Market Outlook

June 30, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with a negative bias tracking SGX Nifty,and

BSE Sensex

0.1

30,858

global indices but could remain under pressure during the day.

Nifty

0.1

9,504

The US markets ended the day with sharp selling. Though markets were off from

Mid Cap

0.3

14,552

day’s low the technology heavy NASADQ posted a bigger loss than Dow Jones.

Small Cap

1.0

149

15,310

Financials and Banking stocks witnessed strong buying while technology and

semiconductor companies were under selling pressure. In economic news the

Bankex

(0.1)

(21)

26,278

commerce department released a report showing stronger than previously estimated

US economic growth in the first quarter. The European markets started the day on

Global Indices

Chg (%)

(Pts)

(Close)

positive bias but closed on a weak note

Dow Jones

(0.8)

(168)

21,287

After witnessing selling pressure in the previous three trading sessions the Indian

Nasdaq

(1.4)

(90)

6,144

markets started the day with a positive not and gained further strength by mid day.

FTSE

(0.5)

(37)

7,350

However, most of the gains were earned by the end of the day and the broader

Nikkei

(00.4

20,220

indices ended almost flat with a marginal gain. F&O expiry together with nearing of

Hang Seng

1.1

282

25,965

GST implementation impacted the overall investor’s sentiment. As mentioned earlier

Shanghai Com

0.5

3,188

the markets might see some more weakness for next couple of trading session

before it starts consolidating and

Advances / Declines

BSE

NSE

News Analysis

Advances

1,632

1100

 JSW Steel plans to build a slurry pipeline with an investment of ` 2,100 cr

Declines

1,958

549

Detailed analysis on Pg2

Unchanged

162

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,956

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

29,698

Refer Pg6 onwards

Top Picks

#Net Inflows (` Cr)

Net

Mtd

Ytd

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

FII

(1,141)

(22,439

54,408

Blue Star

Capital Goods

Buy

593

760

28.2

MFs

8600

7,182

37,221

Dewan Housing Fin. Financials

Buy

436

520

19.2

Mahindra Lifespace Real Estate

Buy

431

522

21.1

Top Gainers

Price (`)

Chg (%)

Navkar Corporation Others

Buy

212

265

25.0

KEI Industries

Capital Goods

Accumulate

231

258

11.5

Jpassociat

123

13.6

More Top Picks on Pg5

Gvkpil

13.1

Key Upcoming Events

Carerating

1,597

11.8

Consensus

Iifl

602

8.2

Date

Region

Event Description

Reading

Expectations

Sci

7.2

Jun 30, 2017 US

GDP Qoq (Annualised)

1.20

Jun 30, 2017 China

PMI Manufacturing

51.20

51.00

Jun 30, 2017 UK

PMI Manufacturing

56.70

Top Losers

Price (`)

Chg (%)

Jul 3, 2017

GDP (YoY)

2.00

Pageind

16,220

(3.7)

Jul 3, 2017

Germany PMI Manufacturing

59.30

Gspl

168

(3.1)

More Events on Pg5

Monsanto

2,658

(2.4)

Havells

452

(2.3)

Orientbank

139

(2.2)

#as on 29^t June, 2017

www.angelbroking.com

Market Outlook

June 30, 2017

News Analysis

JSW Steel Ltd plans to set up slurry pipeline in Karnataka for

` 2,100 cr for transportation of iron ore:

JSW Steel the leading steel producer in India plans to invest `2,100 cr in

Karnataka to build a slurry pipeline for transportation of Iron Ore. JSW Steel has

been operating its 12 MTPA integrated steel plant at Vijaya Nagar works in the

State of Karnataka. The company had invested huge sum in the plant relying upon

consistent supply of iron ore at a fair price. However, the supreme court of India

in order to curb the illegal mining in the state capped the mining in Karnataka at

30 Mn Tones p.a. Though four years has passed the current iron production in

Karnataka is below the demand level.

As per the company’s statement while the demand for iron ore has picked up and

not supply, taking the advantage of the same, the mines in the state are charging

a higher premium compared to other states like Odisha and Jharkhand for the

same grade of iron ore. Globally transporting iron ore via slurry pipeline is widely

used as it is environmentally friendly. The management believes, the proposed

slurry pipeline will allow the company in sourcing iron from other geographies and

thus will de-risk their raw material sourcing concentration.

Economic and Political News

 Congress joins TMC, will skip midnight GST launch tomorrow



7^th pay commission finally gets government nod

 Petya Ransomware; India worst hit in Asia, seventh most affected globally.

Corporate News

 Wipro, Infosys see decline in share of top-five clients in total revenues

 Indigo expresses interest in, Air India privatization

 Yes Bank launches tailor made programme for MSMEs

www.angelbroking.com

Market Outlook

June 30, 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

22,194

1,856

2,161

16.4

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,276

424

447

5.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,671

593

760

28.2

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

consumer segment, the company has increased its

Dewan Housing Finance

13,677

436

520

19.2

presence in tier-II & III cities where the growth opportunity

is immense.

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

Karur Vysya Bank

8,841

146

160

9.4

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

5,961

182

225

23.4

acquisition of a radio business (Radio City) would also

boost the company's revenue growth.

High order book execution in EPC segment, rising B2C

KEI Industries

1,800

231

258

11.5

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,213

431

522

21.1

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,024

212

265

25.0

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,875

2,000

2,500

25.0

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

1,420

238

344

44.5

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

June 30, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jun 30, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

1Q T

1.20

6:30 AMChina

PMI Manufacturing

Value

Jun

51.20

51.00

2:00 PMUK

PMI Manufacturing

Value

Jun

56.70

Jul 03, 2017

2:00 PMUK

GDP (YoY)

% Change

1Q F

2.00

1:25 PMGermany

PMI Manufacturing

Value

Jun F

59.30

Jul 05, 2017

1:25 PMGermany

PMI Services

Value

Jun F

53.70

Jul 07, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

May

(0.80)

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jun

138.00

180.00

6:00 PMUS

Unnemployment rate

Jun

4.30

Jul 10, 2017

India

Imports YoY%

% Change

Jun

33.10

India

Exports YoY%

% Change

Jun

8.30

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

Jul 12, 2017

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

Jul 13, 2017

China

Exports YoY%

% Change

Jun

8.70

Producer Price Index (mom)

% Change

Jun

(0.70)

Jul 14, 2017

6:45 PMUS

Industrial Production

Jun

6:00 PMUS

Consumer price index (mom)

% Change

Jun

(0.10)

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Jun 30, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

1Q T

1.20

6:30 AMChina

PMI Manufacturing

Value

Jun

51.20

51.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

June 30, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

5.0

6.0

3.8

4.0

3.0

3.1

5.0

2.6

3.0

1.9

4.0

2.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

5.8

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

1.0

44.0

42.0

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

June 30, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

62,239

(3.2)

(2.9)

23.8

Russia

Micex

1,881

(2.7)

(6.2)

(0.4)

India

Nifty

9,504

(1.0)

5.1

14.9

China

Shanghai Composite

3,188

2.5

(2.5)

10.5

South Africa

Top 40

45,212

(4.3)

1.8

3.0

Mexico

Mexbol

49,198

(0.2)

0.1

8.5

Indonesia

LQ45

978

0.7

8.6

17.1

Malaysia

KLCI

1,771

(0.1)

1.5

9.1

Thailand

SET 50

995

0.4

(0.3)

10.3

USA

Dow Jones

21,287

1.8

3.6

21.2

FTSE

7,350

(2.3)

0.8

11.7

Japan

Nikkei

20,220

2.8

5.3

25.9

Germany

DAX

12,416

(0.2)

5.1

32.2

France

CAC

5,154

(1.7)

3.3

26.6

Source: Bloomberg, Angel Research,

www.angelbroking.com

Stock Watch

June 30, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

241

209

4,679

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

828

42,050

15,176

17,604

18.5

37.4

44.6

22.1

18.6

4.3

3.6

21.4

21.2

2.9

2.4

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,334

20,021

21,915

11.6

11.9

4.5

5.3

20.8

17.6

4.2

3.8

20.6

21.5

1.3

1.2

Bajaj Auto

Neutral

2,803

81,107

25,093

27,891

19.5

19.2

143.9

162.5

19.5

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,076

25,050

7,726

8,713

20.5

21.2

35.3

42.7

30.5

25.2

5.6

5.1

18.9

20.1

3.3

2.9

Eicher Motors

Neutral

27,340

74,425

16,583

20,447

17.5

18.0

598.0

745.2

45.7

36.7

15.6

11.9

41.2

38.3

4.3

3.4

Gabriel India

Neutral

151

2,165

1,544

1,715

9.0

9.3

5.4

6.3

27.9

23.9

5.3

4.7

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,719

74,270

28,083

30,096

15.3

15.7

171.8

187.0

21.6

19.9

7.6

6.4

30.1

27.9

2.5

2.3

Jamna Auto Industries Neutral

238

1,894

1,486

1,620

9.8

9.9

15.0

17.2

15.9

13.8

3.5

2.9

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

746

1,170

1,302

1,432

11.6

11.9

43.7

53.0

17.1

14.1

2.4

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,356

84,205

46,534

53,077

11.6

11.7

67.3

78.1

20.1

17.4

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Neutral

7,223

218,180

67,822

83,288

16.0

16.4

253.8

312.4

28.5

23.1

6.5

5.3

23.0

22.9

2.9

2.3

Minda Industries

Neutral

628

5,429

2,728

3,042

9.0

9.1

68.2

86.2

9.2

7.3

2.1

1.7

23.8

24.3

2.1

1.8

Motherson Sumi

Neutral

457

64,135

45,896

53,687

7.8

8.3

13.0

16.1

35.0

28.4

11.3

9.0

34.7

35.4

1.5

1.2

Rane Brake Lining

Neutral

1,328

1,051

511

562

11.3

11.5

28.1

30.9

47.3

43.0

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

494

741

837

13.0

15.2

17.0

2.4

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

436

125,874

300,209

338,549

8.9

8.4

42.7

54.3

10.2

8.0

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

545

25,873

13,390

15,948

6.9

7.1

12.8

16.5

42.7

32.9

10.6

8.4

26.3

27.2

2.0

1.6

Amara Raja Batteries

Buy

838

1,009

14,312

5,305

6,100

16.0

16.3

28.4

34.0

29.5

24.6

5.7

4.8

19.3

2.7

2.3

Exide Industries

Neutral

218

18,522

7,439

8,307

15.0

8.1

9.3

26.9

23.4

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

243

12,364

12,877

14,504

14.3

13.9

21.4

23.0

11.3

10.6

1.8

1.5

16.4

15.2

1.1

1.0

Ceat

Neutral

1,802

7,287

7,524

8,624

13.0

12.7

131.1

144.3

13.7

12.5

2.5

2.1

19.8

18.6

1.0

0.9

JK Tyres

Neutral

162

3,663

7,455

8,056

15.0

21.8

24.5

7.4

6.6

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,350

2,918

660

810

15.2

16.4

54.5

72.8

43.1

32.3

13.4

12.2

31.5

39.2

4.2

3.4

Subros

Neutral

240

1,440

1,488

1,681

11.7

11.9

6.4

7.2

37.5

33.5

4.0

3.6

10.8

11.4

1.2

1.0

Indag Rubber

Neutral

206

539

286

326

19.8

16.8

11.7

13.3

17.6

15.4

3.0

2.8

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

684

709

814

4.1

4.6

1.4

2.1

49.4

32.9

2.0

1.9

4.4

6.0

1.1

1.0

BEML

Neutral

1,458

6,070

3,451

4,055

6.3

9.2

31.4

57.9

46.4

25.2

2.8

2.5

6.3

10.9

1.9

1.6

Bharat Electronics

Neutral

160

35,738

8,137

9,169

16.8

17.2

58.7

62.5

2.7

2.6

0.4

44.6

46.3

3.4

3.0

www.angelbroking.com

Stock Watch

June 30, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

454

15,029

6,511

7,514

7.9

8.7

12.9

16.3

35.2

27.9

6.3

5.6

16.7

18.5

2.1

1.8

BGR Energy

Neutral

143

1,032

16,567

33,848

6.0

5.6

7.8

5.9

18.3

24.2

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

136

33,275

28,797

34,742

2.8

2.3

6.9

59.1

19.7

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

593

760

5,671

4,283

5,077

5.9

7.3

14.9

22.1

39.8

26.8

7.7

6.5

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

5,067

5,777

6,120

5.9

7.0

3.3

4.5

24.5

18.0

1.1

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

160

3,910

1,755

1,881

16.8

16.9

7.8

8.5

20.5

18.8

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

143

3,176

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

253

6,491

9,294

10,186

7.9

8.1

9.9

11.9

25.5

21.2

3.7

3.3

15.6

16.3

0.9

0.8

KEI Industries

Accumulate

231

258

1,800

2,633

3,001

10.4

10.0

12.7

13.0

18.2

17.8

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

940

11,200

5,421

5,940

7.3

25.7

30.2

36.6

31.1

4.4

4.0

12.2

13.1

2.0

1.8

VATech Wabag

Neutral

693

3,782

3,136

3,845

8.9

9.1

26.0

35.9

26.7

19.3

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,580

29,671

11,225

13,172

13.2

16.9

44.5

75.5

35.5

20.9

3.4

3.1

11.2

14.2

2.6

2.3

Ambuja Cements

Neutral

246

48,897

9,350

10,979

18.2

22.5

5.8

9.5

42.5

25.9

3.6

3.2

10.2

12.5

5.2

4.5

India Cements

Neutral

199

6,132

4,364

4,997

18.5

19.2

7.9

11.3

25.2

17.6

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

934

6,526

4,398

5,173

15.5

17.5

31.2

55.5

29.9

16.8

3.6

3.1

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Neutral

483

5,689

2,913

3,412

14.5

19.5

7.5

22.5

64.5

21.5

4.0

3.3

12.5

18.0

2.5

2.1

Orient Cement

Neutral

139

2,848

2,114

2,558

18.5

20.5

8.1

11.3

17.2

12.3

2.5

2.1

9.0

14.0

2.0

1.5

UltraTech Cement

Neutral

3,950

108,427

25,768

30,385

21.0

23.5

111.0

160.0

35.6

24.7

4.5

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

3,156

8,946

10,017

31.0

31.6

8.1

9.1

11.9

10.5

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

208

2,920

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,702

158,905

111,017

124,908

11.0

61.1

66.7

27.9

25.5

3.4

3.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

145

7,010

705

788

52.2

51.7

5.0

5.6

29.0

25.9

2.9

2.6

11.2

9.6

8.1

Nagarjuna Const.

Neutral

4,948

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

144

3,683

2,350

2,904

13.1

13.2

9.0

8.8

16.0

16.3

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

505

2,501

6,829

7,954

10.5

31.4

37.4

16.1

13.5

1.7

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

585

861

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

307

5,272

3,598

4,140

10.3

10.6

9.0

11.9

34.1

25.8

3.6

3.1

9.9

11.9

1.8

1.5

NBCC

Neutral

204

18,387

7,428

9,549

7.9

8.6

8.2

11.0

24.9

18.6

1.2

1.0

28.2

28.7

2.2

1.6

MEP Infra

Neutral

111

1,806

1,877

1,943

30.6

29.8

3.0

4.2

37.0

26.5

17.9

12.1

0.6

2.3

2.2

www.angelbroking.com

Stock Watch

June 30, 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

108

3,790

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.6

(22.8)

(15.9)

11.9

9.9

Engineers India

Neutral

152

10,209

1,725

1,935

16.0

19.1

11.4

13.9

13.3

10.9

1.8

13.4

15.3

4.8

4.3

Financials

Axis Bank

Accumulate

512

580

122,648

46,932

53,575

3.5

3.4

32.4

44.6

15.8

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

156

35,830

19,980

23,178

1.8

11.5

17.3

13.5

9.0

1.6

1.3

8.3

10.1

Canara Bank

Neutral

332

19,824

15,225

16,836

1.8

14.5

28.0

22.9

11.9

1.6

1.3

5.8

8.5

Can Fin Homes

Neutral

3,194

8,502

420

526

3.5

86.5

107.8

36.9

29.6

8.0

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,096

1,230

17,133

2,012

2,317

6.3

42.7

53.6

25.7

20.5

4.1

3.5

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

436

520

13,677

2,225

2,688

2.9

29.7

34.6

14.7

12.6

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

150

235

5,065

939

1,281

11.7

11.5

5.8

8.2

25.8

18.3

2.2

2.0

10.9

11.5

Federal Bank

Accumulate

113

125

19,501

8,259

8,995

3.0

4.3

5.6

26.3

20.2

2.2

2.1

8.5

10.1

HDFC

Neutral

1,632

259,540

11,475

13,450

3.4

45.3

52.5

36.0

31.1

6.9

6.1

20.2

20.5

HDFC Bank

Neutral

1,662

426,912

46,097

55,433

4.5

58.4

68.0

28.5

24.4

5.0

4.2

18.8

18.6

ICICI Bank

Accumulate

294

315

188,345

42,800

44,686

3.1

3.3

18.0

21.9

16.3

13.4

2.2

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

146

160

8,841

5,640

6,030

3.3

3.2

8.9

10.0

16.4

14.6

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

199

3,816

3,339

3,799

2.7

2.8

11.0

14.0

18.1

14.2

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

742

37,456

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

138

29,302

23,532

23,595

2.3

2.4

6.8

12.6

20.3

10.9

3.1

2.2

3.3

6.5

RBL Bank

Neutral

502

18,890

1,783

2,309

2.6

12.7

16.4

39.5

30.6

4.3

3.9

12.8

13.3

Repco Home Finance

Neutral

812

5,080

388

457

4.5

4.2

30.0

38.0

27.1

21.4

4.5

3.8

18.0

19.2

South Ind.Bank

Neutral

5,004

6,435

7,578

2.5

2.7

3.1

10.3

9.0

1.3

1.1

10.1

11.2

St Bk of India

Neutral

273

235,267

88,650

98,335

2.6

13.5

18.8

20.2

14.5

1.9

1.7

7.0

8.5

Union Bank

Neutral

145

9,982

13,450

14,925

2.3

25.5

34.5

5.7

4.2

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,438

65,745

8,978

11,281

3.3

3.4

74.0

90.0

19.4

16.0

3.7

3.1

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,832

8,788

2,955

3,309

13.3

13.7

57.2

69.3

32.1

26.4

10.5

8.8

32.7

33.3

2.8

2.4

Asian Paints

Neutral

1,104

105,867

17,128

18,978

16.8

16.4

19.1

20.7

57.8

53.3

20.1

19.0

34.8

35.5

6.1

5.5

Britannia

Neutral

3,638

43,667

9,594

11,011

14.6

14.9

80.3

94.0

45.3

38.7

18.6

14.4

41.2

4.4

3.8

Colgate

Neutral

1,087

29,577

4,605

5,149

23.4

23.8

26.9

45.7

40.4

25.3

19.8

64.8

66.8

6.3

5.7

Dabur India

Neutral

290

51,137

8,315

9,405

19.8

20.7

8.1

9.2

35.8

31.6

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

5,373

22,596

4,350

4,823

21.2

21.4

179.2

196.5

30.0

27.4

8.0

6.7

27.1

26.8

4.6

4.0

www.angelbroking.com

Stock Watch

June 30, 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

948

64,578

10,235

11,428

18.4

18.6

41.1

44.2

23.1

21.5

5.1

4.3

24.9

24.8

6.4

5.7

HUL

Neutral

1,088

235,429

35,252

38,495

17.8

20.7

22.4

52.7

48.6

50.3

43.2

95.6

88.9

6.5

6.0

ITC

Neutral

311

378,269

40,059

44,439

38.3

39.2

9.0

10.1

34.7

30.7

9.7

8.5

27.8

27.5

8.9

8.1

Marico

Neutral

312

40,276

6,430

7,349

18.8

19.5

6.4

7.7

48.8

40.5

14.7

12.4

33.2

32.5

6.1

5.3

Nestle*

Neutral

6,754

65,124

10,073

11,807

20.7

21.5

124.8

154.2

54.1

43.8

22.2

20.0

34.8

36.7

6.3

5.3

Tata Global

Neutral

149

9,372

8,675

9,088

9.8

7.4

8.2

20.1

18.1

1.6

1.5

7.9

8.1

1.0

0.9

Procter & Gamble

Neutral

7,993

25,945

2,939

3,342

23.2

23.0

146.2

163.7

54.7

48.8

13.8

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

847

1,014

120,909

46,723

52,342

22.1

20.9

60.0

62.8

14.1

13.5

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

930

1,179

213,501

68,484

73,963

26.0

63.0

64.0

14.8

14.5

3.1

2.8

20.8

19.7

2.8

2.5

TCS

Accumulate

2,335

2,651

460,026

117,966

127,403

27.5

27.6

134.3

144.5

17.4

16.2

5.2

4.8

29.8

29.7

3.5

3.3

Tech Mahindra

Buy

389

533

37,906

29,141

31,051

14.4

15.0

32.3

35.6

12.0

10.9

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Accumulate

259

280

126,155

55,421

58,536

20.3

35.1

36.5

7.4

7.1

1.3

1.1

19.2

14.6

1.7

1.5

Media

D B Corp

Neutral

376

6,908

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

1,886

2,693

2,991

12.6

12.9

7.9

9.0

10.3

9.0

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

182

225

5,961

2,283

2,555

28.0

10.6

12.3

17.2

14.9

3.7

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

807

31,801

2,850

3,265

70.1

71.0

26.2

30.4

30.8

26.5

7.9

7.0

24.3

25.6

10.8

9.3

Hindustan Media

Neutral

273

2,000

1,016

1,138

24.3

25.2

27.3

30.1

10.0

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

238

344

1,420

608

667

21.5

22.3

15.7

19.2

15.2

12.4

2.3

2.0

16.1

16.0

1.9

1.7

Metals & Mining

Coal India

Neutral

245

152,206

84,638

94,297

21.4

22.3

24.5

27.1

10.0

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

261

110,471

14,252

18,465

55.9

48.3

15.8

21.5

16.6

12.2

2.7

2.4

17.0

20.7

7.8

6.0

Hindalco

Neutral

192

43,039

107,899

112,095

7.4

8.2

9.2

13.0

20.9

14.8

1.0

4.8

6.6

0.9

JSW Steel

Neutral

205

49,589

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.3

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

108

34,123

6,643

7,284

44.4

47.7

7.1

7.7

15.2

14.0

1.3

8.8

9.2

2.9

2.6

SAIL

Neutral

23,975

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.3

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

251

93,376

71,744

81,944

19.2

21.7

13.4

20.1

18.8

12.5

1.6

1.4

8.4

11.3

1.7

1.3

Tata Steel

Neutral

535

51,931

121,374

121,856

7.2

8.4

18.6

34.3

28.8

15.6

1.8

1.6

6.1

10.1

1.1

1.0

Oil & Gas

GAIL

Neutral

362

61,166

56,220

65,198

9.3

10.1

27.1

33.3

13.4

10.9

1.2

1.1

9.3

10.7

1.3

1.1

ONGC

Neutral

158

202,637

137,222

152,563

15.0

21.8

19.5

24.1

8.1

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

387

187,851

373,359

428,656

5.9

5.5

54.0

59.3

7.2

6.5

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

June 30, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Reliance Industries

Neutral

1,393

452,910

301,963

358,039

12.1

12.6

87.7

101.7

15.9

13.7

1.6

1.5

10.7

11.3

2.0

1.6

Pharmaceuticals

Alembic Pharma

Buy

503

648

9,490

3,101

3,966

19.7

20.5

21.4

25.5

23.5

19.7

5.0

4.1

23.0

22.8

3.0

2.2

Alkem Laboratories Ltd

Buy

1,856

2,161

22,194

5,853

6,901

17.1

18.4

74.6

85.0

24.9

21.8

5.3

4.4

21.1

20.2

3.8

3.2

Aurobindo Pharma

Buy

671

823

39,295

14,845

17,086

21.5

22.1

39.4

44.7

17.0

15.0

4.2

3.3

27.6

24.7

2.8

2.4

Aventis*

Neutral

4,150

9,558

2,206

2,508

16.6

16.8

128.9

139.9

32.2

29.7

5.5

4.3

21.6

23.5

4.1

3.4

Cadila Healthcare

Reduce

522

450

53,429

9,220

11,584

18.4

20.3

14.5

18.7

36.0

27.9

7.7

6.2

23.5

24.6

6.1

4.7

Cipla

Sell

545

461

43,828

14,281

16,619

15.4

16.2

12.5

19.7

43.6

27.7

3.5

3.2

8.4

12.0

3.2

2.8

Dr Reddy's

Neutral

2,646

43,858

14,081

15,937

16.1

18.6

72.6

105.9

36.5

25.0

3.6

3.2

9.6

13.6

3.3

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,477

20,982

2,927

3,290

11.8

16.2

34.4

49.6

72.0

49.9

10.5

10.9

13.9

21.3

7.0

6.3

Indoco Remedies

Sell

192

153

1,771

1,067

1,154

12.1

14.9

8.4

11.3

22.9

17.0

2.7

2.4

12.6

15.0

1.9

1.7

Ipca labs

Buy

480

620

6,057

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.7

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,056

1,526

47,715

17,120

18,657

24.1

56.9

61.1

18.6

17.3

3.5

3.0

20.7

18.6

3.1

2.5

Natco Pharma

Accumulate

938

1,060

16,342

2,065

1,988

33.1

33.7

27.9

25.7

33.6

36.5

9.8

8.3

29.2

22.9

8.0

8.1

Sun Pharma

Buy

539

712

129,199

30,264

32,899

29.0

26.9

32.7

31.6

16.5

17.0

3.5

3.0

22.2

18.7

4.0

3.6

Power

Tata Power

Neutral

22,044

36,916

39,557

17.4

27.1

5.1

6.3

16.0

12.9

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

158

130,402

86,605

95,545

17.5

20.8

11.8

13.4

11.8

1.4

1.3

10.5

11.1

2.8

Power Grid

Accumulate

208

223

108,739

25,315

29,193

88.2

88.7

14.2

17.2

14.7

12.1

2.2

1.9

15.2

16.1

8.9

8.0

Real Estate

Prestige Estate

Neutral

240

8,991

4,707

5,105

25.2

26.0

10.3

13.0

23.3

18.4

1.9

1.7

10.3

10.2

3.1

2.7

MLIFE

Buy

431

522

2,213

1,152

1,300

22.7

24.6

29.9

35.8

14.4

12.0

1.1

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

383

152,941

105,086

114,808

34.5

34.7

12.2

16.4

31.4

23.3

2.1

2.0

6.8

8.4

2.4

2.1

Idea Cellular

Neutral

30,381

40,133

43,731

37.2

37.1

6.4

6.5

13.2

13.0

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,223

8,973

3,153

3,583

14.1

14.4

152.2

182.7

27.8

23.1

136.2

116.3

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

424

447

1,276

1,066

1,169

11.6

12.5

13.0

16.0

32.6

26.5

3.2

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

332

395

3,362

4,801

5,351

5.7

6.2

10.4

13.7

31.9

24.3

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

218

1,559

1,353

1,471

12.3

12.4

14.5

16.3

15.0

13.4

20.8

18.7

14.5

14.6

1.1

117.4

Coffee Day Enterprises

Neutral

245

5,048

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

173

111

1,137

1,256

3.1

2.7

28.0

23.6

6.2

7.3

33.3

30.1

14.3

11.5

0.1

Elecon Engineering

Neutral

633

1,482

1,660

13.7

14.5

3.9

5.8

14.5

9.7

3.4

3.1

7.8

10.9

0.7

www.angelbroking.com

Stock Watch

June 30, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Finolex Cables

Neutral

461

7,046

2,883

3,115

12.0

12.1

14.2

18.6

32.4

24.8

17.3

15.1

15.8

14.6

2.1

1.9

Garware Wall Ropes

Neutral

811

1,775

863

928

15.1

15.2

36.4

39.4

22.3

20.6

4.0

3.4

17.5

15.9

2.0

1.8

Goodyear India*

Neutral

884

2,039

1,598

1,704

10.4

10.2

49.4

52.6

17.9

16.8

82.6

72.5

18.2

17.0

1.0

137.1

Hitachi

Neutral

2,001

5,440

2,081

2,433

8.8

8.9

33.4

39.9

59.9

50.2

48.3

40.3

22.1

21.4

2.6

2.2

HSIL

Neutral

367

2,655

2,384

2,515

15.8

16.3

15.3

19.4

24.0

18.9

23.9

20.5

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,237

44,730

21,122

26,005

14.5

27.6

110.7

132.1

11.2

9.4

66.9

47.8

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

351

6,370

1,440

2,052

11.5

13.0

8.5

10.0

41.3

35.1

10.0

9.3

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

400

5,785

2,554

2,800

9.9

10.0

10.5

12.1

38.1

33.1

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

273

404

382

420

9.3

9.5

13.5

15.7

20.3

17.4

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

613

740

546

608

20.4

20.7

41.3

48.7

14.9

12.6

84.0

74.4

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

774

4,428

836

1,087

19.6

19.4

16.9

23.8

45.8

32.5

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

151

1,815

963

1,069

17.2

18.0

6.1

7.5

24.6

20.1

3.8

3.2

15.0

15.7

2.1

1.9

MT Educare

Neutral

250

366

417

17.7

18.2

9.4

10.8

6.7

5.8

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

315

6,428

1,873

2,166

11.5

11.7

2.6

4.0

118.9

79.3

7.3

6.6

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

212

265

3,024

347

371

43.2

37.3

6.7

6.0

31.8

35.4

2.2

2.0

6.2

10.6

9.8

9.2

Navneet Education

Neutral

174

4,053

1,062

1,147

24.0

6.1

6.6

28.5

26.2

5.9

5.2

20.6

19.8

3.9

3.6

Nilkamal

Neutral

1,890

2,820

1,995

2,165

10.7

10.4

69.8

80.6

27.1

23.5

108.0

93.8

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,238

18,112

2,450

3,124

20.1

17.6

299.0

310.0

54.3

52.4

361.7

276.1

47.1

87.5

7.4

5.9

Parag Milk Foods

Neutral

218

1,836

1,919

2,231

9.3

9.6

9.5

12.9

23.1

16.9

3.6

3.0

15.5

17.5

1.1

0.9

Quick Heal

Neutral

209

1,463

408

495

27.3

27.0

7.7

8.8

27.0

23.7

2.5

9.3

10.6

2.7

2.3

Radico Khaitan

Buy

123

147

1,632

1,667

1,824

13.0

13.2

6.7

8.2

18.4

15.0

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

470

5,652

2,085

2,469

9.2

8.2

7.6

8.0

62.2

59.2

24.1

20.6

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

267

3,867

1,036

1,160

15.1

15.0

6.1

7.2

43.8

37.3

4.7

4.3

10.7

11.5

3.6

3.2

Siyaram Silk Mills

Buy

2,000

2,500

1,875

1,574

1,769

12.5

12.7

97.1

113.1

20.6

17.7

3.2

2.7

15.4

15.5

1.4

1.2

Styrolution ABS India*

Neutral

826

1,452

1,440

1,537

9.2

9.0

40.6

42.6

20.3

19.4

51.9

47.2

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

283

1,239

3,342

3,625

7.8

7.5

17.3

19.8

16.4

14.3

31.1

24.9

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,337

2,287

3,229

4,001

1.5

1.8

22.8

32.8

58.7

40.7

6.3

5.5

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

185

743

287

384

20.5

7.6

10.7

24.4

17.3

5.1

4.1

20.7

23.5

2.6

1.9

Transport Corporation of

Neutral

321

2,461

2,671

2,911

8.5

8.8

13.9

15.7

23.2

20.5

3.2

2.8

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

June 30, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

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

zOthers

TVS Srichakra

Neutral

3,808

2,916

2,304

2,614

13.7

13.8

231.1

266.6

16.5

14.3

427.9

336.9

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

397

1,096

619

685

33.2

33.4

30.0

34.9

13.3

11.4

1.8

1.6

13.8

13.9

1.5

1.2

Visaka Industries

Neutral

513

814

1,051

1,138

10.3

10.4

21.0

23.1

24.4

22.2

65.7

61.6

9.0

9.2

1.0

VRL Logistics

Neutral

329

3,003

1,902

2,119

16.7

16.6

14.6

16.8

22.6

19.6

5.0

4.4

21.9

22.2

1.7

1.5

VIP Industries

Buy

184

218

2,602

1,270

1,450

10.4

5.6

6.5

32.9

28.3

6.8

5.9

20.7

21.1

2.0

1.8

Navin Fluorine

Buy

3,054

3,650

3,005

789

945

21.1

22.4

120.1

143.4

25.4

21.3

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 29, 2017

www.angelbroking.com

Market Outlook

June 30, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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