Market Outlook
August 12, 2015
Dealer’s Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.8)
(236)
27,866
Indian markets are expected to open negative tracking SGX Nifty.
Nifty
(0.7)
(63)
8,462
Dow index fell on the heels of news of the People's Bank of China's surprise move to
MID CAP
(0.5)
(53)
11,503
devalue its currency. The move raised concerns about the Chinese economy as well
SMALL CAP
(1.1)
(136)
11,919
as the possibility that it could start a currency war.
BSE HC
(0.1)
(10)
17,490
BSE PSU
(2.1)
(164)
7,565
European markets ended on negative note, with German shares getting hammered
by news that China has devalued its currency. Export stocks with exposure to China,
BANKEX
(1.5)
(332)
21,356
mainly auto stocks and luxury goods, retreated in response to the move.
AUTO
(1.3)
(259)
19,419
METAL
(3.5)
(302)
8,281
Indian markets fell sharply on Tuesday after China devalued its currency by nearly 2
OIL & GAS
(1.1)
(110)
9,763
percent to boost its declining exports and concerns over the logjam in Parliament
BSE IT
1.4
153
11,276
also rattled investors.
Global Indices
Chg (%)
(Pts)
(Close)
News & Result Analysis
Dow Jones
(1.2)
(212)
17,403
Result Review: Sun Pharmaceuticals, JK Lakshmi Cement, Siyaram Silk Mills
NASDAQ
(1.3)
(65)
5,037
Result Preview: Cadila Healthcare, Aurobindo Pharmaceuticals
FTSE
(1.1)
(72)
6,665
Refer detailed news & result analysis on the following page
Nikkei
(0.4)
(88)
20,721
Markets Today
Hang Sang
(0.1)
(23)
24,498
The trend deciding level for the day is 27,966 / 8,487 levels. If NIFTY trades above
Straits Times
(1.4)
(44)
3,153
this level during the first half-an-hour of trade then we may witness a further rally up
Shanghai Com
(0.0)
(1)
3,928
to 28,106 - 28,345 / 8,532 - 8,602 levels. However, if NIFTY trades below
27,966 / 8,487 levels for the first half-an-hour of trade then it may correct towards
Indian ADR
Chg (%)
(Pts)
(Close)
27,726 - 27,586 / 8,417 - 8,372 levels.
INFY
(1.3)
(0.2)
$17.5
Indices
S2
S1
PIVOT
R1
R2
WIT
(2.1)
(0.3)
$12.3
SENSEX
27,586
27,726
27,966
28,106
28,345
IBN
(2.7)
(0.3)
$9.9
NIFTY
8,372
8,417
8,487
8,532
8,602
HDB
(1.2)
(0.7)
$62.3
Net Inflows (August 10, 2015)
Advances / Declines
BSE
NSE
` cr
Purch
Sales
Net
MTD
YTD
Advances
973
389
FII
3,575
3,506
69
1,967
142,936
Declines
1,933
1,133
MFs
570
460
111
(427)
57,521
Unchanged
96
51
FII Derivatives (August 11, 2015)
Volumes (` cr)
` cr
Purch
Sales
Net
Open Interest
BSE
3,889
Index Futures
858
1,716
(858)
15,983
NSE
17,478
Stock Futures
2,503
2,595
(91)
50,937
Gainers / Losers
Gainer
Loser
Company
Price (`)
chg (%)
Company
Price (`)
chg (%)
JUBILANT
313
10.6
APOLLOTYRE
183
(12.5)
NIITTECH
519
6.9
JISLJALEQS
70
(8.2)
ECLERX
1,697
6.7
ENGINERSIN
220
(6.5)
AJANTPHARM
1,709
4.0
JKTYRE
109
(6.3)
DIVISLAB
2,143
3.8
IL&FSTRANS
133
(6.0)
www.angelbroking.com
Market Outlook
August 12, 2015
Result Review
Sun Pharmaceuticals (CMP: `842/ TP: `950 / Upside: 12.8%)
For 1QFY2016 Sun Pharmaceuticals posted results better than expected, on sales
and OPM front. The sales came in at`6522cr V/s `6200cr expected, a yoy growth
of 3.3%. The sales growth was driven by the Indian formulation market (`1784cr),
which posted a yoy growth of 11%, while the US(`3090cr) , posted a yoy growth of
2.2%. Other regions ROW (`575cr) and Emerging markets (`845cr) , posted a yoy
dip of 2.0% and 10.4% respectively.
On the operating front, the gross margins came in at 73.7% V/s 74.4% expected
and 73.9% in 1QFY2015. The OPM consequently has come in at 24.8% in
1QFY2016 V/s 25.8% expected and 30.3% in 1QFY2015. The yoy dip in margins
is on back of the other expenditure which has moved up by 18% yoy, while staff
cost inched up by 11.9% yoy. Thus margin dip is more on back of lower sales,
hence adjusted for normalised sales; the OPM would have been around 30%. On
the net profit front, the company posted Adj net profit of `1165cr V/s `1203cr
expected and `1442cr in the last corresponding period, dip of 19.9% yoy. The
R&D expenditure was 7.7% of sales V/s 9.3% of sales expected and 8.8% of sales
in 1QFY2015. Also the other income during the quarter was `341cr V/s `210cr in
1QFY2015, mainly driven by proceeds from brand divestments as mandated by
various competition authorities pertaining to the Ranbaxy acquisition.
Reported net profit for the quarter was adversely impacted by the one-time items
as well as exceptional charges of `685cr. These exceptional charges relate to
impairment of fixed assets and goodwill and other related costs and have arisen
on account of integration and optimization measures. As a result, the reported net
profit for the quarter was at `479cr V/s `1205cr in 1QFY2015. We recommend
an accumulate on the stock.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
27,839
27.7
4,565
18.9
13.0
44.4
4.0
6.7
24.1
FY2017E
33,542
29.7
6,471
26.9
14.6
31.3
3.5
5.2
17.5
JK Lakshmi Cement (CMP: `355/ TP: `443 / Upside: 24.9%)
JK Lakshmi Cement (JKLC) posted inline set of numbers on profitability front; its
top line de-grew by 1.6% yoy to `590.7cr but was above our estimate of `553.9cr.
However on the EBITDA front margin came in at 8.6% (against our estimate of
9.5%) a decline of 1032bp yoy largely due to sharp decline in sales realization.
The margin was below estimate due to higher freight and power cost. The EBITDA
came in at `50.7cr was marginally below our estimate of `52.6cr. The company
reported a Net loss of `23.5cr was in line with our estimate of `24cr. It reported
Net loss mainly due to additional interest and depreciation expenses on account of
commissioning of new cement plant of 1.7mtpa at Durg, Chattisgarh in March
2015. We maintain our positive view on the stock with a price target of `443.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
3,004
17.6
164
13.9
11.8
25.5
2.9
1.8
10.2
FY2017E
3,618
19.9
320
27.2
20.5
13.0
2.5
1.5
7.3
www.angelbroking.com
Market Outlook
August 12, 2015
Siyaram Silk Mills (CMP: `1,183/ TP:-/ Upside:-)
For 1QFY2016, Siyaram Silk Mills (SSML) reported a muted set of numbers. The
top-line for the quarter declined marginally by 0.5% yoy to `301cr. The same was
below was our estimate of `325cr. The EBITDA and EBITDA margins declined by
4% yoy and 38bp yoy to `31cr and 10.3% respectively. The raw material cost as a
percentage of sales declined by 297bp yoy to 45.7% but there was 133bp yoy and
203bp yoy increase in employee and other expense, resulting in almost flat
EBITDA margin. We had built in an EBITDA margin estimate of 11.0%. Interest and
depreciation expense declined by 14.1% yoy and 10% yoy respectively but taxes
were higher on yoy basis (38.3% of PBT vs 32.1%). As a result, the net profit came
in flat at `12cr vis-à-vis our estimate of `15cr. At current market price, the stock is
trading at 9.7x its FY2017E earnings. We have a Neutral rating on the stock.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
1,653
11.7
93
99.3
19.5
11.9
2.1
0.8
7.1
FY2017E
1,873
12.2
114 122.1
20.2
9.7
1.8
0.7
5.9
Result Preview
Cadila Healthcare (CMP: `1918/ TP: / Upside: )
For 1QFY2016, Cadila Healthcare is expected to post robust results. On sales the
company is expected to post sales of `2451cr, a yoy growth of 21.3%, driven by
domestic formulations and exports formulations. On the operating front, the gross
margins are expected to be 64.2%, with OPM expected to come in at 20.5%, yoy
expansion of 343bps.On the net profit front, the company is expected to post Adj
net profit of `372cr, a yoy growth of 58.8%. The R&D expenditure during the
quarter is expected to be around 8.4% of sales V/s 5.2% of sales in 1QFY2015.
We recommend a neutral rating on the stock.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
10,224
19.7
1,429
69.8
29.6
27.5
7.3
3.9
19.5
FY2017E
11,840
20.0
1,658
81.0
27.3
23.7
5.8
3.2
16.2
Aurobindo Pharmaceuticals (CMP: `762/ TP: / Upside: )
For 1QFY2016, Aurobindo Pharmaceuticals is expected to post robust results. On
sales the company is expected to post sales of `3400cr, a yoy growth of 8.1%,
driven by formulations. On the operating front, the gross margins are expected to
be 56.8%, with OPM expected to come in at 20.3%, yoy dip of 189bps.On the net
profit front, the company is expected to post Adj net profit of `448cr, a yoy growth
of 8.1%. We recommend a neutral rating on the stock.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
14,435
22.6
2,110
36.1
34.4
23.3
6.9
3.8
16.6
FY2017E
16,600
22.6
2,407
41.2
29.4
20.4
5.3
3.2
14.2
www.angelbroking.com
Market Outlook
August 12, 2015
Quarterly Bloomberg Brokers Consensus Estimate
Ashok Leyland Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
3,746
2,435
53.9
4,436
(15.5)
EBITDA
326
116
181.0
457
(28.6)
EBITDA margin (%)
8.7
4.8
10.3
Net profit
120
(48)
0.0
230
(48.0)
IDBI Bank Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net profit
161
105
53.4
546
(70.5)
Coal India Ltd Consol - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
19,325
17,800
8.6
20,774
(7.0)
EBITDA
4,701
4,281
9.8
5,965
(21.2)
EBITDA margin (%)
24.3
24.1
28.7
Net profit
4,104
4,033
1.8
4,239
(3.2)
Jindal Steel & Power Ltd Consol - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
4,884
4,870
0.3
4,481
9.0
EBITDA
841
1,629
(48.4)
1,048
(19.8)
EBITDA margin (%)
17.2
33.4
23.4
Net profit
(453)
418
0.0
(519)
0.0
Reliance Infrastructure Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,656
2,524
5.2
2,660
(0.1)
EBITDA
497
431
15.5
567
(12.3)
EBITDA margin (%)
18.7
17.1
21.3
Net profit
351
321
9.2
450
(22.0)
Oil & Natural Gas Corp Ltd - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
23,628
21,747
8.6
21,303
10.9
EBITDA
13,477
8,864
52.0
7,619
76.9
EBITDA margin (%)
57.0
40.8
35.8
Net profit
6,071
4,782
27.0
3,935
54.3
Indian Oil Corp Ltd - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
101,442
124,666
(18.6)
93,492
8.5
EBITDA
6,136
3,697
66.0
9,284
(33.9)
EBITDA margin (%)
6.0
3.0
9.9
Net profit
4,213
2,523
67.0
6,285
(33.0)
www.angelbroking.com
Market Outlook
August 12, 2015
Tata Power Co Ltd Consol - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
8,594
8,739
(1.7)
8,167
5.2
EBITDA
1,866
1,775
5.1
1,962
(4.9)
EBITDA margin (%)
21.7
20.3
24.0
Net profit
186
(111)
0.0
159
16.7
DLF Ltd Consol - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
1,991
1,725
15.4
1,954
1.9
EBITDA
740
737
0.4
696
6.4
EBITDA margin (%)
37.2
42.7
35.6
Net profit
152
128
19.1
172
(11.3)
Reliance Capital Ltd Consol - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net profit
215
164
31.3
407
(47.1)
Power Finance Corp Ltd - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,527
5,918
(57.3)
6,388
(60.4)
EBITDA
2,497
5,866
(57.4)
6,365
(60.8)
EBITDA margin (%)
98.8
99.1
99.6
Net profit
1,615
1,448
11.5
1,561
3.5
Bharat Petroleum Corp Ltd - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
54,676
66,750
(18.1)
51,304
6.6
EBITDA
2,808
1,520
84.7
4,496
(37.6)
EBITDA margin (%)
5.1
2.3
8.8
Net profit
1,641
1,216
34.9
2,853
(42.5)
Steel Authority of India Ltd - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
10,150
11,196
(9.3)
11,469
(11.5)
EBITDA
638
1,130
(43.5)
930
(31.3)
EBITDA margin (%)
6.3
10.1
8.1
Net profit
(63)
530
0.0
334
0.0
Cipla Ltd/India - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,783
2,402
15.9
2,607
6.7
EBITDA
544
533
2.2
393
38.4
EBITDA margin (%)
19.6
22.2
15.1
Net profit
300
332
(9.6)
214
40.4
www.angelbroking.com
Market Outlook
August 12, 2015
Hindalco Industries Ltd - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
9,025
7,931
13.8
9,219
(2.1)
EBITDA
713
748
(4.7)
848
(15.9)
EBITDA margin (%)
7.9
9.4
9.2
Net profit
155
328
(52.8)
160
(3.1)
Economic and Political News
Indirect tax collections up 39% in April-July 2015
Govt to make 10% ethanol blending mandatory from next year
Mines ministry to decide rates for local benefit sharing by month-end
Corporate News
Codli mine to add Rs 616-cr to Vedanta's turnover
OMC may get commercial coal mine from Centre
Centre insists on DGPS survey before grant of bauxite leases to L&T
www.angelbroking.com
Market Outlook
August 12, 2015
Top Picks
Large Cap
Market
CMP
Target
Upside
Company
Sector
Rating
Cap (` Cr)
(`)
(`)
(%)
Axis Bank
Financials
1,35,656
Buy
571
716
25.4
ICICI Bank
Financials
1,75,311
Buy
302
370
22.5
Infosys
IT
2,53,663
Buy
1,104
1,306
18.3
Inox Wind
Capital Goods
8,883
Buy
400
505
26.2
LIC Housing
Financials
25,162
Buy
499
590
18.3
Finance
Power Grid
Power
72,013
Buy
138
170
23.5
TCS
IT
5,09,867
Buy
2,603
3,168
21.7
Tech Mahindra IT
51,994
Buy
541
646
19.5
Yes Bank
Financials
33,382
Buy
798
989
23.9
Sun Pharma
Pharmaceuticals 2,02,568 Accumulate
842
950
12.9
Source: Angel Research, Bloomberg
Mid Cap
Market
CMP
Target
Upside
Company
Sector
Rating
Cap (` Cr)
(`)
(`)
(%)
Bajaj Electricals
Others
2,752
Buy
273
341
24.9
Garware Wall Ropes Others
689
Buy
315
390
23.9
Hindustan Media
Media
1,782
Buy
243
292
20.2
JK Tyre
Auto Ancillary
2,470
Buy
109
147
35.0
MBL Infrastructures
Construction
1,055
Buy
255
395
55.0
MT Educare
Others
493
Buy
124
141
13.9
Surya Roshni
Others
639
Buy
146
193
32.5
Minda Industries
Auto Ancillary
933 Accumulate
588
652
10.8
Radico Khaitan
Others
1,265 Accumulate
95
112
17.8
Setco Automotive
Auto Ancillary
677 Accumulate
254
286
12.8
Source: Angel Research, Bloomberg
www.angelbroking.com
Market Outlook
August 12, 2015
Result Calendar
Date
Company
Ashok Leyland, India Cements, IDBI Bank, Bank of Maharashtra, Coal India, Jindal Steel, Nalco, MOIL, Goodyear,
August 12, 2015
TVS Srichakra, Abbott India, Cadila Healthcare, Aurobindo Pharma, Reliance Infra., Anant Raj
Jyoti Structures, ONGC, IOC, Gujarat Gas, Page Industries, Surya Roshni, Orchid Chemicals, Tata Power Co., DLF,
August 13, 2015
Unitech
Amara Raja Batteries, Power Fin.Corpn., Reliance Capital, SAIL, Hindalco, Bhushan Steel, Monnet Ispat, BPCL,
August 14, 2015
Cravatex, Elecon Engineering, Cipla, GIPCL
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
August 12, 2015
2:00PM UK
Jobless claims change
% Change
Jul
7.00
1.00
11:00AM China Industrial Production (YoY)
% Change
Jul
6.80
6.60
5:30PM India
Industrial Production YoY
% Change
Jun
2.70
3.30
August 13, 2015
6:00PM US
Initial Jobless claims
Thousands
Aug 8
270.00
270.00
August 14, 2015
India
Imports YoY%
% Change
Jul
(13.40)
--
India
Exports YoY%
% Change
Jul
(15.80)
--
2:30PM Euro Zone Euro-Zone CPI (YoY)
%
Jul F
0.20
0.20
6:45PM US
Industrial Production
%
Jul
0.23
0.30
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Jul
(2.40)
(2.90)
2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
0.40
0.40
11:30AM Germany GDP nsa (YoY)
% Change
2Q P
1.10
1.60
August 18, 2015
6:00PM US
Building permits
Thousands
Jul
1,337.00
1,200.00
6:00PM US
Housing Starts
Thousands
Jul
1,174.00
1,180.00
2:00PM UK
CPI (YoY)
% Change
Jul
--
--
August 19, 2015
6:00PM US
Consumer price index (mom)
% Change
Jul
0.30
0.10
August 20, 2015
7:30PM US
Existing home sales
Million
Jul
5.49
5.41
August 21, 2015
7:30PM Euro Zone Euro-Zone Consumer Confidence
Value
Aug A
(7.10)
--
August 24, 2015
1:00PM Germany PMI Services
Value
Aug P
53.80
--
1:00PM Germany PMI Manufacturing
Value
Aug P
51.80
--
August 25, 2015
7:30PM US
New home sales
Thousands
Jul
482.00
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
Aug
90.91
--
August 27, 2015
6:00PM US
GDP Qoq (Annualised)
% Change
2Q S
2.30
--
August 28, 2015
2:00PM UK
GDP (YoY)
% Change
2Q P
2.60
--
Source: Bloomberg, Angel Research
Market Outlook
August 12, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
6.0
5.2
4.8
5.0
8.0
7.5
7.5
3.6
4.0
3.4
7.0
2.8
2.7
6.7
6.7
6.6
2.6
2.5
7.0
6.3
6.4
3.0
2.0
0.9
6.0
0.5
1.0
5.0
4.7
-
5.0
4.5
(1.0)
4.0
(2.0)
(3.0)
3.0
(2.7)
(4.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
55.0
Mfg. PMI
Services PMI
8.0
7.4
54.0
7.0
6.8
7.0
53.0
5.6
5.2
5.4
5.3
6.0
4.9
5.0
52.0
4.6
5.0
4.3
51.0
4.0
3.3
3.0
50.0
2.0
49.0
1.0
48.0
-
47.0
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
30.0
9.00
20.0
8.00
10.0
7.00
0.0
6.00
(10.0)
5.00
(20.0)
4.00
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
August 12, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
5.6
6.0
5.3
4.7
4.0
3.0
2.6
2.1
2.3
2.0
1.1
0.8
(1.6)
(2.2)
(0.9)
-
(2.0)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.8
6.0
5.2
4.8
3.7
4.0
3.1
2.7
2.0
1.6
2.0
1.2
1.0
(1.0)
(3.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: Bloomberg, Angel Research
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Market Outlook
August 12, 2015
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,072
(4.1)
(12.4)
(11.7)
Russia
Micex
1,698
3.8
(2.3)
23.4
India
Nifty
8,462
0.9
4.8
10.8
China
Shanghai Composite
3,928
6.1
(11.5)
70.6
South Africa
Top 40
46,623
5.8
(0.6)
2.2
Mexico
Mexbol
44,380
(0.2)
(0.5)
1.1
Indonesia
LQ45
781
(4.0)
(6.2)
(7.2)
Malaysia
KLCI
1,637
(1.9)
(7.0)
(10.4)
Thailand
SET 50
919
(3.2)
(6.8)
(9.4)
USA
Dow Jones
17,403
(2.0)
(2.4)
6.4
UK
FTSE
6,665
4.9
(2.0)
2.7
Japan
Nikkei
20,721
1.2
6.4
31.8
Germany
DAX
11,294
8.5
1.6
26.9
France
CAC
5,099
12.8
2.0
24.7
Source: Bloomberg, Angel Research
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Market Outlook
August 12, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
227
-
4,420
2,075
2,394
14.4
14.4
9.5
11.0
23.9
20.7
4.8
4.1
21.1
21.3
2.2
1.9
United Phosphorus
Neutral
562
-
24,094
13,698
15,752
17.6
17.6
32.1
38.5
17.5
14.6
3.4
2.9
21.4
21.3
1.8
1.5
Auto & Auto Ancillary
Ashok Leyland
Neutral
87
-
24,731
17,394
20,318
9.6
10.7
2.8
4.4
31.0
19.8
4.4
4.1
14.3
20.4
1.4
1.2
Bajaj Auto
Neutral
2,542
-
73,550
23,842
27,264
19.8
19.6
128.4
144.4
19.8
17.6
6.0
5.2
30.5
29.5
2.6
2.3
Eicher Motors
Accumulate
20,163
21,843
54,728
11,681
15,550
15.3
16.9
358.5
564.3
56.2
35.7
16.9
12.6
29.8
34.9
4.7
3.5
Hero Motocorp
Neutral
2,679
-
53,490
28,500
33,028
13.8
14.1
144.2
166.3
18.6
16.1
6.8
5.8
36.7
36.0
1.7
1.4
L G Balakrishnan & Bros Neutral
482
-
757
1,254
1,394
11.6
11.8
35.9
41.7
13.5
11.6
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,339
1,493
83,177
40,088
45,176
13.8
14.0
59.6
70.4
22.5
19.0
3.7
3.3
16.6
17.2
1.8
1.5
Maruti
Accumulate
4,505
4,735
136,081
58,102
68,587
16.7
16.9
182.0
225.5
24.8
20.0
4.9
4.2
19.9
21.0
2.1
1.7
Minda Industries
Accumulate
588
652
933
2,500
2,889
7.6
8.3
39.4
54.3
14.9
10.8
2.1
1.8
14.1
16.3
0.5
0.4
Rane Brake Lining
Accumulate
326
366
258
454
511
11.1
11.4
23.8
28.1
13.7
11.6
1.9
1.8
14.2
15.3
0.7
0.6
Setco Automotive
Accumulate
254
286
677
718
862
13.3
14.3
13.4
19.0
18.9
13.3
2.9
2.5
15.4
18.5
1.2
1.1
Tata Motors
Buy
370
455
106,769
267,464
311,225
13.7
13.7
34.6
41.8
10.7
8.9
1.4
1.2
13.2
13.9
0.6
0.6
TVS Motor
Accumulate
224
255
10,621
11,839
13,985
7.0
8.0
10.8
15.9
20.7
14.1
5.3
4.2
25.5
29.7
0.9
0.8
Amara Raja Batteries
Neutral
952
-
16,265
5,355
6,641
17.4
17.8
31.8
40.9
29.9
23.3
7.5
5.9
25.2
25.5
3.1
2.4
Exide Industries
Neutral
159
-
13,532
7,363
8,247
13.7
14.5
6.6
7.7
24.1
20.7
3.0
2.8
12.6
13.3
1.6
1.4
Apollo Tyres
Neutral
183
-
9,313
12,866
13,892
15.7
15.4
20.1
19.9
9.1
9.2
1.4
1.3
15.8
13.6
0.9
0.9
Ceat
Neutral
987
-
3,992
6,041
6,770
14.3
13.9
101.5
117.7
9.7
8.4
1.9
1.6
20.0
19.2
0.8
0.7
JK Tyres
Buy
109
147
2,470
7,446
7,942
15.2
14.7
19.6
21.0
5.6
5.2
1.4
1.1
25.2
21.7
0.8
0.7
Swaraj Engines
Neutral
990
-
1,230
593
677
14.5
14.8
51.2
60.8
19.3
16.3
4.5
4.0
23.3
24.8
1.9
1.6
Subros
Neutral
94
-
565
1,268
1,488
11.6
11.9
3.7
6.6
25.5
14.3
1.7
1.6
6.8
11.4
0.8
0.6
Indag Rubber
Buy
200
247
526
283
329
17.0
17.2
13.0
15.4
15.5
13.0
3.4
2.8
21.8
21.6
1.6
1.3
Capital Goods
ACE
Neutral
48
-
472
660
839
4.7
8.2
1.0
3.9
47.7
12.2
1.5
1.3
3.2
11.3
0.9
0.7
BEML
Accumulate
1,411
1,607
5,876
3,277
4,006
6.0
8.9
29.2
64.3
48.3
22.0
2.7
2.5
5.7
11.7
2.0
1.6
BGR Energy
Neutral
133
-
957
3,615
3,181
9.5
9.4
16.7
12.4
7.9
10.7
0.7
0.7
10.0
7.0
0.7
0.9
BHEL
Neutral
267
-
65,314
33,722
35,272
10.8
11.7
10.5
14.2
25.4
18.8
1.9
1.8
7.0
9.0
2.0
1.9
Blue Star
Neutral
372
-
3,344
3,649
4,209
5.0
5.9
9.2
14.7
40.7
25.3
7.3
6.9
9.1
17.5
1.0
0.9
Crompton Greaves
Accumulate
191
204
11,987
13,484
14,687
4.9
6.2
4.5
7.1
42.5
26.9
3.0
2.8
7.2
10.8
1.0
0.9
Inox Wind
Buy
400
505
8,883
4,980
5,943
17.0
17.5
26.6
31.6
15.1
12.7
4.5
3.3
35.0
30.0
2.0
1.6
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Market Outlook
August 12, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
KEC International
Neutral
147
-
3,782
8,791
9,716
6.1
6.8
5.4
8.2
27.2
17.9
2.7
2.5
10.0
14.0
0.7
0.6
Thermax
Neutral
1,039
-
12,385
6,413
7,525
7.4
8.5
30.5
39.3
34.1
26.5
5.3
4.6
15.0
17.0
1.9
1.6
Cement
ACC
Accumulate
1,373
1,548
25,769
11,856
14,092
14.5
17.8
47.6
76.1
28.8
18.0
3.0
2.7
10.6
15.7
2.1
1.7
Ambuja Cements
Neutral
223
-
34,600
10,569
12,022
20.7
22.2
8.7
10.7
25.6
20.8
3.3
3.1
13.0
15.2
3.0
2.6
India Cements
Buy
84
132
2,566
4,716
5,133
14.9
15.8
1.0
4.5
83.6
18.6
0.9
0.8
1.0
4.5
0.9
0.8
JK Cement
Accumulate
641
767
4,483
4,056
4,748
14.5
17.0
22.6
41.1
28.4
15.6
2.5
2.3
9.3
15.3
1.6
1.3
J K Lakshmi Cement
Buy
355
443
4,178
3,004
3,618
17.6
19.9
13.9
27.2
25.5
13.0
2.9
2.5
11.8
20.5
1.9
1.5
Mangalam Cements
Buy
233
349
623
1,111
1,336
12.2
15.1
16.3
34.6
14.3
6.7
1.1
1.0
8.2
16.0
0.9
0.7
Orient Cement
Neutral
174
-
3,557
1,854
2,524
21.2
22.2
7.7
11.1
22.6
15.6
3.2
2.8
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
350
-
8,330
4,036
4,545
20.8
21.3
15.1
18.8
23.2
18.6
2.8
2.5
12.9
14.3
2.7
2.3
Shree Cement^
Neutral
11,201
-
39,020
7,150
8,742
26.7
28.6
228.0
345.5
49.1
32.4
7.2
6.1
15.7
20.3
5.3
4.2
UltraTech Cement
Neutral
3,152
-
86,479
27,562
31,548
20.4
22.3
111.9
143.3
28.2
22.0
4.0
3.4
15.2
16.8
3.3
2.8
Construction
ITNL
Neutral
133
-
3,278
7,589
8,021
34.0
35.9
16.0
19.0
8.3
7.0
0.5
0.5
6.5
6.7
3.6
3.8
KNR Constructions
Neutral
562
-
1,538
915
1,479
14.3
13.9
20.3
37.2
27.7
15.1
2.5
2.2
9.6
15.6
1.9
1.2
Larsen & Toubro
Accumulate
1,797
2,013
167,237
68,920
82,446
10.9
11.5
57.0
73.0
31.5
24.6
2.9
2.7
13.6
15.5
2.7
2.2
Gujarat Pipavav Port
Neutral
216
-
10,440
793
694
53.0
50.9
9.0
8.0
24.0
27.0
5.2
4.2
25.9
18.4
12.7
14.4
MBL Infrastructures
Buy
255
395
1,055
2,507
2,986
12.4
14.4
21.5
20.5
11.8
12.4
1.4
1.3
12.6
12.7
1.2
1.1
PNC Infratech
Accumulate
464
445
2,380
1,719
2,003
13.0
13.5
21.0
28.0
22.1
16.6
1.9
1.7
11.0
10.9
1.5
1.3
Financials
Allahabad Bank
Neutral
90
-
5,131
8,859
9,817
3.0
3.0
23.7
30.1
3.8
3.0
0.5
0.4
10.6
12.3
-
-
Axis Bank
Buy
571
716
135,656
26,522
31,625
3.6
3.6
36.2
45.4
15.8
12.6
3.1
2.7
18.2
19.6
-
-
Bank of Baroda
Neutral
178
-
39,376
18,934
21,374
2.0
2.0
13.2
15.1
13.5
11.8
1.0
0.9
7.1
7.7
-
-
Bank of India
Neutral
164
-
10,881
17,402
20,003
2.0
2.1
40.3
50.7
4.1
3.2
0.4
0.3
9.0
10.4
-
-
Canara Bank
Neutral
310
-
15,958
15,805
17,745
2.0
2.2
64.3
73.5
4.8
4.2
0.5
0.5
10.8
11.3
-
-
Dena Bank
Neutral
45
-
2,528
3,580
4,040
2.1
2.2
8.4
10.9
5.4
4.1
0.5
0.4
6.8
8.4
-
-
Federal Bank
Neutral
67
-
11,550
3,522
4,045
3.2
3.2
12.2
14.1
5.5
4.8
0.7
0.6
12.9
13.4
-
-
HDFC
Neutral
1,287
-
202,833
11,198
13,321
3.5
3.5
45.1
53.7
28.6
24.0
5.9
5.3
27.2
28.2
-
-
HDFC Bank
Accumulate
1,094
1,255
275,130
38,629
47,500
4.5
4.7
52.6
66.4
20.8
16.5
3.8
3.2
19.6
21.2
-
-
ICICI Bank
Buy
302
370
175,311
36,037
41,647
3.5
3.6
22.9
26.7
13.2
11.3
2.2
1.9
15.7
15.9
-
-
IDBI Bank
Neutral
65
-
10,426
9,806
11,371
1.7
1.9
10.0
16.3
6.5
4.0
0.5
0.4
6.8
10.4
-
-
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Market Outlook
August 12, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Financials
Indian Bank
Neutral
147
-
7,082
6,454
7,321
2.5
2.6
26.4
33.3
5.6
4.4
0.5
0.4
8.1
9.6
-
-
LIC Housing Finance
Buy
499
590
25,163
2,934
3,511
2.3
2.3
30.9
36.8
16.1
13.6
2.6
2.3
16.8
17.5
-
-
Oriental Bank
Neutral
171
-
5,129
7,930
8,852
2.5
2.5
51.8
57.1
3.3
3.0
0.4
0.3
9.3
9.5
-
-
Punjab Natl.Bank
Neutral
156
-
28,968
24,160
27,777
2.9
3.0
18.5
24.6
8.4
6.4
0.8
0.7
8.8
10.8
-
-
South Ind.Bank
Neutral
23
-
3,119
1,999
2,249
2.4
2.4
3.5
4.0
6.7
5.8
0.8
0.8
12.6
13.1
-
-
St Bk of India
Neutral
269
-
203,758
86,900
100,550
3.1
3.1
22.1
27.7
12.2
9.7
1.5
1.3
12.7
14.3
-
-
Union Bank
Neutral
204
-
12,979
12,995
14,782
2.4
2.4
32.3
40.9
6.3
5.0
0.8
0.6
10.7
12.3
-
-
Vijaya Bank
Neutral
40
-
3,406
3,474
3,932
1.8
1.9
5.9
7.2
6.8
5.5
0.6
0.5
8.1
9.3
-
-
Yes Bank
Buy
798
989
33,382
7,006
8,825
3.1
3.3
61.4
77.1
13.0
10.4
2.4
2.0
20.1
21.3
-
-
FMCG
Asian Paints
Neutral
885
-
84,918
16,553
19,160
16.0
16.2
17.7
21.5
50.1
41.2
13.3
12.0
29.4
31.2
5.0
4.4
Britannia
Neutral
3,362
-
40,334
8,065
9,395
9.6
10.2
47.2
65.5
71.2
51.3
23.7
22.4
38.3
41.2
4.6
4.0
Colgate
Neutral
2,011
-
27,349
4,836
5,490
19.5
19.7
48.5
53.2
41.5
37.8
30.4
26.5
99.8
97.5
5.6
5.0
Dabur India
Neutral
300
-
52,705
9,370
10,265
17.1
17.2
7.3
8.1
40.9
37.0
12.3
10.0
33.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,270
-
26,370
4,919
5,742
17.2
17.4
168.3
191.2
37.3
32.8
10.6
9.0
28.8
28.9
4.9
4.2
Godrej Consumer
Neutral
1,396
-
47,521
10,168
12,886
16.1
16.1
32.1
38.4
43.5
36.3
8.8
8.2
19.7
21.0
4.8
3.8
HUL
Neutral
889
-
192,352
34,940
38,957
17.5
17.7
20.8
24.7
42.7
36.0
47.5
38.0
110.5
114.2
5.4
4.8
ITC
Buy
320
409
256,719
41,068
45,068
37.8
37.4
13.9
15.9
23.0
20.1
7.7
6.8
34.1
33.8
6.0
5.4
Marico
Neutral
438
-
28,245
6,551
7,766
15.7
16.0
10.4
12.5
42.2
35.0
12.2
10.2
33.2
32.4
4.2
3.6
Nestle*
Neutral
6,305
-
60,789
11,291
12,847
22.2
22.3
158.9
184.6
39.7
34.2
20.7
18.7
55.0
57.3
5.4
4.7
Tata Global
Accumulate
138
152
8,684
8,635
9,072
9.8
9.9
6.5
7.6
21.2
18.1
2.1
2.0
6.8
7.4
1.0
0.9
IT
HCL Tech^
Buy
940
1,100
132,155
41,535
46,519
24.0
23.4
56.6
61.1
16.6
15.4
3.5
2.7
20.8
17.7
3.1
2.6
Infosys
Buy
1,104
1,306
253,663
60,250
66,999
28.0
28.0
58.3
63.7
18.9
17.3
4.0
3.4
20.9
19.7
3.5
3.0
TCS
Buy
2,603
3,168
509,867
108,420
123,559
28.8
28.7
127.2
143.9
20.5
18.1
8.2
7.6
39.9
41.8
4.2
3.6
Tech Mahindra
Buy
541
646
51,994
25,566
28,890
16.0
17.0
26.3
31.9
20.6
17.0
3.7
3.2
17.9
18.6
1.8
1.5
Wipro
Buy
566
719
139,839
52,414
58,704
23.7
23.8
38.4
42.3
14.8
13.4
2.9
2.6
19.5
18.0
2.3
1.9
Media
D B Corp
Accumulate
326
356
5,988
2,241
2,495
27.8
27.9
21.8
25.6
15.0
12.7
3.9
3.5
26.7
28.5
2.6
2.3
HT Media
Neutral
86
-
1,992
2,495
2,603
11.2
11.2
7.3
8.6
11.7
10.0
0.9
0.8
7.4
8.1
0.3
0.3
Jagran Prakashan
Accumulate
142
156
4,637
1,939
2,122
26.0
26.0
8.3
9.2
17.1
15.4
2.9
2.6
17.5
17.1
2.3
2.1
Sun TV Network
Neutral
342
-
13,486
2,779
3,196
70.2
70.5
22.8
27.3
15.0
12.5
3.7
3.4
26.7
28.3
4.5
3.9
www.angelbroking.com
Market Outlook
August 12, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Media
Hindustan Media
Buy
243
292
1,782
920
1,031
20.0
20.0
19.2
20.9
12.6
11.6
2.1
1.8
16.4
15.3
1.5
1.3
Ventures
Metals & Mining
Coal India
Accumulate
393
450
248,359
77,595
89,628
22.9
24.4
27.6
30.0
14.3
13.1
6.1
6.1
33.9
33.2
2.7
2.3
Hind. Zinc
Neutral
151
-
63,845
15,546
16,821
47.5
49.0
19.7
20.3
7.7
7.4
1.3
1.1
17.2
16.6
2.0
1.5
Hindalco
Neutral
103
-
21,342
112,328
119,817
7.7
7.9
16.3
20.1
6.4
5.2
0.5
0.4
8.0
8.5
0.7
0.6
JSW Steel
Neutral
897
-
21,680
48,125
53,595
18.8
21.0
46.9
97.5
19.1
9.2
0.9
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
103
-
40,837
12,544
13,330
59.5
59.7
16.3
16.5
6.3
6.3
1.1
1.1
5.1
9.9
2.0
2.0
SAIL
Neutral
58
-
23,975
56,365
63,383
6.9
8.0
7.1
8.2
8.2
7.1
0.5
0.5
7.0
7.1
1.0
0.9
Vedanta
Neutral
124
-
36,629
81,842
88,430
30.6
32.8
20.2
25.7
6.1
4.8
0.5
0.4
7.5
8.5
0.8
0.6
Tata Steel
Neutral
247
-
23,979
136,805
149,228
11.3
11.9
26.4
36.8
9.4
6.7
0.7
0.7
6.0
8.0
0.7
0.7
Oil & Gas
Cairn India
Neutral
163
-
30,485
12,617
14,513
33.7
40.0
25.5
27.7
6.4
5.9
0.5
0.5
7.4
7.7
1.1
0.9
GAIL
Neutral
344
-
43,680
75,595
85,554
8.6
8.0
31.8
36.1
10.8
9.5
1.2
1.1
10.7
11.4
0.7
0.6
ONGC
Neutral
270
-
231,383
174,773
192,517
22.7
24.8
34.6
38.2
7.8
7.1
1.1
1.0
14.2
14.9
1.5
1.3
Petronet LNG
Neutral
189
-
14,179
45,759
49,386
3.7
4.0
12.6
14.9
15.0
12.7
2.3
2.0
16.1
16.7
0.4
0.3
Reliance Industries
Accumulate
966
1,050
312,918
339,083
384,014
7.8
9.5
75.7
94.5
12.8
10.2
1.3
1.2
10.7
12.2
1.3
1.1
Pharmaceuticals
Alembic Pharma
Neutral
668
-
12,583
2,601
3,115
21.2
20.2
20.8
23.9
32.1
27.9
10.3
7.8
37.2
31.8
5.2
4.3
Aurobindo Pharma
Accumulate
762
824
44,492
14,435
16,600
22.6
22.6
36.1
41.2
21.1
18.5
6.3
4.8
34.5
29.3
3.5
3.0
Aventis*
Neutral
4,130
-
9,512
2,156
2,455
15.1
16.8
109.7
133.9
37.7
30.9
5.2
4.2
18.4
22.5
4.1
3.4
Cadila Healthcare
Neutral
1,918
-
39,276
10,224
11,840
19.7
20.0
69.8
81.0
27.5
23.7
7.3
5.8
26.8
25.3
3.9
3.3
Cipla
Neutral
720
-
57,807
14,051
16,515
18.9
18.7
25.1
28.9
28.7
24.9
4.6
3.9
17.2
16.9
4.1
3.4
Dr Reddy's
Neutral
4,231
-
72,133
17,903
20,842
22.7
22.8
160.5
189.5
26.4
22.3
5.4
4.4
22.2
21.7
4.0
3.4
Dishman Pharma
Buy
213
278
1,715
1,716
1,888
20.2
20.2
16.3
21.6
13.0
9.8
1.2
1.1
9.7
11.7
1.1
0.9
GSK Pharma*
Neutral
3,612
-
30,595
2,870
3,158
20.0
22.1
59.5
68.3
60.7
52.9
17.9
18.4
28.5
34.3
10.3
9.4
Indoco Remedies
Neutral
343
-
3,162
1,088
1,262
18.2
18.2
13.1
15.5
26.2
22.1
5.1
4.3
21.2
21.1
3.0
2.6
Ipca labs
Neutral
762
-
9,614
3,507
4,078
17.6
18.6
25.8
32.0
29.5
23.8
3.8
3.3
13.8
14.9
3.1
2.6
Lupin
Neutral
1,697
-
76,353
14,864
17,244
26.9
26.9
62.1
71.1
27.3
23.9
6.6
5.3
27.4
24.6
4.9
4.1
Sun Pharma
Accumulate
842
950
202,568
27,839
33,542
27.7
29.7
18.9
26.9
44.5
31.3
4.0
3.5
13.0
14.6
6.7
5.3
Power
Tata Power
Neutral
68
-
18,459
38,302
38,404
14.1
13.1
5.1
6.0
13.3
11.4
1.3
1.2
9.2
10.3
1.4
1.3
NTPC
Neutral
131
-
107,933
89,067
98,329
15.9
16.5
12.1
13.1
10.9
10.0
1.2
1.1
11.0
11.6
2.3
2.2
Power Grid
Buy
138
170
72,013
19,986
22,702
86.2
86.3
11.1
12.7
12.4
10.8
1.7
1.5
14.4
14.7
8.8
8.1
www.angelbroking.com
Market Outlook
August 12, 2015
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Telecom
Bharti Airtel
Neutral
405
-
161,835
101,748
109,191
32.1
31.7
12.0
12.5
33.7
32.4
2.3
2.2
6.9
6.7
2.3
2.0
Idea Cellular
Neutral
161
-
58,047
34,282
36,941
32.0
31.5
5.9
6.2
27.3
26.0
2.5
2.3
9.9
9.3
2.3
2.2
zOthers
Abbott India
Neutral
4,479
-
9,517
2,713
3,141
13.7
13.5
127.8
145.7
35.0
30.7
8.2
6.7
25.9
23.9
3.5
2.9
Bajaj Electricals
Buy
273
341
2,752
4,719
5,287
5.2
5.8
8.6
12.7
31.9
21.6
3.6
3.2
11.4
14.8
0.6
0.5
Finolex Cables
Neutral
267
-
4,083
2,728
3,036
10.8
11.0
14.4
16.8
18.5
15.9
2.8
2.4
15.2
15.3
1.2
1.0
Goodyear India*
Neutral
597
-
1,376
1,536
1,683
9.6
10.0
41.8
48.0
14.3
12.4
2.4
2.1
18.2
18.3
0.7
0.6
Hitachi
Neutral
1,423
-
3,870
1,806
2,112
9.0
9.2
28.6
29.1
49.8
49.0
12.4
10.0
28.1
22.6
2.2
1.9
Jyothy Laboratories
Neutral
335
-
6,065
1,620
1,847
11.5
11.5
7.3
8.5
46.0
39.6
5.9
5.5
13.3
14.4
3.3
2.8
MRF
Neutral
42,536
-
18,040
20,727
14,841
19.3
18.6
4,905.8
3,351.9
8.7
12.7
2.8
2.3
37.6
19.6
0.9
1.2
Page Industries
Neutral
14,751
-
16,453
1,929
2,450
19.8
20.1
229.9
299.0
64.2
49.3
28.3
19.7
52.1
47.1
8.5
6.7
Relaxo Footwears
Neutral
563
-
6,755
1,767
2,152
12.3
12.5
19.3
25.1
29.3
22.5
7.2
5.5
27.7
27.8
3.9
3.2
Siyaram Silk Mills
Neutral
1,183
-
1,109
1,653
1,873
11.7
12.2
99.3
122.1
11.9
9.7
2.1
1.8
19.5
20.2
0.9
0.8
Styrolution ABS India*
Neutral
876
-
1,541
1,271
1,440
8.6
9.2
32.0
41.1
27.4
21.4
2.8
2.5
10.7
12.4
1.2
1.0
Tree House
Accumulate
396
433
1,674
259
324
56.8
56.8
17.0
21.7
23.3
18.3
2.3
2.1
10.1
11.5
6.4
5.3
TVS Srichakra
Neutral
2,864
-
2,193
2,112
2,389
11.9
12.1
168.5
202.5
17.0
14.1
5.9
4.4
39.6
35.5
1.1
1.0
HSIL
Buy
283
434
2,043
2,085
2,436
18.5
18.6
21.7
28.9
13.1
9.8
1.3
1.2
10.0
12.1
1.1
0.9
Kirloskar Engines India
Neutral
282
-
4,083
2,634
3,252
10.1
12.0
10.9
17.4
25.9
16.2
2.9
2.6
11.4
16.8
1.3
1.0
Ltd
M M Forgings
Buy
669
797
808
563
671
22.1
22.9
51.0
66.5
13.1
10.1
2.7
2.2
23.1
24.1
1.6
1.3
Banco Products (India)
Neutral
135
-
962
1,208
1,353
11.0
12.3
10.8
14.5
12.5
9.3
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
191
-
118
1,007
1,114
3.1
3.1
23.7
28.2
8.1
6.8
1.1
1.0
13.9
14.6
0.1
0.1
Nilkamal
Neutral
1,046
-
1,561
1,948
2,147
10.6
10.3
60.0
67.0
17.4
15.6
2.7
2.3
16.8
16.1
0.9
0.8
Visaka Industries
Neutral
165
-
263
1,158
1,272
8.6
9.5
23.7
32.7
7.0
5.1
0.7
0.6
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
287
-
2,174
2,830
3,350
8.8
9.0
14.4
18.3
20.0
15.7
3.1
2.7
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
87
-
943
1,452
1,596
13.7
14.7
4.2
6.2
20.9
13.9
1.6
1.5
8.1
11.2
1.0
0.8
Surya Roshni
Buy
146
193
639
2,992
3,223
8.4
8.7
15.2
19.3
9.6
7.6
0.9
0.8
10.1
11.5
0.5
0.5
MT Educare
Buy
124
141
493
275
355
18.3
17.3
7.4
8.8
16.7
14.0
3.4
3.0
20.2
21.1
1.7
1.3
Radico Khaitan
Accumulate
95
112
1,265
1,565
1,687
11.9
12.4
5.4
6.6
17.6
14.4
1.4
1.3
8.0
9.0
1.3
1.3
Garware Wall Ropes
Buy
298
390
652
875
983
10.4
10.6
23.1
27.8
12.9
10.7
1.8
1.6
14.1
14.8
0.7
0.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 11, 2015
www.angelbroking.com
Market Outlook
August 12, 2015
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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