Market Outlook

August 31, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with negative bias tracking SGX Nifty.

BSE Sensex

1.6

440

28,343

Nifty

1.6

137

8,744

US stocks slipped on Tuesday after stronger than expected US consumer confidence

Mid Cap

0.8

104

13,168

data stoked concerns about potential Fed rate hike this year and technology stocks

Small Cap

1.0

127

12,626

dragged. Apple was down just under 1% after EU antitrust regulators ordered the

iPhone maker to pay about $14.5bn in back taxes to Irish government.

Bankex

1.5

328

22,387

London's leading shares dipped in Tuesday afternoon trading to close in negative

Global Indices

Chg (%)

(Pts)

(Close)

territory, with mining stocks leading the downward trend. Mining firms weighed on

the market as the price of copper dropped to 10-week low. Antofagasta shares fell

Dow Jones

(0.3)

(49)

18,454

5.5%, while Rio Tinto slid 4.7%. Primark owner Associated British Foods was biggest

Nasdaq

(0.2)

(10)

5,223

gainer on the index, gaining 3.4%.

FTSE

(0.3)

(17)

6,821

Nifty ended at 16-month closing high on Tuesday, tracking positive global cues and

Nikkei

(0.1)

(12)

16,725

due to improved FII inflow despite likely Fed rate hike. Market sentiment was also

Hang Seng

0.9

195

23,016

boosted after RBI's optimistic statement, saying that the economy is likely to grow at

Shanghai Com

0.2

3,075

7.6% in FY17, though it quashed hopes of further repo rate cut in its annual report.

Market gained for 3^rd consecutive session. Sensex was up 440pts to end at fresh

Advances / Declines

BSE

NSE

13-month closing high.

Advances

1,636

1,009

News Analysis

Declines

1,099

578

 Green panel clears SAIL's `5,419cr modernization plans

Unchanged

210

 Indian Oil raises oil import from Iran to 5MT for FY2017

Detailed analysis on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,458

Key Domestic & Global Indicators

NSE

19,707

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

FII

558

8,474

39,356

Top Picks

CMP

Target

Upside

MFs

274

1,320

10,109

Company

Sector

Rating

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

925

1,076

16.3

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

774

1,000

29.2

Gmdcltd

8.3

HDFC Bank

Financials

Accumulate

1,268

1,350

6.5

Orientbank

124

7.8

Bharat Electronics

Capital Goods

Buy

1,219

1,414

16.0

Jubilant

544

7.0

Equitas Holdings

Financials

Buy

178

235

31.8

Navkar Corporation Others

Buy

198

265

33.9

Albk

6.7

More Top Picks on Pg4

Geship

361

5.9

Key Upcoming Events

Consensus

Top Losers

Price (`)

Chg (%)

Date

Region

Event Description

Reading

Expectations

Den

(3.9)

Aug 31 US

Initial Jobless claims

261.0

265.0

Bhartiartl

332

(2.8)

Sep 01 Germany

PMI Manufacturing

53.6

Pghh

6,599

(1.9)

Sep 01 UK

PMI Manufacturing

48.2

Vrllog

288

(1.6)

Sep 02 China

PMI Manufacturing

49.9

49.8

Jisljaleqs

(1.5)

Sep 02 US

Unemployment rate

4.9

4.8

6.(

As on August 30, 2016

More Events on Pg5

www.angelbroking.com

Market Outlook

August 31, 2016

News Analysis

Green panel clears SAIL's `5,419cr modernization plans

Central Green panel has given Environment Clearance (EC) to Steel Authority of

India Ltd's (SAIL) `5,419cr expansion and modernisation project for its Rourkela

plant at Odisha. SAIL has proposed modernisation of its Rourkela Steel Plant (RSP)

by setting up new hot strip mill with 3MTPA (million tonnes per annum) production

capacity, beneficiation plant of 3.3MTPA and pellet plant of 2MTPA. It also seeks

to enhance production capacity of special plates from 0.003 to 0.015 MTPA within

the premise of RSP. SAIL's proposal was examined in recent Expert Appraisal

Committee (EAC) meeting, which comes under Environment Ministry.

The ore for new plants would be procured from captive mines at Kiriburu,

Meghahatuburu, Bolani, Barsua and Gua in Odisha. Among specific conditions,

EAC has suggested that SAIL should install 24x7 air monitoring devices to control

air emissions and vehicular pollution due to transportation of raw material and

finished product.

SAIL has been asked to ensure green belt cover of over 33% of total project area

developed within plant premises. It has also been asked to make provision for

temporary housing structures for construction labour within the site with necessary

infrastructure and facilities.

At present, RSP has 4.5MTPA production capacity of hot metal and 4.2MTPA of

crude steel. It is SAIL's only plant that produce silicon steel for the power sector and

high quality pipes for the Oil and Gas sector. SAIL produces Iron and Steel at 5

integrated plants and 3 Special Steel plants, located in eastern & central regions.

Indian Oil raises oil import from Iran to 5MT for FY2017

Indian Oil Corp (IOCL), the nation's biggest oil firm, has raised crude Oil Import

from Iran to 4-fold (from 1.2MT in FY2016 to 5MT in FY2017) and has cleared

most of past payments as sanctions against Iran were eased.

India has steadily raised crude oil imports from Iran after US sanctions were lifted

in Jan-2016. Iran today is India's 4^th biggest crude oil supplier. With lifting of

sanctions in Jan-2016, crude oil imports have steadily climbed. India imported

12.7MT of crude oil in FY2016, up from 11MT in the previous two fiscals.

IOC Director (Refineries) Sanjiv Singh said IOCL had paid $510mn out of the total

outstanding of $621mn due to Iran in past oil dues. Sanctions blocked payment

routes and dues had accumulated over the past couple of years. After accounting

for exchange variations, total outstanding due is only $55mn now.

This is a positive development for IOCL, as their input costs for refining could

slightly come down, once imports from Iran start gaining traction. We maintain

our Neutral rating on the stock.

www.angelbroking.com

Market Outlook

August 31, 2016

Economic and Political News

 Maharashtra scraps 94 tenders of 14 irrigation projects under ACB probe

 Govt raises minimum wage at `350 a day as union strike nears

 Vehicle scrapping policy to provide `14k-cr benefit: Nitin Gadkari

 Telangana govt's 'Mission Kakatiya' to get funding boost

Corporate News

 Tata Motors lines up new vehicles; to phase out legacy products

 IDBI Bank raises `1,500cr via tier I bonds

 DLF close to 40% stake sale in rental assets arm

 Rcom evaluating options regarding 700 MHz spectrum

 Phoenix Mills looks to sell stakes in two malls

Quarterly Bloomberg Brokers Consensus Estimate

Bharat Petroleum Corp Ltd - Sep 1, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net sales

49,977

51,917

(3.7)

44,146

13.2

EBITDA

3,485

3,818

(8.7)

3,490

(0.1)

EBITDA margin (%)

7.0

7.4

7.9

Net profit

2,172

2,376

(8.6)

2,549

(14.8)

www.angelbroking.com

Market Outlook

August 31, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

15,807

925

1,076

16.3

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government, coupled with BELs

Bharat Electronics

29,255

1,219

1,414

16.0

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,09,150

774

1,000

29.2

Stock is trading at attractive valuations & factors all bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,20,898

1,268

1,350

6.5

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Back on the growth trend, expect a long term growth of 14% to

Infosys

2,39,112

1,041

1,370

31.6

be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

4,743

497

527

6.0

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,981

178

235

31.8

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

dilution remains low. Attractive valuations considering growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,282

556

631

13.5

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Commencement of new projects, downtrend in the interest rate

IL&FS Transport

2,372

29.0

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

6,139

188

205

9.2

circulation revenue growth. Further, the acquisition of a radio business

(Radio City) would also boost the company`s revenue growth.

Speedier execution and speedier sales, strong revenue visibility

Mahindra Lifespace

1,769

431

522

21.1

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,823

198

265

33.9

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,371

103

125

21.3

pricing environment. Valuation discount to peers provides

additional comfort

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,827

306

363

18.5

ranking in English news genre, exit from the radio business, and

anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 31, 2016

Key Upcoming Events

Result Calendar

Date

Company

Sep 1, 2016

BPCL

Sep 5, 2016

Petronet LNG

Sep 7, 2016

BHEL, ONGC

Sep 8, 2016

SAIL

Sep 9, 2016

GSPL

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Aug 31, 2016 6:00PM US

Initial Jobless claims

Thousands

Aug 27

261.00

265.00

Sep 1, 2016

1:25PM Germany

Unemployment change (000's)

Thousands

Aug

(7.00)

(4.00)

1:25PM Germany

PMI Manufacturing

Value

Aug F

53.60

6:00PM US

Change in Nonfarm payrolls

Thousands

Aug

255.00

180.00

2:00PM UK

PMI Manufacturing

Value

Aug

48.20

49.00

Sep 2, 2016

6:30AM China

PMI Manufacturing

Value

Aug

49.90

49.80

6:00PM US

Unnemployment rate

Aug

4.90

4.80

Sep 5, 2016

1:25PM Germany

PMI Services

Value

Aug F

53.30

Sep 6, 2016

2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q F

0.30

Sep 7, 2016

2:00PM UK

Industrial Production (YoY)

% Change

Jul

1.60

Sep 8, 2016

China

Exports YoY%

% Change

Aug

(4.40)

5:15PM Euro Zone

ECB announces interest rates

Sep 8

Sep 9, 2016

India

Imports YoY%

% Change

Aug

(19.03)

India

Exports YoY%

% Change

Aug

(6.84)

7:00AM China

Consumer Price Index (YoY)

% Change

Aug

1.80

Sep 12, 2016 2:00PM UK

CPI (YoY)

% Change

Aug

0.60

Sep 13, 2016 5:30PM India

Industrial Production YoY

% Change

Jul

2.10

7:30AM China

Industrial Production (YoY)

% Change

Aug

6.00

Sep 14, 2016 2:00PM UK

Jobless claims change

% Change

Aug

(8.60)

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Aug

3.55

Sep 15, 2016 2:30PM Euro Zone

Euro-Zone CPI (YoY)

Aug F

0.20

6:45PM US

Industrial Production

Aug

0.74

Producer Price Index (mom)

% Change

Aug

(0.50)

4:30PM UK

BOE Announces rates

% Ratio

Sep 15

0.25

Producer Price Index (mom)

% Change

Aug

(0.50)

Source: Bloomberg, Angel Research

Market Outlook

August 31, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

12.0

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

3.7

5.8

4.0

2.1

6.0

1.9

1.1

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

3.0

(3.4)

(6.0)

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

6.1

54.0

5.6

5.7

5.8

5.4

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

44.0

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

5.0

7.50

0.0

7.00

(5.0)

6.50

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 31, 2016

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

6.7

6.0

5.3

5.2

4.0

3.5

4.0

3.1

2.2

2.0

1.2

1.4

0.6

(2.0)

(0.6)

(4.0)

(6.0)

(5.4)

(0.2)

(8.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.5

6.0

4.9

4.4

4.0

3.0

2.4

1.9

1.5

2.0

1.1

0.6

0.5

(3.8)

(1.8)

(2.0)

(4.0)

(6.0)

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

www.angelbroking.com

Market Outlook

August 31, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

58,575

2.2

19.5

31.5

Russia

Micex

1,986

2.1

4.6

15.5

India

Nifty

8,744

0.9

6.9

5.4

China

Shanghai Composite

3,075

3.9

5.2

(12.5)

South Africa

Top 40

46,819

(0.1)

(2.6)

7.3

Mexico

Mexbol

47,651

2.1

4.6

11.0

Indonesia

LQ45

923

3.5

12.8

23.6

Malaysia

KLCI

1,678

1.5

2.5

6.6

Thailand

SET 50

983

1.6

10.0

9.6

USA

Dow Jones

18,454

0.1

3.8

14.9

FTSE

6,821

1.5

9.5

12.1

Japan

Nikkei

16,725

1.5

(2.0)

(17.3)

Germany

DAX

10,658

3.1

4.4

3.3

France

CAC

4,457

0.4

(0.4)

(3.1)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 31, 2016

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

226

4,393

1,937

2,164

13.3

14.3

9.0

11.0

25.1

20.5

4.4

3.8

18.4

19.8

2.3

2.0

United Phosphorus

Accumulate

639

684

27,386

15,176

17,604

18.5

37.4

44.6

17.1

14.3

3.4

2.8

21.4

21.2

1.9

1.6

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,158

22,407

26,022

10.6

5.2

6.4

16.9

13.8

3.8

3.2

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,982

86,294

25,093

27,891

19.5

19.2

143.9

162.5

20.7

18.4

5.8

5.0

30.3

29.4

3.2

2.8

Bharat Forge

Neutral

861

20,032

7,726

8,713

20.5

21.2

35.3

42.7

24.4

20.2

4.5

4.1

18.9

20.1

2.7

2.3

Eicher Motors

Neutral

23,043

62,588

16,583

20,447

17.5

18.0

598.0

745.2

38.5

30.9

13.2

10.0

41.2

38.3

3.6

2.9

Gabriel India

Neutral

118

1,688

1,544

1,715

9.0

9.3

5.4

6.3

21.8

18.7

4.1

3.6

18.9

19.5

1.0

0.9

Hero Motocorp

Neutral

3,473

69,358

31,253

35,198

15.3

15.0

172.3

192.1

20.2

18.1

7.4

6.3

38.9

37.0

2.1

1.8

Jamna Auto Industries Neutral

225

1,800

1,486

1,620

9.8

9.9

15.0

17.2

15.0

13.1

3.3

2.8

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

469

736

1,302

1,432

11.6

11.9

43.7

53.0

10.7

8.9

1.5

1.4

13.8

14.2

0.7

0.6

Mahindra and Mahindra Neutral

1,437

89,223

46,534

53,077

11.6

11.7

67.3

78.1

21.3

18.4

3.5

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

5,069

153,121

69,186

82,217

14.7

14.4

198.5

241.4

25.5

21.0

5.0

4.0

20.2

20.0

1.9

1.5

Minda Industries

Neutral

1,258

1,996

2,728

3,042

9.0

9.1

68.2

86.2

18.5

14.6

4.2

3.3

23.8

24.3

0.8

0.7

Motherson Sumi

Neutral

325

43,042

45,896

53,687

7.8

8.3

13.0

16.1

25.0

20.2

8.0

6.4

34.7

35.4

1.0

0.8

Rane Brake Lining

Neutral

729

577

511

562

11.3

11.5

28.1

30.9

25.9

23.6

4.0

3.6

15.3

15.0

1.3

1.2

Setco Automotive

Neutral

603

741

837

13.0

15.2

17.0

3.0

2.7

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

528

152,531

300,209

338,549

8.9

8.4

42.7

54.3

12.4

9.7

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

326

15,481

13,390

15,948

6.9

7.1

12.8

16.5

25.5

19.7

6.4

5.0

26.3

27.2

1.2

1.0

Amara Raja Batteries

Buy

925

1,076

15,807

5,717

6,733

18.7

18.9

38.4

48.9

24.1

18.9

6.0

4.9

25.3

24.8

2.6

2.2

Exide Industries

Neutral

184

15,598

7,439

8,307

15.0

8.1

9.3

22.7

19.7

3.2

2.8

14.3

16.7

1.7

1.5

Apollo Tyres

Neutral

185

9,414

12,877

14,504

14.3

13.9

21.4

23.0

8.6

8.0

1.3

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

906

1,119

3,665

7,524

8,624

13.0

12.7

131.1

144.3

6.9

6.3

1.3

1.1

19.8

18.6

0.6

0.5

JK Tyres

Neutral

133

3,015

7,455

8,056

15.0

21.8

24.5

6.1

5.4

1.3

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,158

1,438

660

810

15.2

16.4

54.5

72.8

21.3

15.9

6.6

6.0

31.5

39.2

2.0

1.6

Subros

Neutral

102

612

1,488

1,681

11.7

11.9

6.4

7.2

16.0

14.2

1.7

1.5

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

185

486

286

326

19.8

16.8

11.7

13.3

15.8

13.9

2.7

2.5

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

429

709

814

4.1

4.6

1.4

2.1

31.0

20.7

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Accumulate

1,065

1,157

4,435

3,451

4,055

6.3

9.2

31.4

57.9

33.9

18.4

2.0

1.9

6.3

10.9

1.4

1.2

Bharat Electronics

Buy

1,219

1,414

29,255

8,137

9,169

16.8

17.2

58.7

62.5

20.8

19.5

3.2

2.9

44.6

46.3

2.6

2.3

www.angelbroking.com

Stock Watch

August 31, 2016

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

394

13,020

6,511

7,514

7.9

8.7

12.9

16.3

30.5

24.1

5.5

4.8

16.7

18.5

1.8

1.5

BGR Energy

Neutral

115

829

16,567

33,848

6.0

5.6

7.8

5.9

14.7

19.5

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

141

34,425

28,797

34,742

2.8

2.3

6.9

61.2

20.4

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

497

527

4,743

4,351

5,024

6.4

7.1

17.2

20.6

29.0

24.1

18.8

15.7

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,136

5,777

6,120

5.9

7.0

3.3

4.5

24.8

18.2

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

138

3,374

1,755

1,881

16.8

16.9

7.8

8.5

17.7

16.3

3.5

3.3

20.6

20.9

1.6

1.5

Inox Wind

Buy

185

286

4,107

5,605

6,267

15.7

16.4

24.8

30.0

7.5

6.2

2.1

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

136

3,499

9,294

10,186

7.9

8.1

9.9

11.9

13.8

11.4

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

833

9,929

5,421

5,940

7.3

25.7

30.2

32.4

27.6

3.9

3.6

12.2

13.1

1.7

1.6

VATech Wabag

Buy

555

681

3,024

3,136

3,845

8.9

9.1

26.0

35.9

21.3

15.5

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,689

31,726

11,225

13,172

13.2

16.9

44.5

75.5

38.0

22.4

3.6

3.3

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

274

54,466

9,350

10,979

18.2

22.5

5.8

9.5

47.3

28.9

4.0

3.6

10.2

12.5

5.8

5.0

India Cements

Neutral

151

4,645

4,364

4,997

18.5

19.2

7.9

11.3

19.1

13.4

1.4

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

800

5,592

4,398

5,173

15.5

17.5

31.2

55.5

25.6

14.4

3.1

2.7

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Neutral

453

5,336

2,913

3,412

14.5

19.5

7.5

22.5

60.5

20.2

3.7

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

188

3,845

2,114

2,558

18.5

20.5

8.1

11.3

23.2

16.6

3.4

2.9

9.0

14.0

2.4

1.9

UltraTech Cement

Neutral

3,889

106,719

25,768

30,385

21.0

23.5

111.0

160.0

35.0

24.3

4.5

3.9

13.5

15.8

4.2

3.5

Construction

ITNL

Buy

2,372

8,946

10,017

31.0

31.6

8.1

9.1

8.9

7.9

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Accumulate

700

802

1,969

1,385

1,673

14.7

14.0

41.2

48.5

17.0

14.4

3.2

2.7

14.9

15.2

1.5

1.2

Larsen & Toubro

Buy

1,474

1,700

137,364

67,665

77,249

10.7

11.5

57.3

71.2

25.7

20.7

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

178

8,627

705

788

52.2

51.7

5.0

5.6

35.7

31.9

3.5

3.2

11.2

11.9

10.1

MBL Infrastructures

Buy

285

403

2,797

3,405

14.7

15.4

21.0

34.8

4.6

2.8

0.5

0.4

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,584

8,842

9,775

9.1

8.8

5.3

6.4

15.6

12.9

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

120

129

3,084

2,350

2,904

13.4

13.7

48.0

42.0

2.5

2.9

0.5

0.4

16.8

13.2

1.4

1.2

Simplex Infra

Neutral

294

1,454

6,829

7,954

10.5

31.4

37.4

9.4

7.9

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

456

671

1,801

2,219

12.7

14.6

72.1

113.9

6.3

4.0

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

295

5,065

3,598

4,140

10.3

10.6

9.0

11.9

32.8

24.8

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

240

14,379

7,428

9,549

7.9

8.6

8.2

11.0

29.2

21.8

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

712

1,877

1,943

30.6

29.8

3.0

4.2

14.6

10.4

7.1

4.8

0.6

1.8

1.6

www.angelbroking.com

Stock Watch

August 31, 2016

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

3,420

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.6

4.2

(22.8)

(15.9)

11.5

9.6

Engineers India

Neutral

265

8,917

1,725

1,935

16.0

19.1

11.4

13.9

23.2

19.0

3.2

3.1

13.4

15.3

4.1

3.7

Financials

Axis Bank

Neutral

591

141,081

58,081

66,459

3.5

32.4

44.6

18.3

13.2

2.4

2.1

13.6

16.5

Bank of Baroda

Neutral

164

37,823

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.4

8.3

10.1

Canara Bank

Neutral

281

15,239

15,225

16,836

1.8

14.5

28.0

19.4

10.0

1.3

1.1

5.8

8.5

Dewan Housing Finance Neutral

290

8,456

2,225

2,688

2.9

29.7

34.6

9.8

8.4

1.6

1.4

16.1

16.8

Equitas Holdings

Buy

178

235

5,981

939

1,281

11.7

11.5

5.8

8.2

30.8

21.8

2.7

2.4

10.9

11.5

Federal Bank

Neutral

11,632

9,353

10,623

2.9

4.4

5.8

15.4

11.7

1.5

1.3

9.5

11.0

HDFC

Neutral

1,392

220,118

11,475

13,450

3.4

45.3

52.5

30.7

26.5

5.9

5.2

20.2

20.5

HDFC Bank

Accumulate

1,268

1,350

320,898

46,097

55,433

4.5

58.4

68.0

21.7

18.6

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

256

149,000

39,029

45,903

3.3

16.7

16.3

15.3

15.7

1.9

1.7

10.1

12.4

LIC Housing Finance

Neutral

573

28,907

3,712

4,293

2.6

2.5

39.0

46.0

14.7

12.5

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

127

24,948

23,532

23,595

2.3

2.4

6.8

12.6

18.7

10.1

2.9

2.1

3.3

6.5

South Ind.Bank

Neutral

3,052

6,435

7,578

2.5

2.7

3.1

8.4

7.3

1.1

0.9

10.1

11.2

St Bk of India

Neutral

252

195,777

88,650

98,335

2.6

13.5

18.8

18.7

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

141

9,720

13,450

14,925

2.3

25.5

34.5

5.6

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,355

57,047

8,978

11,281

3.3

3.4

74.0

90.0

18.3

15.1

3.5

3.0

17.0

17.2

FMCG

Asian Paints

Neutral

1,147

110,001

17,128

18,978

16.8

16.4

19.1

20.7

60.0

55.4

20.9

19.7

34.8

35.5

6.3

5.7

Britannia

Neutral

3,442

41,294

9,795

11,040

14.6

14.9

80.3

94.0

42.9

36.6

17.6

13.6

41.2

4.1

3.6

Colgate

Neutral

951

25,864

4,605

5,149

23.4

23.8

26.9

40.0

35.4

22.1

17.3

64.8

66.8

5.5

4.9

Dabur India

Neutral

294

51,675

8,315

9,405

19.8

20.7

8.1

9.2

36.3

31.9

10.1

8.4

31.6

31.0

5.9

5.2

GlaxoSmith Con*

Neutral

6,285

26,434

4,350

4,823

21.2

21.4

179.2

196.5

35.1

32.0

9.3

7.9

27.1

26.8

5.5

4.8

Godrej Consumer

Neutral

1,564

53,254

10,235

11,428

18.4

18.6

41.1

44.2

38.1

35.4

8.4

7.1

24.9

24.8

5.3

4.7

HUL

Neutral

925

200,085

35,252

38,495

17.6

17.4

20.4

21.9

45.3

42.2

37.2

32.6

82.2

77.3

5.5

5.0

ITC

Accumulate

257

283

310,642

40,059

44,439

39.0

39.2

9.1

10.1

28.3

25.5

7.7

6.8

27.2

26.5

7.2

6.5

Marico

Neutral

287

37,034

6,430

7,349

18.8

19.5

6.4

7.7

44.9

37.3

13.5

11.4

33.2

32.5

5.6

4.8

Nestle*

Neutral

6,705

64,651

10,073

11,807

20.7

21.5

124.8

154.2

53.7

43.5

22.1

19.8

34.8

36.7

6.2

5.3

Tata Global

Neutral

140

8,848

8,675

9,088

9.8

7.4

8.2

19.0

17.1

2.2

2.1

7.9

8.1

0.9

Procter & Gamble

Accumulate

6,607

7,369

21,445

2,939

3,342

23.2

23.0

146.2

163.7

45.2

40.4

101.2

97.0

25.3

23.5

6.8

5.9

Hygiene

www.angelbroking.com

Stock Watch

August 31, 2016

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

HCL Tech^

Buy

774

1,000

109,150

49,242

57,168

20.5

55.7

64.1

13.9

12.1

2.8

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

1,041

1,370

239,112

69,934

79,025

27.5

64.8

72.0

16.1

14.5

3.5

3.2

22.0

22.3

2.9

2.5

TCS

Buy

2,549

3,004

502,203

121,684

136,286

27.3

135.0

150.1

18.9

17.0

6.3

5.8

33.2

33.9

3.9

3.4

Tech Mahindra

Buy

463

700

44,939

30,347

33,685

17.0

37.5

41.3

12.3

11.2

2.7

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

489

680

120,843

51,631

55,822

21.7

17.9

35.9

36.9

13.6

13.3

2.8

2.6

19.0

18.1

2.0

1.8

Media

D B Corp

Neutral

410

7,530

2,297

2,590

27.4

28.2

21.0

23.4

19.5

17.5

4.6

3.9

23.7

23.1

3.1

2.7

HT Media

Neutral

2,055

2,693

2,991

12.6

12.9

7.9

9.0

11.2

9.8

1.0

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Accumulate

188

205

6,139

2,355

2,635

28.0

9.9

10.8

19.0

17.4

3.8

3.3

21.7

2.6

2.3

Sun TV Network

Neutral

475

18,715

2,850

3,265

70.1

71.0

26.2

30.4

18.1

15.6

4.6

4.1

24.3

25.6

6.2

5.2

Hindustan Media

Neutral

286

2,098

1,016

1,138

24.3

25.2

27.3

30.1

10.5

9.5

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

306

363

1,827

637

743

27.5

18.4

21.4

16.7

14.3

2.9

2.5

17.4

17.2

2.5

2.0

Metals & Mining

Coal India

Neutral

335

211,535

84,638

94,297

21.4

22.3

24.5

27.1

13.7

12.4

5.7

5.4

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

228

96,506

14,252

18,465

55.9

48.3

15.8

21.5

14.5

10.6

2.4

2.1

17.0

20.7

6.8

5.2

Hindalco

Neutral

163

33,608

107,899

112,095

7.4

8.2

9.2

13.0

17.7

12.5

0.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,782

43,071

53,201

58,779

16.1

16.2

130.6

153.7

13.6

11.6

1.8

1.6

14.0

14.4

1.6

1.4

NMDC

Neutral

108

42,878

6,643

7,284

44.4

47.7

7.1

7.7

15.2

14.1

1.3

8.8

9.2

4.2

3.8

SAIL

Neutral

20,155

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.8

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

175

51,941

71,744

81,944

19.2

21.7

13.4

20.1

13.1

8.7

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

378

36,693

121,374

121,856

7.2

8.4

18.6

34.3

20.3

11.0

1.3

1.2

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

205

38,435

9,127

10,632

4.3

20.6

8.8

11.7

23.3

17.5

0.8

0.7

3.3

4.2

5.7

4.7

GAIL

Neutral

386

48,951

56,220

65,198

9.3

10.1

27.1

33.3

14.2

11.6

1.3

1.2

9.3

10.7

1.1

0.9

ONGC

Neutral

242

206,786

137,222

152,563

15.0

21.8

19.5

24.1

12.4

10.0

1.1

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

574

139,255

373,359

428,656

5.9

5.5

54.0

59.3

10.6

9.7

1.6

1.5

16.0

15.6

0.5

Reliance Industries

Neutral

1,066

345,580

301,963

358,039

12.1

12.6

87.7

101.7

12.2

10.5

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

631

11,894

3,483

4,083

20.2

21.4

24.3

30.4

26.0

20.8

5.9

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Accumulate

798

877

46,717

15,720

18,078

23.7

41.4

47.3

19.3

16.9

5.0

3.9

29.6

26.1

3.2

2.8

Sanofi India*

Neutral

4,290

9,881

2,357

2,692

17.3

153.5

169.2

28.0

25.4

4.7

3.8

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

386

39,506

11,126

13,148

22.0

17.1

20.0

22.6

19.3

5.8

4.6

28.8

26.6

3.6

2.9

Cipla

Sell

577

490

46,334

15,378

18,089

17.4

18.4

21.6

27.2

26.7

21.2

3.5

3.0

13.7

15.2

3.2

2.7

www.angelbroking.com

Stock Watch

August 31, 2016

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

Pharmaceuticals

Dr Reddy's

Neutral

3,091

52,715

16,043

18,119

23.1

24.7

126.0

157.8

24.5

19.6

3.6

3.1

15.7

17.1

3.2

2.8

Dishman Pharma

Sell

181

2,917

1,718

1,890

22.7

22.8

9.5

11.3

19.0

16.0

1.8

1.7

10.1

10.9

2.2

1.9

GSK Pharma*

Neutral

3,011

25,504

3,528

3,811

16.6

18.8

51.8

59.4

58.1

50.7

15.6

15.5

26.3

30.6

7.0

6.5

Indoco Remedies

Sell

319

225

2,940

1,112

1,289

18.2

13.2

15.6

24.2

20.5

4.3

3.6

19.2

2.8

2.4

Ipca labs

Accumulate

544

613

6,867

3,303

3,799

15.3

17.3

19.7

31.5

27.6

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,510

1,809

68,054

15,912

18,644

26.4

26.7

58.1

69.3

26.0

21.8

5.1

4.1

21.4

20.9

4.4

3.6

Sun Pharma

Buy

775

944

186,410

31,129

35,258

30.0

30.9

28.0

32.8

27.7

23.6

4.2

3.5

18.7

18.9

5.6

4.7

Power

Tata Power

Neutral

20,853

36,916

39,557

17.4

27.1

5.1

6.3

15.1

12.2

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

162

133,412

86,605

95,545

17.5

20.8

11.8

13.4

13.7

12.1

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

183

95,764

25,763

29,762

74.3

73.1

14.8

17.3

12.4

10.6

1.9

1.7

16.9

17.5

8.0

7.6

Real Estate

MLIFE

Buy

431

522

1,769

1,152

1,300

22.7

24.6

29.9

35.8

14.4

12.0

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

332

132,754

105,086

114,808

34.5

34.7

12.2

16.4

27.2

20.3

1.8

1.7

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

33,776

40,133

43,731

37.2

37.1

6.4

6.5

14.7

14.4

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,689

9,964

3,153

3,583

14.1

14.4

152.2

182.7

30.8

25.7

151.3

129.2

25.6

26.1

2.9

2.5

Bajaj Electricals

Neutral

264

2,670

5,099

5,805

5.7

5.9

11.4

14.6

23.2

18.1

3.1

2.8

13.4

15.1

0.5

Finolex Cables

Neutral

437

6,684

2,883

3,115

12.0

12.1

14.2

18.6

30.8

23.5

16.4

14.3

15.8

14.6

2.0

1.8

Goodyear India*

Accumulate

556

631

1,282

1,598

1,704

10.4

10.2

49.4

52.6

11.3

10.6

51.9

45.6

18.2

17.0

0.5

64.3

Hitachi

Neutral

1,518

4,126

2,081

2,433

8.8

8.9

33.4

39.9

45.4

38.0

36.7

30.6

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

310

5,614

1,440

2,052

11.5

13.0

8.5

10.0

36.5

31.0

8.8

8.2

18.6

19.3

4.2

2.9

Page Industries

Neutral

14,820

16,530

2,450

3,124

20.1

17.6

299.0

310.0

49.6

47.8

330.1

252.0

47.1

87.5

6.8

5.4

Relaxo Footwears

Neutral

460

5,519

2,085

2,469

9.2

8.2

7.6

8.0

60.8

57.9

23.6

20.1

17.9

18.8

2.7

2.3

Siyaram Silk Mills

Neutral

1,315

1,232

1,799

2,040

11.6

11.7

104.9

122.4

12.5

10.7

2.1

1.8

16.4

0.9

0.8

Styrolution ABS India*

Neutral

577

1,015

1,440

1,537

9.2

9.0

40.6

42.6

14.2

13.6

36.3

33.0

12.3

11.6

0.7

0.6

TVS Srichakra

Accumulate

2,601

2,932

1,992

2,304

2,614

13.7

13.8

231.1

266.6

11.3

9.8

292.3

230.1

33.9

29.3

0.9

0.7

HSIL

Neutral

351

2,534

2,384

2,515

15.8

16.3

15.3

19.4

22.9

18.1

22.8

19.6

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

277

4,000

2,554

2,800

9.9

10.0

10.5

12.1

26.3

22.9

11.0

10.4

10.7

11.7

1.2

1.1

Ltd

M M Forgings

Neutral

430

519

546

608

20.4

20.7

41.3

48.7

10.4

8.8

58.9

52.1

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

215

1,535

1,353

1,471

12.3

12.4

14.5

16.3

14.8

13.2

20.4

18.4

14.5

14.6

1.1

115.4

Competent Automobiles Neutral

175

108

1,137

1,256

3.1

2.7

28.0

23.6

6.3

7.4

33.7

30.4

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 31, 2016

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

Nilkamal

Neutral

1,253

1,870

1,995

2,165

10.7

10.4

69.8

80.6

18.0

15.6

71.6

62.2

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

188

298

1,051

1,138

10.3

10.4

21.0

23.1

8.9

8.1

24.0

22.5

9.0

9.2

0.5

Transport Corporation of

Neutral

180

1,380

2,671

2,911

8.5

8.8

13.9

15.7

13.0

11.5

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Accumulate

621

1,482

1,660

13.7

14.5

3.9

5.8

14.6

9.8

3.4

3.2

7.8

10.9

0.7

Surya Roshni

Accumulate

183

201

800

3,342

3,625

7.8

7.5

17.3

19.8

10.6

9.2

20.1

16.1

10.5

10.8

0.5

0.4

MT Educare

Neutral

139

554

366

417

17.7

18.2

9.4

10.8

14.9

12.9

3.3

2.9

22.2

22.3

1.4

1.2

Radico Khaitan

Buy

103

125

1,371

1,659

1,802

13.0

13.2

6.3

7.4

16.3

14.0

1.4

1.3

8.6

9.3

1.3

1.2

Garware Wall Ropes

Accumulate

479

524

1,047

873

938

12.9

13.1

30.9

34.9

15.5

13.7

2.4

2.1

15.7

15.2

1.1

1.0

Wonderla Holidays

Neutral

409

2,311

287

355

38.0

40.0

11.3

14.2

36.2

28.8

5.2

4.5

21.4

23.9

7.7

6.3

Linc Pen & Plastics

Neutral

278

410

382

420

9.3

9.5

13.5

15.7

20.6

17.7

3.5

3.1

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

159

636

287

384

20.5

7.6

10.7

20.9

14.8

4.4

3.5

20.7

23.5

2.2

1.7

Interglobe Aviation

Neutral

881

31,746

21,122

26,005

14.5

27.6

110.7

132.1

8.0

6.7

47.6

34.0

168.5

201.1

1.5

1.2

Coffee Day Enterprises

Neutral

245

5,037

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

Navneet Education

Neutral

104

2,481

1,062

1,147

24.0

6.1

6.6

17.1

15.7

3.5

3.1

20.6

19.8

2.4

2.2

Navkar Corporation

Buy

198

265

2,823

408

612

42.9

42.3

6.8

11.5

29.2

17.2

2.0

1.8

6.9

10.5

7.8

5.2

UFO Moviez

Neutral

480

1,324

619

685

33.2

33.4

30.0

34.9

16.0

13.7

2.2

1.9

13.8

13.9

1.8

1.5

VRL Logistics

Neutral

288

2,631

1,902

2,119

16.7

16.6

14.6

16.8

19.8

17.1

4.3

3.8

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,135

1,940

3,229

4,001

1.5

1.8

22.8

32.8

49.8

34.6

5.3

4.6

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

337

4,870

1,036

1,160

15.1

15.0

6.1

7.2

55.2

46.9

5.9

5.4

10.7

11.5

4.6

4.0

Quick Heal

Neutral

242

1,694

408

495

27.3

27.0

7.7

8.8

31.3

27.5

2.9

9.3

10.6

3.3

2.7

Narayana Hrudaya

Neutral

311

6,354

1,873

2,166

11.5

11.7

2.6

4.0

117.6

78.4

7.2

6.5

6.1

8.3

3.5

3.0

Manpasand Bever.

Neutral

751

3,759

836

1,087

19.6

19.4

16.9

23.8

44.4

31.5

5.3

4.7

12.0

14.8

4.2

3.2

Parag Milk Foods

Neutral

324

2,724

1,919

2,231

9.3

9.6

9.5

12.9

34.3

25.0

5.3

4.4

15.5

17.5

1.6

1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 30, 2016

www.angelbroking.com

Market Outlook

August 31, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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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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