Market Outlook
May 3, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.7)
(170)
25,437
Indian markets are expected to open on a flat to negative note tracking the SGX
Nifty
(0.6)
(44)
7,806
Nifty.
Mid Cap
1.1
121
11,164
US markets ended in positive after showing a lack of direction in the start of the day.
Small Cap
0.4
43
11,064
The strength was partly due to bargain hunting since traders picked up stocks at
lower levels following recent weakness. Traders are now looking forward to the
Bankex
(1.3)
(256)
18,859
release of the closely watched monthly jobs report which could have a significant
impact on the outlook for whether the Federal Reserve will raise interest rates at its
Global Indices
Chg (%)
(Pts)
(Close)
next meeting in June.
Dow Jones
0.7
118
17,891
The majority of the European markets ended with modest gains. Markets in Greece,
Nasdaq
0.9
42
4,818
Ireland and the U.K. were closed for public holidays. Eurozone manufacturing
FTSE
(1.3)
(81)
6,242
growth improved marginally in April. The factory Purchasing Managers' Index rose to
Nikkei
(3.1)
(519)
16,147
51.7 in April from 51.6 in March and also over the survey average of 51.4.
Hang Seng
(1.5)
(321)
21,067
Indian shares fell on Monday, with mixed global cues, disappointing Q4 results and
Shanghai Com
(0.2)
(7)
2,938
sluggish manufacturing data. The benchmark BSE Sensex hit a three-week low
before covering some of its early loss to end the session down 170 points or 0.7 %.
ICICI Bank tumbled over 4 percent on reporting a 76 percent drop in quarterly net
Advances / Declines
BSE
NSE
profit, owing to a sharp rise in bad loans.
Advances
1,263
763
News & Result Analysis
Declines
1,347
813
Auto sales rebound in April
Unchanged
132
74
Result Review: HDFC
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
2,426
NSE
14,409
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg6 onwards
FII
(16)
3,890
11,790
Top Picks
MFs
19
(483)
2,596
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto & Auto Ancillary Accumulate
957
1,076
12.4
Top Gainers
Price (`)
Chg (%)
HCL Tech
IT
Buy
743
1,038
39.7
Srtransfin
1,083
14.8
LIC Housing
Financials
Buy
460
592
28.5
Upl
595
10.5
Bharat Electronics
Capital Goods
Buy
1,187
1,414
19.1
Raymond
456
8.4
Navkar Corporation Others
Buy
186
265
42.6
Dabur
296
7.4
More Top Picks on Pg4
Cholafin
851
7.0
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Losers
Price (`)
Chg (%)
Reading
Expectations
May 3 Germany
PMI Manufacturing
51.90
51.90
Atul
1,723
(4.2)
May 6 US
Change in Nonfarm payrolls (thousands)
215.00
200.00
Amtekauto
38
(4.1)
May 8 China
Exports YoY%
11.50
1.30
Icicibank
227
(4.1)
May 10 India
Exports YoY%
(5.47)
--
Pnb
84
(3.3)
More Events on Pg5
Dcbbank
91
(3.2)
As on May 02, 2016
Market Outlook
May 3, 2016
Result Review
Auto sales rebound in April
Sales of passenger vehicles — cars, vans and utility vehicles — surged over 12 per
cent in April, thanks to the popularity of newly-launched models and a low base
effect. The industry is estimated to have sold 237,149 units in April this year
(based on data available for the top 10 players).
Maruti Suzuki, Hyundai Motor and M&M reported double-digit growth in domestic
sales to dealers. Tata Motors reported a growth of eight per cent after months of
decline, thanks to the newly-launched Tiago. On the other hand, Honda and
Toyota continue to see double-digit decline in sales
HDFC (CMP: `1,092 / TP: ` / Upside:)
Extraordinary Income Drives HDFC's 4QFY16 PAT: HDFC Limited
4QFY2016 standalone net profit raised 46.0% YoY to `2,720cr. The higher
growth in the profit for 4QFY2016 was due to higher non-core income i.e.
profit on sale of investments was `1,520cr, as against `225cr for 4QFY2015.
Taking advantage of the extraordinary income the company has made an
exceptional provision to the tune of `450cr to further strengthen its balance
sheet. Provisions from regular operations went up to `95cr vs. `68cr in
3QFY16, however we don’t see much of concern due to this as overall asset
quality of the company continues to be strong.
Total Advances grew at 14% YoY whereas the growth in the total loan book,
after adding back the loans sold in the preceding 12 months is 24%. Gross
non-performing loans came at 0.70% of the loan portfolio. Net Interest
Margin for the year ended March 31, 2016 was 3.9%. At the CMP, HDFC’s
core business (after adjusting `487 per share towards the value of its
subsidiaries) trades at 3.3x FY2017E ABV. We maintain our NEUTRAL view on
the stock.
Economic and Political News
Mines and Minerals Bill clears Rajya Sabha test, but industry anxious about
implications
Government working on faster trains with facilities: Suresh Prabhu
Falling investment by telcos in capex hurt service quality: ICRA
Corporate News
Banks hit by bad loans to benefit as Rajya Sabha passes Mines and Minerals
Amendment Bill
SBI lowers lending rates by 5 bps to 9.15%
Satin Creditcare Network to raise $25 million next quarter
Market Outlook
May 3, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Godrej Consumer Products Ltd Consol - May 3, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
2,243
2,083
7.7
2,354
(4.7)
EBITDA
445
387
15.1
458
(2.8)
EBITDA margin (%)
19.8
18.6
19.5
Net profit
310
266
16.7
324
(4.2)
Adani ports and special economic zone- May 3, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
1,635
934
75.1
898
82.0
EBITDA
1,083
659
64.4
749
44.7
EBITDA margin (%)
66.3
70.6
83.4
Net profit
634
554
14.3
619
2.4
Jindal Steel and Power Ltd. - May 4, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
5,070
4,481
13
4,366
(16)
EBITDA
950
1,048
(9)
579
(64)
EBITDA margin (%)
19
23
13
Net profit
(408)
(573)
(29)
(519)
(22)
Market Outlook
May 3, 2016
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,354
957
1,076
12.4
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
28,493
1,187
1,414
19.1
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,04,798
743
1,038
39.7
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,82,639
1,118
1,262
12.9
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%
Infosys
2,76,683
1,201
1,374
14.4
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
23,230
460
592
28.5
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,836
986
1,089
10.4
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,773
419
481
14.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,944
204
270
32.5
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,503
76
93
22.2
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,327
163
205
25.8
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,765
430
554
28.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,650
186
265
42.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,175
88
156
76.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
986
1,052
1,354
28.7
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
May 03, 2016
Key Upcoming Events
Result Calendar
Date
Company
May 3, 2016
TVS Motor, Areva, Godrej Consumer, Adani Power
May 4, 2016
Mangalam Cement, Hexaware, Jindal Steel, Vesuvius India
May 5, 2016
Hero Motocorp
May 6, 2016
Siemens, Reliance Capital
May 9, 2016
HUL, MM Forging
May 10, 2016
Automotive Axle, Visaka Industries, Radico Khaitan
May 11, 2016
Apollo Tyres, Kotak Mah. Bank, South Ind.Bank, Asian Paints, Quick Heal
May 12, 2016
Nestle, ITD Cementation, Dr Reddy's, Glenmark Pharma.
May 13, 2016
Cadila Healthcare
May 14, 2016
Relaxo
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 3,, 2016 2:00PM UK
PMI Manufacturing
Value
Apr
51.00
51.20
May 4,, 2016 6:00PM US
Initial Jobless claims
Thousands
Apr 30
257.00
260.00
May 5,, 2016 1:25PM Germany
PMI Services
Value
Apr F
54.60
54.60
May 6,, 2016 6:00PM US
Change in Nonfarm payrolls
Thousands
Apr
215.00
200.00
India
Imports YoY%
% Change
Apr
(21.56)
--
May 8,, 2016 6:00PM US
Unnemployment rate
%
Apr
5.00
5.00
May 10, 2016
China
Exports YoY%
% Change
Apr
11.50
1.30
India
Exports YoY%
% Change
Apr
(5.47)
--
7:00AM China
Consumer Price Index (YoY)
% Change
Apr
2.30
2.40
May 11, 2016 2:00PM UK
Industrial Production (YoY)
% Change
Mar
(0.50)
--
May 12, 2016 5:30PM India
Industrial Production YoY
% Change
Mar
2.00
--
4:30PM UK
BOE Announces rates
% Ratio
May 12
0.50
0.50
May 13, 2016 2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
0.60
--
US
Producer Price Index (mom)
% Change
Apr
0.20
--
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
2.10
--
Source: Bloomberg, Angel Research
Market Outlook
May 3, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.7
10.0
8.0
7.5
7.6
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
3.0
2.5
6.0
4.0
2.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.2)
(1.5)
(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
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.3
4.9
5.0
5.0
4.8
54.0
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
48.0
2.0
1.0
46.0
-
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
0.0
8.00
(5.0)
7.00
(10.0)
(15.0)
6.00
(20.0)
5.00
(25.0)
4.00
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
May 3, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
5.0
4.5
4.0
2.8
2.1
1.9
2.1
2.0
1.3
0.6
0.7
-
(2.0)
(4.0)
(3.8)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.9
6.0
5.0
4.8
4.0
2.8
2.2
2.4
1.3
1.5
2.0
1.1
0.5
-
(2.0)
(4.0)
(3.8)
(3.7)
(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
Market Outlook
May 3, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
53,562
4.5
39.6
(3.8)
Russia
Micex
1,953
4.5
10.2
16.9
India
Nifty
7,806
2.5
5.2
(6.0)
China
Shanghai Composite
2,938
(1.4)
0.7
(33.0)
South Africa
Top 40
46,471
1.4
9.0
(3.8)
Mexico
Mexbol
45,708
(0.4)
8.5
1.0
Indonesia
LQ45
827
(1.5)
3.5
(12.7)
Malaysia
KLCI
1,673
(2.6)
2.5
(9.4)
Thailand
SET 50
892
(1.7)
12.3
(14.3)
USA
Dow Jones
17,891
1.2
8.7
(1.0)
UK
FTSE
6,242
0.6
5.2
(9.9)
Japan
Nikkei
16,147
(2.6)
(2.9)
(15.1)
Germany
DAX
10,123
1.6
3.3
(10.8)
France
CAC
4,443
1.3
0.6
(11.6)
Source: Bloomberg, Angel Research
Stock Watch
May 03, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
196
-
3,817
1,612
1,911
13.3
13.3
7.4
9.5
26.5
20.7
4.3
3.8
16.7
18.4
2.4
2.0
United Phosphorus
Neutral
595
-
25,487
12,500
14,375
18.3
18.3
29.8
35.9
20.0
16.6
3.7
3.1
20.0
20.3
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
106
-
30,095
17,995
21,544
11.4
11.6
3.4
4.7
31.1
22.5
5.5
5.0
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,478
-
71,692
22,709
25,860
20.9
20.1
129.0
143.6
19.2
17.3
5.9
5.1
30.7
29.4
2.7
2.3
Bharat Forge
Accumulate
807
875
18,783
7,351
8,318
19.9
19.7
31.2
36.5
25.9
22.1
4.6
3.9
19.3
19.2
2.7
2.3
Eicher Motors
Neutral
19,854
-
53,927
15,556
16,747
15.5
17.3
464.8
597.5
42.7
33.2
15.6
11.5
36.2
34.3
3.4
3.1
Gabriel India
Accumulate
90
101
1,296
1,415
1,544
8.7
9.0
4.6
5.4
19.6
16.7
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,908
-
58,063
28,244
30,532
15.5
15.9
156.7
168.5
18.6
17.3
7.4
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
142
160
1,134
1,281
1,473
11.2
11.5
7.6
9.2
18.7
15.4
4.7
3.9
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
461
-
724
1,254
1,394
11.6
11.8
35.9
41.7
12.9
11.1
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,336
-
82,962
38,416
42,904
13.7
13.9
54.8
63.4
24.4
21.1
3.8
3.3
15.4
15.8
1.8
1.6
Maruti
Neutral
3,830
-
115,683
57,865
68,104
16.4
16.7
176.3
225.5
21.7
17.0
4.2
3.6
19.4
21.2
1.8
1.5
Minda Industries
Neutral
1,006
-
1,596
2,523
2,890
8.7
9.0
55.0
65.4
18.3
15.4
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
260
313
34,405
39,343
45,100
8.8
9.1
10.1
12.5
25.8
20.8
8.2
6.4
35.3
34.4
1.0
0.8
Rane Brake Lining
Buy
374
465
296
454
511
11.5
12.0
25.2
31.0
14.9
12.1
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
32
-
423
594
741
12.7
13.7
1.7
3.2
18.6
9.9
2.0
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
407
-
117,596
259,686
273,957
13.0
13.4
25.9
29.5
15.7
13.8
2.1
1.8
8.0
9.0
0.6
0.6
TVS Motor
Neutral
319
-
15,141
11,263
13,122
6.9
8.5
9.2
15.0
34.6
21.3
7.9
6.3
22.7
29.6
1.3
1.1
Amara Raja Batteries
Accumulate
957
1,076
16,354
4,892
5,871
17.4
17.6
28.8
37.1
33.2
25.8
7.8
6.2
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
144
162
12,206
6,950
7,784
14.4
14.8
6.6
7.3
21.8
19.7
2.8
2.5
12.6
12.8
1.5
1.3
Apollo Tyres
Accumulate
162
183
8,254
12,056
12,714
17.2
16.4
23.0
20.3
7.1
8.0
1.3
1.1
17.7
13.6
0.7
0.8
Ceat
Neutral
1,094
-
4,423
6,041
6,597
14.1
13.7
99.5
111.9
11.0
9.8
2.2
1.8
19.6
18.5
0.9
0.8
JK Tyres
Neutral
84
-
1,898
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,140
-
1,415
552
630
14.2
14.7
44.6
54.1
25.6
21.1
5.9
5.4
23.2
25.6
2.4
2.1
Subros
Neutral
90
-
538
1,293
1,527
11.8
11.9
4.2
6.7
21.3
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
176
-
463
283
329
17.0
17.2
13.0
15.4
13.6
11.4
3.0
2.5
21.8
21.6
1.4
1.1
Capital Goods
ACE
Neutral
41
-
403
660
839
4.7
8.2
1.0
3.9
40.7
10.4
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
918
1,157
3,824
3,277
4,006
6.0
8.9
36.2
64.3
25.4
14.3
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,187
1,414
28,493
7,737
8,634
16.8
17.2
54.0
61.5
22.0
19.3
3.1
2.8
39.3
45.6
2.8
2.4
Stock Watch
May 03, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
297
353
9,812
5,363
5,963
8.0
9.1
11.0
13.8
27.0
21.5
4.1
3.6
16.2
17.9
1.8
1.6
BGR Energy
Neutral
106
-
763
3,615
3,181
9.5
9.4
16.7
12.4
6.3
8.5
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
128
-
31,280
33,722
35,272
10.8
11.7
10.5
14.2
12.2
9.0
0.9
0.9
7.0
9.0
1.0
1.0
Blue Star
Accumulate
419
481
3,773
3,548
3,977
6.3
6.9
13.7
17.2
30.6
24.4
7.7
5.0
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
57
-
3,576
13,484
14,687
4.9
6.2
4.5
7.1
12.7
8.0
0.9
0.8
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
133
-
3,237
1,655
1,755
16.6
16.8
7.4
7.8
17.9
17.0
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
289
458
6,406
4,980
5,943
17.0
17.5
26.6
31.6
10.9
9.1
3.2
2.4
35.0
30.0
1.4
1.2
KEC International
Neutral
132
-
3,403
8,791
9,716
6.1
6.8
5.4
8.2
24.5
16.1
2.5
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
762
-
9,084
6,413
7,525
7.4
8.5
30.5
39.3
25.0
19.4
3.9
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
589
-
3,212
2,722
3,336
7.9
8.1
19.5
24.6
30.2
24.0
3.2
2.8
11.1
12.4
1.3
1.0
Cement
ACC
Neutral
1,420
-
26,663
13,151
14,757
16.4
18.3
63.9
83.4
22.2
17.0
2.9
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
224
-
34,693
11,564
12,556
19.4
20.7
8.9
10.1
25.1
22.1
3.1
3.0
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
96
-
2,171
1,772
1,926
13.3
15.4
1.0
3.0
95.8
31.9
2.4
2.2
2.6
7.9
1.8
1.6
India Cements
Neutral
92
-
2,826
4,216
4,840
18.0
19.5
4.0
9.9
23.0
9.3
0.9
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
583
-
4,074
3,661
4,742
10.1
15.8
7.5
28.5
77.7
20.4
2.3
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
351
-
4,126
2,947
3,616
16.7
19.9
11.5
27.2
30.5
12.9
2.9
2.5
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
263
-
702
1,053
1,347
10.5
13.3
8.4
26.0
31.3
10.1
1.3
1.2
4.3
12.5
1.0
0.8
Orient Cement
Neutral
148
-
3,040
1,854
2,524
21.2
22.2
7.7
11.1
19.3
13.4
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
454
-
10,810
4,036
4,545
20.8
21.3
15.1
18.8
30.1
24.2
3.7
3.3
12.9
14.3
3.2
2.8
Shree Cement^
Neutral
12,594
-
43,872
7,150
8,742
26.7
28.6
228.0
345.5
55.2
36.5
8.1
6.8
15.7
20.3
5.9
4.7
UltraTech Cement
Neutral
3,177
-
87,198
24,669
29,265
18.2
20.6
82.0
120.0
38.8
26.5
4.2
3.7
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
76
93
2,503
7,360
8,825
34.0
35.9
7.0
9.0
10.9
8.5
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
540
603
1,519
937
1,470
14.3
14.0
44.2
38.6
12.2
14.0
2.4
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,248
-
116,302
58,870
65,708
8.3
10.3
42.0
53.0
29.7
23.6
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
169
-
8,146
629
684
51.0
52.2
6.4
5.9
26.3
28.6
3.5
3.2
15.9
12.7
12.6
11.4
MBL Infrastructures
Buy
143
285
592
2,313
2,797
12.2
14.6
19.0
20.0
7.5
7.2
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
80
-
4,461
7,892
8,842
8.8
9.1
3.0
5.3
26.8
15.1
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
521
558
2,672
1,873
2,288
13.2
13.5
24.0
32.0
21.7
16.3
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
263
-
1,301
5,955
6,829
10.3
10.5
16.0
31.0
16.4
8.5
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
May 03, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
589
-
866
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
260
289
4,463
3,481
4,219
10.7
10.8
8.2
11.7
31.7
22.2
3.0
2.7
10.3
13.5
1.6
1.3
NBCC
Accumulate
986
1,089
11,836
5,816
7,382
6.9
7.7
29.6
39.8
33.3
24.8
6.0
4.7
24.1
26.7
1.8
1.4
MEP Infra
Neutral
42
-
682
1,956
1,876
28.1
30.5
1.3
3.0
32.3
14.0
6.8
4.6
21.2
32.8
1.8
1.7
SIPL
Neutral
101
-
3,561
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
16.9
11.4
Engineers India
Neutral
179
-
6,045
1,667
1,725
13.5
16.0
9.7
11.4
18.5
15.7
2.2
2.1
11.7
13.4
2.4
2.4
Financials
Allahabad Bank
Neutral
57
-
3,489
8,569
9,392
2.8
2.9
16.3
27.5
3.5
2.1
0.3
0.3
7.6
11.9
-
-
Axis Bank
Neutral
472
-
112,474
26,473
31,527
3.5
3.6
35.7
43.5
13.2
10.9
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
155
-
35,818
18,485
21,025
1.9
2.0
13.5
21.1
11.6
7.4
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
90
-
7,365
15,972
17,271
1.9
2.0
15.3
33.4
5.9
2.7
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
201
-
10,928
15,441
16,945
2.0
2.1
46.6
70.4
4.3
2.9
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
1,967
3,440
3,840
2.1
2.3
7.3
10.0
4.1
2.9
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
204
270
5,944
1,892
2,277
2.9
2.9
25.9
30.8
7.9
6.6
1.2
1.1
15.3
15.9
-
-
Federal Bank
Neutral
47
-
7,997
3,477
3,999
3.0
3.0
5.0
6.2
9.3
7.5
0.9
0.9
10.6
11.9
-
-
HDFC
Neutral
1,093
-
172,637
10,358
11,852
3.3
3.3
41.1
47.0
26.6
23.2
5.1
4.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,118
1,262
282,639
38,309
47,302
4.3
4.3
49.3
61.1
22.7
18.3
3.9
3.4
18.5
19.7
-
-
ICICI Bank
Accumulate
227
254
131,972
34,279
39,262
3.3
3.3
21.0
24.4
10.8
9.3
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
69
-
14,134
9,625
10,455
1.8
1.8
8.5
14.2
8.1
4.8
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
97
-
4,654
6,160
6,858
2.5
2.5
24.5
29.8
4.0
3.3
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
460
592
23,230
3,101
3,745
2.5
2.5
33.0
40.2
14.0
11.5
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
89
-
2,872
7,643
8,373
2.4
2.4
37.2
45.4
2.4
2.0
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
84
-
16,543
23,638
26,557
2.8
2.8
17.9
27.2
4.7
3.1
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,444
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
186
-
144,698
79,958
86,061
2.6
2.6
13.4
20.7
13.9
9.0
1.1
1.1
11.5
12.8
-
-
Union Bank
Neutral
126
-
8,672
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.2
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,947
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
945
-
39,772
7,190
9,011
3.2
3.3
58.2
69.7
16.2
13.6
2.9
2.5
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
863
-
82,755
16,553
19,160
16.0
16.2
17.7
21.5
48.8
40.1
13.0
11.7
29.4
31.2
4.8
4.2
Britannia
Neutral
2,859
-
34,306
8,481
9,795
14.0
14.1
65.5
78.3
43.7
36.5
20.7
17.0
38.3
41.2
4.0
3.4
Stock Watch
May 03, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Colgate
Neutral
850
-
23,107
4,136
4,632
22.5
23.3
22.2
25.3
38.3
33.6
23.3
20.7
68.6
67.5
5.5
4.9
Dabur India
Neutral
296
-
52,044
9,370
10,265
17.6
17.3
7.3
8.1
40.3
36.5
10.5
9.6
31.7
30.6
5.4
4.9
GlaxoSmith Con*
Accumulate
5,793
6,118
24,363
4,519
5,142
19.6
19.8
164.3
191.2
35.3
30.3
9.8
8.3
30.8
29.9
4.8
4.2
Godrej Consumer
Neutral
1,370
-
46,660
9,003
10,335
18.1
18.7
34.1
41.8
40.2
32.8
8.7
7.4
23.9
24.8
5.3
4.7
HUL
Neutral
864
-
187,040
33,299
35,497
17.1
17.1
18.9
20.0
45.7
43.2
23.2
26.6
87.6
80.8
5.4
5.1
ITC
Accumulate
321
359
258,235
36,804
38,776
37.9
37.9
12.2
12.9
26.3
24.9
7.3
6.4
27.7
25.8
6.6
6.3
Marico
Neutral
267
-
34,460
6,151
6,966
17.2
17.3
5.4
6.4
49.5
41.7
15.5
12.3
33.2
32.4
5.5
4.8
Nestle*
Neutral
5,744
-
55,380
9,393
10,507
22.2
22.3
106.8
121.8
53.8
47.2
18.9
17.0
34.8
36.7
5.7
5.1
Tata Global
Accumulate
121
137
7,643
8,635
9,072
9.8
9.9
5.8
7.2
20.9
16.8
1.9
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Accumulate
6,442
7,369
20,910
2,588
2,939
23.3
23.2
130.2
146.2
49.5
44.1
98.7
94.6
27.6
25.3
7.7
6.7
Hygiene
IT
HCL Tech^
Buy
743
1,038
104,798
42,038
47,503
21.2
21.5
51.5
57.7
14.4
12.9
3.1
2.4
21.5
18.8
2.1
1.7
Infosys
Accumulate
1,201
1,374
276,683
62,441
70,558
27.5
27.5
59.0
65.3
20.4
18.4
4.1
3.7
22.2
22.4
3.9
3.3
TCS
Buy
2,525
3,004
497,563
108,646
122,770
28.3
28.3
123.7
141.0
20.4
17.9
6.8
6.2
33.1
34.6
4.1
3.6
Tech Mahindra
Accumulate
477
530
46,298
26,524
29,177
16.2
17.0
28.8
33.6
16.6
14.2
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
548
680
135,457
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.5
2.8
2.6
19.2
17.7
2.1
1.8
Media
D B Corp
Accumulate
330
356
6,062
2,025
2,187
27.4
27.4
17.4
18.9
19.0
17.5
4.3
3.9
22.9
23.7
3.0
2.7
HT Media
Neutral
87
-
2,033
2,495
2,673
12.9
13.2
6.8
7.2
12.9
12.1
1.0
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
163
205
5,327
2,170
2,355
27.2
26.2
8.9
9.9
18.3
16.5
3.8
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
369
-
14,550
2,510
2,763
71.8
71.5
21.9
24.8
16.9
14.9
4.0
3.6
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
260
-
1,906
914
1,016
21.7
21.5
21.9
23.3
11.9
11.2
2.1
1.8
18.0
16.2
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
289
380
182,353
76,167
84,130
19.9
22.3
22.4
25.8
12.9
11.2
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
174
-
73,563
14,641
14,026
50.4
50.4
17.7
16.0
9.9
10.9
1.5
1.4
16.2
13.2
2.6
2.5
Hindalco
Neutral
99
-
20,371
104,356
111,186
8.7
9.5
6.7
11.1
14.7
8.9
0.5
0.5
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,366
-
33,013
42,308
45,147
16.4
20.7
(10.3)
49.5
27.6
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
98
-
38,676
8,237
10,893
46.6
44.5
10.0
11.7
9.8
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
47
-
19,556
45,915
53,954
7.2
10.5
1.5
4.4
31.4
10.8
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
111
-
32,819
71,445
81,910
26.2
26.3
12.9
19.2
8.6
5.8
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
347
-
33,682
126,760
137,307
8.9
11.3
6.4
23.1
54.5
15.0
1.1
1.1
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
151
-
28,217
11,323
12,490
49.4
51.0
20.7
20.7
7.3
7.3
0.5
0.5
6.4
6.1
1.6
0.9
Stock Watch
May 03, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
GAIL
Neutral
367
-
46,566
64,856
70,933
9.1
9.6
24.0
28.9
15.3
12.7
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
218
-
186,510
154,564
145,998
36.8
37.4
20.8
22.6
10.5
9.7
1.0
0.9
10.1
9.7
1.4
1.6
Petronet LNG
Neutral
267
-
20,025
29,691
31,188
5.8
6.2
12.8
13.4
20.9
19.9
3.1
2.8
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
426
455
103,492
359,607
402,760
5.9
6.1
42.5
48.7
10.0
8.8
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
986
1,150
319,598
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
595
-
11,224
3,274
3,802
26.9
19.4
35.0
28.7
17.0
20.8
7.5
5.7
55.6
31.2
3.4
2.9
Aurobindo Pharma
Accumulate
770
856
45,041
14,923
17,162
22.0
23.0
35.7
42.8
21.6
18.0
6.3
4.8
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,386
-
10,100
2,082
2,371
17.4
20.8
118.2
151.5
37.1
29.0
5.4
4.4
19.9
25.5
4.5
3.8
Cadila Healthcare
Accumulate
325
352
33,267
10,224
11,840
21.0
22.0
14.6
17.6
22.3
18.5
6.1
4.8
30.8
29.0
3.3
2.8
Cipla
Accumulate
538
605
43,246
13,979
16,447
20.2
18.6
25.7
27.5
21.0
19.6
3.4
2.9
17.6
16.1
3.1
2.6
Dr Reddy's
Buy
3,012
3,933
51,368
16,838
19,575
25.0
23.1
167.5
178.8
18.0
16.9
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
169
-
2,732
1,733
1,906
21.5
21.5
17.0
19.9
10.0
8.5
1.0
0.9
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,670
-
31,082
2,870
3,158
20.0
22.1
59.5
68.3
61.7
53.7
18.2
18.7
28.5
34.3
10.3
9.4
Indoco Remedies
Neutral
268
-
2,466
1,033
1,199
15.9
18.2
9.4
13.6
28.5
19.7
4.2
3.6
15.7
19.7
2.5
2.1
Ipca labs
Buy
493
900
6,222
3,363
3,909
12.9
18.6
13.4
28.0
36.8
17.6
2.6
2.3
7.4
14.0
2.1
1.8
Lupin
Neutral
1,617
-
72,878
13,092
16,561
25.0
27.0
50.4
68.3
32.1
23.7
6.6
5.2
22.8
24.7
5.3
4.1
Sun Pharma
Buy
811
950
195,289
28,163
32,610
25.8
30.7
17.4
26.9
46.6
30.2
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
70
-
18,973
35,923
37,402
22.6
22.8
4.1
5.2
17.3
13.6
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Accumulate
138
146
113,829
87,271
99,297
23.5
23.5
11.8
13.3
11.8
10.4
1.3
1.2
11.5
12.2
2.3
2.1
Power Grid
Buy
143
170
74,759
20,702
23,361
86.7
86.4
12.1
13.2
11.8
10.8
1.7
1.6
15.6
15.1
8.5
7.9
Real Estate
MLIFE
Buy
430
554
1,765
697
1,011
14.9
19.3
13.8
20.1
31.2
21.4
1.2
1.1
3.8
5.3
3.8
2.6
Telecom
Bharti Airtel
Neutral
358
-
143,047
101,748
109,191
32.1
31.7
12.0
12.5
29.8
28.6
2.1
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
118
-
42,324
34,282
36,941
32.0
31.5
5.9
6.2
19.9
19.0
1.8
1.7
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,571
-
9,712
2,715
3,153
14.5
14.1
134.3
152.2
34.0
30.0
8.5
7.0
27.4
25.6
3.3
2.8
Bajaj Electricals
Neutral
231
-
2,332
4,719
5,287
5.2
5.8
8.6
12.7
27.0
18.2
3.1
2.7
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
282
-
4,315
2,520
2,883
12.2
12.0
12.7
14.2
22.3
19.9
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Buy
502
582
1,158
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.5
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,337
-
3,636
1,779
2,081
7.8
8.8
21.8
33.4
61.3
40.0
9.9
8.0
17.4
22.1
2.1
1.8
Jyothy Laboratories
Neutral
302
-
5,464
1,620
1,847
11.5
11.5
7.3
8.5
41.4
35.6
5.4
5.0
13.3
14.4
3.2
2.8
Stock Watch
May 03, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
MRF
Buy
34,165
45,575
14,490
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.2
9.0
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,812
-
14,291
1,929
2,450
19.8
20.1
229.9
299.0
55.7
42.9
24.6
17.1
52.1
47.1
7.4
5.8
Relaxo Footwears
Neutral
493
-
5,917
1,767
2,152
12.3
12.5
19.3
25.1
25.6
19.7
6.3
4.8
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,052
1,354
986
1,636
1,815
11.5
11.5
89.9
104.1
11.7
10.1
1.9
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
612
-
1,076
1,271
1,440
8.6
9.2
32.0
41.1
19.1
14.9
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,337
3,217
1,789
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.7
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
290
-
2,099
2,123
2,384
16.1
16.5
15.0
18.9
19.3
15.4
1.5
1.4
8.0
9.4
1.3
1.2
Kirloskar Engines India
Neutral
232
-
3,356
2,403
2,554
8.6
9.9
9.2
10.5
25.3
22.1
2.4
2.3
9.7
10.7
1.0
1.0
Ltd
M M Forgings
Buy
485
614
585
511
615
21.7
21.6
43.1
55.8
11.2
8.7
2.1
1.7
19.9
21.2
1.4
1.0
Banco Products (India) Neutral
131
-
935
1,208
1,353
11.0
12.3
10.8
14.5
12.1
9.0
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
151
-
93
1,040
1,137
3.2
3.1
25.7
28.0
5.9
5.4
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,184
-
1,767
1,871
2,031
10.7
10.5
63.2
69.8
18.7
17.0
3.1
2.6
17.6
16.6
1.0
0.9
Visaka Industries
Buy
121
143
192
1,020
1,120
8.7
9.1
13.9
20.1
8.7
6.0
0.6
0.5
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
263
-
2,001
2,830
3,350
8.8
9.0
14.4
18.3
18.3
14.4
2.8
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
63
-
686
1,359
1,482
10.3
13.7
0.8
3.9
78.4
16.2
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
150
201
656
2,992
3,223
8.1
8.4
14.7
18.3
10.2
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
167
-
667
286
366
18.3
17.7
7.7
9.4
21.7
17.9
4.6
4.0
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
88
156
1,175
1,517
1,635
12.7
13.4
5.8
7.1
15.2
12.4
1.3
1.2
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
355
473
776
862
974
11.2
11.2
24.9
29.6
14.3
12.0
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
380
-
2,145
206
308
44.0
43.6
9.0
12.9
42.2
29.4
5.8
5.2
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
194
-
286
340
371
8.3
8.9
10.8
13.2
17.9
14.7
2.9
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
153
-
615
222
287
20.5
20.5
5.6
7.6
27.2
20.3
5.1
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
1,025
-
36,947
17,022
21,122
20.7
14.5
63.9
53.7
16.0
19.1
24.0
19.7
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
262
-
5,390
2,692
2,964
17.0
18.6
-
4.7
-
55.2
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
89
-
2,114
998
1,062
24.1
24.0
5.8
6.1
15.4
14.6
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
186
265
2,650
365
436
38.3
37.5
5.6
5.9
33.0
31.6
2.1
1.9
6.3
6.1
8.1
6.9
UFO Moviez
Neutral
517
-
1,421
558
619
32.0
33.2
22.5
30.0
22.9
17.2
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
402
-
3,665
1,725
1,902
16.5
16.7
12.2
14.6
33.0
27.6
6.9
6.0
20.8
21.9
2.3
2.0
Team Lease Serv.
Neutral
954
-
1,631
2,565
3,229
1.3
1.5
15.2
22.8
62.9
41.9
5.0
4.5
8.0
10.7
0.5
0.4
Stock Watch
May 03, 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 )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
S H Kelkar & Co.
Neutral
230
-
3,324
928
1,036
15.3
15.1
4.9
6.1
46.6
37.6
4.4
4.0
9.4
10.7
3.5
3.1
Quick Heal
Neutral
269
-
1,885
339
408
27.8
27.3
7.1
7.7
38.1
34.8
3.2
3.2
8.5
9.3
4.5
3.8
Narayana Hrudaya
Neutral
294
-
6,013
1,603
1,873
10.9
11.5
1.0
2.6
308.9
111.3
7.4
6.8
2.4
6.1
3.9
3.3
Manpasand Bever.
Neutral
530
-
2,652
540
836
19.9
19.6
10.2
16.9
51.7
31.4
4.2
3.8
8.1
12.0
4.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 02, 2016
Market Outlook
May 03, 2016
Research Team Tel: 022 - 39357800
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