Market Outlook
July 15, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open in green tracking SGX Nifty.
BSE Sensex
0.5
127
27,942
Nifty
0.5
45
8,565
U.S. equities closed at new record levels Thursday after Bank of England hinted at
looser monetary policy next month and as earnings season kicked into full gear.
Mid Cap
0.5
65
12,115
Dow Jones closed at an all-time high for 3rd consecutive day, with Goldman Sachs,
Small Cap
0.7
87
12,069
IBM and Apple contributing the most gains. S&P 500 had its 4th consecutive record
Bankex
1.5
316
21,657
close, ending half a percent higher, led by financials. Nasdaq had its 6th positive day
of gains in seven, closing half a percent higher as Apple shares gained over 2%.
Global Indices
Chg (%)
(Pts)
(Close)
U.K. stocks ended lower while pound climbed on Thursday after Bank of England
Dow Jones
0.7
134
18,506
confounded market expectations by leaving its benchmark interest rate unchanged
Nasdaq
0.6
28
5,034
at a record low of 0.5%.
FTSE
(0.2)
(16)
6,654
Europe-led strength in last hour of trade helped Equity benchmarks end at 10-month
Nikkei
1.0
154
16,386
high on Thursday. Also, likely meeting between NDA and Congress over Goods &
Services Tax (GST) issues and expected announcement of new RBI governor by
Hang Seng
1.1
239
21,561
weekend also lifted sentiment. Banking & Financials, Auto, Infra and FMCG stocks
Shanghai Com
(0.2)
-7
3,054
led the support.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,598
507
PNC Infratech bags `881cr Hybrid Annuity Highway Project
Declines
1,112
1,110
Infosys Results 1QFY17 Preview
Unchanged
179
61
TCS Results 1QFY17 Review
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
3,941
NSE
18,180
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
324
2,144
21,688
Top Picks
MFs
35
-272
9,073
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
878
1,076
22.5
Top Gainers
Price (`)
Chg (%)
HCL Tech
IT
Buy
728
1,000
37.5
Gati
181
9.4
LIC Housing
Financials
Buy
507
592
16.8
Canbk
256
6.5
Bharat Electronics
Capital Goods
Accumulate
1,279
1,414
10.6
Beml
939
6.4
Navkar Corporation Others
Buy
218
265
21.7
Pnb
133
6.3
More Top Picks on Pg4
Unitech
8
5.9
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
July 15 USA
Core Retail Sales (MoM) (Jun) (%)
0.4
0.4
Oberoirlty
296
(4.5)
July 19 UK
CPI (YoY) (Jun) (%)
0.3
0.0
M&Mfin
332
(3.9)
July 19 Euro Zone
German ZEW Economic Sentiment (Jul)
19.2
8.0
Gppl
185
(3.2)
July 19 USD
Building Permits (Jun)
1.136M
1.150M
6.(
Network18
42
(2.7)
More Events on Pg5
Ibulhsgfin
697
(2.5)
As on July 14, 2016
Market Outlook
July 15, 2016
PNC Infratech bags `881cr Hybrid Annuity Highway Project
PNC Infratech informed that it has been declared L1 (lowest) bidder for 2/4 laning
with paved shoulders from 0.00-83.453km of Dausa-Lalsot-Kauthun section of
NH-11A (Extension) in Rajasthan under NHDP IV, on Hybrid Annuity Model for
project cost of `881cr. PNC had won this project against competition from 10
Infrastructure firms.
PNC has won this project at ~12.0% premium to evaluated bid price of `786.1cr.
This project has been awarded with 2.5 years of construction and 15.0 years of
operations from CoD.
For FY2016, PNC reported 146% yoy increase in order inflows to `3,972cr. These
include 6 Highway and 1 Airport runway project (has received Letter of Award for
all 7 projects). YTDFY2017, PNC has won/is L1 for projects worth `1,141.5cr.
PNC has won 2 projects, namely, (1) extension and resurfacing of runway at Air
Force Station, Bakshi Ka Talab, near Lucknow worth `140.6cr from Military
Engineering Services, India, and (2) upgradation of Nanau-Dodon section in the
district of Aligarh, Uttar Pradesh worth `119.9cr by UP PWD.
PNC’s unexecuted order book (including L1 order wins) as of 4QFY2016 stood at
`5,797cr (order book to LTM ratio stands at 2.7x). Post this new order win, the OB
is expected to surge to `6,678 (unadjusted for 1QFY2017 revenues).
Roads & Highways vertical continues to dominate the PNC’s order book mix.
Management has given an order inflow guidance of ~`5,000cr for FY2017E. The
guidance is backed by a strong bid pipeline emerging from NHAI & MoRTH side
(especially from Uttar Pradesh, Haryana, Madhya Pradesh) and recent order wins.
We revise upwards our FY2017E and FY2018E Order Inflow estimates and adjust
Execution rates for the same time period. We maintain our revenue and FY2017E
and FY2018E, EPS estimates.
Considering the strong uptick in roads and highways EPC award activity especially
in north India, where PNC has more comfort, and given its past track record and
recent wins, we expect the standalone entity to report 20.1% top-line CAGR over
FY2015-2017E. With normal tax rate applicable from FY2018, the bottom-line
growth would be of negative 5.3% CAGR during the same period. Accordingly, the
RoEs would decline from 23.3% in FY2016 to 13.2% in FY2018E. Using the SoTP
valuation methodology we arrive at FY2018E based price target of `647. Given
the 12.5% upside in stock form current levels, we maintain Accumulate rating on
the stock.
Result Preview
Infosys (CMP: `1,176/ TP: `1,374/Upside: 16.8%)
Infosys is slated to announce its 1QFY2017 results today. We expect the company
to post 4.2% sequential growth in USD revenues to US$2,548mn, mostly volume
lead. In rupee terms, revenues are expected to come in at `17,072cr, up 3.2%
QoQ. EBITDA margin is expected to show decline of ~108bp QoQ to end at
26.7%. Consequently, PAT is expected to be at `3,514cr, de-growth of 2.3%.
The things to look out will be 1) Any potential changes to growth outlook and
annual revenue guidance (Infosys had guided for 11.5-13.5% yoy CC (constant
Market Outlook
July 15, 2016
currency) revenue growth for FY2017 in April'16) 2) Outlook on margins QoQ.
We maintain our buy rating on the stock with a target price of `1,374.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
1,22,770
28.3
27,598
141.0
34.6
18.0
4.0
11.9
3.3
FY2018E
1,38,730
28.3
30,941
158.9
35.5
16.2
3.6
10.4
2.9
Result Review
TCS (CMP: `2,520 / TP: `3,004/Upside: 19.2%)
TCS, posted results below expectations, on the sales front, while the net profit
growth came in higher than expected, on back of better expected EBIT and better
than expected other income.
The company posted 3.7% sequential growth in USD revenues to US$4,362mn V/s
US$4,375mn expected, mostly volume lead (3.4% QoQ growth). On Constant
Currency (CC), the company posted a 3.1% QoQ growth. In rupee terms,
revenues came in at `29,305cr V/s `29,362cr expected, up 3.0% QoQ.
In terms of geography, USA posted CC QoQ growth of 2.5%, while Latin America
posted CC QoQ growth 0.3%. In Europe- UK (3.8%) CC QoQ growth, while
Continental Europe 4.6% CC QoQ growth. India posted an 8.5% CC QoQ
growth. Asia Pacific posted a 1.3% CC QoQ growth, while MEA posted a 3.3% CC
QoQ growth.
In terms of verticals, BFSI posted CC QoQ growth of 1.7%, Retail & CPG CC QoQ
growth of 2.7%, Communication & Media posted CC QoQ growth of 7.0%,
Manufacturing posted CC QoQ growth of 3.1%, Life Sciences & Healthcare posted
CC QoQ growth of 3.9%, Energy & Utilities posted CC QoQ growth of 7.4%,
Travel & Hospitality posted CC QoQ growth of 8.6% and Hi-Tech posted CC QoQ
de-growth of 0.3%.
On the operating front, the EBITDA and EBIT margins came in at 26.7% and
25.1% a dip of ~97 bps and ~98bps QoQ respectively, mostly in line with
expectations. Consequently, PAT is expected to be at `6,317cr V/s `6,151cr
expected, de-growth of 0.4% QoQ. In terms, of client addition, during the quarter
4 were added in US $50mn+ and in 6 in US $20mn+ revenue band. LTM
attrition down further QoQ to 13.6% in IT services. We maintain our buy rating on
the stock with a target price of `3,004.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
1,22,770
28.3
27,598
141.0
34.6
17.9
6.2
12.8
3.6
FY2018E
1,38,730
28.3
30,941
158.9
35.5
15.9
5.7
11.1
3.1
Market Outlook
July 15, 2016
Economic and Political News
ADB to give $100mn loan for water projects in Tamil Nadu
Odisha Govt. to iron out issues in OPGC expansion
Govt to form expert group to analyze iron ore sale by NMDC
Corporate News
NTPC plans new plants at old sites
SPML Infra bags orders worth `1,275cr from Rajasthan Govt.
ICICI Pru Life to file for `4,700cr IPO next week
Titan to acquire 62% shares in Carat Lane for `357cr
JLR to start testing driverless cars on UK roads
Quarterly Bloomberg Brokers Consensus Estimate
LIC Housing Finance Ltd- July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
PAT
457
382
19.5
448
1.9
Reliance Industries Ltd- July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
57,426
65,817
(12.7)
49,957
15.0
EBITDA
9,817
9,307
5.5
10,727
(8.5)
EBITDA margin (%)
17.1
14.1
21.5
Net profit
6,549
6,318
3.7
7,320
(10.5)
Infosys Ltd (Consol)- July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
17,046
14,354
18.8
16,550
3.0
EBITDA
4,457
3,760
18.5
4,639
(3.9)
EBITDA margin (%)
26.1
26.2
28.0
Net profit
3,430
3,030
13.2
3,597
(4.6)
Exide Industries Ltd- July 18, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,940
1,795
8.1
1,756
10.5
EBITDA
302
266
13.6
267
13.0
EBITDA margin (%)
15.6
14.8
15.2
Net profit
184
155
18.8
178
3.9
Market Outlook
July 15, 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
15,004
878
1,076
22.5
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
30,695
1,279
1,414
10.6
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,02,632
728
1,000
37.5
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
3,03,872
1,200
1,262
5.2
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
2,70,086
1,176
1,374
16.9
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,564
507
592
16.8
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
14,466
241
242
0.4
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
10,767
325
407
25.1
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
2,432
241
268
11.4
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
4,070
452
495
9.4
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
6,227
213
270
26.5
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
5,916
176
235
33.2
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
1,222
530
631
19.1
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
2,758
84
93
10.9
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
5,850
179
205
14.6
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
1,957
477
554
16.1
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,106
218
265
21.7
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,226
92
125
35.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
988
1,054
1,347
27.8
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Stock Watch
July 15, 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
210
-
4,089
1,612
1,911
13.3
13.3
7.4
9.5
28.4
22.1
4.6
4.1
16.7
18.4
2.6
2.2
United Phosphorus
Buy
568
684
24,328
13,083
15,176
18.5
18.5
31.5
37.4
18.0
15.2
3.6
3.0
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
92
111
26,097
17,995
21,544
11.4
11.6
3.4
4.7
27.0
19.5
4.7
4.4
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,662
-
77,016
22,709
25,860
20.9
20.1
129.0
143.6
20.6
18.5
6.3
5.5
30.7
29.4
2.9
2.5
Bharat Forge
Buy
728
875
16,957
7,351
8,318
19.9
19.7
31.2
36.5
23.4
20.0
4.2
3.5
19.3
19.2
2.5
2.2
Eicher Motors
Neutral
19,517
-
53,011
15,556
16,747
15.5
17.3
464.8
597.5
42.0
32.7
15.3
11.3
36.2
34.3
3.4
3.1
Gabriel India
Neutral
102
-
1,469
1,415
1,544
8.7
9.0
4.6
5.4
22.2
18.9
4.0
3.6
18.1
18.9
1.0
0.9
Hero Motocorp
Neutral
3,251
-
64,924
28,244
30,532
15.5
15.9
156.7
168.5
20.8
19.3
8.3
7.0
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
170
-
1,361
1,281
1,473
11.2
11.5
7.6
9.2
22.4
18.5
5.7
4.6
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
491
-
771
1,254
1,394
11.6
11.8
35.9
41.7
13.7
11.8
1.9
1.6
13.5
13.8
0.7
0.7
Mahindra and Mahindra Neutral
1,446
-
89,807
38,416
42,904
13.7
13.9
54.8
63.4
26.4
22.8
4.1
3.6
15.4
15.8
2.0
1.8
Maruti
Neutral
4,426
-
133,687
57,865
68,104
16.4
16.7
176.3
225.5
25.1
19.6
4.9
4.2
19.4
21.2
2.1
1.7
Minda Industries
Neutral
1,170
-
1,856
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
297
313
39,252
39,343
45,100
8.8
9.1
10.1
12.5
29.4
23.7
9.3
7.3
35.3
34.4
1.1
0.9
Rane Brake Lining
Buy
429
465
339
454
511
11.5
12.0
25.2
31.0
17.0
13.8
2.5
2.3
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
48
-
641
594
741
12.7
13.7
1.7
3.2
28.2
15.0
3.0
2.6
10.4
16.9
1.5
1.3
Tata Motors
Neutral
486
-
140,232
259,686
273,957
13.0
13.4
25.9
29.5
18.8
16.5
2.5
2.1
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
304
330
14,462
11,263
13,122
6.9
8.5
9.2
15.0
33.1
20.3
7.6
6.0
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
878
1,076
15,004
4,690
5,429
17.5
17.5
28.5
35.3
30.9
24.9
7.1
5.9
23.1
25.9
3.1
2.7
Exide Industries
Neutral
180
-
15,279
6,950
7,784
14.4
14.8
6.6
7.3
27.2
24.6
3.4
3.1
12.6
12.8
1.9
1.7
Apollo Tyres
Buy
155
183
7,910
12,056
12,714
17.2
16.4
23.0
20.3
6.8
7.7
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
869
1,119
3,513
6,041
6,597
14.1
13.7
99.5
111.9
8.7
7.8
1.7
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
90
-
2,046
7,446
7,669
15.2
14.0
19.6
18.4
4.6
4.9
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,135
-
1,409
552
630
14.2
14.7
44.6
54.1
25.4
21.0
5.9
5.4
23.2
25.6
2.4
2.1
Subros
Neutral
94
-
565
1,293
1,527
11.8
11.9
4.2
6.7
22.4
14.1
1.7
1.5
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
188
-
494
283
329
17.0
17.2
13.0
15.4
14.5
12.2
3.2
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
45
-
446
660
839
4.7
8.2
1.0
3.9
45.1
11.6
1.4
1.3
3.2
11.3
0.8
0.7
BEML
Buy
939
1,157
3,908
3,277
4,006
6.0
8.9
36.2
64.3
25.9
14.6
1.8
1.6
5.7
11.7
1.2
0.9
Bharat Electronics
Accumulate
1,279
1,414
30,695
7,295
8,137
20.0
16.8
56.5
58.7
22.6
21.8
3.4
3.0
42.1
44.6
3.4
2.9
Stock Watch
July 15, 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
325
407
10,767
5,857
6,511
7.5
7.9
11.7
12.9
27.8
25.2
4.5
4.0
17.1
16.7
1.8
1.6
BGR Energy
Neutral
122
-
884
3,615
3,181
9.5
9.4
16.7
12.4
7.3
9.9
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
145
-
35,368
33,722
35,272
10.8
11.7
10.5
14.2
13.8
10.2
1.0
1.0
7.0
9.0
1.1
1.0
Blue Star
Accumulate
452
495
4,070
3,770
4,351
5.7
6.4
11.4
17.2
39.6
26.4
6.1
5.7
18.4
23.1
1.1
1.0
Crompton Greaves
Neutral
71
-
4,459
13,484
14,687
4.9
6.2
4.5
7.1
15.8
10.0
1.1
1.0
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
144
-
3,507
1,655
1,755
16.6
16.8
7.4
7.8
19.4
18.4
3.9
3.7
21.1
20.6
2.1
2.0
Inox Wind
Buy
230
286
5,110
4,406
5,605
15.5
15.7
20.4
24.8
11.3
9.3
2.6
1.9
27.9
25.9
1.4
1.1
KEC International
Neutral
143
-
3,669
8,791
9,716
6.1
6.8
5.4
8.2
26.4
17.4
2.6
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
913
-
10,874
6,413
7,525
7.4
8.5
30.5
39.3
29.9
23.2
4.6
4.0
15.0
17.0
1.6
1.3
VATech Wabag
Accumulate
601
681
3,273
2,722
3,336
7.9
8.1
19.5
24.6
30.8
24.4
3.2
2.9
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,625
-
30,509
13,151
14,757
16.4
18.3
63.9
83.4
25.4
19.5
3.3
3.0
13.3
16.1
2.2
1.8
Ambuja Cements
Neutral
263
-
40,737
11,564
12,556
19.4
20.7
8.9
10.1
29.5
26.0
3.7
3.5
12.8
13.8
3.1
2.9
HeidelbergCement
Neutral
117
-
2,658
1,772
1,926
13.3
15.4
1.0
3.0
117.3
39.1
3.0
2.8
2.6
7.9
2.1
1.9
India Cements
Neutral
115
-
3,520
4,216
4,840
18.0
19.5
4.0
9.9
28.7
11.6
1.1
1.1
4.0
9.5
1.2
1.0
JK Cement
Neutral
714
-
4,990
3,661
4,742
10.1
15.8
7.5
28.5
95.2
25.0
2.9
2.5
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
403
-
4,737
2,947
3,616
16.7
19.9
11.5
27.2
35.0
14.8
3.3
2.9
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
303
-
809
1,053
1,347
10.5
13.3
8.4
26.0
36.1
11.7
1.5
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
177
-
3,631
1,854
2,524
21.2
22.2
7.7
11.1
23.0
16.0
3.3
2.9
13.3
15.7
2.8
1.9
Ramco Cements
Neutral
569
-
13,555
4,036
4,545
20.8
21.3
15.1
18.8
37.7
30.3
4.6
4.1
12.9
14.3
3.9
3.4
Shree Cement^
Neutral
15,602
-
54,353
7,150
8,742
26.7
28.6
228.0
345.5
68.4
45.2
10.1
8.5
15.7
20.3
7.6
6.1
UltraTech Cement
Neutral
3,500
-
96,063
24,669
29,265
18.2
20.6
82.0
120.0
42.7
29.2
4.6
4.0
11.3
14.7
3.9
3.3
Construction
ITNL
Accumulate
84
93
2,758
7,360
8,682
34.0
32.2
7.0
8.6
12.0
9.8
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Accumulate
552
603
1,552
937
1,470
14.3
14.0
44.2
38.6
12.5
14.3
2.5
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,564
1,700
145,752
58,870
65,708
8.3
10.3
42.0
53.0
37.2
29.5
2.6
2.3
8.8
11.2
2.7
2.4
Gujarat Pipavav Port
Neutral
185
-
8,965
629
684
51.0
52.2
6.4
5.9
29.0
31.4
3.8
3.5
15.9
12.7
13.8
12.5
MBL Infrastructures
Buy
143
285
591
2,313
2,797
12.2
14.6
19.0
20.0
7.5
7.1
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
81
-
4,506
7,892
8,842
8.8
9.1
3.0
5.3
27.0
15.3
1.4
1.3
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
575
647
2,949
1,873
2,288
13.2
13.5
24.0
32.0
24.0
18.0
2.3
2.1
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
303
-
1,497
5,955
6,829
10.3
10.5
16.0
31.0
18.9
9.8
1.0
0.9
5.3
9.9
0.8
0.7
Stock Watch
July 15, 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
553
-
814
1,539
1,801
12.8
12.7
59.0
72.1
9.4
7.7
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
303
-
5,191
3,186
3,598
10.2
10.3
8.0
9.0
37.8
33.6
3.5
3.1
9.4
9.9
1.9
1.7
NBCC
Neutral
241
-
14,466
5,838
7,428
6.0
7.9
5.2
8.2
46.4
29.4
1.5
1.2
21.9
28.2
2.5
1.8
MEP Infra
Neutral
46
-
754
1,956
1,876
28.1
30.5
1.3
3.0
35.7
15.5
7.5
5.0
21.2
32.8
1.8
1.8
SIPL
Neutral
102
-
3,575
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
17.0
11.4
Engineers India
Neutral
211
-
7,103
1,667
1,725
13.5
16.0
9.7
11.4
21.7
18.5
2.6
2.5
11.7
13.4
3.1
3.1
Financials
Allahabad Bank
Neutral
81
-
5,864
8,569
9,392
2.8
2.9
16.3
27.5
5.0
3.0
0.5
0.4
7.6
11.9
-
-
Axis Bank
Neutral
560
-
133,670
26,204
29,738
3.6
3.5
34.5
35.4
16.2
15.8
2.6
2.3
16.8
14.9
-
-
Bank of Baroda
Neutral
164
-
37,719
18,802
21,088
2.0
2.2
(7.4)
13.0
12.6
1.3
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
117
-
10,910
15,972
17,271
1.9
2.0
15.3
33.4
7.6
3.5
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
256
-
13,879
15,441
16,945
2.0
2.1
46.6
70.4
5.5
3.6
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
41
-
2,764
3,440
3,840
2.1
2.3
7.3
10.0
5.7
4.1
0.4
0.4
6.1
7.9
-
-
Dewan Housing Finance Buy
213
270
6,227
1,828
2,225
2.9
3.0
24.9
29.7
8.6
7.2
1.3
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
176
235
5,916
679
1,076
12.4
11.7
6.2
6.7
28.5
26.3
3.6
2.6
13.3
12.5
-
-
Federal Bank
Neutral
63
-
10,764
3,279
3,787
2.8
2.9
3.9
5.5
15.9
11.3
1.3
1.2
8.4
10.8
-
-
HDFC
Neutral
1,336
-
211,256
10,358
11,852
3.3
3.3
41.1
47.0
32.5
28.4
6.2
5.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,200
1,262
303,872
38,606
47,696
4.4
4.5
48.8
61.4
24.6
19.6
4.2
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
268
-
156,039
34,279
39,262
3.3
3.3
21.0
24.4
12.8
11.0
2.2
1.8
14.4
14.7
-
-
IDBI Bank
Neutral
76
-
15,698
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
158
-
7,605
6,160
6,858
2.5
2.5
24.5
29.8
6.5
5.3
0.5
0.5
7.7
8.6
-
-
LIC Housing Finance
Accumulate
507
592
25,564
3,179
3,758
2.6
2.6
32.9
40.6
15.4
12.5
2.9
2.4
19.6
20.7
-
-
Oriental Bank
Neutral
125
-
4,339
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
133
-
26,077
23,122
26,022
2.8
2.8
7.0
21.6
19.0
6.2
1.0
0.9
3.4
10.0
-
-
South Ind.Bank
Neutral
23
-
3,045
1,965
2,185
2.5
2.5
2.5
3.3
9.1
6.8
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
232
-
179,902
79,958
86,061
2.6
2.6
13.4
20.7
17.3
11.2
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
140
-
9,652
12,646
14,129
2.3
2.4
31.0
39.1
4.5
3.6
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
43
-
4,265
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
1,169
-
49,225
7,190
9,011
3.2
3.3
58.2
69.7
20.1
16.8
3.6
3.1
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,019
-
97,747
15,534
17,445
17.7
16.8
18.4
19.6
55.5
52.0
19.6
18.5
34.6
35.6
6.2
5.5
Stock Watch
July 15, 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
2,859
-
34,297
8,481
9,795
14.0
14.1
65.5
78.3
43.6
36.5
20.7
17.0
38.3
41.2
4.0
3.4
Colgate
Neutral
929
-
25,266
4,136
4,632
22.5
23.3
22.2
25.3
41.8
36.7
25.5
22.7
68.6
67.5
6.0
5.4
Dabur India
Neutral
314
-
55,237
9,370
10,265
17.6
17.3
7.3
8.1
42.8
38.8
11.1
10.2
31.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,172
-
25,955
4,519
5,142
19.6
19.8
164.3
191.2
37.6
32.3
10.4
8.9
30.8
29.9
5.2
4.5
Godrej Consumer
Neutral
1,583
-
53,900
9,003
10,335
18.1
18.7
34.1
41.8
46.4
37.9
10.0
8.6
23.9
24.8
6.3
5.5
HUL
Neutral
932
-
201,762
33,299
35,497
17.1
17.1
18.9
20.0
49.4
46.6
43.2
37.7
87.6
80.8
5.8
5.4
ITC
Neutral
249
-
300,382
36,837
39,726
38.8
38.7
8.2
9.0
30.5
27.7
8.5
7.5
27.8
26.9
7.6
7.0
Marico
Neutral
278
-
35,867
6,151
6,966
17.2
17.3
5.4
6.4
51.5
43.4
16.2
12.8
33.2
32.4
5.6
5.0
Nestle*
Neutral
6,551
-
63,162
9,393
10,507
22.2
22.3
106.8
121.8
61.3
53.8
21.6
19.4
34.8
36.7
6.4
5.7
Tata Global
Neutral
133
-
8,369
8,635
9,072
9.8
9.9
5.8
7.2
22.9
18.4
2.0
2.0
6.8
7.4
1.0
1.0
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
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
728
1,000
102,633
37,061
30,781
21.5
20.5
51.4
40.0
14.2
18.2
3.7
2.7
20.1
20.3
2.5
2.6
Infosys
Buy
1,176
1,374
270,086
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
2,520
3,004
496,607
108,646
122,770
28.3
28.3
123.7
141.0
20.4
17.9
6.7
6.2
33.1
34.6
4.0
3.5
Tech Mahindra
Buy
518
700
50,302
26,494
30,347
16.3
17.0
32.2
37.5
16.1
13.8
3.5
3.0
21.7
21.8
1.6
1.4
Wipro
Buy
571
680
141,004
50,808
56,189
23.7
23.8
37.3
40.7
15.3
14.0
2.9
2.7
19.2
17.7
2.2
1.9
Media
D B Corp
Neutral
377
-
6,932
2,025
2,187
27.4
27.4
17.4
18.9
21.7
20.0
4.9
4.5
22.9
23.7
3.4
3.1
HT Media
Neutral
82
-
1,897
2,495
2,673
12.9
13.2
6.8
7.2
12.0
11.3
0.9
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Accumulate
179
205
5,850
2,107
2,355
33.5
28.0
10.1
10.8
17.8
16.6
4.2
3.6
23.3
21.7
2.9
2.6
Sun TV Network
Neutral
389
-
15,346
2,510
2,763
71.8
71.5
21.9
24.8
17.8
15.7
4.2
3.8
22.8
24.3
5.4
4.9
Hindustan Media
Neutral
272
-
1,997
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
324
380
204,934
76,167
84,130
19.9
22.3
22.4
25.8
14.5
12.6
5.2
5.1
35.5
41.0
2.0
1.7
Hind. Zinc
Neutral
195
-
82,225
14,641
14,026
50.4
50.4
17.7
16.0
11.0
12.2
1.7
1.5
16.2
13.2
3.3
3.2
Hindalco
Neutral
136
-
28,022
104,356
111,186
8.7
9.5
6.7
11.1
20.2
12.3
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,575
-
38,080
42,308
45,147
16.4
20.7
(10.3)
49.5
31.8
1.8
1.7
(1.0)
5.6
1.9
1.8
NMDC
Neutral
97
-
38,279
8,237
10,893
46.6
44.5
10.0
11.7
9.7
8.3
1.1
0.9
12.5
13.0
4.5
3.4
SAIL
Neutral
50
-
20,547
45,915
53,954
7.2
10.5
1.5
4.4
33.0
11.4
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
164
-
48,621
71,445
81,910
26.2
26.3
12.9
19.2
12.7
8.6
0.9
0.8
7.2
8.9
1.1
0.9
Tata Steel
Neutral
359
-
34,886
126,760
137,307
8.9
11.3
6.4
23.1
56.5
15.6
1.1
1.1
2.0
7.1
0.8
0.8
Stock Watch
July 15, 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
172
-
32,191
11,323
12,490
49.4
51.0
20.7
20.7
8.3
8.3
0.5
0.5
6.4
6.1
1.8
1.1
GAIL
Neutral
396
-
50,206
64,856
70,933
9.1
9.6
24.0
28.9
16.5
13.7
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
231
-
197,632
154,564
145,998
36.8
37.4
20.8
22.6
11.1
10.2
1.0
1.0
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
289
-
21,656
29,691
31,188
5.8
6.2
12.8
13.4
22.6
21.5
3.4
3.0
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
482
-
116,930
359,607
402,760
5.9
6.1
42.5
48.7
11.3
9.9
1.5
1.3
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
1,006
-
326,336
304,775
344,392
12.6
13.4
91.3
102.6
11.0
9.8
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
585
-
11,030
3,145
3,483
31.9
16.2
38.2
18.7
15.3
31.3
6.9
5.8
57.9
20.1
3.5
3.2
Aurobindo Pharma
Neutral
774
-
45,295
13,651
15,702
21.7
21.7
33.9
38.4
22.8
20.2
6.4
5.0
32.5
27.7
3.6
3.2
Aventis*
Neutral
4,557
-
10,494
2,049
2,375
15.4
17.3
115.4
153.5
39.5
29.7
6.4
5.0
19.3
25.8
4.9
4.1
Cadila Healthcare
Accumulate
364
400
37,305
9,469
11,246
21.2
22.0
14.9
17.1
24.5
21.3
7.0
5.5
28.8
26.6
4.0
3.3
Cipla
Neutral
511
-
41,054
13,372
15,378
16.4
17.4
18.8
21.6
27.2
23.7
3.5
3.1
13.3
13.7
3.1
3.0
Dr Reddy's
Neutral
3,578
-
61,012
15,471
17,479
24.6
24.6
138.2
152.4
25.9
23.5
4.8
4.1
19.7
18.7
3.9
3.5
Dishman Pharma
Neutral
137
-
2,209
1,733
1,906
21.5
21.5
10.1
10.0
13.6
13.7
1.6
1.4
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,519
-
29,811
2,741
3,528
16.5
18.9
44.2
60.1
79.6
58.6
17.6
17.4
21.2
29.9
10.5
8.2
Indoco Remedies
Neutral
291
-
2,678
977
1,112
14.9
18.2
9.0
13.2
32.3
22.0
4.6
3.9
15.1
19.2
2.8
2.5
Ipca labs
Buy
469
613
5,911
2,844
3,799
10.6
15.3
10.6
17.3
44.2
27.1
2.6
2.4
5.9
9.1
2.2
1.7
Lupin
Accumulate
1,658
1,809
74,745
13,702
15,912
23.7
26.4
50.5
58.1
32.8
28.5
6.8
5.6
22.9
21.4
6.0
4.8
Sun Pharma
Buy
770
944
185,352
27,744
31,129
26.0
30.0
22.0
28.0
35.0
27.5
5.1
4.2
18.3
18.7
6.6
5.7
Power
Tata Power
Neutral
72
-
19,419
35,923
37,402
22.6
22.8
4.1
5.2
17.7
13.9
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
158
-
130,484
87,271
99,297
23.5
23.5
11.8
13.3
13.5
11.9
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Neutral
165
-
86,190
20,702
23,361
86.7
86.4
12.1
13.2
13.6
12.5
2.0
1.8
15.6
15.1
9.1
8.5
Real Estate
MLIFE
Buy
477
554
1,957
826
1,011
20.1
21.9
22.7
30.7
21.0
15.5
1.3
1.2
6.0
7.4
4.3
3.2
Telecom
Bharti Airtel
Neutral
366
-
146,445
101,748
109,191
32.1
31.7
12.0
12.5
30.5
29.3
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
108
-
38,745
34,282
36,941
32.0
31.5
5.9
6.2
18.2
17.4
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,718
-
10,026
2,715
3,153
14.5
14.1
134.3
152.2
35.1
31.0
8.8
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
241
268
2,432
4,612
5,351
5.6
5.7
9.5
12.4
25.4
19.5
3.2
2.8
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
379
-
5,790
2,520
2,883
12.2
12.0
12.7
14.2
29.9
26.7
4.1
3.6
13.6
13.5
2.0
1.7
Goodyear India*
Buy
530
631
1,222
1,750
1,598
11.3
10.4
53.7
49.4
9.9
10.7
2.1
1.8
23.0
18.2
0.5
0.4
Hitachi
Neutral
1,385
-
3,766
1,779
2,081
7.8
8.8
21.8
33.4
63.5
41.4
10.3
8.3
17.4
22.1
2.2
1.8
Stock Watch
July 15, 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
297
-
5,377
1,620
1,847
11.5
11.5
7.3
8.5
40.7
35.1
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
34,558
45,575
14,657
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.3
9.1
2.2
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,436
-
14,986
1,929
2,450
19.8
20.1
229.9
299.0
58.4
44.9
25.8
17.9
52.1
47.1
7.7
6.0
Relaxo Footwears
Neutral
489
-
5,874
1,767
2,152
12.3
12.5
19.3
25.1
25.4
19.5
6.2
4.8
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,054
1,347
988
1,619
1,799
11.6
11.6
93.5
104.9
11.3
10.0
1.9
1.7
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
652
-
1,147
1,271
1,440
8.6
9.2
32.0
41.1
20.4
15.9
2.1
1.9
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,382
2,932
1,824
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
Accumulate
291
310
2,106
2,123
2,384
16.1
16.5
15.0
18.9
19.4
15.4
1.5
1.4
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
264
-
3,811
2,403
2,554
8.6
9.9
9.2
10.5
28.7
25.1
2.8
2.6
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
410
546
495
511
615
21.7
21.6
43.1
55.8
9.5
7.3
1.7
1.4
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
152
-
1,085
1,208
1,353
11.0
12.3
10.8
14.5
14.1
10.5
1.6
1.4
11.9
14.5
0.9
0.8
Competent Automobiles Neutral
145
-
89
1,040
1,137
3.2
3.1
25.7
28.0
5.6
5.2
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,220
-
1,821
1,871
2,031
10.7
10.5
63.2
69.8
19.3
17.5
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
156
-
248
1,020
1,120
8.7
9.1
13.9
20.1
11.2
7.8
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
353
-
2,700
2,830
3,350
8.8
9.0
14.4
18.3
24.5
19.3
3.8
3.3
15.4
17.1
1.0
0.9
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
167
201
732
2,992
3,223
8.1
8.4
14.7
18.3
11.4
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
161
-
641
286
366
18.3
17.7
7.7
9.4
20.8
17.2
4.4
3.8
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
92
125
1,226
1,543
1,659
12.6
13.0
5.8
6.3
16.0
14.6
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Accumulate
420
460
919
828
898
11.2
10.3
28.3
29.0
14.9
14.5
2.5
2.2
16.8
14.9
1.1
1.0
Wonderla Holidays
Neutral
398
-
2,251
206
308
44.0
43.6
9.0
12.9
44.3
30.9
6.1
5.5
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
254
-
376
344
382
9.1
9.1
12.4
13.1
20.5
19.4
3.7
3.2
18.0
16.7
1.2
1.0
The Byke Hospitality
Neutral
163
-
653
222
287
20.5
20.5
5.6
7.6
28.9
21.6
5.5
4.5
18.9
20.8
3.0
2.3
Interglobe Aviation
Neutral
992
-
35,737
17,022
21,122
20.7
14.5
63.9
53.7
15.5
18.5
23.3
19.1
149.9
103.2
2.2
1.7
Coffee Day Enterprises
Neutral
245
-
5,050
2,692
2,964
17.0
18.6
-
4.7
-
51.7
3.0
2.8
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
99
-
2,354
998
1,062
24.1
24.0
5.8
6.1
17.2
16.2
3.8
3.3
22.0
20.6
2.4
2.3
Navkar Corporation
Buy
218
265
3,106
347
408
43.2
42.9
6.7
6.8
32.7
32.2
2.4
2.2
7.3
6.9
9.1
8.3
UFO Moviez
Neutral
554
-
1,529
558
619
32.0
33.2
22.5
30.0
24.6
18.5
3.0
2.6
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
330
-
3,007
1,725
1,902
16.5
16.7
12.2
14.6
27.1
22.6
5.6
5.0
20.8
21.9
1.8
1.6
Stock Watch
July 15, 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
1,029
-
1,759
2,565
3,229
1.3
1.5
15.2
22.8
67.8
45.2
5.4
4.8
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
228
-
3,300
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
281
-
1,966
339
408
27.8
27.3
7.1
7.7
39.7
36.3
3.4
3.4
8.5
9.3
4.7
4.0
Narayana Hrudaya
Neutral
292
-
5,959
1,603
1,873
10.9
11.5
1.0
2.6
306.1
110.3
7.4
6.8
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
652
-
3,265
540
836
19.9
19.6
10.2
16.9
63.7
38.6
5.2
4.6
8.1
12.0
5.5
3.5
Parag Milk Foods
Neutral
330
-
2,780
1,645
1,919
9.0
9.3
6.7
9.5
49.2
35.0
6.4
5.4
13.1
15.5
1.9
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 14, 2016
Market Outlook
July 15, 2016
Research Team Tel: 022 - 39357800
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