Market Outlook
May 31, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on Flat to negative note tracking the SGX Nifty and
BSE Sensex
0.2
50
31,159
Global markets.
Nifty
0.2
20
9,625
U.S. stocks fell, snapping a long win streak as weakness emerged in the energy and
Mid Cap
0.8
120
14,490
banking sectors. Markets were in a cautious mood after data showed U.S. consumer
Small Cap
0.5
169
14,924
confidence unexpectedly fell in May, the second consecutive monthly decline. The
Conference Board's Consumer Confidence Index slipped to 117.9, down from
Bankex
0.6
156
26,403
119.4 in April. Economists expected a reading in the neighborhood of 119.5.
Global Indices
Chg (%)
(Pts)
(Close)
The Dow Jones Industrial Average lost 0.2%, at 21,029, as banks struggled. The
(0.2)
(51)
21,029
S&P 500 index finished down 0.1%, at 2,413, and the Nasdaq Composite Index
Dow Jones
0.9
174
20,579
(0.1)
(7)
6,203
closed down 0.1%, at 6,203.
Nasdaq
0.9
54
5,917
(0.3)
(21)
7,527
FTSE
0.1
4
7,119
U.K. stocks closed in the red, led lower in part by a slide for British Airways-parent
Nikkei
(0.0)
(5)
19,678
International Consolidated Airlines Group SA following a computer glitch at the
carrier over the holiday weekend. The FTSE 100 dropped 0.3% to end at 7,527.
Hang Seng
0.2
262
25,702
Shanghai Com
0.1
2
3,110
The Indian Equity benchmark hit record closing highs for the fourth day in a row on
Tuesday, with hopes of timely arrival of monsoon rains and continued optimism on
the GST front supporting underlying sentiment.
Advances / Declines
BSE
NSE
Advances
1,209
1,768
The benchmark BSE Sensex closed higher 0.16% at 31,159 while the broader Nifty
index rose 0.20% to 9,625.
Declines
1,483
894
Unchanged
163
84
News Analysis
Alkem Laboratories 4QFY17 result review
Volumes (` Cr)
Detailed analysis on Pg2
BSE
3,473
Investor’s Ready Reckoner
NSE
24,189
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
#Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg6 onwards
(808)
8,997
51,009
FII
(565)
(2,249)
41,972
449
8,960
29,642
MFs
804
4,895
14,333
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Blue Star
Capital Goods
Buy
630
760
20.6
Auropharma
580
12.9
Dewan Housing Fin. Financials
Buy
412
520
26.2
Mahindra Lifespace Real Estate
Buy
427
522
22.3
Indiacem
205
8.7
Navkar Corporation Others
Buy
207
265
27.8
Sparc
294
7.0
KEI Industries
Capital Goods
Accumulate
211
239
12.8
Jpassociat
12
6.7
More Top Picks on Pg4
Jubilant
731
6.5
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Losers
Price (`)
Chg (%)
Reading
Expectations
May 31, 2017 China
PMI Manufacturing
51.20
51.00
Bhel
140
(8.7)
May 31, 2017 Germany Unemployment change (000's)
(15.00)
(14.50)
Mmtc
56
(5.6)
Jun 01, 2017 US
Initial Jobless claims
234.00
238.00
Videoind
43
(4.9)
Jun 01, 2017 US
Change in Nonfarm payrolls
211.00
182.00
Hexaware
236
(4.6)
Jun 01, 2017 Germany PMI Manufacturing
59.40
59.40
Aban
181
(4.6)
Jun 02, 2017 UK
PMI Manufacturing
57.30
56.50
#As on April 20, 2017
More Events on Pg5
Market Outlook
May 31, 2017
News Analysis
Alkem Laboratories - (Buy - CMP 1,868, TP - 2,161)
Alkem reported yoy revenue grew of 9% in 4QFY17. Domestic revenue grew by
7% yoy to `856cr while exports grew by 14.5% to `385cr. US revenue grew by
19.4% yoy to `291cr. Other exports were flat at `95cr. Domestic business
contributed 69% of the total revenue during the quarter. Exports mix remains
unchanged (vs. 3QFY17), with US contribution remaining at 23% of total revenues
in 4QFY17. Gross margins declined by ~35bps on qoq basis but improved by
67bps on yoy basis. EBITDA declined by 4.2% yoy at `149cr vs. `156r in 4QFY16.
EBITDA margins were at 11.9% vs. 13.6% in 4QFY16 and 18.1% in 3QFY17. The
decline in EBITDA margins was largely on account of higher employee cost and
increased R&D expenditure. PAT was at `137cr in 4QFY17 showing a yoy growth
of 58.6%, due to the lower tax in the quarter. We expect company to report CAGR
of 15.8% and 15.3% in top line and bottom line respectively in next two years. The
company is expected to witness improvement in its return ratios owing to the rising
profitability of US business. Moreover Alkem’s all manufacturing facilities are
current with USFDA which gives confidence that company will deliver strong results
over next two years. Considering these factors, we rate Alkem Buy with price target
of 2,161 based on 21.5x of FY19E EPS.
Y/E
Sales
OPM PAT
EPS
ROE P/E P/BV EV/EBITDA
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2018E
6,901
18.4
1,016
85.0
20.2
22.0
4.4
17.5
FY2019E
7,850
19.1
1,202
100.5
20.1
18.6
3.7
14.7
Economic and Political News
RBI calls for account number portability, banks wary
Banks urge RBI to soften qualifying norms for S4A
Niti Aayog proposes total privatisation of Air India
Corporate News
Piramal Finance enters auto space, invests `565cr in two component cos
Jet Airways Q4 net slumps 95% to `23cr on mounting expenses
Cadila Healthcare plans to raise `1,000cr via QIP
United Spirits to sell 13 properties previously owned by Vijay Mally
Market Outlook
May 31, 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
22,411
1,874
2,257
20.4
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,091
363
405
11.6
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
6,024
630
760
20.6
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
12,915
412
520
26.2
presence in tier-II & III cities where the growth opportunity
is immense.
Strong loan growth backed by diversified loan portfolio
and adequate CAR. ROE & ROA likely to remain decent
Equitas Holdings
5,200
154
235
52.7
as risk of dilution remains low. Attractive valuations
considering growth.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
5,832
178
225
26.1
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
1,645
211
239
12.8
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,190
427
522
22.3
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,956
207
265
27.8
ICD as well CFS augurs well for the company
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,567
263
344
30.9
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
May 31, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
China
PMI Manufacturing
Value
May
51.20
51.00
May 31, 2017 6:30 AM
1:25 PM
Germany Unemployment change (000's)
Thousands
May
(15.00)
(14.50)
Jun 01, 2017
6:00 PM
US
Initial Jobless claims
Thousands
May 27
234.00
238.00
6:00 PM
US
Change in Nonfarm payrolls
Thousands
May
211.00
182.00
1:25 PM
Germany PMI Manufacturing
Value
May F
59.40
59.40
Jun 02, 2017
2:00 PM
UK
PMI Manufacturing
Value
May
57.30
56.50
6:00 PM
US
Unnemployment rate
%
May
4.40
4.40
Jun 06, 2017
1:25 PM
Germany PMI Services
Value
May F
55.20
Jun 07, 2017
2:30 PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q F
0.50
2:30 PM
India
RBI Reverse Repo rate
%
Jun 7
6.00
6.00
2:30 PM
India
RBI Repo rate
%
Jun 7
6.25
6.25
2:30 PM
India
RBI Cash Reserve ratio
%
Jun 7
4.00
4.00
Jun 08, 2017
China
Exports YoY%
% Change
May
8.00
5:15 PM
Euro Zone ECB announces interest rates
%
Jun 8
-
Jun 09, 2017
2:00 PM
UK
Industrial Production (YoY)
% Change
Apr
1.40
5:30 PM
India
Industrial Production YoY
% Change
Apr
2.70
Jun 12, 2017
7:00 AM
China
Consumer Price Index (YoY)
% Change
May
1.20
1.40
Jun 13, 2017
2:00 PM
UK
CPI (YoY)
% Change
May
2.70
US
Producer Price Index (mom)
% Change
May
0.60
Jun 14, 2017
India
Imports YoY%
% Change
May
49.10
India
Exports YoY%
% Change
May
19.80
2:00 PM
UK
Jobless claims change
% Change
May
19.40
7:30 AM
China
Industrial Production (YoY)
% Change
May
6.50
6:00 PM
US
Consumer price index (mom)
% Change
May
0.20
(0.10)
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
May
3.85
Source: Bloomberg, Angel Research
Market Outlook
May 31, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.3
8.4
10.0
8.9
7.7
7.8
9.0
8.0
8.0
7.4
7.2
8.0
6.9
7.0
6.8
7.0
7.0
5.7
5.7
6.0
6.0
5.2
4.9
4.9
6.0
5.6
5.0
3.8
4.0
5.0
2.6
2.7
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
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
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 31, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.6
6.0
5.3
5.0
0.7
4.0
3.3
2.9
2.0
2.0
0.5
2.0
1.6
1.0
-
(2.0)
(2.5)
(4.0)
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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research # as on 29th May 2017
Market Outlook
May 31, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,962
(1.1)
(6.7)
30.4
Russia
Micex
1,933
(3.3)
(8.2)
2.1
India
Nifty
9,625
3.0
7.8
21.3
China
Shanghai Composite
3,110
(0.4)
(3.8)
10.0
South Africa
Top 40
47,699
1.5
5.8
(0.3)
Mexico
Mexbol
49,278
(0.3)
4.4
8.4
Indonesia
LQ45
950
0.2
7.5
18.8
Malaysia
KLCI
1,765
(0.2)
4.2
8.0
Thailand
SET 50
991
(0.5)
0.4
12.4
USA
Dow Jones
21,029
0.2
0.9
18.2
UK
FTSE
7,527
3.3
3.5
21.6
Japan
Nikkei
19,678
3.1
1.6
18.2
Germany
DAX
12,599
1.2
6.7
24.5
France
CAC
5,306
0.6
9.5
18.5
Source: Bloomberg, Angel Research
Stock Watch
May 31, 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
-
4,668
1,937
2,164
13.3
14.3
9.0
11.0
26.7
21.8
4.6
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
851
-
43,213
15,176
17,604
18.5
18.5
37.4
44.6
22.8
19.1
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,609
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
1.1
Bajaj Auto
Neutral
2,846
-
82,361
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
1,144
-
26,629
7,726
8,713
20.5
21.2
35.3
42.7
32.4
26.8
6.0
5.4
18.9
20.1
3.5
3.1
Eicher Motors
Neutral
28,323
-
77,102
16,583
20,447
17.5
18.0
598.0
745.2
47.4
38.0
16.2
12.3
41.2
38.3
4.5
3.6
Gabriel India
Neutral
129
-
1,848
1,544
1,715
9.0
9.3
5.4
6.3
23.8
20.4
4.5
4.0
18.9
19.5
1.2
1.0
Hero Motocorp
Neutral
3,740
-
74,677
28,083
30,096
15.3
15.7
171.8
187.0
21.8
20.0
7.6
6.4
30.1
27.9
2.5
2.3
Jamna Auto Industries Neutral
242
-
1,929
1,486
1,620
9.8
9.9
15.0
17.2
16.1
14.1
3.5
3.0
21.8
21.3
1.4
1.2
L G Balakrishnan & Bros Neutral
699
-
1,097
1,302
1,432
11.6
11.9
43.7
53.0
16.0
13.2
2.3
2.1
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,362
-
84,593
46,534
53,077
11.6
11.7
67.3
78.1
20.2
17.5
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Neutral
7,147
-
215,891
67,822
83,288
16.0
16.4
253.8
312.4
28.2
22.9
6.5
5.2
23.0
22.9
2.9
2.2
Minda Industries
Neutral
605
-
5,229
2,728
3,042
9.0
9.1
68.2
86.2
8.9
7.0
2.0
1.6
23.8
24.3
2.0
1.7
Motherson Sumi
Neutral
446
-
62,620
45,896
53,687
7.8
8.3
13.0
16.1
34.2
27.7
11.0
8.8
34.7
35.4
1.4
1.2
Rane Brake Lining
Neutral
1,058
-
837
511
562
11.3
11.5
28.1
30.9
37.7
34.2
5.7
5.2
15.3
15.0
1.8
1.6
Setco Automotive
Neutral
40
-
528
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
481
-
139,011
300,209
338,549
8.9
8.4
42.7
54.3
11.3
8.9
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
540
-
25,676
13,390
15,948
6.9
7.1
12.8
16.5
42.4
32.7
10.5
8.3
26.3
27.2
2.0
1.6
Amara Raja Batteries
Buy
864
1,009
14,764
5,305
6,100
16.0
16.3
28.4
34.0
30.4
25.4
5.9
4.9
19.3
19.3
2.8
2.4
Exide Industries
Neutral
228
-
19,342
7,439
8,307
15.0
15.0
8.1
9.3
28.1
24.5
3.9
3.5
14.3
16.7
2.2
2.0
Apollo Tyres
Neutral
228
-
11,629
12,877
14,504
14.3
13.9
21.4
23.0
10.7
9.9
1.7
1.4
16.4
15.2
1.1
1.0
Ceat
Neutral
1,674
-
6,770
7,524
8,624
13.0
12.7
131.1
144.3
12.8
11.6
2.4
2.0
19.8
18.6
1.0
0.9
JK Tyres
Neutral
168
-
3,806
7,455
8,056
15.0
15.0
21.8
24.5
7.7
6.9
1.6
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,843
-
2,289
660
810
15.2
16.4
54.5
72.8
33.8
25.3
10.5
9.6
31.5
39.2
3.3
2.7
Subros
Neutral
243
-
1,457
1,488
1,681
11.7
11.9
6.4
7.2
38.0
33.9
4.0
3.6
10.8
11.4
1.2
1.1
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
Capital Goods
ACE
Neutral
64
-
636
709
814
4.1
4.6
1.4
2.1
45.9
30.6
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,171
-
4,875
3,451
4,055
6.3
9.2
31.4
57.9
37.3
20.2
2.2
2.0
6.3
10.9
1.5
1.3
Bharat Electronics
Neutral
170
-
38,005
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.7
0.5
0.4
44.6
46.3
3.7
3.3
Stock Watch
May 31, 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
486
-
16,091
6,511
7,514
7.9
8.7
12.9
16.3
37.7
29.8
6.8
5.9
16.7
18.5
2.2
1.9
BGR Energy
Neutral
158
-
1,142
16,567
33,848
6.0
5.6
7.8
5.9
20.3
26.8
1.2
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
140
-
34,266
28,797
34,742
-
2.8
2.3
6.9
60.9
20.3
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
630
760
6,024
4,283
5,077
5.9
7.3
14.9
22.1
42.3
28.5
8.2
6.9
20.4
26.4
1.5
1.2
CG Power and Industrial
Neutral
83
-
5,180
5,777
6,120
5.9
7.0
3.3
4.5
25.1
18.4
1.1
1.1
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
152
-
3,720
1,755
1,881
16.8
16.9
7.8
8.5
19.5
17.9
3.9
3.6
20.6
20.9
1.8
1.7
Inox Wind
Neutral
135
-
2,990
5,605
6,267
15.7
16.4
24.8
30.0
5.4
4.5
1.5
1.1
25.9
24.4
0.6
0.5
KEC International
Neutral
251
-
6,440
9,294
10,186
7.9
8.1
9.9
11.9
25.3
21.1
3.7
3.2
15.6
16.3
0.9
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
1,003
-
11,951
5,421
5,940
7.3
7.3
25.7
30.2
39.0
33.2
4.7
4.3
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
669
-
3,653
3,136
3,845
8.9
9.1
26.0
35.9
25.8
18.7
3.2
2.7
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,638
-
30,758
11,225
13,172
13.2
16.9
44.5
75.5
36.8
21.7
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
243
-
48,182
9,350
10,979
18.2
22.5
5.8
9.5
41.8
25.5
3.5
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
205
-
6,293
4,364
4,997
18.5
19.2
7.9
11.3
25.9
18.1
1.9
1.8
8.0
8.5
2.2
1.9
JK Cement
Neutral
1,103
-
7,714
4,398
5,173
15.5
17.5
31.2
55.5
35.4
19.9
4.2
3.7
12.0
15.5
2.3
1.9
J K Lakshmi Cement
Neutral
496
-
5,838
2,913
3,412
14.5
19.5
7.5
22.5
66.2
22.1
4.1
3.4
12.5
18.0
2.6
2.2
Orient Cement
Neutral
147
-
3,014
2,114
2,558
18.5
20.5
8.1
11.3
18.2
13.0
2.7
2.3
9.0
14.0
2.0
1.6
UltraTech Cement
Neutral
4,080
-
111,993
25,768
30,385
21.0
23.5
111.0
160.0
36.8
25.5
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
102
-
3,365
8,946
10,017
31.0
31.6
8.1
9.1
12.6
11.2
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
200
-
2,818
1,385
1,673
14.7
14.0
41.2
48.5
4.9
4.1
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,767
-
164,895
111,017
124,908
11.0
11.0
61.1
66.7
28.9
26.5
3.5
3.2
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
84
-
4,684
8,842
9,775
9.1
8.8
5.3
6.4
15.9
13.2
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
145
-
3,720
2,350
2,904
13.1
13.2
9.0
8.8
16.1
16.5
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
408
-
2,016
6,829
7,954
10.5
10.5
31.4
37.4
13.0
10.9
1.4
1.2
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
589
-
866
1,801
2,219
12.7
14.6
72.1
113.9
8.2
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
315
-
5,398
3,598
4,140
10.3
10.6
9.0
11.9
35.0
26.4
3.7
3.2
9.9
11.9
1.8
1.5
NBCC
Neutral
196
-
17,649
7,428
9,549
7.9
8.6
8.2
11.0
23.9
17.8
1.2
0.9
28.2
28.7
2.1
1.6
MEP Infra
Neutral
71
-
1,156
1,877
1,943
30.6
29.8
3.0
4.2
23.7
16.9
11.5
7.7
0.6
0.6
2.0
1.8
Stock Watch
May 31, 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
103
-
3,630
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.7
Engineers India
Neutral
156
-
10,526
1,725
1,935
16.0
19.1
11.4
13.9
13.7
11.2
1.9
1.8
13.4
15.3
5.0
4.5
Financials
Axis Bank
Accumulate
513
580
122,893
46,932
53,575
3.5
3.4
32.4
44.6
15.9
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
178
-
41,106
19,980
23,178
1.8
1.8
11.5
17.3
15.5
10.3
1.8
1.5
8.3
10.1
-
-
Canara Bank
Neutral
356
-
21,234
15,225
16,836
1.8
1.8
14.5
28.0
24.5
12.7
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
2,728
-
7,261
420
526
3.5
3.5
86.5
107.8
31.5
25.3
6.8
5.6
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
999
1,230
15,619
2,012
2,317
6.3
6.3
42.7
53.6
23.4
18.6
3.7
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
412
520
12,915
2,225
2,688
2.9
2.9
29.7
34.6
13.9
11.9
2.2
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
154
235
5,200
939
1,281
11.7
11.5
5.8
8.2
26.5
18.8
2.3
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
110
125
18,993
8,259
8,995
3.0
3.0
4.3
5.6
25.6
19.7
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,582
-
251,399
11,475
13,450
3.4
3.4
45.3
52.5
34.9
30.1
6.7
6.0
20.2
20.5
-
-
HDFC Bank
Neutral
1,629
-
417,785
46,097
55,433
4.5
4.5
58.4
68.0
27.9
24.0
4.9
4.1
18.8
18.6
-
-
ICICI Bank
Neutral
321
-
186,858
42,800
44,686
3.1
3.3
18.0
21.9
17.8
14.6
2.4
2.2
11.1
12.3
-
-
Karur Vysya Bank
Buy
117
140
7,049
5,640
6,030
3.3
3.2
8.9
10.0
13.1
11.7
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
190
-
3,642
3,339
3,799
2.7
2.8
11.0
14.0
17.3
13.6
1.8
1.6
11.2
12.7
-
-
LIC Housing Finance
Neutral
712
-
35,945
3,712
4,293
2.6
2.5
39.0
46.0
18.3
15.5
3.4
2.9
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
147
-
31,207
23,532
23,595
2.3
2.4
6.8
12.6
21.6
11.6
3.3
2.4
3.3
6.5
-
-
RBL Bank
Neutral
510
-
19,149
1,783
2,309
2.6
2.6
12.7
16.4
40.1
31.1
4.4
3.9
12.8
13.3
-
-
Repco Home Finance
Accumulate
764
825
4,779
388
457
4.5
4.2
30.0
38.0
25.5
20.1
4.2
3.6
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
4,986
6,435
7,578
2.5
2.5
2.7
3.1
10.2
8.9
1.3
1.1
10.1
11.2
-
-
St Bk of India
Neutral
289
-
234,213
88,650
98,335
2.6
2.6
13.5
18.8
21.4
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
156
-
10,714
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
1,439
-
65,777
8,978
11,281
3.3
3.4
74.0
90.0
19.5
16.0
3.7
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,789
-
8,579
2,955
3,309
13.3
13.7
57.2
69.3
31.3
25.8
10.2
8.6
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,159
-
111,123
17,128
18,978
16.8
16.4
19.1
20.7
60.7
56.0
21.1
19.9
34.8
35.5
6.4
5.8
Britannia
Accumulate
3,419
3,626
41,025
9,594
11,011
14.6
14.9
80.3
94.0
42.6
36.4
17.5
13.5
41.2
-
4.1
3.6
Colgate
Neutral
1,012
-
27,513
4,605
5,149
23.4
23.4
23.8
26.9
42.5
37.6
23.5
18.4
64.8
66.8
5.9
5.3
Dabur India
Accumulate
278
304
49,014
8,315
9,405
19.8
20.7
8.1
9.2
34.4
30.2
9.6
7.9
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,325
-
22,392
4,350
4,823
21.2
21.4
179.2
196.5
29.7
27.1
7.9
6.7
27.1
26.8
4.5
4.0
Stock Watch
May 31, 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
1,857
-
63,253
10,235
11,428
18.4
18.6
41.1
44.2
45.2
42.0
10.0
8.5
24.9
24.8
6.3
5.5
HUL
Neutral
1,071
-
231,726
35,252
38,495
17.8
17.8
20.7
22.4
51.9
47.8
49.6
42.5
95.6
88.9
6.4
5.9
ITC
Neutral
310
-
377,055
40,059
44,439
38.3
39.2
9.0
10.1
34.6
30.6
9.6
8.4
27.8
27.5
8.9
8.0
Marico
Neutral
315
-
40,650
6,430
7,349
18.8
19.5
6.4
7.7
49.2
40.9
14.9
12.5
33.2
32.5
6.1
5.3
Nestle*
Neutral
6,605
-
63,682
10,073
11,807
20.7
21.5
124.8
154.2
52.9
42.8
21.7
19.5
34.8
36.7
6.1
5.2
Tata Global
Neutral
146
-
9,186
8,675
9,088
9.8
9.8
7.4
8.2
19.7
17.8
1.6
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Neutral
7,430
-
24,118
2,939
3,342
23.2
23.0
146.2
163.7
50.8
45.4
12.9
10.7
25.3
23.5
7.8
6.8
Hygiene
IT
HCL Tech^
Buy
867
1,014
123,677
46,723
52,342
22.1
20.9
60.0
62.8
14.5
13.8
3.7
3.1
25.3
22.4
2.4
2.0
Infosys
Buy
996
1,179
228,879
68,484
73,963
26.0
26.0
63.0
64.0
15.8
15.6
3.3
3.1
20.8
19.7
3.0
2.7
TCS
Neutral
2,552
-
502,794
117,966
127,403
27.5
27.6
134.3
144.5
19.0
17.7
5.7
5.3
29.8
29.7
3.9
3.6
Tech Mahindra
Buy
388
600
37,815
29,673
32,937
15.5
17.0
32.8
39.9
11.8
9.7
2.3
2.0
19.6
20.7
1.0
0.9
Wipro
Accumulate
535
570
130,266
55,421
58,536
20.3
20.3
35.1
36.5
15.3
14.7
2.6
2.3
19.2
14.6
1.8
1.5
Media
D B Corp
Neutral
366
-
6,722
2,297
2,590
27.4
28.2
21.0
23.4
17.4
15.6
4.1
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
82
-
1,897
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
178
225
5,832
2,355
2,635
28.0
28.0
10.8
12.5
16.5
14.3
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
798
-
31,456
2,850
3,265
70.1
71.0
26.2
30.4
30.5
26.3
7.8
6.9
24.3
25.6
10.6
9.1
Hindustan Media
Neutral
279
-
2,048
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.3
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
TV Today Network
Buy
263
344
1,569
567
645
26.7
27.0
15.4
18.1
17.1
14.5
2.6
2.2
14.9
15.2
2.3
2.0
Metals & Mining
Coal India
Neutral
267
-
165,800
84,638
94,297
21.4
22.3
24.5
27.1
10.9
9.9
4.5
4.3
42.6
46.0
1.5
1.3
Hind. Zinc
Neutral
243
-
102,760
14,252
18,465
55.9
48.3
15.8
21.5
15.4
11.3
2.5
2.2
17.0
20.7
7.2
5.6
Hindalco
Neutral
203
-
45,574
107,899
112,095
7.4
8.2
9.2
13.0
22.1
15.6
1.1
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
195
-
47,124
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
112
-
35,483
6,643
7,284
44.4
47.7
7.1
7.7
15.8
14.6
1.4
1.3
8.8
9.2
3.1
2.8
SAIL
Neutral
58
-
24,140
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.5
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
245
-
91,034
71,744
81,944
19.2
21.7
13.4
20.1
18.3
12.2
1.6
1.4
8.4
11.3
1.7
1.3
Tata Steel
Neutral
511
-
49,600
121,374
121,856
7.2
8.4
18.6
34.3
27.5
14.9
1.7
1.6
6.1
10.1
1.0
1.0
Oil & Gas
GAIL
Neutral
405
-
68,506
56,220
65,198
9.3
10.1
27.1
33.3
15.0
12.2
1.4
1.3
9.3
10.7
1.4
1.2
ONGC
Neutral
178
-
228,881
137,222
152,563
15.0
21.8
19.5
24.1
9.2
7.4
0.8
0.7
8.5
10.1
2.0
1.7
Indian Oil Corp
Neutral
420
-
203,729
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
May 31, 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
1,359
-
441,821
301,963
358,039
12.1
12.6
87.7
101.7
15.5
13.4
1.6
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Buy
538
648
10,144
3,101
3,966
19.7
20.5
21.4
25.5
25.1
21.1
5.3
4.4
23.0
22.8
3.2
2.4
Alkem Laboratories Ltd
Buy
1,874
2,257
22,411
6,065
7,009
18.7
20.0
80.2
92.0
23.4
20.4
5.3
4.4
22.5
21.6
3.6
3.2
Aurobindo Pharma
Buy
580
877
33,990
15,720
18,078
23.7
23.7
41.4
47.3
14.0
12.3
3.6
2.9
29.6
26.1
2.4
2.1
Aventis*
Neutral
4,028
-
9,276
2,206
2,508
16.6
16.8
128.9
139.9
31.3
28.8
5.3
4.2
21.6
23.5
4.0
3.3
Cadila Healthcare
Neutral
470
-
48,152
10,429
12,318
17.7
21.6
13.1
19.2
35.9
24.5
7.5
6.0
22.8
27.1
4.7
3.8
Cipla
Reduce
511
465
41,121
15,378
18,089
15.7
16.8
19.3
24.5
26.5
20.9
3.1
2.7
12.3
13.9
2.8
2.4
Dr Reddy's
Neutral
2,481
-
41,111
14,081
15,937
16.1
18.6
72.6
105.9
34.2
23.4
3.4
3.0
9.6
13.6
3.1
2.8
Dishman Pharma
#VALUE!
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
GSK Pharma*
Neutral
2,377
-
20,131
2,927
3,290
11.8
16.2
34.4
49.6
69.1
47.9
10.0
10.4
13.9
21.3
6.7
6.0
Indoco Remedies
Buy
190
240
1,753
1,112
1,289
16.2
18.2
11.6
16.0
16.4
11.9
2.6
2.2
17.0
20.1
1.7
1.4
Ipca labs
Buy
489
613
6,169
3,258
3,747
12.8
15.3
12.1
19.2
40.4
25.5
2.5
2.3
6.4
9.5
2.0
1.8
Lupin
Buy
1,130
1,809
51,043
15,912
18,644
26.4
26.7
58.1
69.3
19.5
16.3
3.8
3.1
21.4
20.9
3.3
2.7
Natco Pharma
Neutral
943
-
16,442
2,090
2,335
32.1
26.6
26.8
23.2
35.2
40.7
10.0
8.6
28.4
21.1
7.9
97.4
Sun Pharma
Buy
508
847
121,953
31,129
35,258
32.0
32.9
30.2
35.3
16.8
14.4
2.7
2.3
20.0
20.1
3.5
2.9
Power
Tata Power
Neutral
82
-
22,287
36,916
39,557
17.4
27.1
5.1
6.3
16.2
13.1
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
161
-
132,999
86,605
95,545
17.5
20.8
11.8
13.4
13.7
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
204
223
106,698
25,315
29,193
88.2
88.7
14.2
17.2
14.4
11.9
2.2
1.9
15.2
16.1
8.9
8.0
Real Estate
Prestige Estate
Neutral
225
-
8,423
4,707
5,105
25.2
26.0
10.3
13.0
21.8
17.3
1.8
1.6
10.3
10.2
3.0
2.6
MLIFE
Buy
427
522
2,190
1,152
1,300
22.7
24.6
29.9
35.8
14.3
11.9
1.1
1.0
7.6
8.6
2.6
2.2
Telecom
Bharti Airtel
Neutral
370
-
147,804
105,086
114,808
34.5
34.7
12.2
16.4
30.3
22.6
2.1
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
79
-
28,432
40,133
43,731
37.2
37.1
6.4
6.5
12.3
12.1
1.0
1.0
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,154
-
8,827
3,153
3,583
14.1
14.4
152.2
182.7
27.3
22.7
134.0
114.4
25.6
26.1
2.5
2.2
Asian Granito
Accumulate
363
405
1,091
1,060
1,169
12.2
12.5
12.7
15.9
28.7
22.8
2.7
2.4
9.5
10.7
1.3
1.2
Bajaj Electricals
Buy
343
395
3,471
4,801
5,351
5.7
6.2
10.4
13.7
32.9
25.0
4.1
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
216
-
1,542
1,353
1,471
12.3
12.4
14.5
16.3
14.9
13.2
20.5
18.5
14.5
14.6
1.1
116.0
Coffee Day Enterprises
Neutral
249
-
5,136
2,964
3,260
20.5
21.2
4.7
8.0
-
31.2
2.9
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
211
-
135
1,137
1,256
3.1
2.7
28.0
23.6
7.5
8.9
40.6
36.7
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
63
-
711
1,482
1,660
13.7
14.5
3.9
5.8
16.2
10.9
3.8
3.5
7.8
10.9
0.8
0.7
Stock Watch
May 31, 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
516
-
7,894
2,883
3,115
12.0
12.1
14.2
18.6
36.4
27.8
19.3
16.9
15.8
14.6
2.4
2.2
Garware Wall Ropes
Neutral
803
-
1,757
863
928
15.1
15.2
36.4
39.4
22.1
20.4
4.0
3.4
17.5
15.9
1.9
1.8
Goodyear India*
Neutral
805
-
1,858
1,598
1,704
10.4
10.2
49.4
52.6
16.3
15.3
75.3
66.0
18.2
17.0
0.8
119.7
Hitachi
Neutral
1,940
-
5,275
2,081
2,433
8.8
8.9
33.4
39.9
58.1
48.6
46.9
39.1
22.1
21.4
2.5
2.1
HSIL
Neutral
346
-
2,502
2,384
2,515
15.8
16.3
15.3
19.4
22.6
17.8
22.5
19.3
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,060
-
38,321
21,122
26,005
14.5
27.6
110.7
132.1
9.6
8.0
57.3
40.9
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
367
-
6,661
1,440
2,052
11.5
13.0
8.5
10.0
43.1
36.7
10.5
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
381
-
5,509
2,554
2,800
9.9
10.0
10.5
12.1
36.3
31.5
15.2
14.3
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
265
-
391
382
420
9.3
9.5
13.5
15.7
19.6
16.8
3.4
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
620
-
748
546
608
20.4
20.7
41.3
48.7
15.0
12.7
84.9
75.2
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
799
-
4,572
836
1,087
19.6
19.4
16.9
23.8
47.3
33.6
5.7
5.0
12.0
14.8
5.2
3.9
Mirza International
Neutral
140
-
1,678
963
1,069
17.2
18.0
6.1
7.5
22.8
18.6
3.5
3.0
15.0
15.7
2.0
1.8
MT Educare
Neutral
63
-
249
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
318
-
6,492
1,873
2,166
11.5
11.7
2.6
4.0
120.1
80.1
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
209
265
2,981
369
561
42.9
42.3
6.9
11.5
30.3
18.1
2.1
1.9
7.4
10.5
9.0
5.9
Navneet Education
Neutral
173
-
4,044
1,062
1,147
24.0
24.0
6.1
6.6
28.4
26.1
5.8
5.2
20.6
19.8
3.9
3.6
Nilkamal
Neutral
1,990
-
2,970
1,995
2,165
10.7
10.4
69.8
80.6
28.5
24.7
113.7
98.8
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,222
-
15,862
2,450
3,124
20.1
17.6
299.0
310.0
47.6
45.9
316.7
241.8
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
238
-
2,004
1,919
2,231
9.3
9.6
9.5
12.9
25.2
18.4
3.9
3.2
15.5
17.5
1.2
1.0
Quick Heal
Neutral
203
-
1,424
408
495
27.3
27.0
7.7
8.8
26.2
23.1
2.4
2.4
9.3
10.6
2.6
2.2
Radico Khaitan
Buy
120
147
1,596
1,667
1,824
13.0
13.2
6.7
8.2
18.0
14.7
1.6
1.5
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
458
-
5,503
2,085
2,469
9.2
8.2
7.6
8.0
60.6
57.6
23.5
20.1
17.9
18.8
2.7
2.3
S H Kelkar & Co.
Neutral
280
-
4,051
1,036
1,160
15.1
15.0
6.1
7.2
45.9
39.0
4.9
4.5
10.7
11.5
3.8
3.3
Siyaram Silk Mills
Neutral
1,875
-
1,758
1,652
1,857
11.6
11.7
92.4
110.1
20.3
17.0
3.0
2.6
14.7
15.2
1.3
1.1
Styrolution ABS India*
Neutral
765
-
1,345
1,440
1,537
9.2
9.0
40.6
42.6
18.8
18.0
48.1
43.7
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
282
-
1,235
3,342
3,625
7.8
7.5
17.3
19.8
16.3
14.3
31.0
24.9
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,163
-
1,988
3,229
4,001
1.5
1.8
22.8
32.8
51.1
35.4
5.5
4.7
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
191
-
764
287
384
20.5
20.5
7.6
10.7
25.1
17.8
5.2
4.2
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
263
-
2,015
2,671
2,911
8.5
8.8
13.9
15.7
19.0
16.8
2.6
2.3
13.7
13.8
0.9
0.8
India
Stock Watch
May 31, 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
3,879
-
2,971
2,304
2,614
13.7
13.8
231.1
266.6
16.8
14.6
435.9
343.2
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
376
-
1,038
619
685
33.2
33.4
30.0
34.9
12.6
10.8
1.7
1.5
13.8
13.9
1.4
1.1
Visaka Industries
Neutral
381
-
605
1,051
1,138
10.3
10.4
21.0
23.1
18.1
16.5
48.9
45.7
9.0
9.2
0.8
0.8
VRL Logistics
Neutral
318
-
2,897
1,902
2,119
16.7
16.6
14.6
16.8
21.8
18.9
4.8
4.2
21.9
22.2
1.6
1.4
VIP Industries
Buy
189
218
2,676
1,270
1,450
10.4
10.4
5.6
6.5
33.8
29.1
7.0
6.1
20.7
21.1
2.1
1.8
Navin Fluorine
Buy
2,920
3,650
2,859
789
945
21.1
22.4
120.1
143.4
24.3
20.4
3.9
3.4
17.8
18.5
3.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 30, 2017
Market Outlook
May 31, 2017
Research Team Tel: 022 - 39357800
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