Market Outlook
May 22, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on positive note tracking the SGX Nifty and Global
BSE Sensex
0.1
30
30,465
markets.
Nifty
(0.0)
(2)
9,428
The major U.S. stock indexes posted strong gains on Friday as bargain-hunters
Mid Cap
(0.7)
(107)
14,644
drove the market higher while shrugging off political fallout over Donald Trump’s
Small Cap
(0.9)
(134)
15,227
presidency for a second day. In the cash market, the blue chip Dow Jones Industrial
Average rose 142 points to 20,805. The NASDAQ Composite index settled up 0.5
Bankex
0.4
100
25,859
per cent to 6,084.
Global Indices
Chg (%)
(Pts)
(Close)
Despite a slew of bearish broker notes and a week of political tumult, the FTSE 100
index enjoyed its fourth consecutive week of gains as the Trump-inspired rout eased.
Dow Jones
0.7
142
20,805
The blue chip index ended the day 0.46 per cent higher at 7,471.
Nasdaq
0.5
29
6,084
FTSE
0.5
34
7,471
The benchmark BSE index Sensex ended marginally higher on Friday after touching
a record high, its fourth peak in five sessions, as profit-booking pared overall gains
Nikkei
(00.2
37
19,591
led by consumer stocks that rallied after rates for goods and services under a new
Hang Seng
0.2
238
25,175
tax were finalised. The Sensex closed up 0.1 per cent at 30,465 after rising as much
Shanghai Com
0.0
0
3,091
as 0.91 per cent earlier in the session to its highest ever. The broader NSE index
remained flat at 9,428
Advances / Declines
BSE
NSE
News Analysis
Advances
1,921
1,545
Glaxo Pharmaceuticals result review
Declines
1,842
1,144
Detailed analysis on Pg2
Unchanged
167
72
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
4,135
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
NSE
29,193
Top Picks
#Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
FII
(56360
( 5,271
47,283
Blue Star
Capital Goods
Buy
647
760
17.5
MFs
8230
2,591
23,273
Dewan Housing Fin. Financials
Buy
404
520
28.6
Mahindra Lifespace Real Estate
Buy
433
522
20.6
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
220
265
20.6
KEI Industries
Capital Goods
Accumulate
217
239
9.9
Gmdcltd
137
7.5
More Top Picks on Pg4
Cesc
878
5.8
Adanitrans
105
4.0
Key Upcoming Events
Previous
Consensus
Kec
245
3.7
Date
Region
Event Description
Reading
Expectations
Colpal
1,015
3.6
May 23, 2017 Germany GDP nsa (YoY)
2.90
2.90
May 23, 2017 US
New home sales
621.00
610.00
May 23, 2017 Germany PMI Manufacturing
58.20
58.00
Top Losers
Price (`)
Chg (%)
May 23, 2017 Germany PMI Services
55.40
55.50
Cumminsind
968
(8.1)
May 24, 2017 US
Existing home sales
5.71
5.65
Unitdspr
1,921
(5.9)
May 25, 2017 US
GDP Qoq (Annualised)
0.70
0.90
Sreinfra
100
(5.2)
More Events on Pg5
Beml
1,277
(5.0)
Navkarcorp
220
(4.8)
#as on May 19, 2017
Market Outlook
May 22, 2017
News Analysis
Glaxo Pharmaceuticals (CMP: `2,460 / TP: / Upside :)
The company, posted 4QFY2017 results better than expected on sales and OPM
front. The revenues came in at `763cr V/s `690cr expected, registering a yoy
growth of 10.9%. On the OPM front, the EBDITA margins came in at 15.2% V/s
11.3% expected and 16.1% in 4QFY2016. The margin expansion happened on
back of lower than expected employee and other expenses, which grew by 8.0%
and 4.6% yoy respectively. The Adj. PAT during the quarter came in at `86.7cr V/s
`95.4cr in 4QFY2016, a yoy dip of 9.2%. The reported profit came in at `112.6cr
V/s `105.8cr, a yoy growth of 6.4%. Also during the quarter the company posted
an exceptional net gain of `25.9cr, which related to the sale of properties and
proceeds from sale of the non-core brands. Given the valuations, we maintain our
neutral rating on the stock.
Economic and Political News
LIC investment income at `1,80,117cr in 2016-17
GST rates: Financial services transactions to become marginally dearer
RBI Governor Urjit Patel to brief Parliamentary panel on demonetisation on
June 8
Corporate News
AION Capital in talks for stake in Future Group
Oil firms may take a `25,000cr hit from GST
Jaypee, UltraTech Cement looking to seal `16,189cr deal by July
GST may affect sales of premium brands for consumer goods firms
Motherson Sumi lines up `2,000cr capex for FY18
Market Outlook
May 22, 2017
Quarterly Bloomberg Brokers Consensus Estimate
GAIL India Ltd - May 22, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
12,879
11,627
10.8
12,108
6.4
EBITDA
1,884
1,224
54.0
1,726
9.2
EBITDA margin (%)
14.6
10.5
14.3
Net profit
1,120
770
45.5
983
14.0
Bank of India - May 22, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
17
(3,587)
0.0
102
(83.3)
Tata Motors Ltd Consol - May 23, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
80,251
79,926
0.4
66,855
20.0
EBITDA
8,214
11,387
(27.9)
5,161
59.1
EBITDA margin (%)
10.2
14.2
7.7
Net profit
2,548
4,573
(44.3)
0.0
(2,605)
Lupin Ltd Consol - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
4,431
4,091
8.3
4,405
0.6
EBITDA
1,141
1,367
(16.6)
1,216
(6.2)
EBITDA margin (%)
25.7
33.4
27.6
Net profit
646
807
(20.0)
633
2.0
Bharat Forge Ltd - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
1,079
987
9.3
919
17.4
EBITDA
311
298
4.2
261
19.2
EBITDA margin (%)
28.8
30.2
28.3
Net profit
164
165
(0.4)
129
27.4
Ashok Leyland Ltd - May 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
6,469
5,893
9.8
4,335
49.2
EBITDA
728
753
(3.3)
454
60.2
EBITDA margin (%)
11.3
12.8
10.5
Net profit
425
77
451.7
186
128.6
Market Outlook
May 22, 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
22,590
1,889
2,257
19.5
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,120
372
405
8.8
owing to better product mix, higher B2C sales and
amalgamation synergy..
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
6,182
647
760
17.5
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
12,658
404
520
28.6
presence in tier-II & III cities where the growth opportunity
is immense.
Strong loan growth backed by diversified loan portfolio
and adequate CAR. ROE & ROA likely to remain decent
Equitas Holdings
5,344
158
235
48.6
as risk of dilution remains low. Attractive valuations
considering growth.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
6,087
186
225
20.8
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,688
217
239
9.9
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,222
433
522
20.6
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,134
220
265
20.6
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,726
1,841
1,872
1.7
growth 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
TV Today Network
1,535
257
344
33.7
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 22, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 22, 2017
LMW, Bank of India, Prakash Industries, GAIL, Banco
May 23, 2017
Tata Motors, Subros, Jindal Steel, Radico Khaitan
May 24, 2017
Amara Raja Batteries, Lupin
May 25, 2017
Bosch India, Ashok Leyland, Britannia, Mphasis, IOC, GSPL, Page Industries, Heritage Foods, Cipla
Tata Chemicals, Crompton Greaves, Areva, ITC, Tech Mahindra, Styrolution, Sun Pharma, Divi's Lab., Indoco
May 26, 2017
Remedies
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 23, 201711:30AM Germany
GDP nsa (YoY)
% Change
1Q F
2.90
2.90
7:30PM US
New home sales
Thousands
Apr
621.00
610.00
1:00PM Germany
PMI Manufacturing
Value
May P
58.20
58.00
1:00PM Germany
PMI Services
Value
May P
55.40
55.50
May 24, 2017 7:30PM US
Existing home sales
Million
Apr
5.71
5.65
May 25, 2017 6:00PM US
GDP Qoq (Annualised)
% Change
1Q S
0.70
0.90
6:00PM US
Initial Jobless claims
Thousands
May 20
232.00
238.00
May 26, 2017 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
2.10
May 30, 2017 2:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May F
(3.30)
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
May
120.30
120.00
May 31, 2017 1:25PM Germany
Unemployment change (000's)
Thousands
May
(15.00)
--
6:30AM China
PMI Manufacturing
Value
May
51.20
--
Jun 1, 2017
2:00PM UK
PMI Manufacturing
Value
May
57.30
--
Jun 2, 2017
6:00PM US
Change in Nonfarm payrolls
Thousands
May
211.00
178.00
6:00PM US
Unnemployment rate
%
May
4.40
4.40
Jun 7, 2017
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
--
2:30PM India
RBI Reverse Repo rate
%
Jun 7
6.00
--
2:30PM India
RBI Cash Reserve ratio
%
Jun 7
4.00
--
2:30PM India
RBI Repo rate
%
Jun 7
6.25
--
Jun 8, 2017
China
Exports YoY%
% Change
May
8.00
--
5:15PM Euro Zone
ECB announces interest rates
%
Jun 8
--
--
Jun 9, 2017
India
Imports YoY%
% Change
May
49.10
--
India
Exports YoY%
% Change
May
19.80
--
2:00PM UK
Industrial Production (YoY)
% Change
Apr
1.40
--
7:00AM China
Consumer Price Index (YoY)
% Change
May
1.20
--
Jun 12, 2017
5:30PM India
Industrial Production YoY
% Change
Apr
2.70
--
Source: Bloomberg, Angel Research
Market Outlook
May 22, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
10.0
8.9
7.7
7.8
9.0
8.0
8.0
7.4
7.2
8.0
6.9
7.0
6.8
7.0
7.0
5.7
5.7
6.0
6.0
5.2
4.9
4.9
6.0
5.6
5.0
3.8
4.0
5.0
2.6
2.7
3.0
1.9
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
5.8
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
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
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 22, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.6
6.0
5.3
5.0
0.7
4.0
3.3
2.9
2.1
1.9
0.5
2.0
1.6
0.8
-
(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
May 22, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,639
(2.6)
(6.5)
23.2
Russia
Micex
1,962
2.4
(9.2)
5.0
India
Nifty
9,428
3.5
7.1
19.9
China
Shanghai Composite
3,091
(3.3)
(3.8)
9.1
South Africa
Top 40
47,963
2.8
4.4
3.4
Mexico
Mexbol
49,067
0.6
3.5
8.7
Indonesia
LQ45
970
3.9
8.5
18.4
Malaysia
KLCI
1,768
2.0
3.6
7.2
Thailand
SET 50
982
(1.8)
(1.0)
12.3
USA
Dow Jones
20,805
2.0
0.9
18.9
UK
FTSE
7,471
4.5
2.3
21.7
Japan
Nikkei
19,591
6.8
1.8
17.7
Germany
DAX
12,639
5.3
7.2
23.0
France
CAC
5,324
6.7
8.1
17.9
Source: Bloomberg, Angel Research
Stock Watch
May 22, 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
238
-
4,621
1,937
2,164
13.3
14.3
9.0
11.0
26.4
21.6
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
792
-
40,219
15,176
17,604
18.5
18.5
37.4
44.6
21.2
17.8
4.2
3.4
21.4
21.2
2.8
2.3
Auto & Auto Ancillary
Amara Raja Batteries
Accumulate
894
1,009
15,271
5,305
6,100
16.0
16.3
28.4
34.0
31.5
26.3
6.1
5.1
19.3
19.3
2.9
2.5
Apollo Tyres
Neutral
235
-
11,937
12,877
14,504
14.3
13.9
21.4
23.0
10.9
10.2
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
85
111
24,176
20,021
21,915
11.6
11.9
4.5
5.3
18.9
16.0
3.8
3.4
20.6
21.5
1.2
1.0
Bajaj Auto
Neutral
2,971
-
85,984
25,093
27,891
19.5
19.2
143.9
162.5
20.7
18.3
5.8
5.0
30.3
29.4
3.2
2.8
Bharat Forge
Neutral
1,056
-
24,589
7,726
8,713
20.5
21.2
35.3
42.7
29.9
24.7
5.5
5.0
18.9
20.1
3.2
2.8
Ceat
Neutral
1,775
-
7,180
7,524
8,624
13.0
12.7
131.1
144.3
13.5
12.3
2.5
2.1
19.8
18.6
1.0
0.9
Eicher Motors
Neutral
27,936
-
76,015
16,583
20,447
17.5
18.0
598.0
745.2
46.7
37.5
16.0
12.2
41.2
38.3
4.4
3.5
Exide Industries
Neutral
238
-
20,213
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
130
-
1,869
1,544
1,715
9.0
9.3
5.4
6.3
24.1
20.7
4.6
4.0
18.9
19.5
1.2
1.0
Hero Motocorp
Neutral
3,573
-
71,351
28,083
30,096
15.3
15.7
171.8
187.0
20.8
19.1
7.3
6.1
30.1
27.9
2.4
2.2
Indag Rubber
Neutral
215
-
565
286
326
19.8
16.8
11.7
13.3
18.4
16.1
3.1
2.9
17.8
17.1
1.6
1.4
Jamna Auto Industries
Neutral
226
-
1,804
1,486
1,620
9.8
9.9
15.0
17.2
15.1
13.2
3.3
2.8
21.8
21.3
1.3
1.2
JK Tyres
Neutral
175
-
3,962
7,455
8,056
15.0
15.0
21.8
24.5
8.0
7.1
1.7
1.4
22.8
21.3
0.7
0.6
L G Balakrishnan & Bros Neutral
683
-
1,072
1,302
1,432
11.6
11.9
43.7
53.0
15.6
12.9
2.2
2.0
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,333
-
82,798
46,534
53,077
11.6
11.7
67.3
78.1
19.8
17.1
3.2
2.8
15.4
15.8
1.8
1.5
Maruti
Neutral
6,788
-
205,047
67,822
83,288
16.0
16.4
253.8
312.4
26.7
21.7
6.1
5.0
23.0
22.9
2.7
2.1
Minda Industries
Neutral
561
-
4,846
2,728
3,042
9.0
9.1
68.2
86.2
8.2
6.5
1.9
1.5
23.8
24.3
1.8
1.6
Motherson Sumi
Neutral
423
-
59,294
45,896
53,687
7.8
8.3
13.0
16.1
32.4
26.2
10.4
8.3
34.7
35.4
1.4
1.1
Rane Brake Lining
Neutral
1,066
-
844
511
562
11.3
11.5
28.1
30.9
37.9
34.5
5.8
5.3
15.3
15.0
1.8
1.6
Setco Automotive
Neutral
40
-
536
741
837
13.0
13.0
15.2
17.0
2.6
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
243
-
1,460
1,488
1,681
11.7
11.9
6.4
7.2
38.0
34.0
4.0
3.6
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,844
-
2,290
660
810
15.2
16.4
54.5
72.8
33.8
25.3
10.5
9.6
31.5
39.2
3.3
2.7
Tata Motors
Neutral
443
-
127,895
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
525
-
24,947
13,390
15,948
6.9
7.1
12.8
16.5
41.2
31.7
10.2
8.1
26.3
27.2
1.9
1.6
Capital Goods
ACE
Neutral
65
-
645
709
814
4.1
4.6
1.4
2.1
46.5
31.0
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,277
-
5,319
3,451
4,055
6.3
9.2
31.4
57.9
40.7
22.1
2.4
2.2
6.3
10.9
1.7
1.4
BGR Energy
Neutral
166
-
1,199
16,567
33,848
6.0
5.6
7.8
5.9
21.3
28.2
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
May 22, 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
174
-
38,887
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.8
0.5
0.4
44.6
46.3
3.8
3.4
BHEL
Neutral
164
-
40,165
28,797
34,742
-
2.8
2.3
6.9
71.4
23.8
1.2
1.2
1.3
4.8
1.0
0.8
Blue Star
Buy
647
760
6,182
4,283
5,077
5.9
7.3
14.9
22.1
43.4
29.2
8.4
7.1
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
92
-
5,744
5,777
6,120
5.9
7.0
3.3
4.5
27.8
20.4
1.2
1.2
4.4
5.9
1.0
0.8
Solutions
Greaves Cotton
Neutral
155
-
3,793
1,755
1,881
16.8
16.9
7.8
8.5
19.9
18.3
4.0
3.7
20.6
20.9
1.9
1.7
Inox Wind
Neutral
158
-
3,504
5,605
6,267
15.7
16.4
24.8
30.0
6.4
5.3
1.8
1.3
25.9
24.4
0.7
0.5
KEC International
Neutral
245
-
6,304
9,294
10,186
7.9
8.1
9.9
11.9
24.8
20.6
3.6
3.2
15.6
16.3
0.9
0.8
KEI Industries
Accumulate
217
239
1,688
2,682
3,058
10.4
10.0
11.7
12.8
18.5
16.9
3.7
3.1
20.1
18.2
0.8
0.7
Thermax
Neutral
982
-
11,707
5,421
5,940
7.3
7.3
25.7
30.2
38.2
32.5
4.6
4.2
12.2
13.1
2.0
1.9
VATech Wabag
Neutral
672
-
3,667
3,136
3,845
8.9
9.1
26.0
35.9
25.8
18.7
3.2
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
416
-
13,753
6,511
7,514
7.9
8.7
12.9
16.3
32.2
25.5
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,680
-
31,546
11,225
13,172
13.2
16.9
44.5
75.5
37.8
22.3
3.6
3.3
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
251
-
49,879
9,350
10,979
18.2
22.5
5.8
9.5
43.3
26.4
3.6
3.3
10.2
12.5
5.3
4.5
India Cements
Neutral
208
-
6,377
4,364
4,997
18.5
19.2
7.9
11.3
26.3
18.4
1.9
1.8
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
472
-
5,556
2,913
3,412
14.5
19.5
7.5
22.5
63.0
21.0
3.9
3.3
12.5
18.0
2.5
2.1
JK Cement
Neutral
1,111
-
7,764
4,398
5,173
15.5
17.5
31.2
55.5
35.6
20.0
4.3
3.7
12.0
15.5
2.3
1.9
Orient Cement
Neutral
153
-
3,132
2,114
2,558
18.5
20.5
8.1
11.3
18.9
13.5
2.8
2.4
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,361
-
119,704
25,768
30,385
21.0
23.5
111.0
160.0
39.3
27.3
5.0
4.4
13.5
15.8
4.7
4.0
Construction
Engineers India
Neutral
166
-
11,159
1,725
1,935
16.0
19.1
11.4
13.9
14.5
11.9
2.0
1.9
13.4
15.3
5.4
4.8
Gujarat Pipavav Port
Neutral
153
-
7,418
705
788
52.2
51.7
5.0
5.6
30.7
27.4
3.0
2.7
11.2
11.2
10.2
8.6
ITNL
Neutral
107
-
3,528
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
204
-
2,866
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
1,724
-
160,905
111,017
124,908
11.0
11.0
61.1
66.7
28.2
25.8
3.4
3.1
13.1
12.9
2.5
2.3
MEP Infra
Neutral
68
-
1,103
1,877
1,943
30.6
29.8
3.0
4.2
22.6
16.2
10.9
7.4
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
96
-
5,309
8,842
9,775
9.1
8.8
5.3
6.4
18.0
14.9
1.4
1.3
8.2
9.1
0.8
0.7
NBCC
Neutral
194
-
17,420
7,428
9,549
7.9
8.6
8.2
11.0
23.6
17.6
1.2
0.9
28.2
28.7
2.1
1.5
PNC Infratech
Neutral
146
-
3,754
2,350
2,904
13.1
13.2
9.0
8.8
16.3
16.6
0.6
0.5
15.9
13.9
1.7
1.4
Power Mech Projects
Neutral
596
-
876
1,801
2,219
12.7
14.6
72.1
113.9
8.3
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
328
-
5,629
3,598
4,140
10.3
10.6
9.0
11.9
36.5
27.6
3.8
3.4
9.9
11.9
1.9
1.6
Stock Watch
May 22, 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
414
-
2,046
6,829
7,954
10.5
10.5
31.4
37.4
13.2
11.1
1.4
1.3
9.9
13.4
0.7
0.6
SIPL
Neutral
105
-
3,686
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.5
(22.8)
(15.9)
11.8
9.8
Financials
Axis Bank
Buy
501
580
120,032
46,932
53,575
3.5
3.4
32.4
44.6
15.5
11.2
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
189
-
43,445
19,980
23,178
1.8
1.8
11.5
17.3
16.4
10.9
1.9
1.6
8.3
10.1
-
-
Can Fin Homes
Neutral
2,620
-
6,973
420
526
3.5
3.5
86.5
107.8
30.3
24.3
6.5
5.3
23.6
24.1
-
-
Canara Bank
Neutral
367
-
21,941
15,225
16,836
1.8
1.8
14.5
28.0
25.3
13.1
1.8
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,040
1,230
16,253
2,012
2,317
6.3
6.3
42.7
53.6
24.4
19.4
3.9
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
404
520
12,658
2,225
2,688
2.9
2.9
29.7
34.6
13.6
11.7
2.2
1.4
16.1
14.8
-
-
Equitas Holdings
Buy
158
235
5,344
939
1,281
11.7
11.5
5.8
8.2
27.3
19.3
2.4
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
112
125
19,381
8,259
8,995
3.0
3.0
4.3
5.6
26.1
20.1
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,521
-
241,715
11,475
13,450
3.4
3.4
45.3
52.5
33.6
29.0
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,560
1,650
400,113
46,097
55,433
4.5
4.5
58.4
68.0
26.7
22.9
4.7
3.9
18.8
18.6
-
-
ICICI Bank
Neutral
307
-
178,922
42,800
44,686
3.1
3.3
18.0
21.9
17.1
14.0
2.3
2.2
11.1
12.3
-
-
Karur Vysya Bank
Buy
116
140
6,980
5,640
6,030
3.3
3.2
8.9
10.0
13.0
11.6
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
185
-
3,546
3,339
3,799
2.7
2.8
11.0
14.0
16.8
13.2
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
683
-
34,446
3,712
4,293
2.6
2.5
39.0
46.0
17.5
14.8
3.3
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
155
-
33,069
23,532
23,595
2.3
2.4
6.8
12.6
22.9
12.3
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
555
-
20,876
1,783
2,309
2.6
2.6
12.7
16.4
43.7
33.9
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
750
825
4,692
388
457
4.5
4.2
30.0
38.0
25.0
19.7
4.2
3.5
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,734
6,435
7,578
2.5
2.5
2.7
3.1
9.7
8.5
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
308
-
249,905
88,650
98,335
2.6
2.6
13.5
18.8
22.8
16.4
2.2
1.9
7.0
8.5
-
-
Union Bank
Neutral
174
-
11,989
13,450
14,925
2.3
2.3
25.5
34.5
6.8
5.1
1.0
0.9
7.5
10.2
-
-
Yes Bank
Neutral
1,430
-
65,347
8,978
11,281
3.3
3.4
74.0
90.0
19.3
15.9
3.7
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,885
-
9,042
2,955
3,309
13.3
13.7
57.2
69.3
33.0
27.2
10.8
9.1
32.7
33.3
2.9
2.5
Asian Paints
Neutral
1,122
-
107,641
17,128
18,978
16.8
16.4
19.1
20.7
58.8
54.2
20.4
19.3
34.8
35.5
6.2
5.6
Britannia
Neutral
3,588
-
43,057
9,594
11,011
14.6
14.9
80.3
94.0
44.7
38.2
18.4
14.2
41.2
-
4.4
3.7
Colgate
Neutral
1,015
-
27,594
4,605
5,149
23.4
23.4
23.8
26.9
42.6
37.7
23.6
18.5
64.8
66.8
5.9
5.3
Dabur India
Accumulate
276
304
48,530
8,315
9,405
19.8
20.7
8.1
9.2
34.0
30.0
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,290
-
22,247
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
May 22, 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
1,798
-
61,245
10,235
11,428
18.4
18.6
41.1
44.2
43.8
40.7
9.7
8.2
24.9
24.8
6.1
5.4
HUL
Neutral
1,008
-
218,069
35,252
38,495
17.8
17.8
20.7
22.4
48.8
45.0
46.6
40.0
95.6
88.9
6.0
5.5
ITC
Neutral
286
-
347,294
40,059
44,439
38.3
39.2
9.0
10.1
31.8
28.2
8.9
7.8
27.8
27.5
8.2
7.4
Marico
Neutral
310
-
39,972
6,430
7,349
18.8
19.5
6.4
7.7
48.4
40.2
14.6
12.3
33.2
32.5
6.0
5.2
Nestle*
Neutral
6,530
-
62,963
10,073
11,807
20.7
21.5
124.8
154.2
52.3
42.4
21.5
19.3
34.8
36.7
6.1
5.1
Procter & Gamble
Neutral
7,603
-
24,679
2,939
3,342
23.2
23.0
146.2
163.7
52.0
46.4
13.2
10.9
25.3
23.5
7.9
6.9
Hygiene
Tata Global
Neutral
150
-
9,435
8,675
9,088
9.8
9.8
7.4
8.2
20.2
18.2
1.6
1.5
7.9
8.1
1.0
0.9
IT
HCL Tech^
Buy
846
1,014
120,716
46,723
52,342
22.1
20.9
60.0
62.8
14.1
13.5
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
958
1,179
220,024
68,484
73,963
26.0
26.0
63.0
64.0
15.2
15.0
3.2
2.9
20.8
19.7
2.9
2.5
TCS
Accumulate
2,507
2,651
493,947
117,966
127,403
27.5
27.6
134.3
144.5
18.7
17.4
5.6
5.2
29.8
29.7
3.8
3.6
Tech Mahindra
Buy
416
600
40,556
29,673
32,937
15.5
17.0
32.8
39.9
12.7
10.4
2.5
2.2
19.6
20.7
1.1
0.9
Wipro
Accumulate
519
570
126,316
55,421
58,536
20.3
20.3
35.1
36.5
14.8
14.2
2.6
2.2
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
368
-
6,765
2,297
2,590
27.4
28.2
21.0
23.4
17.5
15.7
4.1
3.5
23.7
23.1
2.7
2.4
Hindustan Media
Neutral
277
-
2,032
1,016
1,138
24.3
25.2
27.3
30.1
10.1
9.2
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
HT Media
Neutral
82
-
1,918
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
186
225
6,087
2,355
2,635
28.0
28.0
10.8
12.5
17.2
14.9
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
852
-
33,592
2,850
3,265
70.1
71.0
26.2
30.4
32.5
28.0
8.3
7.4
24.3
25.6
11.4
9.8
TV Today Network
Buy
257
344
1,535
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
277
-
171,945
84,638
94,297
21.4
22.3
24.5
27.1
11.3
10.2
4.7
4.5
42.6
46.0
1.5
1.4
Hind. Zinc
Neutral
246
-
103,964
14,252
18,465
55.9
48.3
15.8
21.5
15.6
11.4
2.5
2.2
17.0
20.7
7.3
5.6
Hindalco
Neutral
191
-
42,859
107,899
112,095
7.4
8.2
9.2
13.0
20.8
14.7
1.0
0.9
4.8
6.6
0.9
0.9
JSW Steel
Neutral
194
-
46,785
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
123
-
38,963
6,643
7,284
44.4
47.7
7.1
7.7
17.4
16.0
1.5
1.5
8.8
9.2
3.6
3.3
SAIL
Neutral
60
-
24,946
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
489
-
47,531
121,374
121,856
7.2
8.4
18.6
34.3
26.3
14.3
1.6
1.5
6.1
10.1
1.0
1.0
Vedanta
Neutral
230
-
85,626
71,744
81,944
19.2
21.7
13.4
20.1
17.2
11.5
1.5
1.3
8.4
11.3
1.6
1.2
Oil & Gas
GAIL
Neutral
401
-
67,838
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
435
-
211,426
373,359
428,656
5.9
5.5
54.0
59.3
8.1
7.3
1.3
1.1
16.0
15.6
0.7
0.6
ONGC
Neutral
180
-
230,998
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
1.8
Stock Watch
May 22, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Oil & Gas
Reliance Industries
Neutral
1,319
-
428,702
301,963
358,039
12.1
12.6
87.7
101.7
15.0
13.0
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
600
648
11,318
3,101
3,966
19.7
20.5
21.4
25.5
28.1
23.5
6.0
4.9
23.0
22.8
3.6
2.7
Alkem Laboratories Ltd
Buy
1,889
2,257
22,590
6,065
7,009
18.7
20.0
80.2
92.0
23.6
20.5
5.3
4.4
22.5
21.6
3.7
3.2
Aurobindo Pharma
Buy
596
877
34,942
15,720
18,078
23.7
23.7
41.4
47.3
14.4
12.6
3.7
2.9
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,071
-
9,375
2,206
2,508
16.6
16.8
128.9
139.9
31.6
29.1
5.4
4.2
21.6
23.5
4.0
3.4
Cadila Healthcare
Neutral
459
-
47,021
10,429
12,318
17.7
21.6
13.1
19.2
35.1
23.9
7.3
5.8
22.8
27.1
4.5
3.7
Cipla
Sell
563
465
45,332
15,378
18,089
15.7
16.8
19.3
24.5
29.2
23.0
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
295
143
4,762
1,718
1,890
22.7
22.8
9.5
11.3
31.1
26.1
3.0
2.7
10.1
10.9
3.2
2.8
Dr Reddy's
Neutral
2,656
-
44,004
14,081
15,937
16.1
18.6
72.6
105.9
36.6
25.1
3.6
3.2
9.6
13.6
3.3
3.0
GSK Pharma*
Neutral
2,442
-
20,687
2,800
3,290
10.2
20.6
32.2
60.3
75.9
40.5
14.0
13.9
17.2
34.5
7.2
6.1
Indoco Remedies
Buy
208
240
1,918
1,112
1,289
16.2
18.2
11.6
16.0
17.9
13.0
2.9
2.4
17.0
20.1
1.9
1.5
Ipca labs
Buy
529
613
6,676
3,258
3,747
12.8
15.3
12.1
19.2
43.7
27.6
2.7
2.5
6.4
9.5
2.2
1.9
Lupin
Buy
1,315
1,809
59,390
15,912
18,644
26.4
26.7
58.1
69.3
22.6
19.0
4.4
3.6
21.4
20.9
3.8
3.1
Natco Pharma
Accumulate
922
974
16,071
2,090
2,335
32.1
26.6
26.8
23.2
34.4
39.8
9.7
8.4
28.4
21.1
7.8
95.2
Sun Pharma
Buy
652
847
156,538
31,129
35,258
32.0
32.9
30.2
35.3
21.6
18.5
3.5
2.9
20.0
20.1
4.6
3.9
Power
NTPC
Neutral
159
-
130,856
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.8
1.4
1.3
10.5
11.1
2.9
2.8
Power Grid
Accumulate
206
223
107,718
25,315
29,193
88.2
88.7
14.2
17.2
14.6
12.0
2.2
1.9
15.2
16.1
8.9
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
433
522
2,222
1,152
1,300
22.7
24.6
29.9
35.8
14.5
12.1
1.1
1.0
7.6
8.6
2.6
2.2
Prestige Estate
Neutral
239
-
8,957
4,707
5,105
25.2
26.0
10.3
13.0
23.2
18.4
1.9
1.7
10.3
10.2
3.1
2.7
Telecom
Bharti Airtel
Neutral
373
-
148,923
105,086
114,808
34.5
34.7
12.2
16.4
30.5
22.7
2.1
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
88
-
31,695
40,133
43,731
37.2
37.1
6.4
6.5
13.7
13.5
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,207
-
8,939
3,153
3,583
14.1
14.4
152.2
182.7
27.6
23.0
135.7
115.9
25.6
26.1
2.5
2.2
Asian Granito
Accumulate
372
405
1,120
1,060
1,169
12.2
12.5
12.7
15.9
29.4
23.4
2.8
2.5
9.5
10.7
1.4
1.2
Bajaj Electricals
Buy
334
395
3,387
4,801
5,351
5.7
6.2
10.4
13.7
32.1
24.4
4.0
3.5
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
233
-
1,664
1,353
1,471
12.3
12.4
14.5
16.3
16.0
14.3
22.2
20.0
14.5
14.6
1.2
125.9
Coffee Day Enterprises
Neutral
262
-
5,401
2,964
3,260
20.5
21.2
4.7
8.0
-
32.8
3.0
2.8
5.5
8.5
2.2
2.0
Ltd
Competent Automobiles Neutral
218
-
140
1,137
1,256
3.1
2.7
28.0
23.6
7.8
9.2
41.9
37.9
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
663
1,482
1,660
13.7
14.5
3.9
5.8
15.1
10.2
3.6
3.3
7.8
10.9
0.8
0.7
Stock Watch
May 22, 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
534
-
8,165
2,883
3,115
12.0
12.1
14.2
18.6
37.6
28.7
20.0
17.5
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
794
-
1,737
863
928
15.1
15.2
36.4
39.4
21.8
20.2
4.0
3.4
17.5
15.9
1.9
1.8
Goodyear India*
Neutral
874
-
2,015
1,598
1,704
10.4
10.2
49.4
52.6
17.7
16.6
81.7
71.6
18.2
17.0
0.9
134.8
Hitachi
Neutral
1,756
-
4,776
2,081
2,433
8.8
8.9
33.4
39.9
52.6
44.0
42.4
35.4
22.1
21.4
2.3
1.9
HSIL
Neutral
340
-
2,461
2,384
2,515
15.8
16.3
15.3
19.4
22.3
17.5
22.1
19.0
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,064
-
38,477
21,122
26,005
14.5
27.6
110.7
132.1
9.6
8.1
57.5
41.1
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
373
-
6,781
1,440
2,052
11.5
13.0
8.5
10.0
43.9
37.3
10.6
9.9
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
390
-
5,636
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.7
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
275
-
406
382
420
9.3
9.5
13.5
15.7
20.4
17.5
3.5
3.0
17.1
17.3
1.1
1.0
M M Forgings
Neutral
598
-
721
546
608
20.4
20.7
41.3
48.7
14.5
12.3
81.9
72.5
16.6
17.0
1.2
1.0
Manpasand Bever.
Neutral
794
-
4,542
836
1,087
19.6
19.4
16.9
23.8
47.0
33.3
5.6
4.9
12.0
14.8
5.2
3.9
Mirza International
Neutral
152
-
1,823
963
1,069
17.2
18.0
6.1
7.5
24.7
20.2
3.8
3.2
15.0
15.7
2.1
1.9
MT Educare
Neutral
67
-
266
366
417
17.7
18.2
9.4
10.8
7.1
6.2
1.6
1.4
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
300
-
6,134
1,873
2,166
11.5
11.7
2.6
4.0
113.5
75.7
7.0
6.3
6.1
8.3
3.4
2.9
Navkar Corporation
Buy
220
265
3,134
369
561
42.9
42.3
6.9
11.5
31.8
19.1
2.2
2.0
7.4
10.5
9.5
6.2
Navneet Education
Neutral
163
-
3,803
1,062
1,147
24.0
24.0
6.1
6.6
26.7
24.6
5.5
4.9
20.6
19.8
3.7
3.4
Nilkamal
Neutral
1,970
-
2,940
1,995
2,165
10.7
10.4
69.8
80.6
28.2
24.5
112.6
97.8
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,525
-
16,201
2,450
3,124
20.1
17.6
299.0
310.0
48.6
46.9
323.5
246.9
47.1
87.5
6.7
5.2
Parag Milk Foods
Neutral
242
-
2,035
1,919
2,231
9.3
9.6
9.5
12.9
25.6
18.7
4.0
3.3
15.5
17.5
1.2
1.0
Quick Heal
Neutral
218
-
1,528
408
495
27.3
27.0
7.7
8.8
28.2
24.8
2.6
2.6
9.3
10.6
2.9
2.4
Radico Khaitan
Buy
126
147
1,672
1,667
1,824
13.0
13.2
6.7
8.2
18.9
15.4
1.7
1.6
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
460
-
5,526
2,085
2,469
9.2
8.2
7.6
8.0
60.9
57.9
23.6
20.1
17.9
18.8
2.7
2.3
S H Kelkar & Co.
Neutral
290
-
4,189
1,036
1,160
15.1
15.0
6.1
7.2
47.4
40.4
5.1
4.7
10.7
11.5
3.9
3.5
Siyaram Silk Mills
Neutral
1,841
-
1,726
1,652
1,857
11.6
11.7
92.4
110.1
19.9
16.7
2.9
2.5
14.7
15.2
1.3
1.1
Styrolution ABS India*
Neutral
752
-
1,322
1,440
1,537
9.2
9.0
40.6
42.6
18.5
17.7
47.3
43.0
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
278
-
1,220
3,342
3,625
7.8
7.5
17.3
19.8
16.1
14.1
30.6
24.5
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,169
-
1,999
3,229
4,001
1.5
1.8
22.8
32.8
51.3
35.6
5.5
4.8
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
195
-
781
287
384
20.5
20.5
7.6
10.7
25.6
18.2
5.4
4.3
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
260
-
1,994
2,671
2,911
8.5
8.8
13.9
15.7
18.8
16.6
2.6
2.3
13.7
13.8
0.9
0.8
India
Stock Watch
May 22, 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
3,977
-
3,045
2,304
2,614
13.7
13.8
231.1
266.6
17.2
14.9
446.8
351.8
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
418
-
1,153
619
685
33.2
33.4
30.0
34.9
14.0
12.0
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
359
-
570
1,051
1,138
10.3
10.4
21.0
23.1
17.1
15.5
46.0
43.1
9.0
9.2
0.8
0.8
VRL Logistics
Neutral
335
-
3,058
1,902
2,119
16.7
16.6
14.6
16.8
23.0
19.9
5.0
4.4
21.9
22.2
1.7
1.5
Wonderla Holidays
Neutral
385
-
2,177
287
355
38.0
40.0
11.3
14.2
34.1
27.1
4.9
4.3
21.4
23.9
7.3
5.9
VIP Industries
Accumulate
196
218
2,769
1,270
1,450
10.4
10.4
5.6
6.5
35.0
30.2
7.3
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Buy
2,965
3,650
2,903
789
945
21.1
22.4
120.1
143.4
24.7
20.7
4.0
3.4
17.8
18.5
3.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 19, 2017
Market Outlook
May 22, 2017
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or
co-managed public offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
