Market Outlook

July 26, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking global indices and SGX Nifty.

BSE Sensex

(0.1)

(18)

32,228

US markets closed higher on Tuesday after a slew of major companies reported

Nifty

(0.0)

(2)

9,965

better-than-expected quarterly results. The S&P 500 rose 0.3% to hit intraday and

Mid Cap

0.6

15,313

closing records, with financials, materials and energy rising more than 1% to lead

Small Cap

0.1

118

16,054

advancers. The index closed at 2,477. The Dow Jones industrial average rose 100.3

points to close at 21,613, with Caterpillar and McDonald's contributing the most

Bankex

0.4

122

27,757

gains. The Nasdaq composite rose just 0.02% but managed intraday and closing

records. The index finished the session at 6,412.

Global Indices

Chg (%)

(Pts)

(Close)

The European markets ended Tuesday's session in the green, putting an end to a

Dow Jones

0.5

100

21,613

three session losing streak. Investors were encouraged by the stronger than

Nasdaq

0.0

6,412

expected business confidence data from Germany and by the progress that is being

FTSE

0.8

7,435

made in Greece.

Nikkei

(0.1)

(20)

19,955

Indian markets ended a choppy session on a flat note on Tuesday ahead of the two-

Hang Seng

0.0

235

26,852

day policy meeting of the Federal Reserve starting later today. The Fed is widely

Shanghai Com

(0.2)

(7)

3,244

expected to leave interest rates unchanged but investors will be looking for clues on

whether the U.S. central bank will raise interest rates again this year.

Advances / Declines

BSE

NSE

Result update

Advances

1,210

1,748

 Review: Axis Bank

Declines

1,503

952

Unchanged

150

Detailed analysis is on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

4,090

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

25,651

Refer Pg7 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

Company

Sector

Rating

FII

(5(102)

( 1,420

57,328

(`)

(%)

MFs

804

4,990

44,136

Blue Star

Capital Goods

Accumulate

706

760

7.7

Dewan Housing FinanceFinancials

Accumulate

463

520

12.4

Mahindra Lifespace

Real Estate

Buy

433

522

20.7

Top Gainers

Price (`)

Chg (%)

Navkar Corporation

Others

Buy

203

265

30.5

Renuka

122

11.6

KEI Industries

Capital Goods

Accumulate

231

258

11.5

More Top Picks on Pg5

M&Mfin

399

9.8

Unitech

8.7

Key Upcoming Events

Idea

6.5

Consensus

Date

Region

Event Description

Reading

Expectations

Network18

5.2

Jul 26, 2017

GDP (YoY)

2.00

1.70

Jul 26, 2017

FOMC rate decision

1.25

Top Losers

Price (`)

Chg (%)

Jul 26, 2017

New home sales

610.00

615.00

Strtech

216

(6.8)

Jul 27, 2017

Initial Jobless claims

233.00

240.00

Jul 28, 2017

China

PMI Manufacturing

51.70

51.50

Fconsumer

(5.0)

More Events on Pg7

Videoind

(4.8)

Sreinfra

129

(3.1)

Jpassociat

(3.1)

#as on 25^t July, 2017

www.angelbroking.com

Market Outlook

July 26, 2017

Result Review

Slippages from non watch list goes up, but core operations

remains fairly decent for Axis Bank

Axis Bank’s headline numbers remained in line with expectations. As expected

retail loans continued to drive the growth during the quarter as well, up 22.4%.

Growth in Corporate loans continued to be muted up by only 2.6% YoY. Asset

quality of the bank remained largely stable due to lower slippages at Rs 3519 cr vs

Rs 4811 cr. Slippages from the non watch list portfolio has gone up during the

quarter. However, part of incremental retail slippages came from the agri related

portfolio, which can be considered one off and hence we don’t expect material

change in the credit cost. Though slippages outside watch list can be a cause of

concern the management has re-iterated its stand that credit cost will not exceed

225 bps for FY18 and that gives a confidence that large part of the trouble for Axis

Bank might be behind now. The core operations of the bank remain fairly decent

and hence we have an ACCMULATE rating on the stock.

Economic and Political News

 Rupee sheds 4 paise, ends at 64.38 as on heavy dollar buying ahead of

FOMC

 RBI may cut repo rate by 25 bps in August policy review: ICRA

 Govt needs `7 lakh cr investment in 5 yrs for highway development

Corporate News

 Geojit Fin Services Q1 net up 35% at `16cr on robust capital markets

 Mahindra Lifespaces Q1 net dips to `14cr on regulatory changes

 ICICI Prudential Life Q1 net profit flat at `406cr

www.angelbroking.com

Market Outlook

July 26, 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

21,791

1,823

2,161

18.6

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,257

418

480

14.9

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

Blue Star

6,756

706

760

7.7

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

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

consumer segment, the company has increased its

Dewan Housing Finance

14,503

463

520

12.4

presence in tier-II & III cities where the growth

opportunity is immense.

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

Karur Vysya Bank

8,340

138

160

15.9

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,800

231

258

11.5

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,220

433

522

20.7

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,895

203

265

30.5

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,176

2,321

2,500

3.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,480

248

344

38.7

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,27,009

7,515

8,495

13.0

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 26, 2017

Key Upcoming Events

Result Calendar

Date

Company

Jul 25, 2017

Hero Motocorp, FAG Bearings, Areva, Axis Bank, Asian Paints, Sesa Goa, GSK Pharma

Jul 26, 2017

HDFC, Yes Bank, Nestle, PVR, Siyaram Silk Mills, Radico Khaitan

Jul 27, 2017

Maruti, ICICI Bank, Reliance Capital, ITC, HCL Tech, ONGC, Dr Reddy's, Glenmark Pharma.

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jul 26, 2017

2:00PM

GDP (YoY)

% Change

2Q A

2.00

1.70

11:30PM

FOMC rate decision

Jul 26

1.25

7:30PM

New home sales

Thousands

Jun

610.00

615.00

Jul 27, 2017

6:00PM

Initial Jobless claims

Thousands

Jul 22

233.00

240.00

Jul 28, 2017

6:30AM

China

PMI Manufacturing

Value

Jul

51.70

51.50

2:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Jul F

(1.70)

Jul 31, 2017

6:00PM

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.50

Aug 1, 2017

1:25PM

Germany

PMI Manufacturing

Value

Jul F

58.30

1:25PM

Germany

Unemployment change (000's)

Thousands

Jul

7.00

2:00PM

PMI Manufacturing

Value

Jul

54.30

2:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 2, 2017

2:30PM

India

RBI Reverse Repo rate

Aug 2

6.00

5.75

2:30PM

India

RBI Repo rate

Aug 2

6.25

6.00

2:30PM

India

RBI Cash Reserve ratio

Aug 2

4.00

Aug 3, 2017

1:25PM

Germany

PMI Services

Value

Jul F

53.50

4:30PM

BOE Announces rates

% Ratio

Aug 3

0.25

Aug 4, 2017

6:00PM

Unnemployment rate

Jul

4.40

4.30

6:00PM

Change in Nonfarm payrolls

Thousands

Jul

222.00

178.00

Aug 8, 2017

China

Exports YoY%

% Change

Jul

11.30

Aug 9, 2017

7:00AM

China

Consumer Price Index (YoY)

% Change

Jul

1.50

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

India

Exports YoY%

% Change

Jul

4.40

Source: Bloomberg, Angel Research

Market Outlook

July 26, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

2.6

3.0

6.0

1.9

1.7

5.0

2.0

4.0

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

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

1.5

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

www.angelbroking.com

Market Outlook

July 26, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,100

6.2

2.1

15.1

Russia

Micex

1,932

2.9

(0.6)

(0.9)

India

Nifty

9,966

3.5

8.1

16.3

China

Shanghai Composite

3,251

2.7

2.2

6.0

South Africa

Top 40

48,058

6.6

6.2

4.4

Mexico

Mexbol

51,666

5.4

4.6

9.6

Indonesia

LQ45

973

0.6

4.2

11.9

Malaysia

KLCI

1,762

(1.1)

1.2

5.6

Thailand

SET 50

1,001

1.1

1.0

4.9

USA

Dow Jones

21,513

0.5

4.7

16.3

FTSE

7,378

(0.8)

3.7

9.7

Japan

Nikkei

19,976

(0.8)

8.4

21.9

Germany

DAX

12,209

(3.6)

(1.5)

18.7

France

CAC

5,128

(1.6)

(1.8)

19.8

Source: Bloomberg, Angel Research, #Data as on 25^th July

www.angelbroking.com

Stock Watch

July 26, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

240

209

4,669

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.8

4.6

4.1

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

884

44,913

15,176

17,604

18.5

37.4

44.6

23.6

19.8

4.6

3.8

21.4

21.2

3.0

2.6

Auto & Auto Ancillary

Amara Raja Batteries

Accumulate

847

962

14,461

5,339

6,220

15.9

15.3

28.0

32.3

30.2

26.2

5.8

4.9

19.1

18.5

2.7

2.3

Apollo Tyres

Neutral

265

13,479

12,877

14,504

14.3

13.9

21.4

23.0

12.4

11.5

1.9

1.7

16.4

15.2

1.2

1.1

Ashok Leyland

Accumulate

105

116

30,699

20,019

22,789

11.1

11.7

4.3

5.5

24.4

19.2

4.8

4.2

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,845

82,323

25,093

27,891

19.5

19.2

143.9

162.5

19.8

17.5

5.6

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,120

26,074

7,726

8,713

20.5

21.2

35.3

42.7

31.7

26.2

5.9

5.3

18.9

20.1

3.5

3.0

Ceat

Neutral

1,878

7,596

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

Eicher Motors

Neutral

28,407

77,331

16,583

20,447

17.5

18.0

598.0

745.2

47.5

38.1

16.2

12.4

41.2

38.3

4.6

3.6

Exide Industries

Neutral

217

18,411

7,439

8,307

15.0

8.1

9.3

26.7

23.3

3.7

3.3

14.3

16.7

2.1

1.9

Gabriel India

Neutral

148

2,130

1,544

1,715

9.0

9.3

5.4

6.3

27.5

23.5

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,707

74,025

28,120

30,753

15.2

15.6

169.1

189.2

21.9

19.6

7.6

6.3

30.8

28.2

2.4

2.2

Indag Rubber

Neutral

207

544

286

326

19.8

16.8

11.7

13.3

17.7

15.6

3.0

2.8

17.8

17.1

1.5

1.3

Jamna Auto Industries

Neutral

264

2,103

1,486

1,620

9.8

9.9

15.0

17.2

17.6

15.3

3.9

3.3

21.8

21.3

1.4

1.3

JK Tyres

Neutral

167

3,788

7,455

8,056

15.0

21.8

24.5

7.7

6.8

1.6

1.3

22.8

21.3

0.6

0.5

L G Balakrishnan & Bros Neutral

766

1,202

1,302

1,432

11.6

11.9

43.7

53.0

17.5

14.5

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,390

86,332

46,534

53,077

11.6

11.7

67.3

78.1

20.7

17.8

3.4

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,515

8,495

227,009

67,822

83,717

15.2

15.0

243.0

291.5

30.9

25.8

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

818

7,067

2,728

3,042

9.0

9.1

68.2

86.2

12.0

9.5

2.7

2.2

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

323

68,007

45,896

53,687

7.8

8.3

13.0

16.1

24.8

20.1

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,337

1,058

511

562

11.3

11.5

28.1

30.9

47.6

43.3

7.3

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

559

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Subros

Neutral

243

1,459

1,488

1,681

11.7

11.9

6.4

7.2

38.0

33.9

4.0

3.6

10.8

11.4

1.2

1.0

Swaraj Engines

Neutral

2,151

2,672

660

810

15.2

16.4

54.5

72.8

39.5

29.6

12.3

11.2

31.5

39.2

3.9

3.2

Tata Motors

Neutral

456

131,706

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

570

27,094

13,390

15,948

6.9

7.1

12.8

16.5

44.7

34.5

11.1

8.8

26.3

27.2

2.1

1.7

Capital Goods

ACE

Neutral

712

709

814

4.1

4.6

1.4

2.1

51.4

34.3

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,649

6,867

3,451

4,055

6.3

9.2

31.4

57.9

52.5

28.5

3.2

2.9

6.3

10.9

2.1

1.8

BGR Energy

Neutral

148

1,069

16,567

33,848

6.0

5.6

7.8

5.9

19.0

25.1

1.1

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

July 26, 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

38,519

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

145

35,600

28,797

34,742

2.8

2.3

6.9

63.2

21.1

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

706

760

6,756

4,283

5,077

5.9

7.3

14.9

22.1

47.4

31.9

9.2

7.8

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,330

5,777

6,120

5.9

7.0

3.3

4.5

25.8

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

166

4,062

1,755

1,881

16.8

16.9

7.8

8.5

21.3

19.6

4.3

4.0

20.6

20.9

2.0

1.8

Inox Wind

Neutral

129

2,863

5,605

6,267

15.7

16.4

24.8

30.0

5.2

4.3

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

295

7,591

9,294

10,186

7.9

8.1

9.9

11.9

29.8

24.8

4.4

3.8

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

231

258

1,800

2,633

3,001

10.4

10.0

12.7

13.0

18.2

17.8

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

909

10,831

5,421

5,940

7.3

25.7

30.2

35.4

30.1

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Buy

582

681

3,178

3,136

3,845

8.9

9.1

26.0

35.9

22.4

16.2

2.8

2.4

13.4

15.9

0.9

0.7

Voltas

Neutral

504

16,670

6,511

7,514

7.9

8.7

12.9

16.3

39.1

30.9

7.0

6.2

16.7

18.5

2.3

2.0

Cement

ACC

Neutral

1,725

32,396

11,225

13,172

13.2

16.9

44.5

75.5

38.8

22.9

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

268

53,116

9,350

10,979

18.2

22.5

5.8

9.5

46.1

28.2

3.9

3.5

10.2

12.5

5.7

4.8

India Cements

Neutral

210

6,482

4,364

4,997

18.5

19.2

7.9

11.3

26.6

18.6

1.9

8.0

8.5

2.2

2.0

J K Lakshmi Cement

Neutral

467

5,498

2,913

3,412

14.5

19.5

7.5

22.5

62.3

20.8

3.8

3.2

12.5

18.0

2.5

2.1

JK Cement

Neutral

973

6,802

4,398

5,173

15.5

17.5

31.2

55.5

31.2

17.5

3.7

3.2

12.0

15.5

2.1

1.8

Orient Cement

Neutral

161

3,293

2,114

2,558

18.5

20.5

8.1

11.3

19.9

14.2

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,106

112,713

25,768

30,385

21.0

23.5

111.0

160.0

37.0

25.7

4.7

4.1

13.5

15.8

4.6

3.8

Construction

Engineers India

Neutral

163

10,964

1,725

1,935

16.0

19.1

11.4

13.9

14.3

11.7

2.0

1.9

13.4

15.3

5.4

4.8

Gujarat Pipavav Port

Neutral

149

7,220

705

788

52.2

51.7

5.0

5.6

29.9

26.7

3.0

2.6

11.2

9.7

8.2

ITNL

Neutral

3,063

8,946

10,017

31.0

31.6

8.1

9.1

11.5

10.2

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

209

2,940

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,171

1,700

163,967

111,017

124,908

11.0

61.1

66.7

19.2

17.6

2.3

2.1

13.1

12.9

2.5

2.3

MEP Infra

Neutral

127

2,066

1,877

1,943

30.6

29.8

3.0

4.2

42.4

30.3

20.5

13.8

0.6

2.5

2.3

Nagarjuna Const.

Neutral

5,040

8,842

9,775

9.1

8.8

5.3

6.4

17.1

14.2

1.4

1.2

8.2

9.1

0.7

0.6

NBCC

Neutral

209

18,824

7,428

9,549

7.9

8.6

8.2

11.0

25.5

19.0

1.3

1.0

28.2

28.7

2.3

1.7

PNC Infratech

Neutral

144

3,686

2,350

2,904

13.1

13.2

9.0

8.8

16.0

16.3

0.6

0.5

15.9

13.9

1.7

1.4

Power Mech Projects

Neutral

594

874

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Accumulate

284

298

4,876

3,598

4,140

10.3

10.6

9.0

11.9

31.6

23.9

3.3

2.9

9.9

11.9

1.6

1.4

www.angelbroking.com

Stock Watch

July 26, 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

489

2,419

6,829

7,954

10.5

31.4

37.4

15.6

13.1

1.6

1.5

9.9

13.4

0.8

0.7

SIPL

Neutral

105

3,707

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

Accumulate

545

580

130,562

46,932

53,575

3.5

3.4

32.4

44.6

16.8

12.2

2.2

1.9

13.6

16.5

Bank of Baroda

Neutral

165

37,973

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.4

8.3

10.1

Can Fin Homes

Neutral

3,087

8,218

420

526

3.5

86.5

107.8

35.7

28.6

7.7

6.3

23.6

24.1

Canara Bank

Neutral

357

21,329

15,225

16,836

1.8

14.5

28.0

24.6

12.8

1.7

1.4

5.8

8.5

Cholamandalam Inv. &

Accumulate

1,157

1,230

18,090

2,012

2,317

6.3

42.7

53.6

27.1

21.6

4.3

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

463

520

14,503

2,225

2,688

2.9

29.7

34.6

15.6

13.4

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

168

235

5,698

939

1,281

11.7

11.5

5.8

8.2

29.0

20.5

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

119

125

23,132

8,259

8,995

3.0

4.3

5.6

27.7

21.3

2.3

2.2

8.5

10.1

HDFC

Neutral

1,632

260,008

11,475

13,450

3.4

45.3

52.5

36.0

31.1

7.0

6.1

20.2

20.5

HDFC Bank

Accumulate

1,739

1,850

447,688

46,097

55,433

4.5

58.4

68.0

29.8

25.6

5.2

4.4

18.8

18.6

ICICI Bank

Neutral

304

194,890

42,800

44,686

3.1

3.3

18.0

21.9

16.9

13.9

2.3

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

138

160

8,340

5,640

6,030

3.3

3.2

8.9

10.0

15.5

13.8

1.6

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

195

3,739

3,339

3,799

2.7

2.8

11.0

14.0

17.7

13.9

1.8

1.7

11.2

12.7

LIC Housing Finance

Neutral

732

36,929

3,712

4,293

2.6

2.5

39.0

46.0

18.8

15.9

3.5

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

163

34,675

23,532

23,595

2.3

2.4

6.8

12.6

24.0

12.9

3.7

2.6

3.3

6.5

RBL Bank

Neutral

529

19,927

1,783

2,309

2.6

12.7

16.4

41.7

32.3

4.5

4.1

12.8

13.3

Repco Home Finance

Accumulate

785

825

4,908

388

457

4.5

4.2

30.0

38.0

26.2

20.7

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,338

6,435

7,578

2.5

2.7

3.1

11.0

9.6

1.4

1.2

10.1

11.2

St Bk of India

Neutral

296

255,725

88,650

98,335

2.6

13.5

18.8

21.9

15.8

2.1

1.8

7.0

8.5

Union Bank

Neutral

161

11,082

13,450

14,925

2.3

25.5

34.5

6.3

4.7

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,614

73,846

8,978

11,281

3.3

3.4

74.0

90.0

21.8

17.9

4.1

3.5

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,790

8,585

2,955

3,309

13.3

13.7

57.2

69.3

31.3

25.8

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,152

110,495

17,128

18,978

16.8

16.4

19.1

20.7

60.3

55.7

21.0

19.8

34.8

35.5

6.4

5.8

Britannia

Neutral

3,856

46,292

9,594

11,011

14.6

14.9

80.3

94.0

48.0

41.0

19.7

15.3

41.2

4.6

4.0

Colgate

Neutral

1,068

29,060

4,605

5,149

23.4

23.8

26.9

44.9

39.7

24.9

19.4

64.8

66.8

6.2

5.6

Dabur India

Neutral

307

54,061

8,315

9,405

19.8

20.7

8.1

9.2

37.9

33.4

10.6

8.7

31.6

31.0

6.1

5.4

GlaxoSmith Con*

Neutral

5,489

23,084

4,350

4,823

21.2

21.4

179.2

196.5

30.6

27.9

8.1

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 26, 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

997

67,923

10,235

11,428

18.4

18.6

41.1

44.2

24.3

22.6

5.4

4.5

24.9

24.8

6.7

5.9

HUL

Neutral

1,149

248,794

35,252

38,495

17.8

20.7

22.4

55.7

51.4

53.2

45.6

95.6

88.9

7.0

6.4

ITC

Neutral

291

354,395

40,059

44,439

38.3

39.2

9.0

10.1

32.5

28.8

9.1

7.9

27.8

27.5

8.4

7.6

Marico

Neutral

332

42,786

6,430

7,349

18.8

19.5

6.4

7.7

51.8

43.1

15.6

13.2

33.2

32.5

6.4

5.6

Nestle*

Neutral

6,816

65,721

10,073

11,807

20.7

21.5

124.8

154.2

54.6

44.2

22.4

20.2

34.8

36.7

6.4

5.4

Procter & Gamble

Neutral

8,122

26,366

2,939

3,342

23.2

23.0

146.2

163.7

55.6

49.6

14.1

11.7

25.3

23.5

8.6

7.5

Hygiene

Tata Global

Neutral

171

10,802

8,675

9,088

9.8

7.4

8.2

23.1

20.9

1.8

1.7

7.9

8.1

1.2

1.1

HCL Tech^

Accumulate

895

1,014

127,644

46,723

52,342

22.1

20.9

60.0

62.8

14.9

14.2

3.8

3.2

25.3

22.4

2.5

2.1

Infosys

Buy

994

1,179

228,351

68,484

73,963

26.0

63.0

64.0

15.8

15.5

3.3

3.0

20.8

19.7

3.0

2.6

TCS

Neutral

2,571

506,528

117,966

127,403

27.5

27.6

134.3

144.5

19.1

17.8

5.7

5.3

29.8

29.7

3.9

3.6

Tech Mahindra

Buy

391

533

38,175

29,141

31,051

14.4

15.0

32.3

35.6

12.1

11.0

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

290

141,053

55,421

58,536

20.3

35.1

36.5

8.3

7.9

1.4

1.2

19.2

14.6

2.0

1.7

Media

D B Corp

Neutral

368

6,760

2,297

2,590

27.4

28.2

21.0

23.4

17.5

15.7

4.1

3.5

23.7

23.1

2.8

2.4

Hindustan Media

Neutral

286

2,102

1,016

1,138

24.3

25.2

27.3

30.1

10.5

9.5

2.0

1.8

16.2

15.8

1.3

1.1

Ventures

HT Media

Neutral

2,062

2,693

2,991

12.6

12.9

7.9

9.0

11.2

9.8

1.0

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

173

225

5,656

2,283

2,555

28.0

10.6

12.3

16.3

14.1

3.5

3.0

21.4

2.5

2.2

Sun TV Network

Neutral

815

32,114

2,850

3,265

70.1

71.0

26.2

30.4

31.1

26.8

8.0

7.0

24.3

25.6

10.8

9.3

TV Today Network

Buy

248

344

1,480

608

667

21.5

22.3

15.7

19.2

15.8

12.9

2.4

2.1

16.1

16.0

2.0

1.8

Music Broadcast Limited Buy

367

434

2,092

271

317

91.0

109.0

6.0

10.0

61.1

36.7

3.8

3.5

6.5

9.3

7.3

6.0

Metals & Mining

Coal India

Neutral

259

160,493

84,638

94,297

21.4

22.3

24.5

27.1

10.6

9.5

4.4

4.2

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

282

119,154

14,252

18,465

55.9

48.3

15.8

21.5

17.9

13.1

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

220

49,289

107,899

112,095

7.4

8.2

9.2

13.0

23.9

16.9

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

215

51,970

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

121

38,331

6,643

7,284

44.4

47.7

7.1

7.7

17.1

15.7

1.5

1.4

8.8

9.2

3.6

3.2

SAIL

Neutral

26,247

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.4

0.7

(1.6)

3.9

1.4

1.3

Tata Steel

Neutral

553

53,718

121,374

121,856

7.2

8.4

18.6

34.3

29.7

16.1

1.9

1.7

6.1

10.1

1.1

Vedanta

Neutral

274

101,944

71,744

81,944

19.2

21.7

13.4

20.1

20.5

13.6

1.8

1.6

8.4

11.3

1.8

1.4

Oil & Gas

GAIL

Neutral

373

63,111

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.2

1.3

1.2

9.3

10.7

1.3

1.1

Indian Oil Corp

Neutral

375

181,999

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.3

1.1

1.0

16.0

15.6

0.6

www.angelbroking.com

Stock Watch

July 26, 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

164

210,016

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

Reliance Industries

Neutral

1,603

521,367

301,963

358,039

12.1

12.6

87.7

101.7

18.3

15.8

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

542

648

10,208

3,101

3,966

19.7

20.5

21.4

25.5

25.3

21.2

5.4

4.4

23.0

22.8

3.3

2.4

Alkem Laboratories Ltd

Buy

1,823

2,161

21,791

5,853

6,901

17.1

18.4

74.6

85.0

24.4

21.4

5.2

4.3

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

751

823

43,994

14,845

17,086

21.5

22.1

39.4

44.7

19.1

16.8

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,259

9,808

2,206

2,508

16.6

16.8

128.9

139.9

33.0

30.4

5.6

4.4

21.6

23.5

4.2

3.6

Cadila Healthcare

Sell

544

450

55,722

9,220

11,584

18.4

20.3

14.5

18.7

37.5

29.1

8.0

6.5

23.5

24.6

6.2

4.8

Cipla

Sell

565

461

45,424

14,281

16,619

15.4

16.2

12.5

19.7

45.2

28.7

3.6

3.3

8.4

12.0

3.4

2.9

Dishman Pharma

Sell

301

143

4,859

1,718

1,890

22.7

22.8

9.5

11.3

31.7

26.6

3.1

2.8

10.1

10.9

3.3

2.9

Dr Reddy's

Neutral

2,689

44,563

14,081

15,937

16.1

18.6

72.6

105.9

37.0

25.4

3.6

3.3

9.6

13.6

3.4

3.0

GSK Pharma*

Neutral

2,510

21,261

2,927

3,290

11.8

16.2

34.4

49.6

73.0

50.6

10.6

11.0

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

204

153

1,883

1,067

1,154

12.1

14.9

8.4

11.3

24.3

18.1

2.9

2.6

12.6

15.0

1.9

1.8

Ipca labs

Buy

480

620

6,058

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.8

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,120

1,526

50,604

17,120

18,657

24.1

56.9

61.1

19.7

18.3

3.7

3.1

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

996

1,060

17,369

2,065

1,988

33.1

33.7

27.9

25.7

35.7

38.8

10.4

8.9

29.2

22.9

8.5

Sun Pharma

Buy

567

712

135,953

30,264

32,899

29.0

26.9

32.7

31.6

17.3

17.9

3.7

3.2

22.2

18.7

4.3

3.8

Power

NTPC

Neutral

164

135,226

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

Power Grid

Neutral

216

113,212

25,315

29,193

88.2

88.7

14.2

17.2

15.3

12.6

2.3

2.0

15.2

16.1

9.1

8.2

Tata Power

Neutral

22,396

36,916

39,557

17.4

27.1

5.1

6.3

16.2

13.1

1.4

1.3

9.0

10.3

1.6

1.5

Real Estate

MLIFE

Buy

433

522

2,220

1,152

1,300

22.7

24.6

29.9

35.8

14.5

12.1

1.1

1.0

7.6

8.6

2.7

2.2

Prestige Estate

Neutral

250

9,369

4,707

5,105

25.2

26.0

10.3

13.0

24.3

19.2

1.9

1.8

10.3

10.2

3.2

2.8

Telecom

Bharti Airtel

Neutral

428

170,929

105,086

114,808

34.5

34.7

12.2

16.4

35.1

26.1

2.4

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

35,267

40,133

43,731

37.2

37.1

6.4

6.5

15.3

15.1

1.3

1.2

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,375

9,298

3,153

3,583

14.1

14.4

152.2

182.7

28.8

24.0

141.1

120.5

25.6

26.1

2.8

2.4

Asian Granito

Accumulate

418

480

1,257

1,066

1,169

11.6

12.5

13.0

16.0

32.2

26.2

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

336

395

3,408

4,801

5,351

5.7

6.2

10.4

13.7

32.3

24.6

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

234

1,674

1,353

1,471

12.3

12.4

14.5

16.3

16.1

14.4

22.3

20.1

14.5

14.6

1.2

127.9

Coffee Day Enterprises

Neutral

247

5,080

2,964

3,260

20.5

21.2

4.7

8.0

30.8

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

235

150

1,137

1,256

3.1

2.7

28.0

23.6

8.4

9.9

45.1

40.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

July 26, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Elecon Engineering

Neutral

686

1,482

1,660

13.7

14.5

3.9

5.8

15.7

10.5

3.7

3.4

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

484

7,399

2,883

3,115

12.0

12.1

14.2

18.6

34.1

26.0

18.1

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

890

1,947

863

928

15.1

15.2

36.4

39.4

24.5

22.6

4.4

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

899

2,074

1,598

1,704

10.4

10.2

49.4

52.6

18.2

17.1

84.0

73.7

18.2

17.0

1.0

139.3

Hitachi

Neutral

1,999

5,435

2,081

2,433

8.8

8.9

33.4

39.9

59.9

50.1

48.3

40.2

22.1

21.4

2.6

2.2

HSIL

Neutral

379

2,740

2,384

2,515

15.8

16.3

15.3

19.4

24.8

19.5

24.6

21.2

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,246

45,072

21,122

26,005

14.5

27.6

110.7

132.1

11.3

9.4

67.4

48.1

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

380

6,899

1,440

2,052

11.5

13.0

8.5

10.0

44.7

38.0

10.8

10.0

18.6

19.3

5.1

3.5

Kirloskar Engines India

Neutral

400

5,785

2,554

2,800

9.9

10.0

10.5

12.1

38.1

33.1

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

271

400

382

420

9.3

9.5

13.5

15.7

20.1

17.2

3.4

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

608

734

546

608

20.4

20.7

41.3

48.7

14.7

12.5

83.3

73.7

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

783

4,480

836

1,087

19.6

19.4

16.9

23.8

46.4

32.9

5.6

4.9

12.0

14.8

5.1

3.8

Mirza International

Neutral

162

1,952

963

1,069

17.2

18.0

6.1

7.5

26.5

21.6

4.1

3.4

15.0

15.7

2.3

2.0

MT Educare

Neutral

295

366

417

17.7

18.2

9.4

10.8

7.9

6.9

1.8

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

299

6,101

1,873

2,166

11.5

11.7

2.6

4.0

112.9

75.3

6.9

6.3

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

203

265

2,895

347

371

43.2

37.3

6.7

6.0

30.4

33.9

2.1

1.9

6.2

10.6

9.5

8.9

Navneet Education

Neutral

168

3,926

1,062

1,147

24.0

6.1

6.6

27.6

25.4

5.7

5.0

20.6

19.8

3.8

3.5

Nilkamal

Neutral

1,888

2,817

1,995

2,165

10.7

10.4

69.8

80.6

27.1

23.4

107.9

93.7

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,720

18,649

2,450

3,124

20.1

17.6

299.0

310.0

55.9

53.9

372.4

284.3

47.1

87.5

7.7

6.0

Parag Milk Foods

Neutral

256

2,149

1,919

2,231

9.3

9.6

9.5

12.9

27.1

19.8

4.2

3.5

15.5

17.5

1.3

1.1

Quick Heal

Neutral

219

1,536

408

495

27.3

27.0

7.7

8.8

28.3

24.9

2.6

9.3

10.6

2.9

2.4

Radico Khaitan

Buy

129

147

1,722

1,667

1,824

13.0

13.2

6.7

8.2

19.5

15.8

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

486

5,843

2,085

2,469

9.2

8.2

7.6

8.0

64.3

61.2

24.9

21.3

17.9

18.8

2.9

2.4

S H Kelkar & Co.

Neutral

277

4,013

1,036

1,160

15.1

15.0

6.1

7.2

45.4

38.7

4.9

4.5

10.7

11.5

3.7

3.3

Siyaram Silk Mills

Accumulate

2,321

2,500

2,176

1,574

1,769

12.5

12.7

97.1

113.1

23.9

20.5

3.7

3.2

15.4

15.5

1.6

1.4

Styrolution ABS India*

Neutral

1,089

1,915

1,440

1,537

9.2

9.0

40.6

42.6

26.8

25.6

68.5

62.3

12.3

11.6

1.3

1.1

Surya Roshni

Neutral

292

1,279

3,342

3,625

7.8

7.5

17.3

19.8

16.9

14.8

32.1

25.7

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,328

2,270

3,229

4,001

1.5

1.8

22.8

32.8

58.3

40.4

6.3

5.4

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

190

762

287

384

20.5

7.6

10.7

25.0

17.8

5.2

4.2

20.7

23.5

2.7

2.0

www.angelbroking.com

Stock Watch

July 26, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

Transport Corporation of

Neutral

321

2,459

2,671

2,911

8.5

8.8

13.9

15.7

23.2

20.5

3.2

2.8

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,682

2,819

2,304

2,614

13.7

13.8

231.1

266.6

15.9

13.8

413.7

325.8

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

387

1,067

619

685

33.2

33.4

30.0

34.9

12.9

11.1

1.8

1.5

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

460

731

1,051

1,138

10.3

10.4

21.0

23.1

21.9

19.9

59.0

55.2

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

323

2,950

1,902

2,119

16.7

16.6

14.6

16.8

22.2

19.2

4.9

4.3

21.9

22.2

1.7

1.5

Wonderla Holidays

Neutral

352

1,989

287

355

38.0

40.0

11.3

14.2

31.2

24.8

4.5

3.9

21.4

23.9

6.7

5.4

VIP Industries

Buy

178

218

2,515

1,270

1,450

10.4

5.6

6.5

31.8

27.4

6.6

5.7

20.7

21.1

2.0

1.7

Navin Fluorine

Accumulate

629

730

3,097

789

945

21.1

22.4

24.0

28.7

26.2

21.9

4.2

3.6

17.8

18.5

4.0

3.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 25, 2017

www.angelbroking.com

Market Outlook

July 26, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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