Market Outlook
May 10, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.8
460
25,689
Indian markets are expected to open on a negative note tracking the SGX Nifty and
Nifty
1.7
133
7,866
weak global cues.
Mid Cap
1.2
137
11,102
US markets ended lackluster with Down Jones marginally declining while Nasdaq
Small Cap
1.2
131
11,030
posted minor gains. Traders remained on sidelines as no major economic data were
to be announced ahead during the day. The ongoing weeks lack any major
Bankex
2.4
453
18,993
economic data and hence participation levels seemed lower.
The European markets ended higher and rebounded from a month’s low level as oil
Global Indices
Chg (%)
(Pts)
(Close)
prices climbed and reading on German factory orders and Eurozone investor
Dow Jones
(0.2)
(35)
17,706
confidence beating estimates. As a result the German Index DAX reported strong
Nasdaq
0.3
14
4,750
gain of 1.12%.
FTSE
(0.2)
(11)
6,115
Indian markets reported strong gain with Sensex rising by 460 points on Monday
Nikkei
0.7
109
16,216
backed by strong global cues as oil prices picked up. Weak job data in the US
Hang Seng
0.2
47
20,157
overnight fuelled the hope that US fed might postpone its rate hike in June. FII
Shanghai Com
(2.8)
-81
2,832
turned positive buyers in the domestic market as risk adverse investors took buying
interest. A delayed rate rise is beneficial for emerging markets like India and this
seems to have changed the sentiment for foreign investor towards India.
Advances / Declines
BSE
NSE
Advances
1,674
1096
News & Result Analysis
Declines
987
464
GMR Divests 30% in energy assets
Resul Review: HUL; MM Forgings
Unchanged
160
86
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
2,467
Key Domestic & Global Indicators
NSE
16,139
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
349
349
12,139
CMP
Target
Upside
Company
Sector
Rating
MFs
15
15
2,611
(`)
(`)
(%)
Amara Raja
Auto & Auto AncillaryAccumulate
941
1,076
14.4
HCL Tech
IT
Buy
723
1,038
43.6
Top Gainers
Price (`)
Chg (%)
LIC Housing
Financials
Buy
462
592
28.0
Muthootfin
215
11.7
Bharat Electronics
Capital Goods
Buy
1,153
1,414
22.7
Amtekauto
35
8.1
Navkar Corporation Others
Buy
177
265
49.7
Relcapital
410
6.8
More Top Picks on Pg5
Frl
150
6.7
Ramcocem
501
5.9
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
May 10 India
Exports YoY%
(5.47)
--
Gppl
157
(3.1)
May 10 India
Imports YoY%
(21.56)
--
May 10 UK
Industrial Production (YoY)
(0.50)
(0.40)
Aloktext
4
(3.1)
May 11 China
Consumer Price Index (%)
2.30
2.30
Justdial
772
(2.2)
6.(
More Events on Pg5
Nestleind
5,524
(1.9)
Sunasian
16
(1.9)
As on May 09, 2016
Market Outlook
May 10, 2016
GMR divest 30% in energy assets
GMR group would disinvest 30% in its 10 energy assets to a Malasyan power utlity
for $300 Mn . The company has approved the investment by Tenaga Nasional
Berhard in GMR Energy Ltd. The Malasyain Giant will the right to invest in other
assets including the Chhattisgarh power plant, Indonesian power assets and others
at any time within the next five years.
The sale proceeds would be used for retiring `2,000-crore debt of GMR Energy.
“This would save the company `250cr in interest cost, annually. The group
currently has consolidated debt of `6,375 cr,” said G B S Raju, chairman, GMR
Energy.
HUL’s 4QFY16 PAT up 7%:
After reporting decline in two previous quarters India’s largest consumer goods
firms HUL came out with a better than expected results with PAT growth of 7% to
`1090 cr. However, the company reported volume growth of 4% compared to 6%
in the same period last year. which was lower than expected. Revenues grew by
3.37% to `7809 cr.
The management has said slowing rural sales has impacted the volume growth.
The lower than expected volume growth was due to slow down in the personal
products segments. On margins front however the company saw improvement due
to lower input cost. However, phasing out of excise duty benefit impacted the
business to some extent during the quarter.
Rural markets accounts for ~35% of HUL’s revenues and the company expects
volumes to grow in 1QFY17. On a segment wise its soaps and detergents
revenues were up 2% to `3752cr and its EBIT margins stood at 14.5% vs 13.3%,
while the personal care products grew by 2.8% to `2312cr and EBIT margins were
at 29.5% vs 27.7%.Beverages revenues grew by 6.1% to `1036cr while packed
food business jumped 11.5% to `532cr.
MM Forgings (CMP: `482/ TP: `558/ Upside: 15.7%)
For 4QFY2016, the company reported numbers that were marginally below our
estimates. The top-line during the quarter de-grew by 1.7% yoy to `124cr. The
same was below our estimate of `129cr. The raw material cost increased by
674bp yoy to 44.2% of sales which can be attributed to current rebound in metal
prices. However, the employee, power and other expenses declined by 54bp yoy,
180bp yoy and 380bp yoy to 10.8%, 8.5% and 16.0% of sales, respectively. As a
result, the EBITDA margin declined marginally by 60bp yoy to 20.5% against our
estimate of 21.0% and EBITDA declined by 4.5% yoy to `26cr. Interest and
depreciation expense remained flat while other income increased by 90.4% yoy to
`1.9cr. Consequently, the net profit declined by 1.3% yoy to `11cr vis-à-vis our
expectation of `12cr.
As the company derives ~70% of its revenues from exports (and ~78% of its
revenue from the automotive segment), we believe that the good performance of
the CV industry in the US (in CY2015) and recovery in the European CV industry
has assisted the company on the volume front while the realizations were down
Market Outlook
May 10, 2016
owing to declining metal prices for most of the year resulting in flattish top-line for
FY2016. As per industry reports, US and Europe CV sales are likely to grow at a
moderate rate (3-4%) over FY2016-18E, while the, the outlook on the Domestic
CV industry remains positive.
The company is estimated to have incurred a capex of ~`90cr for increasing its
capacity to 65,000MT from 46,000MT which should enable the company to cater
to international as well as domestic automotive market.
At current market price, the stock is trading at 9.5x its FY2018E earnings. We have
a Buy rating on the stock with a revised target price of `558 based on a target P/E
of 11.0x for FY2018E.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
542
20.8
51
42.0
16.8
11.5
1.8
5.6
1.2
FY2018E
622
20.7
61
50.7
17.6
9.5
1.6
4.5
0.9
Economic and Political News
Indirect Tax collections rise 41% in April
Wheat ouput for FY15-16 is expected to be up by 7.5 mt to 94.04 mt
No sugar import needed for 24 months; ISMA
Honda’s compacr SUV BR-V secures over 4000 booking
Corporate News
GMR divests 30% in energy assets
Vardaman Textiles Q4FY16 PAT rises two fold to `217.5cr
Ultratech receives approval for hike in foreign portfolio investors limit upto
30% from existing 24%.
ONGC produces 22.37 mn tonnes of crude oil in FY16.
Sun Pharma takes mobile app route to raise disease awareness.
Market Outlook
May 10, 2016
Quarterly Bloomberg Brokers Consensus Estimate
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
Cadila Healthcare Ltd. - May 13, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
2,502
2,247
11.4
2,342
6.8
EBITDA
579
501
15.6
591
(2)
EBITDA margin (%)
23.1
22.3
25.2
Net profit
396
355
11.6
399
(0.8)
Market Outlook
May 10, 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
27,660
1,153
1,414
22.7
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
1,01,969
723
1,038
43.6
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,88,801
1,142
1,262
10.5
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,76,338
1,199
1,374
14.6
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
23,336
462
592
28.0
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
11,500
958
1,089
13.6
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
3,819
425
481
13.3
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
5,865
201
270
34.3
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
2,418
74
93
26.5
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
5,522
169
205
21.4
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,811
441
554
25.5
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,524
177
265
49.7
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,237
93
156
67.8
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,004
1,071
1,354
26.5
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
May 10, 2016
Key Upcoming Events
Result Calendar
Date
Company
May 10, 2016
Automotive Axle, NIIT, Visaka Industries, Radico Khaitan
May 11, 2016
Apollo Tyres, Kotak Mah. Bank, Indian Bank, Oriental Bank, South Ind.Bank, Asian Paints, TVS Srichakra, Quick Heal
May 12, 2016
Vijaya Bank, Bank of Maharashtra, Nestle, ITD Cementation, Dr Reddy's, Glenmark Pharma.
May 13, 2016
Bank of Baroda, Allahabad Bank, Central Bank, UCO Bank, Dena Bank, Indraprasth Gas, Cadila Healthcare
May 14, 2016
Electrosteel Castings, Relaxo
May 16, 2016
JK Tyre, Styrolution
May 17, 2016
Motherson Sumi, Bharat Forge, Syndicate Bank, GlaxoSmith Con
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 10, 2016
India
Imports YoY%
% Change
Apr
(21.56)
--
India
Exports YoY%
% Change
Apr
(5.47)
--
2:00PM UK
Industrial Production (YoY)
% Change
Mar
(0.50)
(0.40)
May 11, 2016 7:00AM China
Consumer Price Index (YoY)
% Change
Apr
2.30
2.30
May 12, 2016 6:00PM US
Initial Jobless claims
Thousands
May 7
274.00
270.00
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q P
0.60
0.60
5:30PM India
Industrial Production YoY
% Change
Mar
2.00
--
May 13, 2016 4:30PM UK
BOE Announces rates
% Ratio
May 12
0.50
0.50
US
Producer Price Index (mom)
% Change
Apr
0.20
--
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
2.10
1.20
May 14, 201611:00AM China
Industrial Production (YoY)
% Change
Apr
6.80
6.60
May 16, 201612:00PM India
Monthly Wholesale Prices YoY%
% Change
Apr
(0.85)
--
May 17, 2016 2:00PM UK
CPI (YoY)
% Change
Apr
0.50
--
Source: Bloomberg, Angel Research
Stock Watch
May 10, 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
2.6
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
3.5
3.2
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
1.6
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
1.4
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
301
330
14,300
11,263
13,122
6.9
8.5
9.2
15.0
32.7
20.1
7.5
5.9
22.7
29.6
1.3
1.1
Amara Raja Batteries
Accumulate
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
0.6
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
2.3
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
1.1
Capital Goods
ACE
Neutral
40
-
395
660
839
4.7
8.2
1.0
3.9
40.0
10.2
1.3
1.1
3.2
11.3
0.7
0.6
BEML
Buy
907
1,157
3,778
3,277
4,006
6.0
8.9
36.2
64.3
25.1
14.1
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Buy
1,153
1,414
27,660
7,737
8,634
16.8
17.2
54.0
61.5
21.3
18.7
3.0
2.7
39.3
45.6
2.7
2.3
Stock Watch
May 10, 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
Accumulate
311
353
10,274
5,363
5,963
8.0
9.1
11.0
13.8
28.2
22.5
4.3
3.8
16.2
17.9
1.9
1.7
BGR Energy
Neutral
115
-
828
3,615
3,181
9.5
9.4
16.7
12.4
6.9
9.3
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
127
-
31,146
33,722
35,272
10.8
11.7
10.5
14.2
12.1
9.0
0.9
0.8
7.0
9.0
1.0
1.0
Blue Star
Accumulate
425
481
3,819
3,548
3,977
6.3
6.9
13.7
17.2
31.0
24.7
7.8
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
60
-
3,742
13,484
14,687
4.9
6.2
4.5
7.1
13.3
8.4
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
138
-
3,371
1,655
1,755
16.6
16.8
7.4
7.8
18.7
17.7
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Accumulate
250
286
5,547
4,406
5,605
15.2
15.7
20.4
24.8
12.3
10.1
2.8
2.1
27.9
25.9
1.5
1.1
KEC International
Neutral
129
-
3,314
8,791
9,716
6.1
6.8
5.4
8.2
23.9
15.7
2.4
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
750
-
8,931
6,413
7,525
7.4
8.5
30.5
39.3
24.6
19.1
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
577
-
3,143
2,722
3,336
7.9
8.1
19.5
24.6
29.6
23.4
3.1
2.8
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,438
-
26,989
13,151
14,757
16.4
18.3
63.9
83.4
22.5
17.2
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
220
-
34,181
11,564
12,556
19.4
20.7
8.9
10.1
24.8
21.8
3.1
2.9
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
98
-
2,222
1,772
1,926
13.3
15.4
1.0
3.0
98.1
32.7
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
91
-
2,788
4,216
4,840
18.0
19.5
4.0
9.9
22.7
9.2
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Accumulate
566
605
3,961
3,661
4,742
10.1
15.8
7.5
28.5
75.5
19.9
2.3
2.0
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
336
-
3,959
2,947
3,616
16.7
19.9
11.5
27.2
29.3
12.4
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
262
-
700
1,053
1,347
10.5
13.3
8.4
26.0
31.2
10.1
1.3
1.2
4.3
12.5
1.0
0.8
Orient Cement
Neutral
148
-
3,030
1,854
2,524
21.2
22.2
7.7
11.1
19.2
13.3
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
501
-
11,917
4,036
4,545
20.8
21.3
15.1
18.8
33.2
26.6
4.1
3.6
12.9
14.3
3.5
3.0
Shree Cement^
Neutral
12,807
-
44,616
7,150
8,742
26.7
28.6
228.0
345.5
56.2
37.1
8.3
6.9
15.7
20.3
6.0
4.8
UltraTech Cement
Neutral
3,165
-
86,856
24,669
29,265
18.2
20.6
82.0
120.0
38.6
26.4
4.2
3.6
11.3
14.7
3.6
3.0
Construction
ITNL
Buy
74
93
2,418
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
Accumulate
525
603
1,476
937
1,470
14.3
14.0
44.2
38.6
11.9
13.6
2.4
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,294
-
120,612
58,870
65,708
8.3
10.3
42.0
53.0
30.8
24.4
2.1
1.9
8.8
11.2
2.3
2.1
Gujarat Pipavav Port
Neutral
157
-
7,612
629
684
51.0
52.2
6.4
5.9
24.6
26.7
3.2
3.0
15.9
12.7
11.8
10.6
MBL Infrastructures
Buy
137
285
570
2,313
2,797
12.2
14.6
19.0
20.0
7.2
6.9
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
78
-
4,345
7,892
8,842
8.8
9.1
3.0
5.3
26.1
14.8
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Neutral
541
-
2,774
1,873
2,288
13.2
13.5
24.0
32.0
22.5
16.9
2.2
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
269
-
1,330
5,955
6,829
10.3
10.5
16.0
31.0
16.8
8.7
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
May 10, 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
595
-
875
1,539
1,801
12.8
12.7
59.0
72.1
10.1
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
262
298
4,492
3,186
3,598
10.2
10.3
8.0
9.0
32.7
29.1
3.0
2.7
9.4
9.9
1.7
1.5
NBCC
Accumulate
958
1,089
11,500
5,816
7,382
6.9
7.7
29.6
39.8
32.4
24.1
5.8
4.6
24.1
26.7
1.7
1.3
MEP Infra
Neutral
41
-
670
1,956
1,876
28.1
30.5
1.3
3.0
31.7
13.7
6.7
4.5
21.2
32.8
1.8
1.7
SIPL
Neutral
99
-
3,469
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.8
11.3
Engineers India
Neutral
174
-
5,864
1,667
1,725
13.5
16.0
9.7
11.4
17.9
15.3
2.1
2.0
11.7
13.4
2.3
2.3
Financials
Allahabad Bank
Neutral
55
-
3,391
8,569
9,392
2.8
2.9
16.3
27.5
3.4
2.0
0.3
0.3
7.6
11.9
-
-
Axis Bank
Neutral
477
-
113,811
26,204
29,738
3.6
3.5
34.5
35.4
13.8
13.5
2.2
1.9
16.8
14.9
-
-
Bank of Baroda
Neutral
155
-
35,761
18,802
21,088
2.0
2.2
(7.4)
13.0
11.9
1.2
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
89
-
7,288
15,972
17,271
1.9
2.0
15.3
33.4
5.8
2.7
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
194
-
10,531
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
30
-
1,967
3,440
3,840
2.1
2.3
7.3
10.0
4.1
2.9
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
201
270
5,865
1,828
2,225
2.9
3.0
24.9
29.7
8.1
6.8
1.2
1.1
15.1
16.1
-
-
Federal Bank
Neutral
49
-
8,461
3,279
3,787
2.8
2.9
3.9
5.5
12.5
8.9
1.0
0.9
8.4
10.8
-
-
HDFC
Neutral
1,204
-
190,213
10,358
11,852
3.3
3.3
41.1
47.0
29.3
25.6
5.6
5.1
24.7
24.9
-
-
HDFC Bank
Accumulate
1,142
1,262
288,801
38,606
47,696
4.4
4.5
48.8
61.4
23.4
18.6
4.0
3.5
18.7
20.0
-
-
ICICI Bank
Accumulate
225
243
131,016
34,279
39,262
3.3
3.3
21.0
24.4
10.7
9.2
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
69
-
14,257
9,625
10,455
1.8
1.8
8.5
14.2
8.1
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
93
-
4,443
6,160
6,858
2.5
2.5
24.5
29.8
3.8
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
462
592
23,336
3,179
3,758
2.6
2.6
32.9
40.6
14.1
11.4
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
88
-
2,814
7,643
8,373
2.4
2.4
37.2
45.4
2.4
1.9
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
83
-
16,239
23,122
26,022
2.8
2.8
7.0
21.6
11.8
3.8
0.6
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
18
-
2,437
1,965
2,185
2.5
2.5
2.5
3.3
7.2
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
189
-
146,445
79,958
86,061
2.6
2.6
13.4
20.7
14.1
9.1
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
122
-
8,387
12,646
14,129
2.3
2.4
31.0
39.1
3.9
3.1
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,938
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
946
-
39,799
7,190
9,011
3.2
3.3
58.2
69.7
16.2
13.6
2.9
2.5
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
906
-
86,918
16,553
19,160
16.0
16.2
17.7
21.5
51.3
42.2
13.6
12.3
29.4
31.2
5.1
4.4
Britannia
Neutral
2,813
-
33,755
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
Stock Watch
May 10, 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
848
-
23,064
4,136
4,632
22.5
23.3
22.2
25.3
38.2
33.5
23.2
20.7
68.6
67.5
5.4
4.9
Dabur India
Neutral
288
-
50,593
9,370
10,265
17.6
17.3
7.3
8.1
39.2
35.5
10.2
9.3
31.7
30.6
5.2
4.8
GlaxoSmith Con*
Neutral
5,866
-
24,670
4,519
5,142
19.6
19.8
164.3
191.2
35.7
30.7
9.9
8.4
30.8
29.9
4.9
4.3
Godrej Consumer
Neutral
1,348
-
45,909
9,003
10,335
18.1
18.7
34.1
41.8
39.5
32.3
8.5
7.3
23.9
24.8
5.3
4.6
HUL
Neutral
846
-
183,091
33,299
35,497
17.1
17.1
18.9
20.0
44.8
42.3
22.7
26.0
87.6
80.8
5.3
5.0
ITC
Accumulate
325
359
261,333
36,804
38,776
37.9
37.9
12.2
12.9
26.6
25.2
7.4
6.5
27.7
25.8
6.7
6.3
Marico
Neutral
248
-
31,958
6,151
6,966
17.2
17.3
5.4
6.4
45.9
38.7
14.4
11.4
33.2
32.4
5.1
4.5
Nestle*
Neutral
5,524
-
53,257
9,393
10,507
22.2
22.3
106.8
121.8
51.7
45.4
18.2
16.3
34.8
36.7
5.5
4.9
Tata Global
Buy
119
137
7,495
8,635
9,072
9.8
9.9
5.8
7.2
20.5
16.5
1.8
1.7
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,280
7,369
20,385
2,588
2,939
23.3
23.2
130.2
146.2
48.2
43.0
96.2
92.2
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
723
1,038
101,969
42,038
47,503
21.2
21.5
51.5
57.7
14.0
12.5
3.0
2.4
21.5
18.8
2.0
1.6
Infosys
Accumulate
1,199
1,374
276,338
62,441
70,558
27.5
27.5
59.0
65.3
20.3
18.4
4.1
3.7
22.2
22.4
3.9
3.3
TCS
Buy
2,515
3,004
495,632
108,646
122,770
28.3
28.3
123.7
141.0
20.3
17.8
6.7
6.2
33.1
34.6
4.1
3.6
Tech Mahindra
Accumulate
478
530
46,409
26,524
29,177
16.2
17.0
28.8
33.6
16.6
14.2
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
539
680
133,147
50,808
56,189
23.7
23.8
37.3
40.7
14.5
13.2
2.8
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Accumulate
329
356
6,036
2,025
2,187
27.4
27.4
17.4
18.9
18.9
17.4
4.3
3.9
22.9
23.7
3.0
2.7
HT Media
Neutral
88
-
2,047
2,495
2,673
12.9
13.2
6.8
7.2
12.9
12.2
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
169
205
5,522
2,170
2,355
27.2
26.2
8.9
9.9
19.0
17.1
4.0
3.5
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
364
-
14,362
2,510
2,763
71.8
71.5
21.9
24.8
16.6
14.7
3.9
3.6
22.8
24.3
5.2
4.7
Hindustan Media
Neutral
266
-
1,953
914
1,016
21.7
21.5
21.9
23.3
12.2
11.4
2.2
1.9
18.0
16.2
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
285
380
180,237
76,167
84,130
19.9
22.3
22.4
25.8
12.7
11.1
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
170
-
71,661
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
2.4
Hindalco
Neutral
92
-
18,926
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
1,327
-
32,074
42,308
45,147
16.4
20.7
(10.3)
49.5
26.8
1.5
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
94
-
37,328
8,237
10,893
46.6
44.5
10.0
11.7
9.5
8.1
1.1
0.9
12.5
13.0
4.3
3.3
SAIL
Neutral
43
-
17,718
45,915
53,954
7.2
10.5
1.5
4.4
28.5
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
104
-
30,744
71,445
81,910
26.2
26.3
12.9
19.2
8.1
5.4
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
329
-
31,958
126,760
137,307
8.9
11.3
6.4
23.1
51.7
14.3
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
139
-
26,042
11,323
12,490
49.4
51.0
20.7
20.7
6.7
6.7
0.4
0.4
6.4
6.1
1.4
0.7
Stock Watch
May 10, 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
386
-
48,932
64,856
70,933
9.1
9.6
24.0
28.9
16.1
13.4
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
212
-
181,034
154,564
145,998
36.8
37.4
20.8
22.6
10.2
9.4
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
279
-
20,906
29,691
31,188
5.8
6.2
12.8
13.4
21.8
20.8
3.3
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
419
455
101,828
359,607
402,760
5.9
6.1
42.5
48.7
9.9
8.6
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
983
1,150
318,513
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
589
-
11,101
3,274
3,802
26.9
19.4
35.0
28.7
16.8
20.5
7.5
5.6
55.6
31.2
3.4
2.8
Aurobindo Pharma
Neutral
816
-
47,750
14,923
17,162
22.0
23.0
35.7
42.8
22.9
19.1
6.7
5.1
34.0
30.2
3.6
3.1
Aventis*
Accumulate
4,372
4,738
10,069
2,049
2,375
15.4
17.3
115.4
153.5
37.9
28.5
6.2
4.8
19.3
25.8
4.7
3.9
Cadila Healthcare
Accumulate
321
352
32,847
10,224
11,840
21.0
22.0
14.6
17.6
22.0
18.2
6.0
4.7
30.8
29.0
3.3
2.7
Cipla
Accumulate
537
605
43,110
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
2,842
3,933
48,467
16,838
19,575
25.0
23.1
167.5
178.8
17.0
15.9
3.6
3.0
23.1
20.4
2.8
2.4
Dishman Pharma
Neutral
154
-
2,490
1,733
1,906
21.5
21.5
10.1
10.0
15.3
15.4
1.8
1.6
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,578
-
30,303
2,870
3,158
20.0
22.1
59.5
68.3
60.1
52.4
17.7
18.2
28.5
34.3
10.1
9.2
Indoco Remedies
Neutral
265
-
2,438
1,033
1,199
15.9
18.2
9.4
13.6
28.2
19.5
4.2
3.6
15.7
19.7
2.4
2.1
Ipca labs
Buy
476
750
6,001
3,363
3,909
12.9
18.6
13.4
28.0
35.5
17.0
2.5
2.2
7.4
14.0
2.1
1.8
Lupin
Neutral
1,605
-
72,321
13,092
16,561
25.0
27.0
50.4
68.3
31.8
23.5
6.6
5.2
22.8
24.7
5.2
4.0
Sun Pharma
Buy
805
950
193,677
28,163
32,610
25.8
30.7
17.4
26.9
46.3
29.9
4.4
3.8
13.0
16.6
6.3
5.3
Power
Tata Power
Neutral
73
-
19,866
35,923
37,402
22.6
22.8
4.1
5.2
18.1
14.3
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
143
-
118,034
87,271
99,297
23.5
23.5
11.8
13.3
12.2
10.8
1.4
1.3
11.5
12.2
2.4
2.1
Power Grid
Buy
143
170
75,047
20,702
23,361
86.7
86.4
12.1
13.2
11.9
10.9
1.7
1.6
15.6
15.1
8.6
7.9
Real Estate
MLIFE
Buy
441
554
1,811
826
1,133
20.1
21.8
22.6
30.7
19.5
14.4
1.2
1.1
6.0
7.4
4.1
2.8
Telecom
Bharti Airtel
Neutral
367
-
146,545
101,748
109,191
32.1
31.7
12.0
12.5
30.6
29.3
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
114
-
40,956
34,282
36,941
32.0
31.5
5.9
6.2
19.3
18.4
1.8
1.6
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,674
-
9,933
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
235
-
2,368
4,719
5,287
5.2
5.8
8.6
12.7
27.4
18.5
3.1
2.8
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
280
-
4,275
2,520
2,883
12.2
12.0
12.7
14.2
22.1
19.7
3.0
2.7
13.6
13.5
1.4
1.2
Goodyear India*
Buy
503
582
1,160
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.5
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,371
-
3,729
1,779
2,081
7.8
8.8
21.8
33.4
62.9
41.0
10.2
8.2
17.4
22.1
2.2
1.8
Jyothy Laboratories
Neutral
305
-
5,529
1,620
1,847
11.5
11.5
7.3
8.5
41.9
36.0
5.4
5.0
13.3
14.4
3.3
2.8
Stock Watch
May 10, 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
33,677
45,575
14,283
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.1
8.9
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,066
-
14,574
1,929
2,450
19.8
20.1
229.9
299.0
56.8
43.7
25.1
17.4
52.1
47.1
7.6
6.0
Relaxo Footwears
Neutral
513
-
6,156
1,767
2,152
12.3
12.5
19.3
25.1
26.6
20.5
6.5
5.0
27.7
27.8
3.5
2.9
Siyaram Silk Mills
Buy
1,071
1,354
1,004
1,636
1,815
11.5
11.5
89.9
104.1
11.9
10.3
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
2,376
3,217
1,819
2,035
2,252
15.9
15.3
248.6
268.1
9.6
8.9
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
310
-
2,239
2,123
2,384
16.1
16.5
15.0
18.9
20.6
16.4
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
238
-
3,435
2,403
2,554
8.6
9.9
9.2
10.5
25.9
22.6
2.5
2.4
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
480
614
580
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
131
-
935
1,208
1,353
11.0
12.3
10.8
14.5
12.1
9.0
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
149
-
91
1,040
1,137
3.2
3.1
25.7
28.0
5.8
5.3
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,229
-
1,834
1,871
2,031
10.7
10.5
63.2
69.8
19.5
17.6
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
119
143
189
1,020
1,120
8.7
9.1
13.9
20.1
8.5
5.9
0.6
0.5
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
260
-
1,980
2,830
3,350
8.8
9.0
14.4
18.3
18.1
14.2
2.8
2.4
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
64
-
702
1,359
1,482
10.3
13.7
0.8
3.9
80.3
16.6
1.3
1.3
1.6
7.8
0.9
0.8
Surya Roshni
Buy
149
201
653
2,992
3,223
8.1
8.4
14.7
18.3
10.1
8.1
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
178
-
710
286
366
18.3
17.7
7.7
9.4
23.1
19.0
4.9
4.3
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
93
156
1,237
1,517
1,635
12.7
13.4
5.8
7.1
16.0
13.1
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
335
473
733
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
382
-
2,158
206
308
44.0
43.6
9.0
12.9
42.4
29.6
5.8
5.3
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Neutral
194
-
286
340
371
8.3
8.9
10.8
13.2
17.9
14.7
2.9
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
156
-
626
222
287
20.5
20.5
5.6
7.6
27.7
20.7
5.2
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,077
-
38,827
17,022
21,122
20.7
14.5
63.9
53.7
16.9
20.1
25.3
20.7
149.9
103.2
2.3
1.9
Coffee Day Enterprises
Neutral
261
-
5,366
2,692
2,964
17.0
18.6
-
4.7
-
55.0
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
87
-
2,069
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
177
265
2,524
365
436
38.3
37.5
5.6
5.9
31.4
30.1
2.0
1.9
6.3
6.1
7.7
6.7
UFO Moviez
Neutral
522
-
1,435
558
619
32.0
33.2
22.5
30.0
23.2
17.4
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
390
-
3,560
1,725
1,902
16.5
16.7
12.2
14.6
32.1
26.8
6.7
5.9
20.8
21.9
2.2
2.0
Team Lease Serv.
Neutral
910
-
1,556
2,565
3,229
1.3
1.5
15.2
22.8
60.0
40.0
4.8
4.3
8.0
10.7
0.5
0.4
Stock Watch
May 10, 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
228
-
3,298
928
1,036
15.3
15.1
4.9
6.1
46.2
37.4
4.3
4.0
9.4
10.7
3.5
3.1
Quick Heal
Neutral
274
-
1,917
339
408
27.8
27.3
7.1
7.7
38.7
35.4
3.3
3.3
8.5
9.3
4.6
3.8
Narayana Hrudaya
Neutral
295
-
6,029
1,603
1,873
10.9
11.5
1.0
2.6
309.7
111.5
7.5
6.8
2.4
6.1
3.9
3.3
Manpasand Bever.
Neutral
532
-
2,665
540
836
19.9
19.6
10.2
16.9
52.0
31.5
4.2
3.8
8.1
12.0
4.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 09, 2016
Market Outlook
May 10, 2016
Research Team Tel: 022 - 39357800
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