Market Outlook
June 27, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking the SGX Nifty and Asian markets.
BSE Sensex
(0.5)
(153)
31,138
US markets continued to show lack of direction as traders seemed uncertain
Nifty
(0.6)
(55)
9,575
about the near term outlook for the markets after the Dow and S&P 500
reached record high last week. While NASADQ fell 18 points, the Dow Jones
Mid Cap
(1.2)
(179)
14,584
went up by 15 points. On the economic front new orders for U.S manufactured
Small Cap
(1.5)
(228)
15,382
durable goods fell by more than expected in the month of May, according to a
Bankex
(0.7)
(198)
26,619
report released by the commerce department. The European markets closed on
a positive note on Monday, with banks leading the gains, after Italy moved to
shore up confidence in its fragile banking system.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.1
15.0
21,409
Indian markets closed with sharp, losses on Friday, muted global cues and concerns
over oil prices weighed on the markets. Further ahead of along week end traders
Nasdaq
(0.3)
(18)
6,247
might have cut down their positions. Selective banks and auto stocks were under
FTSE
0.3
23
7,447
selling pressure. Now all eyes lies on the implementation of GST and progress of
Nikkei
(00.1
21
20,153
monsoon.
Hang Seng
0.8
202
25,872
Shanghai Com
0.9
28
3,185
News Analysis
Federal Bank raises ` 2500 cr via QIP
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,662
1,344
Investor’s Ready Reckoner
Declines
1,982
1,337
Key Domestic & Global Indicators
Unchanged
130
82
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
BSE
7,395
Top Picks
CMP
Target
Upside
NSE
23,510
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
616
760
23.3
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
440
520
18.2
Mahindra Lifespace Real Estate
Buy
427
522
22.2
FII
(56270
(21912
53,880
Navkar Corporation Others
Buy
209
265
26.8
MFs
8(46)
4827
34,867
KEI Industries
Capital Goods
Accumulate
229
258
12.7
More Top Picks on Pg5
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Jpassociat
119
14.2
Previous
Consensus
Date
Region
Event Description
Ibrealest
204
6.6
Reading
Expectations
Jun 27, 2017 US
New home sales
569.00
590.00
Rcom
21
5.5
Jun 29, 2017 US
Initial Jobless claims
241.00
Religare
188
5.1
Jun 29, 2017 Germany Unemployment change (000's)
(9.00)
(10.00)
Polaris
245
4.5
Jun 29, 2017 Euro Zone Euro-Zone Consumer Confidence
(1.30)
(1.30)
Jun 30, 2017 US
GDP Qoq (Annualised)
1.20
1.20
Top Losers
Price (`)
Chg (%)
Jun 30, 2017 China
PMI Manufacturing
51.20
51.00
More Events on Pg5
Fortis
172
(13.0)
Centralbk
86
(7.3)
Deltacorp
152
(6.3)
Gvkpil
7
(5.2)
Videoind
17
(5.0)
#as on 23nd June, 2017
Market Outlook
June 27, 2017
News Analysis
Federal Banks `2500 cr QIP to help strong business growth
going ahead:
Federal Bank’s QIP of ` 2500 cr has come at the right time when the bank is
on path of strong growth. Based on our calculation the QIP will add to 270
bps improvement in the CAR of the bank, which should be enough for meeting
its business growth in the coming 2-3 years. Federal Bank is one of the few
banks which have started showing healthy improvement in the performance,
particularly on the asset quality front.
While FY17 was an unusually strong year for the bank, as it had some decent
proposal to finance and ended with ~26% loan growth, FY18 also is likely to
remain strong for the bank. The management remains confident of achieving
20% loan growth and with fresh capital in hand we believe it can outperform
its own guidance.
Based on our estimates the stock trades at 1.6x its FY19 BV, including the QIP
money, which leaves further scope for rerating. With credit cost remaining
under control there is a strong case for RoE expansion in the medium term
and hence we maintain a positive stand on the bank and maintain
ACCMULATE rating on it.
Economic and Political News
Italy commits $ 19 Bn for Vento banks in biggest bail out.
Oil prices will average around mid-50s one year from now- S&P Global Platts
Amazon CEO, Jeff Bezos says excited to keep investing, growing in India.
Corporate News
HPCL joins talks to buy 49% stake in Russia’s Vankor Cluster oil fields
Adani Ports and SEZ eyes 20% container growth in FY18
HDFC Ltd to list subsidiaries at opportune time, says its chief Mr Parekh
Market Outlook
June 27, 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
21,749
1,819
2,161
18.8
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,241
413
447
8.4
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
5,894
616
760
23.3
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
13,790
440
520
18.2
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
8,551
142
160
13.1
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
5,884
180
225
25.0
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
1,781
229
258
12.7
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,192
427
522
22.2
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,981
209
265
26.8
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,943
2,072
2,500
20.6
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
1,470
246
344
39.6
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
June 27, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 27, 2017
7:30 PMUS
New home sales
Thousands
May
569.00
590.00
Jun 29, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Jun 24
241.00
1:25 PMGermany Unemployment change (000's)
Thousands
Jun
(9.00)
(10.00)
2:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jun F
(1.30)
(1.30)
Jun 30, 2017
6:00 PMUS
GDP Qoq (Annualised)
% Change
1Q T
1.20
1.20
6:30 AMChina
PMI Manufacturing
Value
Jun
51.20
51.00
2:00 PMUK
GDP (YoY)
% Change
1Q F
2.00
2.00
Jul 03, 2017
2:00 PMUK
PMI Manufacturing
Value
Jun
56.70
Jul 07, 2017
2:00 PMUK
Industrial Production (YoY)
% Change
May
(0.80)
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jun
138.00
6:00 PMUS
Unnemployment rate
%
Jun
4.30
Jul 10, 2017
India
Imports YoY%
% Change
Jun
33.10
India
Exports YoY%
% Change
Jun
8.30
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jun
1.50
Jul 12, 2017
5:30 PMIndia
Industrial Production YoY
% Change
May
3.10
2:00 PMUK
Jobless claims change
% Change
Jun
7.30
Jul 13, 2017
US
Producer Price Index (mom)
% Change
Jun
(0.70)
China
Exports YoY%
% Change
Jun
8.70
Jul 14, 2017
6:45 PMUS
Industrial Production
%
Jun
-
6:00 PMUS
Consumer price index (mom)
% Change
Jun
(0.10)
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Jun
2.17
Jul 17, 2017
7:30 AMChina
Industrial Production (YoY)
% Change
Jun
6.50
Source: Bloomberg, Angel Research
Market Outlook
June 27, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
5.0
6.0
3.8
4.0
3.0
3.1
5.0
2.6
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
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
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
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Stock Watch
June 27, 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
241
209
4,684
1,937
2,164
13.3
14.3
9.0
11.0
26.8
21.9
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
835
-
42,439
15,176
17,604
18.5
18.5
37.4
44.6
22.3
18.7
4.4
3.6
21.4
21.2
2.9
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
92
111
26,983
20,021
21,915
11.6
11.9
4.5
5.3
20.5
17.3
4.2
3.7
20.6
21.5
1.3
1.2
Bajaj Auto
Neutral
2,825
-
81,735
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
1,109
-
25,825
7,726
8,713
20.5
21.2
35.3
42.7
31.4
26.0
5.8
5.2
18.9
20.1
3.4
3.0
Eicher Motors
Neutral
27,172
-
73,969
16,583
20,447
17.5
18.0
598.0
745.2
45.4
36.5
15.5
11.8
41.2
38.3
4.3
3.4
Gabriel India
Neutral
153
-
2,201
1,544
1,715
9.0
9.3
5.4
6.3
28.4
24.3
5.4
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,660
-
73,095
28,083
30,096
15.3
15.7
171.8
187.0
21.3
19.6
7.4
6.3
30.1
27.9
2.4
2.2
Jamna Auto Industries Neutral
257
-
2,045
1,486
1,620
9.8
9.9
15.0
17.2
17.1
14.9
3.7
3.2
21.8
21.3
1.4
1.3
L G Balakrishnan & Bros Neutral
771
-
1,210
1,302
1,432
11.6
11.9
43.7
53.0
17.6
14.5
2.5
2.3
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,376
-
85,465
46,534
53,077
11.6
11.7
67.3
78.1
20.4
17.6
3.3
2.9
15.4
15.8
1.8
1.6
Maruti
Neutral
7,237
-
218,621
67,822
83,288
16.0
16.4
253.8
312.4
28.5
23.2
6.6
5.3
23.0
22.9
2.9
2.3
Minda Industries
Neutral
604
-
5,222
2,728
3,042
9.0
9.1
68.2
86.2
8.9
7.0
2.0
1.6
23.8
24.3
2.0
1.7
Motherson Sumi
Neutral
462
-
64,872
45,896
53,687
7.8
8.3
13.0
16.1
35.4
28.7
11.4
9.1
34.7
35.4
1.5
1.3
Rane Brake Lining
Neutral
1,313
-
1,039
511
562
11.3
11.5
28.1
30.9
46.7
42.5
7.1
6.5
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
37
-
500
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
443
-
127,938
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
537
-
25,491
13,390
15,948
6.9
7.1
12.8
16.5
42.1
32.4
10.5
8.3
26.3
27.2
1.9
1.6
Amara Raja Batteries
Buy
840
1,009
14,341
5,305
6,100
16.0
16.3
28.4
34.0
29.6
24.7
5.7
4.8
19.3
19.3
2.7
2.3
Exide Industries
Neutral
217
-
18,407
7,439
8,307
15.0
15.0
8.1
9.3
26.7
23.3
3.7
3.3
14.3
16.7
2.1
1.9
Apollo Tyres
Neutral
247
-
12,573
12,877
14,504
14.3
13.9
21.4
23.0
11.5
10.7
1.8
1.6
16.4
15.2
1.1
1.1
Ceat
Neutral
1,808
-
7,313
7,524
8,624
13.0
12.7
131.1
144.3
13.8
12.5
2.5
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
167
-
3,781
7,455
8,056
15.0
15.0
21.8
24.5
7.7
6.8
1.6
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
2,320
-
2,881
660
810
15.2
16.4
54.5
72.8
42.6
31.9
13.3
12.0
31.5
39.2
4.2
3.4
Subros
Neutral
247
-
1,482
1,488
1,681
11.7
11.9
6.4
7.2
38.6
34.5
4.1
3.7
10.8
11.4
1.2
1.1
Indag Rubber
Neutral
210
-
551
286
326
19.8
16.8
11.7
13.3
18.0
15.8
3.0
2.8
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
71
-
698
709
814
4.1
4.6
1.4
2.1
50.4
33.6
2.1
2.0
4.4
6.0
1.1
1.0
BEML
Neutral
1,536
-
6,396
3,451
4,055
6.3
9.2
31.4
57.9
48.9
26.5
2.9
2.7
6.3
10.9
2.0
1.7
Bharat Electronics
Neutral
165
-
36,799
8,137
9,169
16.8
17.2
58.7
62.5
2.8
2.6
0.4
0.4
44.6
46.3
3.5
3.2
Stock Watch
June 27, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Neutral
454
-
15,027
6,511
7,514
7.9
8.7
12.9
16.3
35.2
27.9
6.3
5.6
16.7
18.5
2.1
1.8
BGR Energy
Neutral
148
-
1,071
16,567
33,848
6.0
5.6
7.8
5.9
19.0
25.2
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
135
-
32,994
28,797
34,742
-
2.8
2.3
6.9
58.6
19.5
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
616
760
5,894
4,283
5,077
5.9
7.3
14.9
22.1
41.4
27.9
8.0
6.8
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
82
-
5,108
5,777
6,120
5.9
7.0
3.3
4.5
24.7
18.1
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
160
-
3,898
1,755
1,881
16.8
16.9
7.8
8.5
20.5
18.8
4.1
3.8
20.6
20.9
1.9
1.7
Inox Wind
Neutral
140
-
3,110
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
245
-
6,299
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
229
258
1,781
2,633
3,001
10.4
10.0
12.7
13.0
18.0
17.6
3.9
3.2
21.4
18.2
0.9
0.8
Thermax
Neutral
936
-
11,157
5,421
5,940
7.3
7.3
25.7
30.2
36.4
31.0
4.4
4.0
12.2
13.1
1.9
1.8
VATech Wabag
Neutral
702
-
3,832
3,136
3,845
8.9
9.1
26.0
35.9
27.0
19.6
3.4
2.9
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,636
-
30,729
11,225
13,172
13.2
16.9
44.5
75.5
36.8
21.7
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
243
-
48,231
9,350
10,979
18.2
22.5
5.8
9.5
41.9
25.6
3.5
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
201
-
6,203
4,364
4,997
18.5
19.2
7.9
11.3
25.5
17.8
1.8
1.8
8.0
8.5
2.2
1.9
JK Cement
Neutral
966
-
6,753
4,398
5,173
15.5
17.5
31.2
55.5
31.0
17.4
3.7
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
489
-
5,753
2,913
3,412
14.5
19.5
7.5
22.5
65.2
21.7
4.0
3.4
12.5
18.0
2.6
2.1
Orient Cement
Neutral
144
-
2,949
2,114
2,558
18.5
20.5
8.1
11.3
17.8
12.7
2.6
2.2
9.0
14.0
2.0
1.6
UltraTech Cement
Neutral
4,000
-
109,815
25,768
30,385
21.0
23.5
111.0
160.0
36.0
25.0
4.6
4.0
13.5
15.8
4.4
3.6
Construction
ITNL
Neutral
98
-
3,211
8,946
10,017
31.0
31.6
8.1
9.1
12.1
10.7
0.4
0.5
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
Neutral
1,723
-
160,832
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
Gujarat Pipavav Port
Neutral
147
-
7,126
705
788
52.2
51.7
5.0
5.6
29.5
26.3
2.9
2.6
11.2
11.2
9.8
8.2
Nagarjuna Const.
Neutral
90
-
4,998
8,842
9,775
9.1
8.8
5.3
6.4
17.0
14.1
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
144
-
3,689
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
Simplex Infra
Neutral
509
-
2,520
6,829
7,954
10.5
10.5
31.4
37.4
16.2
13.6
1.7
1.5
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
585
-
861
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
300
-
5,147
3,598
4,140
10.3
10.6
9.0
11.9
33.3
25.2
3.5
3.1
9.9
11.9
1.7
1.5
NBCC
Neutral
208
-
18,761
7,428
9,549
7.9
8.6
8.2
11.0
25.4
19.0
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
100
-
1,620
1,877
1,943
30.6
29.8
3.0
4.2
33.2
23.7
16.1
10.8
0.6
0.6
2.2
2.1
Stock Watch
June 27, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
109
-
3,846
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
11.9
9.9
Engineers India
Neutral
155
-
10,462
1,725
1,935
16.0
19.1
11.4
13.9
13.6
11.2
1.9
1.8
13.4
15.3
5.0
4.5
Financials
Axis Bank
Accumulate
505
580
120,946
46,932
53,575
3.5
3.4
32.4
44.6
15.6
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,016
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
340
-
20,281
15,225
16,836
1.8
1.8
14.5
28.0
23.4
12.1
1.6
1.3
5.8
8.5
-
-
Can Fin Homes
Neutral
3,182
-
8,472
420
526
3.5
3.5
86.5
107.8
36.8
29.5
7.9
6.5
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,063
1,230
16,613
2,012
2,317
6.3
6.3
42.7
53.6
24.9
19.8
3.9
3.4
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
440
520
13,790
2,225
2,688
2.9
2.9
29.7
34.6
14.8
12.7
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
153
235
5,159
939
1,281
11.7
11.5
5.8
8.2
26.3
18.6
2.3
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
115
125
19,837
8,259
8,995
3.0
3.0
4.3
5.6
26.7
20.5
2.3
2.1
8.5
10.1
-
-
HDFC
Neutral
1,651
-
262,530
11,475
13,450
3.4
3.4
45.3
52.5
36.4
31.4
7.0
6.2
20.2
20.5
-
-
HDFC Bank
Neutral
1,679
-
431,189
46,097
55,433
4.5
4.5
58.4
68.0
28.7
24.7
5.0
4.2
18.8
18.6
-
-
ICICI Bank
Accumulate
292
315
186,934
42,800
44,686
3.1
3.3
18.0
21.9
16.2
13.3
2.2
2.0
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
142
160
8,551
5,640
6,030
3.3
3.2
8.9
10.0
15.9
14.2
1.7
1.6
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
200
-
3,844
3,339
3,799
2.7
2.8
11.0
14.0
18.2
14.3
1.9
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
753
-
37,976
3,712
4,293
2.6
2.5
39.0
46.0
19.3
16.4
3.6
3.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
144
-
30,611
23,532
23,595
2.3
2.4
6.8
12.6
21.2
11.4
3.3
2.3
3.3
6.5
-
-
RBL Bank
Neutral
506
-
19,043
1,783
2,309
2.6
2.6
12.7
16.4
39.8
30.8
4.3
3.9
12.8
13.3
-
-
Repco Home Finance
Neutral
843
-
5,274
388
457
4.5
4.2
30.0
38.0
28.1
22.2
4.7
3.9
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
5,077
6,435
7,578
2.5
2.5
2.7
3.1
10.4
9.1
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
289
-
249,337
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
147
-
10,081
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,437
-
65,702
8,978
11,281
3.3
3.4
74.0
90.0
19.4
16.0
3.7
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,822
-
8,737
2,955
3,309
13.3
13.7
57.2
69.3
31.9
26.3
10.4
8.8
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,154
-
110,687
17,128
18,978
16.8
16.4
19.1
20.7
60.4
55.8
21.0
19.8
34.8
35.5
6.4
5.8
Britannia
Neutral
3,650
-
43,805
9,594
11,011
14.6
14.9
80.3
94.0
45.5
38.8
18.7
14.4
41.2
-
4.4
3.8
Colgate
Neutral
1,106
-
30,084
4,605
5,149
23.4
23.4
23.8
26.9
46.5
41.1
25.7
20.1
64.8
66.8
6.5
5.8
Dabur India
Accumulate
289
304
50,873
8,315
9,405
19.8
20.7
8.1
9.2
35.7
31.4
9.9
8.2
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
5,380
-
22,624
4,350
4,823
21.2
21.4
179.2
196.5
30.0
27.4
8.0
6.8
27.1
26.8
4.6
4.1
Stock Watch
June 27, 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
956
-
65,137
10,235
11,428
18.4
18.6
41.1
44.2
23.3
21.6
5.2
4.4
24.9
24.8
6.4
5.7
HUL
Neutral
1,097
-
237,344
35,252
38,495
17.8
17.8
20.7
22.4
53.1
49.0
50.8
43.5
95.6
88.9
6.6
6.0
ITC
Neutral
311
-
377,601
40,059
44,439
38.3
39.2
9.0
10.1
34.6
30.7
9.7
8.4
27.8
27.5
8.9
8.0
Marico
Neutral
312
-
40,205
6,430
7,349
18.8
19.5
6.4
7.7
48.7
40.5
14.7
12.4
33.2
32.5
6.1
5.3
Nestle*
Neutral
6,619
-
63,813
10,073
11,807
20.7
21.5
124.8
154.2
53.0
42.9
21.8
19.6
34.8
36.7
6.1
5.2
Tata Global
Neutral
151
-
9,540
8,675
9,088
9.8
9.8
7.4
8.2
20.4
18.4
1.6
1.5
7.9
8.1
1.0
1.0
Procter & Gamble
Neutral
8,045
-
26,115
2,939
3,342
23.2
23.0
146.2
163.7
55.0
49.1
13.9
11.6
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Buy
851
1,014
121,408
46,723
52,342
22.1
20.9
60.0
62.8
14.2
13.6
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
943
1,179
216,682
68,484
73,963
26.0
26.0
63.0
64.0
15.0
14.7
3.1
2.9
20.8
19.7
2.8
2.5
TCS
Accumulate
2,361
2,651
465,149
117,966
127,403
27.5
27.6
134.3
144.5
17.6
16.3
5.2
4.9
29.8
29.7
3.6
3.3
Tech Mahindra
Buy
381
533
37,131
29,141
31,051
14.4
15.0
32.3
35.6
11.8
10.7
2.0
1.8
17.1
17.0
1.1
1.0
Wipro
Accumulate
257
280
124,987
55,421
58,536
20.3
20.3
35.1
36.5
7.3
7.0
1.3
1.1
19.2
14.6
1.7
1.4
Media
D B Corp
Neutral
382
-
7,019
2,297
2,590
27.4
28.2
21.0
23.4
18.2
16.3
4.2
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
83
-
1,939
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.3
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
180
225
5,884
2,283
2,555
28.0
28.0
10.6
12.3
16.9
14.7
3.6
3.1
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
810
-
31,921
2,850
3,265
70.1
71.0
26.2
30.4
30.9
26.6
7.9
7.0
24.3
25.6
10.8
9.3
Hindustan Media
Neutral
273
-
2,002
1,016
1,138
24.3
25.2
27.3
30.1
10.0
9.1
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
247
344
1,473
608
667
21.5
22.3
15.7
19.2
15.8
12.8
2.4
2.1
16.1
16.0
2.0
1.7
Metals & Mining
Coal India
Neutral
245
-
152,330
84,638
94,297
21.4
22.3
24.5
27.1
10.0
9.1
4.2
4.0
42.6
46.0
1.3
1.2
Hind. Zinc
Neutral
251
-
106,034
14,252
18,465
55.9
48.3
15.8
21.5
15.9
11.7
2.6
2.3
17.0
20.7
7.4
5.7
Hindalco
Neutral
189
-
42,355
107,899
112,095
7.4
8.2
9.2
13.0
20.5
14.5
1.0
0.9
4.8
6.6
0.9
0.9
JSW Steel
Neutral
196
-
47,293
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
107
-
33,933
6,643
7,284
44.4
47.7
7.1
7.7
15.1
13.9
1.3
1.3
8.8
9.2
2.9
2.6
SAIL
Neutral
57
-
23,707
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.1
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
237
-
88,042
71,744
81,944
19.2
21.7
13.4
20.1
17.7
11.8
1.5
1.4
8.4
11.3
1.6
1.3
Tata Steel
Neutral
507
-
49,279
121,374
121,856
7.2
8.4
18.6
34.3
27.3
14.8
1.7
1.6
6.1
10.1
1.0
1.0
Oil & Gas
GAIL
Neutral
354
-
59,906
56,220
65,198
9.3
10.1
27.1
33.3
13.1
10.6
1.2
1.1
9.3
10.7
1.3
1.1
ONGC
Neutral
158
-
202,765
137,222
152,563
15.0
21.8
19.5
24.1
8.1
6.6
0.7
0.7
8.5
10.1
1.8
1.6
Indian Oil Corp
Neutral
383
-
186,127
373,359
428,656
5.9
5.5
54.0
59.3
7.1
6.5
1.1
1.0
16.0
15.6
0.7
0.6
Stock Watch
June 27, 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
1,435
-
466,600
301,963
358,039
12.1
12.6
87.7
101.7
16.4
14.1
1.7
1.5
10.7
11.3
2.0
1.7
Pharmaceuticals
Alembic Pharma
Buy
508
648
9,572
3,101
3,966
19.7
20.5
21.4
25.5
23.7
19.9
5.0
4.1
23.0
22.8
3.1
2.2
Alkem Laboratories Ltd
Buy
1,819
2,161
21,749
5,853
6,901
17.1
18.4
74.6
85.0
24.4
21.4
5.1
4.3
21.1
20.2
3.7
3.1
Aurobindo Pharma
Buy
671
823
39,333
14,845
17,086
21.5
22.1
39.4
44.7
17.0
15.0
4.2
3.3
27.6
24.7
2.8
2.4
Aventis*
Neutral
4,153
-
9,566
2,206
2,508
16.6
16.8
128.9
139.9
32.2
29.7
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Reduce
525
450
53,757
9,220
11,584
18.4
20.3
14.5
18.7
36.2
28.1
7.7
6.3
23.5
24.6
6.2
4.7
Cipla
Reduce
541
461
43,515
14,281
16,619
15.4
16.2
12.5
19.7
43.3
27.5
3.5
3.1
8.4
12.0
3.2
2.7
Dr Reddy's
Neutral
2,643
-
43,792
14,081
15,937
16.1
18.6
72.6
105.9
36.4
25.0
3.6
3.2
9.6
13.6
3.3
3.0
Dishman Pharma
Sell
143
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,465
-
20,877
2,927
3,290
11.8
16.2
34.4
49.6
71.7
49.7
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Sell
186
153
1,714
1,067
1,154
12.1
14.9
8.4
11.3
22.2
16.5
2.6
2.3
12.6
15.0
1.8
1.7
Ipca labs
Buy
474
620
5,975
3,211
3,593
13.9
14.5
15.4
19.4
30.8
24.4
2.4
2.2
8.2
9.5
2.0
1.7
Lupin
Buy
1,061
1,526
47,919
17,120
18,657
24.1
24.1
56.9
61.1
18.6
17.4
3.5
3.0
20.7
18.6
3.1
2.5
Natco Pharma
Accumulate
972
1,060
16,949
2,065
1,988
33.1
33.7
27.9
25.7
34.9
37.8
10.2
8.7
29.2
22.9
8.3
8.4
Sun Pharma
Buy
544
712
130,507
30,264
32,899
29.0
26.9
32.7
31.6
16.6
17.2
3.6
3.0
22.2
18.7
4.0
3.6
Power
Tata Power
Neutral
81
-
22,017
36,916
39,557
17.4
27.1
5.1
6.3
16.0
12.9
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
158
-
130,155
86,605
95,545
17.5
20.8
11.8
13.4
13.4
11.8
1.4
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
205
223
107,405
25,315
29,193
88.2
88.7
14.2
17.2
14.5
12.0
2.2
1.9
15.2
16.1
8.9
8.0
Real Estate
Prestige Estate
Neutral
246
-
9,225
4,707
5,105
25.2
26.0
10.3
13.0
23.9
18.9
1.9
1.8
10.3
10.2
3.1
2.8
MLIFE
Buy
427
522
2,192
1,152
1,300
22.7
24.6
29.9
35.8
14.3
11.9
1.1
1.0
7.6
8.6
2.6
2.2
Telecom
Bharti Airtel
Neutral
366
-
146,265
105,086
114,808
34.5
34.7
12.2
16.4
30.0
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
79
-
28,614
40,133
43,731
37.2
37.1
6.4
6.5
12.4
12.2
1.0
1.0
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,316
-
9,171
3,153
3,583
14.1
14.4
152.2
182.7
28.4
23.6
139.2
118.9
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
413
447
1,241
1,066
1,169
11.6
12.5
13.0
16.0
31.7
25.8
3.1
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Buy
329
395
3,330
4,801
5,351
5.7
6.2
10.4
13.7
31.6
24.0
3.9
3.5
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
223
-
1,595
1,353
1,471
12.3
12.4
14.5
16.3
15.4
13.7
21.2
19.1
14.5
14.6
1.1
119.5
Coffee Day Enterprises
Neutral
247
-
5,083
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
192
-
123
1,137
1,256
3.1
2.7
28.0
23.6
6.9
8.1
37.0
33.4
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
58
-
647
1,482
1,660
13.7
14.5
3.9
5.8
14.8
9.9
3.5
3.2
7.8
10.9
0.8
0.7
Stock Watch
June 27, 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
480
-
7,337
2,883
3,115
12.0
12.1
14.2
18.6
33.8
25.8
18.0
15.7
15.8
14.6
2.2
2.0
Garware Wall Ropes
Neutral
823
-
1,802
863
928
15.1
15.2
36.4
39.4
22.6
20.9
4.1
3.5
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
874
-
2,017
1,598
1,704
10.4
10.2
49.4
52.6
17.7
16.6
81.7
71.7
18.2
17.0
0.9
135.0
Hitachi
Neutral
1,973
-
5,366
2,081
2,433
8.8
8.9
33.4
39.9
59.1
49.5
47.7
39.7
22.1
21.4
2.6
2.2
HSIL
Neutral
374
-
2,707
2,384
2,515
15.8
16.3
15.3
19.4
24.5
19.3
24.3
20.9
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,242
-
44,902
21,122
26,005
14.5
27.6
110.7
132.1
11.2
9.4
67.1
47.9
168.5
201.1
2.1
1.7
Jyothy Laboratories
Neutral
366
-
6,652
1,440
2,052
11.5
13.0
8.5
10.0
43.1
36.6
10.4
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
407
-
5,886
2,554
2,800
9.9
10.0
10.5
12.1
38.8
33.6
16.2
15.3
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
283
-
419
382
420
9.3
9.5
13.5
15.7
21.0
18.0
3.6
3.1
17.1
17.3
1.2
1.0
M M Forgings
Neutral
612
-
739
546
608
20.4
20.7
41.3
48.7
14.8
12.6
83.8
74.2
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
787
-
4,503
836
1,087
19.6
19.4
16.9
23.8
46.6
33.1
5.6
4.9
12.0
14.8
5.1
3.9
Mirza International
Neutral
149
-
1,794
963
1,069
17.2
18.0
6.1
7.5
24.3
19.9
3.7
3.2
15.0
15.7
2.1
1.9
MT Educare
Neutral
64
-
253
366
417
17.7
18.2
9.4
10.8
6.8
5.9
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
309
-
6,315
1,873
2,166
11.5
11.7
2.6
4.0
116.8
77.9
7.2
6.5
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
209
265
2,981
347
371
43.2
37.3
6.7
6.0
31.3
34.9
2.2
1.9
6.2
10.6
9.7
9.1
Navneet Education
Neutral
177
-
4,143
1,062
1,147
24.0
24.0
6.1
6.6
29.1
26.8
6.0
5.3
20.6
19.8
4.0
3.7
Nilkamal
Neutral
1,946
-
2,903
1,995
2,165
10.7
10.4
69.8
80.6
27.9
24.1
111.2
96.6
16.6
16.5
1.5
1.3
Page Industries
Neutral
16,324
-
18,207
2,450
3,124
20.1
17.6
299.0
310.0
54.6
52.7
363.6
277.5
47.1
87.5
7.5
5.9
Parag Milk Foods
Neutral
212
-
1,786
1,919
2,231
9.3
9.6
9.5
12.9
22.5
16.4
3.5
2.9
15.5
17.5
1.1
0.9
Quick Heal
Neutral
207
-
1,454
408
495
27.3
27.0
7.7
8.8
26.8
23.6
2.5
2.5
9.3
10.6
2.7
2.3
Radico Khaitan
Buy
123
147
1,634
1,667
1,824
13.0
13.2
6.7
8.2
18.5
15.0
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
490
-
5,886
2,085
2,469
9.2
8.2
7.6
8.0
64.8
61.7
25.1
21.5
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
270
-
3,908
1,036
1,160
15.1
15.0
6.1
7.2
44.3
37.6
4.7
4.3
10.7
11.5
3.6
3.2
Siyaram Silk Mills
Buy
2,072
2,500
1,943
1,574
1,769
12.5
12.7
97.1
113.1
21.3
18.3
3.3
2.8
15.4
15.5
1.4
1.3
Styrolution ABS India*
Neutral
826
-
1,453
1,440
1,537
9.2
9.0
40.6
42.6
20.4
19.4
52.0
47.2
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
286
-
1,253
3,342
3,625
7.8
7.5
17.3
19.8
16.6
14.5
31.4
25.2
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,336
-
2,283
3,229
4,001
1.5
1.8
22.8
32.8
58.7
40.7
6.3
5.4
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
187
-
750
287
384
20.5
20.5
7.6
10.7
24.6
17.5
5.1
4.2
20.7
23.5
2.6
2.0
Transport Corporation of
Neutral
295
-
2,256
2,671
2,911
8.5
8.8
13.9
15.7
21.3
18.8
2.9
2.6
13.7
13.8
1.0
0.9
India
Stock Watch
June 27, 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
3,912
-
2,995
2,304
2,614
13.7
13.8
231.1
266.6
16.9
14.7
439.5
346.1
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
408
-
1,126
619
685
33.2
33.4
30.0
34.9
13.6
11.7
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
504
-
801
1,051
1,138
10.3
10.4
21.0
23.1
24.0
21.8
64.7
60.6
9.0
9.2
1.0
1.0
VRL Logistics
Neutral
326
-
2,971
1,902
2,119
16.7
16.6
14.6
16.8
22.4
19.4
4.9
4.3
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
190
218
2,688
1,270
1,450
10.4
10.4
5.6
6.5
34.0
29.3
7.0
6.1
20.7
21.1
2.1
1.8
Navin Fluorine
Buy
2,977
3,650
2,930
789
945
21.1
22.4
120.1
143.4
24.8
20.8
4.0
3.4
17.8
18.5
3.6
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 23, 2017
Market Outlook
June 27, 2017
Research Team Tel: 022 - 39357800
DISCLAIMER
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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
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trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
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contrary view, if any.
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Market Outlook
June 27, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.0
2.0
0.5
2.0
1.1
1.3
1.0
-
(1.0)
(0.4)
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
