Market Outlook

August 18, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative tracking global cues and SGX Nifty.

BSE Sensex

0.1

31,795

U.S. stocks declined amid concerns Trump’s stimulus plans are in increasing peril

Nifty

0.1

9,904

and amid heightened terror fears after at least 13 people died when a van plowed

Mid Cap

(0.4)

(54)

15,229

into pedestrians in Barcelona. The major averages ended the session at their worst

Small Cap

0.5

15,695

levels of the day. The Dow tumbled 1.2 percent to 21,751, the Nasdaq plummeted

Bankex

(0.7)

(195)

27,378

1.9 percent to 6,212 and the S&P 500 slumped 1.5 percent to 2,430.

FTSE 100 index joined global stocks and closed in red yesterday, with the premier

Global Indices

Chg (%)

(Pts)

(Close)

UK share index closing around 45 points lower at 7,388. Across Europe, the French

Cac 40 and German Dax both ended the day in the red, down 0.57% and 0.49%,

Dow Jones

(1.2)

(274)

21,751

respectively.

Nasdaq

(1.9)

(123)

6,222

FTSE

(0.6)

(45)

7,388

On the domestic turf, stocks consolidated their gains on Thursday after US Fed

Nikkei

(0.1)

(27)

19,703

minutes signalled uncertainties over near- term rate hikes. The benchmark Sensex,

which stayed up for most part of the day, hit a high of 31,937.51 on the back of

Hang Seng

(0.2)

(65)

27,344

rally in the Infosys stock following the company’s buyback proposal and unabated

Shanghai Com

0.7

3,268

buying by domestic institutional investors. The 30 share Sensex closed up by 0.08%,

at 31,795 while the NSE Nifty, after recapturing 9,900 ended at 9,904 up 0.07%.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,402

923

 Rajasthan government signs JV pact with HPCL for Barmer refinery

Declines

1,185

726

Unchanged

132

 Draft pharma policy hints at fixing trade margins and pushing generics

Detailed analysis is on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,235

Key Domestic & Global Indicators

NSE

24,336

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg7 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

FII

(1,524)

(4,199)

54,197

Top Picks

CMP

Target

Upside

MFs

(38)

4,434

55,380

Company

Sector

Rating

(`)

(%)

Blue Star

Capital Goods

Accumulate

738

760

3.0

Top Gainers

Price (`)

Chg (%)

Dewan Housing FinanceFinancials

Buy

448

550

22.6

Aban

185

13.6

Mahindra Lifespace

Real Estate

Buy

414

522

26.2

Navkar Corporation

Others

Buy

192

265

38.3

Gmrinfra

13.4

KEI Industries

Capital Goods

Buy

210

258

22.7

Gsfc

137

8.4

More Top Picks on Pg5

Intellect

112

8.4

Key Upcoming Events

Beml

1,860

8.3

Consensus

Date

Region

Event Description

Reading

Expectations

Aug 23, 2017 US

Industrial Production

0.39

0.30

Top Losers

Price (`)

Chg (%)

Aug 23, 2017 Germany PMI Manufacturing

58.10

Apollohosp

1,100

(5.1)

Aug 23, 2017 UK

GDP (YoY)

1.70

Unitech

(4.0)

Aug 23, 2017 Euro Zone Euro-Zone Consumer Confidence

(1.70)

Ajantpharm

1,214

(3.0)

Aug 24, 2017 US

New home sales

610.00

612.50

Centralbk

(3.0)

More Events on Pg7

Religare

(2.9)

#as on 17^th Aug, 2017

www.angelbroking.com

Market Outlook

August 18, 2017

News Analysis

Rajasthan government signs JV pact with HPCL for Barmer

refinery

The Rajasthan government has signed a JV agreement with Hindustan Petroleum

Corporation for the upcoming mega petroleum refinery in Barmer at a cost of

`43,129cr. Under this agreement, HPCL will hold 74 per cent stake in the JV,

while the state government will hold the rest 26 per cent. As a result of the re-

negotiation with HPCL, a saving of `40,000cr has been ensured in project cost.

Draft pharma policy hints at fixing trade margins and pushing

generics

The draft pharma policy has laid down several policy prescriptions including

enhancing quality standards, reign in unfair trade practices, faster approvals,

boost indigenous manufacturing, and encourage R&D. According to the draft

policy, the government will decide on the drugs to be subjected under price

control, while NPPA will be responsible for laying down the price ceilings of

selected medicines; enforcement of those price ceilings; and ensuring that the

medicines are available in the market in adequate quantities. It also indicates

government’s intention to fix the level of trade margins and bring down the prices

of drugs and also push the sale of generic medicines instead of branded generics.

Economic and Political News

 Govt extends GST return filing deadline to Aug 28

 Amit Shah sets Mission 350+ for 2019 LS polls

 Economists expect GVA to grow higher at 6.3-6.5% in Q1FY18

 Equity supply may reach an all-time high this fiscal: Credit Suisse

Corporate News

 HDFC Bank, PNB cut savings rate by 50 basis points

 WagonR: Maruti Suzuki is set to steer its fourth brand into 2 million club

 Tata Motors continues to face leadership challenges

www.angelbroking.com

Market Outlook

August 18, 2017

Top Picks

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,743

1,819

2,161

18.8

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,238

411

480

16.7

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favorable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

7,067

738

760

3.0

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

14,061

448

550

22.6

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,753

145

160

10.5

Lower credit cost will help in strong bottom-line growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,636

210

258

22.7

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,123

414

522

26.2

visibility in short-to-long run, attractive valuations

Expected to benefit from the lower capex requirement

Music Broadcast

2,142

375

434

15.6

and 15 year long radio broadcast licensing.

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,732

192

265

38.3

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,915

2,042

2,500

22.4

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,462

245

344

40.4

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti Suzuki

2,29,786

7,607

8,495

11.7

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 18, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 23, 2017

6:45 PMUS

Industrial Production

Jul

0.39

0.30

1:00 PMGermany

PMI Manufacturing

Value

Aug P

58.10

2:00 PMUK

GDP (YoY)

% Change

2Q P

1.70

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Aug A

(1.70)

Aug 24, 2017

7:30 PMUS

New home sales

Thousands

Jul

610.00

612.50

7:30 PMUS

Existing home sales

Million

Jul

5.52

5.56

Aug 25, 2017

11:30 AMGermany

GDP nsa (YoY)

% Change

2Q F

0.80

Aug 29, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Aug

121.10

119.00

Aug 30, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q S

2.60

2.40

Aug 31, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Aug

(8.00)

6:30 AMChina

PMI Manufacturing

Value

Aug

51.40

Sep 01, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Aug

209.00

180.00

6:00 PMUS

Unnemployment rate

Aug

4.30

2:00 PMUK

PMI Manufacturing

Value

Aug

55.10

Sep 05, 2017

5:15 PMEuro Zone

ECB announces interest rates

Sep 7

Sep 07, 2017

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q F

0.60

Sep 08, 2017

India

Imports YoY%

% Change

Aug

15.40

India

Exports YoY%

% Change

Aug

3.94

2:00 PMUK

Industrial Production (YoY)

% Change

Jul

0.30

China

Exports YoY%

% Change

Aug

7.20

Sep 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Aug

1.40

Sep 12, 2017

2:00 PMUK

CPI (YoY)

% Change

Aug

2.60

5:30 PMIndia

Industrial Production YoY

% Change

Jul

(0.10)

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 18, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

8.8

4.9

9.0

5.0

7.9

8.0

7.9

7.6

7.5

3.8

8.0

7.3

7.2

4.0

7.0

3.0

2.8

7.0

2.6

6.1

3.0

1.9

6.0

2.0

5.0

1.0

4.0

3.0

(0.1)

(1.0)

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

(%)

54.0

6.0

5.1

52.0

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

2.4

2.2

46.0

2.0

1.5

44.0

1.0

42.0

40.0

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

6.50

50.0

6.00

40.0

5.50

30.0

20.0

5.00

10.0

4.50

0 .0

4.00

(10.0)

3.50

(20.0)

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 18, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

67,977

5.2

1.6

17.7

Russia

Micex

1,942

(0.2)

(1.2)

(0.8)

India

Nifty

9,904

(0.1)

4.0

15.3

China

Shanghai Composite

3,268

2.5

5.3

9.8

South Africa

Top 40

49,066

3.7

8.5

Mexico

Mexbol

50,994

(0.3)

5.9

6.0

Indonesia

LQ45

982

0.2

3.8

6.0

Malaysia

KLCI

1,776

1.2

(0.1)

6.2

Thailand

SET 50

998

(0.2)

1.3

1.1

USA

Dow Jones

21,751

1.8

5.0

18.6

FTSE

7,388

(0.0)

(0.7)

7.7

Japan

Nikkei

19,703

(2.1)

(0.6)

17.5

Germany

DAX

12,203

(1.5)

(2.7)

15.6

France

CAC

5,147

(0.1)

(2.9)

17.3

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 18, 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

229

209

4,448

1,937

2,164

13.3

14.3

9.0

11.0

25.4

20.8

4.4

3.9

18.4

19.8

2.3

2.1

United Phosphorus

Neutral

854

43,396

15,176

17,604

18.5

37.4

44.6

22.8

19.2

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

105

116

30,816

20,019

22,789

11.1

11.7

4.3

5.5

24.5

19.3

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,821

81,622

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,188

27,656

7,726

8,713

20.5

21.2

35.3

42.7

33.7

27.8

6.2

5.6

18.9

20.1

3.6

3.2

Eicher Motors

Neutral

30,848

83,974

16,583

20,447

17.5

18.0

598.0

745.2

51.6

41.4

17.6

13.4

41.2

38.3

4.9

3.9

Gabriel India

Neutral

176

2,529

1,544

1,715

9.0

9.3

5.4

6.3

32.6

27.9

6.2

5.5

18.9

19.5

1.6

1.4

Hero Motocorp

Neutral

3,997

79,816

28,120

30,753

15.2

15.6

169.1

189.2

23.6

21.1

8.1

6.8

30.8

28.2

2.7

2.4

Jamna Auto Industries Neutral

253

2,019

1,486

1,620

9.8

9.9

15.0

17.2

16.9

14.7

3.7

3.1

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

721

1,131

1,302

1,432

11.6

11.9

43.7

53.0

16.5

13.6

2.3

2.1

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,364

84,739

46,534

53,077

11.6

11.7

67.3

78.1

20.3

17.5

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Accumulate

7,607

8,495

229,786

67,822

83,717

15.2

15.0

243.0

291.5

31.3

26.1

7.2

5.8

22.9

22.4

3.1

2.4

Minda Industries

Neutral

792

6,845

2,728

3,042

9.0

9.1

68.2

86.2

11.6

9.2

2.6

2.1

23.8

24.3

2.6

2.3

Motherson Sumi

Neutral

324

68,218

45,896

53,687

7.8

8.3

13.0

16.1

24.9

20.1

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,304

1,032

511

562

11.3

11.5

28.1

30.9

46.4

42.2

7.1

6.4

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

499

741

837

13.0

15.2

17.0

2.5

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

385

111,177

300,209

338,549

8.9

8.4

42.7

54.3

9.0

7.1

1.5

1.2

15.6

17.2

0.5

0.4

TVS Motor

Neutral

581

27,603

13,390

15,948

6.9

7.1

12.8

16.5

45.5

35.1

11.3

9.0

26.3

27.2

2.1

1.7

Amara Raja Batteries

Buy

807

962

13,792

5,339

6,220

15.9

15.3

28.0

32.3

28.8

25.0

5.5

4.6

19.1

18.5

2.6

2.2

Exide Industries

Neutral

213

18,114

7,439

8,307

15.0

8.1

9.3

26.3

22.9

3.7

3.3

14.3

16.7

2.1

1.8

Apollo Tyres

Neutral

269

13,705

12,877

14,504

14.3

13.9

21.4

23.0

12.6

11.7

2.0

1.7

16.4

15.2

1.2

1.1

Ceat

Neutral

1,731

7,002

7,524

8,624

13.0

12.7

131.1

144.3

13.2

12.0

2.4

2.1

19.8

18.6

1.0

0.9

JK Tyres

Neutral

154

3,497

7,455

8,056

15.0

21.8

24.5

7.1

6.3

1.5

1.2

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,940

2,409

660

810

15.2

16.4

54.5

72.8

35.6

26.7

11.1

10.1

31.5

39.2

3.5

2.8

Subros

Neutral

227

1,359

1,488

1,681

11.7

11.9

6.4

7.2

35.4

31.6

3.7

3.4

10.8

11.4

1.1

1.0

Indag Rubber

Neutral

182

477

286

326

19.8

16.8

11.7

13.3

15.5

13.6

2.6

2.5

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

637

709

814

4.1

4.6

1.4

2.1

46.0

30.6

1.9

1.8

4.4

6.0

1.1

0.9

BEML

Neutral

1,860

7,745

3,451

4,055

6.3

9.2

31.4

57.9

59.2

32.1

3.6

3.2

6.3

10.9

2.4

2.0

Bharat Electronics

Neutral

183

40,909

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

4.0

3.6

www.angelbroking.com

Stock Watch

August 18, 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

543

17,960

6,511

7,514

7.9

8.7

12.9

16.3

42.1

33.3

7.6

6.6

16.7

18.5

2.5

2.1

BGR Energy

Neutral

134

966

16,567

33,848

6.0

5.6

7.8

5.9

17.2

22.7

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

129

31,635

28,797

34,742

2.8

2.3

6.9

56.2

18.7

1.0

0.9

1.3

4.8

0.8

0.5

Blue Star

Neutral

738

7,067

4,283

5,077

5.9

7.3

14.9

22.1

49.6

33.4

9.6

8.1

20.4

26.4

1.7

1.4

CG Power and Industrial

Neutral

5,033

5,777

6,120

5.9

7.0

3.3

4.5

24.3

17.8

1.1

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

150

3,664

1,755

1,881

16.8

16.9

7.8

8.5

19.2

17.7

3.9

3.6

20.6

20.9

1.8

1.6

Inox Wind

Neutral

107

2,381

5,605

6,267

15.7

16.4

24.8

30.0

4.3

3.6

1.2

0.9

25.9

24.4

0.5

0.4

KEC International

Neutral

302

7,767

9,294

10,186

7.9

8.1

9.9

11.9

30.5

25.4

4.5

3.9

15.6

16.3

1.1

1.0

KEI Industries

Buy

210

258

1,636

2,633

3,001

10.4

10.0

12.7

13.0

16.5

16.2

3.5

2.9

21.4

18.2

0.8

0.7

Thermax

Neutral

879

10,479

5,421

5,940

7.3

25.7

30.2

34.2

29.1

4.1

3.8

12.2

13.1

1.8

1.7

VATech Wabag

Accumulate

628

681

3,430

3,136

3,845

8.9

9.1

26.0

35.9

24.2

17.5

3.0

2.6

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,777

33,364

11,225

13,172

13.2

16.9

44.5

75.5

39.9

23.5

3.8

3.5

11.2

14.2

3.0

2.5

Ambuja Cements

Neutral

270

53,642

9,350

10,979

18.2

22.5

5.8

9.5

46.6

28.4

3.9

3.5

10.2

12.5

5.7

4.9

India Cements

Neutral

185

5,692

4,364

4,997

18.5

19.2

7.9

11.3

23.4

16.4

1.7

1.6

8.0

8.5

2.1

1.8

JK Cement

Neutral

1,032

7,218

4,398

5,173

15.5

17.5

31.2

55.5

33.1

18.6

4.0

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

419

4,929

2,913

3,412

14.5

19.5

7.5

22.5

55.9

18.6

3.4

2.9

12.5

18.0

2.3

1.9

Orient Cement

Neutral

155

3,167

2,114

2,558

18.5

20.5

8.1

11.3

19.1

13.7

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

3,937

108,069

25,768

30,385

21.0

23.5

111.0

160.0

35.5

24.6

4.5

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

2,623

8,946

10,017

31.0

31.6

8.1

9.1

9.9

8.8

0.4

4.2

5.0

3.6

3.4

KNR Constructions

Neutral

220

3,095

1,385

1,673

14.7

14.0

41.2

48.5

5.3

4.5

1.0

0.9

14.9

15.2

2.3

1.9

Larsen & Toubro

Buy

1,133

1,700

158,660

111,017

124,908

11.0

61.1

66.7

18.6

17.0

2.2

2.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

138

6,684

705

788

52.2

51.7

5.0

5.6

27.7

24.7

2.7

2.5

11.2

9.1

7.7

Nagarjuna Const.

Neutral

4,876

8,842

9,775

9.1

8.8

5.3

6.4

16.6

13.7

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

140

3,603

2,350

2,904

13.1

13.2

9.0

8.8

15.6

16.0

0.6

0.5

15.9

13.9

1.7

1.3

Simplex Infra

Neutral

485

2,398

6,829

7,954

10.5

31.4

37.4

15.4

13.0

1.6

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

550

809

1,801

2,219

12.7

14.6

72.1

113.9

7.6

4.8

1.4

1.2

16.8

11.9

0.5

0.3

Sadbhav Engineering

Accumulate

271

298

4,648

3,598

4,140

10.3

10.6

9.0

11.9

30.1

22.8

3.2

2.8

9.9

11.9

1.6

1.3

NBCC

Neutral

207

18,657

7,428

9,549

7.9

8.6

8.2

11.0

25.3

18.9

1.3

1.0

28.2

28.7

2.2

1.7

MEP Infra

Neutral

117

1,899

1,877

1,943

30.6

29.8

3.0

4.2

38.9

27.8

18.8

12.7

0.6

2.4

2.2

www.angelbroking.com

Stock Watch

August 18, 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

102

3,596

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.4

(22.8)

(15.9)

11.7

9.7

Engineers India

Neutral

152

10,233

1,725

1,935

16.0

19.1

11.4

13.9

13.3

10.9

1.8

13.4

15.3

4.9

4.3

Financials

Axis Bank

Buy

497

580

119,094

46,932

53,575

3.5

3.4

32.4

44.6

15.4

11.1

2.0

1.7

13.6

16.5

Bank of Baroda

Neutral

148

34,182

19,980

23,178

1.8

11.5

17.3

12.9

8.6

1.5

1.2

8.3

10.1

Canara Bank

Neutral

336

20,069

15,225

16,836

1.8

14.5

28.0

23.2

12.0

1.6

1.3

5.8

8.5

Can Fin Homes

Neutral

2,960

7,879

420

526

3.5

86.5

107.8

34.2

27.5

7.4

6.0

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,156

1,230

18,067

2,012

2,317

6.3

42.7

53.6

27.1

21.6

4.3

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

448

550

14,061

2,225

2,688

2.9

29.7

34.6

15.1

13.0

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

161

235

5,438

939

1,281

11.7

11.5

5.8

8.2

27.7

19.6

2.4

2.1

10.9

11.5

Federal Bank

Buy

110

140

21,400

8,259

8,995

3.0

4.3

5.6

25.6

19.7

2.2

2.0

8.5

10.1

HDFC

Neutral

1,758

280,055

11,475

13,450

3.4

45.3

52.5

38.8

33.5

7.5

6.6

20.2

20.5

HDFC Bank

Neutral

1,767

455,066

46,097

55,433

4.5

58.4

68.0

30.3

26.0

5.3

4.4

18.8

18.6

ICICI Bank

Accumulate

294

335

188,388

42,800

44,686

3.1

3.3

18.0

21.9

16.3

13.4

2.2

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

145

160

8,753

5,640

6,030

3.3

3.2

8.9

10.0

16.3

14.5

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

178

3,407

3,339

3,799

2.7

2.8

11.0

14.0

16.2

12.7

1.7

1.5

11.2

12.7

LIC Housing Finance

Neutral

661

33,378

3,712

4,293

2.6

2.5

39.0

46.0

17.0

14.4

3.2

2.7

19.9

20.1

Punjab Natl.Bank

Neutral

147

31,185

23,532

23,595

2.3

2.4

6.8

12.6

21.6

11.6

3.3

2.4

3.3

6.5

RBL Bank

Neutral

517

19,608

1,783

2,309

2.6

12.7

16.4

40.7

31.5

4.4

4.0

12.8

13.3

Repco Home Finance

Buy

682

825

4,266

388

457

4.5

4.2

30.0

38.0

22.7

17.9

3.8

3.2

18.0

19.2

South Ind.Bank

Neutral

5,025

6,435

7,578

2.5

2.7

3.1

10.3

9.0

1.3

1.1

10.1

11.2

St Bk of India

Buy

281

335

242,345

88,650

98,335

2.6

13.5

18.8

20.8

14.9

2.0

1.7

7.0

8.5

Union Bank

Neutral

133

9,170

13,450

14,925

2.3

25.5

34.5

5.2

3.9

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,739

79,589

8,978

11,281

3.3

3.4

74.0

90.0

23.5

19.3

4.5

3.8

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,786

8,564

2,955

3,309

13.3

13.7

57.2

69.3

31.2

25.8

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,134

108,735

17,128

18,978

16.8

16.4

19.1

20.7

59.4

54.8

20.7

19.5

34.8

35.5

6.3

5.7

Britannia

Neutral

4,246

50,975

9,594

11,011

14.6

14.9

80.3

94.0

52.9

45.2

21.7

16.8

41.2

5.2

4.5

Colgate

Neutral

1,059

28,794

4,605

5,149

23.4

23.8

26.9

44.5

39.4

24.6

19.3

64.8

66.8

6.2

5.5

Dabur India

Neutral

308

54,272

8,315

9,405

19.8

20.7

8.1

9.2

38.0

33.5

10.6

8.8

31.6

31.0

6.2

5.4

GlaxoSmith Con*

Neutral

5,293

22,258

4,350

4,823

21.2

21.4

179.2

196.5

29.5

26.9

7.8

6.6

27.1

26.8

4.5

4.0

www.angelbroking.com

Stock Watch

August 18, 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

920

62,699

10,235

11,428

18.4

18.6

41.1

44.2

22.4

20.8

5.0

4.2

24.9

24.8

6.2

5.5

HUL

Neutral

1,175

254,249

35,252

38,495

17.8

20.7

22.4

56.9

52.5

54.4

46.6

95.6

88.9

7.1

6.4

ITC

Neutral

279

340,177

40,059

44,439

38.3

39.2

9.0

10.1

31.1

27.6

8.7

7.6

27.8

27.5

8.0

7.2

Marico

Neutral

319

41,205

6,430

7,349

18.8

19.5

6.4

7.7

49.9

41.5

15.1

12.7

33.2

32.5

6.2

5.4

Nestle*

Neutral

6,675

64,357

10,073

11,807

20.7

21.5

124.8

154.2

53.5

43.3

22.0

19.8

34.8

36.7

6.2

5.3

Tata Global

Neutral

191

12,029

8,675

9,088

9.8

7.4

8.2

25.8

23.2

2.0

1.9

7.9

8.1

1.3

1.2

Procter & Gamble

Neutral

8,210

26,650

2,939

3,342

23.2

23.0

146.2

163.7

56.2

50.2

14.2

11.8

25.3

23.5

8.6

7.5

Hygiene

HCL Tech^

Buy

868

1,014

123,827

46,723

52,342

22.1

20.9

60.0

62.8

14.5

13.8

3.7

3.1

25.3

22.4

2.4

2.0

Infosys

Buy

1,021

1,179

234,553

68,484

73,963

26.0

63.0

64.0

16.2

16.0

3.4

3.1

20.8

19.7

3.1

2.7

TCS

Accumulate

2,480

2,651

488,696

117,966

127,403

27.5

27.6

134.3

144.5

18.5

17.2

5.5

5.1

29.8

29.7

3.8

3.5

Tech Mahindra

Buy

424

533

41,409

29,141

31,051

14.4

15.0

32.3

35.6

13.1

11.9

2.3

2.0

17.1

17.0

1.3

1.1

Wipro

Neutral

289

140,542

55,421

58,536

20.3

35.1

36.5

8.2

7.9

1.4

1.2

19.2

14.6

2.0

1.7

Media

D B Corp

Neutral

371

6,825

2,297

2,590

27.4

28.2

21.0

23.4

17.7

15.9

4.1

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,025

2,693

2,991

12.6

12.9

7.9

9.0

11.0

9.7

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

176

225

5,763

2,283

2,555

28.0

10.6

12.3

16.6

14.4

3.6

3.1

21.4

2.5

2.2

Sun TV Network

Neutral

752

29,617

2,850

3,265

70.1

71.0

26.2

30.4

28.7

24.7

7.3

6.5

24.3

25.6

10.0

8.6

Hindustan Media

Neutral

270

1,982

1,016

1,138

24.3

25.2

27.3

30.1

9.9

9.0

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

245

344

1,462

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

Music Broadcast Limited Buy

375

434

2,142

271

317

91.0

109.0

6.0

10.0

62.6

37.5

3.9

3.5

6.5

9.3

7.5

6.2

Metals & Mining

Coal India

Neutral

247

153,354

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

295

124,436

14,252

18,465

55.9

48.3

15.8

21.5

18.6

13.7

3.0

2.7

17.0

20.7

8.7

6.7

Hindalco

Neutral

230

51,656

107,899

112,095

7.4

8.2

9.2

13.0

25.0

17.7

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

235

56,684

53,201

58,779

16.1

16.2

130.6

153.7

1.8

1.5

0.2

14.0

14.4

1.8

1.6

NMDC

Neutral

123

39,011

6,643

7,284

44.4

47.7

7.1

7.7

17.4

16.0

1.5

8.8

9.2

3.6

3.3

SAIL

Neutral

24,368

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.7

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

305

113,300

71,744

81,944

19.2

21.7

13.4

20.1

22.8

15.2

1.9

1.8

8.4

11.3

2.0

1.6

Tata Steel

Neutral

626

60,784

121,374

121,856

7.2

8.4

18.6

34.3

33.7

18.3

2.1

1.9

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

375

63,415

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

161

205,974

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.7

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

August 18, 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

Indian Oil Corp

Neutral

426

207,007

373,359

428,656

5.9

5.5

54.0

59.3

7.9

7.2

1.2

1.1

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,566

509,264

301,963

358,039

12.1

12.6

87.7

101.7

17.9

15.4

1.8

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

514

600

9,686

3,101

3,966

19.7

20.5

21.4

25.5

24.0

20.2

5.1

4.2

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,819

2,161

21,743

5,853

6,901

17.1

18.4

74.6

85.0

24.4

21.4

5.1

4.3

21.1

20.2

3.7

3.1

Aurobindo Pharma

Buy

704

823

41,217

14,845

17,086

21.5

22.1

39.4

44.7

17.9

15.7

4.4

3.5

27.6

24.7

2.9

2.5

Aventis*

Reduce

4,090

3,845

9,420

2,206

2,508

16.6

16.8

128.9

139.9

31.7

29.2

5.4

4.2

21.6

23.5

4.0

3.4

Cadila Healthcare

Reduce

482

426

49,324

9,220

11,584

18.4

20.3

14.5

18.7

33.2

25.8

7.1

5.7

23.5

24.6

5.7

4.3

Cipla

Sell

573

458

46,136

14,281

16,619

15.4

16.2

12.5

19.7

45.9

29.1

3.7

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Accumulate

2,010

2,219

33,317

14,081

15,937

16.1

18.6

72.6

105.9

27.7

19.0

2.7

2.5

9.6

13.6

2.6

2.3

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

2,385

20,202

2,927

3,290

11.8

16.2

34.4

49.6

69.3

48.1

10.1

10.5

13.9

21.3

6.7

6.0

Indoco Remedies

Sell

196

153

1,804

1,067

1,154

12.1

14.9

8.4

11.3

23.3

17.3

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

417

620

5,265

3,211

3,593

13.9

14.5

15.4

19.4

27.1

21.5

2.1

2.0

8.2

9.5

1.8

1.5

Lupin

Buy

954

1,467

43,101

17,120

18,657

24.1

56.9

61.1

16.8

15.6

3.2

2.7

20.7

18.6

2.8

2.2

Natco Pharma

Buy

773

1,060

13,467

2,065

1,988

33.1

33.7

27.9

25.7

27.7

30.1

8.1

6.9

29.2

22.9

6.6

Sun Pharma

Accumulate

489

545

117,227

30,264

32,899

29.0

26.9

32.7

31.6

14.9

15.5

3.2

2.7

22.2

18.7

3.6

3.2

Power

Tata Power

Neutral

22,003

36,916

39,557

17.4

27.1

5.1

6.3

16.0

12.9

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

177

145,821

86,605

95,545

17.5

20.8

11.8

13.4

15.0

13.2

1.5

1.4

10.5

11.1

3.0

Power Grid

Neutral

219

114,807

25,315

29,193

88.2

88.7

14.2

17.2

15.5

12.8

2.4

2.1

15.2

16.1

9.2

8.2

Real Estate

Prestige Estate

Neutral

264

9,881

4,707

5,105

25.2

26.0

10.3

13.0

25.6

20.3

2.1

1.9

10.3

10.2

3.3

2.9

MLIFE

Buy

414

522

2,123

1,152

1,300

22.7

24.6

29.9

35.8

13.8

11.6

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

417

166,512

105,086

114,808

34.5

34.7

12.2

16.4

34.1

25.4

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

32,243

40,133

43,731

37.2

37.1

6.4

6.5

14.0

13.8

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,311

9,160

3,153

3,583

14.1

14.4

152.2

182.7

28.3

23.6

139.1

118.8

25.6

26.1

2.6

2.2

Asian Granito

Buy

411

480

1,238

1,066

1,169

11.6

12.5

13.0

16.0

31.7

25.8

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

328

395

3,331

4,801

5,351

5.7

6.2

10.4

13.7

31.5

24.0

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

214

1,527

1,353

1,471

12.3

12.4

14.5

16.3

14.7

13.1

20.3

18.3

14.5

14.6

1.1

114.7

Coffee Day Enterprises

Neutral

243

4,999

2,964

3,260

20.5

21.2

4.7

8.0

30.3

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

211

135

1,137

1,256

3.1

2.7

28.0

23.6

7.6

9.0

40.6

36.7

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 18, 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

550

1,482

1,660

13.7

14.5

3.9

5.8

12.6

8.5

3.0

2.7

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

529

8,097

2,883

3,115

12.0

12.1

14.2

18.6

37.3

28.5

19.8

17.3

15.8

14.6

2.5

2.3

Garware Wall Ropes

Neutral

899

1,967

863

928

15.1

15.2

36.4

39.4

24.7

22.8

4.5

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

830

1,914

1,598

1,704

10.4

10.2

49.4

52.6

16.8

15.8

77.6

68.0

18.2

17.0

0.9

125.1

Hitachi

Neutral

2,046

5,563

2,081

2,433

8.8

8.9

33.4

39.9

61.3

51.3

49.4

41.2

22.1

21.4

2.7

2.3

HSIL

Neutral

351

2,539

2,384

2,515

15.8

16.3

15.3

19.4

23.0

18.1

22.8

19.6

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,312

47,467

21,122

26,005

14.5

27.6

110.7

132.1

11.9

9.9

70.9

50.7

168.5

201.1

2.2

1.8

Jyothy Laboratories

Neutral

376

6,835

1,440

2,052

11.5

13.0

8.5

10.0

44.3

37.6

10.7

9.9

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

392

5,669

2,554

2,800

9.9

10.0

10.5

12.1

37.3

32.4

15.6

14.7

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

251

371

382

420

9.3

9.5

13.5

15.7

18.6

16.0

3.2

2.8

17.1

17.3

1.0

0.9

M M Forgings

Neutral

612

739

546

608

20.4

20.7

41.3

48.7

14.8

12.6

83.9

74.2

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

821

4,696

836

1,087

19.6

19.4

16.9

23.8

48.6

34.5

5.8

5.1

12.0

14.8

5.4

4.0

Mirza International

Neutral

159

1,913

963

1,069

17.2

18.0

6.1

7.5

26.0

21.2

4.0

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

246

366

417

17.7

18.2

9.4

10.8

6.6

5.7

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

298

6,084

1,873

2,166

11.5

11.7

2.6

4.0

112.6

75.1

6.9

6.2

6.1

8.3

3.3

2.9

Navkar Corporation

Buy

192

265

2,732

347

371

43.2

37.3

6.7

6.0

28.7

32.0

2.0

1.8

6.2

10.6

9.0

8.4

Navneet Education

Neutral

158

3,680

1,062

1,147

24.0

6.1

6.6

25.9

23.8

5.3

4.7

20.6

19.8

3.5

3.3

Nilkamal

Neutral

1,665

2,485

1,995

2,165

10.7

10.4

69.8

80.6

23.9

20.7

95.2

82.7

16.6

16.5

1.2

1.1

Page Industries

Neutral

16,889

18,838

2,450

3,124

20.1

17.6

299.0

310.0

56.5

54.5

376.2

287.1

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

236

1,983

1,919

2,231

9.3

9.6

9.5

12.9

25.0

18.2

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

187

1,314

408

495

27.3

27.0

7.7

8.8

24.2

21.3

2.2

2.3

9.3

10.6

2.4

2.0

Radico Khaitan

Neutral

169

2,244

1,667

1,824

13.0

13.2

6.7

8.2

25.4

20.6

2.3

2.1

9.0

10.2

1.7

1.6

Relaxo Footwears

Neutral

495

5,948

2,085

2,469

9.2

8.2

7.6

8.0

65.5

62.3

25.4

21.7

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

257

3,710

1,036

1,160

15.1

15.0

6.1

7.2

42.0

35.7

4.5

4.1

10.7

11.5

3.5

3.0

Siyaram Silk Mills

Buy

2,042

2,500

1,915

1,574

1,769

12.5

12.7

97.1

113.1

21.0

18.1

3.2

2.8

15.4

15.5

1.4

1.3

Styrolution ABS India*

Neutral

870

1,530

1,440

1,537

9.2

9.0

40.6

42.6

21.4

20.4

54.7

49.8

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

279

1,222

3,342

3,625

7.8

7.5

17.3

19.8

16.1

14.1

30.6

24.6

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,440

2,462

3,229

4,001

1.5

1.8

22.8

32.8

63.2

43.9

6.8

5.9

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

192

769

287

384

20.5

7.6

10.7

25.2

17.9

5.3

4.3

20.7

23.5

2.7

2.0

www.angelbroking.com

Stock Watch

August 18, 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

286

2,187

2,671

2,911

8.5

8.8

13.9

15.7

20.6

18.3

2.8

2.5

13.7

13.8

0.9

India

TVS Srichakra

Neutral

3,341

2,558

2,304

2,614

13.7

13.8

231.1

266.6

14.5

12.5

375.4

295.6

33.9

29.3

1.1

1.0

UFO Moviez

Neutral

347

959

619

685

33.2

33.4

30.0

34.9

11.6

10.0

1.6

1.4

13.8

13.9

1.3

1.0

Visaka Industries

Neutral

505

803

1,051

1,138

10.3

10.4

21.0

23.1

24.1

21.8

64.8

60.7

9.0

9.2

1.0

VRL Logistics

Neutral

331

3,018

1,902

2,119

16.7

16.6

14.6

16.8

22.7

19.7

5.0

4.4

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

195

218

2,762

1,270

1,450

10.4

5.6

6.5

34.9

30.1

7.2

6.3

20.7

21.1

2.2

1.9

Navin Fluorine

Accumulate

692

730

3,410

789

945

21.1

22.4

24.0

28.7

28.8

24.1

4.6

4.0

17.8

18.5

4.3

3.5

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 17, 2017

www.angelbroking.com

Market Outlook

August 18, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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