
65,198
9.3
10.1
27.1
33.3
15.4
12.5
1.4
1.3
9.3
10.7
1.1
1.0
ONGC
Neutral
206
-
264,942
137,222
152,563
15.0
21.8
19.5
24.1
10.6
8.6
0.9
0.9
8.5
10.1
2.2
2.0
Indian Oil Corp
Neutral
298
-
144,609
373,359
428,656
5.9
5.5
54.0
59.3
5.5
5.0
0.9
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
1,054
-
341,940
301,963
358,039
12.1
12.6
87.7
101.7
12.0
10.4
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
618
-
11,644
3,483
4,083
20.2
21.4
24.3
30.4
25.4
20.3
5.8
4.6
25.5
25.3
3.3
2.7
Alkem Laboratories Ltd
Buy
1,636
1,989
19,561
6,043
6,893
18.7
19.3
80.5
88.8
20.3
18.4
4.5
3.7
22.3
20.3
3.2
2.7
Aurobindo Pharma
Buy
695
877
40,661
15,720
18,078
23.7
23.7
41.4
47.3
16.8
14.7
4.4
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,284
-
9,867
2,277
2,597
17.3
18.3
149.4
172.0
28.7
24.9
4.8
3.8
25.1
28.8
4.0
3.3
Stock Watch
December 16, 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
381
-
39,046
10,429
12,318
22.6
22.0
16.9
19.2
22.6
19.9
5.7
4.6
28.5
25.7
3.7
3.1
Cipla
Reduce
562
490
45,168
15,378
18,089
17.4
18.4
21.6
27.2
26.0
20.7
3.4
2.9
13.7
15.2
3.1
2.6
Dr Reddy's
Neutral
3,115
-
51,605
16,043
18,119
20.8
22.4
112.4
142.9
27.7
21.8
3.7
3.2
14.1
15.9
3.2
2.8
Dishman Pharma
Neutral
221
-
3,574
1,718
1,890
22.7
22.8
9.5
11.3
23.3
19.6
2.3
2.0
10.1
10.9
2.5
2.2
GSK Pharma*
Neutral
2,726
-
23,090
3,000
3,312
15.4
20.6
46.5
60.8
58.6
44.8
14.1
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
264
240
2,435
1,112
1,289
16.2
18.2
11.6
16.0
22.8
16.5
3.6
3.1
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
537
613
6,770
3,303
3,799
15.3
15.3
17.3
19.7
31.0
27.2
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,479
1,809
66,769
15,912
18,644
26.4
26.7
58.1
69.3
25.5
21.4
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
649
847
155,817
31,129
35,258
32.0
32.9
30.2
35.3
21.5
18.4
3.5
2.9
20.0
20.1
4.6
3.8
Power
Tata Power
Neutral
78
-
21,137
36,916
39,557
17.4
27.1
5.1
6.3
15.3
12.4
1.4
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
160
-
132,175
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
Buy
183
223
95,921
25,315
29,193
88.2
88.7
14.2
17.2
13.0
10.7
2.0
1.7
15.2
16.1
8.4
7.6
Real Estate
Prestige Estate
Buy
168
210
6,294
4,707
5,105
25.2
26.0
10.3
13.0
16.3
12.9
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
360
522
1,477
1,152
1,300
22.7
24.6
29.9
35.8
12.0
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
318
-
127,297
105,086
114,808
34.5
34.7
12.2
16.4
26.1
19.4
1.8
1.7
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
77
-
27,730
40,133
43,731
37.2
37.1
6.4
6.5
12.0
11.9
1.0
0.9
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,680
-
9,945
3,153
3,583
14.1
14.4
152.2
182.7
30.8
25.6
151.0
128.9
25.6
26.1
2.9
2.5
Asian Granito
Buy
212
351
638
1,071
1,182
12.1
12.4
12.7
16.0
16.7
13.3
1.6
1.4
9.5
10.7
0.9
0.8
Bajaj Electricals
Buy
219
274
2,211
4,801
5,351
5.7
6.2
10.4
13.7
21.0
16.0
2.6
2.3
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
191
-
1,366
1,353
1,471
12.3
12.4
14.5
16.3
13.2
11.7
18.2
16.4
14.5
14.6
0.9
101.7
Coffee Day Enterprises
Neutral
197
-
4,065
2,964
3,260
20.5
21.2
4.7
8.0
-
24.7
2.3
2.1
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
31.9
28.8
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
664
1,482
1,660
13.7
14.5
3.9
5.8
15.2
10.2
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
424
-
6,489
2,883
3,115
12.0
12.1
14.2
18.6
29.9
22.8
15.9
13.9
15.8
14.6
1.9
1.8
Garware Wall Ropes
Neutral
625
-
1,367
873
938
14.3
14.3
35.2
37.5
17.8
16.7
3.1
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
711
-
1,640
1,598
1,704
10.4
10.2
49.4
52.6
14.4
13.5
66.4
58.3
18.2
17.0
0.7
98.7
Hitachi
Neutral
1,450
-
3,943
2,081
2,433
8.8
8.9
33.4
39.9
43.4
36.3
35.0
29.2
22.1
21.4
1.9
1.6
HSIL
Neutral
281
-
2,035
2,384
2,515
15.8
16.3
15.3
19.4
18.4
14.5
18.3
15.7
7.8
9.3
1.0
0.9
Interglobe Aviation
Neutral
830
-
29,986
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
44.8
32.0
168.5
201.1
1.4
1.1
Stock Watch
December 16, 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
357
-
6,475
1,440
2,052
11.5
13.0
8.5
10.0
42.0
35.7
10.2
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
325
-
4,701
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
234
-
346
382
420
9.3
9.5
13.5
15.7
17.4
14.9
3.0
2.6
17.1
17.3
1.0
0.9
M M Forgings
Neutral
435
-
525
546
608
20.4
20.7
41.3
48.7
10.5
8.9
59.6
52.7
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
566
-
3,238
836
1,087
19.6
19.4
16.9
23.8
33.5
23.8
4.0
3.5
12.0
14.8
3.6
2.7
Mirza International
Buy
82
107
985
987
1,106
18.0
18.0
6.5
7.6
12.5
10.8
2.0
1.7
15.9
15.7
1.2
1.1
MT Educare
Neutral
122
-
486
366
417
17.7
18.2
9.4
10.8
13.0
11.3
2.9
2.5
22.2
22.3
1.2
1.1
Narayana Hrudaya
Neutral
338
-
6,908
1,873
2,166
11.5
11.7
2.6
4.0
127.8
85.3
7.8
7.1
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
174
265
2,474
369
561
42.9
42.3
7.2
11.5
24.0
15.1
1.8
1.6
7.4
10.5
7.7
5.1
Navneet Education
Neutral
109
-
2,587
1,062
1,147
24.0
24.0
6.1
6.6
17.8
16.4
3.7
3.2
20.6
19.8
2.5
2.3
Nilkamal
Neutral
1,329
-
1,983
1,995
2,165
10.7
10.4
69.8
80.6
19.0
16.5
76.0
66.0
16.6
16.5
1.0
0.9
Page Industries
Neutral
13,689
-
15,269
2,450
3,124
20.1
17.6
299.0
310.0
45.8
44.2
304.9
232.7
47.1
87.5
6.3
5.0
Parag Milk Foods
Neutral
267
-
2,247
1,919
2,231
9.3
9.6
9.5
12.9
28.3
20.7
4.4
3.6
15.5
17.5
1.3
1.1
Quick Heal
Neutral
276
-
1,932
408
495
27.3
27.0
7.7
8.8
35.6
31.4
3.3
3.3
9.3
10.6
3.9
3.2
Radico Khaitan
Buy
116
147
1,541
1,667
1,824
13.0
13.2
6.7
8.2
17.4
14.2
1.6
1.4
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
399
-
4,793
2,085
2,469
9.2
8.2
7.6
8.0
52.8
50.2
20.5
17.5
17.9
18.8
2.4
2.0
S H Kelkar & Co.
Neutral
290
-
4,198
1,036
1,160
15.1
15.0
6.1
7.2
47.5
40.4
5.1
4.7
10.7
11.5
3.9
3.5
Siyaram Silk Mills
Accumulate
1,205
1,605
1,130
1,733
1,948
11.6
11.7
96.6
114.7
12.5
10.5
1.9
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
583
-
1,025
1,440
1,537
9.2
9.0
40.6
42.6
14.4
13.7
36.7
33.3
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
179
-
785
3,342
3,625
7.8
7.5
17.3
19.8
10.4
9.1
19.7
15.8
10.5
10.8
0.5
0.4
Team Lease Serv.
Neutral
890
-
1,522
3,229
4,001
1.5
1.8
22.8
32.8
39.1
27.1
4.2
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
167
-
669
287
384
20.5
20.5
7.6
10.7
22.0
15.6
4.6
3.7
20.7
23.5
2.4
1.7
Transport Corporation of
Neutral
169
-
1,297
2,671
2,911
8.5
8.8
13.9
15.7
12.2
10.8
1.7
1.5
13.7
13.8
0.6
0.5
India
TVS Srichakra
Neutral
3,222
-
2,467
2,304
2,614
13.7
13.8
231.1
266.6
13.9
12.1
362.1
285.1
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
418
-
1,153
619
685
33.2
33.4
30.0
34.9
13.9
12.0
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
186
-
295
1,051
1,138
10.3
10.4
21.0
23.1
8.8
8.0
23.8
22.3
9.0
9.2
0.5
0.5
VRL Logistics
Neutral
266
-
2,426
1,902
2,119
16.7
16.6
14.6
16.8
18.3
15.8
4.0
3.5
21.9
22.2
1.4
1.2
Wonderla Holidays
Neutral
349
-
1,969
287
355
38.0
40.0
11.3
14.2
30.8
24.5
4.4
3.9
21.4
23.9
6.5
5.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 15, 2016
Market Outlook
December 16, 2016
Research Team Tel: 022 - 39357800
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