Market Outlook

July 27, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

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

BSE Sensex

0.5

154

32,382

U.S. markets mostly higher on the back of strong earnings and following the Federal

Nifty

0.6

10,021

Reserve's decision to keep interest rates unchanged. The Fed was widely expected to

Mid Cap

0.2

15,340

keep monetary policy steady. The central bank, however, laid the groundwork for

Small Cap

0.3

144

16,099

winding down its massive stimulus program in September.

Bankex

0.7

205

27,962

The European markets posted gains in early trade Wednesday, before settling into a

sideways pattern. Solid U.K. GDP data and a number of positive corporate financial

Global Indices

Chg (%)

(Pts)

(Close)

reports helped the markets to log modest gains. Energy stocks also benefitted from

the continued rise in crude oil prices.

Dow Jones

0.5

198

21,711

Nasdaq

0.1

6,423

A surge in late-session buying on the back of positive global cues helped India's

FTSE

0.24

7,452

benchmark indexes Sensex and the Nifty end at fresh record highs on Wednesday.

Nikkei

(00.5

20,050

The BSE Sensex rose 154 points or 0.5% to 32,382 while the broader Nifty index

Hang Seng

0.3

289

26,941

finished up 56 points or 0.6% at 10,021, closing above 10,000 for the first time

Shanghai Com

0.1

3,248

ever.

Result Preview and Review

Advances / Declines

BSE

NSE

 Preview: Dr. Reddy’s Labs & HCL Tech

Advances

1,329

1,843

Declines

1,374

838

 Review: Yes Bank

Unchanged

174

Detailed analysis is on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

4,053

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

29,075

Refer Pg7 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

FII

(56321

( 1,471

57,379

Company

Sector

Rating

(`)

(%)

MFs

1,038

6,239

45,385

Blue Star

Capital Goods

Accumulate

697

760

9.0

Dewan Housing FinanceFinancials

Buy

459

550

19.9

Mahindra Lifespace

Real Estate

Buy

428

522

21.9

Top Gainers

Price (`)

Chg (%)

Navkar Corporation

Others

Buy

202

265

31.0

Get&Dm

393

19.9

KEI Industries

Capital Goods

Accumulate

233

258

10.8

Sparc

360

9.2

More Top Picks on Pg5

Jindalstel

152

8.4

Key Upcoming Events

Jpassociat

7.6

Consensus

Date

Region

Event Description

Reading

Expectations

Mmtc

6.4

Jul 27, 2017

FOMC rate decision

1.25

Jul 28, 2017

Euro Zone Euro-Zone Consumer Confidence

(1.70)

Top Losers

Price (`)

Chg (%)

Jul 28, 2017

Germany PMI Manufacturing

58.30

Renuka

220

(6.5)

Jul 31, 2017

GDP Qoq (Annualised)

1.40

2.50

Lakshvilas

183

(6.0)

Aug 01, 2017 China

PMI Manufacturing

51.70

51.50

More Events on Pg7

Sreinfra

124

(3.6)

Federalbnk

115

(3.6)

Orientbank

152

(3.4)

#as on 26^t July, 2017

www.angelbroking.com

Market Outlook

July 27, 2017

Result Preview

Dr Reddy’s Lab (CMP: `2,705 / TP: /Upside :)

Dr Reddy’s Labs, is expected to put the up sales of `3,636cr in 1QFY2018 V/s

`3,235cr, a yoy growth of 12.4%. On operating front, the EBDITA is expected to

come in at 16.1% in 1QFY2018 V/s 11.7% in 1QFY2017. Consequently, the PAT

is expected to come at `321cr in 1QFY2018 V/s `126cr in 1QFY2017, a yoy

growth of 154.5%. We maintain our neutral rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

15,937

18.6

1,757

105.9

13.6

25.5

3.3

16.2

3.0

FY2019E

18,079

18.2

1,967

118.7

13.7

22.8

3.0

14.6

2.7

HCL Tech (CMP: `889 / TP: `1014/Upside: 14.1%)

HCL Tech for 1QFY2018 is expected to announce good set of numbers. The sales

is expected to come in at US$1,891mn V/s US$1,817mn in 4QFY2017, a qoq

growth of 4.1% qoq. In Rupee terms, the sales are expected to be come in at

`12,208cr V/s `12,053cr in 4QFY2017, a qoq growth of 1.3%. On the operating

profit front the EBIT came in at 19.5% V/s 20.0% in 4QFY2017, a qoq dip of

55bps. The PAT is expected to come in at `2,101cr V/s `2,325cr in 4QFY2017, a

qoq dip of 9.6%. We maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

52,342

20.9

8,860

62.8

22.4

14.2

3.2

9.7

2.0

FY2019E

57,053

20.9

9,536

67.6

20.6

13.1

2.7

8.4

1.8

Result Review

Strong operating performance and improving asset quality to ensure healthy

bottom-line growth for Yes Bank going ahead:

Yes Bank’s Q1FY18 results have been in line with expectations. For five

consecutive quarters the bank has been delivering loan growth above 30%, with

growth in Q1FY18 coming in at 32%. Deposit growth also remained strong at

22.6%. Yes Bank has been aggressively expanding its CASA base and now the

CASA ratio has gone up to 36.5% a gain of 690 bps over last year. One of the

large cement accounts was recognised as NPAs during Q4FY17 and hence the

asset quality has seen deterioration with GNPAs going up to 1.50% in Q4FY17 vs

0.85% in Q3FY17.

www.angelbroking.com

Market Outlook

July 27, 2017

However, during that time the management was fairly confident that the account

will get regularised and accordingly there has been recovery from that account.

This has resulted in GNPAs has come down by `654 cr in absolute terms and 55

bps QoQ to 0.97%. With asset quality concerns easing and core operations

remaining strong the earnings visibility of the bank has improved. The stock is

trading at 2.7x its FY19E Book Value. We upgrade the stock to ACCUMULATE.

Economic and Political News

 No plans to take up delayed residential projects of private builders: Govt

 GST impact: CNG price hiked by `1.1 a kg in Delhi, still cheaper than NCR

 Continued decline in telcos revenue to impact govt collections: Manoj Sinha

Corporate News

 Maruti Suzuki launches first Nexa service centre, eyes 300 outlets by 2020

 PVR Q1 net rises 4% at `44cr

 Indiabulls Housing Finance Q1 net rises 25% to `788cr

www.angelbroking.com

Market Outlook

July 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

22,045

1,844

2,161

17.2

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,255

417

480

15.1

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

6,679

697

760

9.0

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

14,384

459

550

19.9

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

8,297

137

160

16.5

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

1,812

233

258

10.8

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,197

428

522

21.9

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,885

202

265

31.0

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,170

2,315

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

1,453

244

344

41.2

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

2,28,915

7,578

8,495

12.1

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 27, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

1.70

11:30 PMUS

FOMC rate decision

Jul 26

1.25

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.00

Jul 27, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jul 22

233.00

240.00

Jul 28, 2017

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

51.50

2:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul F

(1.70)

Jul 31, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.50

Aug 01, 2017

1:25 PMGermany

PMI Manufacturing

Value

Jul F

58.30

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 02, 2017

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

5.75

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

6.00

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Aug 03, 2017

1:25 PMGermany

PMI Services

Value

Jul F

53.50

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

Aug 04, 2017

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

178.00

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 27, 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

Stock Watch

July 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

242

209

4,698

1,937

2,164

13.3

14.3

9.0

11.0

26.8

22.0

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

873

44,356

15,176

17,604

18.5

37.4

44.6

23.4

19.6

4.6

3.8

21.4

21.2

3.0

2.6

Auto & Auto Ancillary

Ashok Leyland

Accumulate

106

116

31,065

20,019

22,789

11.1

11.7

4.3

5.5

24.7

19.4

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,838

82,124

25,093

27,891

19.5

19.2

143.9

162.5

19.7

17.5

5.5

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,138

26,500

7,726

8,713

20.5

21.2

35.3

42.7

32.3

26.7

6.0

5.4

18.9

20.1

3.5

3.0

Eicher Motors

Neutral

29,002

78,951

16,583

20,447

17.5

18.0

598.0

745.2

48.5

38.9

16.6

12.6

41.2

38.3

4.6

3.7

Gabriel India

Neutral

149

2,140

1,544

1,715

9.0

9.3

5.4

6.3

27.6

23.6

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,718

74,242

28,120

30,753

15.2

15.6

169.1

189.2

22.0

19.7

7.6

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

257

2,050

1,486

1,620

9.8

9.9

15.0

17.2

15.0

3.8

3.2

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

763

1,198

1,302

1,432

11.6

11.9

43.7

53.0

17.5

14.4

2.5

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,413

87,763

46,534

53,077

11.6

11.7

67.3

78.1

21.0

18.1

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Accumulate

7,578

8,495

228,915

67,822

83,717

15.2

15.0

243.0

291.5

31.2

26.0

7.1

5.8

22.9

22.4

3.1

2.4

Minda Industries

Neutral

777

6,712

2,728

3,042

9.0

9.1

68.2

86.2

11.4

9.0

2.6

2.1

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

322

67,871

45,896

53,687

7.8

8.3

13.0

16.1

24.7

20.0

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,334

1,056

511

562

11.3

11.5

28.1

30.9

47.5

43.2

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

555

741

837

13.0

15.2

17.0

2.7

2.4

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

457

131,880

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

571

27,123

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

Amara Raja Batteries

Accumulate

847

962

14,474

5,339

6,220

15.9

15.3

28.0

32.3

30.3

26.2

5.8

4.9

19.1

18.5

2.7

2.3

Exide Industries

Neutral

217

18,437

7,439

8,307

15.0

8.1

9.3

26.8

23.3

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

266

13,550

12,877

14,504

14.3

13.9

21.4

23.0

12.4

11.6

1.9

1.7

16.4

15.2

1.2

1.1

Ceat

Neutral

1,873

7,577

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

JK Tyres

Neutral

167

3,790

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

Swaraj Engines

Neutral

2,122

2,636

660

810

15.2

16.4

54.5

72.8

38.9

29.2

12.1

11.0

31.5

39.2

3.8

3.1

Subros

Neutral

245

1,469

1,488

1,681

11.7

11.9

6.4

7.2

38.3

34.2

4.0

3.7

10.8

11.4

1.2

1.1

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

Capital Goods

ACE

Neutral

703

709

814

4.1

4.6

1.4

2.1

50.8

33.9

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,656

6,897

3,451

4,055

6.3

9.2

31.4

57.9

52.7

28.6

3.2

2.9

6.3

10.9

2.1

1.8

Bharat Electronics

Neutral

176

39,200

8,137

9,169

16.8

17.2

58.7

62.5

3.0

2.8

0.5

0.4

44.6

46.3

3.8

3.4

www.angelbroking.com

Stock Watch

July 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

498

16,463

6,511

7,514

7.9

8.7

12.9

16.3

38.6

30.5

6.9

6.1

16.7

18.5

2.3

1.9

BGR Energy

Neutral

152

1,096

16,567

33,848

6.0

5.6

7.8

5.9

19.5

25.8

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

144

35,233

28,797

34,742

2.8

2.3

6.9

62.6

20.9

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

697

760

6,679

4,283

5,077

5.9

7.3

14.9

22.1

46.9

31.5

9.1

7.7

20.4

26.4

1.6

1.4

CG Power and Industrial

Neutral

5,321

5,777

6,120

5.9

7.0

3.3

4.5

25.7

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

165

4,027

1,755

1,881

16.8

16.9

7.8

8.5

21.1

19.4

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

134

2,964

5,605

6,267

15.7

16.4

24.8

30.0

5.4

4.5

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

302

7,773

9,294

10,186

7.9

8.1

9.9

11.9

30.5

25.4

4.5

3.9

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

233

258

1,812

2,633

3,001

10.4

10.0

12.7

13.0

18.3

17.9

3.9

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

906

10,792

5,421

5,940

7.3

25.7

30.2

35.2

30.0

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Accumulate

598

681

3,261

3,136

3,845

8.9

9.1

26.0

35.9

23.0

16.6

2.9

2.5

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,710

32,120

11,225

13,172

13.2

16.9

44.5

75.5

38.4

22.7

3.6

3.4

11.2

14.2

2.9

2.4

Ambuja Cements

Neutral

265

52,570

9,350

10,979

18.2

22.5

5.8

9.5

45.7

27.9

3.8

3.4

10.2

12.5

5.6

4.8

India Cements

Neutral

212

6,533

4,364

4,997

18.5

19.2

7.9

11.3

26.8

18.8

1.9

8.0

8.5

2.3

2.0

JK Cement

Neutral

988

6,908

4,398

5,173

15.5

17.5

31.2

55.5

31.7

17.8

3.8

3.3

12.0

15.5

2.1

1.8

J K Lakshmi Cement

Neutral

459

5,395

2,913

3,412

14.5

19.5

7.5

22.5

61.1

20.4

3.8

3.2

12.5

18.0

2.4

2.0

Orient Cement

Neutral

160

3,279

2,114

2,558

18.5

20.5

8.1

11.3

19.8

14.2

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,077

111,936

25,768

30,385

21.0

23.5

111.0

160.0

36.7

25.5

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

3,046

8,946

10,017

31.0

31.6

8.1

9.1

11.4

10.2

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

210

2,947

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

1,180

1,700

165,186

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

148

7,174

705

788

52.2

51.7

5.0

5.6

29.7

26.5

2.9

2.6

11.2

9.8

8.3

Nagarjuna Const.

Neutral

5,015

8,842

9,775

9.1

8.8

5.3

6.4

17.0

14.1

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

142

3,647

2,350

2,904

13.1

13.2

9.0

8.8

15.8

16.2

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

489

2,420

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

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

287

4,929

3,598

4,140

10.3

10.6

9.0

11.9

31.9

24.1

3.3

2.9

9.9

11.9

1.7

1.4

NBCC

Neutral

211

18,963

7,428

9,549

7.9

8.6

8.2

11.0

25.7

19.2

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

126

2,050

1,877

1,943

30.6

29.8

3.0

4.2

42.0

30.0

20.3

13.7

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 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

106

3,718

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

163

10,967

1,725

1,935

16.0

19.1

11.4

13.9

14.3

11.7

2.0

1.9

13.4

15.3

5.3

4.7

Financials

Axis Bank

Accumulate

529

580

126,775

46,932

53,575

3.5

3.4

32.4

44.6

16.4

11.9

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

163

37,604

19,980

23,178

1.8

11.5

17.3

14.2

9.4

1.6

1.3

8.3

10.1

Canara Bank

Neutral

357

21,335

15,225

16,836

1.8

14.5

28.0

24.6

12.8

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,050

8,118

420

526

3.5

86.5

107.8

35.3

28.3

7.6

6.2

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,147

1,230

17,921

2,012

2,317

6.3

42.7

53.6

26.9

21.4

4.3

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

459

550

14,384

2,225

2,688

2.9

29.7

34.6

15.5

13.3

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

169

235

5,716

939

1,281

11.7

11.5

5.8

8.2

29.1

20.6

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

115

125

22,306

8,259

8,995

3.0

4.3

5.6

26.7

20.5

2.3

2.1

8.5

10.1

HDFC

Neutral

1,633

260,159

11,475

13,450

3.4

45.3

52.5

36.1

31.1

7.0

6.1

20.2

20.5

HDFC Bank

Accumulate

1,750

1,850

450,365

46,097

55,433

4.5

58.4

68.0

30.0

25.7

5.3

4.4

18.8

18.6

ICICI Bank

Neutral

310

198,930

42,800

44,686

3.1

3.3

18.0

21.9

17.2

14.2

2.3

2.2

11.1

12.3

Karur Vysya Bank

Buy

137

160

8,297

5,640

6,030

3.3

3.2

8.9

10.0

15.4

13.7

1.6

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

183

3,517

3,339

3,799

2.7

2.8

11.0

14.0

16.7

13.1

1.7

1.6

11.2

12.7

LIC Housing Finance

Neutral

737

37,196

3,712

4,293

2.6

2.5

39.0

46.0

18.9

16.0

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

159

33,792

23,532

23,595

2.3

2.4

6.8

12.6

23.4

12.6

3.6

2.6

3.3

6.5

RBL Bank

Neutral

528

19,897

1,783

2,309

2.6

12.7

16.4

41.6

32.2

4.5

4.1

12.8

13.3

Repco Home Finance

Accumulate

782

825

4,890

388

457

4.5

4.2

30.0

38.0

26.1

20.6

4.3

3.6

18.0

19.2

South Ind.Bank

Neutral

5,509

6,435

7,578

2.5

2.7

3.1

11.3

9.9

1.5

1.2

10.1

11.2

St Bk of India

Neutral

296

255,293

88,650

98,335

2.6

13.5

18.8

21.9

15.7

2.1

1.8

7.0

8.5

Union Bank

Neutral

160

10,968

13,450

14,925

2.3

25.5

34.5

6.3

4.6

0.9

0.8

7.5

10.2

Yes Bank

Accumulate

1,713

1,850

78,348

8,978

11,281

3.3

3.4

74.0

90.0

23.1

19.0

4.4

3.7

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,768

8,478

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

1,134

108,730

17,128

18,978

16.8

16.4

19.1

20.7

59.4

54.8

20.7

19.5

34.8

35.5

6.3

5.7

Britannia

Neutral

3,854

46,268

9,594

11,011

14.6

14.9

80.3

94.0

48.0

41.0

19.7

15.2

41.2

4.7

4.0

Colgate

Neutral

1,066

28,984

4,605

5,149

23.4

23.8

26.9

44.8

39.6

24.8

19.4

64.8

66.8

6.2

5.5

Dabur India

Neutral

306

53,920

8,315

9,405

19.8

20.7

8.1

9.2

37.8

33.3

10.5

8.7

31.6

31.0

6.1

5.4

GlaxoSmith Con*

Neutral

5,504

23,147

4,350

4,823

21.2

21.4

179.2

196.5

30.7

28.0

8.2

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 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

1,025

69,816

10,235

11,428

18.4

18.6

41.1

44.2

24.9

23.2

5.5

4.7

24.9

24.8

6.9

6.1

HUL

Neutral

1,164

252,009

35,252

38,495

17.8

20.7

22.4

56.4

52.0

53.9

46.2

95.6

88.9

7.0

6.4

ITC

Neutral

293

356,828

40,059

44,439

38.3

39.2

9.0

10.1

32.7

29.0

9.1

8.0

27.8

27.5

8.4

7.6

Marico

Neutral

326

42,115

6,430

7,349

18.8

19.5

6.4

7.7

51.0

42.4

15.4

13.0

33.2

32.5

6.4

5.5

Nestle*

Neutral

6,787

65,440

10,073

11,807

20.7

21.5

124.8

154.2

54.4

44.0

22.3

20.1

34.8

36.7

6.3

5.4

Tata Global

Neutral

172

10,868

8,675

9,088

9.8

7.4

8.2

23.3

21.0

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,039

26,096

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

HCL Tech^

Accumulate

891

1,014

127,209

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

228,259

68,484

73,963

26.0

63.0

64.0

15.8

15.5

3.3

3.0

20.8

19.7

3.0

2.7

TCS

Neutral

2,555

503,405

117,966

127,403

27.5

27.6

134.3

144.5

19.0

17.7

5.7

5.3

29.8

29.7

3.9

3.6

Tech Mahindra

Buy

389

533

37,960

29,141

31,051

14.4

15.0

32.3

35.6

12.1

10.9

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

290

141,101

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

377

6,929

2,297

2,590

27.4

28.2

21.0

23.4

17.9

16.1

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,020

2,693

2,991

12.6

12.9

7.9

9.0

11.0

9.6

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

175

225

5,718

2,283

2,555

28.0

10.6

12.3

16.5

14.3

3.5

3.1

21.4

2.5

2.2

Sun TV Network

Neutral

805

31,724

2,850

3,265

70.1

71.0

26.2

30.4

30.7

26.5

7.9

6.9

24.3

25.6

10.7

9.2

Hindustan Media

Neutral

281

2,063

1,016

1,138

24.3

25.2

27.3

30.1

10.3

9.3

2.0

1.7

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

244

344

1,453

608

667

21.5

22.3

15.7

19.2

15.5

12.7

2.4

2.0

16.1

16.0

2.0

1.7

Music Broadcast Limited Buy

363

434

2,071

271

317

91.0

109.0

6.0

10.0

60.5

36.3

3.8

3.4

6.5

9.3

7.2

5.9

Metals & Mining

Coal India

Neutral

260

161,455

84,638

94,297

21.4

22.3

24.5

27.1

10.6

9.6

4.4

4.2

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

285

120,253

14,252

18,465

55.9

48.3

15.8

21.5

18.0

13.2

2.9

2.6

17.0

20.7

8.4

6.5

Hindalco

Neutral

221

49,626

107,899

112,095

7.4

8.2

9.2

13.0

24.0

17.0

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

219

52,973

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.8

1.5

NMDC

Neutral

124

39,153

6,643

7,284

44.4

47.7

7.1

7.7

17.4

16.1

1.5

8.8

9.2

3.7

3.3

SAIL

Neutral

26,391

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.6

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

281

104,435

71,744

81,944

19.2

21.7

13.4

20.1

21.0

14.0

1.8

1.6

8.4

11.3

1.8

1.5

Tata Steel

Neutral

565

54,913

121,374

121,856

7.2

8.4

18.6

34.3

30.4

16.5

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

376

63,542

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

164

210,465

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

www.angelbroking.com

Stock Watch

July 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

Indian Oil Corp

Neutral

374

181,441

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

0.5

Reliance Industries

Neutral

1,622

527,399

301,963

358,039

12.1

12.6

87.7

101.7

18.5

16.0

1.9

1.7

10.7

11.3

2.2

1.9

Pharmaceuticals

Alembic Pharma

Buy

543

648

10,227

3,101

3,966

19.7

20.5

21.4

25.5

25.4

21.3

5.4

4.4

23.0

22.8

3.3

2.4

Alkem Laboratories Ltd

Buy

1,844

2,161

22,045

5,853

6,901

17.1

18.4

74.6

85.0

24.7

21.7

5.2

4.4

21.1

20.2

3.7

3.2

Aurobindo Pharma

Accumulate

748

823

43,821

14,845

17,086

21.5

22.1

39.4

44.7

19.0

16.7

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,294

9,889

2,206

2,508

16.6

16.8

128.9

139.9

33.3

30.7

5.7

4.5

21.6

23.5

4.3

3.6

Cadila Healthcare

Sell

548

450

56,065

9,220

11,584

18.4

20.3

14.5

18.7

37.8

29.3

8.1

6.5

23.5

24.6

6.4

4.9

Cipla

Sell

575

461

46,253

14,281

16,619

15.4

16.2

12.5

19.7

46.0

29.2

3.7

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,711

44,928

14,081

15,937

16.1

18.6

72.6

105.9

37.3

25.6

3.7

3.3

9.6

13.6

3.4

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

2,479

20,994

2,927

3,290

11.8

16.2

34.4

49.6

72.1

50.0

10.5

10.9

13.9

21.3

7.0

6.3

Indoco Remedies

Sell

201

153

1,851

1,067

1,154

12.1

14.9

8.4

11.3

23.9

17.8

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

493

620

6,214

3,211

3,593

13.9

14.5

15.4

19.4

32.0

25.4

2.5

2.3

8.2

9.5

2.1

1.8

Lupin

Buy

1,124

1,526

50,792

17,120

18,657

24.1

56.9

61.1

19.8

18.4

3.7

3.1

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

1,001

1,060

17,455

2,065

1,988

33.1

33.7

27.9

25.7

35.9

39.0

10.5

8.9

29.2

22.9

8.5

8.6

Sun Pharma

Buy

578

712

138,784

30,264

32,899

29.0

26.9

32.7

31.6

17.7

18.3

3.8

3.2

22.2

18.7

4.3

3.9

Power

Tata Power

Neutral

22,328

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

NTPC

Neutral

166

136,833

86,605

95,545

17.5

20.8

11.8

13.4

14.1

12.4

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

217

113,447

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

Real Estate

Prestige Estate

Neutral

258

9,666

4,707

5,105

25.2

26.0

10.3

13.0

25.0

19.8

2.0

1.9

10.3

10.2

3.2

2.9

MLIFE

Buy

428

522

2,197

1,152

1,300

22.7

24.6

29.9

35.8

14.3

12.0

1.1

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

426

170,389

105,086

114,808

34.5

34.7

12.2

16.4

34.9

26.0

2.4

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

34,132

40,133

43,731

37.2

37.1

6.4

6.5

14.8

14.6

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,311

9,160

3,153

3,583

14.1

14.4

152.2

182.7

28.3

23.6

139.1

118.8

25.6

26.1

2.6

2.2

Asian Granito

Buy

417

480

1,255

1,066

1,169

11.6

12.5

13.0

16.0

32.1

26.1

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

341

395

3,458

4,801

5,351

5.7

6.2

10.4

13.7

32.7

24.9

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

238

1,702

1,353

1,471

12.3

12.4

14.5

16.3

16.4

14.6

22.7

20.4

14.5

14.6

1.2

129.0

Coffee Day Enterprises

Neutral

245

5,056

2,964

3,260

20.5

21.2

4.7

8.0

30.7

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

236

151

1,137

1,256

3.1

2.7

28.0

23.6

8.4

10.0

45.3

40.9

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

July 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

Elecon Engineering

Neutral

692

1,482

1,660

13.7

14.5

3.9

5.8

15.8

10.6

3.7

3.4

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

490

7,498

2,883

3,115

12.0

12.1

14.2

18.6

34.5

26.4

18.4

16.1

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

895

1,959

863

928

15.1

15.2

36.4

39.4

24.6

22.7

4.5

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

890

2,053

1,598

1,704

10.4

10.2

49.4

52.6

18.0

16.9

83.2

73.0

18.2

17.0

1.0

138.4

Hitachi

Neutral

2,011

5,467

2,081

2,433

8.8

8.9

33.4

39.9

60.2

50.4

48.6

40.5

22.1

21.4

2.6

2.2

HSIL

Neutral

381

2,754

2,384

2,515

15.8

16.3

15.3

19.4

24.9

19.6

24.7

21.3

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,235

44,645

21,122

26,005

14.5

27.6

110.7

132.1

11.2

9.4

66.7

47.7

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

376

6,833

1,440

2,052

11.5

13.0

8.5

10.0

44.3

37.6

10.7

9.9

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

400

5,782

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

401

382

420

9.3

9.5

13.5

15.7

20.1

17.3

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

611

738

546

608

20.4

20.7

41.3

48.7

14.8

12.5

83.7

74.1

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

795

4,548

836

1,087

19.6

19.4

16.9

23.8

47.1

33.4

5.6

4.9

12.0

14.8

5.2

3.9

Mirza International

Neutral

161

1,935

963

1,069

17.2

18.0

6.1

7.5

26.2

21.4

4.0

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

293

366

417

17.7

18.2

9.4

10.8

7.9

6.8

1.7

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

298

6,098

1,873

2,166

11.5

11.7

2.6

4.0

112.8

75.3

6.9

6.3

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

202

265

2,885

347

371

43.2

37.3

6.7

6.0

30.3

33.7

2.1

1.9

6.2

10.6

9.4

8.8

Navneet Education

Neutral

170

3,962

1,062

1,147

24.0

6.1

6.6

27.9

25.6

5.7

5.1

20.6

19.8

3.8

3.5

Nilkamal

Neutral

1,883

2,810

1,995

2,165

10.7

10.4

69.8

80.6

27.0

23.4

107.6

93.5

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,786

18,723

2,450

3,124

20.1

17.6

299.0

310.0

56.1

54.2

373.9

285.4

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

253

2,132

1,919

2,231

9.3

9.6

9.5

12.9

26.8

19.6

4.2

3.4

15.5

17.5

1.3

1.1

Quick Heal

Neutral

218

1,531

408

495

27.3

27.0

7.7

8.8

28.2

24.8

2.6

9.3

10.6

2.9

2.4

Radico Khaitan

Accumulate

130

147

1,724

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

485

5,823

2,085

2,469

9.2

8.2

7.6

8.0

64.1

61.0

24.9

21.2

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

275

3,975

1,036

1,160

15.1

15.0

6.1

7.2

45.0

38.3

4.8

4.4

10.7

11.5

3.7

3.3

Siyaram Silk Mills

Accumulate

2,315

2,500

2,170

1,574

1,769

12.5

12.7

97.1

113.1

23.8

20.5

3.7

3.2

15.4

15.5

1.6

1.4

Styrolution ABS India*

Neutral

1,110

1,953

1,440

1,537

9.2

9.0

40.6

42.6

27.4

26.1

69.8

63.5

12.3

11.6

1.3

1.2

Surya Roshni

Neutral

290

1,272

3,342

3,625

7.8

7.5

17.3

19.8

16.8

14.7

31.9

25.6

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,335

2,282

3,229

4,001

1.5

1.8

22.8

32.8

58.6

40.6

6.3

5.4

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

206

824

287

384

20.5

7.6

10.7

27.1

19.2

5.7

4.6

20.7

23.5

2.9

2.2

www.angelbroking.com

Stock Watch

July 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

Transport Corporation of

Neutral

319

2,442

2,671

2,911

8.5

8.8

13.9

15.7

23.0

20.4

3.1

2.8

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,714

2,844

2,304

2,614

13.7

13.8

231.1

266.6

16.1

13.9

417.3

328.6

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

386

1,065

619

685

33.2

33.4

30.0

34.9

12.9

11.1

1.8

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

478

758

1,051

1,138

10.3

10.4

21.0

23.1

22.7

20.6

61.2

57.3

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

321

2,933

1,902

2,119

16.7

16.6

14.6

16.8

22.1

19.1

4.8

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

181

218

2,552

1,270

1,450

10.4

5.6

6.5

32.3

27.8

6.7

5.8

20.7

21.1

2.0

1.8

Navin Fluorine

Accumulate

663

730

3,267

789

945

21.1

22.4

24.0

28.7

27.6

23.1

4.4

3.8

17.8

18.5

4.1

3.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 26, 2017

www.angelbroking.com

Market Outlook

July 27, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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