Market Outlook
July 28, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open negative tracking global indices and SGX Nifty.
BSE Sensex
0.0
81
32,383
U.S. markets closed mixed on Thursday after the technology sector rolled over. The
Nifty
(0.0)
(0)
10,021
Nasdaq composite closed 0.6% lower at 2,475 and fell more than 1% earlier in the
Mid Cap
(0.5)
(84)
15,256
session. The S&P 500 also closed lower at 6,382, slipping 0.1% as tech stocks
Small Cap
(0.5)
(83)
16,015
dropped 0.8% to lead decliners. The tech sector had notched an intraday record
earlier in the session, along with the Nasdaq and the S&P.
Bankex
0.8
222
28,184
The European markets fluctuated between small gains and losses over the course of
Global Indices
Chg (%)
(Pts)
(Close)
Thursday's session and ended the day with mixed results. Investors were confronted
by a high volume of corporate earnings reports, the results of which proved mixed.
Dow Jones
0.4
186
21,797
Nasdaq
(0.6)
(41)
6,382
India markets retreated from record highs to end on a flat note on Thursday as
FTSE
(0.1)
(9)
7,443
losses in the telecom, healthcare and IT sectors offset strong gains among financials.
Nikkei
(00.1
29
20,080
The benchmark BSE Sensex ended little changed at 32,383 after climbing over 290
Hang Seng
0.7
190
27,131
points to hit a fresh high of 32,673 earlier in the day. The broader Nifty index hit an
Shanghai Com
0.1
2
3,250
intraday high of 10,115 before closing virtually unchanged at 10,021
Result Preview and Review
Advances / Declines
BSE
NSE
Review: Dr. Reddy’s Labs, HCL Tech, ICICI Bank
Advances
1,866
1,468
Detailed analysis is on Pg2
Declines
1,875
1,227
Unchanged
149
59
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
3,977
Refer Pg7 onwards
NSE
40,110
Top Picks
CMP
Target
Upside
Company
Sector
Rating
#Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
690
760
10.2
FII
(5(193)
( 1,278
57,187
Dewan Housing FinanceFinancials
Buy
450
550
22.3
MFs
1,105
8,299
47,444
Mahindra Lifespace
Real Estate
Buy
429
522
21.8
Navkar Corporation
Others
Buy
205
265
29.4
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Accumulate
234
258
10.5
More Top Picks on Pg5
Hdfccem
1,729
5.8
Godrejcp
1,075
4.9
Key Upcoming Events
Previous
Consensus
Laxmimach
5,524
4.7
Date
Region
Event Description
Reading
Expectations
Gruh
478
4.3
Jul 28, 2017
Euro Zone Euro-Zone Consumer Confidence
(1.70)
(1.70)
Yesbank
1,787
4.3
Jul 28, 2017
China
PMI Manufacturing
51.70
51.50
Jul 31, 2017
US
GDP Qoq (Annualised)
1.40
2.50
Aug 01, 2017 Germany PMI Manufacturing
58.30
-
Top Losers
Price (`)
Chg (%)
Aug 01, 2017 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.50
-
Renuka
219
(6.1)
More Events on Pg7
Hcl-Insys
49
(5.9)
Unitech
9
(5.3)
Sintex
35
(4.8)
Rtnpower
7
(4.6)
#as on 27t July, 2017
Market Outlook
July 28, 2017
Result Review
Dr Reddy’s Lab (CMP: `2,621 / TP: /Upside :)
Dr Reddy’s Labs, posted poor results, much lower than expectations. The sales
came in at `3,316cr V/s `3,636cr expected in 1QFY2018 V/s `3,235cr, a yoy
growth of 2.5%. Global Generics (`2,745.5cr), a yoy growth of 3.0%, while PSAI(
`465.1cr), a yoy de-growth of 1.0%. The Global Generics, which 83% of overall
sales, saw dip in its key growth market USA(`1,494.6cr), which posted a dip of
4.0% yoy , while India( `468.7cr) , posted a dip of 10.0%. The USA market
continued to reel under the pricing pressures, while Indian sales were under the
pressure on back of the GST. On operating front, the EBDITA came in at 9.2% V/s
16.1% expected in 1QFY2018 V/s 11.7% in 1QFY2017. R&D expenses were at
15.3% of sales in 1QFY2018 V/s 14.8% of sales in 1QFY2017. Consequently, the
PAT came in at `59.1cr V/s `321cr expected in 1QFY2018 V/s `126cr in
1QFY2017, a yoy de-growth of 53.2%. 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)
(x)
(x)
(x)
FY2018E
15,937
18.6
1,757
105.9
13.6
24.7
3.2
15.7
2.9
FY2019E
18,079
18.2
1,967
118.7
13.7
22.1
2.9
14.2
2.6
HCL Tech (CMP: `890 / TP: `1014/Upside: 13.9%)
HCL Tech for 1QFY2018, posted results below expectations on sales front, while
EBIT and net profit came in higher than expected. The sales, came in at
US$1,884mnV/s US$1,891mn expected V/s US$1,817mn in 4QFY2017, a qoq
growth of 3.7% qoq. In Rupee terms, the sales came in at `12,149 V/s `12,208cr
expected V/s
`12,053cr in 4QFY2017, a qoq growth of 0.8%. Revenue in
Constant Currency was up 2.6% qoq.
The growth in terms of geography was driven by the USA and ROW, which posted
a qoq CC growth of 3.8% and 3.1%. Europe on the other hand posted a CC qoq
dip of 0.4%. In terms of the services, it was Engineering and R&D Services which
posted a CC qoq of 7.9%. In terms of verticals, the financial services posted a qoq
CC growth of 5.3%, Life sciences & Healthcare posted a qoq CC growth of 4.8%,
while Retail & CPG posted a qoq CC growth of 4.9%.
On the operating profit front the EBIT came in at 20.1% V/s 19.5% expected V/s
20.0% in 4QFY2017, a qoq expansion of 8bps. Thus, PAT came in at `2,171cr
V/s `2,101cr expected V/s `2,325cr in 4QFY2017, a qoq dip of 6.6%.
During the quarter, the strong client addition continued (on YoY basis): $5+ Mn clients
up by 12, $10+ Mn clients up by 8, $20+ Mn clients up by 6, $40+ Mn clients up by
3, $50+ Mn clients up by 5 and $100+ Mn clients up by 1. Blended utilization during
the quarter was 86.0% and attrition was at 16.2% V/s 16.9% in 4QFY2017.
Market Outlook
July 28, 2017
In terms of guidance, the company has reiterated that FY'2018 Revenues are
expected to grow between 10.5% to 12.5% in Constant Currency, while Operating
Margin (EBIT): FY’18 expected Operating Margin (EBIT) range is from 19.5% to
20.5%. We maintain our accumulate rating on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(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
13.2
2.7
8.4
1.8
Mixed Results from ICICI Bank
ICICI Banks’ Q1FY18 results remained mixed bag, while the reported bottom-line
was broadly on expected line, overall loan growth remained muted due to
downsizing of the overseas book. The reported GNPAs were marginally up, due to
lower qoq on slippages. However, large part of the slippages came from the non
watch list category, part of which came from the restructured book and one more
account was added to the watch list and hence it seems sharp improvement in the
asset quality in the near term is unlikely. However, we believe that the slippages in
FY18 would be much lower than in FY17 and that gives a comfort. FY18 could be
a year of transition for ICICI Bank and with strong capital adequacy growth
momentum would pick up from FY19. We have an ACCUMULATE rating on the
stock.
Economic and Political News
Govt to offer 20 airports in 2nd round of RCS bidding
Rice procurement target fixed higher at 37.5 MT for 2017-18
Government targets $60 billion gems and jewellery exports by 2022
Corporate News
Biocon Q1 profit drops 51% to `81cr
Dr Reddy's out licenses phase-3 clinical trial drug to CHD Biosciences
ITC Q1 net rises 7.4% to `2,560cr
Market Outlook
July 28, 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
22,036
1,843
2,161
17.3
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,248
415
480
15.7
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
6,607
690
760
10.2
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
14,102
450
550
22.3
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
8,285
137
160
16.7
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
1,817
234
258
10.5
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,199
429
522
21.8
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,920
205
265
29.4
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
2,055
2,192
2,500
14.0
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
1,442
242
344
42.4
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
2,29,348
7,592
8,495
11.9
plant will also enable higher operating leverage which
will be margin accretive.
Source: Company, Angel Research,
Market Outlook
July 28, 2017
Key Upcoming Events
Result Calendar
Date
Company
India Cements, LIC Housing Fin., NIIT
July 28, 2017
July 29, 2017
Central Bank, Dena Bank, NTPC
United Phosphorus, Siemens, Shriram Trans., Bank of Maharashtra, Hexaware, Banco, Reliance Power,
July 31, 2017
Interglobe Aviation
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 28, 2017
2:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jul F
(1.70)
(1.70)
6:30 AMChina
PMI Manufacturing
Value
Jul
51.70
51.50
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
2:30 PMEuro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
0.50
1:25 PMGermany Unemployment change (000's)
Thousands
Jul
7.00
2:00 PMUK
PMI Manufacturing
Value
Jul
54.30
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
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
0.25
Aug 04, 2017
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jul
222.00
183.00
6:00 PMUS
Unnemployment rate
%
Jul
4.40
4.30
Aug 08, 2017
China
Exports YoY%
% Change
Jul
11.30
Source: Bloomberg, Angel Research
Market Outlook
July 28, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
5.7
5.7
10.0
6.0
9.1
5.2
8.8
4.9
4.9
9.0
5.0
7.9
8.0
7.9
7.6
7.5
8.0
7.3
7.2
3.8
7.0
4.0
7.0
3.0
6.1
6.1
2.8
3.0
2.6
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
52.0
5.1
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
1.5
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
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0 .0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
July 28, 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
2.1
0.5
1.7
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
6.6
7.0
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)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
July 28, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,277
5.8
0.6
14.8
Russia
Micex
1,945
3.5
(1.7)
0.0
India
Nifty
10,021
5.4
7.2
17.3
China
Shanghai Composite
3,250
2.3
3.4
6.7
South Africa
Top 40
48,569
7.2
4.4
4.4
Mexico
Mexbol
51,257
4.4
3.7
9.4
Indonesia
LQ45
972
(0.3)
4.0
11.3
Malaysia
KLCI
1,770
(0.5)
0.8
6.0
Thailand
SET 50
1,007
1.0
1.4
5.0
USA
Dow Jones
21,797
1.8
3.9
18.1
UK
FTSE
7,443
0.1
2.1
10.7
Japan
Nikkei
20,080
(0.4)
6.4
20.4
Germany
DAX
12,212
(3.6)
(2.1)
20.4
France
CAC
5,187
(1.4)
(1.6)
19.4
Source: Bloomberg, Angel Research
Stock Watch
July 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
Reduce
243
209
4,716
1,937
2,164
13.3
14.3
9.0
11.0
26.9
22.1
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
868
-
44,077
15,176
17,604
18.5
18.5
37.4
44.6
23.2
19.5
4.6
3.8
21.4
21.2
3.0
2.6
Auto & Auto Ancillary
Ashok Leyland
Accumulate
105
116
30,729
20,019
22,789
11.1
11.7
4.3
5.5
24.4
19.2
4.8
4.2
19.4
22.0
1.5
1.3
Bajaj Auto
Neutral
2,846
-
82,365
25,093
27,891
19.5
19.2
143.9
162.5
19.8
17.5
5.6
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,141
-
26,550
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
3.1
Eicher Motors
Neutral
29,102
-
79,222
16,583
20,447
17.5
18.0
598.0
745.2
48.7
39.1
16.6
12.7
41.2
38.3
4.6
3.7
Gabriel India
Neutral
153
-
2,192
1,544
1,715
9.0
9.3
5.4
6.3
28.3
24.2
5.3
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,707
-
74,037
28,120
30,753
15.2
15.6
169.1
189.2
21.9
19.6
7.6
6.3
30.8
28.2
2.5
2.2
Jamna Auto Industries Neutral
256
-
2,036
1,486
1,620
9.8
9.9
15.0
17.2
17.0
14.9
3.7
3.2
21.8
21.3
1.4
1.3
L G Balakrishnan & Bros Neutral
757
-
1,188
1,302
1,432
11.6
11.9
43.7
53.0
17.3
14.3
2.4
2.2
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,398
-
86,844
46,534
53,077
11.6
11.7
67.3
78.1
20.8
17.9
3.4
3.0
15.4
15.8
1.8
1.6
Maruti
Accumulate
7,592
8,495
229,348
67,822
83,717
15.2
15.0
243.0
291.5
31.3
26.1
7.2
5.8
22.9
22.4
3.1
2.4
Minda Industries
Neutral
774
-
6,685
2,728
3,042
9.0
9.1
68.2
86.2
11.3
9.0
2.6
2.0
23.8
24.3
2.5
2.2
Motherson Sumi
Neutral
320
-
67,271
45,896
53,687
7.8
8.3
13.0
16.1
24.5
19.9
7.9
6.3
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
40
-
536
741
837
13.0
13.0
15.2
17.0
2.6
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
446
-
128,675
300,209
338,549
8.9
8.4
42.7
54.3
10.5
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
574
-
27,249
13,390
15,948
6.9
7.1
12.8
16.5
45.0
34.7
11.2
8.9
26.3
27.2
2.1
1.7
Amara Raja Batteries
Accumulate
848
962
14,478
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
215
-
18,267
7,439
8,307
15.0
15.0
8.1
9.3
26.5
23.1
3.7
3.3
14.3
16.7
2.1
1.9
Apollo Tyres
Neutral
262
-
13,326
12,877
14,504
14.3
13.9
21.4
23.0
12.2
11.4
1.9
1.7
16.4
15.2
1.2
1.1
Ceat
Neutral
1,872
-
7,572
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
163
-
3,693
7,455
8,056
15.0
15.0
21.8
24.5
7.5
6.6
1.6
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
2,088
-
2,593
660
810
15.2
16.4
54.5
72.8
38.3
28.7
11.9
10.8
31.5
39.2
3.8
3.0
Subros
Neutral
243
-
1,455
1,488
1,681
11.7
11.9
6.4
7.2
37.9
33.8
4.0
3.6
10.8
11.4
1.2
1.0
Indag Rubber
Neutral
198
-
521
286
326
19.8
16.8
11.7
13.3
17.0
14.9
2.9
2.7
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
70
-
690
709
814
4.1
4.6
1.4
2.1
49.8
33.2
2.1
1.9
4.4
6.0
1.1
1.0
BEML
Neutral
1,657
-
6,900
3,451
4,055
6.3
9.2
31.4
57.9
52.8
28.6
3.2
2.9
6.3
10.9
2.1
1.8
Bharat Electronics
Neutral
177
-
39,636
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.8
0.5
0.4
44.6
46.3
3.9
3.4
Stock Watch
July 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
Voltas
Neutral
516
-
17,079
6,511
7,514
7.9
8.7
12.9
16.3
40.0
31.7
7.2
6.3
16.7
18.5
2.4
2.0
BGR Energy
Neutral
148
-
1,070
16,567
33,848
6.0
5.6
7.8
5.9
19.0
25.1
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
143
-
34,915
28,797
34,742
-
2.8
2.3
6.9
62.0
20.7
1.1
1.0
1.3
4.8
0.9
0.6
Blue Star
Accumulate
690
760
6,607
4,283
5,077
5.9
7.3
14.9
22.1
46.4
31.2
9.0
7.6
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
85
-
5,299
5,777
6,120
5.9
7.0
3.3
4.5
25.6
18.8
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
162
-
3,966
1,755
1,881
16.8
16.9
7.8
8.5
20.8
19.1
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
133
-
2,948
5,605
6,267
15.7
16.4
24.8
30.0
5.4
4.4
1.5
1.1
25.9
24.4
0.6
0.5
KEC International
Neutral
302
-
7,760
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
234
258
1,817
2,633
3,001
10.4
10.0
12.7
13.0
18.4
18.0
3.9
3.3
21.4
18.2
0.9
0.8
Thermax
Neutral
901
-
10,732
5,421
5,940
7.3
7.3
25.7
30.2
35.0
29.8
4.2
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Accumulate
600
681
3,274
3,136
3,845
8.9
9.1
26.0
35.9
23.1
16.7
2.9
2.5
13.4
15.9
0.9
0.8
Cement
ACC
Neutral
1,736
-
32,591
11,225
13,172
13.2
16.9
44.5
75.5
39.0
23.0
3.7
3.4
11.2
14.2
2.9
2.5
Ambuja Cements
Neutral
264
-
52,500
9,350
10,979
18.2
22.5
5.8
9.5
45.6
27.8
3.8
3.4
10.2
12.5
5.6
4.8
India Cements
Neutral
216
-
6,658
4,364
4,997
18.5
19.2
7.9
11.3
27.4
19.1
2.0
1.9
8.0
8.5
2.3
2.0
JK Cement
Neutral
1,007
-
7,037
4,398
5,173
15.5
17.5
31.2
55.5
32.3
18.1
3.9
3.4
12.0
15.5
2.1
1.8
J K Lakshmi Cement
Neutral
459
-
5,406
2,913
3,412
14.5
19.5
7.5
22.5
61.3
20.4
3.8
3.2
12.5
18.0
2.4
2.0
Orient Cement
Neutral
161
-
3,295
2,114
2,558
18.5
20.5
8.1
11.3
19.9
14.2
2.9
2.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
4,044
-
111,026
25,768
30,385
21.0
23.5
111.0
160.0
36.4
25.3
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
91
-
3,000
8,946
10,017
31.0
31.6
8.1
9.1
11.3
10.0
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
206
-
2,890
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.2
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Buy
1,182
1,700
165,550
111,017
124,908
11.0
11.0
61.1
66.7
19.4
17.7
2.3
2.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
146
-
7,080
705
788
52.2
51.7
5.0
5.6
29.3
26.2
2.9
2.6
11.2
11.2
9.7
8.2
Nagarjuna Const.
Neutral
89
-
4,964
8,842
9,775
9.1
8.8
5.3
6.4
16.9
14.0
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
140
-
3,603
2,350
2,904
13.1
13.2
9.0
8.8
15.6
16.0
0.6
0.5
15.9
13.9
1.7
1.3
Simplex Infra
Neutral
498
-
2,463
6,829
7,954
10.5
10.5
31.4
37.4
15.9
13.3
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
288
-
4,940
3,598
4,140
10.3
10.6
9.0
11.9
32.0
24.2
3.4
2.9
9.9
11.9
1.7
1.4
NBCC
Neutral
209
-
18,765
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
114
-
1,852
1,877
1,943
30.6
29.8
3.0
4.2
38.0
27.1
18.4
12.4
0.6
0.6
2.4
2.2
Stock Watch
July 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
SIPL
Neutral
105
-
3,691
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.5
(22.8)
(15.9)
11.8
9.8
Engineers India
Neutral
160
-
10,779
1,725
1,935
16.0
19.1
11.4
13.9
14.0
11.5
1.9
1.9
13.4
15.3
5.2
4.6
Financials
Axis Bank
Accumulate
525
580
125,780
46,932
53,575
3.5
3.4
32.4
44.6
16.2
11.8
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,097
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
354
-
21,135
15,225
16,836
1.8
1.8
14.5
28.0
24.4
12.6
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
3,115
-
8,292
420
526
3.5
3.5
86.5
107.8
36.0
28.9
7.8
6.3
23.6
24.1
-
-
Cholamandalam Inv. &
Neutral
1,178
-
18,418
2,012
2,317
6.3
6.3
42.7
53.6
27.6
22.0
4.4
3.7
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
450
550
14,102
2,225
2,688
2.9
2.9
29.7
34.6
15.1
13.0
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
166
235
5,622
939
1,281
11.7
11.5
5.8
8.2
28.6
20.3
2.5
2.2
10.9
11.5
-
-
Federal Bank
Accumulate
113
125
21,946
8,259
8,995
3.0
3.0
4.3
5.6
26.3
20.2
2.2
2.1
8.5
10.1
-
-
HDFC
Neutral
1,729
-
275,332
11,475
13,450
3.4
3.4
45.3
52.5
38.2
32.9
7.4
6.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,788
-
460,197
46,097
55,433
4.5
4.5
58.4
68.0
30.6
26.3
5.4
4.5
18.8
18.6
-
-
ICICI Bank
Accumulate
307
335
196,911
42,800
44,686
3.1
3.3
18.0
21.9
17.1
14.0
2.3
2.2
11.1
12.3
-
-
Karur Vysya Bank
Buy
137
160
8,285
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
738
-
37,254
3,712
4,293
2.6
2.5
39.0
46.0
18.9
16.1
3.6
3.0
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
154
-
32,845
23,532
23,595
2.3
2.4
6.8
12.6
22.7
12.3
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
538
-
20,275
1,783
2,309
2.6
2.6
12.7
16.4
42.4
32.8
4.6
4.1
12.8
13.3
-
-
Repco Home Finance
Accumulate
770
825
4,814
388
457
4.5
4.2
30.0
38.0
25.7
20.3
4.3
3.6
18.0
19.2
-
-
South Ind.Bank
Neutral
31
-
5,527
6,435
7,578
2.5
2.5
2.7
3.1
11.4
9.9
1.5
1.2
10.1
11.2
-
-
St Bk of India
Neutral
298
-
257,494
88,650
98,335
2.6
2.6
13.5
18.8
22.1
15.9
2.1
1.8
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,655
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,787
-
81,743
8,978
11,281
3.3
3.4
74.0
90.0
24.2
19.9
4.6
3.9
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,818
-
8,719
2,955
3,309
13.3
13.7
57.2
69.3
31.8
26.2
10.4
8.7
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,149
-
110,169
17,128
18,978
16.8
16.4
19.1
20.7
60.1
55.5
20.9
19.7
34.8
35.5
6.4
5.7
Britannia
Neutral
3,864
-
46,387
9,594
11,011
14.6
14.9
80.3
94.0
48.1
41.1
19.8
15.3
41.2
-
4.7
4.0
Colgate
Neutral
1,076
-
29,272
4,605
5,149
23.4
23.4
23.8
26.9
45.2
40.0
25.0
19.6
64.8
66.8
6.3
5.6
Dabur India
Neutral
311
-
54,748
8,315
9,405
19.8
20.7
8.1
9.2
38.4
33.8
10.7
8.9
31.6
31.0
6.2
5.5
GlaxoSmith Con*
Neutral
5,545
-
23,319
4,350
4,823
21.2
21.4
179.2
196.5
30.9
28.2
8.2
7.0
27.1
26.8
4.7
4.2
Stock Watch
July 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
1,075
-
73,202
10,235
11,428
18.4
18.6
41.1
44.2
26.2
24.3
5.8
4.9
24.9
24.8
7.2
6.4
HUL
Neutral
1,173
-
253,794
35,252
38,495
17.8
17.8
20.7
22.4
56.8
52.4
54.3
46.6
95.6
88.9
7.0
6.4
ITC
Neutral
289
-
351,051
40,059
44,439
38.3
39.2
9.0
10.1
32.2
28.5
9.0
7.8
27.8
27.5
8.3
7.4
Marico
Neutral
326
-
42,102
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
6,789
-
65,460
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
168
-
10,628
8,675
9,088
9.8
9.8
7.4
8.2
22.8
20.5
1.8
1.7
7.9
8.1
1.1
1.1
Procter & Gamble
Neutral
8,022
-
26,038
2,939
3,342
23.2
23.0
146.2
163.7
54.9
49.0
13.9
11.5
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Accumulate
890
1,014
126,945
46,723
52,342
22.1
20.9
60.0
62.8
14.8
14.2
3.8
3.2
25.3
22.4
2.5
2.1
Infosys
Buy
972
1,179
223,332
68,484
73,963
26.0
26.0
63.0
64.0
15.4
15.2
3.2
3.0
20.8
19.7
2.9
2.6
TCS
Accumulate
2,484
2,651
489,523
117,966
127,403
27.5
27.6
134.3
144.5
18.5
17.2
5.5
5.1
29.8
29.7
3.8
3.5
Tech Mahindra
Buy
378
533
36,863
29,141
31,051
14.4
15.0
32.3
35.6
11.7
10.6
2.0
1.8
17.1
17.0
1.1
1.0
Wipro
Neutral
290
-
141,174
55,421
58,536
20.3
20.3
35.1
36.5
8.3
8.0
1.4
1.2
19.2
14.6
2.0
1.7
Media
D B Corp
Neutral
374
-
6,880
2,297
2,590
27.4
28.2
21.0
23.4
17.8
16.0
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
84
-
1,964
2,693
2,991
12.6
12.9
7.9
9.0
10.7
9.4
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
176
225
5,754
2,283
2,555
28.0
28.0
10.6
12.3
16.6
14.4
3.5
3.1
21.4
21.4
2.5
2.2
Sun TV Network
Neutral
797
-
31,389
2,850
3,265
70.1
71.0
26.2
30.4
30.4
26.2
7.8
6.9
24.3
25.6
10.6
9.1
Hindustan Media
Neutral
278
-
2,039
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.2
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
242
344
1,442
608
667
21.5
22.3
15.7
19.2
15.4
12.6
2.3
2.0
16.1
16.0
2.0
1.7
Music Broadcast Limited Buy
360
434
2,053
271
317
91.0
109.0
6.0
10.0
60.0
36.0
3.8
3.4
6.5
9.3
7.2
5.9
Metals & Mining
Coal India
Neutral
256
-
158,910
84,638
94,297
21.4
22.3
24.5
27.1
10.5
9.5
4.4
4.1
42.6
46.0
1.4
1.2
Hind. Zinc
Neutral
276
-
116,408
14,252
18,465
55.9
48.3
15.8
21.5
17.4
12.8
2.8
2.5
17.0
20.7
8.2
6.3
Hindalco
Neutral
221
-
49,514
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
215
-
51,898
53,201
58,779
16.1
16.2
130.6
153.7
1.6
1.4
0.2
0.2
14.0
14.4
1.7
1.5
NMDC
Neutral
122
-
38,726
6,643
7,284
44.4
47.7
7.1
7.7
17.2
15.9
1.5
1.5
8.8
9.2
3.6
3.2
SAIL
Neutral
63
-
26,143
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.4
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
280
-
104,044
71,744
81,944
19.2
21.7
13.4
20.1
20.9
13.9
1.8
1.6
8.4
11.3
1.8
1.5
Tata Steel
Neutral
561
-
54,485
121,374
121,856
7.2
8.4
18.6
34.3
30.2
16.4
1.9
1.7
6.1
10.1
1.1
1.1
Oil & Gas
GAIL
Neutral
378
-
63,864
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
163
-
209,759
137,222
152,563
15.0
21.8
19.5
24.1
8.4
6.8
0.7
0.7
8.5
10.1
1.8
1.6
Stock Watch
July 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
Indian Oil Corp
Neutral
369
-
179,134
373,359
428,656
5.9
5.5
54.0
59.3
6.8
6.2
1.1
1.0
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,598
-
519,741
301,963
358,039
12.1
12.6
87.7
101.7
18.2
15.7
1.9
1.7
10.7
11.3
2.2
1.8
Pharmaceuticals
Alembic Pharma
Buy
542
648
10,223
3,101
3,966
19.7
20.5
21.4
25.5
25.3
21.3
5.4
4.4
23.0
22.8
3.3
2.4
Alkem Laboratories Ltd
Buy
1,843
2,161
22,036
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
739
823
43,291
14,845
17,086
21.5
22.1
39.4
44.7
18.8
16.5
4.6
3.7
27.6
24.7
3.1
2.6
Aventis*
Neutral
4,274
-
9,842
2,206
2,508
16.6
16.8
128.9
139.9
33.2
30.6
5.7
4.4
21.6
23.5
4.2
3.5
Cadila Healthcare
Sell
541
450
55,338
9,220
11,584
18.4
20.3
14.5
18.7
37.3
28.9
8.0
6.4
23.5
24.6
6.3
4.8
Cipla
Sell
570
461
45,903
14,281
16,619
15.4
16.2
12.5
19.7
45.6
29.0
3.7
3.3
8.4
12.0
3.4
2.9
Dr Reddy's
Neutral
2,621
-
43,452
14,081
15,937
16.1
18.6
72.6
105.9
36.1
24.8
3.5
3.2
9.6
13.6
3.3
2.9
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
2,468
-
20,903
2,927
3,290
11.8
16.2
34.4
49.6
71.7
49.8
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Sell
204
153
1,880
1,067
1,154
12.1
14.9
8.4
11.3
24.3
18.1
2.9
2.6
12.6
15.0
2.0
1.8
Ipca labs
Buy
482
620
6,082
3,211
3,593
13.9
14.5
15.4
19.4
31.3
24.9
2.5
2.3
8.2
9.5
2.0
1.8
Lupin
Buy
1,111
1,526
50,194
17,120
18,657
24.1
24.1
56.9
61.1
19.5
18.2
3.7
3.1
20.7
18.6
3.2
2.6
Natco Pharma
Accumulate
991
1,060
17,272
2,065
1,988
33.1
33.7
27.9
25.7
35.5
38.6
10.4
8.8
29.2
22.9
8.5
8.5
Sun Pharma
Buy
573
712
137,501
30,264
32,899
29.0
26.9
32.7
31.6
17.5
18.1
3.8
3.2
22.2
18.7
4.3
3.8
Power
Tata Power
Neutral
82
-
22,179
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
165
-
136,009
86,605
95,545
17.5
20.8
11.8
13.4
14.0
12.3
1.4
1.3
10.5
11.1
2.9
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
260
-
9,756
4,707
5,105
25.2
26.0
10.3
13.0
25.3
20.0
2.0
1.9
10.3
10.2
3.2
2.9
MLIFE
Buy
429
522
2,199
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
416
-
166,292
105,086
114,808
34.5
34.7
12.2
16.4
34.1
25.4
2.3
2.2
6.8
8.4
2.5
2.2
Idea Cellular
Neutral
93
-
33,410
40,133
43,731
37.2
37.1
6.4
6.5
14.5
14.3
1.2
1.1
8.2
7.6
1.9
1.6
zOthers
Abbott India
Neutral
4,247
-
9,024
3,153
3,583
14.1
14.4
152.2
182.7
27.9
23.2
137.0
117.0
25.6
26.1
2.6
2.2
Asian Granito
Buy
415
480
1,248
1,066
1,169
11.6
12.5
13.0
16.0
31.9
26.0
3.1
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Buy
340
395
3,449
4,801
5,351
5.7
6.2
10.4
13.7
32.6
24.9
4.0
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
233
-
1,665
1,353
1,471
12.3
12.4
14.5
16.3
16.1
14.3
22.2
20.0
14.5
14.6
1.2
126.0
Coffee Day Enterprises
Neutral
245
-
5,050
2,964
3,260
20.5
21.2
4.7
8.0
-
30.6
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
227
-
146
1,137
1,256
3.1
2.7
28.0
23.6
8.1
9.6
43.7
39.5
14.3
11.5
0.1
0.1
Stock Watch
July 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
60
-
675
1,482
1,660
13.7
14.5
3.9
5.8
15.4
10.4
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
490
-
7,487
2,883
3,115
12.0
12.1
14.2
18.6
34.5
26.3
18.3
16.0
15.8
14.6
2.3
2.1
Garware Wall Ropes
Neutral
901
-
1,971
863
928
15.1
15.2
36.4
39.4
24.8
22.9
4.5
3.8
17.5
15.9
2.2
2.0
Goodyear India*
Neutral
891
-
2,056
1,598
1,704
10.4
10.2
49.4
52.6
18.0
16.9
83.3
73.1
18.2
17.0
1.0
138.7
Hitachi
Neutral
2,024
-
5,504
2,081
2,433
8.8
8.9
33.4
39.9
60.6
50.7
48.9
40.8
22.1
21.4
2.6
2.2
HSIL
Neutral
370
-
2,677
2,384
2,515
15.8
16.3
15.3
19.4
24.2
19.1
24.1
20.7
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,244
-
44,965
21,122
26,005
14.5
27.6
110.7
132.1
11.2
9.4
67.2
48.0
168.5
201.1
2.1
1.7
Jyothy Laboratories
Neutral
375
-
6,820
1,440
2,052
11.5
13.0
8.5
10.0
44.2
37.5
10.7
9.9
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
400
-
5,788
2,554
2,800
9.9
10.0
10.5
12.1
38.1
33.1
16.0
15.0
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
268
-
397
382
420
9.3
9.5
13.5
15.7
19.9
17.1
3.4
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
12.6
83.7
74.1
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
791
-
4,527
836
1,087
19.6
19.4
16.9
23.8
46.8
33.2
5.6
4.9
12.0
14.8
5.2
3.9
Mirza International
Neutral
157
-
1,887
963
1,069
17.2
18.0
6.1
7.5
25.6
20.9
3.9
3.3
15.0
15.7
2.2
1.9
MT Educare
Neutral
71
-
282
366
417
17.7
18.2
9.4
10.8
7.6
6.6
1.7
1.5
22.2
22.3
0.7
0.6
Narayana Hrudaya
Neutral
299
-
6,107
1,873
2,166
11.5
11.7
2.6
4.0
113.0
75.4
6.9
6.3
6.1
8.3
3.4
2.9
Navkar Corporation
Buy
205
265
2,920
347
371
43.2
37.3
6.7
6.0
30.7
34.2
2.1
1.9
6.2
10.6
9.5
8.9
Navneet Education
Neutral
168
-
3,916
1,062
1,147
24.0
24.0
6.1
6.6
27.5
25.3
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
1,887
-
2,815
1,995
2,165
10.7
10.4
69.8
80.6
27.0
23.4
107.8
93.7
16.6
16.5
1.4
1.3
Page Industries
Neutral
16,622
-
18,540
2,450
3,124
20.1
17.6
299.0
310.0
55.6
53.6
370.2
282.6
47.1
87.5
7.6
6.0
Parag Milk Foods
Neutral
248
-
2,086
1,919
2,231
9.3
9.6
9.5
12.9
26.3
19.2
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
214
-
1,500
408
495
27.3
27.0
7.7
8.8
27.6
24.3
2.6
2.6
9.3
10.6
2.8
2.3
Radico Khaitan
Accumulate
128
147
1,701
1,667
1,824
13.0
13.2
6.7
8.2
19.2
15.6
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
481
-
5,773
2,085
2,469
9.2
8.2
7.6
8.0
63.6
60.5
24.7
21.0
17.9
18.8
2.9
2.4
S H Kelkar & Co.
Neutral
270
-
3,908
1,036
1,160
15.1
15.0
6.1
7.2
44.3
37.7
4.7
4.3
10.7
11.5
3.6
3.2
Siyaram Silk Mills
Accumulate
2,192
2,500
2,055
1,574
1,769
12.5
12.7
97.1
113.1
22.6
19.4
3.5
3.0
15.4
15.5
1.5
1.3
Styrolution ABS India*
Neutral
1,063
-
1,870
1,440
1,537
9.2
9.0
40.6
42.6
26.2
25.0
66.9
60.8
12.3
11.6
1.3
1.1
Surya Roshni
Neutral
289
-
1,265
3,342
3,625
7.8
7.5
17.3
19.8
16.7
14.6
31.7
25.5
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,298
-
2,219
3,229
4,001
1.5
1.8
22.8
32.8
57.0
39.5
6.1
5.3
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
198
-
794
287
384
20.5
20.5
7.6
10.7
26.1
18.5
5.4
4.4
20.7
23.5
2.8
2.1
Stock Watch
July 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
316
-
2,419
2,671
2,911
8.5
8.8
13.9
15.7
22.8
20.2
3.1
2.8
13.7
13.8
1.0
0.9
India
TVS Srichakra
Neutral
3,699
-
2,833
2,304
2,614
13.7
13.8
231.1
266.6
16.0
13.9
415.7
327.3
33.9
29.3
1.2
1.1
UFO Moviez
Neutral
382
-
1,054
619
685
33.2
33.4
30.0
34.9
12.8
11.0
1.8
1.5
13.8
13.9
1.4
1.1
Visaka Industries
Neutral
479
-
761
1,051
1,138
10.3
10.4
21.0
23.1
22.8
20.7
61.4
57.5
9.0
9.2
1.0
0.9
VRL Logistics
Neutral
324
-
2,953
1,902
2,119
16.7
16.6
14.6
16.8
22.2
19.2
4.9
4.3
21.9
22.2
1.7
1.5
VIP Industries
Buy
175
218
2,479
1,270
1,450
10.4
10.4
5.6
6.5
31.3
27.0
6.5
5.7
20.7
21.1
2.0
1.7
Navin Fluorine
Accumulate
670
730
3,302
789
945
21.1
22.4
24.0
28.7
27.9
23.4
4.5
3.9
17.8
18.5
4.1
3.4
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 27, 2017
Market Outlook
July 28, 2017
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or
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
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
