Market Outlook
March 17, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with a flat to positive bias tracking the SGX Nifty.
BSE Sensex
0.6
188
29,586
US stocks closed flat as investors booked profits after yesterday’s rally. A report from
Nifty
0.8
69
9,154
the Labor Department stated that first-time claims for unemployment benefits saw a
Mid Cap
1.5
212
13,912
modest decrease in the week ending March 11th. Initial jobless claims edged down
Small Cap
1.1
148
14,006
to 241,000, against expectations of 240,000. Biotechnology stocks traded weakly
and NYSE Arca Biotechnology Index down by 1.3 percent. The Dow Jones Utilities
Bankex
0.5
113
24,264
Average fell by 1.3 percent giving up most of its gains from the previous session.
Global Indices
Chg (%)
(Pts)
(Close)
UK stocks closed positive as investors cheered the result of the Dutch election. The
result is viewed as a rejection of populism and litmus test of the direction of French
Dow Jones
(0.1)
(16)
20,935
and German voters. Mining stocks rallied strongly on higher commodity prices and
Nasdaq
0.0
1
5,901
a weaker dollar. Vedanta Resources jumped 8.33 percent on news that promoter
FTSE
0.6
47
7,416
Anil Agarwal will invest $2.44bln for a 13% stake in Anglo American.
Nikkei
0.1
13
19,590
Indian markets closed positive as global cues and strong inflows buoyed investor
Hang Seng
2.1
495
24,288
sentiment. The rupee continued its rally for the fourth straight day reached a 16
Shanghai Com
0.8
27
3,269
month high of 65.41 a dollar. Stocks broadly remained positive with all sectoral
indices closing positive for the session. The metal index was the biggest gainer and
Advances / Declines
BSE
NSE
closed up 2.92 percent on strong commodity prices.
Advances
1,818
1,157
News Analysis
Declines
1,041
501
Stock update: Larsen and Toubro, Bajaj Electricals
Unchanged
173
87
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
7,288
Key Domestic & Global Indicators
NSE
24,538
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
1,418
14,666
25,105
CMP
Target
Upside
Company
Sector
Rating
MFs
(163)
(1,259)
5,811
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto AncillaryAccumulate
884
1,009
14.1
HCL Tech
IT
Buy
855
1,000
16.9
Top Gainers
Price (`)
Chg (%)
Power Grid Corp.
Power
Accumulate
195
223
14.2
Relcapital
604
8.5
Navkar Corp.
Others
Buy
177
265
50.1
Pcjeweller
416
8.0
KEI Industries
Others
Buy
172
207
20.2
Suzlon
18
7.6
More Top Picks on Pg3
Sail
64
5.9
Key Upcoming Events
Hindzinc
308
5.3
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Mar 17, 2017 US
Existing home sales
5.69
5.58
Top Losers
Price (`)
Chg (%)
Mar 21, 2017 US
Industrial Production
(0.25)
0.20
Unitdspr
2,218
(2.2)
Mar 22, 2017 UK
CPI (YoY)
1.80
--
Srtransfin
1,050
(2.1)
Mar 23, 2017 Euro Zone Euro-Zone Consumer Confidence
(6.20)
--
Piind
884
(1.8)
US
New home sales
555.00
560.00
Mar 24, 2017 Germany PMI Services
54.40
--
Den
82
(1.7)
Germany PMI Manufacturing
56.80
--
Heromotoco
3,349
(1.5)
More Events on Pg4
As on March 16, 2017
www.angelbroking.com
Market Outlook
March 17, 2017
News Analysis
Stock update - Larsen & Toubro
The target for Larsen & Toubro has been updated to `1700 with a rating of
Accumulate. This is due to the company’s improving fundamentals. Strong order
backlog and improvement in execution is likely to trigger further growth for L&T.
Stock update - Bajaj Electricals
The target for Bajaj Electricals has been updated to `330 with a rating of
Accumulate. Bajaj Electricals is among the top 4 players in the consumer durables
segment. The company is likely to experience improved profitability backed by a
turnaround in E&P segment. Strong order book also lends greater earnings
visibility. The company is also likely to be a beneficiary of the implementation of
the GST bill.
Economic and Political News
GST council clears drafts of State GST Bill and the UT GST Bill
Tamil Nadu govt. presents revenue deficit budget of `15,930cr
GST Council caps cess on tobacco products at `4,170 per 1,000 sticks or
290% ad valorem
Govt. generates `1,748cr from auction of 31 coal blocks in FY17
India’s engineering exports likely to reach over $60bln in FY17: Commerce
Minister Nirmala Sitharaman
Collections in securitised pools of vehicle loan receivables saw sharp recovery
in January: CRISIL
Corporate News
Reliance Capital to carve out retail health insurance unit into a separate
business
Reliance Defence shows interest in buying assets of ABG Shipyard
Parliamentary panel suggests merger of BSNL and MTNL
www.angelbroking.com
Market Outlook
March 17, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
15,108
884
1,009
14.1
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
23,315
1,950
2,257
15.7
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,20,709
855
1,000
16.9
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,36,241
1,029
1,249
21.4
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,46,317
1,568
1,700
8.4
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,761
1,456
1,809
24.2
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong top-
Power Grid Corporation
1,02,199
195
223
14.2
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, AngelResearch
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
976
324
351
8.2
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,123
309
330
7.0
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,456
571
634
11.0
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,716
169
235
38.8
adequate CAR. ROE & ROA likely to remain decent as risk of
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
5,966
183
225
23.3
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,340
172
207
20.2
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,553
378
522
38.0
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,085
90
107
18.6
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,517
177
265
50.1
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,530
257
344
34.1
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
March 17, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
7:30 PM US
Existing home sales
Million
Feb
5.69
5.58
Mar 17, 2017
Mar 21, 2017
6:45 PM US
Industrial Production
%
Feb
-0.25
0.20
Mar 22, 2017
3:00 PM UK
CPI (YoY)
% Change
Feb
1.80
Mar 23, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
-6.20
7:30 PM US
New home sales
Thousands
Feb
555.00
560.00
Mar 24, 2017
2:00 PM Germany
PMI Services
Value
Mar P
54.40
2:00 PM Germany
PMI Manufacturing
Value
Mar P
56.80
Mar 28, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Mar
114.80
112.00
Mar 30, 2017
6:00 PM US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
Mar 31, 2017
1:25 PM Germany
Unemployment change (000's)
Thousands
Mar
-14.00
6:30 AM China
PMI Manufacturing
Value
Mar
51.60
51.20
2:00 PM UK
GDP (YoY)
% Change
4Q F
2.00
Apr 03, 2017
2:30 PM India
RBI Reverse Repo rate
%
Apr 6
5.75
Apr 06, 2017
2:00 PM UK
PMI Manufacturing
Value
Mar
54.60
2:30 PM India
RBI Repo rate
%
Apr 6
6.25
2:30 PM India
RBI Cash Reserve ratio
%
Apr 6
4.00
April 07, 2017
2:00 PM UK
Industrial Production (YoY)
% Change
Feb
3.20
6:00 PM US
Change in Nonfarm payrolls
Thousands
Mar
235.00
6:00 PM US
Unnemployment rate
%
Mar
4.70
Apr 10, 2017
India
Imports YoY%
% Change
Mar
21.76
India
Exports YoY%
% Change
Mar
17.48
Apr 12, 2017
2:00 PM UK
Jobless claims change
% Change
Mar
(11.30)
7:00 AM China
Consumer Price Index (YoY)
% Change
Mar
0.80
US
Producer Price Index (mom)
% Change
Mar
0.10
Source: Bloomberg, Angel Research
www.angelbroking.com
Market Outlook
March 17, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.6
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.8
6.9
7.0
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
3.0
(1.3)
(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
4.8
5.0
4.3
4.2
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
30.0
7.00
6.50
20.0
6.00
10.0
5.50
0.0
5.00
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
www.angelbroking.com
Market Outlook
March 17, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
0.7
5.3
6.0
4.9
4.5
4.0
3.0
2.0
1.9
1.2
1.2
1.6
2.0
-
(2.0)
(2.5)
(0.4)
(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)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
www.angelbroking.com
Market Outlook
March 17, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,783
(0.5)
11.2
39.6
Russia
Micex
2,014
(6.8)
(10.4)
5.2
India
Nifty
9,154
4.1
11.3
21.5
China
Shanghai Composite
3,269
1.8
1.2
12.7
South Africa
Top 40
45,523
0.2
3.7
(2.2)
Mexico
Mexbol
48,057
1.4
4.8
5.7
Indonesia
LQ45
918
3.0
4.3
9.8
Malaysia
KLCI
1,737
1.7
5.7
2.7
Thailand
SET 50
987
0.5
3.1
10.9
USA
Dow Jones
20,935
2.6
5.7
19.8
UK
FTSE
7,416
2.0
6.4
19.8
Japan
Nikkei
19,590
1.8
2.3
16.7
Germany
DAX
12,083
2.6
6.3
20.6
France
CAC
5,013
2.4
4.0
14.8
Source: Bloomberg, Angel Research
www.angelbroking.com
Stock Watch
March 17, 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
245
-
4,765
1,937
2,164
13.3
14.3
9.0
11.0
27.2
22.3
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
710
-
36,009
15,176
17,604
18.5
18.5
37.4
44.6
19.0
15.9
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
92
111
26,154
20,021
21,915
11.6
11.9
4.5
5.3
20.4
17.3
4.2
3.7
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,937
-
84,978
25,093
27,891
19.5
19.2
143.9
162.5
20.4
18.1
5.7
4.9
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,044
-
24,313
7,726
8,713
20.5
21.2
35.3
42.7
29.6
24.5
5.5
4.9
18.9
20.1
3.2
2.8
Eicher Motors
Neutral
24,515
-
66,705
16,583
20,447
17.5
18.0
598.0
745.2
41.0
32.9
14.0
10.7
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
116
130
1,666
1,544
1,715
9.0
9.3
5.4
6.3
21.5
18.4
4.1
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Neutral
3,349
-
66,874
28,083
30,096
15.3
15.7
171.8
187.0
19.5
17.9
6.8
5.7
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
215
-
1,716
1,486
1,620
9.8
9.9
15.0
17.2
14.4
12.5
3.1
2.7
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
585
-
918
1,302
1,432
11.6
11.9
43.7
53.0
13.4
11.0
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,321
-
82,056
46,534
53,077
11.6
11.7
67.3
78.1
19.6
16.9
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
6,146
6,560
185,663
67,822
83,288
16.0
16.4
253.8
312.4
24.2
19.7
5.6
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
440
-
3,488
2,728
3,042
9.0
9.1
68.2
86.2
6.5
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
367
-
51,470
45,896
53,687
7.8
8.3
13.0
16.1
28.1
22.8
9.1
7.2
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
951
-
753
511
562
11.3
11.5
28.1
30.9
33.8
30.8
5.2
4.7
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
470
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
480
-
138,708
300,209
338,549
8.9
8.4
42.7
54.3
11.3
8.9
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
438
-
20,818
13,390
15,948
6.9
7.1
12.8
16.5
34.3
26.5
8.5
6.8
26.3
27.2
1.6
1.3
Amara Raja Batteries
Accumulate
884
1,009
15,108
5,305
6,100
16.0
16.3
28.4
34.0
31.1
26.0
6.0
5.0
19.3
19.3
2.9
2.5
Exide Industries
Neutral
222
-
18,870
7,439
8,307
15.0
15.0
8.1
9.3
27.4
23.9
3.8
3.4
14.3
16.7
2.2
1.9
Apollo Tyres
Buy
196
235
9,974
12,877
14,504
14.3
13.9
21.4
23.0
9.1
8.5
1.4
1.2
16.4
15.2
0.9
0.9
Ceat
Buy
1,256
1,450
5,082
7,524
8,624
13.0
12.7
131.1
144.3
9.6
8.7
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
130
-
2,945
7,455
8,056
15.0
15.0
21.8
24.5
6.0
5.3
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,367
-
1,698
660
810
15.2
16.4
54.5
72.8
25.1
18.8
7.8
7.1
31.5
39.2
2.4
1.9
Subros
Neutral
195
-
1,167
1,488
1,681
11.7
11.9
6.4
7.2
30.4
27.1
3.2
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
196
-
515
286
326
19.8
16.8
11.7
13.3
16.8
14.7
2.8
2.7
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
54
-
538
709
814
4.1
4.6
1.4
2.1
38.8
25.9
1.6
1.5
4.4
6.0
0.9
0.8
www.angelbroking.com
Stock Watch
March 17, 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
BEML
Neutral
1,331
-
5,544
3,451
4,055
6.3
9.2
31.4
57.9
42.4
23.0
2.6
2.3
6.3
10.9
1.7
1.5
Bharat Electronics
Buy
165
1,414
36,888
8,137
9,169
16.8
17.2
58.7
62.5
2.8
2.6
0.4
0.4
44.6
46.3
3.5
3.1
Voltas
Neutral
390
-
12,905
6,511
7,514
7.9
8.7
12.9
16.3
30.2
23.9
5.4
4.8
16.7
18.5
1.7
1.5
BGR Energy
Neutral
137
-
989
16,567
33,848
6.0
5.6
7.8
5.9
17.6
23.2
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
169
-
41,254
28,797
34,742
-
2.8
2.3
6.9
73.3
24.4
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
571
634
5,456
4,283
5,077
5.9
7.3
14.9
22.1
38.4
25.8
7.4
6.3
20.4
26.4
1.3
1.1
CG Power and Industrial
Neutral
74
-
4,610
5,777
6,120
5.9
7.0
3.3
4.5
22.3
16.3
1.0
0.9
4.4
5.9
0.8
0.6
Solutions
Greaves Cotton
Neutral
167
-
4,089
1,755
1,881
16.8
16.9
7.8
8.5
21.5
19.7
4.3
4.0
20.6
20.9
2.0
1.8
Inox Wind
Neutral
181
-
4,026
5,605
6,267
15.7
16.4
24.8
30.0
7.3
6.1
2.0
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
175
-
4,498
9,294
10,186
7.9
8.1
9.9
11.9
17.7
14.7
2.6
2.3
15.6
16.3
0.7
0.7
KEI Industries
Buy
172
207
1,340
2,682
3,058
10.4
10.0
11.7
12.8
14.7
13.5
2.9
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
878
-
10,456
5,421
5,940
7.3
7.3
25.7
30.2
34.1
29.1
4.1
3.8
12.2
13.1
1.8
1.7
VATech Wabag
Accumulate
615
681
3,356
3,136
3,845
8.9
9.1
26.0
35.9
23.7
17.1
3.0
2.5
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,422
-
26,697
11,225
13,172
13.2
16.9
44.5
75.5
32.0
18.8
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
235
-
46,712
9,350
10,979
18.2
22.5
5.8
9.5
40.6
24.8
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
164
-
5,033
4,364
4,997
18.5
19.2
7.9
11.3
20.7
14.5
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
896
-
6,263
4,398
5,173
15.5
17.5
31.2
55.5
28.7
16.1
3.5
3.0
12.0
15.5
2.0
1.6
J K Lakshmi Cement
Neutral
430
-
5,054
2,913
3,412
14.5
19.5
7.5
22.5
57.3
19.1
3.5
3.0
12.5
18.0
2.3
1.9
Orient Cement
Neutral
138
-
2,817
2,114
2,558
18.5
20.5
8.1
11.3
17.0
12.2
2.5
2.1
9.0
14.0
2.0
1.5
UltraTech Cement
Neutral
4,056
-
111,325
25,768
30,385
21.0
23.5
111.0
160.0
36.5
25.4
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
107
-
3,520
8,946
10,017
31.0
31.6
8.1
9.1
13.2
11.8
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
181
-
2,547
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,568
1,700
146,317
111,017
124,908
11.0
11.0
61.1
66.7
25.7
23.5
3.1
2.9
13.1
12.9
2.4
2.2
Gujarat Pipavav Port
Neutral
162
-
7,827
705
788
52.2
51.7
5.0
5.6
32.4
28.9
3.2
2.9
11.2
11.2
10.8
9.1
Nagarjuna Const.
Neutral
83
-
4,592
8,842
9,775
9.1
8.8
5.3
6.4
15.6
12.9
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
110
143
2,821
2,350
2,904
13.1
13.2
9.0
8.8
12.2
12.5
0.5
0.4
15.9
13.9
1.3
1.1
Simplex Infra
Neutral
297
-
1,469
6,829
7,954
10.5
10.5
31.4
37.4
9.5
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
480
-
706
1,801
2,219
12.7
14.6
72.1
113.9
6.7
4.2
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
290
-
4,981
3,598
4,140
10.3
10.6
9.0
11.9
32.3
24.4
3.4
3.0
9.9
11.9
1.7
1.4
www.angelbroking.com
Stock Watch
March 17, 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
NBCC
Neutral
180
-
16,209
7,428
9,549
7.9
8.6
8.2
11.0
22.0
16.4
1.1
0.9
28.2
28.7
1.9
1.4
MEP Infra
Neutral
49
-
796
1,877
1,943
30.6
29.8
3.0
4.2
16.3
11.7
7.9
5.3
0.6
0.6
1.8
1.6
SIPL
Neutral
96
-
3,364
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.5
Engineers India
Neutral
155
-
10,452
1,725
1,935
16.0
19.1
11.4
13.9
13.6
11.2
1.9
1.8
13.4
15.3
5.0
4.5
Financials
Axis Bank
Accumulate
514
580
122,919
46,932
53,575
3.5
3.4
32.4
44.6
15.9
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
168
-
38,767
19,980
23,178
1.8
1.8
11.5
17.3
14.6
9.7
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
296
-
16,067
15,225
16,836
1.8
1.8
14.5
28.0
20.4
10.6
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Neutral
2,109
-
5,614
420
526
3.5
3.5
86.5
107.8
24.4
19.6
5.3
4.3
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
990
1,230
15,472
2,012
2,317
6.3
6.3
42.7
53.6
23.2
18.5
3.7
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
358
-
11,199
2,225
2,688
2.9
2.9
29.7
34.6
12.0
10.3
1.9
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
169
235
5,716
939
1,281
11.7
11.5
5.8
8.2
29.2
20.7
2.5
2.2
10.9
11.5
-
-
Federal Bank
Neutral
89
-
15,239
8,259
8,995
3.0
3.0
4.3
5.6
20.6
15.8
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,450
-
230,086
11,475
13,450
3.4
3.4
45.3
52.5
32.0
27.6
6.2
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,418
-
363,070
46,097
55,433
4.5
4.5
58.4
68.0
24.3
20.9
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
284
315
165,638
42,800
44,686
3.1
3.3
18.0
21.9
15.8
13.0
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
162
174
3,099
3,339
3,799
2.7
2.8
11.0
14.0
14.7
11.6
1.5
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
593
630
29,901
3,712
4,293
2.6
2.5
39.0
46.0
15.2
12.9
2.9
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
148
-
31,494
23,532
23,595
2.3
2.4
6.8
12.6
21.8
11.8
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
479
-
17,719
1,783
2,309
2.6
2.6
12.7
16.4
37.7
29.2
4.1
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
699
825
4,373
388
457
4.5
4.2
30.0
38.0
23.3
18.4
3.9
3.3
18.0
19.2
-
-
South Ind.Bank
Neutral
21
-
2,779
6,435
7,578
2.5
2.5
2.7
3.1
7.6
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
279
-
222,421
88,650
98,335
2.6
2.6
13.5
18.8
20.7
14.8
2.0
1.7
7.0
8.5
-
-
Union Bank
Neutral
156
-
10,710
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,529
-
64,762
8,978
11,281
3.3
3.4
74.0
90.0
20.7
17.0
3.9
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,605
1,720
7,698
2,955
3,309
13.3
13.7
57.2
69.3
28.1
23.2
9.2
7.7
32.7
33.3
2.4
2.1
Asian Paints
Neutral
1,088
-
104,322
17,128
18,978
16.8
16.4
19.1
20.7
56.9
52.5
19.8
18.7
34.8
35.5
6.0
5.4
Britannia
Accumulate
3,220
3,626
38,637
9,594
11,011
14.6
14.9
80.3
94.0
40.1
34.3
16.5
12.7
41.2
-
3.9
3.3
Colgate
Neutral
978
-
26,610
4,605
5,149
23.4
23.4
23.8
26.9
41.1
36.4
22.8
17.8
64.8
66.8
5.7
5.1
Dabur India
Accumulate
274
304
48,345
8,315
9,405
19.8
20.7
8.1
9.2
33.9
29.8
9.4
7.8
31.6
31.0
5.5
4.8
www.angelbroking.com
Stock Watch
March 17, 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
GlaxoSmith Con*
Neutral
5,504
-
23,147
4,350
4,823
21.2
21.4
179.2
196.5
30.7
28.0
8.2
6.9
27.1
26.8
4.7
4.2
Godrej Consumer
Neutral
1,680
-
57,229
10,235
11,428
18.4
18.6
41.1
44.2
40.9
38.0
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
906
-
196,043
35,252
38,495
17.8
17.8
20.7
22.4
43.9
40.5
41.9
36.0
95.6
88.9
5.4
4.9
ITC
Accumulate
268
284
325,595
40,059
44,439
38.3
39.2
9.0
10.1
29.9
26.5
8.3
7.3
27.8
27.5
7.6
6.9
Marico
Neutral
293
-
37,769
6,430
7,349
18.8
19.5
6.4
7.7
45.7
38.0
13.8
11.6
33.2
32.5
5.7
4.9
Nestle*
Neutral
6,135
-
59,150
10,073
11,807
20.7
21.5
124.8
154.2
49.2
39.8
20.2
18.2
34.8
36.7
5.7
4.8
Tata Global
Neutral
145
-
9,132
8,675
9,088
9.8
9.8
7.4
8.2
19.6
17.7
1.5
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,979
7,369
22,654
2,939
3,342
23.2
23.0
146.2
163.7
47.7
42.6
12.1
10.0
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
855
1,000
120,709
49,242
57,168
20.5
20.5
55.7
64.1
15.4
13.3
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,029
1,249
236,241
68,350
77,326
27.0
27.0
62.5
69.4
16.5
14.8
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,519
2,700
496,341
119,025
133,308
27.6
27.6
131.2
145.5
19.2
17.3
6.2
5.7
32.4
33.1
3.9
3.5
Tech Mahindra
Buy
482
600
46,886
29,673
32,937
15.5
17.0
32.8
39.9
14.7
12.1
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
500
583
121,435
55,440
60,430
18.1
18.1
36.1
38.9
13.8
12.8
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
382
-
7,025
2,297
2,590
27.4
28.2
21.0
23.4
18.2
16.3
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
83
-
1,928
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
183
225
5,966
2,355
2,635
28.0
28.0
10.8
12.5
16.9
14.6
3.7
3.2
21.7
21.7
2.6
2.2
Sun TV Network
Neutral
763
-
30,086
2,850
3,265
70.1
71.0
26.2
30.4
29.1
25.1
7.5
6.6
24.3
25.6
10.2
8.7
Hindustan Media
Neutral
293
-
2,150
1,016
1,138
24.3
25.2
27.3
30.1
10.7
9.7
2.0
1.8
16.2
15.8
1.4
1.3
Ventures
TV Today Network
Buy
257
344
1,530
567
645
26.7
27.0
15.4
18.1
16.7
14.2
2.5
2.2
14.9
15.2
2.3
1.9
Metals & Mining
Coal India
Neutral
292
-
181,256
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.8
5.0
4.7
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
308
-
130,098
14,252
18,465
55.9
48.3
15.8
21.5
19.5
14.3
3.2
2.8
17.0
20.7
9.1
7.1
Hindalco
Neutral
199
-
41,028
107,899
112,095
7.4
8.2
9.2
13.0
21.6
15.3
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
192
-
46,483
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
138
-
43,662
6,643
7,284
44.4
47.7
7.1
7.7
19.4
17.9
1.7
1.6
8.8
9.2
4.3
3.9
SAIL
Neutral
64
-
26,267
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.5
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
265
-
78,431
71,744
81,944
19.2
21.7
13.4
20.1
19.7
13.2
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
499
-
48,478
121,374
121,856
7.2
8.4
18.6
34.3
26.8
14.6
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
294
-
55,198
9,127
10,632
4.3
20.6
8.8
11.7
33.4
25.2
1.1
1.0
3.3
4.2
7.5
6.3
GAIL
Neutral
379
-
64,033
56,220
65,198
9.3
10.1
27.1
33.3
14.0
11.4
1.3
1.2
9.3
10.7
1.3
1.1
www.angelbroking.com
Stock Watch
March 17, 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
192
-
246,142
137,222
152,563
15.0
21.8
19.5
24.1
9.8
8.0
0.8
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
376
-
182,655
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.3
1.1
1.0
16.0
15.6
0.6
0.6
Reliance Industries
Neutral
1,297
-
420,858
301,963
358,039
12.1
12.6
87.7
101.7
14.8
12.8
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
604
689
11,394
3,483
4,244
20.2
21.4
24.3
33.6
24.9
18.0
5.7
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Buy
1,950
2,257
23,315
6,065
7,009
18.7
20.0
80.2
92.0
24.3
21.2
5.5
4.6
22.5
21.6
3.8
3.3
Aurobindo Pharma
Buy
687
877
40,261
15,720
18,078
23.7
23.7
41.4
47.3
16.6
14.5
4.3
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,432
-
10,208
2,277
2,597
16.6
17.4
128.9
157.0
34.4
28.2
5.9
4.5
21.6
26.4
4.3
3.5
Cadila Healthcare
Neutral
443
-
45,331
10,429
12,318
17.7
21.6
13.1
19.2
33.8
23.1
7.1
5.6
22.8
27.1
4.4
3.6
Cipla
Sell
600
465
48,268
15,378
18,089
15.7
16.8
19.3
24.5
31.1
24.5
3.7
3.2
12.3
13.9
3.3
2.8
Dr Reddy's
Neutral
2,752
-
45,596
16,043
18,119
18.0
23.0
78.6
130.9
35.0
21.0
3.4
3.0
10.1
15.2
2.6
2.5
Dishman Pharma
Sell
248
143
3,995
1,718
1,890
22.7
22.8
9.5
11.3
26.1
21.9
2.5
2.3
10.1
10.9
2.8
2.4
GSK Pharma*
Neutral
2,741
-
23,220
2,800
3,290
10.2
20.6
32.2
60.3
85.1
45.5
15.8
15.6
17.2
34.5
8.1
6.9
Indoco Remedies
Reduce
256
240
2,363
1,112
1,289
16.2
18.2
11.6
16.0
22.1
16.0
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
551
613
6,958
3,258
3,747
12.8
15.3
12.1
19.2
45.6
28.7
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,456
1,809
65,761
15,912
18,644
26.4
26.7
58.1
69.3
25.1
21.0
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
711
847
170,561
31,129
35,258
32.0
32.9
30.2
35.3
23.5
20.1
3.8
3.2
20.0
20.1
5.1
4.3
Power
Tata Power
Neutral
86
-
23,315
36,916
39,557
17.4
27.1
5.1
6.3
16.9
13.7
1.5
1.4
9.0
10.3
1.6
1.5
NTPC
Neutral
161
-
132,752
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
195
223
102,199
25,315
29,193
88.2
88.7
14.2
17.2
13.8
11.4
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Buy
180
210
6,737
4,707
5,105
25.2
26.0
10.3
13.0
17.4
13.8
1.4
1.3
10.3
10.2
2.6
2.3
MLIFE
Buy
378
522
1,553
1,152
1,300
22.7
24.6
29.9
35.8
12.7
10.6
0.9
0.9
7.6
8.6
2.1
1.7
Telecom
Bharti Airtel
Neutral
360
-
144,006
105,086
114,808
34.5
34.7
12.2
16.4
29.5
22.0
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
113
-
40,702
40,133
43,731
37.2
37.1
6.4
6.5
17.7
17.4
1.5
1.4
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,593
-
9,759
3,153
3,583
14.1
14.4
152.2
182.7
30.2
25.1
148.2
126.5
25.6
26.1
2.8
2.4
Asian Granito
Accumulate
324
351
976
1,060
1,169
12.2
12.5
12.7
15.9
25.6
20.4
2.4
2.2
9.5
10.7
1.2
1.1
Bajaj Electricals
Accumulate
309
330
3,123
4,801
5,351
5.7
6.2
10.4
13.7
29.6
22.6
3.7
3.3
12.4
14.5
0.6
0.6
Banco Products (India)
Neutral
205
-
1,466
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.6
19.5
17.6
14.5
14.6
1.0
109.8
Coffee Day Enterprises
Neutral
233
-
4,808
2,964
3,260
20.5
21.2
4.7
8.0
-
29.2
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
178
-
109
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.5
34.2
30.9
14.3
11.5
0.1
0.1
www.angelbroking.com
Stock Watch
March 17, 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
54
-
608
1,482
1,660
13.7
14.5
3.9
5.8
13.9
9.3
3.3
3.0
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
462
-
7,063
2,883
3,115
12.0
12.1
14.2
18.6
32.5
24.8
17.3
15.1
15.8
14.6
2.1
1.9
Garware Wall Ropes
Neutral
690
-
1,510
863
928
15.1
15.2
36.4
39.4
19.0
17.5
3.4
2.9
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
773
-
1,782
1,598
1,704
10.4
10.2
49.4
52.6
15.6
14.7
72.2
63.3
18.2
17.0
0.8
112.4
Hitachi
Neutral
1,540
-
4,187
2,081
2,433
8.8
8.9
33.4
39.9
46.1
38.6
37.2
31.0
22.1
21.4
2.0
1.7
HSIL
Neutral
334
-
2,413
2,384
2,515
15.8
16.3
15.3
19.4
21.8
17.2
21.7
18.7
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
891
-
32,221
21,122
26,005
14.5
27.6
110.7
132.1
8.1
6.8
48.2
34.4
168.5
201.1
1.5
1.2
Jyothy Laboratories
Neutral
366
-
6,647
1,440
2,052
11.5
13.0
8.5
10.0
43.0
36.6
10.4
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
388
-
5,610
2,554
2,800
9.9
10.0
10.5
12.1
36.9
32.1
15.5
14.6
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
253
-
375
382
420
9.3
9.5
13.5
15.7
18.8
16.1
3.2
2.8
17.1
17.3
1.0
0.9
M M Forgings
Neutral
546
-
659
546
608
20.4
20.7
41.3
48.7
13.2
11.2
74.8
66.2
16.6
17.0
1.1
0.9
Manpasand Bever.
Neutral
721
-
4,124
836
1,087
19.6
19.4
16.9
23.8
42.7
30.3
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
90
107
1,085
963
1,069
17.2
18.0
6.1
7.5
14.7
12.0
2.3
1.9
15.0
15.7
1.3
1.2
MT Educare
Neutral
85
-
340
366
417
17.7
18.2
9.4
10.8
9.1
7.9
2.0
1.8
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
315
-
6,437
1,873
2,166
11.5
11.7
2.6
4.0
119.1
79.5
7.3
6.6
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
177
265
2,517
369
561
42.9
42.3
6.9
11.5
25.5
15.3
1.8
1.6
7.4
10.5
7.8
5.1
Navneet Education
Neutral
145
-
3,376
1,062
1,147
24.0
24.0
6.1
6.6
23.7
21.8
4.9
4.3
20.6
19.8
3.3
3.0
Nilkamal
Neutral
1,956
-
2,918
1,995
2,165
10.7
10.4
69.8
80.6
28.0
24.3
111.7
97.1
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,620
-
16,306
2,450
3,124
20.1
17.6
299.0
310.0
48.9
47.2
325.6
248.6
47.1
87.5
6.7
5.3
Parag Milk Foods
Neutral
219
-
1,846
1,919
2,231
9.3
9.6
9.5
12.9
23.2
17.0
3.6
3.0
15.5
17.5
1.1
0.9
Quick Heal
Neutral
244
-
1,707
408
495
27.3
27.0
7.7
8.8
31.5
27.7
2.9
2.9
9.3
10.6
3.3
2.8
Radico Khaitan
Buy
127
147
1,688
1,667
1,824
13.0
13.2
6.7
8.2
19.1
15.5
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
475
-
5,703
2,085
2,469
9.2
8.2
7.6
8.0
62.8
59.7
24.3
20.8
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
304
-
4,398
1,036
1,160
15.1
15.0
6.1
7.2
49.8
42.4
5.3
4.9
10.7
11.5
4.1
3.6
Siyaram Silk Mills
Accumulate
1,675
1,872
1,570
1,652
1,857
11.6
11.7
92.4
110.1
18.1
15.2
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
611
-
1,075
1,440
1,537
9.2
9.0
40.6
42.6
15.1
14.4
38.4
35.0
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
185
-
809
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.3
20.3
16.3
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
931
-
1,592
3,229
4,001
1.5
1.8
22.8
32.8
40.9
28.3
4.4
3.8
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
185
-
741
287
384
20.5
20.5
7.6
10.7
24.3
17.3
5.1
4.1
20.7
23.5
2.6
1.9
www.angelbroking.com
Stock Watch
March 17, 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
229
-
1,755
2,671
2,911
8.5
8.8
13.9
15.7
16.5
14.6
2.3
2.0
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
3,296
-
2,524
2,304
2,614
13.7
13.8
231.1
266.6
14.3
12.4
370.3
291.6
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
402
-
1,110
619
685
33.2
33.4
30.0
34.9
13.4
11.5
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
258
-
409
1,051
1,138
10.3
10.4
21.0
23.1
12.3
11.1
33.1
31.0
9.0
9.2
0.7
0.6
VRL Logistics
Neutral
299
-
2,729
1,902
2,119
16.7
16.6
14.6
16.8
20.5
17.8
4.5
4.0
21.9
22.2
1.6
1.4
VIP Industries
Neutral
175
-
2,469
1,270
1,450
10.4
10.4
5.6
6.5
31.2
26.9
6.5
5.6
20.7
21.1
1.9
1.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 16, 2017
www.angelbroking.com
Market Outlook
March 17, 2017
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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