Market Outlook

August 7, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

0.3

28,298

Indian markets are expected to open negative tracking SGX Nifty.

Nifty

0.2

8,589

Wall Street traded lower, weighed by biotech shares and second day of sharp

MID CAP

0.4

11,586

declines in Media companies after Viacom's revenue miss was linked to viewers

SMALL CAP

(0.1)

(14)

12,122

increasingly shifting from cable television to online streaming.

BSE HC

1.1

199

17,579

BSE PSU

(0.0)

(2)

7,830

U.K. stocks were little changed, paring an earlier retreat after fewer Bank of England

policy makers than expected voted to increase interest rates this month. FTSE 100

BANKEX

0.6

120

21,864

Index lost 0.1% at the close in London, after earlier falling as much as 0.5%.

AUTO

0.6

111

19,752

Declines in miners and oil companies weighed on the benchmark. BHP Billiton Ltd.

METAL

(0.6)

(49)

8,754

and Glencore Plc fell at least 2%.

OIL & GAS

(0.3)

(25)

9,774

BSE IT

0.3

11,173

After a sluggish day, markets geared up to rally at the end. However, this rally of

Global Indices

Chg (%)

(Pts)

(Close)

Nifty to scale above 8,600 was not successful as index heavyweights ITC, CIL,

Dow Jones

(0.7)

(121)

17,420

Vedanta, Reliance and Tech Mahindra pulled Nifty down.

NASDAQ

(1.6)

(84)

5,056

News & Result Analysis

FTSE

(0.1)

(5)

6,747

 Dr Reddy’s in pact with Amgen

Nikkei

0.2

20,664

 Result Review: Bajaj Electricals, Banco Products

Hang Sang

(0.6)

(139)

24,375

Refer detailed news & result analysis on the following page

Straits Times

0.2

3,196

Markets Today

Shanghai Com

(0.9)

(33)

3,662

The trend deciding level for the day is 28,274 / 8,582 levels. If NIFTY trades above

this level during the first half-an-hour of trade then we may witness a further rally up

Indian ADR

Chg (%)

(Pts)

(Close)

to 28,384 - 28,470 / 8,613 - 8,637 levels. However, if NIFTY trades below

INFY

(0.5)

(0.1)

$17.3

28,274 / 8,582 levels for the first half-an-hour of trade then it may correct towards

WIT

(1.0)

(0.1)

$12.5

28,188 - 28,078 / 8,558 - 8,527 levels.

IBN

(0.9)

(0.1)

$10.2

Indices

PIVOT

HDB

(0.7)

(0.5)

$62.6

SENSEX

28,078

28,188

28,274

28,384

28,470

NIFTY

8,527

8,558

8,582

8,613

8,637

Advances / Declines

BSE

NSE

Advances

1,386

664

Net Inflows (August 5, 2015)

Declines

1,558

856

` cr

Purch

Sales

Net

MTD

YTD

Unchanged

104

FII

4,708

3,981

727

1,492

142,462

MFs

887

1,215

(328)

(409)

57,539

Volumes (` cr)

BSE

3,432

FII Derivatives (August 6, 2015)

NSE

18,151

` cr

Purch

Sales

Net

Open Interest

Index Futures

851

585

266

15,639

Stock Futures

2,493

2,543

(50)

50,901

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

JPPOWER

19.6

NESTLEIND

6,488

(5.0)

ALOKTEXT

12.9

BATAIND

1,170

(5.0)

CUMMINSIND

1,159

12.8

MOTHERSUMI

372

(4.8)

BFUTILIFE

613

9.6

INDIACEM

(4.4)

LAXMIMACH

4,056

7.3

KAILASH

(4.3)

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Market Outlook

August 7, 2015

Dr Reddy’s in pact with Amgen

Dr Reddy's has entered into a strategic collaboration with Amgen, the

biotechnology company, to market and distribute three Amgen medicines in India

in the area of oncology and cardiology. Under the terms of collaboration, the drug

major will perform a full range of regulatory and commercial services to seek

approval and launch Kyprolis (carfilzomib), Blincyto (blinatumomab) and Repatha

(evolocumab) in India. Kyprolis was approved by the US Food and Drug

Administration in July

2015, in combination with lenalidomide and

dexamethasone, for the treatment of patients with relapsed multiple myelomas

who have received one to three prior lines of therapy. Blincyto is an example of

immunotherapy, a treatment that uses certain parts of a person's immune system

to fight diseases such as cancer. Repatha got approval from European

Commission for marketing in July, which is used for the treatment of patients with

uncontrolled cholesterol. The alliance will enhance its biotechnology product

portfolio. On number terms it will not be that significant to the overall sales of the

company. We maintain our neutral on the stock.

Result Review

Bajaj Electricals (CMP-`274/ TP-`343 / Upside-25.1%)

For 1QFY216, Bajaj Electricals reported good set of numbers. The top-line

witnessed a 13.7% yoy increase to `1,009cr which is broadly in-line with our

estimate of `1,045cr. The top-line growth was on account of 20.3% yoy growth in

the Lighting segment (`203cr) and 54.1% yoy growth in the E&P segment (`330cr).

The Consumer Durables segment witnessed marginal de-growth of 5.7% on yoy

basis, reporting top-line of `476cr.

The EBITDA grew by 63.5% yoy to `60cr and EBITDA margin expanded by 182bp

yoy to 6.0% against our estimated EBITDA and EBITDA margin of `60cr and 6.0%

respectively. The improvement in margins was mainly on account of lower other

expenses which declined by 222bp yoy to 12.3% of sales. As far as segmental

margins are concerned, the Lighting and E&P segment margins grew by 269bp

yoy and 862bp yoy to 4.2% and 5.8% respectively while the Consumer Durables

margins were stable on yoy basis.

Owing to better operating performance and 124.6% yoy increase in other income

to `5cr, the net profit increased by 261.3% yoy to `20cr vis-à-vis our expectation

of `23cr.

At current market price, the stock is trading at EV/Sales multiple of 0.6x for

FY2017E. We maintain our Buy rating on the stock with a target price of `343

based on target EV/ Sales multiple of 0.7x for FY2017E.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

4,751

5.2

8.7

11.6

31.4

3.6

12.3

0.6

FY2017E

5,316

5.8

130

12.9

15.0

21.2

3.2

9.8

0.6

Banco Products (CMP: `128/ TP: -/ Upside: -)

For 1QFY2016, Banco Products reported a mixed set of numbers. Consolidated

top-line during the quarter witnessed a 1.3% yoy decline to `319cr. This is slightly

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Market Outlook

August 7, 2015

lower than our estimate of `326cr. The raw material cost as a percentage of sales

declined by 135bp yoy to 52.5%. Employee cost as a percentage of sales declined

by 73bp to 11.9% while other expenses increased by 55bp yoy to 21.6% of sales.

This resulted in EBITDA margins expanding by 154bp yoy to 14.0% against our

estimate of

12.3%. The company has witnessed significant improvement in

performance on yoy basis where EBITDA margin stood at 0.9%. Interest expense

has come down to `1cr from `3cr in 1QFY2015. On the back of improvement in

operating performance, the net profit during the quarter improved to `28cr

representing a yoy growth of 15.3% vis-à-vis our estimate of `25cr.

On standalone basis, top line remained unchanged on yoy basis coming in

at `113cr. Exports being hurt on the back of weakness in Euro against the INR can

be attributed to flat top-line. Raw material cost, employee and other expenses all

increased by 20bp each on yoy basis resulting in EBITDA margin declining by

60bp yoy to 18.2%. Other income during the quarter increased by 755.7% yoy

to `14.3cr while interest expense decline to `0.5cr from `2cr in 1QFY2015.

Consequently, the net profit grew by 62.5% yoy to `24cr.

At the current market price, the stock is trading at PE of 8.9x its FY2017E earnings.

The consolidated performance has been impacted in the past few quarters owing

to depreciating Euro against the INR along with slowdown in the European

markets. While we await for the performance to stabilize and gain clarity on the

company, we maintain our Neutral rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

1,189

10.9

10.8 11.9 11.9

1.4

6.6

0.7

FY2017E

1,332

12.3

104

14.5

8.9

1.2

5.1

0.6

Quarterly Bloomberg Brokers Consensus Estimate

Tata Motors Ltd (Consol)- August 07, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

64,070

64,151

(0.1)

67,298

(4.8)

EBITDA

9,280

11,142

(16.7)

8,438

10.0

EBITDA margin (%)

14.5

17.4

12.5

Net profit

3,136

5,413

(42.1)

1,717

82.7

Mahindra & Mahindra Ltd- August 07, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

9,812

10,096

(2.8)

9,412

4.3

EBITDA

1,135

1,269

(10.6)

901

26.1

EBITDA margin (%)

11.6

12.6

9.6

Net profit

742

882

(15.9)

551

34.7

Bharat Heavy Electricals Ltd- August 07, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

5,281

5,068

4.2

12,368

(57.3)

EBITDA

284

218

30.1

1,682

(83.1)

EBITDA margin (%)

5.4

4.3

13.6

Net profit

206

194

6.4

888

(76.8)

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Market Outlook

August 7, 2015

Rural Electrification Corp Ltd- August 07, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,271

4,667

(51.3)

5,333

(57.4)

EBITDA

3,632

4,489

(19.1)

4,716

(23.0)

EBITDA margin (%)

159.9

96.2

88.4

Net profit

1,375

1,283

7.2

1,097

25.4

Divi's Laboratories Ltd- August 08, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

755

640

18.0

815

(7.3)

EBITDA

292

235

24.0

315

(7.5)

EBITDA margin (%)

38.6

36.8

38.7

Net profit

210

168

24.8

229

(8.5)

Economic and Political News

 PM directs speeding up of rural electrification

 Centre plans to end upstream under-recoveries for kerosene from FY17

 Rajasthan signs pact for `2,452cr investments

Corporate News

 Airtel launches 4G services nationally ahead of Jio

 JLR making strategic adjustments to arrest falling China sales

 Mumbai Metro: R-Infra, govt set for a showdown

 Srei Infra plans to scale up acquisition of stressed infra projects

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Sector

Rating

(` Cr)

(`)

(%)

Axis Bank

Financials

138,709

Buy

584

716

22.6

ICICI Bank

Financials

180,703

Buy

311

370

18.9

Infosys

250,241

Buy

1,089

1,306

19.9

Inox Wind

Cap Goods

9,183

Buy

414

505

22.0

Power Grid

Power

73,608

Buy

141

170

20.8

TCS

504,235

Buy

2,574

3,168

23.1

Tech Mahindra

51,351

Buy

534

646

21.0

Yes Bank

Financials

34,603

Buy

828

989

19.5

LIC Housing Fin. Financials

26,424

Accumulate

524

590

12.7

Sun Pharma

Pharma

203,699

Accumulate

847

950

12.2

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

August 07, 2015

Result Calendar

Date

Company

Tata Motors, M&M, BHEL, Mangalam Cement, Rural Elec.Corp., Corporation Bank, GSPL, Kirloskar Engines India Ltd,

August 7, 2015

MT Educare

August 8, 2015

Central Bank, UCO Bank, Divi's Lab.

August 9, 2015

August 10, 2015

LMW, J & K Bank, Finolex Cables, Power Grid Corpn, Adani Power, HDIL, Radico Khaitan

Bosch India, Apollo Tyres, J K Lakshmi Cements, St Bk of India, NMDC, Tata Steel, Prakash Industries, HPCL, Siyaram

August 11, 2015

Silk Mills, Sun Pharma, Reliance Power

Ashok Leyland, India Cements, IDBI Bank, Coal India, Jindal Steel, Nalco, Bhushan Steel, TVS Srichakra, Cadila

August 12, 2015

Healthcare, Aurobindo Pharma, Anant Raj

August 13, 2015

IOC, Page Industries, Surya Roshni, Tata Power Co., Unitech

August 14, 2015

Amara Raja Batteries, SAIL, Hindalco, BPCL, Elecon Engineering, GIPCL

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

August 7, 2015

6:00PM US

Change in Nonfarm payrolls

Thousands

Jul

223.00

225.00

6:00PM US

Unnemployment rate

Jul

5.30

August 8, 2015

China

Exports YoY%

% Change

Jul

2.80

(1.50)

August 9, 2015

7:00AM China Consumer Price Index (YoY)

% Change

Jul

1.40

1.50

August 10, 2015

India

Imports YoY%

% Change

Jul

(13.40)

India

Exports YoY%

% Change

Jul

(15.80)

August 12, 2015

2:00PM UK

Jobless claims change

% Change

Jul

7.00

2.50

11:00AM China Industrial Production (YoY)

% Change

Jul

6.80

6.60

5:30PM India

Industrial Production YoY

% Change

Jun

2.70

August 14, 2015

2:30PM Euro Zone Euro-Zone CPI (YoY)

Jul F

0.20

6:45PM US

Industrial Production

Jul

0.23

0.30

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jul

(2.40)

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.40

11:30AM Germany GDP nsa (YoY)

% Change

2Q P

1.10

1.60

August 18, 2015

6:00PM US

Building permits

Thousands

Jul

1,337.00

6:00PM US

Housing Starts

Thousands

Jul

1,174.00

2:00PM UK

CPI (YoY)

% Change

Jul

August 19, 2015

6:00PM US

Consumer price index (mom)

% Change

Jul

0.30

August 20, 2015

7:30PM US

Existing home sales

Million

Jul

5.49

Source: Bloomberg, Angel Research

Market Outlook

August 07, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

5.0

8.0

7.5

3.6

3.4

7.0

4.0

2.8

2.7

6.7

2.6

2.5

6.6

3.0

7.0

6.3

6.4

2.0

0.9

6.0

0.5

1.0

5.0

4.7

5.0

4.5

(1.0)

4.0

(2.0)

(3.0)

3.0

(2.7)

(4.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

55.0

Mfg. PMI

Services PMI

8.0

7.4

54.0

6.8

7.0

53.0

5.6

5.4

6.0

5.2

5.3

4.9

5.0

52.0

4.6

5.0

4.3

51.0

4.0

3.3

50.0

3.0

2.0

49.0

1.0

48.0

47.0

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

30.0

9.00

20.0

8.00

10.0

7.00

0.0

6.00

(10.0)

5.00

(20.0)

4.00

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

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Market Outlook

August 07, 2015

Global watch

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

(%)

8.0

7.0

5.6

6.0

5.3

4.7

5.0

4.0

3.0

2.7

3.0

2.4

2.1

2.0

1.1

0.7

1.0

(1.6)

(1.9)

(0.9)

(1.0)

(2.0)

(3.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.8

6.0

5.2

4.8

3.7

4.0

3.1

2.7

2.0

1.6

2.0

1.2

1.0

(1.0)

(3.8)

(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: Bloomberg, Angel Research

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Market Outlook

August 07, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

50,011

(4.1)

(12.4)

(11.7)

Russia

Micex

1,676

3.8

(2.3)

23.4

India

Nifty

8,589

0.9

4.8

10.8

China

Shanghai Composite

3,662

6.1

(11.5)

70.6

South Africa

Top 40

46,931

5.8

(0.6)

2.2

Mexico

Mexbol

44,921

(0.2)

(0.5)

1.1

Indonesia

LQ45

819

(4.0)

(6.2)

(7.2)

Malaysia

KLCI

1,695

(1.9)

(7.0)

(10.4)

Thailand

SET 50

938

(3.2)

(6.8)

(9.4)

USA

Dow Jones

17,420

(2.0)

(2.4)

6.4

FTSE

6,747

4.9

(2.0)

2.7

Japan

Nikkei

20,664

1.2

6.4

31.8

Germany

DAX

11,585

8.5

1.6

26.9

France

CAC

5,192

12.8

2.0

24.7

Source: Bloomberg, Angel Research

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Market Outlook

August 07, 2015

Stock Watch

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

227

4,406

2,075

2,394

14.4

9.5

11.0

23.9

20.6

4.7

4.1

21.1

21.3

2.2

1.9

United Phosphorus

Neutral

552

23,638

13,698

15,752

17.6

32.1

38.5

17.2

14.3

3.4

2.8

21.4

21.3

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Neutral

24,802

17,394

20,318

9.6

10.7

2.8

4.4

31.1

19.8

4.4

4.1

14.3

20.4

1.4

1.2

Bajaj Auto

Neutral

2,575

74,525

23,842

27,264

19.8

19.6

128.4

144.4

20.1

17.8

6.1

5.3

30.5

29.5

2.7

2.3

Eicher Motors

Accumulate

20,572

21,843

55,838

11,681

15,550

15.3

16.9

358.5

564.3

57.4

36.5

17.2

12.8

29.8

34.9

4.7

3.5

Hero Motocorp

Neutral

2,653

52,970

28,500

33,028

13.8

14.1

144.2

166.3

18.4

16.0

6.8

5.7

36.7

36.0

1.7

1.4

L G Balakrishnan & Bros Neutral

485

761

1,254

1,394

11.6

11.8

35.9

41.7

13.5

11.6

1.8

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Neutral

1,394

86,596

41,078

46,473

11.5

12.0

51.4

62.7

27.1

22.2

4.0

3.5

14.7

15.9

1.8

1.6

Maruti

Accumulate

4,452

4,735

134,486

58,102

68,587

16.7

16.9

182.0

225.5

24.5

19.7

4.9

4.2

19.9

21.0

2.1

1.7

Minda Industries

Accumulate

588

652

933

2,500

2,889

7.6

8.3

39.4

54.3

14.9

10.8

2.1

1.8

14.1

16.3

0.5

0.4

Rane Brake Lining

Accumulate

328

366

260

454

511

11.1

11.4

23.8

28.1

13.8

11.7

2.0

1.8

14.2

15.3

0.7

0.6

Setco Automotive

Accumulate

255

286

681

718

862

13.3

14.3

13.4

19.0

13.4

2.9

2.5

15.4

18.5

1.2

1.1

Tata Motors

Accumulate

383

425

110,551

258,457

276,275

13.3

13.7

29.3

35.2

13.1

10.9

1.4

1.3

11.4

12.2

0.6

TVS Motor

Accumulate

237

255

11,252

11,839

13,985

7.0

8.0

10.8

15.9

21.9

14.9

5.6

4.4

25.5

29.7

0.9

0.7

Amara Raja Batteries

Neutral

946

16,161

5,355

6,641

17.4

17.8

31.8

40.9

29.8

23.1

7.5

5.9

25.2

25.5

3.0

2.4

Exide Industries

Neutral

156

13,277

7,363

8,247

13.7

14.5

6.6

7.7

23.7

20.3

3.0

2.7

12.6

13.3

1.5

1.4

Apollo Tyres

Neutral

212

10,809

12,866

13,892

15.7

15.4

20.1

19.9

10.6

10.7

1.7

1.5

15.8

13.6

0.9

Ceat

Accumulate

972

1,059

3,932

6,041

6,770

14.3

13.9

101.5

117.7

9.6

8.3

1.9

1.6

20.0

19.2

0.8

0.7

JK Tyres

Buy

117

147

2,651

7,446

7,942

15.2

14.7

19.6

21.0

6.0

5.6

1.5

1.2

25.2

21.7

0.8

0.7

Swaraj Engines

Neutral

988

1,227

593

677

14.5

14.8

51.2

60.8

19.3

16.3

4.5

4.0

23.3

24.8

1.9

1.6

Subros

Neutral

565

1,268

1,488

11.6

11.9

3.7

6.6

25.5

14.3

1.7

1.6

6.8

11.4

0.8

0.6

Indag Rubber

Buy

209

247

550

283

329

17.0

17.2

13.0

15.4

16.2

13.6

3.5

2.9

21.8

21.6

1.7

1.4

Capital Goods

ACE

Neutral

516

660

839

4.7

8.2

1.0

3.9

52.2

13.4

1.6

1.5

3.2

11.3

0.9

0.7

BEML

Accumulate

1,519

1,607

6,325

3,277

4,006

6.0

8.9

29.2

64.3

52.0

23.6

2.9

2.6

5.7

11.7

2.0

1.6

BGR Energy

Neutral

137

985

3,615

3,181

9.5

9.4

16.7

12.4

8.2

11.0

0.8

10.0

7.0

0.7

0.9

BHEL

Neutral

282

69,071

33,722

35,272

10.8

11.7

10.5

14.2

26.9

19.9

2.0

1.9

7.0

9.0

2.1

2.0

Blue Star

Neutral

369

3,317

3,649

4,209

5.0

5.9

9.2

14.7

40.3

25.0

7.3

6.9

9.1

17.5

1.0

0.9

Crompton Greaves

Accumulate

186

204

11,645

13,484

14,687

4.9

6.2

4.5

7.1

41.3

26.2

2.9

2.7

7.2

10.8

1.0

0.9

Inox Wind

Buy

414

505

9,183

4,980

5,943

17.0

17.5

26.6

31.6

15.6

13.1

4.7

3.4

35.0

30.0

2.0

1.6

www.angelbroking.com

Market Outlook

August 07, 2015

Stock Watch

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

KEC International

Neutral

147

3,773

8,791

9,716

6.1

6.8

5.4

8.2

27.2

17.9

2.7

2.5

10.0

14.0

0.6

Thermax

Neutral

1,051

12,525

6,413

7,525

7.4

8.5

30.5

39.3

34.5

26.8

5.3

4.6

15.0

17.0

1.9

1.6

Cement

ACC

Accumulate

1,400

1,548

26,290

11,856

14,092

14.5

17.8

47.6

76.1

29.4

18.4

3.0

2.8

10.6

15.7

2.1

1.7

Ambuja Cements

Neutral

230

35,686

10,569

12,022

20.7

22.2

8.7

10.7

26.4

21.5

3.4

3.2

13.0

15.2

3.0

2.6

India Cements

Buy

132

2,711

4,716

5,133

14.9

15.8

1.0

4.5

88.3

19.6

0.9

1.0

4.5

0.9

0.8

JK Cement

Accumulate

671

767

4,688

4,056

4,748

14.5

17.0

22.6

41.1

29.7

16.3

2.7

2.4

9.3

15.3

1.6

1.3

J K Lakshmi Cement

Buy

373

443

4,387

3,004

3,618

17.6

19.9

13.9

27.2

26.8

13.7

3.0

2.6

11.8

20.5

1.9

1.5

Mangalam Cements

Buy

249

349

664

1,111

1,336

12.2

15.1

16.3

34.6

15.3

7.2

1.2

1.1

8.2

16.0

0.9

0.7

Orient Cement

Neutral

177

3,630

1,854

2,524

21.2

22.2

7.7

11.1

23.0

16.0

3.3

2.9

13.3

15.7

2.7

1.9

Ramco Cements

Neutral

364

8,671

4,036

4,545

20.8

21.3

15.1

18.8

24.1

19.4

3.0

2.6

12.9

14.3

2.7

2.3

Shree Cement^

Neutral

11,600

40,412

7,150

8,742

26.7

28.6

228.0

345.5

50.9

33.6

7.5

6.3

15.7

20.3

5.4

4.3

UltraTech Cement

Neutral

3,222

88,414

27,562

31,548

20.4

22.3

111.9

143.3

28.8

22.5

4.1

3.5

15.2

16.8

3.3

2.8

Construction

ITNL

Neutral

146

3,610

7,589

8,021

34.0

35.9

16.0

19.0

9.1

7.7

0.6

0.5

6.5

6.7

3.6

3.8

KNR Constructions

Neutral

562

1,601

915

1,479

14.3

13.9

20.3

37.2

27.7

15.1

2.5

2.2

9.6

15.6

1.9

1.2

Larsen & Toubro

Accumulate

1,827

2,013

170,038

68,920

82,446

10.9

11.5

57.0

73.0

32.1

25.0

2.9

2.7

13.6

15.5

2.7

2.2

Gujarat Pipavav Port

Neutral

216

10,423

793

694

53.0

50.9

9.0

8.0

24.0

27.0

5.2

4.2

25.9

18.4

12.8

14.5

MBL Infrastructures

Buy

268

395

1,112

2,507

2,986

12.4

14.4

21.5

20.5

12.5

13.1

1.5

1.4

12.6

12.7

1.2

1.1

PNC Infratech

Accumulate

462

445

2,372

1,719

2,003

13.0

13.5

21.0

28.0

22.0

16.5

1.9

1.7

11.0

10.9

1.5

1.3

Financials

Allahabad Bank

Neutral

5,408

8,859

9,817

3.0

23.7

30.1

4.0

3.1

0.5

0.4

10.6

12.3

Axis Bank

Buy

584

716

138,709

26,522

31,625

3.6

36.2

45.4

16.1

12.9

3.2

2.7

18.2

19.6

Bank of Baroda

Neutral

189

41,842

18,934

21,374

2.0

13.2

15.1

14.3

12.5

1.1

1.0

7.1

7.7

Bank of India

Neutral

174

11,583

17,402

20,003

2.0

2.1

40.3

50.7

4.3

3.4

0.4

9.0

10.4

Canara Bank

Neutral

312

16,056

15,805

17,745

2.0

2.2

64.3

73.5

4.9

4.2

0.6

0.5

10.8

11.3

Dena Bank

Neutral

2,539

3,580

4,040

2.1

2.2

8.4

10.9

5.4

4.2

0.5

0.4

6.8

8.4

Federal Bank

Neutral

11,618

3,522

4,045

3.2

12.2

14.1

5.6

4.8

0.7

0.6

12.9

13.4

HDFC

Neutral

1,304

205,631

11,198

13,321

3.5

45.1

53.7

28.9

24.3

6.0

5.4

27.2

28.2

HDFC Bank

Accumulate

1,096

1,255

275,482

38,629

47,500

4.5

4.7

52.6

66.4

20.8

16.5

3.8

3.2

19.6

21.2

ICICI Bank

Buy

311

370

180,703

36,037

41,647

3.5

3.6

22.9

26.7

13.6

11.7

2.3

2.0

15.7

15.9

IDBI Bank

Neutral

10,995

9,806

11,371

1.7

1.9

10.0

16.3

6.9

4.2

0.5

0.4

6.8

10.4

www.angelbroking.com

Market Outlook

August 07, 2015

Stock Watch

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

Financials

Indian Bank

Neutral

151

7,274

6,454

7,321

2.5

2.6

26.4

33.3

5.8

4.6

0.5

0.4

8.1

9.6

LIC Housing Finance

Accumulate

524

590

26,424

2,934

3,511

2.3

30.9

36.8

16.9

14.2

2.7

2.4

16.8

17.5

Oriental Bank

Neutral

184

5,505

7,930

8,852

2.5

51.8

57.1

3.5

3.2

0.4

9.3

9.5

Punjab Natl.Bank

Neutral

162

30,025

24,160

27,777

2.9

3.0

18.5

24.6

8.8

6.6

0.9

0.7

8.8

10.8

South Ind.Bank

Neutral

3,146

1,999

2,249

2.4

3.5

4.0

6.7

5.8

0.8

12.6

13.1

St Bk of India

Neutral

288

218,096

86,900

100,550

3.1

22.1

27.7

13.1

10.4

1.6

1.4

12.7

14.3

Union Bank

Neutral

213

13,529

12,995

14,782

2.4

32.3

40.9

6.6

5.2

0.8

0.7

10.7

12.3

Vijaya Bank

Neutral

3,497

3,474

3,932

1.8

1.9

5.9

7.2

6.9

5.7

0.6

0.5

8.1

9.3

Yes Bank

Buy

828

989

34,603

7,006

8,825

3.1

3.3

61.4

77.1

13.5

10.7

2.5

2.1

20.1

21.3

FMCG

Asian Paints

Neutral

914

87,714

16,553

19,160

16.0

16.2

17.7

21.5

51.7

42.5

13.7

12.4

29.4

31.2

5.1

4.4

Britannia

Neutral

3,142

37,698

8,065

9,395

9.6

10.2

47.2

65.5

66.6

48.0

22.1

20.9

38.3

41.2

4.5

3.9

Colgate

Neutral

2,030

27,609

4,836

5,490

19.5

19.7

48.5

53.2

41.9

38.2

30.7

26.7

99.8

97.5

5.6

4.9

Dabur India

Neutral

308

54,075

9,370

10,265

17.1

17.2

7.3

8.1

42.0

38.0

12.7

10.3

33.7

30.6

5.7

5.2

GlaxoSmith Con*

Neutral

6,326

26,604

4,919

5,742

17.2

17.4

168.3

191.2

37.6

33.1

10.7

9.1

28.8

28.9

5.0

4.2

Godrej Consumer

Neutral

1,378

46,927

10,168

12,886

16.1

32.1

38.4

42.9

35.9

8.7

8.1

19.7

21.0

4.7

3.7

HUL

Neutral

908

196,453

34,940

38,957

17.5

17.7

20.8

24.7

43.7

36.8

48.6

38.8

110.5

114.2

5.4

4.8

ITC

Buy

326

409

261,450

41,068

45,068

37.8

37.4

13.9

15.9

23.4

20.5

7.9

6.9

34.1

33.8

6.0

5.4

Marico

Neutral

440

28,400

6,551

7,766

15.7

16.0

10.4

12.5

42.4

35.2

12.3

10.2

33.2

32.4

4.3

3.6

Nestle*

Neutral

6,488

62,558

11,291

12,847

22.2

22.3

158.9

184.6

40.8

35.2

21.3

19.2

55.0

57.3

5.4

4.7

Tata Global

Accumulate

144

152

9,065

8,635

9,072

9.8

9.9

6.5

7.6

22.1

18.9

2.2

2.1

6.8

7.4

1.0

0.9

HCL Tech^

Buy

946

1,100

133,013

41,535

46,519

24.0

23.4

56.6

61.1

16.7

15.5

3.5

2.7

20.8

17.7

3.1

2.6

Infosys

Buy

1,089

1,306

250,241

60,250

66,999

28.0

58.3

63.7

18.7

17.1

3.9

3.4

20.9

19.7

3.5

3.0

TCS

Buy

2,574

3,168

504,235

108,420

123,559

28.8

28.7

127.2

143.9

20.2

17.9

8.1

7.5

39.9

41.8

4.2

3.7

Tech Mahindra

Buy

534

646

51,351

25,566

28,890

16.0

17.0

26.3

31.9

20.3

16.7

3.7

3.1

17.9

18.6

1.8

1.5

Wipro

Buy

571

719

141,106

52,414

58,704

23.7

23.8

38.4

42.3

14.9

13.5

2.9

2.6

19.5

18.0

2.3

1.9

Media

D B Corp

Accumulate

327

356

6,002

2,241

2,495

27.8

27.9

21.8

25.6

15.0

12.8

3.9

3.5

26.7

28.5

2.6

2.3

HT Media

Neutral

2,034

2,495

2,603

11.2

7.3

8.6

12.0

10.2

1.0

0.9

7.4

8.1

0.3

Jagran Prakashan

Accumulate

138

156

4,520

1,939

2,122

26.0

8.3

9.2

16.7

15.0

2.9

2.6

17.5

17.1

2.3

2.1

Sun TV Network

Neutral

349

13,736

2,779

3,196

70.2

70.5

22.8

27.3

15.3

12.8

3.8

3.4

26.7

28.3

4.7

4.1

www.angelbroking.com

Market Outlook

August 07, 2015

Stock Watch

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

Media

Hindustan Media

Buy

245

292

1,795

920

1,031

20.0

19.2

20.9

12.7

11.7

2.1

1.8

16.4

15.3

1.5

1.3

Ventures

Metals & Mining

Coal India

Neutral

431

272,298

77,595

89,628

22.9

24.4

27.6

30.0

15.6

14.4

6.7

33.9

33.2

2.8

2.4

Hind. Zinc

Neutral

155

65,598

15,546

16,821

47.5

49.0

19.7

20.3

7.9

7.6

1.3

1.2

17.2

16.6

2.0

1.5

Hindalco

Neutral

109

22,426

112,328

119,817

7.7

7.9

16.3

20.1

6.7

5.4

0.5

8.0

8.5

0.7

0.6

JSW Steel

Neutral

902

21,796

48,125

53,595

18.8

21.0

46.9

97.5

19.2

9.3

0.9

4.4

9.5

1.3

1.1

NMDC

Neutral

103

40,718

12,544

13,330

59.5

59.7

16.3

16.5

6.3

6.2

1.1

5.1

9.9

2.0

1.9

SAIL

Neutral

25,379

56,365

63,383

6.9

8.0

7.1

8.2

8.6

7.5

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

127

37,533

81,842

88,430

30.6

32.8

20.2

25.7

6.3

4.9

0.5

0.4

7.5

8.5

0.8

0.6

Tata Steel

Neutral

261

25,378

136,805

149,228

11.3

11.9

26.4

36.8

9.9

7.1

0.8

0.7

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

166

31,066

12,617

14,513

33.7

40.0

25.5

27.7

6.5

6.0

0.5

7.4

7.7

1.1

0.9

GAIL

Neutral

343

43,515

75,595

85,554

8.6

8.0

31.8

36.1

10.8

9.5

1.2

1.1

10.7

11.4

0.7

0.6

ONGC

Neutral

270

231,298

174,773

192,517

22.7

24.8

34.6

38.2

7.8

7.1

1.1

1.0

14.2

14.9

1.4

1.3

Petronet LNG

Neutral

190

14,213

45,759

49,386

3.7

4.0

12.6

14.9

15.0

12.7

2.3

2.0

16.1

16.7

0.4

0.3

Reliance Industries

Accumulate

979

1,050

317,144

339,083

384,014

7.8

9.5

75.7

94.5

13.0

10.4

1.3

1.2

10.7

12.2

1.3

1.1

Pharmaceuticals

Alembic Pharma

Neutral

721

13,598

2,405

2,859

19.9

20.4

17.7

22.0

40.8

32.8

11.7

8.9

32.6

30.9

5.7

4.7

Aurobindo Pharma

Neutral

788

45,999

14,435

16,600

22.6

36.1

41.2

21.8

19.1

6.5

4.9

34.5

29.3

3.5

3.0

Aventis*

Neutral

4,195

9,662

2,156

2,455

15.1

16.8

109.7

133.9

38.2

31.3

5.2

4.3

18.4

22.5

4.2

3.5

Cadila Healthcare

Neutral

1,916

39,224

10,224

11,840

19.7

20.0

69.8

81.0

27.5

23.7

7.3

5.8

26.8

25.3

3.9

3.3

Cipla

Neutral

723

58,036

14,051

16,515

18.9

18.7

25.1

28.9

28.8

25.0

4.6

3.9

17.2

16.9

4.1

3.4

Dr Reddy's

Neutral

4,270

72,799

17,443

20,296

22.3

22.4

156.7

180.1

27.3

23.7

5.4

4.5

21.8

20.8

4.1

3.5

Dishman Pharma

Buy

199

278

1,603

1,716

1,888

20.2

16.3

21.6

12.2

9.2

1.1

1.0

9.7

11.7

1.1

0.9

GSK Pharma*

Neutral

3,716

31,474

2,870

3,158

20.0

22.1

59.5

68.3

62.5

54.4

18.4

18.9

28.5

34.3

10.5

9.6

Indoco Remedies

Neutral

344

3,170

1,088

1,262

18.2

13.1

15.5

26.3

22.2

5.1

4.3

21.2

21.1

3.0

2.6

Ipca labs

Neutral

754

9,518

3,533

4,109

18.6

19.6

28.2

34.8

26.8

21.7

3.7

3.2

15.0

15.9

2.9

2.5

Lupin

Neutral

1,703

76,630

14,864

17,244

26.9

62.1

71.1

27.4

24.0

6.7

5.3

27.4

24.6

4.9

4.1

Sun Pharma

Accumulate

847

950

203,699

27,839

33,542

27.7

29.7

18.9

26.9

44.8

31.5

4.0

3.6

13.0

14.6

6.7

5.3

Power

Tata Power

Neutral

18,865

38,302

38,404

14.1

13.1

5.1

6.0

13.6

11.7

1.3

1.2

9.2

10.3

1.4

NTPC

Neutral

136

111,850

89,067

98,329

15.9

16.5

12.1

13.1

11.2

10.4

1.2

11.0

11.6

2.3

Power Grid

Buy

141

170

73,608

19,986

22,702

86.2

86.3

11.1

12.7

11.1

1.7

1.5

14.4

14.7

8.8

8.2

www.angelbroking.com

Market Outlook

August 07, 2015

Stock Watch

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

Telecom

Bharti Airtel

Neutral

415

165,852

101,748

109,191

32.1

31.7

12.0

12.5

34.6

33.2

2.4

2.2

6.9

6.7

2.3

2.1

Idea Cellular

Neutral

168

60,566

34,282

36,941

32.0

31.5

5.9

6.2

28.5

27.2

2.6

2.4

9.9

9.3

2.3

2.2

zOthers

Abbott India

Neutral

4,781

10,159

2,713

3,141

13.7

13.5

127.8

145.7

37.4

32.8

8.7

7.1

25.9

23.9

3.5

2.9

Bajaj Electricals

Buy

274

341

2,759

4,719

5,287

5.2

5.8

8.6

12.7

32.0

21.6

3.7

3.2

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

255

3,893

2,728

3,036

10.8

11.0

14.4

16.8

17.7

15.2

2.7

2.3

15.2

15.3

1.2

1.0

Goodyear India*

Neutral

640

1,476

1,536

1,683

9.6

10.0

41.8

48.0

15.3

13.3

2.6

2.3

18.2

18.3

0.7

0.6

Hitachi

Neutral

1,440

3,915

1,806

2,112

9.0

9.2

28.6

29.1

50.3

49.5

12.5

10.1

28.1

22.6

2.2

1.9

Jyothy Laboratories

Neutral

302

5,467

1,620

1,847

11.5

7.3

8.5

41.4

35.7

5.4

5.0

13.3

14.4

3.2

2.8

MRF

Neutral

44,730

18,971

20,727

14,841

19.3

18.6

4,905.8

3,351.9

9.1

13.3

2.9

2.4

37.6

19.6

0.9

1.2

Page Industries

Neutral

14,611

16,297

1,929

2,450

19.8

20.1

229.9

299.0

63.6

48.9

28.0

19.5

52.1

47.1

8.5

6.7

Relaxo Footwears

Neutral

565

6,774

1,767

2,152

12.3

12.5

19.3

25.1

29.3

22.5

7.2

5.5

27.7

27.8

3.9

3.2

Siyaram Silk Mills

Neutral

1,329

1,246

1,653

1,873

11.7

12.2

99.3

122.1

13.4

10.9

2.4

2.0

19.5

20.2

0.9

0.8

Styrolution ABS India*

Neutral

901

1,585

1,271

1,440

8.6

9.2

32.0

41.1

28.1

22.0

2.9

2.6

10.7

12.4

1.2

1.1

Tree House

Accumulate

401

433

1,697

259

324

56.8

17.0

21.7

23.6

18.5

2.4

2.1

10.1

11.5

6.5

5.3

TVS Srichakra

Neutral

2,874

2,201

2,112

2,389

11.9

12.1

168.5

202.5

17.1

14.2

5.9

4.4

39.6

35.5

1.1

1.0

HSIL

Buy

283

434

2,048

2,085

2,436

18.5

18.6

21.7

28.9

13.1

9.8

1.3

1.2

10.0

12.1

1.1

0.9

Kirloskar Engines India

Neutral

305

4,415

2,779

3,314

10.3

11.9

12.0

17.5

25.5

17.4

3.1

2.8

12.5

16.7

1.2

1.0

Ltd

M M Forgings

Buy

660

797

563

671

22.1

22.9

51.0

66.5

13.0

9.9

2.7

2.2

23.1

24.1

1.6

1.3

Banco Products (India)

Neutral

129

919

1,196

1,370

9.7

11.8

9.4

14.3

13.7

9.0

1.4

1.2

10.4

14.5

0.7

0.6

Competent Automobiles Neutral

217

133

1,007

1,114

3.1

23.7

28.2

9.2

7.7

1.3

1.1

13.9

14.6

0.1

Nilkamal

Neutral

1,101

1,643

1,948

2,147

10.6

10.3

60.0

67.0

18.4

16.4

2.9

2.5

16.8

16.1

0.9

0.8

Visaka Industries

Neutral

165

263

1,158

1,272

8.6

9.5

23.7

32.7

7.0

5.1

0.7

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Neutral

284

2,146

2,830

3,350

8.8

9.0

14.4

18.3

19.7

15.5

3.0

2.7

15.4

17.1

0.9

0.8

India

Elecon Engineering

Neutral

989

1,452

1,596

13.7

14.7

4.2

6.2

21.9

14.6

1.7

1.6

8.1

11.2

1.0

0.8

Surya Roshni

Neutral

156

685

2,992

3,223

8.4

8.7

15.2

19.3

10.3

8.1

1.0

0.9

10.1

11.5

0.5

MT Educare

Buy

119

141

472

275

355

18.3

17.3

7.4

8.8

16.0

13.4

3.2

2.8

20.2

21.1

1.6

1.2

Radico Khaitan

Accumulate

112

1,298

1,565

1,687

11.9

12.4

5.4

6.6

18.0

14.8

1.4

1.3

8.0

9.0

1.3

Garware Wall Ropes

Buy

298

390

652

875

983

10.4

10.6

23.1

27.8

12.9

10.7

1.8

1.6

14.1

14.8

0.7

0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 06, 2015

www.angelbroking.com

Market Outlook

August 07, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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