Market Outlook
May 17, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
164
25,653
Indian markets are expected to open on a positive note tracking the SGX Nifty.
Nifty
0.6
46
7,861
U.S markets closed higher on Monday, led by energy stocks and fresh gains in the
Mid Cap
0.3
33
11,189
tech sector, including Apple Inc, who jumped 3.7% and contributed to gains across
Small Cap
0.1
10
11,124
the board.
Bankex
(0.0)
(8)
19,032
European markets closed broadly flat hovered around the flatline Monday following
weak data out of China.
Global Indices
Chg (%)
(Pts)
(Close)
Indian markets ended a choppy session solidly higher on Monday. While higher oil
Dow Jones
1.0
175
17,711
and metal prices as well as broad-based gains in Asia offered some support, overall
gains for Sensex and Nifty were capped by weak cues from Europe, sluggish
Nasdaq
1.2
58
4,775
Chinese data and slightly worrying inflation data on the domestic front.
FTSE
0.2
13
6,151
News Analysis
Nikkei
0.3
54
16,466
Result Review: INEOS Styrolution India
Hang Seng
0.8
165
19,884
Detailed analysis on Pg2
Shanghai Com
0.8
24
2,851
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,318
761
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,268
787
Refer Pg5 onwards
Unchanged
165
71
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
2,260
Amara Raja
Auto & Auto Ancillary Accumulate
945
1,076
13.9
HCL Tech
IT
Buy
720
1,000
38.8
NSE
15,395
LIC Housing
Financials
Buy
463
592
27.7
Bharat Electronics
Capital Goods
Buy
1,135
1,414
24.6
Net Inflows (` Cr)
Net
Mtd
Ytd
Navkar Corporation Others
Buy
183
265
44.6
FII
1,602
1,440
13,230
More Top Picks on Pg4
MFs
1,583
2,439
5,035
Key Upcoming Events
Previous
Consensus
Top Gainers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Kscl
434
6.5
May 17 UK
Consumer Price Index (YoY)
0.50
0.50
Ibrealest
85
6.5
May 17 USA
Industrial Production (YoY)
(0.59)
0.30
Muthootfin
220
4.1
May 17 USA
Consumer Price Index (MoM)
0.10
0.30
Gdl
299
3.9
May 18 Ero Zone
Euro-Zone CPI (YoY)
(0.20)
(0.20)
6.(
More Events on Pg5
Jswenergy
70
3.8
Top Losers
Price (`)
Chg (%)
Bankbaroda
142
(8.2)
Unionbank
109
(5.9)
Manappuram
48
(5.1)
Canbk
178
(4.3)
Syndibank
63
(4.3)
As on May 16, 2016
Market Outlook
May 17, 2016
Result Review
INEOS Styrolution India (CMP- `626/TP - /Upside -)
Note- The company’s wholly owned subsidiary Styrolution India Pvt. Ltd. (‘SIN’) has
amalgamated with the company and the results for 4QFY2016 and FY2016 are
not comparable with the previous year.
For 4QFY2016, INEOS Styrolution has reported a top-line of `767cr. The motive
behind the amalgamation was to gain from operational synergy which is evident in
the consolidated numbers as employee and other expenses as a percentage of
sales are significantly lower than the historical quarterly numbers. The company
reported EBITDA margin of
4.6% and the EBITDA came in at `35cr. The
depreciation of the combined entity came in at `13.7cr (v/s ~`4-5cr for the
standalone business) and the interest expense came in at `6.7cr. The company
reported net profit of `33cr for the quarter. We currently have a NEUTRAL rating
on the stock
Economic and Political News
World Bank approves $625-mn aid for India's solar programme
Monsoon delay not to affect crop sowing: IMD
Banks have reached peak of NPAs: Arun Jaitley
Corporate News
Indian Oil to reach 10-MT refining capacity this fiscal
Reliance Capital plans to launch more products in MFs, life insurance biz
JK Tyre Q4 net up 9%
Quarterly Bloomberg Brokers Consensus Estimate
Bharat Forge Ltd. - May 17, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
1,100
1,195
(8.0)
1029
6.9
EBITDA
328
360
(8.7)
313
4.8
EBITDA margin (%)
29.9
30.1
30.4
Net profit
183
203
(10.2)
166
15.3
Motherson Sumi Ltd. Consol - May 17, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
10,544
9322
13.1
9676
9
EBITDA
1061
938
13.1
945
12.3
EBITDA margin (%)
10.1
10.1
9.8
Net profit
353
489
(27.8)
427
(17.3)
Market Outlook
May 17, 2016
Punjab National Bank - May 18, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net profit
58
307
(81.2)
51
13.7
JSW Steel Ltd. Consol - May 18, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
10,552
12,364
(14.7)
8,621
22.4
EBITDA
1,473
1,657
(11.1)
(1230)
(219.8)
EBITDA margin (%)
14.0
13.4
(14.3)
Net profit
(64)
31
(306.5)
(982)
(93.5)
Market Outlook
May 17, 2016
Top Picks
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,134
945
1,076
13.9
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
27,234
1,135
1,414
24.6
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,01,617
720
1,000
38.8
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,94,163
1,163
1,262
8.5
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,79,748
1,214
1,374
13.2
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
23,381
463
592
27.7
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,737
978
1,089
11.3
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,834
426
481
12.9
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,932
203
270
32.8
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,452
75
93
24.7
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,558
170
205
20.6
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,866
455
554
21.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,613
183
265
44.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,165
88
125
42.7
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,020
1,089
1,354
24.4
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
May 17, 2016
Key Upcoming Events
Result Calendar
Date
Company
May 16, 2016
JK Tyre, Petronet LNG, Styrolution
May 17, 2016
Motherson Sumi, Bharat Forge, Syndicate Bank, United Bank, GlaxoSmith Con, MT Educare
May 18, 2016
J K Lakshmi Cements, Punjab Natl.Bank, Corporation Bank, JSW Steel , Kirloskar Engines India Ltd, PTC India
May 19, 2016
GSPL, Lupin, Dishman Pharma, CESC, Manpasand Bever.
May 20, 2016
Ramco Cements, ITC, Britannia, Siyaram Silk Mills, Sterling Tools, The Byke Hospitality, Coffee Day Enterprises Ltd
May 23, 2016
BPCL, Heritage Foods, Tata Power Co., VRL Logistics
May 24, 2016
Tata Global, Amara Raja Batteries, Colgate, Tech Mahindra, Page Industries
Bajaj Auto, Bosch India, Cummins India, Thermax, LMW, Hindustan Media Ventures, Tata Steel, GAIL, Abbott India,
May 25, 2016
GSK Pharma
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
May 17, 2016 2:00PM UK
CPI (YoY)
% Change
Apr
0.50
0.50
6:45PM US
Industrial Production
%
Apr
(0.59)
0.30
6:00PM US
Consumer price index (mom)
% Change
Apr
0.10
0.30
6:00PM US
Housing Starts
Thousands
Apr
1,089.00
1,125.00
2:00PM UK
Jobless claims change
% Change
Apr
6.70
4.50
May 18, 2016 6:00PM US
Building permits
Thousands
Apr
1,076.00
1,135.00
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Apr F
(0.20)
(0.20)
May 19, 2016 6:00PM US
Initial Jobless claims
Thousands
May 14
294.00
275.00
May 20, 2016 7:30PM US
Existing home sales
Million
Apr
5.33
5.40
May 23, 2016 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
May A
(9.30)
--
1:00PM Germany
PMI Services
Value
May P
54.50
--
1:00PM Germany
PMI Manufacturing
Value
May P
51.80
--
May 24, 201611:30AM Germany
GDP nsa (YoY)
% Change
1Q F
1.30
--
7:30PM US
New home sales
Thousands
Apr
511.00
520.00
May 26, 2016 2:00PM UK
GDP (YoY)
% Change
1Q P
2.10
--
May 27, 2016 6:00PM US
GDP Qoq (Annualised)
% Change
1Q S
0.50
0.80
May 31, 2016 7:30PM US
Consumer Confidence
S.A./ 1985=100
May
94.20
--
1:25PM Germany
Unemployment change (000's)
Thousands
May
(16.00)
--
Jun 1, 2016
2:00PM UK
PMI Manufacturing
Value
May
49.20
--
6:30AM China
PMI Manufacturing
Value
May
50.10
--
Jun 2, 2016
5:15PM Euro Zone
ECB announces interest rates
%
Jun 2
--
--
Jun 3, 2016
6:00PM US
Change in Nonfarm payrolls
Thousands
May
160.00
--
6:00PM US
Unnemployment rate
%
May
5.00
--
Source: Bloomberg, Angel Research
Market Outlook
May 17, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.7
8.0
7.5
7.6
10.0
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
2.5
6.0
2.0
2.0
0.1
5.0
4.5
-
4.0
(2.0)
(0.9)
(1.5)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.4
5.3
5.0
5.0
54.0
4.8
5.0
4.4
52.0
3.7
3.7
4.0
50.0
3.0
48.0
2.0
1.0
46.0
-
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
Market Outlook
May 17, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.5
4.0
2.8
2.1
1.9
2.1
1.3
2.0
0.6
0.7
-
(2.0)
(4.0)
(3.8)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
May 17, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
51,803
(2.5)
30.1
(9.4)
Russia
Micex
1,915
0.4
11.1
14.2
India
Nifty
7,861
2.5
6.4
(5.6)
China
Shanghai Composite
2,851
(7.6)
3.7
(32.3)
South Africa
Top 40
46,258
1.1
7.6
(3.3)
Mexico
Mexbol
45,843
1.0
8.2
1.0
Indonesia
LQ45
809
(3.4)
(3.4)
(9.2)
Malaysia
KLCI
1,621
(5.9)
(1.7)
(10.2)
Thailand
SET 50
889
1.7
8.2
(11.4)
USA
Dow Jones
17,711
(1.2)
10.9
(3.2)
UK
FTSE
6,151
(3.3)
11.1
(12.1)
Japan
Nikkei
16,466
4.1
(3.2)
(15.7)
Germany
DAX
9,953
(0.7)
13.7
(16.0)
France
CAC
4,312
(4.4)
7.9
(15.7)
Source: Bloomberg, Angel Research
Stock Watch
May 17, 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
204
-
3,970
1,612
1,911
13.3
13.3
7.4
9.5
27.6
21.5
4.4
4.0
16.7
18.4
2.5
2.1
United Phosphorus
Buy
585
684
25,067
13,083
15,176
18.5
18.5
31.5
37.4
18.6
15.6
3.7
3.1
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Accumulate
103
111
29,441
17,995
21,544
11.4
11.6
3.4
4.7
30.4
22.0
5.3
4.9
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,519
-
72,880
22,709
25,860
20.9
20.1
129.0
143.6
19.5
17.5
6.0
5.2
30.7
29.4
2.8
2.4
Bharat Forge
Buy
755
875
17,568
7,351
8,318
19.9
19.7
31.2
36.5
24.2
20.7
4.3
3.7
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
19,063
20,044
51,778
15,556
16,747
15.5
17.3
464.8
597.5
41.0
31.9
15.0
11.0
36.2
34.3
3.3
3.0
Gabriel India
Accumulate
89
101
1,279
1,415
1,544
8.7
9.0
4.6
5.4
19.4
16.5
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,903
-
57,968
28,244
30,532
15.5
15.9
156.7
168.5
18.5
17.2
7.4
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
146
160
1,162
1,281
1,473
11.2
11.5
7.6
9.2
19.1
15.8
4.8
4.0
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
468
-
735
1,254
1,394
11.6
11.8
35.9
41.7
13.1
11.2
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,318
-
81,879
38,416
42,904
13.7
13.9
54.8
63.4
24.1
20.8
3.7
3.3
15.4
15.8
1.8
1.5
Maruti
Neutral
3,880
-
117,216
57,865
68,104
16.4
16.7
176.3
225.5
22.0
17.2
4.3
3.6
19.4
21.2
1.8
1.5
Minda Industries
Neutral
1,076
-
1,707
2,523
2,890
8.7
9.0
55.0
65.4
19.6
16.5
3.8
3.1
19.3
18.7
0.8
0.7
Motherson Sumi
Buy
268
313
35,456
39,343
45,100
8.8
9.1
10.1
12.5
26.5
21.4
8.4
6.6
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
380
465
301
454
511
11.5
12.0
25.2
31.0
15.1
12.3
2.3
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
33
-
441
594
741
12.7
13.7
1.7
3.2
19.4
10.3
2.0
1.8
10.4
16.9
1.2
1.0
Tata Motors
Neutral
393
-
113,337
259,686
273,957
13.0
13.4
25.9
29.5
15.2
13.3
2.0
1.7
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
296
330
14,055
11,263
13,122
6.9
8.5
9.2
15.0
32.2
19.7
7.3
5.8
22.7
29.6
1.2
1.0
Amara Raja Batteries
Accumulate
945
1,076
16,134
4,892
5,871
17.4
17.6
28.8
37.1
32.8
25.5
7.7
6.1
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
147
162
12,495
6,950
7,784
14.4
14.8
6.6
7.3
22.3
20.1
2.8
2.6
12.6
12.8
1.5
1.4
Apollo Tyres
Buy
157
183
7,994
12,056
12,714
17.2
16.4
23.0
20.3
6.8
7.7
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Accumulate
1,010
1,119
4,085
6,041
6,597
14.1
13.7
99.5
111.9
10.2
9.0
2.0
1.7
19.6
18.5
0.8
0.7
JK Tyres
Neutral
84
-
1,906
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,095
-
1,360
552
630
14.2
14.7
44.6
54.1
24.6
20.2
5.7
5.2
23.2
25.6
2.3
2.0
Subros
Neutral
90
-
540
1,293
1,527
11.8
11.9
4.2
6.7
21.4
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
190
-
500
283
329
17.0
17.2
13.0
15.4
14.7
12.3
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
41
-
410
660
839
4.7
8.2
1.0
3.9
41.5
10.6
1.3
1.2
3.2
11.3
0.8
0.6
BEML
Buy
903
1,157
3,759
3,277
4,006
6.0
8.9
36.2
64.3
24.9
14.0
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Buy
1,135
1,414
27,234
7,737
8,634
16.8
17.2
54.0
61.5
21.0
18.5
3.0
2.7
39.3
45.6
2.6
2.2
Stock Watch
May 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Accumulate
325
353
10,764
5,363
5,963
8.0
9.1
11.0
13.8
29.6
23.6
4.5
4.0
16.2
17.9
2.0
1.7
BGR Energy
Neutral
110
-
791
3,615
3,181
9.5
9.4
16.7
12.4
6.6
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
122
-
29,751
33,722
35,272
10.8
11.7
10.5
14.2
11.6
8.6
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
426
481
3,834
3,548
3,977
6.3
6.9
13.7
17.2
31.1
24.8
7.8
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
61
-
3,851
13,484
14,687
4.9
6.2
4.5
7.1
13.7
8.7
1.0
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
143
-
3,499
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
1.9
Inox Wind
Buy
245
286
5,429
4,406
5,605
15.5
15.7
20.4
24.8
12.0
9.9
2.8
2.0
27.9
25.9
1.4
1.1
KEC International
Neutral
131
-
3,378
8,791
9,716
6.1
6.8
5.4
8.2
24.3
16.0
2.4
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
753
-
8,975
6,413
7,525
7.4
8.5
30.5
39.3
24.7
19.2
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
585
-
3,189
2,722
3,336
7.9
8.1
19.5
24.6
30.0
23.8
3.2
2.8
11.1
12.4
1.3
1.0
Cement
ACC
Neutral
1,456
-
27,344
13,151
14,757
16.4
18.3
63.9
83.4
22.8
17.5
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
217
-
33,645
11,564
12,556
19.4
20.7
8.9
10.1
24.4
21.5
3.1
2.9
12.8
13.8
2.6
2.3
HeidelbergCement
Neutral
98
-
2,217
1,772
1,926
13.3
15.4
1.0
3.0
97.9
32.6
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
89
-
2,734
4,216
4,840
18.0
19.5
4.0
9.9
22.3
9.0
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
581
-
4,059
3,661
4,742
10.1
15.8
7.5
28.5
77.4
20.4
2.3
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
339
-
3,993
2,947
3,616
16.7
19.9
11.5
27.2
29.5
12.5
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
256
-
683
1,053
1,347
10.5
13.3
8.4
26.0
30.5
9.8
1.3
1.2
4.3
12.5
1.0
0.8
Orient Cement
Neutral
157
-
3,209
1,854
2,524
21.2
22.2
7.7
11.1
20.3
14.1
2.9
2.5
13.3
15.7
2.5
1.7
Ramco Cements
Neutral
486
-
11,569
4,036
4,545
20.8
21.3
15.1
18.8
32.2
25.9
3.9
3.5
12.9
14.3
3.4
2.9
Shree Cement^
Neutral
13,373
-
46,588
7,150
8,742
26.7
28.6
228.0
345.5
58.6
38.7
8.6
7.2
15.7
20.3
6.3
5.0
UltraTech Cement
Neutral
3,169
-
86,975
24,669
29,265
18.2
20.6
82.0
120.0
38.7
26.4
4.2
3.6
11.3
14.7
3.6
3.0
Construction
ITNL
Buy
75
93
2,452
7,360
8,825
34.0
35.9
7.0
9.0
10.7
8.3
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
526
603
1,480
937
1,470
14.3
14.0
44.2
38.6
11.9
13.6
2.4
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,283
-
119,573
58,870
65,708
8.3
10.3
42.0
53.0
30.6
24.2
2.1
1.9
8.8
11.2
2.3
2.0
Gujarat Pipavav Port
Neutral
163
-
7,863
629
684
51.0
52.2
6.4
5.9
25.4
27.6
3.4
3.1
15.9
12.7
12.2
11.0
MBL Infrastructures
Buy
132
285
548
2,313
2,797
12.2
14.6
19.0
20.0
7.0
6.6
0.7
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
75
-
4,192
7,892
8,842
8.8
9.1
3.0
5.3
25.1
14.2
1.3
1.2
5.0
8.5
0.8
0.6
PNC Infratech
Neutral
545
-
2,795
1,873
2,288
13.2
13.5
24.0
32.0
22.7
17.0
2.2
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
271
-
1,342
5,955
6,829
10.3
10.5
16.0
31.0
17.0
8.8
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
May 17, 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
598
-
880
1,539
1,801
12.8
12.7
59.0
72.1
10.1
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
270
298
4,637
3,186
3,598
10.2
10.3
8.0
9.0
33.8
30.0
3.1
2.8
9.4
9.9
1.8
1.6
NBCC
Accumulate
978
1,089
11,737
5,816
7,382
6.9
7.7
29.6
39.8
33.0
24.6
5.9
4.7
24.1
26.7
1.8
1.3
MEP Infra
Neutral
40
-
657
1,956
1,876
28.1
30.5
1.3
3.0
31.1
13.5
6.5
4.4
21.2
32.8
1.8
1.7
SIPL
Neutral
100
-
3,536
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
16.9
11.4
Engineers India
Neutral
177
-
5,959
1,667
1,725
13.5
16.0
9.7
11.4
18.2
15.5
2.1
2.1
11.7
13.4
2.4
2.4
Financials
Allahabad Bank
Neutral
51
-
3,112
8,569
9,392
2.8
2.9
16.3
27.5
3.1
1.8
0.3
0.2
7.6
11.9
-
-
Axis Bank
Neutral
487
-
116,100
26,204
29,738
3.6
3.5
34.5
35.4
14.1
13.7
2.2
2.0
16.8
14.9
-
-
Bank of Baroda
Neutral
142
-
32,765
18,802
21,088
2.0
2.2
(7.4)
13.0
10.9
1.1
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
83
-
6,790
15,972
17,271
1.9
2.0
15.3
33.4
5.4
2.5
0.2
0.2
3.6
7.6
-
-
Canara Bank
Neutral
178
-
9,687
15,441
16,945
2.0
2.1
46.6
70.4
3.8
2.5
0.3
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
1,981
3,440
3,840
2.1
2.3
7.3
10.0
4.1
3.0
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
203
270
5,932
1,828
2,225
2.9
3.0
24.9
29.7
8.2
6.9
1.3
1.1
15.1
16.1
-
-
Federal Bank
Neutral
51
-
8,736
3,279
3,787
2.8
2.9
3.9
5.5
12.9
9.2
1.1
1.0
8.4
10.8
-
-
HDFC
Neutral
1,187
-
187,574
10,358
11,852
3.3
3.3
41.1
47.0
28.9
25.2
5.5
5.0
24.7
24.9
-
-
HDFC Bank
Accumulate
1,163
1,262
294,163
38,606
47,696
4.4
4.5
48.8
61.4
23.8
19.0
4.1
3.5
18.7
20.0
-
-
ICICI Bank
Accumulate
224
243
130,268
34,279
39,262
3.3
3.3
21.0
24.4
10.7
9.2
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
64
-
13,125
9,625
10,455
1.8
1.8
8.5
14.2
7.5
4.5
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
91
-
4,363
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
463
592
23,381
3,179
3,758
2.6
2.6
32.9
40.6
14.1
11.4
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
81
-
2,597
7,643
8,373
2.4
2.4
37.2
45.4
2.2
1.8
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
75
-
14,707
23,122
26,022
2.8
2.8
7.0
21.6
10.7
3.5
0.5
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
19
-
2,518
1,965
2,185
2.5
2.5
2.5
3.3
7.5
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
177
-
137,556
79,958
86,061
2.6
2.6
13.4
20.7
13.2
8.6
1.1
1.0
11.5
12.8
-
-
Union Bank
Neutral
109
-
7,500
12,646
14,129
2.3
2.4
31.0
39.1
3.5
2.8
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,882
3,536
3,827
1.9
1.9
5.5
6.7
5.6
4.6
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
979
-
41,213
7,190
9,011
3.2
3.3
58.2
69.7
16.8
14.1
3.0
2.6
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
952
-
91,277
16,553
19,160
16.0
16.2
17.7
21.5
53.8
44.3
14.3
12.9
29.4
31.2
5.3
4.6
Britannia
Neutral
2,937
-
35,238
8,481
9,795
14.0
14.1
65.5
78.3
44.8
37.5
21.2
17.4
38.3
41.2
4.1
3.5
Stock Watch
May 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Colgate
Neutral
826
-
22,461
4,136
4,632
22.5
23.3
22.2
25.3
37.2
32.6
22.6
20.1
68.6
67.5
5.3
4.7
Dabur India
Neutral
286
-
50,241
9,370
10,265
17.6
17.3
7.3
8.1
38.9
35.3
10.1
9.2
31.7
30.6
5.2
4.7
GlaxoSmith Con*
Neutral
6,014
-
25,291
4,519
5,142
19.6
19.8
164.3
191.2
36.6
31.5
10.1
8.6
30.8
29.9
5.0
4.4
Godrej Consumer
Neutral
1,392
-
47,407
9,003
10,335
18.1
18.7
34.1
41.8
40.8
33.3
8.8
7.6
23.9
24.8
5.4
4.7
HUL
Neutral
846
-
183,166
33,299
35,497
17.1
17.1
18.9
20.0
44.8
42.3
22.7
26.0
87.6
80.8
5.3
5.0
ITC
Accumulate
329
359
264,995
36,804
38,776
37.9
37.9
12.2
12.9
27.0
25.5
7.5
6.6
27.7
25.8
6.8
6.4
Marico
Neutral
252
-
32,480
6,151
6,966
17.2
17.3
5.4
6.4
46.6
39.3
14.6
11.6
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,284
-
60,592
9,393
10,507
22.2
22.3
106.8
121.8
58.8
51.6
20.7
18.6
34.8
36.7
6.3
5.6
Tata Global
Accumulate
121
137
7,615
8,635
9,072
9.8
9.9
5.8
7.2
20.8
16.8
1.9
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Accumulate
6,422
7,369
20,847
2,588
2,939
23.3
23.2
130.2
146.2
49.3
43.9
98.4
94.3
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
720
1,000
101,617
37,061
30,781
21.5
20.5
51.4
40.0
14.0
18.0
3.6
2.6
20.1
20.3
2.5
2.6
Infosys
Accumulate
1,214
1,374
279,748
62,441
70,558
27.5
27.5
59.0
65.3
20.6
18.6
4.1
3.8
22.2
22.4
3.9
3.4
TCS
Buy
2,554
3,004
503,208
108,646
122,770
28.3
28.3
123.7
141.0
20.7
18.1
6.8
6.3
33.1
34.6
4.2
3.6
Tech Mahindra
Accumulate
487
530
47,224
26,524
29,177
16.2
17.0
28.8
33.6
16.9
14.5
3.3
2.8
19.3
19.1
1.6
1.3
Wipro
Buy
541
680
133,653
50,808
56,189
23.7
23.8
37.3
40.7
14.5
13.3
2.8
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Accumulate
324
356
5,954
2,025
2,187
27.4
27.4
17.4
18.9
18.6
17.2
4.2
3.8
22.9
23.7
2.9
2.7
HT Media
Neutral
88
-
2,046
2,495
2,673
12.9
13.2
6.8
7.2
12.9
12.2
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
170
205
5,558
2,170
2,355
27.2
26.2
8.9
9.9
19.1
17.2
4.0
3.5
20.9
20.5
2.5
2.3
Sun TV Network
Neutral
393
-
15,497
2,510
2,763
71.8
71.5
21.9
24.8
18.0
15.9
4.3
3.8
22.8
24.3
5.6
5.1
Hindustan Media
Neutral
281
-
2,062
914
1,016
21.7
21.5
21.9
23.3
12.8
12.1
2.3
2.0
18.0
16.2
1.7
1.4
Ventures
Metals & Mining
Coal India
Buy
283
380
178,658
76,167
84,130
19.9
22.3
22.4
25.8
12.6
11.0
4.6
4.4
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
167
-
70,499
14,641
14,026
50.4
50.4
17.7
16.0
9.5
10.4
1.4
1.3
16.2
13.2
2.4
2.3
Hindalco
Neutral
90
-
18,544
104,356
111,186
8.7
9.5
6.7
11.1
13.4
8.1
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,295
-
31,301
42,308
45,147
16.4
20.7
(10.3)
49.5
26.2
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
90
-
35,564
8,237
10,893
46.6
44.5
10.0
11.7
9.0
7.7
1.0
0.9
12.5
13.0
4.1
3.1
SAIL
Neutral
41
-
16,933
45,915
53,954
7.2
10.5
1.5
4.4
27.2
9.4
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
100
-
29,632
71,445
81,910
26.2
26.3
12.9
19.2
7.8
5.2
0.5
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
326
-
31,696
126,760
137,307
8.9
11.3
6.4
23.1
51.3
14.1
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
137
-
25,704
11,323
12,490
49.4
51.0
20.7
20.7
6.6
6.6
0.4
0.4
6.4
6.1
1.3
0.7
Stock Watch
May 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
GAIL
Neutral
378
-
47,904
64,856
70,933
9.1
9.6
24.0
28.9
15.8
13.1
1.3
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
203
-
173,505
154,564
145,998
36.8
37.4
20.8
22.6
9.8
9.0
0.9
0.9
10.1
9.7
1.3
1.5
Petronet LNG
Neutral
277
-
20,749
29,691
31,188
5.8
6.2
12.8
13.4
21.6
20.6
3.2
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
410
455
99,425
359,607
402,760
5.9
6.1
42.5
48.7
9.7
8.4
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Buy
976
1,150
316,398
304,775
344,392
12.6
13.4
91.3
102.6
10.7
9.5
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
568
-
10,702
3,274
3,802
26.9
19.4
35.0
28.7
16.2
19.8
7.2
5.4
55.6
31.2
3.2
2.7
Aurobindo Pharma
Accumulate
789
856
46,182
14,923
17,162
22.0
23.0
35.7
42.8
22.1
18.4
6.5
4.9
34.0
30.2
3.5
3.0
Aventis*
Accumulate
4,390
4,738
10,111
2,049
2,375
15.4
17.3
115.4
153.5
38.0
28.6
6.2
4.9
19.3
25.8
4.7
3.9
Cadila Healthcare
Accumulate
322
352
32,985
10,224
11,840
21.0
22.0
14.6
17.6
22.1
18.3
6.1
4.7
30.8
29.0
3.3
2.8
Cipla
Buy
523
605
42,053
13,979
16,447
20.2
18.6
25.7
27.5
20.4
19.0
3.3
2.9
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,004
3,933
51,234
16,838
19,575
25.0
23.1
167.5
178.8
17.9
16.8
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
157
-
2,536
1,733
1,906
21.5
21.5
10.1
10.0
15.6
15.7
1.8
1.7
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,432
-
29,066
2,870
3,158
20.0
22.1
59.5
68.3
57.7
50.2
17.0
17.5
28.5
34.3
9.6
8.8
Indoco Remedies
Neutral
266
-
2,449
1,033
1,199
15.9
18.2
9.4
13.6
28.3
19.5
4.2
3.6
15.7
19.7
2.5
2.1
Ipca labs
Buy
453
750
5,709
3,363
3,909
12.9
18.6
13.4
28.0
33.8
16.2
2.4
2.1
7.4
14.0
2.0
1.7
Lupin
Neutral
1,604
-
72,296
13,092
16,561
25.0
27.0
50.4
68.3
31.8
23.5
6.6
5.2
22.8
24.7
5.2
4.0
Sun Pharma
Buy
798
950
192,042
28,163
32,610
25.8
30.7
17.4
26.9
45.9
29.7
4.4
3.8
13.0
16.6
6.3
5.2
Power
Tata Power
Neutral
70
-
19,000
35,923
37,402
22.6
22.8
4.1
5.2
17.3
13.6
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Neutral
140
-
115,519
87,271
99,297
23.5
23.5
11.8
13.3
11.9
10.5
1.3
1.3
11.5
12.2
2.4
2.1
Power Grid
Buy
144
170
75,492
20,702
23,361
86.7
86.4
12.1
13.2
11.9
10.9
1.8
1.6
15.6
15.1
8.6
8.0
Real Estate
MLIFE
Buy
455
554
1,866
826
1,133
20.1
21.8
22.6
30.7
20.1
14.8
1.2
1.1
6.0
7.4
4.2
2.8
Telecom
Bharti Airtel
Neutral
354
-
141,328
101,748
109,191
32.1
31.7
12.0
12.5
29.5
28.3
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
112
-
40,236
34,282
36,941
32.0
31.5
5.9
6.2
18.9
18.0
1.7
1.6
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
4,703
-
9,993
2,715
3,153
14.5
14.1
134.3
152.2
35.0
30.9
8.7
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Neutral
230
-
2,324
4,719
5,287
5.2
5.8
8.6
12.7
26.9
18.2
3.1
2.7
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
282
-
4,312
2,520
2,883
12.2
12.0
12.7
14.2
22.3
19.9
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Buy
503
582
1,160
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.5
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,376
-
3,741
1,779
2,081
7.8
8.8
21.8
33.4
63.1
41.2
10.2
8.2
17.4
22.1
2.2
1.8
Jyothy Laboratories
Neutral
325
-
5,887
1,620
1,847
11.5
11.5
7.3
8.5
44.6
38.4
5.8
5.3
13.3
14.4
3.5
3.0
Stock Watch
May 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
MRF
Buy
33,022
45,575
14,005
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.0
8.7
2.1
1.7
41.1
21.2
0.6
0.9
Page Industries
Neutral
13,298
-
14,833
1,929
2,450
19.8
20.1
229.9
299.0
57.8
44.5
25.5
17.7
52.1
47.1
7.7
6.1
Relaxo Footwears
Neutral
478
-
5,738
1,767
2,152
12.3
12.5
19.3
25.1
24.8
19.1
6.1
4.7
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,089
1,354
1,020
1,636
1,815
11.5
11.5
89.9
104.1
12.1
10.5
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
625
-
1,098
1,271
1,440
8.6
9.2
32.0
41.1
19.5
15.2
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,484
3,217
1,902
2,035
2,252
15.9
15.3
248.6
268.1
10.0
9.3
4.4
3.1
43.6
33.9
1.0
0.8
HSIL
Neutral
311
-
2,251
2,123
2,384
16.1
16.5
15.0
18.9
20.7
16.5
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
235
-
3,403
2,403
2,554
8.6
9.9
9.2
10.5
25.6
22.4
2.5
2.3
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
460
546
555
511
615
21.7
21.6
43.1
55.8
10.7
8.2
1.9
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
128
-
915
1,208
1,353
11.0
12.3
10.8
14.5
11.9
8.8
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
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
1,310
-
1,955
1,871
2,031
10.7
10.5
63.2
69.8
20.7
18.8
3.4
2.9
17.6
16.6
1.1
1.0
Visaka Industries
Accumulate
134
143
213
1,020
1,120
8.7
9.1
13.9
20.1
9.6
6.7
0.6
0.6
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
264
-
2,007
2,830
3,350
8.8
9.0
14.4
18.3
18.4
14.4
2.8
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
62
-
680
1,359
1,482
10.3
13.7
0.8
3.9
77.7
16.0
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
150
201
658
2,992
3,223
8.1
8.4
14.7
18.3
10.2
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
195
-
776
286
366
18.3
17.7
7.7
9.4
25.2
20.8
5.3
4.7
20.2
21.1
2.6
2.0
Radico Khaitan
Buy
88
125
1,165
1,543
1,659
12.6
13.0
5.8
6.3
15.2
13.8
1.3
1.2
8.5
8.6
1.2
1.1
Garware Wall Ropes
Buy
336
473
736
862
974
11.2
11.2
24.9
29.6
13.5
11.4
2.0
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
378
-
2,136
206
308
44.0
43.6
9.0
12.9
42.0
29.3
5.7
5.2
13.7
17.8
10.3
6.8
Linc Pen & Plastics
Neutral
191
-
282
340
371
8.3
8.9
10.8
13.2
17.7
14.5
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
153
-
613
222
287
20.5
20.5
5.6
7.6
27.1
20.2
5.1
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
1,031
-
37,135
17,022
21,122
20.7
14.5
63.9
53.7
16.1
19.2
24.2
19.8
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
265
-
5,459
2,692
2,964
17.0
18.6
-
4.7
-
55.9
3.2
3.1
0.2
5.5
2.4
2.3
Ltd
Navneet Education
Neutral
88
-
2,106
998
1,062
24.1
24.0
5.8
6.1
15.4
14.5
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
183
265
2,613
365
436
38.3
37.5
5.6
5.9
32.5
31.2
2.0
1.9
6.3
6.1
8.0
6.9
UFO Moviez
Neutral
522
-
1,441
558
619
32.0
33.2
22.5
30.0
23.2
17.4
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
390
-
3,555
1,725
1,902
16.5
16.7
12.2
14.6
32.0
26.8
6.7
5.9
20.8
21.9
2.2
2.0
Team Lease Serv.
Neutral
961
-
1,644
2,565
3,229
1.3
1.5
15.2
22.8
63.3
42.2
5.1
4.5
8.0
10.7
0.5
0.4
Stock Watch
May 17, 2016
Company Name
Reco
CMP
Target Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
S H Kelkar & Co.
Neutral
230
-
3,319
928
1,036
15.3
15.1
4.9
6.1
46.5
37.6
4.4
4.0
9.4
10.7
3.5
3.1
Quick Heal
Neutral
249
-
1,741
339
408
27.8
27.3
7.1
7.7
35.2
32.1
3.0
3.0
8.5
9.3
4.0
3.4
Narayana Hrudaya
Neutral
320
-
6,529
1,603
1,873
10.9
11.5
1.0
2.6
335.4
120.8
8.1
7.4
2.4
6.1
4.2
3.6
Manpasand Bever.
Neutral
518
-
2,594
540
836
19.9
19.6
10.2
16.9
50.6
30.7
4.1
3.7
8.1
12.0
4.5
2.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 16, 2016
Market Outlook
May 17, 2016
Research Team Tel: 022 - 39357800
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