Market Outlook
April 21, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking the global cues.
BSE Sensex
0.3
86
29,422
The US markets ended the day with solid gains on Thursday, as investors welcomed
Nifty
0.4
33
9,136
a deluge of stronger-than-expected corporate earnings reports and economic data.
Mid Cap
0.7
95
14,485
Comments by Treasury Secretary Steven Mnuchin, who said that President Donald
Small Cap
1.1
171
15,128
Trump’s tax overhaul plans are not linked to the outcome of a health care bill, also
bolstered sentiment. The Dow Jones Industrial Average gained 0.9%, to end at
Bankex
(0.5)
(131)
24,444
20,579 while the Nasdaq Composite rose 0.9%, to a record close of 5,917.
The UK markets ended a wobbly session slightly higher on Thursday after a mixed
Global Indices
Chg (%)
(Pts)
(Close)
bag of corporate results, including well-received earnings from consumer giant
Dow Jones
0.9
174
20,579
Unilever PLC. The FTSE 100 index rose 0.1% to close at 7,118, bouncing back from
Nasdaq
0.9
54
5,917
the lowest close since Feb. 1 that it logged on Wednesday.
FTSE
0.1
4
7,119
The domestic benchmark indices settled higher on Thursday as investors picked
Nikkei
(0.0)
(2)
18,430
beaten down counters such as TCS and Infosys, while recovery in Asian and
Hang Seng
1.0
231
24,057
European markets also contributed to the gains. The S&P BSE Sensex ended at
Shanghai Com
0.0
1
3,172
29,422, up 85 points, while the broader Nifty50 closed at 9,136, up 33 points.
News Analysis
Advances / Declines
BSE
NSE
Hindustan Zinc Q4 net profit rises 42% to `3,057cr
Advances
1,849
1,130
Detailed analysis on Pg2
Declines
1,039
543
Unchanged
164
74
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
BSE
4,029
NSE
25,391
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
#Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Accumulate
685
760
10.9
FII
(565)
(2,249)
41,972
Dewan Housing Fin. Financials
Accumulate
411
460
12.0
MFs
804
4,895
14,333
Mahindra Lifespace
Real Estate
Buy
417
522
25.1
Navkar Corporation Others
Buy
211
265
25.8
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Accumulate
210
239
13.4
More Top Picks on Pg4
Indiacem
190
8.8
Jktyre
154
8.4
Key Upcoming Events
Previous
Consensus
Gsfc
124
7.5
Date
Region
Event Description
Reading
Expectations
Sobha
392
7.3
Apr 21, 2017 Germany PMI Manufacturing
58.30
58.00
Jetairways
511
6.5
Apr 21, 2017 Germany PMI Services
55.60
55.50
Apr 21, 2017 US
Existing home sales
5.48
5.60
Apr 25, 2017 Euro Zone ECB announces interest rates
0.00
Top Losers
Price (`)
Chg (%)
Apr 25, 2017 US
Consumer Confidence
125.60
123.90
Irb
240
(5.0)
Apr 27, 2017 US
New home sales
592.00
590.00
Yesbank
1,545
(3.8)
More Events on Pg5
Icicibank
273
(2.9)
Polaris
214
(2.5)
Concor
1,186
(2.5)
#As on April 20, 2017
Market Outlook
April 21, 2017
News Analysis
Hindustan Zinc Q4 net profit rises 42% to `3,057cr
Hindustan Zinc posted a 42.3% jump in its 4QFY17 PAT to `3,057cr, vs. `2,147cr
in 4QFY17, on the back of higher production and sale of mined metal. Its total
income during the quarter was `7,237cr, showing a yoy rise of 72.4%.
Revenue grew by 96% on yoy basis to `6,756cr on account of strong zinc, lead
and silver prices and higher production and sale of mined metal. This has been a
record performance for the company, mainly due to the strong zinc silver and lead
prices.
The zinc metal cost of production per tonne before royalty (COP) during the
quarter was at `53,226, 8% lower on yoy basis. For the full year, zinc COP was
`55,679, up 6% on yoy basis.
During the quarter, company achieved highest-ever mined metal production, up
13% on qoq bais and 66% higher on yoy basis. This was due to higher volumes
from Rampura Agucha open cast mine, in line with the mine plan and as per the
guidance of higher production in H2FY17.
Economic and Political News
Modi government's GST reform an 'act of courage': IMF chief
India's crude oil demand to grow by 5% per year till 2020: Study.
House panel seeks details from RBI, bankers on demonetisation outcome
Raghuram Rajan warns of 'policy uncertainty' for world economy
Corporate News
I-T seeks Rs 30,700 crore from Cairn for tax delay
Wipro sacks 600 employees post performance appraisal
Mindtree net dips 27% to Rs 97 cr on strong rupee
Kumar Mangalam Birla said to eye mooming global carbon fiber market
Market Outlook
April 21, 2017
Quarterly Bloomberg Brokers Consensus Estimate
HDFC Bank Ltd - Apr 21, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17 q-o-q (%)
Net profit
3,921
3,374
16.2
3,865
1.4
ACC Ltd - Apr 21, 2017
Particulars ( ` cr)
1QCY17E
1QCY16
y-o-y (%)
4QCY16 q-o-q (%)
Net sales
3,015
2,927
3.0
2,669
13.0
EBITDA
340
433
(21.4)
254
33.9
EBITDA margin (%)
11.3
14.8
9.5
Net profit
177
232
(23.9)
48
265.8
Ultratech Cement Ltd - Apr 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
6,493
6,436
0.9
5,540
17.2
EBITDA
1,249
1,353
(7.7)
1,113
12.2
EBITDA margin (%)
19.2
21.0
20.1
Net profit
673
681
(1.2)
563
19.5
Market Outlook
April 21, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
25,568
2,138
2,257
5.5
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,141
379
405
6.8
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,624
358
395
10.4
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
6,546
685
760
10.9
growth. EMPPAC division's profitability to improve once
operating environment turns around..
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
12,856
411
460
12.0
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
Equitas Holdings
5,814
172
235
36.5
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
6,522
200
225
12.8
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,637
210
239
13.4
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,713
417
522
25.1
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,086
90
107
18.5
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,005
211
265
25.8
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,602
1,709
1,872
9.6
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
1,636
274
344
25.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
April 21, 2017
Key Upcoming Events
Result Calendar
Date
Company
Apr 21, 2017
FAG Bearings, ACC
Apr 24, 2017
Rallis, UltraTech Cement, Hexaware
Apr 25, 2017
Wipro, Persistent
Apr 26, 2017
KPIT Cummins
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 21, 2017
1:00PM
Germany
PMI Manufacturing
Value
Apr P
58.30
58.00
1:00PM
Germany
PMI Services
Value
Apr P
55.60
55.50
7:30PM
US
Existing home sales
Million
Mar
5.48
5.60
Apr 25, 2017
5:15PM
Euro Zone
ECB announces interest rates
%
Apr 27
--
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Apr
125.60
123.90
Apr 27, 2017
7:30PM
US
New home sales
Thousands
Mar
592.00
590.00
Apr 28, 2017
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q A
2.10
1.00
2:00PM
UK
GDP (YoY)
% Change
1Q A
1.90
2.30
Apr 30, 2017
6:30AM
China
PMI Manufacturing
Value
Apr
51.80
--
May 2,, 2017 2:00PM
UK
PMI Manufacturing
Value
Apr
54.20
--
May 3,, 2017 1:25PM
Germany
Unemployment change (000's)
Thousands
Apr
(30.00)
--
11:30PM
US
FOMC rate decision
%
May 3
1.00
1.00
2:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.50
--
May 5,, 2017 6:00PM
US
Change in Nonfarm payrolls
Thousands
Apr
98.00
--
6:00PM
US
Unnemployment rate
%
Apr
4.50
--
May 8,, 2017 7:00AM
China
Consumer Price Index (YoY)
% Change
Apr
0.90
--
May 10, 2017
China
Exports YoY%
% Change
Apr
16.40
--
India
Imports YoY%
% Change
Apr
45.30
--
India
Exports YoY%
% Change
Apr
27.60
--
May 11, 2017
US
Producer Price Index (mom)
% Change
Apr
(0.20)
--
2:00PM
UK
Industrial Production (YoY)
% Change
Mar
2.80
--
4:30PM
UK
BOE Announces rates
% Ratio
May 11
0.25
--
May 12, 2017 5:30PM
India
Industrial Production YoY
% Change
Mar
(1.20)
--
6:00PM
US
Consumer price index (mom)
% Change
Apr
(0.30)
--
11:30AM
Germany
GDP nsa (YoY)
% Change
1Q P
1.20
--
May 15, 2017 7:30AM
China
Industrial Production (YoY)
% Change
Apr
7.60
--
6:00PM
US
Housing Starts
Thousands
Apr
1,215.00
--
May 16, 2017 6:00PM
US
Building permits
Thousands
Apr
1,260.00
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Apr
5.70
--
6:45PM
US
Industrial Production
%
Apr
0.55
--
2:00PM
UK
CPI (YoY)
% Change
Apr
2.30
--
May 17, 2017 2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
1.50
--
2:00PM
UK
Jobless claims change
% Change
Apr
25.50
--
Source: Bloomberg, Angel Research
Market Outlook
April 21, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
7.0
5.6
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
4.0
3.3
7.0
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
(1.2)
3.0
(3.0)
(1.9)
(2.5)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.5
5.1
52.0
5.0
4.3
4.2
3.8
50.0
3.6
3.7
4.0
3.4
3.2
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
50.0
7.00
40.0
6.50
30.0
6.00
20.0
5.50
10.0
5.00
0.0
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
April 21, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
0.7
5.3
6.0
4.9
4.5
4.0
3.0
0.3
1.9
2.0
1.2
1.6
1.1
2.0
-
(2.0)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
April 21, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,761
(2.1)
(0.4)
18.3
Russia
Micex
1,932
(6.4)
(11.7)
(2.6)
India
Nifty
9,136
(0.3)
8.8
16.4
China
Shanghai Composite
3,172
(2.0)
1.1
6.3
South Africa
Top 40
45,736
(0.0)
(1.2)
(2.9)
Mexico
Mexbol
49,145
3.0
5.8
7.3
Indonesia
LQ45
923
0.5
4.9
10.4
Malaysia
KLCI
1,742
(0.7)
4.7
1.0
Thailand
SET 50
994
0.7
1.4
13.7
USA
Dow Jones
20,579
(2.4)
2.9
12.8
UK
FTSE
7,119
(4.1)
(1.8)
12.8
Japan
Nikkei
18,430
(5.3)
(3.4)
15.7
Germany
DAX
12,027
(0.6)
3.6
16.7
France
CAC
5,078
0.4
4.0
14.0
Source: Bloomberg, Angel Research
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
255
-
4,959
1,937
2,164
13.3
14.3
9.0
11.0
28.3
23.2
4.9
4.3
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
782
-
39,670
15,176
17,604
18.5
18.5
37.4
44.6
20.9
17.5
4.1
3.4
21.4
21.2
2.7
2.3
Auto & Auto Ancillary
Amara Raja Batteries
Buy
867
1,009
14,815
5,305
6,100
16.0
16.3
28.4
34.0
30.5
25.5
5.9
4.9
19.3
19.3
2.8
2.4
Apollo Tyres
Neutral
240
-
12,214
12,877
14,504
14.3
13.9
21.4
23.0
11.2
10.4
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
82
111
23,308
20,021
21,915
11.6
11.9
4.5
5.3
18.2
15.4
3.7
3.3
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,832
-
81,957
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,082
-
25,186
7,726
8,713
20.5
21.2
35.3
42.7
30.7
25.3
5.7
5.1
18.9
20.1
3.3
2.9
Ceat
Neutral
1,467
-
5,934
7,524
8,624
13.0
12.7
131.1
144.3
11.2
10.2
2.1
1.7
19.8
18.6
0.9
0.8
Eicher Motors
Neutral
25,502
-
69,391
16,583
20,447
17.5
18.0
598.0
745.2
42.7
34.2
14.6
11.1
41.2
38.3
4.0
3.2
Exide Industries
Neutral
238
-
20,268
7,439
8,307
15.0
15.0
8.1
9.3
29.4
25.6
4.1
3.7
14.3
16.7
2.3
2.1
Gabriel India
Neutral
124
-
1,787
1,544
1,715
9.0
9.3
5.4
6.3
23.0
19.8
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,201
3,446
63,928
28,083
30,096
15.3
15.7
171.8
187.0
18.6
17.1
6.5
5.5
30.1
27.9
2.1
1.9
Indag Rubber
Neutral
205
-
538
286
326
19.8
16.8
11.7
13.3
17.5
15.4
3.0
2.8
17.8
17.1
1.5
1.4
Jamna Auto Industries
Neutral
242
-
1,925
1,486
1,620
9.8
9.9
15.0
17.2
16.1
14.0
3.5
3.0
21.8
21.3
1.4
1.2
JK Tyres
Neutral
154
-
3,495
7,455
8,056
15.0
15.0
21.8
24.5
7.1
6.3
1.5
1.2
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
626
-
982
1,302
1,432
11.6
11.9
43.7
53.0
14.3
11.8
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,274
-
79,143
46,534
53,077
11.6
11.7
67.3
78.1
18.9
16.3
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Neutral
6,273
-
189,489
67,822
83,288
16.0
16.4
253.8
312.4
24.7
20.1
5.7
4.6
23.0
22.9
2.5
1.9
Minda Industries
Neutral
440
-
3,494
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
376
-
52,824
45,896
53,687
7.8
8.3
13.0
16.1
28.9
23.4
9.3
7.4
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,010
-
799
511
562
11.3
11.5
28.1
30.9
35.9
32.7
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
44
-
584
741
837
13.0
13.0
15.2
17.0
2.9
2.6
0.5
0.4
15.8
16.3
1.2
1.1
Subros
Neutral
232
-
1,389
1,488
1,681
11.7
11.9
6.4
7.2
36.2
32.3
3.8
3.5
10.8
11.4
1.2
1.0
Swaraj Engines
Neutral
1,499
-
1,862
660
810
15.2
16.4
54.5
72.8
27.5
20.6
8.6
7.8
31.5
39.2
2.6
2.1
Tata Motors
Neutral
444
-
128,198
300,209
338,549
8.9
8.4
42.7
54.3
10.4
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
489
-
23,253
13,390
15,948
6.9
7.1
12.8
16.5
38.4
29.6
9.5
7.6
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
65
-
640
709
814
4.1
4.6
1.4
2.1
46.2
30.8
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,361
-
5,668
3,451
4,055
6.3
9.2
31.4
57.9
43.3
23.5
2.6
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
171
-
1,237
16,567
33,848
6.0
5.6
7.8
5.9
22.0
29.1
1.3
1.2
4.7
4.2
0.2
0.1
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Bharat Electronics
Neutral
178
-
39,781
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.9
0.5
0.4
44.6
46.3
3.9
3.5
BHEL
Neutral
174
-
42,698
28,797
34,742
-
2.8
2.3
6.9
75.9
25.3
1.3
1.3
1.3
4.8
1.1
0.8
Blue Star
Accumulate
685
760
6,546
4,283
5,077
5.9
7.3
14.9
22.1
46.0
31.0
8.9
7.5
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
80
-
5,001
5,777
6,120
5.9
7.0
3.3
4.5
24.2
17.7
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
169
-
4,122
1,755
1,881
16.8
16.9
7.8
8.5
21.6
19.9
4.3
4.0
20.6
20.9
2.0
1.9
Inox Wind
Neutral
204
-
4,532
5,605
6,267
15.7
16.4
24.8
30.0
8.2
6.8
2.3
1.7
25.9
24.4
0.8
0.7
KEC International
Neutral
220
-
5,668
9,294
10,186
7.9
8.1
9.9
11.9
22.3
18.5
3.3
2.8
15.6
16.3
0.8
0.8
KEI Industries
Accumulate
210
239
1,637
2,682
3,058
10.4
10.0
11.7
12.8
17.9
16.4
3.6
3.0
20.1
18.2
0.8
0.7
Thermax
Neutral
997
-
11,885
5,421
5,940
7.3
7.3
25.7
30.2
38.8
33.0
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
693
-
3,779
3,136
3,845
8.9
9.1
26.0
35.9
26.6
19.3
3.3
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
419
-
13,857
6,511
7,514
7.9
8.7
12.9
16.3
32.5
25.7
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,512
-
28,401
11,225
13,172
13.2
16.9
44.5
75.5
34.0
20.0
3.2
3.0
11.2
14.2
2.5
2.2
Ambuja Cements
Neutral
242
-
48,003
9,350
10,979
18.2
22.5
5.8
9.5
41.7
25.5
3.5
3.1
10.2
12.5
5.1
4.4
India Cements
Neutral
190
-
5,833
4,364
4,997
18.5
19.2
7.9
11.3
24.0
16.8
1.7
1.7
8.0
8.5
2.1
1.8
J K Lakshmi Cement
Neutral
468
-
5,512
2,913
3,412
14.5
19.5
7.5
22.5
62.5
20.8
3.8
3.2
12.5
18.0
2.5
2.1
JK Cement
Neutral
938
-
6,561
4,398
5,173
15.5
17.5
31.2
55.5
30.1
16.9
3.6
3.1
12.0
15.5
2.0
1.7
Orient Cement
Neutral
150
-
3,074
2,114
2,558
18.5
20.5
8.1
11.3
18.5
13.3
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,009
-
110,054
25,768
30,385
21.0
23.5
111.0
160.0
36.1
25.1
4.6
4.0
13.5
15.8
4.4
3.6
Construction
Engineers India
Neutral
169
-
11,385
1,725
1,935
16.0
19.1
11.4
13.9
14.8
12.2
2.0
2.0
13.4
15.3
5.5
4.9
Gujarat Pipavav Port
Neutral
164
-
7,936
705
788
52.2
51.7
5.0
5.6
32.8
29.3
3.2
2.9
11.2
11.2
10.9
9.3
ITNL
Neutral
115
-
3,786
8,946
10,017
31.0
31.6
8.1
9.1
14.2
12.7
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
204
-
2,873
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.2
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,681
-
156,888
111,017
124,908
11.0
11.0
61.1
66.7
27.5
25.2
3.3
3.1
13.1
12.9
2.4
2.3
MEP Infra
Neutral
65
-
1,064
1,877
1,943
30.6
29.8
3.0
4.2
21.8
15.6
10.6
7.1
0.6
0.6
1.9
1.8
Nagarjuna Const.
Neutral
96
-
5,345
8,842
9,775
9.1
8.8
5.3
6.4
18.1
15.0
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
192
-
17,235
7,428
9,549
7.9
8.6
8.2
11.0
23.4
17.4
1.2
0.9
28.2
28.7
2.0
1.5
PNC Infratech
Neutral
148
-
3,798
2,350
2,904
13.1
13.2
9.0
8.8
16.5
16.8
0.6
0.5
15.9
13.9
1.7
1.4
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
Neutral
323
-
5,546
3,598
4,140
10.3
10.6
9.0
11.9
35.9
27.2
3.8
3.3
9.9
11.9
1.8
1.6
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
Simplex Infra
Neutral
403
-
1,994
6,829
7,954
10.5
10.5
31.4
37.4
12.8
10.8
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
102
-
3,600
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.4
(22.8)
(15.9)
11.7
9.7
Financials
Axis Bank
Buy
488
580
116,890
46,932
53,575
3.5
3.4
32.4
44.6
15.1
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
180
-
41,394
19,980
23,178
1.8
1.8
11.5
17.3
15.6
10.4
1.8
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,513
-
6,690
420
526
3.5
3.5
86.5
107.8
29.1
23.3
6.3
5.1
23.6
24.1
-
-
Canara Bank
Neutral
324
-
19,364
15,225
16,836
1.8
1.8
14.5
28.0
22.4
11.6
1.5
1.3
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,034
1,230
16,159
2,012
2,317
6.3
6.3
42.7
53.6
24.2
19.3
3.8
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
411
460
12,856
2,225
2,688
2.9
2.9
29.7
34.6
13.8
11.9
2.2
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
172
235
5,814
939
1,281
11.7
11.5
5.8
8.2
29.7
21.0
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
93
-
15,947
8,259
8,995
3.0
3.0
4.3
5.6
21.5
16.5
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,517
-
240,993
11,475
13,450
3.4
3.4
45.3
52.5
33.5
28.9
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,462
-
374,631
46,097
55,433
4.5
4.5
58.4
68.0
25.0
21.5
4.4
3.7
18.8
18.6
-
-
ICICI Bank
Buy
273
315
158,912
42,800
44,686
3.1
3.3
18.0
21.9
15.2
12.5
2.1
1.9
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,182
5,640
6,030
3.3
3.2
8.9
10.0
13.4
11.9
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
179
-
3,421
3,339
3,799
2.7
2.8
11.0
14.0
16.3
12.8
1.7
1.5
11.2
12.7
-
-
LIC Housing Finance
Neutral
642
-
32,412
3,712
4,293
2.6
2.5
39.0
46.0
16.5
14.0
3.1
2.6
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
155
-
33,015
23,532
23,595
2.3
2.4
6.8
12.6
22.8
12.3
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
577
-
21,353
1,783
2,309
2.6
2.6
12.7
16.4
45.5
35.2
5.0
4.4
12.8
13.3
-
-
Repco Home Finance
Accumulate
758
825
4,745
388
457
4.5
4.2
30.0
38.0
25.3
20.0
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
22
-
4,047
6,435
7,578
2.5
2.5
2.7
3.1
8.3
7.2
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
285
-
231,050
88,650
98,335
2.6
2.6
13.5
18.8
21.1
15.2
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,631
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
1,545
-
70,532
8,978
11,281
3.3
3.4
74.0
90.0
20.9
17.2
4.0
3.4
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,936
-
9,286
2,955
3,309
13.3
13.7
57.2
69.3
33.9
27.9
11.1
9.3
32.7
33.3
2.9
2.6
Asian Paints
Neutral
1,058
-
101,517
17,128
18,978
16.8
16.4
19.1
20.7
55.4
51.1
19.3
18.2
34.8
35.5
5.8
5.3
Britannia
Accumulate
3,379
3,626
40,545
9,594
11,011
14.6
14.9
80.3
94.0
42.1
35.9
17.3
13.4
41.2
-
4.1
3.5
Colgate
Neutral
1,007
-
27,398
4,605
5,149
23.4
23.4
23.8
26.9
42.3
37.5
23.4
18.3
64.8
66.8
5.9
5.2
Dabur India
Neutral
291
-
51,190
8,315
9,405
19.8
20.7
8.1
9.2
35.9
31.6
10.0
8.3
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
5,283
-
22,217
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
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Godrej Consumer
Neutral
1,686
-
57,418
10,235
11,428
18.4
18.6
41.1
44.2
41.0
38.1
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
916
-
198,276
35,252
38,495
17.8
17.8
20.7
22.4
44.4
40.9
42.4
36.4
95.6
88.9
5.5
5.0
ITC
Neutral
279
-
339,398
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
302
-
38,966
6,430
7,349
18.8
19.5
6.4
7.7
47.2
39.2
14.2
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,346
-
61,186
10,073
11,807
20.7
21.5
124.8
154.2
50.9
41.2
20.9
18.8
34.8
36.7
5.9
5.0
Procter & Gamble
Neutral
7,379
-
23,952
2,939
3,342
23.2
23.0
146.2
163.7
50.5
45.1
12.8
10.6
25.3
23.5
7.7
6.7
Hygiene
Tata Global
Neutral
152
-
9,603
8,675
9,088
9.8
9.8
7.4
8.2
20.6
18.6
1.6
1.5
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
816
1,000
116,354
49,242
57,168
20.5
20.5
55.7
64.1
14.6
12.7
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
928
1,179
213,076
68,484
73,963
26.0
26.0
63.0
64.0
14.7
14.5
3.1
2.8
20.8
19.7
2.8
2.4
TCS
Buy
2,328
2,700
458,785
119,025
133,308
27.6
27.6
131.2
145.5
17.8
16.0
5.8
5.3
32.4
33.1
3.6
3.2
Tech Mahindra
Buy
421
600
40,990
29,673
32,937
15.5
17.0
32.8
39.9
12.8
10.6
2.5
2.2
19.6
20.7
1.1
1.0
Wipro
Buy
500
583
121,570
55,440
60,430
18.1
18.1
36.1
38.9
13.9
12.9
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
376
-
6,920
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.1
4.2
3.6
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
290
-
2,127
1,016
1,138
24.3
25.2
27.3
30.1
10.6
9.6
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
84
-
1,949
2,693
2,991
12.6
12.9
7.9
9.0
10.6
9.3
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Accumulate
200
225
6,522
2,355
2,635
28.0
28.0
10.8
12.5
18.5
16.0
4.0
3.5
21.7
21.7
2.8
2.4
Sun TV Network
Neutral
895
-
35,286
2,850
3,265
70.1
71.0
26.2
30.4
34.2
29.5
8.7
7.7
24.3
25.6
12.0
10.3
TV Today Network
Buy
274
344
1,636
567
645
26.7
27.0
15.4
18.1
17.8
15.2
2.7
2.3
14.9
15.2
2.5
2.1
Metals & Mining
Coal India
Neutral
280
-
174,025
84,638
94,297
21.4
22.3
24.5
27.1
11.4
10.4
4.8
4.5
42.6
46.0
1.6
1.4
Hind. Zinc
Neutral
283
-
119,534
14,252
18,465
55.9
48.3
15.8
21.5
17.9
13.2
2.9
2.6
17.0
20.7
8.4
6.5
Hindalco
Neutral
186
-
41,814
107,899
112,095
7.4
8.2
9.2
13.0
20.3
14.3
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
190
-
45,818
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
127
-
40,324
6,643
7,284
44.4
47.7
7.1
7.7
18.0
16.6
1.6
1.5
8.8
9.2
3.8
3.5
SAIL
Neutral
61
-
25,152
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.4
0.7
0.6
(1.6)
3.9
1.4
1.3
Tata Steel
Neutral
454
-
44,093
121,374
121,856
7.2
8.4
18.6
34.3
24.4
13.2
1.5
1.4
6.1
10.1
1.0
1.0
Vedanta
Neutral
234
-
69,240
71,744
81,944
19.2
21.7
13.4
20.1
17.4
11.6
1.5
1.3
8.4
11.3
1.4
1.0
Oil & Gas
Cairn India
Neutral
288
-
54,082
9,127
10,632
4.3
20.6
8.8
11.7
32.8
24.6
1.1
1.0
3.3
4.2
7.4
6.2
GAIL
Neutral
402
-
68,007
56,220
65,198
9.3
10.1
27.1
33.3
14.8
12.1
1.4
1.3
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
427
-
207,493
373,359
428,656
5.9
5.5
54.0
59.3
7.9
7.2
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
April 21, 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
179
-
230,292
137,222
152,563
15.0
21.8
19.5
24.1
9.2
7.5
0.8
0.7
8.5
10.1
2.0
1.7
Reliance Industries
Neutral
1,369
-
445,238
301,963
358,039
12.1
12.6
87.7
101.7
15.6
13.5
1.6
1.5
10.7
11.3
2.0
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
609
689
11,483
3,483
4,244
20.2
21.4
24.3
33.6
25.1
18.1
5.7
4.6
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Accumulate
2,138
2,257
25,568
6,065
7,009
18.7
20.0
80.2
92.0
26.7
23.3
6.0
5.0
22.5
21.6
4.2
3.6
Aurobindo Pharma
Buy
634
877
37,157
15,720
18,078
23.7
23.7
41.4
47.3
15.3
13.4
4.0
3.1
29.6
26.1
2.6
2.2
Aventis*
Neutral
4,538
-
10,451
2,277
2,597
16.6
17.4
128.9
157.0
35.2
28.9
6.0
4.6
21.6
26.4
4.4
3.6
Cadila Healthcare
Neutral
448
-
45,864
10,429
12,318
17.7
21.6
13.1
19.2
34.2
23.3
7.2
5.7
22.8
27.1
4.4
3.7
Cipla
Sell
574
465
46,175
15,378
18,089
15.7
16.8
19.3
24.5
29.7
23.4
3.5
3.1
12.3
13.9
3.2
2.7
Dishman Pharma
Sell
325
143
5,247
1,718
1,890
22.7
22.8
9.5
11.3
34.2
28.8
3.3
3.0
10.1
10.9
3.5
3.1
Dr Reddy's
Neutral
2,612
-
43,276
16,043
18,119
18.0
23.0
78.6
130.9
33.2
20.0
3.2
2.9
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,613
-
22,131
2,800
3,290
10.2
20.6
32.2
60.3
81.1
43.3
15.0
14.9
17.2
34.5
7.7
6.6
Indoco Remedies
Neutral
236
-
2,178
1,112
1,289
16.2
18.2
11.6
16.0
20.4
14.8
3.3
2.7
17.0
20.1
2.1
1.7
Ipca labs
Neutral
595
-
7,502
3,258
3,747
12.8
15.3
12.1
19.2
49.1
31.0
3.1
2.8
6.4
9.5
2.4
2.1
Lupin
Buy
1,428
1,809
64,476
15,912
18,644
26.4
26.7
58.1
69.3
24.6
20.6
4.8
3.9
21.4
20.9
4.1
3.4
Sun Pharma
Buy
656
847
157,354
31,129
35,258
32.0
32.9
30.2
35.3
21.7
18.6
3.5
2.9
20.0
20.1
4.6
3.9
Power
NTPC
Neutral
164
-
134,978
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
209
223
109,131
25,315
29,193
88.2
88.7
14.2
17.2
14.7
12.2
2.2
2.0
15.2
16.1
9.0
8.0
Tata Power
Neutral
84
-
22,761
36,916
39,557
17.4
27.1
5.1
6.3
16.5
13.4
1.5
1.3
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
417
522
1,713
1,152
1,300
22.7
24.6
29.9
35.8
14.0
11.7
1.0
1.0
7.6
8.6
2.2
1.8
Prestige Estate
Neutral
244
-
9,165
4,707
5,105
25.2
26.0
10.3
13.0
23.7
18.8
1.9
1.8
10.3
10.2
3.1
2.8
Telecom
Bharti Airtel
Neutral
343
-
136,951
105,086
114,808
34.5
34.7
12.2
16.4
28.1
20.9
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
85
-
30,501
40,133
43,731
37.2
37.1
6.4
6.5
13.2
13.0
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,645
-
9,871
3,153
3,583
14.1
14.4
152.2
182.7
30.5
25.4
149.8
128.0
25.6
26.1
2.8
2.4
Asian Granito
Accumulate
379
405
1,141
1,060
1,169
12.2
12.5
12.7
15.9
29.9
23.9
2.8
2.5
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
358
395
3,624
4,801
5,351
5.7
6.2
10.4
13.7
34.3
26.2
4.2
3.8
12.4
14.5
0.8
0.7
Banco Products (India)
Neutral
225
-
1,608
1,353
1,471
12.3
12.4
14.5
16.3
15.5
13.8
21.4
19.3
14.5
14.6
1.1
121.3
Coffee Day Enterprises
Neutral
249
-
5,128
2,964
3,260
20.5
21.2
4.7
8.0
-
31.1
2.9
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
233
-
143
1,137
1,256
3.1
2.7
28.0
23.6
8.3
9.9
44.7
40.4
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
61
-
683
1,482
1,660
13.7
14.5
3.9
5.8
15.6
10.5
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Finolex Cables
Neutral
536
-
8,195
2,883
3,115
12.0
12.1
14.2
18.6
37.7
28.8
20.1
17.5
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
759
-
1,660
863
928
15.1
15.2
36.4
39.4
20.8
19.3
3.8
3.2
17.5
15.9
1.8
1.7
Goodyear India*
Neutral
907
-
2,092
1,598
1,704
10.4
10.2
49.4
52.6
18.4
17.3
84.8
74.4
18.2
17.0
1.0
142.2
Hitachi
Neutral
1,784
-
4,851
2,081
2,433
8.8
8.9
33.4
39.9
53.4
44.7
43.1
35.9
22.1
21.4
2.3
2.0
HSIL
Neutral
353
-
2,550
2,384
2,515
15.8
16.3
15.3
19.4
23.1
18.2
22.9
19.7
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,158
-
41,842
21,122
26,005
14.5
27.6
110.7
132.1
10.5
8.8
62.6
44.7
168.5
201.1
2.0
1.5
Jyothy Laboratories
Neutral
394
-
7,149
1,440
2,052
11.5
13.0
8.5
10.0
46.3
39.4
11.2
10.4
18.6
19.3
5.2
3.7
Kirloskar Engines India
Neutral
396
-
5,723
2,554
2,800
9.9
10.0
10.5
12.1
37.7
32.7
15.8
14.9
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
289
-
428
382
420
9.3
9.5
13.5
15.7
21.5
18.4
3.7
3.2
17.1
17.3
1.2
1.1
M M Forgings
Neutral
619
-
747
546
608
20.4
20.7
41.3
48.7
15.0
12.7
84.8
75.1
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
720
-
4,117
836
1,087
19.6
19.4
16.9
23.8
42.6
30.2
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
90
107
1,086
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
80
-
317
366
417
17.7
18.2
9.4
10.8
8.5
7.4
1.9
1.6
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
319
-
6,524
1,873
2,166
11.5
11.7
2.6
4.0
120.7
80.5
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
211
265
3,005
369
561
42.9
42.3
6.9
11.5
30.5
18.3
2.1
1.9
7.4
10.5
9.2
6.0
Navneet Education
Neutral
171
-
3,988
1,062
1,147
24.0
24.0
6.1
6.6
28.0
25.8
5.8
5.1
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,049
-
3,057
1,995
2,165
10.7
10.4
69.8
80.6
29.4
25.4
117.1
101.7
16.6
16.5
1.5
1.4
Page Industries
Neutral
14,048
-
15,668
2,450
3,124
20.1
17.6
299.0
310.0
47.0
45.3
312.9
238.8
47.1
87.5
6.4
5.1
Parag Milk Foods
Neutral
249
-
2,091
1,919
2,231
9.3
9.6
9.5
12.9
26.3
19.2
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
246
-
1,723
408
495
27.3
27.0
7.7
8.8
31.8
28.0
3.0
3.0
9.3
10.6
3.4
2.8
Radico Khaitan
Buy
120
147
1,600
1,667
1,824
13.0
13.2
6.7
8.2
18.1
14.7
1.6
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
487
-
5,852
2,085
2,469
9.2
8.2
7.6
8.0
64.4
61.3
25.0
21.3
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
320
-
4,634
1,036
1,160
15.1
15.0
6.1
7.2
52.5
44.6
5.6
5.1
10.7
11.5
4.3
3.8
Siyaram Silk Mills
Accumulate
1,709
1,872
1,602
1,652
1,857
11.6
11.7
92.4
110.1
18.5
15.5
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
760
-
1,336
1,440
1,537
9.2
9.0
40.6
42.6
18.7
17.8
47.8
43.4
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
216
-
948
3,342
3,625
7.8
7.5
17.3
19.8
12.5
11.0
23.8
19.1
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
1,039
-
1,777
3,229
4,001
1.5
1.8
22.8
32.8
45.7
31.7
4.9
4.2
10.7
13.4
0.5
0.3
The Byke Hospitality
Neutral
201
-
805
287
384
20.5
20.5
7.6
10.7
26.4
18.8
5.5
4.5
20.7
23.5
2.8
2.1
Transport Corporation of
Neutral
234
-
1,795
2,671
2,911
8.5
8.8
13.9
15.7
16.9
15.0
2.3
2.1
13.7
13.8
0.8
0.7
India
Stock Watch
April 21, 2017
Company Name
Reco
CMP
Target Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
zOthers
TVS Srichakra
Neutral
3,743
-
2,866
2,304
2,614
13.7
13.8
231.1
266.6
16.2
14.0
420.6
331.2
33.9
29.3
1.2
1.1
UFO Moviez
Neutral
445
-
1,228
619
685
33.2
33.4
30.0
34.9
14.9
12.8
2.1
1.8
13.8
13.9
1.7
1.3
Visaka Industries
Neutral
316
-
502
1,051
1,138
10.3
10.4
21.0
23.1
15.0
13.7
40.5
37.9
9.0
9.2
0.7
0.7
VRL Logistics
Neutral
343
-
3,131
1,902
2,119
16.7
16.6
14.6
16.8
23.6
20.4
5.2
4.5
21.9
22.2
1.8
1.5
Wonderla Holidays
Neutral
393
-
2,218
287
355
38.0
40.0
11.3
14.2
34.7
27.6
5.0
4.4
21.4
23.9
7.4
6.0
VIP Industries
Accumulate
195
218
2,754
1,270
1,450
10.4
10.4
5.6
6.5
34.8
30.0
7.2
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Accumulate
3,176
3,650
3,110
789
945
21.1
22.4
120.1
143.4
26.4
22.2
4.3
3.7
17.8
18.5
3.9
3.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 20, 2017
Market Outlook
April 21, 2017
Research Team Tel: 022 - 39357800
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