Market Outlook
February 9, 2016
`
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
The Indian markets are likely to open weak, due to weak global cues. The SGX
BSE Sensex
(1.3)
(330)
24,287
NIFTY is down 50 points. However, the strong the GDP numbers might protect
Nifty
(1.4)
(102)
7,387
the index from falling sharply.
Mid Cap
(0.2)
(24)
10,311
Shares on Wall Street closed lower on Monday, following a volatile session for
Small Cap
(0.0)
(2)
10,567
Europe's stock markets. Analysts said investors remained nervous about slowing
Bankex
(0.6)
(100)
17,073
global growth, uncertainty about US interest rates and further falls in oil prices.
European equities fell sharply on Monday, extending the previous week's steep
Global Indices
Chg (%)
(Pts)
(Close)
losses, with cyclical sectors losing ground on persistent concerns about the pace
Dow Jones
(1.1)
(178)
16,027
of global economic growth.
Nasdaq
(1.8)
(79)
4,284
FTSE
(2.7)
(159)
5,689
Indian markets were trading flat for most part the day. Last hour of trade however
saw a sharp nosedive tracking a sell-off in the European markets. Sensex was down
Nikkei
1.1
185
17,004
1.3% mainly led by Tata Motors, ONGC, ITC, Sun Pharma and TCS.
Hang Seng
0.5
105
19,288
Shanghai Com
(0.6)
-18
2,763
News & Result Analysis
India GDP grows at 7.3% in the December quarter; full year growth expected at
7.6%
Advances / Declines
BSE
NSE
Result Review: IPCA Lab
Advances
1,205
727
Result Preview: Glaxo Pharmaceuticals, Dr Reddys Labs, Aurobindo
Declines
1,494
824
Pharmaceuticals
Unchanged
115
61
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
2,472
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
13,840
Refer P7 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
CMP
Target
Upside
FII
(317)
21
(10,009)
Company
Sector
Rating
(`)
(`)
(%)
MFs
(407)
(787)
81,139
Amara Raja Batteries Auto & Auto Ancillary
Buy
871
1,040
19.4
HCL Tech
IT
Buy
850
1,038
22.1
Top Gainers
Price (`)
Chg (%)
Larsen & Toubro
Construction
Buy
1,130
1,310
15.9
Pghh
5,864
6.9
LIC Housing Finance Financials
Buy
445
592
33.0
Gvkpil
8
6.5
Navkar Corporation Others
Buy
191
265
39.1
More Top Picks on Pg6
Bhusanstl
39
6.2
Jubilant
366
5.1
Key Upcoming Events
Ipcalab
647
4.5
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Feb 10 India
Exports YoY% (% Change)
(14.70)
--
Top Losers
Price (`)
Chg (%)
Feb 10 India
Imports YoY% (% Change)
(3.90)
--
Sobha
268
(5.9)
Feb 12 India
Industrial Production YoY (% Change)
(3.20)
--
Justdial
545
(4.4)
Feb 12 Euro Zone
Euro Zone GDP
0.30
0.30
Sadbhav
299
(4.0)
Tatamotors
324
(3.9)
Bajajfinsv
1,830
(3.9)
As on February 08, 2016
Market Outlook
February 9, 2016
India GDP grows at 7.3% in the December quarter; full year
growth expected at 7.6%
The government forecast annual economic growth has been revised upwards to
7.6 per cent in the fiscal year ending in March 2016 after it reported a growth of
7.3% for the December quarter. However, there has been some moderation in
growth as compared to the September quarter, when GDP growth came at 7.7 per
cent. The government has also now revised the estimate upwards to 7.6% for the
year ending March 2016.
Result Review
IPCA Labs (CMP: `647/ TP: Under revision / Upside:)
IPCA Labs, posted results lower than expected on all fronts. For 3QFY2016, the
company posted sales of `674cr V/s `750cr expected, a yoy de-growth of 10.0%,
mainly impacted on back of exports, while domestic formulations witnessed some
recovery. Exports ( `338cr), posted a yoy dip of 19.2%, mainly on back of
formulations( `221cr) which dipped by 27.5% yoy, while API (`117cr) posted a
3.0% yoy growth. On domestic front, the domestic markets (`336cr) posted a yoy
growth of .5% yoy driven by formulations ( `308cr) a 10.8% yoy and API ( `28cr)
posted a yoy dip of 24.8%. On operating front, the OPM’s came in 11.8% V/s
14.1% expected a V/s 15.6% in 3QFY2015. Lower than expected sales was the
main reason for the lower than expected OPM’s. This along with the 55.0% yoy
rise in the interest expenses, lead the Adj. net profit would come in at `23cr V/s
`53cr expected V/s `42cr, yoy de-growth of 44.2%. We maintain our buy with a
price target to be revised later.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%) (x) (x)
(x)
(x)
FY2016E
3,363
12.9
169
13.4
7.4
48.4
3.5
20.9
2.7
FY2017E
3,909
18.6
354
28.0 14.0 23.1
3.0
12.5
2.3
Result Preview
Glaxo Pharmaceuticals (CMP: `3,292/ TP: / Upside: )
Glaxo Pharmaceuticals is expected to posted robust results. For 3QFY2016, the
company is expected to post sales of `730cr V/s `646.2cr in last corresponding
period a yoy growth of 13.0%. On the operating front, the OPM’s is expected to
come in at 18.0% V/s 17.0% during the last corresponding period. Price hikes and
volume growth during the quarter is expected to be the key driver for the company
during the period. Thus, Adj. net profit is expected to come in at `102.7cr V/s
`66.1cr during the last corresponding period, a yoy growth of 55.5%. Overall, we
are neutral on the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
2,870
20.0
504
59.5 34.3 55.4
16.3
45.6
9.1
FY2017E
3,158
22.1
579
68.3 33.7 48.2
16.8
37.8
8.3
Market Outlook
February 9, 2016
Dr Reddys Labs (CMP: `3071 / TP: `3933/ Upside: 28.1% )
Dr Reddys Labs is expected to post robust results on the bottom-line. For
3QFY2016, the company is expected to post sales of `4420cr V/s `3843cr in
3QFY2015, a yoy growth of 15.0%. The growth should be driven by the USA and
domestic formulation market. On operating front, the OPM’s are expected to
come in at 27.1% V/s 23.0% during the last corresponding period, on back of
improved sales mix. R&D expenditure, during the quarter is expected to be 11.2%
of sales. Thus, the Adj. net profit to come in at `746cr V/s `574cr in 3QFY2015, a
yoy growth of 30.0%. We maintain our buy with a price target of `3933.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
16,838
25.0
2,854
167.5 23.1 18.3
3.9
12.1
3.0
FY2017E
19,575
23.1
3,046
178.8 20.4 17.2
3.2
11.1
2.6
Aurobindo Pharmaceuticals (CMP:
`747/ TP: `856 / Upside:
14.6%)
The company is expected to post a robust 20.9% yoy growth in the sales in
3QFY2016 to end the period at `3800cr. The sales growth would be lead by the
formulations. On operating front, the gross margins are expected to come in at
53.1% V/s 51.0% in 3QFY2015, which will aid the OPM’s to come in at 23.4% V/s
18.7% during the last corresponding period. Thus, the Adj. net profit is expected to
come in at `613.4cr V/s `399cr in 3QFY2015, yoy growth of 53.7%. We maintain
our accumulate rating on the stock.
Y/E
Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%) (x)
(x)
(x)
(x)
FY2016E
14,823
22.0
2,084
35.7
34.0
20.9
6.1
15.0
3.3
FY2017E
17,162
23.0
2,498
42.8
30.2
17.4
4.6
12.2
2.8
Quarterly Bloomberg Brokers Consensus Estimate
Punjab National Bank - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
PAT
704
774
(9.0)
621
13.4
Britannia Industries Ltd. Consol - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
2,135
2,015
6.0
2,191
(2.6)
EBITDA
300
219
37.0
325
(7.7)
EBITDA margin (%)
14.1
10.9
14.8
Net profit
206
137
50.4
218
(5.5)
Market Outlook
February 9, 2016
Motherson Sumi Systems Ltd.Consol - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
9,835
8,949
9.9
9,037
8.8
EBITDA
961
850
13.1
957
0.4
EBITDA margin (%)
9.8
9.5
10.6
Net profit
332
254
30.7
287
15.7
Hindalco Industries Ltd. - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
8,337
8,471
(1.6)
8,924
(6.6)
EBITDA
503
923
(45.5)
602
(16.4)
EBITDA margin (%)
6.0
10.9
6.7
Net profit
(175)
359
(148.7)
103
(269.9)
Steel Authority Of India Ltd. - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
9,490
10,977
(13.5)
9,113
4.1
EBITDA
(862)
1,208
(171.4)
(1,045)
(17.5)
EBITDA margin (%)
-9.1
11.0
-11.5
Net profit
(1,065)
580
(283.6)
(1,055)
0.9
Aurobindo Pharma Ltd. Consol - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
3,603
3,142
14.7
3,280
9.8
EBITDA
862
612
40.8
775
11.2
EBITDA margin (%)
23.9
19.5
23.6
Net profit
539
385
40.0
451
19.5
Bharat Forge Ltd. Bharat Forge - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
1,128
1,142
(1.2)
1,138
(0.9)
EBITDA
327
362
(9.7)
321
1.9
EBITDA margin (%)
29.0
31.7
28.2
Net profit
180
196
(8.2)
175
2.9
GAIL (India) Ltd. - February 09, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
14,606
14,934
(2.2)
14,088
3.7
EBITDA
976
985
(0.9)
844
15.6
EBITDA margin (%)
6.7
6.6
6.0
Net profit
477
604
(21.0)
440
8.4
Market Outlook
February 9, 2016
Economic and Political News
Maharashtra aims Rs 4 trillion investments at 'Make in India' week
Madhesis call off protest; end Indo-Nepal border blockade
Over one lakh jewellery shops on strike on February 10
Corporate News
HCL to launch IoT incubation centre for Microsoft
Essar Power to expand Hazira power generation capacity by 135Mw
Apollo Health in talks with three PE firms to offload stake for Rs 500 cr
Market Outlook
February 9, 2016
Top Picks HHHHH
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,882
871
1,040
19.4
products leading to market share gains in both the automotive
OEM and replacement segments.
Earnings to grow strongly given the MHCV cyclical upturn.
Ashok Leyland
25,442
89
111
24.2
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,19,827
850
1,038
22.1
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,62,006
1,037
1,262
21.7
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
2,63,942
1,149
1,347
17.2
to be a US$20bn in FY2020.
Well positioned to benefit from such expected gradual
recovery in the overall domestic capex cycle, given its presence
Larsen & Toubro
1,05,251
1,130
1,310
15.9
across various infrastructure segments, its execution
capabilities, and its strong balance sheet.
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
22,445
445
592
33.0
post a healthy loan book which is likely to reflect in a strong
earnings growth.
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
3,143
350
439
25.6
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
757
346
473
36.8
lifestyle segments and increasing penetration in Europe and
US
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,239
160
189
17.9
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,717
191
265
39.1
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,444
109
156
43.7
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
971
1,036
1,354
30.8
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
634
145
201
39.1
drive growth.
Source: Company, Angel Research
Market Outlook
February 9, 2016
Key Upcoming Events
Result Calendar
Date
Company
Motherson Sumi, Bharat Forge, Apollo Tyres, Ramco Cements, Punjab Natl.Bank, Power Fin.Corpn.,
February 09, 2016
Allahabad Bank, Central Bank, Dena Bank, Britannia, SAIL, Hindalco, MOIL, GAIL, Essar Oil, Dr Reddy's,
Aurobindo Pharma, CESC
Tata Chemicals, Tata Global, Automotive Axle, Areva, Ambuja Cements, ACC, India Cements, Rural
February 10, 2016
Elec.Corp., IOB, UCO Bank, Bank of Maharashtra, Petronet LNG, Bajaj Electrical, Finolex Cables, Surya
Roshni, Cipla, GSK Pharma, NHPC
Tata Motors, Hero Motocorp, Ashok Leyland, BHEL, BGR Energy , J & K Bank, St Bk of India, Bank of
February 11, 2016
India, Union Bank, Indian Bank, Oriental Bank, Coal India, Nalco, ONGC, Indraprasth Gas, Page
Industries, GIPCL, Unitech, Coffee Day Enterprises Ltd
M&M, FAG Bearings, CEAT, Canara Bank, IDBI Bank, Andhra Bank, Corporation Bank, Nestle, Sun TV
February 12, 2016
Network, NMDC, Bhushan Steel, Monnet Ispat, IOC, BPCL, HPCL, Sun Pharma, Anant Raj
February 13, 2016
Bank of Baroda, Jindal Steel, Adani Power, HDIL
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Feb 10, 2016
India
Imports YoY%
% Change
Jan
(3.90)
India
Exports YoY%
% Change
Jan
(14.70)
3:00 PM UK
Industrial Production (YoY)
% Change
Dec
0.90
1.00
Feb 11, 2016
7:00 PM US
Initial Jobless claims
Thousands
Feb 6
285.00
280.00
Feb 12, 2016
5:30 PM India
Industrial Production YoY
% Change
Dec
(3.20)
(0.90)
3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.30
0.30
12:30 PM Germany GDP nsa (YoY)
% Change
4Q P
1.80
1.70
Feb 15, 2016
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Jan
(0.73)
China
Exports YoY%
% Change
Jan
(1.40)
(2.00)
Feb 16, 2016
3:00 PM UK
CPI (YoY)
% Change
Jan
0.20
Feb 17, 2016
7:00 PM US
Housing Starts
Thousands
Jan
1,149.00
1,175.00
7:00 PM US
Building permits
Thousands
Jan
1,204.00
1,203.00
3:00 PM UK
Jobless claims change
% Change
Jan
(4.30)
7:45 PM US
Industrial Production
%
Jan
(0.36)
0.40
US
Producer Price Index (mom)
% Change
Jan
(0.70)
Feb 18, 2016
7:00 AM China
Consumer Price Index (YoY)
% Change
Jan
1.60
1.90
Feb 19, 2016
7:00 PM US
Consumer price index (mom)
% Change
Jan
(0.10)
(0.10)
Source: Bloomberg, Angel Research
Market Outlook
February 9, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
12.0
9.9
7.5
7.5
10.0
8.0
7.4
7.3
7.0
7.0
8.0
6.3
6.7
6.7
6.6
7.0
6.4
4.8
6.0
4.2
4.3
3.8
2.8
3.0
6.0
4.0
2.5
2.5
4.7
2.0
5.0
(3.2)
-
4.0
(2.0)
3.0
(4.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
56.0
Mfg. PMI
Services PMI
5.6
6.0
5.2
5.4
5.3
5.4
5.4
5.0
5.0
54.0
4.9
5.0
4.4
3.7
3.7
52.0
4.0
3.0
50.0
2.0
48.0
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)
7.50
7.00
(10.0)
6.50
(15.0)
6.00
5.50
(20.0)
5.00
(25.0)
4.50
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 9, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
4.7
4.7
4.0
2.9
1.9
1.8
1.8
1.3
1.6
2.0
1.0
-
(2.0)
(4.0)
(4.1)
(4.5)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
2.0
1.2
0.6
-
(2.0)
(3.0)
(4.0)
(3.8)
(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
Stock Watch
February 09, 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
158
-
3,067
2,097
2,415
14.4
14.4
9.5
11.0
16.6
14.3
3.3
2.9
21.1
21.3
1.5
1.3
United Phosphorus
Buy
405
480
17,367
12,500
14,375
18.3
18.3
29.8
35.9
13.6
11.3
2.5
2.1
20.0
20.3
1.5
1.2
Auto & Auto Ancillary
Ashok Leyland
Buy
89
111
25,442
17,995
21,544
11.4
11.6
3.4
4.7
26.3
19.0
4.6
4.2
17.7
22.2
1.4
1.1
Bajaj Auto
Buy
2,349
2,728
67,964
23,695
27,298
21.3
20.4
134.6
151.5
17.5
15.5
5.6
4.7
31.8
30.6
2.4
2.1
Bharat Forge
Buy
770
943
17,919
7,867
8,881
20.0
20.3
34.4
41.0
22.4
18.8
4.3
3.6
21.1
20.9
2.4
2.1
Eicher Motors
Accumulate
18,385
20,044
49,922
15,556
16,747
15.5
17.3
464.8
597.5
39.6
30.8
14.5
10.6
36.2
34.3
3.1
2.9
Gabriel India
Buy
88
101
1,261
1,415
1,544
8.7
9.0
4.6
5.4
19.1
16.3
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Accumulate
2,568
2,774
51,282
28,561
31,559
14.7
14.7
151.1
163.2
17.0
15.7
6.6
5.6
38.7
35.6
1.6
1.4
Jamna Auto Industries Accumulate
141
160
1,127
1,281
1,473
11.2
11.5
7.6
9.2
18.6
15.3
4.7
3.8
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
453
-
711
1,254
1,394
11.6
11.8
35.9
41.7
12.6
10.9
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,198
1,449
74,379
39,031
44,440
13.8
13.9
57.9
67.6
20.7
17.7
3.3
3.0
16.1
16.6
1.6
1.3
Maruti
Neutral
3,734
-
112,797
57,865
68,104
16.4
16.7
176.3
225.5
21.2
16.6
4.1
3.5
19.4
21.2
1.7
1.4
Minda Industries
Buy
875
1,047
1,389
2,523
2,890
8.7
9.0
55.0
65.4
15.9
13.4
3.1
2.5
19.3
18.7
0.7
0.5
Motherson Sumi
Buy
271
313
35,905
39,343
45,100
8.8
9.1
10.1
12.5
26.9
21.7
8.5
6.7
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
378
465
299
454
511
11.5
12.0
25.2
31.0
15.0
12.2
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
32
-
429
594
741
12.7
13.7
1.7
3.2
18.9
10.0
2.0
1.7
10.4
16.9
1.2
1.0
Tata Motors
Buy
324
409
93,531
266,022
312,667
12.8
13.1
26.3
38.3
12.3
8.5
1.6
1.4
8.4
12.1
0.5
0.5
TVS Motor
Accumulate
287
322
13,637
11,263
13,106
6.9
8.3
9.2
14.6
31.2
19.7
7.1
5.7
22.7
29.1
1.2
1.0
Amara Raja Batteries
Buy
871
1,040
14,882
4,892
5,871
17.4
17.6
28.8
37.1
30.3
23.5
7.1
5.7
23.4
24.1
3.0
2.4
Exide Industries
Buy
127
162
10,774
6,950
7,784
14.4
14.8
6.6
7.3
19.2
17.4
2.4
2.2
12.6
12.8
1.3
1.1
Apollo Tyres
Buy
137
171
6,986
12,146
12,689
16.8
16.0
21.2
19.0
6.5
7.2
1.1
0.9
16.5
13.0
0.7
0.7
Ceat
Buy
914
1,119
3,699
6,041
6,597
14.1
13.7
99.5
111.9
9.2
8.2
1.8
1.5
19.6
18.5
0.8
0.6
JK Tyres
Neutral
89
-
2,028
7,446
7,669
15.2
14.0
19.6
18.4
4.6
4.9
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Accumulate
857
919
1,064
552
630
14.2
14.7
44.6
54.1
19.2
15.8
4.5
4.1
23.2
25.6
1.8
1.5
Subros
Neutral
87
-
524
1,293
1,527
11.8
11.9
4.2
6.7
20.8
13.0
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
177
-
464
283
329
17.0
17.2
13.0
15.4
13.7
11.5
3.0
2.5
21.8
21.6
1.4
1.1
Capital Goods
ACE
Neutral
37
-
369
660
839
4.7
8.2
1.0
3.9
37.3
9.6
1.2
1.0
3.2
11.3
0.7
0.6
BEML
Neutral
1,038
-
4,322
3,277
4,006
6.0
8.9
29.2
64.3
35.5
16.1
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Accumulate
1,230
1,414
29,524
7,737
8,634
16.8
17.2
54.0
61.0
22.8
20.2
3.3
2.9
39.3
45.6
2.9
2.5
Stock Watch
February 09, 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
283
353
9,366
5,363
5,963
8.0
9.1
11.0
13.8
25.7
20.5
4.0
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
112
-
805
3,615
3,181
9.5
9.4
16.7
12.4
6.7
9.0
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
133
-
32,443
33,722
35,272
10.8
11.7
10.5
14.2
12.6
9.3
0.9
0.9
7.0
9.0
1.0
1.0
Blue Star
Buy
350
439
3,143
3,548
3,977
6.3
6.9
13.7
17.2
25.5
20.4
6.4
4.2
26.1
25.4
1.0
0.8
Crompton Greaves
Neutral
127
-
7,982
13,484
14,687
4.9
6.2
4.5
7.1
28.3
17.9
2.0
1.9
7.2
10.8
0.7
0.7
Greaves Cotton
Neutral
128
-
3,131
1,655
1,755
16.6
16.8
7.4
7.8
17.3
16.4
3.5
3.3
21.1
20.6
1.8
1.7
Inox Wind
Buy
274
458
6,079
4,980
5,943
17.0
17.5
26.6
31.6
10.3
8.7
3.1
2.3
35.0
30.0
1.4
1.1
KEC International
Neutral
115
-
2,962
8,791
9,716
6.1
6.8
5.4
8.2
21.3
14.1
2.1
2.0
10.0
14.0
0.6
0.5
Thermax
Neutral
797
-
9,500
6,413
7,525
7.4
8.5
30.5
39.3
26.1
20.3
4.0
3.5
15.0
17.0
1.5
1.2
Cement
ACC
Buy
1,280
1,630
24,037
13,151
14,757
16.4
18.3
63.9
83.4
20.0
15.4
2.6
2.4
13.3
16.1
1.7
1.4
Ambuja Cements
Buy
197
233
30,565
11,564
12,556
19.4
20.7
8.9
10.1
22.1
19.5
2.8
2.6
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
72
-
1,623
1,772
1,926
13.3
15.4
1.0
3.0
71.6
23.9
1.8
1.7
2.6
7.9
1.5
1.3
India Cements
Buy
83
112
2,539
4,216
4,840
18.0
19.5
4.0
9.9
20.7
8.4
0.8
0.8
4.0
9.5
0.9
0.7
JK Cement
Buy
465
744
3,250
3,661
4,742
10.1
15.8
18.0
61.0
25.8
7.6
1.9
1.7
7.5
22.9
1.4
1.0
J K Lakshmi Cement
Buy
275
430
3,234
2,947
3,616
16.7
19.9
11.5
27.2
23.9
10.1
2.3
2.0
9.8
20.8
1.5
1.2
Mangalam Cements
Neutral
175
-
466
1,053
1,347
10.5
13.3
8.4
26.0
20.8
6.7
0.9
0.8
4.3
12.5
0.8
0.6
Orient Cement
Buy
139
183
2,851
1,854
2,524
21.2
22.2
7.7
11.1
18.1
12.5
2.6
2.2
13.3
15.7
2.3
1.6
Ramco Cements
Neutral
381
-
9,071
4,036
4,545
20.8
21.3
15.1
18.8
25.2
20.3
3.1
2.7
12.9
14.3
2.8
2.4
Shree Cement^
Neutral
10,355
-
36,076
7,150
8,742
26.7
28.6
228.0
345.5
45.4
30.0
6.7
5.6
15.7
20.3
4.8
3.8
UltraTech Cement
Buy
2,821
3,282
77,412
25,021
30,023
19.1
21.6
89.0
132.0
31.7
21.4
3.7
3.2
12.2
15.9
3.2
2.6
Construction
ITNL
Neutral
75
-
2,475
7,360
8,825
34.0
35.9
7.0
9.0
10.8
8.4
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
485
673
1,363
937
1,470
14.3
14.0
33.5
38.6
14.5
12.6
2.2
1.9
15.4
15.4
1.5
1.0
Larsen & Toubro
Buy
1,130
1,310
105,251
58,870
65,708
8.3
10.3
42.0
53.0
26.9
21.3
1.9
1.7
8.8
11.2
2.0
1.8
Gujarat Pipavav Port
Neutral
153
-
7,382
629
684
51.0
52.2
6.4
5.9
23.9
25.9
3.1
2.9
15.9
12.7
11.4
10.3
MBL Infrastructures
Buy
156
285
648
2,313
2,797
12.2
14.6
19.0
20.0
8.2
7.8
0.9
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
64
-
3,541
7,892
8,842
8.8
9.1
3.0
5.3
21.2
12.0
1.1
1.0
5.0
8.5
0.7
0.6
PNC Infratech
Accumulate
509
558
2,610
1,873
2,288
13.2
13.5
24.0
32.0
21.2
15.9
2.1
1.8
12.1
12.3
1.5
1.2
Simplex Infra
Neutral
265
-
1,313
5,955
6,829
10.3
10.5
16.0
31.0
16.6
8.6
0.9
0.8
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
584
-
859
1,539
1,801
12.8
12.7
59.0
72.1
9.9
8.1
1.5
1.3
18.6
16.8
0.6
0.5
Stock Watch
February 09, 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
Sadbhav Engineering
Neutral
300
-
5,145
3,481
4,219
10.7
10.8
8.0
12.0
37.5
25.0
3.5
3.1
10.3
13.5
1.7
1.4
NBCC
Accumulate
952
1,089
11,419
7,382
9,506
7.7
8.6
39.8
54.4
23.9
17.5
5.8
4.6
26.7
29.1
1.3
1.0
MEP Infra
Neutral
41
-
661
1,956
1,876
28.1
30.5
1.3
3.0
31.3
13.6
6.6
4.4
21.2
32.8
1.8
1.7
SIPL
Neutral
85
-
2,992
675
1,042
62.4
64.7
-
-
3.2
3.6
-
-
16.1
10.9
Financials
Allahabad Bank
Neutral
53
-
3,165
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
408
494
97,196
26,473
31,527
3.5
3.6
35.7
43.5
11.4
9.4
1.9
1.7
17.9
18.9
-
-
Bank of Baroda
Neutral
131
-
30,127
18,485
21,025
1.9
2.0
13.5
21.1
9.7
6.2
0.8
0.7
7.3
10.6
-
-
Bank of India
Neutral
102
-
8,294
15,972
17,271
1.9
2.0
15.3
33.4
6.7
3.1
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
197
-
10,713
15,441
16,945
2.0
2.1
46.6
70.4
4.2
2.8
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
36
-
2,294
3,440
3,840
2.1
2.3
7.3
10.0
4.9
3.5
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
46
-
7,919
3,477
3,999
3.0
3.0
5.0
6.2
9.2
7.4
0.9
0.8
10.6
11.9
-
-
HDFC
Neutral
1,162
-
183,409
10,358
11,852
3.3
3.3
41.1
47.0
28.3
24.7
5.4
4.9
24.7
24.9
-
-
HDFC Bank
Buy
1,037
1,262
262,006
38,309
47,302
4.3
4.3
49.3
61.1
21.0
17.0
3.6
3.1
18.5
19.7
-
-
ICICI Bank
Buy
209
254
121,223
34,279
39,262
3.3
3.3
21.0
24.4
9.9
8.6
1.7
1.4
14.4
14.7
-
-
IDBI Bank
Neutral
57
-
10,811
9,625
10,455
1.8
1.8
8.5
14.2
6.7
4.0
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
88
-
4,239
6,160
6,858
2.5
2.5
24.5
29.8
3.6
3.0
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
445
592
22,445
3,101
3,745
2.5
2.5
33.0
40.2
13.5
11.1
2.5
2.1
19.7
20.5
-
-
Oriental Bank
Neutral
108
-
3,223
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.4
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
94
-
18,527
23,638
26,557
2.8
2.8
17.9
27.2
5.3
3.5
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
19
-
2,505
1,965
2,185
2.5
2.5
2.5
3.3
7.4
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Buy
172
202
133,559
82,520
93,299
2.7
2.8
20.0
24.5
8.6
7.0
0.9
0.8
11.5
12.8
-
-
Union Bank
Neutral
135
-
9,270
12,646
14,129
2.3
2.4
31.0
39.1
4.4
3.5
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
33
-
2,848
3,536
3,827
1.9
1.9
5.5
6.7
6.0
5.0
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
768
-
32,241
7,190
9,011
3.2
3.3
58.2
69.7
13.2
11.0
2.4
2.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
887
-
85,100
16,553
19,160
16.0
16.2
17.7
21.5
50.2
41.3
13.3
12.0
29.4
31.2
5.0
4.3
Britannia
Neutral
2,858
-
34,290
8,065
9,395
9.6
10.2
47.2
65.5
60.5
43.6
20.1
19.0
38.3
41.2
4.1
3.5
Colgate
Neutral
852
-
23,169
4,836
5,490
19.5
19.7
48.5
53.2
17.6
16.0
12.9
11.2
99.8
97.5
4.7
4.1
Dabur India
Accumulate
251
267
44,137
9,370
10,265
17.1
17.2
7.3
8.1
34.2
31.0
10.3
8.4
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Accumulate
5,820
6,118
24,478
4,919
5,742
17.2
17.4
168.3
191.2
34.6
30.4
9.8
8.4
28.8
28.9
4.5
3.8
Stock Watch
February 09, 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
Godrej Consumer
Neutral
1,246
-
42,417
10,168
12,886
16.1
16.1
32.1
38.4
38.8
32.4
7.9
7.3
19.7
21.0
4.3
3.4
HUL
Neutral
830
-
179,590
34,940
38,957
17.5
17.7
20.8
24.7
39.9
33.6
44.4
35.5
110.5
114.2
4.9
4.4
ITC
Buy
315
382
253,286
41,068
45,068
37.8
37.4
13.9
15.9
22.6
19.8
7.6
6.7
34.1
33.8
5.8
5.2
Marico
Neutral
233
-
30,106
6,551
7,766
15.7
16.0
10.4
12.5
22.5
18.7
6.5
5.4
33.2
32.4
4.5
3.8
Nestle*
Buy
5,418
6,646
52,239
11,291
12,847
22.2
22.3
158.9
184.6
34.1
29.4
17.8
16.0
55.0
57.3
4.5
3.9
Tata Global
Buy
124
144
7,820
8,635
9,072
9.8
9.9
6.5
7.6
19.1
16.3
1.9
1.8
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
850
1,038
119,827
42,038
47,503
21.2
21.5
51.5
57.7
16.5
14.7
3.6
2.8
21.5
18.8
2.5
2.0
Infosys
Buy
1,149
1,347
263,942
61,850
69,981
27.5
27.5
59.4
65.7
19.4
17.5
4.1
3.5
21.2
20.1
3.5
3.0
TCS
Buy
2,369
2,854
466,696
108,487
122,590
28.3
28.5
122.8
138.4
19.3
17.1
7.3
6.7
38.0
38.9
3.9
3.4
Tech Mahindra
Buy
471
646
45,522
25,566
28,890
16.0
17.0
26.3
31.9
17.9
14.8
3.2
2.7
17.9
18.6
1.6
1.3
Wipro
Buy
545
680
134,753
50,808
56,189
23.7
23.8
37.3
40.7
14.6
13.4
2.8
2.5
19.2
17.7
2.1
1.8
Media
D B Corp
Accumulate
321
356
5,888
2,241
2,495
27.8
27.9
21.8
25.6
14.7
12.5
3.8
3.4
26.7
28.5
2.6
2.3
HT Media
Neutral
76
-
1,775
2,495
2,603
11.2
11.2
7.3
8.6
10.5
8.9
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
160
189
5,239
2,170
2,355
27.2
26.2
8.9
9.9
18.0
16.2
3.8
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
349
-
13,754
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
Hindustan Media
Neutral
265
-
1,945
920
1,031
20.0
20.0
19.2
20.9
13.8
12.7
2.3
2.0
16.4
15.3
1.7
1.5
Ventures
Metals & Mining
Coal India
Buy
323
380
204,240
76,167
84,130
19.9
22.3
22.4
25.8
14.4
12.5
5.2
5.1
35.5
41.0
2.0
1.8
Hind. Zinc
Neutral
167
-
70,668
14,641
14,026
50.4
50.4
17.7
16.0
9.5
10.5
1.5
1.3
16.2
13.2
2.4
2.3
Hindalco
Neutral
70
-
14,393
104,356
111,186
8.7
9.5
6.7
11.1
10.4
6.3
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,049
-
25,365
42,308
45,147
16.4
20.7
(10.3)
49.5
21.2
1.2
1.1
(1.0)
5.6
1.6
1.5
NMDC
Neutral
83
-
33,046
8,237
10,893
46.6
44.5
10.0
11.7
8.4
7.2
0.9
0.8
12.5
13.0
3.8
2.9
SAIL
Neutral
41
-
16,789
45,915
53,954
7.2
10.5
1.5
4.4
27.0
9.3
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
72
-
21,257
71,445
81,910
26.2
26.3
12.9
19.2
5.6
3.7
0.4
0.3
7.2
8.9
0.7
0.6
Tata Steel
Neutral
234
-
22,770
126,760
137,307
8.9
11.3
6.4
23.1
36.9
10.2
0.7
0.7
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
125
-
23,426
11,323
12,490
49.4
51.0
20.7
20.7
6.0
6.1
0.4
0.4
6.4
6.1
1.1
0.5
GAIL
Neutral
344
-
43,572
64,856
70,933
9.1
9.6
24.0
28.9
14.3
11.9
1.2
1.1
8.8
9.6
0.9
0.8
ONGC
Neutral
215
-
183,601
154,564
167,321
36.8
37.4
28.6
32.5
7.5
6.6
1.0
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
254
-
19,054
29,691
31,188
5.8
6.2
12.8
13.4
19.9
18.9
3.0
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
390
455
94,775
359,607
402,760
5.9
6.1
42.5
48.7
9.2
8.0
1.2
1.1
14.1
14.4
0.4
0.3
Stock Watch
February 09, 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
Reliance Industries
Buy
962
1,150
311,501
304,775
344,392
12.6
13.4
91.3
102.6
10.5
9.4
1.2
1.1
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
609
-
11,486
3,274
3,802
26.9
19.4
35.0
28.7
17.4
21.2
7.7
5.8
55.6
31.2
3.5
2.9
Aurobindo Pharma
Accumulate
747
856
43,657
14,923
17,162
22.0
23.0
35.7
42.8
20.9
17.4
6.1
4.6
34.0
30.2
3.3
2.8
Aventis*
Neutral
4,177
-
9,620
2,082
2,371
17.4
20.8
118.2
151.5
35.3
27.6
5.2
4.2
19.9
25.5
4.3
3.6
Cadila Healthcare
Accumulate
327
352
33,517
10,224
11,840
21.0
22.0
14.6
17.6
22.4
18.6
6.1
4.8
30.8
29.0
3.3
2.8
Cipla
Accumulate
567
636
45,548
14,211
16,611
20.6
19.0
27.0
28.9
21.0
19.6
3.6
3.1
18.4
16.8
3.2
2.7
Dr Reddy's
Buy
3,071
3,933
52,365
16,838
19,575
25.0
23.1
167.5
178.8
18.3
17.2
3.9
3.2
23.1
20.4
3.0
2.6
Dishman Pharma
Neutral
349
-
2,819
1,733
1,906
21.5
21.5
17.0
19.9
20.6
17.6
2.1
1.9
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,291
-
27,877
2,870
3,158
20.0
22.1
59.5
68.3
55.3
48.2
16.3
16.8
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
309
-
2,845
1,033
1,199
15.9
18.2
9.4
13.6
32.8
22.7
4.9
4.1
15.7
19.7
2.8
2.5
Ipca labs
Buy
647
900
8,167
3,363
3,909
12.9
18.6
13.4
28.0
48.3
23.1
3.5
3.0
7.4
14.0
2.7
2.3
Lupin
Neutral
1,819
-
81,948
13,092
16,561
25.0
27.0
50.4
68.3
36.1
26.6
7.5
5.9
22.8
24.7
6.0
4.6
Sun Pharma
Accumulate
836
950
201,216
28,163
32,610
25.8
30.7
17.4
26.9
48.1
31.1
4.6
4.0
13.0
16.6
6.6
5.5
Power
Tata Power
Neutral
59
-
15,944
35,923
37,402
22.6
22.8
4.1
5.2
14.5
11.4
1.1
1.0
7.5
9.3
1.4
1.3
NTPC
Buy
123
157
101,584
87,064
98,846
23.5
23.5
11.7
13.2
10.5
9.3
1.2
1.1
11.4
12.1
2.2
2.0
Power Grid
Buy
143
170
74,550
20,702
23,361
86.7
86.4
12.1
13.2
11.8
10.8
1.7
1.5
15.6
15.1
8.5
7.9
Telecom
Bharti Airtel
Neutral
311
-
124,319
101,748
109,191
32.1
31.7
12.0
12.5
25.9
24.9
1.8
1.7
6.9
6.7
1.9
1.7
Idea Cellular
Neutral
102
-
36,742
34,282
36,941
32.0
31.5
5.9
6.2
17.3
16.5
1.6
1.4
9.9
9.3
1.6
1.6
zOthers
Abbott India
Neutral
4,916
-
10,447
2,715
3,153
14.5
14.1
134.3
152.2
36.6
32.3
9.1
7.5
27.4
25.6
3.6
3.0
Bajaj Electricals
Buy
179
290
1,803
4,719
5,287
5.2
5.8
8.6
12.7
20.9
14.1
2.4
2.1
11.4
14.8
0.4
0.3
Finolex Cables
Neutral
228
-
3,486
2,520
2,883
12.2
12.0
12.7
14.2
18.0
16.1
2.5
2.2
13.6
13.5
1.1
0.9
Goodyear India*
Buy
489
622
1,128
1,888
1,680
12.1
11.9
62.2
56.6
7.9
8.7
1.8
1.6
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,190
-
3,234
1,779
2,081
7.8
8.8
21.8
33.4
54.6
35.6
8.8
7.1
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
282
-
5,115
1,620
1,847
11.5
11.5
7.3
8.5
38.7
33.3
5.0
4.6
13.3
14.4
3.0
2.6
MRF
Buy
34,185
45,575
14,498
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
12,013
-
13,399
1,929
2,450
19.8
20.1
229.9
299.0
52.3
40.2
23.1
16.0
52.1
47.1
7.0
5.5
Relaxo Footwears
Neutral
429
-
5,153
1,767
2,152
12.3
12.5
19.3
25.1
22.3
17.1
5.5
4.2
27.7
27.8
3.0
2.4
Siyaram Silk Mills
Buy
1,036
1,354
971
1,636
1,815
11.5
11.5
89.9
104.1
11.5
9.9
1.9
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India*
Buy
586
698
1,031
1,271
1,440
8.6
9.2
32.0
41.1
18.3
14.3
1.9
1.7
10.7
12.4
0.8
0.7
Stock Watch
February 09, 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
TVS Srichakra
Buy
2,528
3,217
1,936
2,035
2,252
15.9
15.3
248.6
268.1
10.2
9.4
4.4
3.2
43.6
33.9
1.0
0.8
HSIL
Accumulate
268
302
1,937
2,123
2,384
16.1
16.5
15.0
18.9
17.8
14.2
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
223
-
3,230
2,403
2,554
8.6
9.9
9.2
10.5
24.3
21.3
2.3
2.2
9.7
10.7
1.0
0.9
Ltd
M M Forgings
Buy
420
614
508
511
615
21.7
21.6
43.1
55.8
9.8
7.5
1.8
1.5
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
114
-
815
1,208
1,353
11.0
12.3
10.8
14.5
10.6
7.9
1.2
1.1
11.9
14.5
0.6
0.6
Competent Automobiles Neutral
138
-
85
1,040
1,137
3.2
3.1
25.7
28.0
5.4
4.9
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,259
-
1,878
1,871
2,031
10.7
10.5
63.2
69.8
19.9
18.0
3.2
2.8
17.6
16.6
1.1
0.9
Visaka Industries
Buy
101
144
160
1,086
1,197
9.9
10.3
21.5
28.8
4.7
3.5
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
236
-
1,796
2,830
3,350
8.8
9.0
14.4
18.3
16.4
12.9
2.5
2.2
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
61
-
667
1,359
1,482
10.3
13.7
0.8
3.9
76.3
15.7
1.3
1.2
1.6
7.8
0.8
0.8
Surya Roshni
Buy
145
201
634
2,992
3,223
8.1
8.4
14.7
18.3
9.8
7.9
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
160
-
637
286
366
18.3
17.7
7.7
9.4
20.7
17.1
4.4
3.8
20.2
21.1
2.1
1.6
Radico Khaitan
Buy
109
156
1,444
1,565
1,687
12.2
13.0
5.7
7.1
19.0
15.3
1.6
1.5
8.3
9.6
1.4
1.3
Garware Wall Ropes
Buy
346
473
757
862
974
11.2
11.2
24.9
29.6
13.9
11.7
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
380
-
2,148
206
308
44.0
43.6
9.0
12.9
42.2
29.5
5.8
5.2
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
191
-
282
340
371
8.3
8.9
10.8
13.2
17.7
14.5
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
158
-
635
222
287
20.5
20.5
5.6
7.6
28.1
21.0
5.3
4.4
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
824
-
29,706
17,022
21,122
20.7
14.5
63.9
53.7
12.9
15.4
19.3
15.8
149.9
103.2
1.8
1.4
Coffee Day Enterprises
Neutral
246
-
5,064
2,692
2,964
17.0
18.6
-
4.7
-
51.9
3.0
2.8
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
83
-
1,975
998
1,062
24.1
24.0
5.8
6.1
14.4
13.6
3.2
2.8
22.0
20.6
2.1
1.9
Navkar Corporation
Buy
191
265
2,717
365
436
38.3
37.5
5.6
5.9
33.8
32.4
2.1
2.0
6.3
6.1
8.3
7.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 08, 2016
Market Outlook
February 09, 2016
Research Team Tel: 022 - 39357800
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