Market Outlook

April 28, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking the SGX Nifty & global cues.

BSE Sensex

(0.3)

(104)

30,030

U.S. Markets closed higher Thursday ahead of major tech company earnings. The

Nifty

(0.1)

(10)

9,342

Dow Jones industrial average and the S&P 500 struggled to hold opening gains,

Mid Cap

0.1

14,772

while the tech-heavy Nasdaq composite closed at a record high.

Small Cap

(0.0)

1(3)

15,279

The majority of the European markets ended Thursday's session in the red, putting

Bankex

0.2

25,251

an end to a six session winning streak. Investors were disappointed after the

European Central Bank again made no changes to its monetary policy, while the

U.S. Federal Reserve has been hiking interest rates.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

0.03

176

20,981

Indian markets fell slightly on Thursday amid profit taking in recent outperformers

on the eve of derivatives expiry.

Nasdaq

0.4

6,049

FTSE

(52)

(0.7)

7,237

News Analysis

Nikkei

(0.2)

(38)

19,252

 Lupin

Hang Seng

0.5

120

24,698

Detailed analysis on Pg2

Shanghai Com

0.4

3,152

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Advances / Declines

BSE

NSE

Advances

1,311

1,496

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Declines

1,585

1,203

Unchanged

157

Top Picks

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Volumes (` Cr)

Blue Star

Capital Goods

Accumulate

676

760

12.4

BSE

5,022

Dewan Housing Fin. Financials

Accumulate

423

460

8.8

NSE

31,047

Mahindra Lifespace

Real Estate

Buy

437

522

19.5

Navkar Corporation Others

Buy

212

265

24.7

KEI Industries

Capital Goods

Accumulate

212

239

12.7

#Net Inflows (` Cr)

Net

Mtd

Ytd

More Top Picks on Pg4

FII

( 144

-1,189.

43,030

MFs

804

4,895

14,333

Key Upcoming Events

683

6,565

16,003

Consensus

Date

Region

Event Description

Reading

Expectations

Top Gainers

Price (`)

Chg (%)

Apr 28, 2017 Euro Zone ECB announces interest rates

0.00

Apr 28, 2017 UK

GDP (YoY)

1.90

2.20

Bankindia

177

8.7

Apr 30, 2017 UK

PMI Manufacturing

54.20

54.00

Network18

6.3

May 02, 2017 China

PMI Manufacturing

51.80

51.70

Jswenergy

5.2

May 02, 2017 Germany PMI Manufacturing

58.20

Mrpl

132

4.9

May 03, 2017 Germany Unemployment change (000's)

-30.00

Idfc

4.8

More Events on Pg5

Top Losers

Price (`)

Chg (%)

Adanient

114

(4.5)

Balkrisind

1,521

(3.1)

Fortis

210

(2.9)

Jublfood

1,020

(2.9)

Prestige

246

(2.8)

#As on April 27, 2017

www.angelbroking.com

Market Outlook

April 28, 2017

News Analysis

Lupin gets 483 for its Goa plant

US health regulator issued Form 483 with three observations to Lupin Goa

plant. The US Food and Drug Administration inspected this plant between

March 27 and April 7, 2017. The observations as per news reports are- failure

to review any unexplained discrepancy; no written procedures for production

and process controls; control procedures that monitor output of manufacturing

processes not established. Goa plant of the company contributed close to 50%

of the US sales (around 25% of consolidated revenue) and accounted for 30

outstanding ANDAs and thus very important for Lupin growth plans. While it’s

difficult to assess the impact on the same as the company still has time to

respond back to the queries and also, since queries are small and can be

responded, as of now we are not changing the estimates and maintain our

buy with a price target of `1,809.

Economic and Political News

 Indian real estate sector to witness $7 billion investment in 2017: CBRE

 Growth in FMCG demand in rural areas to be in double digit: Adi Godrej

 7th Pay Commission: Lavasa panel submits report on allowances to Jaitley

Corporate News

 Biocon Q4 net up 75% at `135cr

 Motilal Oswal Q4 profit jumps 113% to `90cr

 Maruti earmarks `4,500cr capex for FY18

Quarterly Bloomberg Brokers Consensus Estimate

Federal Bank Ltd - Apr 28, 2017

Particulars ( ` cr)

4QFY17E

4QFY16

y-o-y (%)

3QFY17

q-o-q (%)

Net profit

227

2,113.9

206

10.5

Ambuja Cements Ltd - Apr 28, 2017

Particulars ( ` cr)

1QCY17E

1QCY16

y-o-y (%)

4QCY16 q-o-q (%)

Net sales

2,513

2,418

3.9

2,197

14.4

EBITDA

418

450

(7.0)

329

27.1

EBITDA margin (%)

16.6

18.6

15.0

Net profit

263

304

(13.5)

176

49.5

UPL Ltd Consol - Apr 28, 2017

Particulars ( ` cr)

4QFY17E

4QFY16

y-o-y (%)

3QFY17

q-o-q (%)

Net sales

4,897

4,292

14.1

3,855

27.1

EBITDA

1,135

981

15.7

750

51.3

EBITDA margin (%)

23.2

22.9

19.5

Net profit

665

560

18.7

459

44.8

www.angelbroking.com

Market Outlook

April 28, 2017

Dabur India Ltd Consol - May 1, 2017

Particulars ( ` cr)

4QFY17E

4QFY16

y-o-y (%)

3QFY17

q-o-q (%)

Net sales

2,011

2,157

(6.8)

1,848

8.8

EBITDA

401

415

(3.5)

334

20.0

EBITDA margin (%)

19.9

19.3

18.1

Net profit

338

332

1.8

294

15.0

Top Picks ★★★★★

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership in

Alkem Laboratories

22,908

1,916

2,257

17.8

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

We expect the company would report strong profitability

Asian Granito

1,137

378

405

7.1

owing to better product mix, higher B2C sales and

amalgamation synergy..

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

3,514

347

395

13.9

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

6,460

676

760

12.4

growth. EMPPAC division's profitability to improve once

operating environment turns around..

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

Dewan Housing Finance

13,245

423

460

8.8

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,711

169

235

39.0

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,398

196

225

15.0

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,646

212

239

12.7

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,793

437

522

19.5

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

3,030

212

265

24.7

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,595

1,701

1,872

10.1

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 radio business,

TV Today Network

1,607

269

344

27.7

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

April 28, 2017

Key Upcoming Events

Result Calendar

Date

Company

Apr 28, 2017

CEAT, Ambuja Cements, IDFC, Federal Bank

May 1, 2017

Dabur India

May 2, 2017

Marico

May 3, 2017

ICICI Bank, Alembic Pharma

May 4, 2017

Exide Industries, Bank of Maharashtra, MRF

May 5, 2017

Apollo Tyres, Visaka Industries, Aventis

May 6, 2017

L G Balakrishnan & Bros

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Apr 28, 2017

5:15PM Euro Zone

ECB announces interest rates

Apr 27

2:00PM UK

GDP (YoY)

% Change

1Q A

1.90

2.20

Apr 30, 2017

2:00PM UK

PMI Manufacturing

Value

Apr

54.20

54.00

May 2,, 2017 6:30AM China

PMI Manufacturing

Value

Apr

51.80

51.70

1:25PM Germany

PMI Manufacturing

Value

Apr F

58.20

May 3,, 2017 1:25PM Germany

Unemployment change (000's)

Thousands

Apr

(30.00)

11:30PM US

FOMC rate decision

May 3

1.00

2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

1Q A

0.50

May 4,, 2017 1:25PM Germany

PMI Services

Value

Apr F

54.70

May 5,, 2017 6:00PM US

Change in Nonfarm payrolls

Thousands

Apr

98.00

193.00

6:00PM US

Unnemployment rate

Apr

4.50

4.60

May 8,, 2017

China

Exports YoY%

% Change

Apr

16.40

May 10, 2017 7:00AM China

Consumer Price Index (YoY)

% Change

Apr

0.90

India

Imports YoY%

% Change

Apr

45.30

Producer Price Index (mom)

% Change

Apr

(0.20)

May 11, 2017

India

Exports YoY%

% Change

Apr

27.60

2:00PM UK

Industrial Production (YoY)

% Change

Mar

2.80

4:30PM UK

BOE Announces rates

% Ratio

May 11

0.25

May 12, 2017 5:30PM India

Industrial Production YoY

% Change

Mar

(1.20)

6:00PM US

Consumer price index (mom)

% Change

Apr

(0.30)

0.20

11:30AM Germany

GDP nsa (YoY)

% Change

1Q P

1.20

May 15, 201712:00PM India

Monthly Wholesale Prices YoY%

% Change

Apr

5.70

7:30AM China

Industrial Production (YoY)

% Change

Apr

7.60

May 16, 2017 6:00PM US

Housing Starts

Thousands

Apr

1,215.00

6:45PM US

Industrial Production

Apr

0.55

2:00PM UK

CPI (YoY)

% Change

Apr

2.30

2:30PM Euro Zone

Euro-Zone CPI (YoY)

Apr F

1.50

Source: Bloomberg, Angel Research

Market Outlook

April 28, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

8.6

9.0

8.4

7.0

8.3

5.7

7.7

7.8

6.0

8.0

7.4

7.2

5.0

6.9

7.0

6.8

7.0

4.0

2.7

6.0

3.0

2.2

6.0

5.6

1.3

2.0

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.1)

(0.7)

(2.0)

3.0

(1.3)

(3.0)

(1.9)

(2.5)

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

5.5

5.1

52.0

4.8

5.0

4.3

4.2

50.0

3.6

3.7

4.0

3.4

3.2

48.0

3.0

46.0

2.0

44.0

1.0

42.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

30.0

7.00

20.0

6.50

6.00

10.0

5.50

0.0

5.00

4.50

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

April 28, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

240

4,674

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.9

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

820

41,654

15,176

17,604

18.5

37.4

44.6

21.9

18.4

4.3

3.6

21.4

21.2

2.9

2.4

Auto & Auto Ancillary

Amara Raja Batteries

Accumulate

882

1,009

15,067

5,305

6,100

16.0

16.3

28.4

34.0

31.1

25.9

6.0

5.0

19.3

2.8

2.5

Apollo Tyres

Neutral

248

12,616

12,877

14,504

14.3

13.9

21.4

23.0

11.6

10.8

1.8

1.6

16.4

15.2

1.1

Ashok Leyland

Buy

111

24,674

20,021

21,915

11.6

11.9

4.5

5.3

19.3

16.3

3.9

3.5

20.6

21.5

1.2

1.1

Bajaj Auto

Neutral

2,861

82,776

25,093

27,891

19.5

19.2

143.9

162.5

19.9

17.6

5.6

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,134

26,397

7,726

8,713

20.5

21.2

35.3

42.7

32.1

26.6

5.9

5.4

18.9

20.1

3.5

3.0

Ceat

Neutral

1,544

6,244

7,524

8,624

13.0

12.7

131.1

144.3

11.8

10.7

2.2

1.8

19.8

18.6

0.9

0.8

Eicher Motors

Neutral

25,967

70,657

16,583

20,447

17.5

18.0

598.0

745.2

43.4

34.9

14.8

11.3

41.2

38.3

4.1

3.3

Exide Industries

Neutral

228

19,342

7,439

8,307

15.0

8.1

9.3

28.1

24.5

3.9

3.5

14.3

16.7

2.2

2.0

Gabriel India

Neutral

126

1,808

1,544

1,715

9.0

9.3

5.4

6.3

23.3

20.0

4.4

3.9

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,297

65,843

28,083

30,096

15.3

15.7

171.8

187.0

19.2

17.6

6.7

5.6

30.1

27.9

2.2

2.0

Indag Rubber

Neutral

205

538

286

326

19.8

16.8

11.7

13.3

17.5

15.4

3.0

2.8

17.8

17.1

1.5

1.4

Jamna Auto Industries

Neutral

241

1,917

1,486

1,620

9.8

9.9

15.0

17.2

16.0

14.0

3.5

3.0

21.8

21.3

1.4

1.2

JK Tyres

Neutral

161

3,643

7,455

8,056

15.0

21.8

24.5

7.4

6.6

1.5

1.3

22.8

21.3

0.6

0.5

L G Balakrishnan & Bros Neutral

624

979

1,302

1,432

11.6

11.9

43.7

53.0

14.3

11.8

2.0

1.8

13.8

14.2

0.8

Mahindra and Mahindra Neutral

1,338

83,102

46,534

53,077

11.6

11.7

67.3

78.1

19.9

17.1

3.2

2.8

15.4

15.8

1.8

1.5

Maruti

Neutral

6,371

192,460

67,822

83,288

16.0

16.4

253.8

312.4

25.1

20.4

5.8

4.7

23.0

22.9

2.5

2.0

Minda Industries

Neutral

477

3,784

2,728

3,042

9.0

9.1

68.2

86.2

7.0

5.5

1.6

1.3

23.8

24.3

1.4

1.3

Motherson Sumi

Neutral

388

54,445

45,896

53,687

7.8

8.3

13.0

16.1

29.8

24.1

9.6

7.7

34.7

35.4

1.3

1.1

Rane Brake Lining

Neutral

1,004

795

511

562

11.3

11.5

28.1

30.9

35.7

32.5

5.5

5.0

15.3

15.0

1.7

1.6

Setco Automotive

Neutral

549

741

837

13.0

15.2

17.0

2.7

2.4

0.4

15.8

16.3

1.1

1.0

Subros

Neutral

232

1,391

1,488

1,681

11.7

11.9

6.4

7.2

36.2

32.4

3.8

3.5

10.8

11.4

1.2

1.0

Swaraj Engines

Neutral

1,815

2,254

660

810

15.2

16.4

54.5

72.8

33.3

24.9

10.4

9.4

31.5

39.2

3.2

2.6

Tata Motors

Neutral

456

131,649

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

503

23,899

13,390

15,948

6.9

7.1

12.8

16.5

39.4

30.4

9.8

7.8

26.3

27.2

1.8

1.5

Capital Goods

ACE

Neutral

622

709

814

4.1

4.6

1.4

2.1

44.9

29.9

1.9

1.8

4.4

6.0

1.0

0.9

BEML

Neutral

1,407

5,861

3,451

4,055

6.3

9.2

31.4

57.9

44.8

24.3

2.7

2.4

6.3

10.9

1.8

1.5

BGR Energy

Neutral

165

1,191

16,567

33,848

6.0

5.6

7.8

5.9

21.2

28.0

1.2

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

April 28, 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

180

40,105

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

3.9

3.5

BHEL

Neutral

176

43,102

28,797

34,742

2.8

2.3

6.9

76.6

25.5

1.3

4.8

1.2

0.8

Blue Star

Accumulate

676

760

6,460

4,283

5,077

5.9

7.3

14.9

22.1

45.4

30.5

8.8

7.4

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

4,907

5,777

6,120

5.9

7.0

3.3

4.5

23.7

17.4

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

171

4,175

1,755

1,881

16.8

16.9

7.8

8.5

21.9

20.1

4.4

4.1

20.6

20.9

2.1

1.9

Inox Wind

Neutral

197

4,372

5,605

6,267

15.7

16.4

24.8

30.0

7.9

6.6

2.2

1.6

25.9

24.4

0.8

0.7

KEC International

Neutral

218

5,601

9,294

10,186

7.9

8.1

9.9

11.9

22.0

18.3

3.2

2.8

15.6

16.3

0.8

KEI Industries

Accumulate

212

239

1,646

2,682

3,058

10.4

10.0

11.7

12.8

18.0

16.5

3.6

3.0

20.1

18.2

0.8

0.7

Thermax

Neutral

1,030

12,270

5,421

5,940

7.3

25.7

30.2

40.1

34.1

4.8

4.4

12.2

13.1

2.1

2.0

VATech Wabag

Neutral

680

3,712

3,136

3,845

8.9

9.1

26.0

35.9

26.2

18.9

3.3

2.8

13.4

15.9

1.1

0.9

Voltas

Neutral

410

13,550

6,511

7,514

7.9

8.7

12.9

16.3

31.7

25.1

5.7

5.0

16.7

18.5

1.8

1.6

Cement

ACC

Neutral

1,633

30,670

11,225

13,172

13.2

16.9

44.5

75.5

36.7

21.6

3.5

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

249

49,532

9,350

10,979

18.2

22.5

5.8

9.5

43.0

26.3

3.6

3.2

10.2

12.5

5.3

4.5

India Cements

Neutral

212

6,508

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

J K Lakshmi Cement

Neutral

466

5,486

2,913

3,412

14.5

19.5

7.5

22.5

62.2

20.7

3.8

3.2

12.5

18.0

2.5

2.1

JK Cement

Neutral

960

6,714

4,398

5,173

15.5

17.5

31.2

55.5

30.8

17.3

3.7

3.2

12.0

15.5

2.1

1.7

Orient Cement

Neutral

161

3,289

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

4,233

116,210

25,768

30,385

21.0

23.5

111.0

160.0

38.1

26.5

4.9

4.3

13.5

15.8

4.6

3.8

Construction

Engineers India

Neutral

167

11,257

1,725

1,935

16.0

19.1

11.4

13.9

14.7

12.0

2.0

13.4

15.3

5.5

4.9

Gujarat Pipavav Port

Neutral

157

7,590

705

788

52.2

51.7

5.0

5.6

31.4

28.0

3.1

2.8

11.2

10.4

8.8

ITNL

Neutral

114

3,760

8,946

10,017

31.0

31.6

8.1

9.1

14.1

12.6

0.5

4.2

5.0

3.8

3.5

KNR Constructions

Neutral

197

2,772

1,385

1,673

14.7

14.0

41.2

48.5

4.8

4.1

0.9

0.8

14.9

15.2

2.1

1.7

Larsen & Toubro

Neutral

1,763

164,536

111,017

124,908

11.0

61.1

66.7

28.9

26.4

3.5

3.2

13.1

12.9

2.5

2.3

MEP Infra

Neutral

991

1,877

1,943

30.6

29.8

3.0

4.2

20.3

14.5

9.8

6.6

0.6

1.9

1.7

Nagarjuna Const.

Neutral

5,273

8,842

9,775

9.1

8.8

5.3

6.4

17.9

14.8

1.4

1.3

8.2

9.1

0.8

0.7

NBCC

Neutral

200

17,982

7,428

9,549

7.9

8.6

8.2

11.0

24.4

18.2

1.2

1.0

28.2

28.7

2.1

1.6

PNC Infratech

Neutral

156

3,992

2,350

2,904

13.1

13.2

9.0

8.8

17.3

17.7

0.6

15.9

13.9

1.8

1.5

Power Mech Projects

Neutral

555

816

1,801

2,219

12.7

14.6

72.1

113.9

7.7

4.9

1.4

1.2

16.8

11.9

0.5

0.3

Sadbhav Engineering

Neutral

329

5,640

3,598

4,140

10.3

10.6

9.0

11.9

36.5

27.6

3.8

3.4

9.9

11.9

1.9

1.6

www.angelbroking.com

Stock Watch

April 28, 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

405

2,003

6,829

7,954

10.5

31.4

37.4

12.9

10.8

1.3

1.2

9.9

13.4

0.7

0.6

SIPL

Neutral

102

3,609

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.4

(22.8)

(15.9)

11.7

9.7

Financials

Axis Bank

Accumulate

506

580

121,201

46,932

53,575

3.5

3.4

32.4

44.6

15.6

11.3

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

181

41,786

19,980

23,178

1.8

11.5

17.3

15.8

10.5

1.8

1.5

8.3

10.1

Can Fin Homes

Neutral

2,597

6,914

420

526

3.5

86.5

107.8

30.0

24.1

6.5

5.3

23.6

24.1

Canara Bank

Neutral

329

19,660

15,225

16,836

1.8

14.5

28.0

22.7

11.8

1.6

1.3

5.8

8.5

Cholamandalam Inv. &

Accumulate

1,105

1,230

17,275

2,012

2,317

6.3

42.7

53.6

25.9

20.6

4.1

3.5

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

423

460

13,245

2,225

2,688

2.9

29.7

34.6

14.2

12.2

2.3

1.5

16.1

14.8

Equitas Holdings

Buy

169

235

5,711

939

1,281

11.7

11.5

5.8

8.2

29.2

20.6

2.5

2.2

10.9

11.5

Federal Bank

Buy

115

16,300

8,259

8,995

3.0

4.3

5.6

22.0

16.9

1.9

1.7

8.5

10.1

HDFC

Neutral

1,567

249,000

11,475

13,450

3.4

45.3

52.5

34.6

29.9

6.7

5.9

20.2

20.5

HDFC Bank

Accumulate

1,567

1,650

401,615

46,097

55,433

4.5

58.4

68.0

26.8

23.1

4.7

3.9

18.8

18.6

ICICI Bank

Accumulate

274

315

159,643

42,800

44,686

3.1

3.3

18.0

21.9

15.2

12.5

2.1

1.9

11.1

12.3

Karur Vysya Bank

Buy

117

140

7,070

5,640

6,030

3.3

3.2

8.9

10.0

13.2

11.7

1.4

1.3

11.2

11.4

Lakshmi Vilas Bank

Neutral

180

3,452

3,339

3,799

2.7

2.8

11.0

14.0

16.4

12.9

1.7

1.6

11.2

12.7

LIC Housing Finance

Neutral

670

33,825

3,712

4,293

2.6

2.5

39.0

46.0

17.2

14.6

3.2

2.8

19.9

20.1

Punjab Natl.Bank

Neutral

165

35,048

23,532

23,595

2.3

2.4

6.8

12.6

24.2

13.1

3.7

2.7

3.3

6.5

RBL Bank

Neutral

553

20,465

1,783

2,309

2.6

12.7

16.4

43.6

33.7

4.8

4.2

12.8

13.3

Repco Home Finance

Accumulate

752

825

4,704

388

457

4.5

4.2

30.0

38.0

25.1

19.8

4.2

3.5

18.0

19.2

South Ind.Bank

Neutral

4,435

6,435

7,578

2.5

2.7

3.1

9.1

7.9

1.2

1.0

10.1

11.2

St Bk of India

Neutral

282

228,657

88,650

98,335

2.6

13.5

18.8

20.9

15.0

2.0

1.7

7.0

8.5

Union Bank

Neutral

160

10,989

13,450

14,925

2.3

25.5

34.5

6.3

4.6

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,640

74,903

8,978

11,281

3.3

3.4

74.0

90.0

22.2

18.2

4.2

3.6

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,966

9,427

2,955

3,309

13.3

13.7

57.2

69.3

34.4

28.4

11.2

9.4

32.7

33.3

3.0

2.6

Asian Paints

Neutral

1,103

105,766

17,128

18,978

16.8

16.4

19.1

20.7

57.7

53.3

20.1

19.0

34.8

35.5

6.1

5.5

Britannia

Neutral

3,563

42,755

9,594

11,011

14.6

14.9

80.3

94.0

44.4

37.9

18.2

14.1

41.2

4.3

3.7

Colgate

Neutral

1,036

28,164

4,605

5,149

23.4

23.8

26.9

43.5

38.5

24.1

18.8

64.8

66.8

6.0

5.4

Dabur India

Accumulate

289

304

50,829

8,315

9,405

19.8

20.7

8.1

9.2

35.6

31.4

9.9

8.2

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

5,184

21,802

4,350

4,823

21.2

21.4

179.2

196.5

28.9

26.4

7.7

6.5

27.1

26.8

4.4

3.9

www.angelbroking.com

Stock Watch

April 28, 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

1,743

59,368

10,235

11,428

18.4

18.6

41.1

44.2

42.4

39.4

9.4

7.9

24.9

24.8

5.9

5.2

HUL

Neutral

946

204,823

35,252

38,495

17.8

20.7

22.4

45.8

42.3

43.8

37.6

95.6

88.9

5.7

5.2

ITC

Neutral

285

346,322

40,059

44,439

38.3

39.2

9.0

10.1

31.8

28.1

8.9

7.7

27.8

27.5

8.1

7.3

Marico

Neutral

318

40,979

6,430

7,349

18.8

19.5

6.4

7.7

49.6

41.2

15.0

12.6

33.2

32.5

6.2

5.4

Nestle*

Neutral

6,700

64,596

10,073

11,807

20.7

21.5

124.8

154.2

53.7

43.5

22.0

19.8

34.8

36.7

6.2

5.3

Procter & Gamble

Neutral

7,341

23,830

2,939

3,342

23.2

23.0

146.2

163.7

50.2

44.9

12.7

10.6

25.3

23.5

7.7

6.7

Hygiene

Tata Global

Neutral

152

9,599

8,675

9,088

9.8

7.4

8.2

20.6

18.6

1.6

1.5

7.9

8.1

1.0

HCL Tech^

Buy

813

1,000

115,933

49,242

57,168

20.5

55.7

64.1

14.6

12.7

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

924

1,179

212,226

68,484

73,963

26.0

63.0

64.0

14.7

14.4

3.1

2.8

20.8

19.7

2.8

2.4

TCS

Buy

2,301

2,651

453,474

117,966

127,403

27.5

27.6

134.3

144.5

17.1

15.9

5.1

4.7

29.8

29.7

3.5

3.3

Tech Mahindra

Buy

425

600

41,380

29,673

32,937

15.5

17.0

32.8

39.9

13.0

10.7

2.5

2.2

19.6

20.7

1.1

1.0

Wipro

Accumulate

496

570

120,561

55,421

58,536

20.3

35.1

36.5

14.1

13.6

2.4

2.1

19.2

14.6

1.6

1.4

Media

D B Corp

Neutral

378

6,956

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.2

4.2

3.6

23.7

23.1

2.8

2.4

Hindustan Media

Neutral

290

2,128

1,016

1,138

24.3

25.2

27.3

30.1

10.6

9.6

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

HT Media

Neutral

1,910

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Accumulate

196

225

6,398

2,355

2,635

28.0

10.8

12.5

18.1

15.7

3.9

3.4

21.7

2.7

2.4

Sun TV Network

Neutral

924

36,396

2,850

3,265

70.1

71.0

26.2

30.4

35.3

30.4

9.0

8.0

24.3

25.6

12.4

10.7

TV Today Network

Buy

269

344

1,607

567

645

26.7

27.0

15.4

18.1

17.5

14.9

2.6

2.3

14.9

15.2

2.4

2.0

Metals & Mining

Coal India

Neutral

275

170,486

84,638

94,297

21.4

22.3

24.5

27.1

11.2

10.1

4.7

4.4

42.6

46.0

1.5

1.4

Hind. Zinc

Neutral

267

112,753

14,252

18,465

55.9

48.3

15.8

21.5

16.9

12.4

2.8

2.4

17.0

20.7

7.9

6.1

Hindalco

Neutral

195

43,688

107,899

112,095

7.4

8.2

9.2

13.0

21.2

15.0

1.0

4.8

6.6

0.9

JSW Steel

Neutral

198

47,897

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.4

NMDC

Neutral

126

39,976

6,643

7,284

44.4

47.7

7.1

7.7

17.8

16.4

1.5

8.8

9.2

3.8

3.4

SAIL

Neutral

24,698

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.0

0.7

0.6

(1.6)

3.9

1.4

1.2

Tata Steel

Neutral

446

43,292

121,374

121,856

7.2

8.4

18.6

34.3

24.0

13.0

1.5

1.4

6.1

10.1

1.0

Vedanta

Neutral

234

69,329

71,744

81,944

19.2

21.7

13.4

20.1

17.5

11.6

1.5

1.3

8.4

11.3

1.4

1.1

Oil & Gas

Cairn India

#VALUE!

9,127

10,632

4.3

20.6

8.8

11.7

3.3

4.2

GAIL

Neutral

419

70,798

56,220

65,198

9.3

10.1

27.1

33.3

15.5

12.6

1.4

1.3

9.3

10.7

1.4

1.2

Indian Oil Corp

Neutral

443

215,165

373,359

428,656

5.9

5.5

54.0

59.3

8.2

7.5

1.3

1.1

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

April 28, 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

180

230,421

137,222

152,563

15.0

21.8

19.5

24.1

9.2

7.5

0.8

0.7

8.5

10.1

2.0

1.7

Reliance Industries

Neutral

1,408

457,804

301,963

358,039

12.1

12.6

87.7

101.7

16.1

13.9

1.6

1.5

10.7

11.3

2.0

1.7

Pharmaceuticals

Alembic Pharma

Accumulate

613

689

11,553

3,483

4,244

20.2

21.4

24.3

33.6

25.2

18.3

5.7

4.6

25.5

25.3

3.3

2.6

Alkem Laboratories Ltd

Buy

1,916

2,257

22,908

6,065

7,009

18.7

20.0

80.2

92.0

23.9

20.8

5.4

4.5

22.5

21.6

3.7

3.2

Aurobindo Pharma

Buy

609

877

35,689

15,720

18,078

23.7

41.4

47.3

14.7

12.9

3.8

3.0

29.6

26.1

2.5

2.2

Aventis*

Neutral

4,100

9,442

2,277

2,597

16.6

17.4

128.9

157.0

31.8

26.1

5.4

4.2

21.6

26.4

3.9

3.2

Cadila Healthcare

Neutral

445

45,567

10,429

12,318

17.7

21.6

13.1

19.2

34.0

23.2

7.1

5.6

22.8

27.1

4.4

3.6

Cipla

Sell

561

465

45,125

15,378

18,089

15.7

16.8

19.3

24.5

29.1

22.9

3.4

3.0

12.3

13.9

3.1

2.6

Dishman Pharma

Sell

316

143

5,093

1,718

1,890

22.7

22.8

9.5

11.3

33.2

27.9

3.2

2.9

10.1

10.9

3.4

3.0

Dr Reddy's

Neutral

2,593

42,965

16,043

18,119

18.0

23.0

78.6

130.9

33.0

19.8

3.2

2.8

10.1

15.2

2.4

GSK Pharma*

Neutral

2,558

21,667

2,800

3,290

10.2

20.6

32.2

60.3

79.4

42.4

14.7

14.5

17.2

34.5

7.5

6.4

Indoco Remedies

Accumulate

225

240

2,078

1,112

1,289

16.2

18.2

11.6

16.0

19.4

14.1

3.1

2.6

17.0

20.1

2.0

1.7

Ipca labs

Neutral

601

7,589

3,258

3,747

12.8

15.3

12.1

19.2

49.7

31.3

3.1

2.8

6.4

9.5

2.5

2.1

Lupin

Buy

1,337

1,809

60,387

15,912

18,644

26.4

26.7

58.1

69.3

23.0

19.3

4.5

3.7

21.4

20.9

3.9

3.2

Natco Pharma

Accumulate

927

974

16,161

2,090

2,335

32.1

26.6

26.8

23.2

34.6

40.0

9.8

8.5

28.4

21.1

7.8

95.7

Sun Pharma

Buy

637

847

152,819

31,129

35,258

32.0

32.9

30.2

35.3

21.1

18.0

3.4

2.8

20.0

20.1

4.5

3.8

Power

NTPC

Neutral

164

135,514

86,605

95,545

17.5

20.8

11.8

13.4

13.9

12.3

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

207

223

108,425

25,315

29,193

88.2

88.7

14.2

17.2

14.6

12.1

2.2

1.9

15.2

16.1

8.9

8.0

Tata Power

Neutral

22,896

36,916

39,557

17.4

27.1

5.1

6.3

16.6

13.4

1.5

1.3

9.0

10.3

1.6

1.5

Real Estate

MLIFE

Buy

437

522

1,793

1,152

1,300

22.7

24.6

29.9

35.8

14.6

12.2

1.1

1.0

7.6

8.6

2.3

1.9

Prestige Estate

Neutral

246

9,234

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

Telecom

Bharti Airtel

Neutral

358

143,087

105,086

114,808

34.5

34.7

12.2

16.4

29.3

21.8

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

30,771

40,133

43,731

37.2

37.1

6.4

6.5

13.3

13.1

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,378

9,303

3,153

3,583

14.1

14.4

152.2

182.7

28.8

24.0

141.2

120.6

25.6

26.1

2.7

2.3

Asian Granito

Accumulate

378

405

1,137

1,060

1,169

12.2

12.5

12.7

15.9

29.9

23.8

2.8

2.5

9.5

10.7

1.4

1.2

Bajaj Electricals

Accumulate

347

395

3,514

4,801

5,351

5.7

6.2

10.4

13.7

33.3

25.4

4.1

3.7

12.4

14.5

0.7

Banco Products (India)

Neutral

231

1,650

1,353

1,471

12.3

12.4

14.5

16.3

15.9

14.2

22.0

19.8

14.5

14.6

1.2

124.7

Coffee Day Enterprises

Neutral

248

5,116

2,964

3,260

20.5

21.2

4.7

8.0

31.0

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

233

149

1,137

1,256

3.1

2.7

28.0

23.6

8.3

9.9

44.7

40.4

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

April 28, 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

683

1,482

1,660

13.7

14.5

3.9

5.8

15.6

10.5

3.7

3.4

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

525

8,025

2,883

3,115

12.0

12.1

14.2

18.6

37.0

28.2

19.7

17.2

15.8

14.6

2.5

2.2

Garware Wall Ropes

Neutral

755

1,652

863

928

15.1

15.2

36.4

39.4

20.7

19.2

3.8

3.2

17.5

15.9

1.8

1.7

Goodyear India*

Neutral

900

2,075

1,598

1,704

10.4

10.2

49.4

52.6

18.2

17.1

84.1

73.7

18.2

17.0

1.0

140.5

Hitachi

Neutral

1,761

4,788

2,081

2,433

8.8

8.9

33.4

39.9

52.7

44.1

42.5

35.5

22.1

21.4

2.3

1.9

HSIL

Neutral

341

2,463

2,384

2,515

15.8

16.3

15.3

19.4

22.3

17.6

22.1

19.0

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,120

40,468

21,122

26,005

14.5

27.6

110.7

132.1

10.1

8.5

60.5

43.2

168.5

201.1

1.9

1.5

Jyothy Laboratories

Neutral

412

7,492

1,440

2,052

11.5

13.0

8.5

10.0

48.5

41.2

11.8

10.9

18.6

19.3

5.5

3.8

Kirloskar Engines India

Neutral

398

5,751

2,554

2,800

9.9

10.0

10.5

12.1

37.9

32.9

15.8

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

304

449

382

420

9.3

9.5

13.5

15.7

22.6

19.4

3.9

3.3

17.1

17.3

1.2

1.1

M M Forgings

Neutral

596

720

546

608

20.4

20.7

41.3

48.7

14.5

12.2

81.7

72.3

16.6

17.0

1.2

1.0

Manpasand Bever.

Neutral

706

4,037

836

1,087

19.6

19.4

16.9

23.8

41.8

29.6

5.0

4.4

12.0

14.8

4.6

3.4

Mirza International

Neutral

108

1,295

963

1,069

17.2

18.0

6.1

7.5

17.6

14.3

2.7

2.3

15.0

15.7

1.6

1.4

MT Educare

Neutral

318

366

417

17.7

18.2

9.4

10.8

8.5

7.4

1.9

1.7

22.2

22.3

0.8

0.7

Narayana Hrudaya

Neutral

322

6,587

1,873

2,166

11.5

11.7

2.6

4.0

121.9

81.3

7.5

6.8

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

212

265

3,030

369

561

42.9

42.3

6.9

11.5

30.8

18.4

2.2

1.9

7.4

10.5

9.2

6.1

Navneet Education

Neutral

171

3,992

1,062

1,147

24.0

6.1

6.6

28.1

25.8

5.8

5.1

20.6

19.8

3.8

3.6

Nilkamal

Neutral

2,191

3,270

1,995

2,165

10.7

10.4

69.8

80.6

31.4

27.2

125.2

108.8

16.6

16.5

1.6

1.5

Page Industries

Neutral

14,272

15,919

2,450

3,124

20.1

17.6

299.0

310.0

47.7

46.0

317.9

242.7

47.1

87.5

6.5

5.2

Parag Milk Foods

Neutral

250

2,102

1,919

2,231

9.3

9.6

9.5

12.9

26.5

19.3

4.1

3.4

15.5

17.5

1.2

1.1

Quick Heal

Neutral

246

1,727

408

495

27.3

27.0

7.7

8.8

31.8

28.0

3.0

9.3

10.6

3.4

2.8

Radico Khaitan

Buy

122

147

1,619

1,667

1,824

13.0

13.2

6.7

8.2

18.3

14.9

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

485

5,822

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

319

4,613

1,036

1,160

15.1

15.0

6.1

7.2

52.2

44.4

5.6

5.1

10.7

11.5

4.3

3.8

Siyaram Silk Mills

Accumulate

1,701

1,872

1,595

1,652

1,857

11.6

11.7

92.4

110.1

18.4

15.4

2.7

2.4

14.7

15.2

1.2

1.0

Styrolution ABS India*

Neutral

748

1,315

1,440

1,537

9.2

9.0

40.6

42.6

18.4

17.6

47.0

42.8

12.3

11.6

0.9

0.8

Surya Roshni

Neutral

256

1,121

3,342

3,625

7.8

7.5

17.3

19.8

14.8

13.0

28.1

22.6

10.5

10.8

0.6

0.5

Team Lease Serv.

Neutral

1,071

1,831

3,229

4,001

1.5

1.8

22.8

32.8

47.0

32.6

5.0

4.4

10.7

13.4

0.5

0.4

The Byke Hospitality

Neutral

212

850

287

384

20.5

7.6

10.7

27.9

19.8

5.8

4.7

20.7

23.5

3.0

2.2

www.angelbroking.com

Stock Watch

April 28, 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

233

1,785

2,671

2,911

8.5

8.8

13.9

15.7

16.8

14.9

2.3

2.1

13.7

13.8

0.8

0.7

India

TVS Srichakra

Neutral

4,101

3,141

2,304

2,614

13.7

13.8

231.1

266.6

17.7

15.4

460.8

362.9

33.9

29.3

1.4

1.2

UFO Moviez

Neutral

469

1,295

619

685

33.2

33.4

30.0

34.9

15.7

13.4

2.2

1.9

13.8

13.9

1.8

1.4

Visaka Industries

Neutral

331

525

1,051

1,138

10.3

10.4

21.0

23.1

15.8

14.3

42.4

39.7

9.0

9.2

0.8

0.7

VRL Logistics

Neutral

331

3,022

1,902

2,119

16.7

16.6

14.6

16.8

22.7

19.7

5.0

4.4

21.9

22.2

1.7

1.5

Wonderla Holidays

Neutral

388

2,194

287

355

38.0

40.0

11.3

14.2

34.4

27.3

4.9

4.3

21.4

23.9

7.3

5.9

VIP Industries

Accumulate

198

218

2,795

1,270

1,450

10.4

5.6

6.5

35.3

30.4

7.3

6.4

20.7

21.1

2.2

1.9

Navin Fluorine

Buy

3,149

3,650

3,083

789

945

21.1

22.4

120.1

143.4

26.2

22.0

4.2

3.6

17.8

18.5

3.8

3.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 27, 2017

www.angelbroking.com

Market Outlook

April 28, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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