Market Outlook
July 12, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open positive tracking SGX Nifty & strong global
BSE Sensex
1.8
500
27,627
markets.
Nifty
1.7
145
8,468
After strong gain on Friday, the US markets further advanced ahead of the result
Mid Cap
1.5
177
12,057
season. The better than expected job data gave a renewed confidence to investors
Small Cap
0.8
95
12,071
and who feel that the BREXIT concern was overblown and its earnings what needs to
Bankex
2.1
427
21,061
watch out for now.
The European markets closed further high on expectations of renewed stimulus by
Global Indices
Chg (%)
(Pts)
(Close)
the central bank.
Dow Jones
0.4
80
18,227
Indian markets opened gap up on Monday after Friday’s bullish market in the US
Nasdaq
0.6
32
4,988
where the Dow Jones and Nasdaq gained strongly after better than expected job
FTSE
1.4
92
6,683
data. There was broad based buying across banks, auto and selected infrastructure
Nikkei
4.0
602
15,709
companies. Index heavy weight HDFC twin also remained active during the day’s
Hang Seng
1.5
316
20,881
trade. The result season has started with a great note with IndusInd Bank reporting
Shanghai Com
0.2
7
2,995
strong set of results.
News Analysis
Advances / Declines
BSE
NSE
IndusInd Bank’s PAT up 26% YoY.
Advances
1,752
1,094
Detailed analysis on Pg2
Declines
1,041
540
Investor’s Ready Reckoner
Unchanged
168
64
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
3,287
NSE
17,709
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Amara Raja
Auto/Auto Ancillary
Buy
851
1,076
26.5
FII
635
382
19,926
HCL Tech
IT
Buy
717
1,000
39.5
MFs
(286)
(92)
9,252
LIC Housing
Financials
Accumulate
524
592
13.0
Bharat Electronics
Capital Goods
Accumulate
1,258
1,414
12.4
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
215
265
23.5
More Top Picks on Pg4
Amtekauto
44
15.6
Cox&Kings
188
10.5
Key Upcoming Events
Previous
Consensus
Pnb
127
8.2
Date
Region
Event Description
Reading
Expectations
Bergepaint
321
8.1
July 12 India
Industrial Production YoY
(0.8)
(0.4)
Albk
83
6.2
July 13 India
Imports YoY%
(13.2)
--
July 13 China
Exports YoY%
(4.1)
(5.0)
Top Losers
Price (`)
Chg (%)
July 13 India
Exports YoY%
(0.8)
--
6.(
Feldvr
19
(3.8)
More Events on Pg5
Jpassociat
11
(3.5)
Jpinfratec
10
(3.3)
Rtnpower
11
(3.2)
Naukri
826
(2.5)
As on July 11, 2016
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Market Outlook
July 12, 2016
IndusInd Bank PAT up 26% YoY;
IndusInd Bank reported 26% yoy growth in PAT in 1QFY17 to `661cr. Strong
growth in advances led to a 38% YoY growth Net Interest Income to `1,356cr from
`981cr. Other income also posted a strong growth of 28% YoY to `973cr, this
together with the strong NII led to a 34% growth in Pre Provisioning Profit to
`1,239cr.
Loan book showed another quarter of strong and robust growth 30% YoY to
`93,678cr, while deposit grew by even healthier 31% YoY to `101,768cr. The high
yielding consumer finance segment picked up growth up 29% YoY and also
helped in NIM improvement of 3.97% compared to 3.68% YoY
Though asset quality marginally weakened with GNPAs going upto 0.94% vs
0.87% QoQ, while NNPAs went upto 0.38% from 0.36% QoQ. In absolute terms
the GNPAs and NNPAs went up by 10% each. The asset quality on a comparative
basis remains healthy vis a vis similar size banks. Gems & Jewellly portfolio was a
concern for the bank but the management has maintained it very well and there
no issue in handling them says the management.Overalll there is no red flag as
far as the asset quality is concerned for the bank.
At the current market price the stock trades at 3.7x its book value of `302.
IndusInd has been on a strong growth since many years and likely to continue the
momentum with higher than industry growth rates. Also a balanced mix of
corporate and retail loans makes it an ideal candidate for capturing the benefit
macro economic revival. We don’t have a rating on the stock. However, believe it
will continue to attract premium valuations in the quarters to come.
Economic and Political News
SIAM expects FY17 passenger vehicle sales growth to be better than 6.-7%.
Retro tax settlement window to shut on 31st Dec,2016.
After textiles NITI ayog to take up reforms in other job intensive sectors.
3 wheeler exports drop after 10 years.
Corporate News
Ashok Leyland bags order for 3600 buses.
Quess Corp Ltd. will make stock market debut today
Coal India decided on buying back 1.72% of its shares at total cost of
`3,650cr
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Market Outlook
July 12, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - July 14, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
29,284
25,668
14.1
28,449
2.9
EBITDA
7,723
7,202
7.2
7,887
(2.1)
EBITDA margin (%)
26.4
28.1
27.7
Net profit
6,056
5,684
6.5
6,413
(5.6)
LIC Housing Finance Ltd - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
PAT
460
382
20.3
448
2.6
Reliance Industries Ltd - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
57,274
65,817
(13.0)
49,957
14.6
EBITDA
9,273
9,307
(0.4)
10,727
(13.6)
EBITDA margin (%)
16.2
14.1
21.5
Net profit
6,409
6,318
1.4
7,320
(12.4)
Infosys Ltd Consol - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
17,030
14,354
18.6
16,550
2.9
EBITDA
4,450
3,760
18.3
4,639
(4.1)
EBITDA margin (%)
26.1
26.2
28.0
Net profit
3,424
3,030
13.0
3,597
(4.8)
Exide Industries Ltd - July 18, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,952
1,795
8.7
1,756
11.1
EBITDA
302
266
13.6
267
13.0
EBITDA margin (%)
15.5
14.8
15.2
Net profit
183
155
18.2
178
3.3
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Market Outlook
July 12, 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
14,532
851
1,076
26.5
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
30,193
1,258
1,414
12.4
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,01,144
717
1,000
39.5
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
3,03,379
1,198
1,262
5.3
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% to
Infosys
2,69,857
1,175
1,374
17.0
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
26,422
524
592
13.0
improvement in asset quality. Expect LICHF to 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
13,776
230
242
5.4
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,501
317
407
28.2
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,479
245
268
9.2
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
4,055
451
495
9.8
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,335
217
270
24.4
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
6,134
183
235
28.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Expectations of above average monsoon augurs well for
Goodyear India
1,215
527
631
19.8
Goodyear India as it derives ~50% of its turnover from farm
tyre segment.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,796
85
93
9.4
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
6,045
185
205
10.9
circulation revenue growth. Further, the acquisition of a radio business
(Radio City) would also boost the company's revenue growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,936
472
554
17.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,060
215
265
23.5
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,261
95
125
31.9
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,009
1,076
1,347
25.2
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
July 12, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 12, 2016
5:30 PM
India
Industrial Production YoY
% Change
May
-0.80
(0.40)
Jul 13, 2016
India
Imports YoY%
% Change
Jun
-13.20
China Exports YoY%
% Change
Jun
-4.10
(5.00)
India
Exports YoY%
% Change
Jun
-0.80
Jul 14, 2016
6:00 PM
US
Initial Jobless claims
Thousands
Jul 9
254.00
265.00
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
0.79
1.30
4:30 PM
UK BOE Announces rates
% Ratio
Jul 14
0.50
0.25
US
Producer Price Index (mom)
% Change
Jun
0.50
July 15, 2016
2:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Jun F
0.10
0.10
6:00 PM
US
Consumer price index (mom)
% Change
Jun
0.20
0.30
6:45 PM
US
Industrial Production
%
Jun
-0.42
0.20
7:30 AM
China Industrial Production (YoY)
% Change
Jun
6.00
5.90
7:30 AM
China Real GDP (YoY)
% Change
2Q
6.70
6.60
Jul 19, 2016
6:00 PM
US
Housing Starts
Thousands
Jun
1,164.00
1,167.00
6:00 PM
US
Building permits
Thousands
Jun
1,136.00
1,150.00
2:00 PM
UK CPI (YoY)
% Change
Jun
0.30
Jul 20, 2016
2:00 PM
UK Jobless claims change
% Change
Jun
(0.40)
7:30 PM
US
Existing home sales
Million
Jun
5.53
5.45
Jul 21, 2016
7:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Jul A
(7.30)
Source: Bloomberg, Angel Research
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Market Outlook
July 12, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(1.6)
(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
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.6
5.7
5.8
5.4
5.4
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
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
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
July 12, 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
4.2
4.0
3.2
2.1
2.0
2.0
1.3
1.3
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(0.2)
(5.4)
(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
July 12, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
53,960
2.9
9.5
0.1
Russia
Micex
1,913
(2.0)
2.8
18.5
India
Nifty
8,468
2.4
11.2
(0.2)
China
Shanghai Composite
2,995
2.9
0.9
(23.0)
South Africa
Top 40
45,683
(4.3)
1.5
(0.4)
Mexico
Mexbol
46,178
1.1
2.4
2.6
Indonesia
LQ45
872
5.9
4.3
4.6
Malaysia
KLCI
1,654
0.3
(3.7)
(4.3)
Thailand
SET 50
926
0.3
1.9
(6.4)
USA
Dow Jones
18,227
1.2
3.7
1.4
UK
FTSE
6,683
7.2
7.7
(1.0)
Japan
Nikkei
15,709
(5.8)
(0.0)
(22.7)
Germany
DAX
9,833
(2.5)
1.6
(14.8)
France
CAC
4,265
(3.2)
(1.9)
(17.1)
Source: Bloomberg, Angel Research
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Stock Watch
July 12, 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
209
-
4,061
1,612
1,911
13.3
13.3
7.4
9.5
28.2
22.0
4.5
4.0
16.7
18.4
2.6
2.2
United Phosphorus
Buy
547
684
23,440
13,083
15,176
18.5
18.5
31.5
37.4
17.4
14.6
3.5
2.9
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
93
111
26,566
17,995
21,544
11.4
11.6
3.4
4.7
27.5
19.9
4.8
4.4
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,649
-
76,659
22,709
25,860
20.9
20.1
129.0
143.6
20.5
18.5
6.3
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Accumulate
745
875
17,333
7,351
8,318
19.9
19.7
31.2
36.5
23.9
20.4
4.3
3.6
19.3
19.2
2.6
2.2
Eicher Motors
Neutral
19,500
-
52,964
15,556
16,747
15.5
17.3
464.8
597.5
42.0
32.6
15.3
11.3
36.2
34.3
3.3
3.0
Gabriel India
Accumulate
97
101
1,399
1,415
1,544
8.7
9.0
4.6
5.4
21.2
18.0
3.8
3.4
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,237
-
64,630
28,244
30,532
15.5
15.9
156.7
168.5
20.7
19.2
8.2
7.0
39.9
36.4
2.0
1.9
Jamna Auto Industries Neutral
172
-
1,372
1,281
1,473
11.2
11.5
7.6
9.2
22.6
18.7
5.7
4.7
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
503
-
790
1,254
1,394
11.6
11.8
35.9
41.7
14.0
12.1
1.9
1.7
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,472
-
91,419
38,416
42,904
13.7
13.9
54.8
63.4
26.9
23.2
4.1
3.7
15.4
15.8
2.0
1.7
Maruti
Neutral
4,273
-
129,079
57,865
68,104
16.4
16.7
176.3
225.5
24.2
19.0
4.7
4.0
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,171
-
1,858
2,523
2,890
8.7
9.0
55.0
65.4
21.3
17.9
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
280
313
36,991
39,343
45,100
8.8
9.1
10.1
12.5
27.7
22.4
8.8
6.9
35.3
34.4
1.0
0.9
Rane Brake Lining
Accumulate
412
465
326
454
511
11.5
12.0
25.2
31.0
16.3
13.3
2.4
2.2
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
50
-
664
594
741
12.7
13.7
1.7
3.2
29.2
15.5
3.1
2.7
10.4
16.9
1.6
1.3
Tata Motors
Neutral
485
-
139,885
259,686
273,957
13.0
13.4
25.9
29.5
18.7
16.4
2.5
2.1
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
299
330
14,203
11,263
13,122
6.9
8.5
9.2
15.0
32.5
19.9
7.4
5.9
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
851
1,076
14,532
4,690
5,429
17.5
17.5
28.5
35.3
29.9
24.1
6.9
5.7
23.1
25.9
3.1
2.7
Exide Industries
Neutral
173
-
14,684
6,950
7,784
14.4
14.8
6.6
7.3
26.2
23.7
3.3
3.0
12.6
12.8
1.8
1.6
Apollo Tyres
Buy
153
183
7,786
12,056
12,714
17.2
16.4
23.0
20.3
6.7
7.5
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
856
1,119
3,463
6,041
6,597
14.1
13.7
99.5
111.9
8.6
7.7
1.7
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
92
-
2,086
7,446
7,669
15.2
14.0
19.6
18.4
4.7
5.0
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,149
-
1,427
552
630
14.2
14.7
44.6
54.1
25.8
21.2
6.0
5.5
23.2
25.6
2.7
2.3
Subros
Neutral
96
-
574
1,293
1,527
11.8
11.9
4.2
6.7
22.8
14.3
1.7
1.6
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
189
-
496
283
329
17.0
17.2
13.0
15.4
14.6
12.3
3.2
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
46
-
454
660
839
4.7
8.2
1.0
3.9
45.9
11.8
1.4
1.3
3.2
11.3
0.8
0.7
BEML
Buy
893
1,157
3,719
3,277
4,006
6.0
8.9
36.2
64.3
24.7
13.9
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Accumulate
1,258
1,414
30,193
7,295
8,137
20.0
16.8
56.5
58.7
22.3
21.4
3.3
3.0
42.1
44.6
3.4
2.9
www.angelbroking.com
Stock Watch
July 12, 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
317
407
10,501
5,857
6,511
7.5
7.9
11.7
12.9
27.1
24.6
4.4
3.9
17.1
16.7
1.9
1.7
BGR Energy
Neutral
125
-
905
3,615
3,181
9.5
9.4
16.7
12.4
7.5
10.1
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
139
-
34,083
33,722
35,272
10.8
11.7
10.5
14.2
13.3
9.8
1.0
0.9
7.0
9.0
1.1
1.0
Blue Star
Accumulate
451
495
4,055
3,770
4,351
5.7
6.4
11.4
17.2
39.5
26.3
6.1
5.7
18.4
23.1
1.1
0.9
Crompton Greaves
Neutral
73
-
4,585
13,484
14,687
4.9
6.2
4.5
7.1
16.3
10.3
1.2
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
138
-
3,375
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
Buy
238
286
5,287
4,406
5,605
15.5
15.7
20.4
24.8
11.7
9.6
2.7
2.0
27.9
25.9
1.4
1.1
KEC International
Neutral
144
-
3,709
8,791
9,716
6.1
6.8
5.4
8.2
26.7
17.6
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
901
-
10,740
6,413
7,525
7.4
8.5
30.5
39.3
29.6
22.9
4.6
4.0
15.0
17.0
1.6
1.3
VATech Wabag
Accumulate
593
681
3,232
2,722
3,336
7.9
8.1
19.5
24.6
30.4
24.1
3.2
2.8
11.1
12.4
1.3
1.0
Cement
ACC
Neutral
1,613
-
30,293
13,151
14,757
16.4
18.3
63.9
83.4
25.2
19.3
3.3
3.0
13.3
16.1
2.1
1.8
Ambuja Cements
Neutral
260
-
40,380
11,564
12,556
19.4
20.7
8.9
10.1
29.2
25.8
3.7
3.5
12.8
13.8
3.0
2.8
HeidelbergCement
Neutral
115
-
2,605
1,772
1,926
13.3
15.4
1.0
3.0
115.0
38.3
2.9
2.7
2.6
7.9
2.1
1.8
India Cements
Neutral
118
-
3,639
4,216
4,840
18.0
19.5
4.0
9.9
29.6
12.0
1.2
1.1
4.0
9.5
1.2
1.0
JK Cement
Neutral
724
-
5,061
3,661
4,742
10.1
15.8
7.5
28.5
96.5
25.4
2.9
2.6
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
404
-
4,753
2,947
3,616
16.7
19.9
11.5
27.2
35.1
14.9
3.3
2.9
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
309
-
826
1,053
1,347
10.5
13.3
8.4
26.0
36.8
11.9
1.6
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
175
-
3,593
1,854
2,524
21.2
22.2
7.7
11.1
22.8
15.8
3.3
2.8
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
592
-
14,100
4,036
4,545
20.8
21.3
15.1
18.8
39.2
31.5
4.8
4.3
12.9
14.3
3.9
3.4
Shree Cement^
Neutral
15,996
-
55,727
7,150
8,742
26.7
28.6
228.0
345.5
70.2
46.3
10.3
8.7
15.7
20.3
7.0
5.6
UltraTech Cement
Neutral
3,454
-
94,787
24,669
29,265
18.2
20.6
82.0
120.0
42.1
28.8
4.5
4.0
11.3
14.7
3.8
3.2
Construction
ITNL
Accumulate
85
93
2,796
7,360
8,682
34.0
32.2
7.0
8.6
12.1
9.9
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Accumulate
565
603
1,588
937
1,470
14.3
14.0
44.2
38.6
12.8
14.6
2.6
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,559
1,700
145,333
58,870
65,708
8.3
10.3
42.0
53.0
37.1
29.4
2.6
2.3
8.8
11.2
2.7
2.4
Gujarat Pipavav Port
Neutral
177
-
8,576
629
684
51.0
52.2
6.4
5.9
27.7
30.1
3.7
3.4
15.9
12.7
12.4
11.2
MBL Infrastructures
Buy
145
285
600
2,313
2,797
12.2
14.6
19.0
20.0
7.6
7.2
0.8
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
76
-
4,236
7,892
8,842
8.8
9.1
3.0
5.3
25.4
14.4
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
572
647
2,934
1,873
2,288
13.2
13.5
24.0
32.0
23.8
17.9
2.3
2.1
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
308
-
1,526
5,955
6,829
10.3
10.5
16.0
31.0
19.3
10.0
1.0
0.9
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
July 12, 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
559
-
822
1,539
1,801
12.8
12.7
59.0
72.1
9.5
7.8
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
292
-
5,009
3,186
3,598
10.2
10.3
8.0
9.0
36.5
32.4
3.4
3.0
9.4
9.9
1.9
1.7
NBCC
Accumulate
230
220
13,776
5,838
7,428
6.0
7.9
5.2
8.2
44.2
28.0
1.4
1.1
21.9
28.2
1.8
1.3
MEP Infra
Neutral
47
-
758
1,956
1,876
28.1
30.5
1.3
3.0
35.9
15.5
7.5
5.1
21.2
32.8
1.8
1.8
SIPL
Neutral
103
-
3,637
675
1,042
62.4
64.7
-
-
3.9
4.4
-
-
16.9
11.4
Engineers India
Neutral
208
-
7,000
1,667
1,725
13.5
16.0
9.7
11.4
21.4
18.2
2.5
2.4
11.7
13.4
3.0
3.0
Financials
Allahabad Bank
Neutral
83
-
5,969
8,569
9,392
2.8
2.9
16.3
27.5
5.1
3.0
0.5
0.4
7.6
11.9
-
-
Axis Bank
Neutral
544
-
129,923
26,204
29,738
3.6
3.5
34.5
35.4
15.8
15.4
2.5
2.2
16.8
14.9
-
-
Bank of Baroda
Neutral
162
-
37,373
18,802
21,088
2.0
2.2
(7.4)
13.0
12.5
1.3
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
114
-
10,620
15,972
17,271
1.9
2.0
15.3
33.4
7.4
3.4
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
237
-
12,842
15,441
16,945
2.0
2.1
46.6
70.4
5.1
3.4
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
42
-
2,824
3,440
3,840
2.1
2.3
7.3
10.0
5.8
4.2
0.4
0.4
6.1
7.9
-
-
Dewan Housing Finance Buy
217
270
6,335
1,828
2,225
2.9
3.0
24.9
29.7
8.7
7.3
1.3
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
183
235
6,134
679
1,076
12.4
11.7
6.2
6.7
29.5
27.3
3.7
2.7
13.3
12.5
-
-
Federal Bank
Neutral
61
-
10,558
3,279
3,787
2.8
2.9
3.9
5.5
15.6
11.1
1.3
1.2
8.4
10.8
-
-
HDFC
Neutral
1,313
-
207,581
10,358
11,852
3.3
3.3
41.1
47.0
32.0
27.9
6.1
5.5
24.7
24.9
-
-
HDFC Bank
Accumulate
1,198
1,262
303,379
38,606
47,696
4.4
4.5
48.8
61.4
24.6
19.5
4.2
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
250
-
145,336
34,279
39,262
3.3
3.3
21.0
24.4
11.9
10.3
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
76
-
15,688
9,625
10,455
1.8
1.8
8.5
14.2
8.9
5.4
0.6
0.5
5.9
9.3
-
-
Indian Bank
Neutral
152
-
7,320
6,160
6,858
2.5
2.5
24.5
29.8
6.2
5.1
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
524
592
26,422
3,179
3,758
2.6
2.6
32.9
40.6
15.9
12.9
2.9
2.5
19.6
20.7
-
-
Oriental Bank
Neutral
126
-
4,358
7,643
8,373
2.4
2.4
37.2
45.4
3.4
2.8
0.3
0.3
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
127
-
24,987
23,122
26,022
2.8
2.8
7.0
21.6
18.2
5.9
0.9
0.8
3.4
10.0
-
-
South Ind.Bank
Neutral
23
-
3,085
1,965
2,185
2.5
2.5
2.5
3.3
9.2
6.9
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
225
-
174,352
79,958
86,061
2.6
2.6
13.4
20.7
16.8
10.9
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
135
-
9,287
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
43
-
4,255
3,536
3,827
1.9
1.9
5.5
6.7
7.7
6.4
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,143
-
48,107
7,190
9,011
3.2
3.3
58.2
69.7
19.6
16.4
3.5
3.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,027
-
98,514
15,534
17,445
17.7
16.8
18.4
19.6
55.9
52.4
19.8
18.6
34.6
35.6
5.9
5.3
www.angelbroking.com
Stock Watch
July 12, 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
Britannia
Neutral
2,862
-
34,340
8,481
9,795
14.0
14.1
65.5
78.3
43.7
36.6
20.7
17.0
38.3
41.2
3.9
3.4
Colgate
Neutral
944
-
25,662
4,136
4,632
22.5
23.3
22.2
25.3
42.5
37.3
25.9
23.0
68.6
67.5
6.0
5.4
Dabur India
Neutral
315
-
55,387
9,370
10,265
17.6
17.3
7.3
8.1
42.9
38.9
11.1
10.2
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Neutral
6,075
-
25,550
4,519
5,142
19.6
19.8
164.3
191.2
37.0
31.8
10.2
8.7
30.8
29.9
5.1
4.5
Godrej Consumer
Neutral
1,656
-
56,396
9,003
10,335
18.1
18.7
34.1
41.8
48.6
39.6
10.5
9.0
23.9
24.8
6.4
5.6
HUL
Neutral
928
-
200,885
33,299
35,497
17.1
17.1
18.9
20.0
49.1
46.4
43.1
37.5
87.6
80.8
5.6
5.2
ITC
Buy
249
380
301,046
36,837
39,726
38.8
38.7
12.2
13.5
20.4
18.5
5.7
5.0
27.8
26.9
7.4
6.9
Marico
Neutral
269
-
34,654
6,151
6,966
17.2
17.3
5.4
6.4
49.7
42.0
15.6
12.3
33.2
32.4
5.6
4.9
Nestle*
Neutral
6,483
-
62,502
9,393
10,507
22.2
22.3
106.8
121.8
60.7
53.2
21.3
19.2
34.8
36.7
6.5
5.8
Tata Global
Neutral
133
-
8,400
8,635
9,072
9.8
9.9
5.8
7.2
23.0
18.5
2.0
2.0
6.8
7.4
1.0
1.0
Procter & Gamble
Buy
6,387
7,369
20,732
2,588
2,939
23.3
23.2
130.2
146.2
49.0
43.7
97.8
93.8
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
717
1,000
101,144
37,061
30,781
21.5
20.5
51.4
40.0
14.0
17.9
3.6
2.6
20.1
20.3
2.6
2.7
Infosys
Buy
1,175
1,374
269,857
62,441
70,558
27.5
27.5
59.0
65.3
19.9
18.0
4.0
3.6
22.2
22.4
3.8
3.2
TCS
Buy
2,464
3,004
485,444
108,646
122,770
28.3
28.3
123.7
141.0
19.9
17.5
6.6
6.0
33.1
34.6
4.0
3.5
Tech Mahindra
Buy
508
700
49,356
26,494
30,347
16.3
17.0
32.2
37.5
15.8
13.6
3.4
3.0
21.7
21.8
1.6
1.4
Wipro
Buy
567
680
140,188
50,808
56,189
23.7
23.8
37.3
40.7
15.2
13.9
2.9
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Neutral
380
-
6,988
2,025
2,187
27.4
27.4
17.4
18.9
21.9
20.2
4.9
4.5
22.9
23.7
3.5
3.2
HT Media
Neutral
82
-
1,904
2,495
2,673
12.9
13.2
6.8
7.2
12.0
11.4
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
185
205
6,045
2,107
2,355
33.5
28.0
10.1
10.8
18.4
17.1
4.3
3.7
23.3
21.7
2.8
2.5
Sun TV Network
Neutral
384
-
15,127
2,510
2,763
71.8
71.5
21.9
24.8
17.5
15.5
4.2
3.8
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
272
-
1,996
914
1,016
21.7
21.5
21.9
23.3
12.4
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
321
380
202,439
76,167
84,130
19.9
22.3
22.4
25.8
14.3
12.4
5.2
5.0
35.5
41.0
2.0
1.8
Hind. Zinc
Neutral
190
-
80,281
14,641
14,026
50.4
50.4
17.7
16.0
10.8
11.9
1.6
1.5
16.2
13.2
3.0
2.8
Hindalco
Neutral
129
-
26,649
104,356
111,186
8.7
9.5
6.7
11.1
19.2
11.7
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,506
-
36,392
42,308
45,147
16.4
20.7
(10.3)
49.5
30.4
1.7
1.6
(1.0)
5.6
1.9
1.8
NMDC
Neutral
96
-
38,160
8,237
10,893
46.6
44.5
10.0
11.7
9.7
8.3
1.1
0.9
12.5
13.0
4.4
3.3
SAIL
Neutral
47
-
19,556
45,915
53,954
7.2
10.5
1.5
4.4
31.4
10.8
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
149
-
44,070
71,445
81,910
26.2
26.3
12.9
19.2
11.5
7.8
0.8
0.7
7.2
8.9
1.0
0.8
Tata Steel
Neutral
327
-
31,783
126,760
137,307
8.9
11.3
6.4
23.1
51.4
14.2
1.0
1.0
2.0
7.1
0.8
0.8
www.angelbroking.com
Stock Watch
July 12, 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
Cairn India
Neutral
150
-
28,132
11,323
12,490
49.4
51.0
20.7
20.7
7.2
7.3
0.5
0.4
6.4
6.1
1.5
0.9
GAIL
Neutral
379
-
48,025
64,856
70,933
9.1
9.6
24.0
28.9
15.8
13.1
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
225
-
192,541
154,564
145,998
36.8
37.4
20.8
22.6
10.8
10.0
1.0
1.0
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
295
-
22,088
29,691
31,188
5.8
6.2
12.8
13.4
23.0
21.9
3.4
3.1
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
478
-
115,995
359,607
402,760
5.9
6.1
42.5
48.7
11.3
9.8
1.5
1.3
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
991
-
321,245
304,775
344,392
12.6
13.4
91.3
102.6
10.9
9.7
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
596
-
11,242
3,145
3,483
31.9
16.2
38.2
18.7
15.6
31.9
7.0
5.9
57.9
20.1
3.4
3.1
Aurobindo Pharma
Neutral
787
-
46,041
13,651
15,702
21.7
21.7
33.9
38.4
23.2
20.5
6.5
5.0
32.5
27.7
3.5
3.1
Aventis*
Neutral
4,591
-
10,572
2,049
2,375
15.4
17.3
115.4
153.5
39.8
29.9
6.5
5.1
19.3
25.8
5.0
4.2
Cadila Healthcare
Buy
371
400
37,960
9,469
11,246
21.2
22.0
14.9
17.1
24.9
21.7
7.1
5.6
28.8
26.6
3.6
3.0
Cipla
Neutral
521
-
41,894
13,372
15,378
16.4
17.4
18.8
21.6
27.7
24.1
3.5
3.1
13.3
13.7
3.1
2.9
Dr Reddy's
Neutral
3,616
-
61,669
15,471
17,479
24.6
24.6
138.2
152.4
26.2
23.7
4.8
4.1
19.7
18.7
3.8
3.3
Dishman Pharma
Neutral
140
-
2,262
1,733
1,906
21.5
21.5
10.1
10.0
13.9
14.0
1.6
1.5
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,516
-
29,785
2,741
3,528
16.5
18.9
44.2
60.1
79.6
58.5
17.6
17.4
21.2
29.9
10.3
8.1
Indoco Remedies
Neutral
287
-
2,646
977
1,112
14.9
18.2
9.0
13.2
31.9
21.8
4.5
3.9
15.1
19.2
2.8
2.5
Ipca labs
Buy
469
613
5,913
2,844
3,799
10.6
15.3
10.6
17.3
44.2
27.1
2.6
2.4
5.9
9.1
2.3
1.7
Lupin
Buy
1,669
1,809
75,243
13,702
15,912
23.7
26.4
50.5
58.1
33.1
28.7
6.8
5.6
22.9
21.4
5.6
4.5
Sun Pharma
Buy
790
944
190,021
27,744
31,129
26.0
30.0
22.0
28.0
35.9
28.2
5.2
4.3
18.3
18.7
6.6
5.6
Power
Tata Power
Neutral
74
-
20,001
35,923
37,402
22.6
22.8
4.1
5.2
18.2
14.4
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
157
-
129,577
87,271
99,297
23.5
23.5
11.8
13.3
13.4
11.8
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Accumulate
167
170
87,132
20,702
23,361
86.7
86.4
12.1
13.2
13.8
12.6
2.0
1.8
15.6
15.1
9.0
8.3
Real Estate
MLIFE
Buy
472
554
1,936
826
1,011
20.1
21.9
22.7
30.7
20.8
15.4
1.2
1.1
6.0
7.4
4.2
3.2
Telecom
Bharti Airtel
Neutral
360
-
143,806
101,748
109,191
32.1
31.7
12.0
12.5
30.0
28.8
2.1
1.9
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
103
-
37,196
34,282
36,941
32.0
31.5
5.9
6.2
17.5
16.7
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,744
-
10,082
2,715
3,153
14.5
14.1
134.3
152.2
35.3
31.2
8.8
7.3
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
245
268
2,479
4,612
5,351
5.6
5.7
23.4
18.0
10.5
13.7
3.2
2.9
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
369
-
5,640
2,520
2,883
12.2
12.0
12.7
14.2
29.1
26.0
4.0
3.5
13.6
13.5
2.0
1.7
Goodyear India*
Buy
527
631
1,215
1,800
1,600
11.7
11.5
58.7
52.9
9.0
10.0
2.0
1.7
24.6
18.7
0.5
0.4
Hitachi
Neutral
1,419
-
3,858
1,779
2,081
7.8
8.8
21.8
33.4
65.1
42.4
10.5
8.5
17.4
22.1
2.2
1.8
www.angelbroking.com
Stock Watch
July 12, 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
Jyothy Laboratories
Neutral
295
-
5,349
1,620
1,847
11.5
11.5
7.3
8.5
40.5
34.9
5.2
4.9
13.3
14.4
3.3
2.8
MRF
Buy
35,261
45,575
14,955
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.4
9.3
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,407
-
14,955
1,929
2,450
19.8
20.1
229.9
299.0
58.3
44.9
25.7
17.9
52.1
47.1
8.0
6.3
Relaxo Footwears
Neutral
489
-
5,864
1,767
2,152
12.3
12.5
19.3
25.1
25.4
19.5
6.2
4.8
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,076
1,347
1,009
1,619
1,799
11.6
11.6
93.5
104.9
11.5
10.3
2.0
1.7
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
634
-
1,116
1,271
1,440
8.6
9.2
32.0
41.1
19.8
15.5
2.0
1.8
10.7
12.4
0.9
0.8
TVS Srichakra
Buy
2,384
2,932
1,825
2,035
2,252
15.9
15.3
248.6
268.1
9.6
8.9
4.2
3.0
43.6
33.9
1.0
0.8
HSIL
Accumulate
282
310
2,036
2,123
2,384
16.1
16.5
15.0
18.9
18.7
14.9
1.5
1.4
8.0
9.4
1.3
1.2
Kirloskar Engines India
Neutral
260
-
3,760
2,403
2,554
8.6
9.9
9.2
10.5
28.3
24.8
2.7
2.6
9.7
10.7
1.3
1.2
Ltd
M M Forgings
Buy
423
546
511
511
615
21.7
21.6
43.1
55.8
9.8
7.6
1.8
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
155
-
1,109
1,208
1,353
11.0
12.3
10.8
14.5
14.4
10.7
1.6
1.5
11.9
14.5
0.9
0.8
Competent Automobiles Neutral
150
-
92
1,040
1,137
3.2
3.1
25.7
28.0
5.8
5.4
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,233
-
1,839
1,871
2,031
10.7
10.5
63.2
69.8
19.5
17.7
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
156
-
247
1,020
1,120
8.7
9.1
13.9
20.1
11.2
7.7
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
338
-
2,585
2,830
3,350
8.8
9.0
14.4
18.3
23.5
18.4
3.6
3.2
15.4
17.1
1.0
0.9
India
Elecon Engineering
Neutral
64
-
697
1,359
1,482
10.3
13.7
0.8
3.9
79.7
16.4
1.3
1.3
1.6
7.8
0.9
0.8
Surya Roshni
Buy
172
201
754
2,992
3,223
8.1
8.4
14.7
18.3
11.7
9.4
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
162
-
643
286
366
18.3
17.7
7.7
9.4
20.9
17.2
4.4
3.9
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
95
125
1,261
1,543
1,659
12.6
13.0
5.8
6.3
16.4
15.0
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
398
460
872
828
898
11.2
10.3
28.3
29.0
14.1
13.7
2.4
2.0
16.8
14.9
1.0
0.9
Wonderla Holidays
Neutral
403
-
2,278
206
308
44.0
43.6
9.0
12.9
44.8
31.3
6.1
5.6
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
246
-
364
344
382
9.1
9.1
12.4
13.1
19.9
18.8
3.6
3.1
18.0
16.7
1.1
1.0
The Byke Hospitality
Neutral
161
-
645
222
287
20.5
20.5
5.6
7.6
28.5
21.3
5.4
4.4
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,009
-
36,349
17,022
21,122
20.7
14.5
63.9
53.7
15.8
18.8
23.7
19.4
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
251
-
5,174
2,692
2,964
17.0
18.6
-
4.7
-
53.0
3.1
2.9
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
100
-
2,381
998
1,062
24.1
24.0
5.8
6.1
17.4
16.4
3.8
3.4
22.0
20.6
2.5
2.3
Navkar Corporation
Buy
215
265
3,060
347
408
43.2
42.9
6.7
6.8
32.2
31.7
2.4
2.2
7.3
6.9
9.2
8.3
UFO Moviez
Neutral
550
-
1,518
558
619
32.0
33.2
22.5
30.0
24.4
18.4
2.9
2.5
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
317
-
2,888
1,725
1,902
16.5
16.7
12.2
14.6
26.0
21.7
5.4
4.8
20.8
21.9
1.8
1.6
www.angelbroking.com
Stock Watch
July 12, 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
Team Lease Serv.
Neutral
1,091
-
1,865
2,565
3,229
1.3
1.5
15.2
22.8
71.9
47.9
5.8
5.1
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
228
-
3,297
928
1,036
15.3
15.1
4.9
6.1
46.2
37.3
4.3
4.0
9.4
10.7
3.2
2.8
Quick Heal
Neutral
287
-
2,012
339
408
27.8
27.3
7.1
7.7
40.6
37.1
3.4
3.4
8.5
9.3
4.8
4.0
Narayana Hrudaya
Neutral
310
-
6,343
1,603
1,873
10.9
11.5
1.0
2.6
325.8
117.4
7.8
7.2
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
629
-
3,146
540
836
19.9
19.6
10.2
16.9
61.4
37.2
5.0
4.5
8.1
12.0
5.1
3.2
Parag Milk Foods
Accumulate
332
336
2,791
1,645
1,919
9.0
9.3
6.7
9.5
49.4
35.1
6.5
5.5
13.1
15.5
1.8
1.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 11, 2016
www.angelbroking.com
Market Outlook
July 12, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.
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