Market Outlook
May 24, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on flat note tracking the SGX Nifty and Global
BSE Sensex
(0.7)
(206)
30,365
markets.
Nifty
(0.6)
(52)
9,386
The US stock indices closed higher on Tuesday, marking a fourth straight session in
Mid Cap
(1.6)
(226)
14,241
the green after the White House released its 2018 budget proposal. The Dow Jones
Small Cap
(1.9)
(284)
14,770
Industrial Average rose 0.2% to wrap up at 20,938. The Nasdaq Composite Index
closed up 0.1% at 6,139.
Bankex
(0.4)
(95)
25,605
The UK stock market dipped at the finish on Tuesday after spending the day in
Global Indices
Chg (%)
(Pts)
(Close)
positive territory. The benchmark FTSE 100 index ended the day down 0.15% at
7,485.
Dow Jones
0.2
143
20,938
Nasdaq
0.1
55
6,139
BSE benchmark Sensex cracked over 200 points, while the Nifty50 slipped below the
psychological mark of 9,400 after the Indian Army claimed it had retaliated to
FTSE
(0.1)
(11)
7,485
Pakistan’s firing and destroyed several Pakistan Army post. The Sensex dropped 0.7
Nikkei
(0.3)
(65)
19,613
per cent, to settle at 30,365 while Nifty50 index dropped 0.56 per cent, to 9,386.
Hang Seng
0.0
212
25,403
Shanghai Com
(0.4)
(14)
3,062
News Analysis
Lupin 4QFY17 result preview
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,594
1,286
Investor’s Ready Reckoner
Declines
2,143
1,398
Key Domestic & Global Indicators
Unchanged
158
53
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
Top Picks
#BSE
4,161
CMP
Target
Upside
Company
Sector
Rating
NSE
28,066
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
639
760
18.9
Dewan Housing Fin. Financials
Buy
402
520
29.4
#Net Inflows (` Cr)
Net
Mtd
Ytd
Mahindra Lifespace Real Estate
Buy
414
522
26.0
FII
(3,173
( 8,444
50,456
Navkar Corporation Others
Buy
204
265
29.8
MFs
8049
4,945
25,627
KEI Industries
Capital Goods
Buy
204
239
17.2
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Sreinfra
102
5.2
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Ofss
3,725
3.4
May 24, 2017 US
Existing home sales
5.71
5.65
Vrllog
316
3.3
May 25, 2017 US
GDP Qoq (Annualised)
0.70
0.90
Maruti
6,880
2.7
May 25, 2017 US
Initial Jobless claims
232.00
238.00
Jklakshmi
486
2.5
May 26, 2017 UK
GDP (YoY)
2.10
2.10
May 30, 2017 Euro Zone Euro-Zone Consumer Confidence
(3.30)
--
May 30, 2017 US
Consumer Confidence
120.30
120.00
Top Losers
Price (`)
Chg (%)
More Events on Pg5
Videoind
265
(20.0)
Jpassociat
10
(9.9)
Bankindia
147
(7.4)
Hdil
83
(7.4)
Sintex
104
(7.4)
#as on May 23, 2017
Market Outlook
May 24, 2017
News Analysis
Lupin (CMP: `1,249 / TP: `1,809 / Upside: 44.8%)
The company, for 4QFY2017, is expected to post tepid results. The revenues, is
expected to come in at `4,338cr, a yoy growth of 6.0%. On the OPM front, the
EBDITA margins are expected to come at 25.7% V/s 31.2% in 4QFY2016. The
Adj. PAT during the quarter is expected to come in at `710.6cr, a yoy dip of
11.9%. Given the valuations, we maintain our buy rating on the stock.
Economic and Political News
3 years into Modi government unemployment rate slightly up
US lawmaker calls for abolishing H1B visa lottery
Anti-dumping, safeguard duties will be part of the value for levy of IGST
India's crude oil output dips 0.6% in April
Moody's downgrades China, expects economy to erode
Corporate News
Tata Motors Q4 net profit falls 16.8% to Rs 4,336cr
HDFC Life gears up for IPO as Max merger delayed
Ratnagiri Gas demerger: GAIL to own LNG terminal, NTPC to get power plant
Market Outlook
May 24, 2017
Quarterly Bloomberg Brokers Consensus Estimate
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
Adani Port & SEZ Ltd - May 24, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2304
1947
18.3
2227
3.5
EBITDA
1412
1225
15.3
1371
3.0
EBITDA margin (%)
61.3
62.9
61.6
Net profit
929
914
1.6
850
9.3
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
Indian Oil Corp Ltd - May 25, 2015
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
98,763
80,019
23.4
92,633
6.6
EBITDA
7,329
4,044
81.2
7,949
(7.8)
EBITDA margin (%)
7.4
5.1
8.6
Net profit
3,797
1,243
205.4
3,995
(5.0)
Britannia Consol - May 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
2,361
2,190
7.8
2,265
4.2
EBITDA
312
291
7.3
313
(0.0)
EBITDA margin (%)
13.2
13.3
13.8
Net profit
215
190
13.2
220
(2.3)
Market Outlook
May 24, 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
21,944
1,835
2,257
23.0
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,040
346
405
17.2
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
6,111
639
760
18.9
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
12,589
402
520
29.4
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
5,112
151
235
55.4
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
5,839
179
225
26.0
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
1,583
204
239
17.2
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,126
414
522
26.0
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,911
204
265
29.8
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,669
1,781
1,872
5.1
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
1,519
255
344
35.1
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 24, 2017
Key Upcoming Events
Result Calendar
Date
Company
May 24, 2017
Bharat Forge, 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
May 27, 2017
Siyaram Silk Mills, PTC India
May 29, 2017
BHEL, Bajaj Electrical
May 30, 2017
M&M, Rural Elec.Corp., Hindalco, Finolex Cables
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
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
51.00
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
175.00
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 24, 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 24, 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 24, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,662
(1.2)
(7.8)
25.0
Russia
Micex
1,960
2.1
(8.3)
3.2
India
Nifty
9,386
2.7
7.6
19.3
China
Shanghai Composite
3,062
(4.4)
(6.4)
6.9
South Africa
Top 40
48,046
5.0
5.8
3.7
Mexico
Mexbol
49,043
(0.2)
3.7
7.8
Indonesia
LQ45
959
3.0
6.5
16.5
Malaysia
KLCI
1,767
1.6
3.2
9.0
Thailand
SET 50
991
(0.2)
0.6
11.8
USA
Dow Jones
20,938
1.9
0.9
18.3
UK
FTSE
7,485
5.2
2.5
19.5
Japan
Nikkei
19,613
6.5
1.4
19.1
Germany
DAX
12,659
5.3
7.7
22.5
France
CAC
5,348
5.3
9.9
18.7
Source: Bloomberg, Angel Research
Stock Watch
May 24, 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
237
-
4,606
1,937
2,164
13.3
14.3
9.0
11.0
26.3
21.5
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
785
-
39,879
15,176
17,604
18.5
18.5
37.4
44.6
21.0
17.6
4.1
3.4
21.4
21.2
2.7
2.3
Auto & Auto Ancillary
Amara Raja Batteries
Buy
874
1,009
14,932
5,305
6,100
16.0
16.3
28.4
34.0
30.8
25.7
5.9
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Neutral
231
-
11,738
12,877
14,504
14.3
13.9
21.4
23.0
10.8
10.0
1.7
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
85
111
24,062
20,021
21,915
11.6
11.9
4.5
5.3
18.8
15.9
3.8
3.4
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,824
-
81,729
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
1,044
-
24,301
7,726
8,713
20.5
21.2
35.3
42.7
29.6
24.5
5.5
4.9
18.9
20.1
3.2
2.8
Ceat
Neutral
1,744
-
7,056
7,524
8,624
13.0
12.7
131.1
144.3
13.3
12.1
2.5
2.1
19.8
18.6
1.0
0.9
Eicher Motors
Neutral
27,589
-
75,071
16,583
20,447
17.5
18.0
598.0
745.2
46.1
37.0
15.8
12.0
41.2
38.3
4.4
3.5
Exide Industries
Neutral
228
-
19,342
7,439
8,307
15.0
15.0
8.1
9.3
28.1
24.5
3.9
3.5
14.3
16.7
2.2
2.0
Gabriel India
Neutral
126
-
1,808
1,544
1,715
9.0
9.3
5.4
6.3
23.3
20.0
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,585
-
71,600
28,083
30,096
15.3
15.7
171.8
187.0
20.9
19.2
7.3
6.1
30.1
27.9
2.4
2.2
Indag Rubber
Neutral
201
-
527
286
326
19.8
16.8
11.7
13.3
17.2
15.1
2.9
2.7
17.8
17.1
1.5
1.3
Jamna Auto Industries
Neutral
225
-
1,792
1,486
1,620
9.8
9.9
15.0
17.2
15.0
13.1
3.3
2.8
21.8
21.3
1.3
1.2
JK Tyres
Neutral
168
-
3,812
7,455
8,056
15.0
15.0
21.8
24.5
7.7
6.9
1.6
1.3
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
694
-
1,090
1,302
1,432
11.6
11.9
43.7
53.0
15.9
13.1
2.2
2.0
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,329
-
82,565
46,534
53,077
11.6
11.7
67.3
78.1
19.8
17.0
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Neutral
6,880
-
207,840
67,822
83,288
16.0
16.4
253.8
312.4
27.1
22.0
6.2
5.0
23.0
22.9
2.7
2.1
Minda Industries
Neutral
553
-
4,778
2,728
3,042
9.0
9.1
68.2
86.2
8.1
6.4
1.8
1.5
23.8
24.3
1.8
1.6
Motherson Sumi
Neutral
423
-
59,315
45,896
53,687
7.8
8.3
13.0
16.1
32.4
26.3
10.5
8.3
34.7
35.4
1.4
1.1
Rane Brake Lining
Neutral
1,103
-
873
511
562
11.3
11.5
28.1
30.9
39.2
35.7
6.0
5.4
15.3
15.0
1.8
1.7
Setco Automotive
Neutral
39
-
516
741
837
13.0
13.0
15.2
17.0
2.5
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
245
-
1,467
1,488
1,681
11.7
11.9
6.4
7.2
38.2
34.1
4.0
3.7
10.8
11.4
1.2
1.1
Swaraj Engines
Neutral
1,793
-
2,227
660
810
15.2
16.4
54.5
72.8
32.9
24.6
10.3
9.3
31.5
39.2
3.2
2.6
Tata Motors
Neutral
450
-
129,960
300,209
338,549
8.9
8.4
42.7
54.3
10.6
8.3
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
525
-
24,949
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
62
-
613
709
814
4.1
4.6
1.4
2.1
44.3
29.5
1.8
1.7
4.4
6.0
1.0
0.9
BEML
Neutral
1,195
-
4,976
3,451
4,055
6.3
9.2
31.4
57.9
38.1
20.6
2.3
2.1
6.3
10.9
1.6
1.3
BGR Energy
Neutral
157
-
1,134
16,567
33,848
6.0
5.6
7.8
5.9
20.2
26.6
1.2
1.1
4.7
4.2
0.2
0.1
Stock Watch
May 24, 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
172
-
38,430
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.8
0.5
0.4
44.6
46.3
3.7
3.3
BHEL
Neutral
156
-
38,170
28,797
34,742
-
2.8
2.3
6.9
67.8
22.6
1.2
1.1
1.3
4.8
1.0
0.7
Blue Star
Buy
639
760
6,111
4,283
5,077
5.9
7.3
14.9
22.1
42.9
28.9
8.3
7.0
20.4
26.4
1.5
1.2
CG Power and Industrial
Neutral
88
-
5,531
5,777
6,120
5.9
7.0
3.3
4.5
26.7
19.6
1.2
1.1
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
155
-
3,784
1,755
1,881
16.8
16.9
7.8
8.5
19.9
18.2
4.0
3.7
20.6
20.9
1.8
1.7
Inox Wind
Neutral
142
-
3,148
5,605
6,267
15.7
16.4
24.8
30.0
5.7
4.7
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
242
-
6,232
9,294
10,186
7.9
8.1
9.9
11.9
24.5
20.4
3.6
3.1
15.6
16.3
0.9
0.8
KEI Industries
Buy
204
239
1,583
2,682
3,058
10.4
10.0
11.7
12.8
17.3
15.9
3.5
2.9
20.1
18.2
0.8
0.7
Thermax
Neutral
994
-
11,849
5,421
5,940
7.3
7.3
25.7
30.2
38.7
32.9
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
681
-
3,718
3,136
3,845
8.9
9.1
26.0
35.9
26.2
19.0
3.3
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
410
-
13,558
6,511
7,514
7.9
8.7
12.9
16.3
31.8
25.1
5.7
5.0
16.7
18.5
1.8
1.6
Cement
ACC
Neutral
1,629
-
30,599
11,225
13,172
13.2
16.9
44.5
75.5
36.6
21.6
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
240
-
47,636
9,350
10,979
18.2
22.5
5.8
9.5
41.4
25.3
3.5
3.1
10.2
12.5
5.1
4.3
India Cements
Neutral
193
-
5,941
4,364
4,997
18.5
19.2
7.9
11.3
24.5
17.1
1.8
1.7
8.0
8.5
2.1
1.9
J K Lakshmi Cement
Neutral
486
-
5,713
2,913
3,412
14.5
19.5
7.5
22.5
64.7
21.6
4.0
3.4
12.5
18.0
2.5
2.1
JK Cement
Neutral
1,095
-
7,656
4,398
5,173
15.5
17.5
31.2
55.5
35.1
19.7
4.2
3.7
12.0
15.5
2.3
1.9
Orient Cement
Neutral
153
-
3,124
2,114
2,558
18.5
20.5
8.1
11.3
18.8
13.5
2.8
2.4
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,268
-
117,173
25,768
30,385
21.0
23.5
111.0
160.0
38.5
26.7
4.9
4.3
13.5
15.8
4.6
3.9
Construction
Engineers India
Neutral
162
-
10,927
1,725
1,935
16.0
19.1
11.4
13.9
14.2
11.7
2.0
1.9
13.4
15.3
5.3
4.7
Gujarat Pipavav Port
Neutral
146
-
7,075
705
788
52.2
51.7
5.0
5.6
29.3
26.1
2.9
2.6
11.2
11.2
9.7
8.2
ITNL
Neutral
102
-
3,354
8,946
10,017
31.0
31.6
8.1
9.1
12.6
11.2
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
197
-
2,763
1,385
1,673
14.7
14.0
41.2
48.5
4.8
4.1
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,741
-
162,483
111,017
124,908
11.0
11.0
61.1
66.7
28.5
26.1
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
70
-
1,141
1,877
1,943
30.6
29.8
3.0
4.2
23.4
16.7
11.3
7.6
0.6
0.6
2.0
1.8
Nagarjuna Const.
Neutral
91
-
5,056
8,842
9,775
9.1
8.8
5.3
6.4
17.2
14.2
1.4
1.3
8.2
9.1
0.7
0.6
NBCC
Neutral
181
-
16,286
7,428
9,549
7.9
8.6
8.2
11.0
22.1
16.5
1.1
0.9
28.2
28.7
1.9
1.4
PNC Infratech
Neutral
144
-
3,692
2,350
2,904
13.1
13.2
9.0
8.8
16.0
16.4
0.6
0.5
15.9
13.9
1.7
1.4
Power Mech Projects
Neutral
585
-
860
1,801
2,219
12.7
14.6
72.1
113.9
8.1
5.1
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
306
-
5,244
3,598
4,140
10.3
10.6
9.0
11.9
34.0
25.7
3.6
3.1
9.9
11.9
1.7
1.5
Stock Watch
May 24, 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
412
-
2,040
6,829
7,954
10.5
10.5
31.4
37.4
13.1
11.0
1.4
1.3
9.9
13.4
0.7
0.6
SIPL
Neutral
105
-
3,698
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
119,996
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
182
-
41,959
19,980
23,178
1.8
1.8
11.5
17.3
15.8
10.5
1.8
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,590
-
6,893
420
526
3.5
3.5
86.5
107.8
29.9
24.0
6.4
5.3
23.6
24.1
-
-
Canara Bank
Neutral
358
-
21,365
15,225
16,836
1.8
1.8
14.5
28.0
24.7
12.8
1.7
1.4
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
1,021
1,230
15,954
2,012
2,317
6.3
6.3
42.7
53.6
23.9
19.0
3.8
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
402
520
12,589
2,225
2,688
2.9
2.9
29.7
34.6
13.5
11.6
2.2
1.4
16.1
14.8
-
-
Equitas Holdings
Buy
151
235
5,112
939
1,281
11.7
11.5
5.8
8.2
26.1
18.5
2.2
2.0
10.9
11.5
-
-
Federal Bank
Buy
108
125
18,570
8,259
8,995
3.0
3.0
4.3
5.6
25.1
19.2
2.1
2.0
8.5
10.1
-
-
HDFC
Neutral
1,511
-
240,031
11,475
13,450
3.4
3.4
45.3
52.5
33.4
28.8
6.4
5.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,569
1,650
402,344
46,097
55,433
4.5
4.5
58.4
68.0
26.9
23.1
4.7
3.9
18.8
18.6
-
-
ICICI Bank
Neutral
306
-
178,427
42,800
44,686
3.1
3.3
18.0
21.9
17.0
14.0
2.3
2.1
11.1
12.3
-
-
Karur Vysya Bank
Buy
119
140
7,179
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
182
-
3,492
3,339
3,799
2.7
2.8
11.0
14.0
16.6
13.0
1.7
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
670
-
33,790
3,712
4,293
2.6
2.5
39.0
46.0
17.2
14.6
3.2
2.8
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
150
-
31,813
23,532
23,595
2.3
2.4
6.8
12.6
22.0
11.9
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
525
-
19,712
1,783
2,309
2.6
2.6
12.7
16.4
41.3
32.0
4.5
4.0
12.8
13.3
-
-
Repco Home Finance
Accumulate
739
825
4,625
388
457
4.5
4.2
30.0
38.0
24.6
19.5
4.1
3.4
18.0
19.2
-
-
South Ind.Bank
Neutral
26
-
4,608
6,435
7,578
2.5
2.5
2.7
3.1
9.5
8.2
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
289
-
234,497
88,650
98,335
2.6
2.6
13.5
18.8
21.4
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
164
-
11,274
13,450
14,925
2.3
2.3
25.5
34.5
6.4
4.8
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,402
-
64,052
8,978
11,281
3.3
3.4
74.0
90.0
18.9
15.6
3.6
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,768
-
8,479
2,955
3,309
13.3
13.7
57.2
69.3
30.9
25.5
10.1
8.5
32.7
33.3
2.7
2.3
Asian Paints
Neutral
1,099
-
105,459
17,128
18,978
16.8
16.4
19.1
20.7
57.6
53.1
20.0
18.9
34.8
35.5
6.1
5.5
Britannia
Neutral
3,595
-
43,138
9,594
11,011
14.6
14.9
80.3
94.0
44.8
38.2
18.4
14.2
41.2
-
4.4
3.8
Colgate
Neutral
986
-
26,816
4,605
5,149
23.4
23.4
23.8
26.9
41.4
36.7
22.9
17.9
64.8
66.8
5.8
5.1
Dabur India
Accumulate
274
304
48,222
8,315
9,405
19.8
20.7
8.1
9.2
33.8
29.8
9.4
7.8
31.6
31.0
5.5
4.8
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
May 24, 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
1,762
-
60,000
10,235
11,428
18.4
18.6
41.1
44.2
42.9
39.9
9.5
8.0
24.9
24.8
5.9
5.3
HUL
Neutral
1,020
-
220,785
35,252
38,495
17.8
17.8
20.7
22.4
49.4
45.6
47.2
40.5
95.6
88.9
6.1
5.6
ITC
Neutral
300
-
364,725
40,059
44,439
38.3
39.2
9.0
10.1
33.4
29.6
9.3
8.1
27.8
27.5
8.6
7.7
Marico
Neutral
314
-
40,469
6,430
7,349
18.8
19.5
6.4
7.7
49.0
40.7
14.8
12.4
33.2
32.5
6.1
5.3
Nestle*
Neutral
6,569
-
63,335
10,073
11,807
20.7
21.5
124.8
154.2
52.6
42.6
21.6
19.4
34.8
36.7
6.1
5.2
Procter & Gamble
Neutral
7,469
-
24,245
2,939
3,342
23.2
23.0
146.2
163.7
51.1
45.6
12.9
10.7
25.3
23.5
7.8
6.8
Hygiene
Tata Global
Neutral
145
-
9,120
8,675
9,088
9.8
9.8
7.4
8.2
19.5
17.6
1.5
1.5
7.9
8.1
1.0
0.9
IT
HCL Tech^
Buy
865
1,014
123,442
46,723
52,342
22.1
20.9
60.0
62.8
14.4
13.8
3.7
3.1
25.3
22.4
2.4
2.0
Infosys
Buy
957
1,179
219,910
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
2,520
2,651
496,637
117,966
127,403
27.5
27.6
134.3
144.5
18.8
17.4
5.6
5.2
29.8
29.7
3.9
3.6
Tech Mahindra
Buy
416
600
40,521
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
525
570
127,800
55,421
58,536
20.3
20.3
35.1
36.5
15.0
14.4
2.6
2.2
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
369
-
6,782
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
277
-
2,033
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.2
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
HT Media
Neutral
81
-
1,883
2,693
2,991
12.6
12.9
7.9
9.0
10.2
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
179
225
5,839
2,355
2,635
28.0
28.0
10.8
12.5
16.5
14.3
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
815
-
32,118
2,850
3,265
70.1
71.0
26.2
30.4
31.1
26.8
8.0
7.0
24.3
25.6
10.9
9.3
TV Today Network
Buy
255
344
1,519
567
645
26.7
27.0
15.4
18.1
16.6
14.1
2.5
2.1
14.9
15.2
2.2
1.9
Metals & Mining
Coal India
Neutral
268
-
166,359
84,638
94,297
21.4
22.3
24.5
27.1
10.9
9.9
4.6
4.3
42.6
46.0
1.5
1.3
Hind. Zinc
Neutral
240
-
101,598
14,252
18,465
55.9
48.3
15.8
21.5
15.2
11.2
2.5
2.2
17.0
20.7
7.1
5.5
Hindalco
Neutral
191
-
42,938
107,899
112,095
7.4
8.2
9.2
13.0
20.8
14.7
1.0
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
193
-
46,737
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
119
-
37,698
6,643
7,284
44.4
47.7
7.1
7.7
16.8
15.5
1.5
1.4
8.8
9.2
3.4
3.1
SAIL
Neutral
59
-
24,553
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.9
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
490
-
47,628
121,374
121,856
7.2
8.4
18.6
34.3
26.4
14.3
1.6
1.5
6.1
10.1
1.0
1.0
Vedanta
Neutral
231
-
85,774
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
1.3
Oil & Gas
GAIL
Neutral
380
-
64,346
56,220
65,198
9.3
10.1
27.1
33.3
14.0
11.4
1.3
1.2
9.3
10.7
1.3
1.1
Indian Oil Corp
Neutral
424
-
205,915
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
ONGC
Neutral
175
-
223,940
137,222
152,563
15.0
21.8
19.5
24.1
9.0
7.2
0.8
0.7
8.5
10.1
1.9
1.7
Stock Watch
May 24, 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
1,304
-
424,117
301,963
358,039
12.1
12.6
87.7
101.7
14.9
12.8
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
593
648
11,179
3,101
3,966
19.7
20.5
21.4
25.5
27.7
23.3
5.9
4.8
23.0
22.8
3.6
2.6
Alkem Laboratories Ltd
Buy
1,835
2,257
21,944
6,065
7,009
18.7
20.0
80.2
92.0
22.9
20.0
5.1
4.3
22.5
21.6
3.6
3.1
Aurobindo Pharma
Buy
542
877
31,758
15,720
18,078
23.7
23.7
41.4
47.3
13.1
11.5
3.4
2.7
29.6
26.1
2.2
1.9
Aventis*
Neutral
4,100
-
9,443
2,206
2,508
16.6
16.8
128.9
139.9
31.8
29.3
5.4
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Neutral
441
-
45,162
10,429
12,318
17.7
21.6
13.1
19.2
33.7
23.0
7.1
5.6
22.8
27.1
4.4
3.6
Cipla
Reduce
533
465
42,895
15,378
18,089
15.7
16.8
19.3
24.5
27.6
21.8
3.2
2.9
12.3
13.9
3.0
2.5
Dishman Pharma
Sell
283
143
4,568
1,718
1,890
22.7
22.8
9.5
11.3
29.8
25.1
2.9
2.6
10.1
10.9
3.1
2.7
Dr Reddy's
Neutral
2,578
-
42,715
14,081
15,937
16.1
18.6
72.6
105.9
35.5
24.4
3.5
3.1
9.6
13.6
3.3
2.9
GSK Pharma*
Neutral
2,419
-
20,488
2,927
3,290
11.8
16.2
34.4
49.6
70.3
48.8
10.2
10.6
13.9
21.3
6.8
6.1
Indoco Remedies
Buy
199
240
1,832
1,112
1,289
16.2
18.2
11.6
16.0
17.1
12.4
2.7
2.3
17.0
20.1
1.8
1.5
Ipca labs
Buy
513
613
6,472
3,258
3,747
12.8
15.3
12.1
19.2
42.4
26.7
2.7
2.4
6.4
9.5
2.1
1.8
Lupin
Buy
1,249
1,809
56,414
15,912
18,644
26.4
26.7
58.1
69.3
21.5
18.0
4.2
3.4
21.4
20.9
3.6
3.0
Natco Pharma
Accumulate
900
974
15,687
2,090
2,335
32.1
26.6
26.8
23.2
33.5
38.8
9.5
8.2
28.4
21.1
7.6
92.9
Sun Pharma
Buy
613
847
146,965
31,129
35,258
32.0
32.9
30.2
35.3
20.3
17.4
3.3
2.7
20.0
20.1
4.3
3.6
Power
NTPC
Neutral
157
-
129,124
86,605
95,545
17.5
20.8
11.8
13.4
13.3
11.7
1.3
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
202
223
105,521
25,315
29,193
88.2
88.7
14.2
17.2
14.3
11.8
2.2
1.9
15.2
16.1
8.8
7.9
Tata Power
Neutral
81
-
21,773
36,916
39,557
17.4
27.1
5.1
6.3
15.8
12.8
1.4
1.3
9.0
10.3
1.6
1.4
Real Estate
MLIFE
Buy
414
522
2,126
1,152
1,300
22.7
24.6
29.9
35.8
13.9
11.6
1.0
1.0
7.6
8.6
2.6
2.2
Prestige Estate
Neutral
229
-
8,578
4,707
5,105
25.2
26.0
10.3
13.0
22.2
17.6
1.8
1.7
10.3
10.2
3.0
2.7
Telecom
Bharti Airtel
Neutral
371
-
148,483
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
84
-
30,451
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
4,122
-
8,759
3,153
3,583
14.1
14.4
152.2
182.7
27.1
22.6
133.0
113.6
25.6
26.1
2.5
2.1
Asian Granito
Buy
346
405
1,040
1,060
1,169
12.2
12.5
12.7
15.9
27.3
21.8
2.6
2.3
9.5
10.7
1.3
1.1
Bajaj Electricals
Buy
314
395
3,184
4,801
5,351
5.7
6.2
10.4
13.7
30.2
23.0
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
211
-
1,507
1,353
1,471
12.3
12.4
14.5
16.3
14.5
12.9
20.1
18.1
14.5
14.6
1.1
113.1
Coffee Day Enterprises
Neutral
251
-
5,162
2,964
3,260
20.5
21.2
4.7
8.0
-
31.3
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
220
-
141
1,137
1,256
3.1
2.7
28.0
23.6
7.9
9.3
42.3
38.2
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
666
1,482
1,660
13.7
14.5
3.9
5.8
15.2
10.2
3.6
3.3
7.8
10.9
0.8
0.7
Stock Watch
May 24, 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
511
-
7,811
2,883
3,115
12.0
12.1
14.2
18.6
36.0
27.5
19.1
16.7
15.8
14.6
2.4
2.2
Garware Wall Ropes
Neutral
764
-
1,671
863
928
15.1
15.2
36.4
39.4
21.0
19.4
3.8
3.2
17.5
15.9
1.8
1.7
Goodyear India*
Neutral
840
-
1,937
1,598
1,704
10.4
10.2
49.4
52.6
17.0
16.0
78.5
68.9
18.2
17.0
0.9
127.3
Hitachi
Neutral
1,791
-
4,871
2,081
2,433
8.8
8.9
33.4
39.9
53.6
44.9
43.3
36.1
22.1
21.4
2.3
2.0
HSIL
Neutral
348
-
2,516
2,384
2,515
15.8
16.3
15.3
19.4
22.8
17.9
22.6
19.5
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,045
-
37,782
21,122
26,005
14.5
27.6
110.7
132.1
9.4
7.9
56.5
40.4
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
373
-
6,773
1,440
2,052
11.5
13.0
8.5
10.0
43.9
37.3
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
386
-
5,582
2,554
2,800
9.9
10.0
10.5
12.1
36.8
31.9
15.4
14.5
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
261
-
387
382
420
9.3
9.5
13.5
15.7
19.4
16.6
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
605
-
730
546
608
20.4
20.7
41.3
48.7
14.7
12.4
82.9
73.3
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
761
-
4,352
836
1,087
19.6
19.4
16.9
23.8
45.0
31.9
5.4
4.7
12.0
14.8
4.9
3.7
Mirza International
Neutral
145
-
1,743
963
1,069
17.2
18.0
6.1
7.5
23.6
19.3
3.6
3.1
15.0
15.7
2.0
1.8
MT Educare
Neutral
69
-
273
366
417
17.7
18.2
9.4
10.8
7.3
6.4
1.6
1.4
22.2
22.3
0.6
0.6
Narayana Hrudaya
Neutral
291
-
5,942
1,873
2,166
11.5
11.7
2.6
4.0
109.9
73.3
6.7
6.1
6.1
8.3
3.3
2.8
Navkar Corporation
Buy
204
265
2,911
369
561
42.9
42.3
6.9
11.5
29.5
17.7
2.1
1.9
7.4
10.5
8.9
5.9
Navneet Education
Neutral
155
-
3,631
1,062
1,147
24.0
24.0
6.1
6.6
25.5
23.5
5.2
4.6
20.6
19.8
3.5
3.2
Nilkamal
Neutral
1,837
-
2,741
1,995
2,165
10.7
10.4
69.8
80.6
26.3
22.8
105.0
91.2
16.6
16.5
1.4
1.2
Page Industries
Neutral
14,401
-
16,062
2,450
3,124
20.1
17.6
299.0
310.0
48.2
46.5
320.7
244.8
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
242
-
2,034
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
212
-
1,486
408
495
27.3
27.0
7.7
8.8
27.4
24.1
2.5
2.5
9.3
10.6
2.8
2.3
Radico Khaitan
Buy
126
147
1,676
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
470
-
5,649
2,085
2,469
9.2
8.2
7.6
8.0
62.2
59.2
24.1
20.6
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
284
-
4,106
1,036
1,160
15.1
15.0
6.1
7.2
46.5
39.6
5.0
4.6
10.7
11.5
3.8
3.4
Siyaram Silk Mills
Accumulate
1,781
1,872
1,669
1,652
1,857
11.6
11.7
92.4
110.1
19.3
16.2
2.8
2.5
14.7
15.2
1.2
1.1
Styrolution ABS India*
Neutral
727
-
1,279
1,440
1,537
9.2
9.0
40.6
42.6
17.9
17.1
45.8
41.6
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
266
-
1,167
3,342
3,625
7.8
7.5
17.3
19.8
15.4
13.5
29.3
23.5
10.5
10.8
0.6
0.5
Team Lease Serv.
Neutral
1,156
-
1,976
3,229
4,001
1.5
1.8
22.8
32.8
50.8
35.2
5.4
4.7
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
193
-
775
287
384
20.5
20.5
7.6
10.7
25.4
18.1
5.3
4.3
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
254
-
1,946
2,671
2,911
8.5
8.8
13.9
15.7
18.3
16.2
2.5
2.2
13.7
13.8
0.8
0.8
India
Stock Watch
May 24, 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
3,905
-
2,990
2,304
2,614
13.7
13.8
231.1
266.6
16.9
14.7
438.8
345.5
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
396
-
1,094
619
685
33.2
33.4
30.0
34.9
13.2
11.4
1.8
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
344
-
546
1,051
1,138
10.3
10.4
21.0
23.1
16.4
14.9
44.1
41.3
9.0
9.2
0.8
0.7
VRL Logistics
Neutral
316
-
2,880
1,902
2,119
16.7
16.6
14.6
16.8
21.7
18.8
4.8
4.2
21.9
22.2
1.6
1.4
Wonderla Holidays
Neutral
375
-
2,119
287
355
38.0
40.0
11.3
14.2
33.2
26.4
4.8
4.2
21.4
23.9
7.1
5.7
VIP Industries
Buy
183
218
2,589
1,270
1,450
10.4
10.4
5.6
6.5
32.7
28.2
6.8
5.9
20.7
21.1
2.0
1.8
Navin Fluorine
Buy
2,892
3,650
2,831
789
945
21.1
22.4
120.1
143.4
24.1
20.2
3.9
3.3
17.8
18.5
3.5
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 23, 2017
Market Outlook
May 24, 2017
Research Team Tel: 022 - 39357800
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