Market Outlook
May 9, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.1)
(34)
25,229
Indian markets are expected to open on a positive note tracking the SGX Nifty.
Nifty
(0.0)
(2)
7,733
US Stocks closed higher Friday, rebounding after an earlier decline, as investors
Mid Cap
0.4
41
10,965
grappled with a disappointing job reports and its impact on the further monetary
Small Cap
(0.2)
(21)
10,899
policy. Friday’s labor department missed expectations, showing that companies
scaled back hiring in April, adding only 1,60,000 new jobs compared with an
Bankex
0.2
30
18,540
average forecast of 2,03,000. The weaker than expected jobs number sparked
speculation that the Fed likely to stay its hand at raising interest rates over coming
Global Indices
Chg (%)
(Pts)
(Close)
months.
Dow Jones
0.5
80
17,741
The European markets were in negative territory of much of Friday’s session. They
Nasdaq
0.4
19
4,736
slipped to their lowest level of the session immediately following the release of the
FTSE
0.1
8
6,126
weaker than expected US employment report for April. However, subsequently the
Nikkei
(0.3)
(41)
16,107
market rallied and entered positive territory.
Hang Seng
(1.7)
(340)
20,110
Indian shares remained during Friday and closed marginally low with Sensex closing
Shanghai Com
(2.8)
(85)
2,913
down by 34 points. Weak Asian Markets and lack positive news flows from the
results front kept buyers away. Key economic data like IIP and CPI inflation for April
will be keenly watched next week.
Advances / Declines
BSE
NSE
Advances
1,115
675
News & Result Analysis
Declines
1,425
857
Result Review: Inox Wind Ltd & Greaves Cotton Ltd
Detailed analysis on Pg2
Unchanged
181
90
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
1,991
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
13,537
Refer Pg6 onwards
Top Picks
Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
FII
(328)
(758)
11,033
(`)
(`)
(%)
MFs
144
241
2,837
Amara Raja
Auto & Auto Ancillary Accumulate
941
1,076
14.4
HCL Tech
IT
Buy
725
1,038
43.3
LIC Housing
Financials
Buy
451
592
31.3
Top Gainers
Price (`)
Chg (%)
Bharat Electronics Capital Goods
Buy
1,142
1,414
23.8
IDFC
47
11.7
Navkar Corporation Others
Buy
176
265
50.9
Indiabulls Real Estate
76
6.9
More Top Picks on Pg4
Emami
1039
6.2
Karnataka Bank
114
5.9
Key Upcoming Events
Voltas
306
5.4
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
May 10
India
Exports YoY%
(5.47)
--
Top Losers
Price (`)
Chg (%)
May 10
India
Imports YoY%
(21.56)
--
HEXAWARE
217
(4.5)
May 10
China
Consumer Price Index (YoY)
2.30
2.30
WOCKPHARMA
937
(3.6)
6. (
More Events on Pg6
JPINFRATEC
7
(3.4)
PGHH
6199
(3.2)
ALOKTEXT
4
(3.0)
As on May 9, 2016
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Market Outlook
May 9, 2016
Result Review
Inox Wind (CMP: `242; Target Price: 286, Upside: 18.3%)
Inox Wind reported below than expected set of revenue and bottom-line numbers.
Inox reported a top-line of `1,828cr, below our expectations. Inox reported 96.9%
yoy top-line increase, reflecting strong sales across their Turnkey business
segment. Inox reported adj. EBITDA margins of 16.4%, which were almost the
same as in the previous year. Despite flattish adj. EBITDA margins, higher other
income helped Inox report Adj. PAT margins of 11.5% in 4QFY2016, reflecting a
57bps yoy expansion.
Given the nature of Inox’s business model, which is major during 4Q (accounted
for 41.4% of yearly sales), working capital cycle got stretched. Management in the
concall highlighted that the working capital cycle in next few months should see
improvement.
Post the recent correction in the stock price, the valuation look attractive, we
continue to maintain our BUY rating on the stock with price target of `286.
Greaves Cotton (CMP: `132)
Greaves Cotton reported good set of numbers, with top-line and bottom-line being
ahead of our expectations. Greaves reported top-line of `404cr, below our
expectation of `449cr, mainly led by miss on Engines segment’s yoy growth.
Greaves report an EBITDA of `63cr, below our expectation of `69cr. Reported
EBITDA margins of the company were at 15.6% for 4QFY2016, reporting a sharp
411bps yoy improvement. If we look at segment-level EBIT margins, then Engines
business margins improved 257bps yoy to 17.9% in 4QFY2016. During the
quarter, Greaves reported exceptional item of `7cr. On adjusting for exceptional
item of `7cr, the adj. PAT of the company stood at `45cr, better than our
expectations. Adj. PAT margins of the company improved 258bps yoy to 11.1%. In
addition to the strong operating performance Greaves also benefitted from good
other income numbers (of `13cr). Despite good set of numbers, given the current
valuations, we continue to maintain NEUTRAL on the stock.
Economic and Political News
RBI to make a list of wilful defaulters
Revenue department taking steps to boost growth & jobs
`7000 cr from Namami Ganga project will be spent in U.P
Corporate News
Marico Plans `10,000 cr annual turnover in 4 years
SAIL plans to curtail man power, re-introduce VRS
Grasim Posts 40% jump in PAT in Q4FY16.
Essel Propack,s Q4FY16 PAT up 23%
Andhra Bank’s Q4FY16 declines by 72% to `51.6 cr
www.angelbroking.com
Market Outlook
May 9, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Hindustan Unilever Ltd. - May 9, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
7,977
7,555
5.6
7823
2
EBITDA
1,425
1,318
8.1
1,491
(4.4)
EBITDA margin (%)
17.9
17.4
19.1
Net profit
1,010
1,018
(0.8)
971
4
Asian Paints Ltd. Consol - May 11, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
3,860
3,490
10.6
4,103
(5.9)
EBITDA
691
559
23.5
801
(13.7)
EBITDA margin (%)
17.9
16.0
19.5
Net profit
436
341
27.9
516
(15.5)
Kotak Mahindra Bank Ltd. - May 11, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
670
527
27.1
945
(29.1)
Dr. Reddy’s Laboratories Ltd. Consol - May 12, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
3,981
3,870
2.9
3,968
0.3
EBITDA
976
765
27.5
926
5.3
EBITDA margin (%)
24.5
19.8
23.3
Net profit
576
519
11.1
579
(0.5)
Nestle India Ltd. Consol - May 12, 2016
Particulars (` cr)
1QCY16E
1QCY15
y-o-y (%)
4QCY15
q-o-q (%)
Net sales
2,161
2,507
(13.8)
1,946
11.0
EBITDA
455
612
(25.6)
379
20.2
EBITDA margin (%)
21.1
24.4
19.5
Net profit
258
320
(19.4)
183
40.9
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Market Outlook
May 9, 2016
Top Picks
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,070
941
1,076
14.4
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
27,412
1,142
1,414
23.8
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
1,02,209
725
1,038
43.3
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,83,439
1,121
1,262
12.6
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
2,72,259
1,181
1,374
16.3
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
22,740
451
592
31.3
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
11,389
949
1,089
14.7
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,719
414
481
16.3
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
5,737
197
270
37.3
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
2,426
74
93
26.1
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
5,356
164
205
25.1
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,754
427
554
29.6
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,504
176
265
50.9
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,159
87
156
79.0
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
993
1,060
1,354
27.8
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
May 9, 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
54.0
4.9
5.0
5.0
4.8
5.0
4.4
52.0
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
44.0
-
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
0.0
7.50
7.00
(5.0)
6.50
(10.0)
6.00
(15.0)
5.50
5.00
(20.0)
4.50
(25.0)
4.00
(30.0)
3.50
3.00
(35.0)
Source: RBI, Angel Research
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
May 9, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
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
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
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Market Outlook
May 9, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
51,718
5.4
34.0
(6.5)
Russia
Micex
1,902
1.9
8.2
10.9
India
Nifty
7,733
0.3
2.2
(5.5)
China
Shanghai Composite
2,913
(4.6)
9.7
(34.9)
South Africa
Top 40
45,102
(1.5)
2.8
(5.5)
Mexico
Mexbol
45,210
(0.2)
4.5
0.2
Indonesia
LQ45
831
(1.4)
3.5
(12.4)
Malaysia
KLCI
1,649
(4.0)
1.0
(10.5)
Thailand
SET 50
882
(1.2)
9.9
(13.5)
USA
Dow Jones
17,741
0.1
8.1
(2.5)
UK
FTSE
6,126
0.6
4.9
(12.9)
Japan
Nikkei
16,147
(3.9)
(8.1)
(20.0)
Germany
DAX
9,870
2.6
5.1
(14.0)
France
CAC
4,301
0.4
1.7
(13.9)
Source: Bloomberg, Angel Research
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Stock Watch
May 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
196
-
3,808
1,612
1,911
13.3
13.3
7.4
9.5
26.5
20.6
4.2
3.8
16.7
18.4
2.4
2.0
United Phosphorus
Buy
593
684
25,431
13,083
15,176
18.5
18.5
31.5
37.4
18.8
15.9
3.8
3.1
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Accumulate
104
111
29,583
17,995
21,544
11.4
11.6
3.4
4.7
30.6
22.1
5.4
4.9
17.7
22.2
1.6
1.3
Bajaj Auto
Accumulate
2,436
2,585
70,485
22,709
25,860
20.9
20.1
129.0
143.6
18.9
17.0
5.8
5.0
30.7
29.4
2.7
2.3
Bharat Forge
Accumulate
780
875
18,163
7,351
8,318
19.9
19.7
31.2
36.5
25.0
21.4
4.5
3.8
19.3
19.2
2.6
2.3
Eicher Motors
Neutral
20,216
-
54,909
15,556
16,747
15.5
17.3
464.8
597.5
43.5
33.8
15.9
11.7
36.2
34.3
3.4
3.1
Gabriel India
Accumulate
89
101
1,275
1,415
1,544
8.7
9.0
4.6
5.4
19.3
16.4
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,885
-
57,611
28,244
30,532
15.5
15.9
156.7
168.5
18.4
17.1
7.4
6.2
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
140
160
1,121
1,281
1,473
11.2
11.5
7.6
9.2
18.5
15.3
4.7
3.8
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
461
-
723
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
1,328
-
82,466
38,416
42,904
13.7
13.9
54.8
63.4
24.2
20.9
3.7
3.3
15.4
15.8
1.8
1.5
Maruti
Neutral
3,820
-
115,379
57,865
68,104
16.4
16.7
176.3
225.5
21.7
16.9
4.2
3.6
19.4
21.2
1.8
1.5
Minda Industries
Neutral
1,001
-
1,588
2,523
2,890
8.7
9.0
55.0
65.4
18.2
15.3
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
257
313
33,975
39,343
45,100
8.8
9.1
10.1
12.5
25.4
20.6
8.1
6.3
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
375
465
297
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
31
-
411
594
741
12.7
13.7
1.7
3.2
18.1
9.6
1.9
1.7
10.4
16.9
1.1
0.9
Tata Motors
Neutral
399
-
115,113
259,686
273,957
13.0
13.4
25.9
29.5
15.4
13.5
2.0
1.8
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
300
330
14,253
11,263
13,122
6.9
8.5
9.2
15.0
32.6
20.0
7.4
5.9
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
941
1,076
16,070
4,892
5,871
17.4
17.6
28.8
37.1
32.7
25.4
7.6
6.1
23.4
24.1
3.2
2.6
Exide Industries
Accumulate
145
162
12,300
6,950
7,784
14.4
14.8
6.6
7.3
21.9
19.8
2.8
2.5
12.6
12.8
1.5
1.3
Apollo Tyres
Buy
159
183
8,073
12,056
12,714
17.2
16.4
23.0
20.3
6.9
7.8
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Accumulate
1,043
1,119
4,220
6,041
6,597
14.1
13.7
99.5
111.9
10.5
9.3
2.1
1.7
19.6
18.5
0.9
0.7
JK Tyres
Neutral
81
-
1,841
7,446
7,669
15.2
14.0
19.6
18.4
4.1
4.4
1.0
0.9
25.2
19.5
0.6
0.5
Swaraj Engines
Neutral
1,107
-
1,375
552
630
14.2
14.7
44.6
54.1
24.8
20.5
5.8
5.3
23.2
25.6
2.4
2.0
Subros
Neutral
87
-
523
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
-
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
1.2
Capital Goods
ACE
Neutral
40
-
391
660
839
4.7
8.2
1.0
3.9
39.5
10.1
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
873
1,157
3,634
3,277
4,006
6.0
8.9
36.2
64.3
24.1
13.6
1.7
1.5
5.7
11.7
1.2
1.0
Bharat Electronics
Buy
1,142
1,414
27,412
7,737
8,634
16.8
17.2
54.0
61.5
21.2
18.6
3.0
2.7
39.3
45.6
2.7
2.3
www.angelbroking.com
Stock Watch
May 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
306
353
10,110
5,363
5,963
8.0
9.1
11.0
13.8
27.8
22.1
4.3
3.7
16.2
17.9
1.7
1.5
BGR Energy
Neutral
114
-
825
3,615
3,181
9.5
9.4
16.7
12.4
6.8
9.2
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
127
-
31,023
33,722
35,272
10.8
11.7
10.5
14.2
12.1
8.9
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Buy
414
481
3,719
3,548
3,977
6.3
6.9
13.7
17.2
30.2
24.1
7.6
4.9
26.1
25.4
1.1
1.0
Crompton Greaves
Neutral
59
-
3,676
13,484
14,687
4.9
6.2
4.5
7.1
13.0
8.3
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
132
-
3,214
1,655
1,755
16.6
16.8
7.4
7.8
17.8
16.9
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
242
458
5,360
4,980
5,943
17.0
17.5
26.6
31.6
9.1
7.6
2.7
2.0
35.0
30.0
1.4
1.2
KEC International
Neutral
126
-
3,241
8,791
9,716
6.1
6.8
5.4
8.2
23.3
15.4
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
740
-
8,821
6,413
7,525
7.4
8.5
30.5
39.3
24.3
18.8
3.7
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
563
-
3,069
2,722
3,336
7.9
8.1
19.5
24.6
28.9
22.9
3.0
2.7
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,426
-
26,773
13,151
14,757
16.4
18.3
63.9
83.4
22.3
17.1
2.9
2.6
13.3
16.1
1.8
1.6
Ambuja Cements
Neutral
220
-
34,142
11,564
12,556
19.4
20.7
8.9
10.1
24.7
21.8
3.1
2.9
12.8
13.8
2.5
2.3
HeidelbergCement
Neutral
92
-
2,088
1,772
1,926
13.3
15.4
1.0
3.0
92.2
30.7
2.3
2.2
2.6
7.9
1.8
1.5
India Cements
Neutral
89
-
2,720
4,216
4,840
18.0
19.5
4.0
9.9
22.1
8.9
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
561
-
3,926
3,661
4,742
10.1
15.8
7.5
28.5
74.9
19.7
2.3
2.0
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
331
-
3,891
2,947
3,616
16.7
19.9
11.5
27.2
28.8
12.2
2.7
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
264
-
703
1,053
1,347
10.5
13.3
8.4
26.0
31.4
10.1
1.3
1.2
4.3
12.5
1.1
0.8
Orient Cement
Neutral
145
-
2,970
1,854
2,524
21.2
22.2
7.7
11.1
18.8
13.1
2.7
2.3
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
473
-
11,250
4,036
4,545
20.8
21.3
15.1
18.8
31.3
25.1
3.8
3.4
12.9
14.3
3.3
2.9
Shree Cement^
Neutral
12,631
-
44,002
7,150
8,742
26.7
28.6
228.0
345.5
55.4
36.6
8.2
6.8
15.7
20.3
5.8
4.7
UltraTech Cement
Neutral
3,101
-
85,098
24,669
29,265
18.2
20.6
82.0
120.0
37.8
25.8
4.1
3.6
11.3
14.7
3.5
3.0
Construction
ITNL
Buy
74
93
2,426
7,360
8,825
34.0
35.9
7.0
9.0
10.5
8.2
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
517
603
1,453
937
1,470
14.3
14.0
44.2
38.6
11.7
13.4
2.3
2.0
15.4
15.4
1.6
1.1
Larsen & Toubro
Neutral
1,260
-
117,416
58,870
65,708
8.3
10.3
42.0
53.0
30.0
23.8
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
163
-
7,858
629
684
51.0
52.2
6.4
5.9
25.4
27.6
3.3
3.1
15.9
12.7
12.3
11.1
MBL Infrastructures
Buy
136
285
565
2,313
2,797
12.2
14.6
19.0
20.0
7.2
6.8
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
77
-
4,256
7,892
8,842
8.8
9.1
3.0
5.3
25.5
14.4
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Neutral
542
-
2,782
1,873
2,288
13.2
13.5
24.0
32.0
22.6
17.0
2.2
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
272
-
1,343
5,955
6,829
10.3
10.5
16.0
31.0
17.0
8.8
0.9
0.8
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
May 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
Power Mech Projects
Neutral
605
-
890
1,539
1,801
12.8
12.7
59.0
72.1
10.3
8.4
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
254
289
4,357
3,481
4,219
10.7
10.8
8.2
11.7
31.0
21.7
3.0
2.6
10.3
13.5
1.5
1.3
NBCC
Accumulate
949
1,089
11,389
5,816
7,382
6.9
7.7
29.6
39.8
32.1
23.9
5.8
4.5
24.1
26.7
1.8
1.3
MEP Infra
Neutral
41
-
662
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
98
-
3,468
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.8
11.3
Engineers India
Neutral
174
-
5,851
1,667
1,725
13.5
16.0
9.7
11.4
17.9
15.2
2.1
2.0
11.7
13.4
2.3
2.3
Financials
Allahabad Bank
Neutral
54
-
3,315
8,569
9,392
2.8
2.9
16.3
27.5
3.3
2.0
0.3
0.2
7.6
11.9
-
-
Axis Bank
Accumulate
462
494
110,055
26,204
29,738
3.6
3.5
34.5
35.4
13.4
13.0
2.1
1.9
16.8
14.9
-
-
Bank of Baroda
Neutral
151
-
34,689
18,802
21,088
2.0
2.2
(7.4)
13.0
11.6
1.2
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
87
-
7,084
15,972
17,271
1.9
2.0
15.3
33.4
5.7
2.6
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
189
-
10,271
15,441
16,945
2.0
2.1
46.6
70.4
4.1
2.7
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,954
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
197
270
5,737
1,828
2,225
2.9
3.0
24.9
29.7
7.9
6.6
1.2
1.1
15.1
16.1
-
-
Federal Bank
Neutral
48
-
8,272
3,279
3,787
2.8
2.9
3.9
5.5
12.2
8.7
1.0
0.9
8.4
10.8
-
-
HDFC
Neutral
1,168
-
184,462
10,358
11,852
3.3
3.3
41.1
47.0
28.4
24.8
5.4
4.9
24.7
24.9
-
-
HDFC Bank
Accumulate
1,121
1,262
283,439
38,606
47,696
4.4
4.5
48.8
61.4
23.0
18.3
3.9
3.4
18.7
20.0
-
-
ICICI Bank
Accumulate
218
243
126,858
34,279
39,262
3.3
3.3
21.0
24.4
10.4
9.0
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
68
-
13,918
9,625
10,455
1.8
1.8
8.5
14.2
7.9
4.8
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
91
-
4,385
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
451
592
22,740
3,179
3,758
2.6
2.6
32.9
40.6
13.7
11.1
2.5
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
85
-
2,719
7,643
8,373
2.4
2.4
37.2
45.4
2.3
1.9
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
81
-
15,876
23,122
26,022
2.8
2.8
7.0
21.6
11.6
3.7
0.6
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
18
-
2,431
1,965
2,185
2.5
2.5
2.5
3.3
7.2
5.5
0.7
0.6
9.5
11.7
-
-
St Bk of India
Neutral
184
-
143,146
79,958
86,061
2.6
2.6
13.4
20.7
13.8
8.9
1.1
1.1
11.5
12.8
-
-
Union Bank
Neutral
118
-
8,081
12,646
14,129
2.3
2.4
31.0
39.1
3.8
3.0
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,919
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.7
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
910
-
38,291
7,190
9,011
3.2
3.3
58.2
69.7
15.6
13.1
2.8
2.4
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
888
-
85,215
16,553
19,160
16.0
16.2
17.7
21.5
50.3
41.3
13.3
12.0
29.4
31.2
4.9
4.2
Britannia
Neutral
2,814
-
33,767
8,481
9,795
14.0
14.1
65.5
78.3
43.0
35.9
20.3
16.7
38.3
41.2
3.9
3.4
www.angelbroking.com
Stock Watch
May 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
Colgate
Neutral
850
-
23,127
4,136
4,632
22.5
23.3
22.2
25.3
38.3
33.6
23.3
20.7
68.6
67.5
5.4
4.8
Dabur India
Neutral
288
-
50,725
9,370
10,265
17.6
17.3
7.3
8.1
39.3
35.6
10.2
9.3
31.7
30.6
5.1
4.7
GlaxoSmith Con*
Neutral
5,868
-
24,678
4,519
5,142
19.6
19.8
164.3
191.2
35.7
30.7
9.9
8.4
30.8
29.9
4.8
4.2
Godrej Consumer
Neutral
1,326
-
45,167
9,003
10,335
18.1
18.7
34.1
41.8
38.9
31.7
8.4
7.2
23.9
24.8
5.2
4.5
HUL
Neutral
853
-
184,573
33,299
35,497
17.1
17.1
18.9
20.0
45.1
42.7
22.9
26.2
87.6
80.8
5.3
5.0
ITC
Accumulate
317
359
255,257
36,804
38,776
37.9
37.9
12.2
12.9
26.0
24.6
7.2
6.4
27.7
25.8
6.5
6.2
Marico
Neutral
246
-
31,706
6,151
6,966
17.2
17.3
5.4
6.4
45.5
38.4
14.3
11.3
33.2
32.4
5.1
4.5
Nestle*
Neutral
5,631
-
54,291
9,393
10,507
22.2
22.3
106.8
121.8
52.7
46.2
18.5
16.7
34.8
36.7
5.5
4.9
Tata Global
Buy
118
137
7,454
8,635
9,072
9.8
9.9
5.8
7.2
20.4
16.4
1.8
1.7
6.8
7.4
0.9
0.8
Procter & Gamble
Buy
6,244
7,369
20,267
2,588
2,939
23.3
23.2
130.2
146.2
47.9
42.7
95.6
91.7
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
725
1,038
102,209
42,038
47,503
21.2
21.5
51.5
57.7
14.1
12.6
3.0
2.4
21.5
18.8
2.1
1.6
Infosys
Buy
1,181
1,374
272,259
62,441
70,558
27.5
27.5
59.0
65.3
20.0
18.1
4.0
3.7
22.2
22.4
3.8
3.3
TCS
Buy
2,472
3,004
487,119
108,646
122,770
28.3
28.3
123.7
141.0
20.0
17.5
6.6
6.1
33.1
34.6
4.0
3.5
Tech Mahindra
Accumulate
472
530
45,793
26,524
29,177
16.2
17.0
28.8
33.6
16.4
14.1
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
533
680
131,590
50,808
56,189
23.7
23.8
37.3
40.7
14.3
13.1
2.7
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Accumulate
326
356
5,995
2,025
2,187
27.4
27.4
17.4
18.9
18.7
17.3
4.2
3.9
22.9
23.7
3.0
2.7
HT Media
Neutral
85
-
1,984
2,495
2,673
12.9
13.2
6.8
7.2
12.5
11.8
1.0
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
164
205
5,356
2,170
2,355
27.2
26.2
8.9
9.9
18.4
16.6
3.9
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
351
-
13,836
2,510
2,763
71.8
71.5
21.9
24.8
16.0
14.2
3.8
3.4
22.8
24.3
5.0
4.6
Hindustan Media
Neutral
267
-
1,963
914
1,016
21.7
21.5
21.9
23.3
12.2
11.5
2.2
1.9
18.0
16.2
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
282
380
178,090
76,167
84,130
19.9
22.3
22.4
25.8
12.6
10.9
4.5
4.4
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
170
-
71,725
14,641
14,026
50.4
50.4
17.7
16.0
9.6
10.6
1.5
1.3
16.2
13.2
2.5
2.3
Hindalco
Neutral
92
-
18,915
104,356
111,186
8.7
9.5
6.7
11.1
13.6
8.3
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,320
-
31,900
42,308
45,147
16.4
20.7
(10.3)
49.5
26.7
1.5
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
93
-
37,011
8,237
10,893
46.6
44.5
10.0
11.7
9.4
8.0
1.0
0.9
12.5
13.0
4.3
3.3
SAIL
Neutral
42
-
17,429
45,915
53,954
7.2
10.5
1.5
4.4
28.0
9.6
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
104
-
30,699
71,445
81,910
26.2
26.3
12.9
19.2
8.0
5.4
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
329
-
31,997
126,760
137,307
8.9
11.3
6.4
23.1
51.8
14.3
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
139
-
26,032
11,323
12,490
49.4
51.0
20.7
20.7
6.7
6.7
0.4
0.4
6.4
6.1
1.3
0.7
www.angelbroking.com
Stock Watch
May 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
GAIL
Neutral
384
-
48,729
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.3
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
208
-
178,211
154,564
145,998
36.8
37.4
20.8
22.6
10.0
9.2
0.9
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
280
-
20,981
29,691
31,188
5.8
6.2
12.8
13.4
21.9
20.8
3.3
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
416
455
101,003
359,607
402,760
5.9
6.1
42.5
48.7
9.8
8.5
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
969
1,150
314,041
304,775
344,392
12.6
13.4
91.3
102.6
10.6
9.5
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
594
-
11,192
3,274
3,802
26.9
19.4
35.0
28.7
17.0
20.7
7.5
5.7
55.6
31.2
3.4
2.9
Aurobindo Pharma
Accumulate
800
856
46,802
14,923
17,162
22.0
23.0
35.7
42.8
22.4
18.7
6.6
5.0
34.0
30.2
3.5
3.0
Aventis*
Accumulate
4,380
4,738
10,087
2,049
2,375
15.4
17.3
115.4
153.5
38.0
28.5
6.2
4.8
19.3
25.8
4.7
4.0
Cadila Healthcare
Accumulate
318
352
32,570
10,224
11,840
21.0
22.0
14.6
17.6
21.8
18.1
6.0
4.7
30.8
29.0
3.3
2.8
Cipla
Accumulate
537
605
43,122
13,979
16,447
20.2
18.6
25.7
27.5
20.9
19.5
3.4
2.9
17.6
16.1
3.1
2.6
Dr Reddy's
Buy
2,868
3,933
48,914
16,838
19,575
25.0
23.1
167.5
178.8
17.1
16.0
3.6
3.0
23.1
20.4
2.9
2.4
Dishman Pharma
Neutral
153
-
2,476
1,733
1,906
21.5
21.5
10.1
10.0
15.2
15.3
1.8
1.6
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,583
-
30,351
2,870
3,158
20.0
22.1
59.5
68.3
60.2
52.5
17.8
18.3
28.5
34.3
10.1
9.2
Indoco Remedies
Neutral
262
-
2,417
1,033
1,199
15.9
18.2
9.4
13.6
27.9
19.3
4.1
3.5
15.7
19.7
2.5
2.1
Ipca labs
Buy
476
750
6,011
3,363
3,909
12.9
18.6
13.4
28.0
35.6
17.0
2.6
2.2
7.4
14.0
2.1
1.8
Lupin
Neutral
1,587
-
71,508
13,092
16,561
25.0
27.0
50.4
68.3
31.5
23.2
6.5
5.1
22.8
24.7
5.2
4.0
Sun Pharma
Buy
804
950
193,520
28,163
32,610
25.8
30.7
17.4
26.9
46.2
29.9
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
72
-
19,527
35,923
37,402
22.6
22.8
4.1
5.2
17.8
14.0
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
140
-
115,478
87,271
99,297
23.5
23.5
11.8
13.3
11.9
10.5
1.3
1.3
11.5
12.2
2.3
2.1
Power Grid
Buy
142
170
74,367
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
Real Estate
MLIFE
Buy
427
554
1,754
826
1,133
20.1
21.8
22.6
30.7
18.9
13.9
1.1
1.0
6.0
7.4
4.0
2.7
Telecom
Bharti Airtel
Neutral
359
-
143,347
101,748
109,191
32.1
31.7
12.0
12.5
29.9
28.7
2.1
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
114
-
40,884
34,282
36,941
32.0
31.5
5.9
6.2
19.3
18.3
1.8
1.6
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,673
-
9,929
2,715
3,153
14.5
14.1
134.3
152.2
34.8
30.7
8.7
7.2
27.4
25.6
3.4
2.8
Bajaj Electricals
Neutral
233
-
2,353
4,719
5,287
5.2
5.8
8.6
12.7
27.2
18.4
3.1
2.7
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
275
-
4,208
2,520
2,883
12.2
12.0
12.7
14.2
21.7
19.4
3.0
2.6
13.6
13.5
1.4
1.2
Goodyear India*
Buy
499
582
1,150
1,800
1,600
11.7
11.5
58.7
52.9
8.5
9.4
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,351
-
3,674
1,779
2,081
7.8
8.8
21.8
33.4
62.0
40.4
10.0
8.1
17.4
22.1
2.1
1.8
Jyothy Laboratories
Neutral
300
-
5,430
1,620
1,847
11.5
11.5
7.3
8.5
41.1
35.4
5.3
4.9
13.3
14.4
3.3
2.8
www.angelbroking.com
Stock Watch
May 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
MRF
Buy
33,760
45,575
14,318
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.2
8.9
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,036
-
14,540
1,929
2,450
19.8
20.1
229.9
299.0
56.7
43.6
25.0
17.4
52.1
47.1
7.3
5.7
Relaxo Footwears
Neutral
492
-
5,910
1,767
2,152
12.3
12.5
19.3
25.1
25.6
19.6
6.3
4.8
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,060
1,354
993
1,636
1,815
11.5
11.5
89.9
104.1
11.8
10.2
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
616
-
1,083
1,271
1,440
8.6
9.2
32.0
41.1
19.2
15.0
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,352
3,217
1,801
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
308
-
2,227
2,123
2,384
16.1
16.5
15.0
18.9
20.5
16.3
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
235
-
3,392
2,403
2,554
8.6
9.9
9.2
10.5
25.5
22.4
2.5
2.3
9.7
10.7
1.0
0.9
Ltd
M M Forgings
Buy
478
614
577
511
615
21.7
21.6
43.1
55.8
11.1
8.6
2.0
1.7
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
128
-
915
1,208
1,353
11.0
12.3
10.8
14.5
11.9
8.8
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
1,203
-
1,795
1,871
2,031
10.7
10.5
63.2
69.8
19.0
17.3
3.1
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
118
143
187
1,020
1,120
8.7
9.1
13.9
20.1
8.5
5.9
0.5
0.5
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
259
-
1,970
2,830
3,350
8.8
9.0
14.4
18.3
18.0
14.2
2.8
2.4
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
63
-
691
1,359
1,482
10.3
13.7
0.8
3.9
79.0
16.3
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
147
201
645
2,992
3,223
8.1
8.4
14.7
18.3
10.0
8.0
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
170
-
677
286
366
18.3
17.7
7.7
9.4
22.0
18.1
4.6
4.1
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
87
156
1,159
1,517
1,635
12.7
13.4
5.8
7.1
15.0
12.3
1.3
1.2
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
335
473
732
862
974
11.2
11.2
24.9
29.6
13.5
11.3
2.0
1.7
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
384
-
2,167
206
308
44.0
43.6
9.0
12.9
42.6
29.7
5.8
5.3
13.7
17.8
10.6
7.0
Linc Pen & Plastics
Neutral
190
-
280
340
371
8.3
8.9
10.8
13.2
17.6
14.4
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
153
-
614
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
1,076
-
38,756
17,022
21,122
20.7
14.5
63.9
53.7
16.8
20.0
25.2
20.7
149.9
103.2
2.3
1.9
Coffee Day Enterprises
Neutral
261
-
5,368
2,692
2,964
17.0
18.6
-
4.7
-
55.0
3.2
3.0
0.2
5.5
2.4
2.3
Ltd
Navneet Education
Neutral
87
-
2,074
998
1,062
24.1
24.0
5.8
6.1
15.1
14.3
3.3
2.9
22.0
20.6
2.2
2.0
Navkar Corporation
Buy
176
265
2,504
365
436
38.3
37.5
5.6
5.9
31.2
29.9
2.0
1.8
6.3
6.1
7.6
6.6
UFO Moviez
Neutral
509
-
1,400
558
619
32.0
33.2
22.5
30.0
22.6
17.0
2.7
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
392
-
3,573
1,725
1,902
16.5
16.7
12.2
14.6
32.2
26.9
6.7
5.9
20.8
21.9
2.2
2.0
Team Lease Serv.
Neutral
900
-
1,538
2,565
3,229
1.3
1.5
15.2
22.8
59.3
39.5
4.7
4.2
8.0
10.7
0.5
0.4
www.angelbroking.com
Stock Watch
May 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
S H Kelkar & Co.
Neutral
226
-
3,264
928
1,036
15.3
15.1
4.9
6.1
45.7
37.0
4.3
4.0
9.4
10.7
3.4
3.0
Quick Heal
Neutral
265
-
1,855
339
408
27.8
27.3
7.1
7.7
37.5
34.2
3.2
3.2
8.5
9.3
4.4
3.7
Narayana Hrudaya
Neutral
290
-
5,929
1,603
1,873
10.9
11.5
1.0
2.6
304.5
109.7
7.3
6.7
2.4
6.1
3.8
3.3
Manpasand Bever.
Neutral
537
-
2,689
540
836
19.9
19.6
10.2
16.9
52.5
31.8
4.3
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 06, 2016
www.angelbroking.com
Market Outlook
May 09, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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