Market Outlook
May 18, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.5
120
25,774
Indian markets are expected to open in red tracking SGX Nifty and Asian indices.
Nifty
0.4
30
7,891
U.S markets moved sharply lower over the course of the trading day on Tuesday,
Mid Cap
0.1
15
11,204
offsetting the rally that was seen in the previous session. The sell-off on Wall Street
Small Cap
0.2
21
11,145
came as traders cashed in on yesterday's gains, as the latest batch of U.S. economic
data raised concern about the outlook for interest rates.
Bankex
0.2
46
19,078
The European markets got off to a strong start Tuesday, but the majority of the
markets ended the session in negative territory after early gains eroded.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(1.0 )
(181)
17,530
Indian markets rose modestly on Tuesday, with gains in global equities and an
overnight rally in commodity prices helping underpin investor sentiment.
Nasdaq
(1.3)
(60)
4,716
FTSE
0.3
16
6,168
Banking stocks are expected to remain in limelight today, after the much awaited
consolidation of the SBI group has begun. The five associate banks of SBI will be
Nikkei
1.1
186
16,653
merged making even stronger as far balance sheet is concerned. This paves way for
Hang Seng
1.2
235
20,119
further consolidation among other PSU banks which seems the need of the hour.
Shanghai Com
(0.3)
(7)
2,844
Advances / Declines
BSE
NSE
News Analysis
Advances
1,308
761
Result Review: Voltas
Detailed analysis on Pg2
Declines
1,312
787
Unchanged
179
71
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,260
Refer Pg5 onwards
NSE
17,537
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
FII
1,602
1,440
13,230
Amara Raja
Auto & Auto Ancillary Accumulate
950
1,076
13.2
HCL Tech
IT
Buy
732
1,000
36.6
MFs
1,583
2,439
5,035
LIC Housing
Financials
Buy
462
592
28.1
Bharat Electronics
Capital Goods
Buy
1,133
1,414
24.9
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
183
265
44.5
Suntv
432
9.8
More Top Picks on Pg4
Mothersumi
290
8.4
Monsanto
2,458
5.3
Key Upcoming Events
Previous
Consensus
Pel
1,336
5.1
Date
Region
Event Description
Reading
Expectations
Syndibank
67
4.7
May 18 Ero Zone
Euro-Zone CPI (YoY)
(0.20)
(0.20)
May 19 UK
Jobless claims change
6.70
4.50
Top Losers
Price (`)
Chg (%)
May 20 US
Existing home sales
5.33
5.40
Castrolind
397
(4.5)
May 23 Germany
PMI Services
54.10
-
6.(
More Events on Pg5
Renuka
14
(3.9)
Vakrangee
175
(3.7)
Fsl
38
(3.6)
Shreecem
12,911
(3.5)
As on May 17, 2016
www.angelbroking.com
Market Outlook
May 18, 2016
Result Review
Voltas CMP- `335 - Buy
Voltas reported strong set of 4Q numbers. Voltas reported better than expected
top-line numbers mainly driven by strong execution seen across their EMP
segment. Voltas reported top-line growth of 26.4% YoY to INR 1,876cr. EMP
segment impressed us with 36.5% YoY increase in top-line to INR 819cr (44% of
4QFY2016 revenues), whereas UCP segment reported almost in-line set of top-
line numbers at INR 859cr. Higher than expected contribution from EMP segment
during the quarter led to miss on EBITDA margin front. Voltas reported almost flat
YoY EBITDA margins at 9.2% for 4QFY2016. Notably, with most of the legacy
projects nearing completion, EMP segment reported for the first time in recent
quarter’s strong segment level EBIT margin of 3.4%, against loss in the earlier
quarter and 0.7% margins in 4QFY2015. Better than expected execution, coupled
with higher other income helped the company report PAT of INR 176cr, which is
up 49.5% on YoY basis. On adj. for exceptional items, Adj. PAT stood at INR
149cr, still reporting sharp 27.1% YoY increase. Adj. PAT margins were at 7.9%
for 4QFY2016, same as in the year ago quarter.
Another, positive emerging from results announced is strong 4QFY2016 order
inflows of INR 1,218cr (~40% being from Middle East markets), up 124.1% YoY.
Order book for EMP segment at 4QFY2016-end, stands at INR 3,914cr (OB to
LTM ratio of 1.4x). Gfk Nielsen report also indicates that Voltas continues to retain
its top slot in the domestic AC sales market. This when coupled with strong sales
seen in the ongoing summer season, comforts us that the stock is poised to get re-
rated from here-on. We continue to maintain BUY rating on the stock.”
Economic and Political News
New education policy soon, says Smriti Irani
India could lose at least $2 bn in apparel exports under TPP
Ease burden of loan repayment on drought-hit farmers: Assocham
Corporate News
Switches to surge Havells' growth by 10%
Ashok Leyland gets patent for lightweight composite articles for auto industry
GSK Consumer Q4 net drops 8.2% to `181cr
Quarterly Bloomberg Brokers Consensus Estimate
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
www.angelbroking.com
Market Outlook
May 18, 2016
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)
Lupin Ltd. Consol - May 19, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
3,808
3,054
24.7
3,358
13.4
EBITDA
1,053
789
33.4
877
20.1
EBITDA margin (%)
27.6
25.8
26.1
Net profit
679
547
24.1
530
28.1
Britannia Industries Ltd. Consol - May 20, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
2,243
2032
10.4
2224
0.9
EBITDA
325
253
28.5
312
4.3
EBITDA margin (%)
14.5
12.5
14
Net profit
219
167
31.1
207
5.8
ITC Ltd. - May 20, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
Net sales
9,811
9,188
6.8
9103
7.8
EBITDA
3,512
3,243
8.3
3605
(2.6)
EBITDA margin (%)
35.8
35.3
39.6
Net profit
2,504
2,361
6.1
2653
(5.6)
www.angelbroking.com
Market Outlook
May 18, 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
16,231
950
1,076
13.2
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
27,181
1,133
1,414
24.9
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
1,03,239
732
1,000
36.6
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,91,772
1,154
1,262
9.4
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
2,79,771
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
23,308
462
592
28.1
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
11,767
981
1,089
11.1
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
3,891
433
481
11.2
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
5,886
202
270
33.9
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
2,462
75
93
24.2
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
5,559
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
1,823
444
554
24.7
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,616
183
265
44.5
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,179
89
125
41.0
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,026
1,095
1,354
23.7
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Stock Watch
May 18, 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
-
4,081
1,612
1,911
13.3
13.3
7.4
9.5
28.4
22.1
4.5
4.1
16.7
18.4
2.6
2.2
United Phosphorus
Buy
580
684
24,865
13,083
15,176
18.5
18.5
31.5
37.4
18.4
15.5
3.7
3.0
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Accumulate
103
111
29,241
17,995
21,544
11.4
11.6
3.4
4.7
30.2
21.9
5.3
4.9
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,513
-
72,718
22,709
25,860
20.9
20.1
129.0
143.6
19.5
17.5
6.0
5.1
30.7
29.4
2.7
2.4
Bharat Forge
Buy
751
875
17,471
7,351
8,318
19.9
19.7
31.2
36.5
24.1
20.6
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,602
20,044
50,524
15,556
16,747
15.5
17.3
464.8
597.5
40.0
31.1
14.6
10.8
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
90
101
1,288
1,415
1,544
8.7
9.0
4.6
5.4
19.5
16.6
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,928
-
58,468
28,244
30,532
15.5
15.9
156.7
168.5
18.7
17.4
7.5
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
145
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
475
-
745
1,254
1,394
11.6
11.8
35.9
41.7
13.2
11.4
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,341
-
83,313
38,416
42,904
13.7
13.9
54.8
63.4
24.5
21.2
3.8
3.4
15.4
15.8
1.8
1.6
Maruti
Neutral
3,949
-
119,296
57,865
68,104
16.4
16.7
176.3
225.5
22.4
17.5
4.4
3.7
19.4
21.2
1.8
1.5
Minda Industries
Neutral
1,092
-
1,732
2,523
2,890
8.7
9.0
55.0
65.4
19.9
16.7
3.8
3.1
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
290
313
38,419
39,343
45,100
8.8
9.1
10.1
12.5
28.8
23.2
9.1
7.1
35.3
34.4
1.1
0.9
Rane Brake Lining
Buy
376
465
298
454
511
11.5
12.0
25.2
31.0
14.9
12.1
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
33
-
437
594
741
12.7
13.7
1.7
3.2
19.2
10.2
2.0
1.8
10.4
16.9
1.2
1.0
Tata Motors
Neutral
390
-
112,572
259,686
273,957
13.0
13.4
25.9
29.5
15.1
13.2
2.0
1.7
8.0
9.0
0.6
0.6
TVS Motor
Accumulate
294
330
13,975
11,263
13,122
6.9
8.5
9.2
15.0
32.0
19.6
7.3
5.8
22.7
29.6
1.2
1.0
Amara Raja Batteries
Accumulate
950
1,076
16,231
4,892
5,871
17.4
17.6
28.8
37.1
33.0
25.6
7.7
6.2
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
148
162
12,550
6,950
7,784
14.4
14.8
6.6
7.3
22.4
20.2
2.8
2.6
12.6
12.8
1.5
1.4
Apollo Tyres
Buy
154
183
7,819
12,056
12,714
17.2
16.4
23.0
20.3
6.7
7.6
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Accumulate
1,005
1,119
4,066
6,041
6,597
14.1
13.7
99.5
111.9
10.1
9.0
2.0
1.7
19.6
18.5
0.8
0.7
JK Tyres
Neutral
86
-
1,944
7,446
7,669
15.2
14.0
19.6
18.4
4.4
4.7
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,096
-
1,362
552
630
14.2
14.7
44.6
54.1
24.6
20.3
5.7
5.2
23.2
25.6
2.3
2.0
Subros
Neutral
96
-
573
1,293
1,527
11.8
11.9
4.2
6.7
22.7
14.3
1.7
1.6
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
189
-
497
283
329
17.0
17.2
13.0
15.4
14.6
12.3
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
42
-
418
660
839
4.7
8.2
1.0
3.9
42.2
10.8
1.3
1.2
3.2
11.3
0.8
0.6
BEML
Buy
903
1,157
3,761
3,277
4,006
6.0
8.9
36.2
64.3
25.0
14.0
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Buy
1,133
1,414
27,181
7,737
8,634
16.8
17.2
54.0
61.5
21.0
18.4
3.0
2.7
39.3
45.6
2.6
2.2
www.angelbroking.com
Stock Watch
May 18, 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
335
353
11,086
5,363
5,963
8.0
9.1
11.0
13.8
30.5
24.3
4.7
4.1
16.2
17.9
2.0
1.8
BGR Energy
Neutral
110
-
795
3,615
3,181
9.5
9.4
16.7
12.4
6.6
8.9
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
121
-
29,665
33,722
35,272
10.8
11.7
10.5
14.2
11.5
8.5
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
433
481
3,891
3,548
3,977
6.3
6.9
13.7
17.2
31.6
25.2
8.0
5.2
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
61
-
3,842
13,484
14,687
4.9
6.2
4.5
7.1
13.6
8.6
1.0
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
140
-
3,426
1,655
1,755
16.6
16.8
7.4
7.8
19.0
18.0
3.8
3.6
21.1
20.6
2.0
1.9
Inox Wind
Buy
245
286
5,437
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
133
-
3,422
8,791
9,716
6.1
6.8
5.4
8.2
24.7
16.2
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
744
-
8,863
6,413
7,525
7.4
8.5
30.5
39.3
24.4
18.9
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
586
-
3,193
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
1,453
-
27,277
13,151
14,757
16.4
18.3
63.9
83.4
22.7
17.4
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
217
-
33,661
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
97
-
2,194
1,772
1,926
13.3
15.4
1.0
3.0
96.8
32.3
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
89
-
2,742
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
582
-
4,072
3,661
4,742
10.1
15.8
7.5
28.5
77.6
20.4
2.3
2.1
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
340
-
3,998
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
259
-
691
1,053
1,347
10.5
13.3
8.4
26.0
30.8
10.0
1.3
1.2
4.3
12.5
1.0
0.8
Orient Cement
Neutral
156
-
3,199
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
488
-
11,610
4,036
4,545
20.8
21.3
15.1
18.8
32.3
25.9
4.0
3.5
12.9
14.3
3.4
2.9
Shree Cement^
Neutral
12,911
-
44,979
7,150
8,742
26.7
28.6
228.0
345.5
56.6
37.4
8.3
7.0
15.7
20.3
6.0
4.9
UltraTech Cement
Neutral
3,253
-
89,268
24,669
29,265
18.2
20.6
82.0
120.0
39.7
27.1
4.3
3.7
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
75
93
2,462
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
Buy
520
603
1,462
937
1,470
14.3
14.0
44.2
38.6
11.8
13.5
2.4
2.0
15.4
15.4
1.6
1.1
Larsen & Toubro
Neutral
1,293
-
120,524
58,870
65,708
8.3
10.3
42.0
53.0
30.8
24.4
2.1
1.9
8.8
11.2
2.3
2.0
Gujarat Pipavav Port
Neutral
162
-
7,851
629
684
51.0
52.2
6.4
5.9
25.4
27.5
3.3
3.1
15.9
12.7
12.1
11.0
MBL Infrastructures
Buy
130
285
538
2,313
2,797
12.2
14.6
19.0
20.0
6.8
6.5
0.7
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
75
-
4,183
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
555
-
2,845
1,873
2,288
13.2
13.5
24.0
32.0
23.1
17.3
2.2
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
271
-
1,340
5,955
6,829
10.3
10.5
16.0
31.0
16.9
8.7
0.9
0.8
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
May 18, 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
604
-
889
1,539
1,801
12.8
12.7
59.0
72.1
10.2
8.4
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
271
298
4,647
3,186
3,598
10.2
10.3
8.0
9.0
33.9
30.1
3.2
2.8
9.4
9.9
1.8
1.6
NBCC
Accumulate
981
1,089
11,767
5,816
7,382
6.9
7.7
29.6
39.8
33.1
24.6
5.9
4.7
24.1
26.7
1.8
1.3
MEP Infra
Neutral
41
-
660
1,956
1,876
28.1
30.5
1.3
3.0
31.2
13.5
6.6
4.4
21.2
32.8
1.8
1.7
SIPL
Neutral
99
-
3,480
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.8
11.3
Engineers India
Neutral
183
-
6,156
1,667
1,725
13.5
16.0
9.7
11.4
18.8
16.0
2.2
2.1
11.7
13.4
2.5
2.5
Financials
Allahabad Bank
Neutral
52
-
3,164
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Neutral
503
-
119,952
26,204
29,738
3.6
3.5
34.5
35.4
14.6
14.2
2.3
2.0
16.8
14.9
-
-
Bank of Baroda
Neutral
142
-
32,661
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
84
-
6,867
15,972
17,271
1.9
2.0
15.3
33.4
5.5
2.5
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
181
-
9,836
15,441
16,945
2.0
2.1
46.6
70.4
3.9
2.6
0.3
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
2,014
3,440
3,840
2.1
2.3
7.3
10.0
4.2
3.0
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
202
270
5,886
1,828
2,225
2.9
3.0
24.9
29.7
8.1
6.8
1.3
1.1
15.1
16.1
-
-
Federal Bank
Neutral
51
-
8,685
3,279
3,787
2.8
2.9
3.9
5.5
12.8
9.1
1.0
1.0
8.4
10.8
-
-
HDFC
Neutral
1,216
-
192,148
10,358
11,852
3.3
3.3
41.1
47.0
29.6
25.9
5.6
5.1
24.7
24.9
-
-
HDFC Bank
Accumulate
1,154
1,262
291,772
38,606
47,696
4.4
4.5
48.8
61.4
23.6
18.8
4.0
3.5
18.7
20.0
-
-
ICICI Bank
Accumulate
226
243
131,576
34,279
39,262
3.3
3.3
21.0
24.4
10.8
9.3
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
65
-
13,300
9,625
10,455
1.8
1.8
8.5
14.2
7.6
4.6
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
91
-
4,359
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.0
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
462
592
23,308
3,179
3,758
2.6
2.6
32.9
40.6
14.0
11.4
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
82
-
2,640
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
74
-
14,491
23,122
26,022
2.8
2.8
7.0
21.6
10.6
3.4
0.5
0.5
3.4
10.0
-
-
South Ind.Bank
Neutral
18
-
2,491
1,965
2,185
2.5
2.5
2.5
3.3
7.4
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
177
-
137,440
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
108
-
7,452
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
970
-
40,835
7,190
9,011
3.2
3.3
58.2
69.7
16.7
13.9
3.0
2.5
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
970
-
93,033
16,553
19,160
16.0
16.2
17.7
21.5
54.9
45.1
14.6
13.1
29.4
31.2
5.5
4.7
Britannia
Neutral
3,004
-
36,042
8,481
9,795
14.0
14.1
65.5
78.3
45.9
38.4
21.7
17.8
38.3
41.2
4.2
3.6
www.angelbroking.com
Stock Watch
May 18, 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
829
-
22,539
4,136
4,632
22.5
23.3
22.2
25.3
37.3
32.8
22.7
20.2
68.6
67.5
5.3
4.7
Dabur India
Neutral
282
-
49,581
9,370
10,265
17.6
17.3
7.3
8.1
38.4
34.8
10.0
9.1
31.7
30.6
5.1
4.7
GlaxoSmith Con*
Neutral
6,086
-
25,595
4,519
5,142
19.6
19.8
164.3
191.2
37.1
31.8
10.3
8.7
30.8
29.9
5.1
4.4
Godrej Consumer
Neutral
1,380
-
46,983
9,003
10,335
18.1
18.7
34.1
41.8
40.5
33.0
8.7
7.5
23.9
24.8
5.4
4.7
HUL
Neutral
833
-
180,310
33,299
35,497
17.1
17.1
18.9
20.0
44.1
41.7
22.3
25.6
87.6
80.8
5.2
4.9
ITC
Accumulate
330
359
265,839
36,804
38,776
37.9
37.9
12.2
12.9
27.1
25.6
7.5
6.6
27.7
25.8
6.8
6.4
Marico
Neutral
250
-
32,241
6,151
6,966
17.2
17.3
5.4
6.4
46.3
39.1
14.5
11.5
33.2
32.4
5.1
4.5
Nestle*
Neutral
6,209
-
59,863
9,393
10,507
22.2
22.3
106.8
121.8
58.1
51.0
20.4
18.4
34.8
36.7
6.2
5.5
Tata Global
Accumulate
120
137
7,596
8,635
9,072
9.8
9.9
5.8
7.2
20.8
16.7
1.8
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Accumulate
6,439
7,369
20,901
2,588
2,939
23.3
23.2
130.2
146.2
49.5
44.1
98.6
94.6
27.6
25.3
7.7
6.7
Hygiene
IT
HCL Tech^
Buy
732
1,000
103,239
37,061
30,781
21.5
20.5
51.4
40.0
14.2
18.3
3.7
2.7
20.1
20.3
2.5
2.7
Infosys
Accumulate
1,214
1,374
279,771
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
2,570
3,004
506,439
108,646
122,770
28.3
28.3
123.7
141.0
20.8
18.2
6.9
6.3
33.1
34.6
4.2
3.6
Tech Mahindra
Accumulate
484
530
46,928
26,524
29,177
16.2
17.0
28.8
33.6
16.8
14.4
3.2
2.8
19.3
19.1
1.5
1.3
Wipro
Buy
541
680
133,567
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
329
356
6,047
2,025
2,187
27.4
27.4
17.4
18.9
18.9
17.5
4.3
3.9
22.9
23.7
3.0
2.7
HT Media
Neutral
88
-
2,047
2,495
2,673
12.9
13.2
6.8
7.2
12.9
12.2
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
170
205
5,559
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
432
-
17,011
2,510
2,763
71.8
71.5
21.9
24.8
19.7
17.4
4.7
4.2
22.8
24.3
6.2
5.7
Hindustan Media
Neutral
278
-
2,040
914
1,016
21.7
21.5
21.9
23.3
12.7
12.0
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
284
380
179,322
76,167
84,130
19.9
22.3
22.4
25.8
12.7
11.0
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
168
-
70,795
14,641
14,026
50.4
50.4
17.7
16.0
9.5
10.5
1.5
1.3
16.2
13.2
2.5
2.3
Hindalco
Neutral
89
-
18,409
104,356
111,186
8.7
9.5
6.7
11.1
13.3
8.1
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,292
-
31,222
42,308
45,147
16.4
20.7
(10.3)
49.5
26.1
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
89
-
35,227
8,237
10,893
46.6
44.5
10.0
11.7
8.9
7.6
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
-
29,662
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
327
-
31,754
126,760
137,307
8.9
11.3
6.4
23.1
51.4
14.2
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
140
-
26,314
11,323
12,490
49.4
51.0
20.7
20.7
6.8
6.8
0.4
0.4
6.4
6.1
1.4
0.8
www.angelbroking.com
Stock Watch
May 18, 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
384
-
48,684
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.3
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
210
-
179,965
154,564
145,998
36.8
37.4
20.8
22.6
10.1
9.3
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
280
-
20,970
29,691
31,188
5.8
6.2
12.8
13.4
21.9
20.8
3.3
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
408
455
98,976
359,607
402,760
5.9
6.1
42.5
48.7
9.6
8.4
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Buy
970
1,150
314,469
304,775
344,392
12.6
13.4
91.3
102.6
10.6
9.5
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
573
-
10,794
3,274
3,802
26.9
19.4
35.0
28.7
16.4
20.0
7.3
5.5
55.6
31.2
3.3
2.7
Aurobindo Pharma
Accumulate
776
856
45,430
14,923
17,162
22.0
23.0
35.7
42.8
21.8
18.1
6.4
4.8
34.0
30.2
3.4
2.9
Aventis*
Accumulate
4,305
4,738
9,914
2,049
2,375
15.4
17.3
115.4
153.5
37.3
28.0
6.1
4.8
19.3
25.8
4.6
3.9
Cadila Healthcare
Accumulate
321
352
32,908
10,224
11,840
21.0
22.0
14.6
17.6
22.0
18.3
6.0
4.7
30.8
29.0
3.3
2.8
Cipla
Buy
525
605
42,150
13,979
16,447
20.2
18.6
25.7
27.5
20.4
19.1
3.3
2.9
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,015
3,933
51,415
16,838
19,575
25.0
23.1
167.5
178.8
18.0
16.9
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
158
-
2,555
1,733
1,906
21.5
21.5
10.1
10.0
15.7
15.8
1.8
1.7
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,429
-
29,042
2,870
3,158
20.0
22.1
59.5
68.3
57.6
50.2
17.0
17.5
28.5
34.3
9.6
8.8
Indoco Remedies
Neutral
265
-
2,437
1,033
1,199
15.9
18.2
9.4
13.6
28.1
19.5
4.2
3.6
15.7
19.7
2.4
2.1
Ipca labs
Buy
452
750
5,697
3,363
3,909
12.9
18.6
13.4
28.0
33.7
16.1
2.4
2.1
7.4
14.0
2.0
1.7
Lupin
Neutral
1,613
-
72,713
13,092
16,561
25.0
27.0
50.4
68.3
32.0
23.6
6.6
5.2
22.8
24.7
5.3
4.0
Sun Pharma
Buy
800
950
192,536
28,163
32,610
25.8
30.7
17.4
26.9
46.0
29.7
4.4
3.8
13.0
16.6
6.3
5.2
Power
Tata Power
Neutral
70
-
18,932
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
Accumulate
137
146
113,004
87,271
99,297
23.5
23.5
11.8
13.3
11.7
10.3
1.3
1.2
11.5
12.2
2.3
2.1
Power Grid
Buy
145
170
75,596
20,702
23,361
86.7
86.4
12.1
13.2
12.0
10.9
1.8
1.6
15.6
15.1
8.6
8.0
Real Estate
MLIFE
Buy
444
554
1,823
826
1,133
20.1
21.8
22.6
30.7
19.7
14.5
1.2
1.1
6.0
7.4
4.1
2.8
Telecom
Bharti Airtel
Neutral
352
-
140,509
101,748
109,191
32.1
31.7
12.0
12.5
29.3
28.1
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
111
-
40,056
34,282
36,941
32.0
31.5
5.9
6.2
18.9
17.9
1.7
1.6
9.9
9.3
1.7
1.7
zOthers
Abbott India
Neutral
4,670
-
9,923
2,715
3,153
14.5
14.1
134.3
152.2
34.8
30.7
8.7
7.2
27.4
25.6
3.4
2.8
Bajaj Electricals
Neutral
238
-
2,400
4,719
5,287
5.2
5.8
8.6
12.7
27.8
18.8
3.2
2.8
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
288
-
4,408
2,520
2,883
12.2
12.0
12.7
14.2
22.8
20.3
3.1
2.8
13.6
13.5
1.5
1.3
Goodyear India*
Accumulate
507
582
1,170
1,800
1,600
11.7
11.5
58.7
52.9
8.6
9.6
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,386
-
3,770
1,779
2,081
7.8
8.8
21.8
33.4
63.6
41.5
10.3
8.3
17.4
22.1
2.2
1.8
Jyothy Laboratories
Neutral
318
-
5,768
1,620
1,847
11.5
11.5
7.3
8.5
43.7
37.6
5.6
5.2
13.3
14.4
3.4
2.9
www.angelbroking.com
Stock Watch
May 18, 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
32,820
45,575
13,920
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.0
8.6
2.0
1.7
41.1
21.2
0.6
0.8
Page Industries
Neutral
13,228
-
14,754
1,929
2,450
19.8
20.1
229.9
299.0
57.5
44.3
25.4
17.6
52.1
47.1
7.7
6.0
Relaxo Footwears
Neutral
481
-
5,772
1,767
2,152
12.3
12.5
19.3
25.1
25.0
19.2
6.1
4.7
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,095
1,354
1,026
1,636
1,815
11.5
11.5
89.9
104.1
12.2
10.5
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
636
-
1,118
1,271
1,440
8.6
9.2
32.0
41.1
19.8
15.5
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,419
3,217
1,852
2,035
2,252
15.9
15.3
248.6
268.1
9.7
9.0
4.3
3.1
43.6
33.9
1.0
0.8
HSIL
Neutral
309
-
2,234
2,123
2,384
16.1
16.5
15.0
18.9
20.5
16.4
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
243
-
3,514
2,403
2,554
8.6
9.9
9.2
10.5
26.5
23.2
2.5
2.4
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
455
546
549
511
615
21.7
21.6
43.1
55.8
10.5
8.2
1.9
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
129
-
919
1,208
1,353
11.0
12.3
10.8
14.5
11.9
8.9
1.4
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
151
-
93
1,040
1,137
3.2
3.1
25.7
28.0
5.9
5.4
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,288
-
1,922
1,871
2,031
10.7
10.5
63.2
69.8
20.4
18.5
3.3
2.9
17.6
16.6
1.1
1.0
Visaka Industries
Neutral
147
-
234
1,020
1,120
8.7
9.1
13.9
20.1
10.6
7.3
0.7
0.6
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
271
-
2,061
2,830
3,350
8.8
9.0
14.4
18.3
18.9
14.8
2.9
2.5
15.4
17.1
0.9
0.7
India
Elecon Engineering
Neutral
62
-
671
1,359
1,482
10.3
13.7
0.8
3.9
76.7
15.8
1.3
1.2
1.6
7.8
0.8
0.8
Surya Roshni
Buy
149
201
654
2,992
3,223
8.1
8.4
14.7
18.3
10.2
8.1
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
190
-
757
286
366
18.3
17.7
7.7
9.4
24.6
20.3
5.2
4.5
20.2
21.1
2.5
1.9
Radico Khaitan
Buy
89
125
1,179
1,543
1,659
12.6
13.0
5.8
6.3
15.3
14.0
1.3
1.2
8.5
8.6
1.3
1.1
Garware Wall Ropes
Buy
347
473
759
862
974
11.2
11.2
24.9
29.6
14.0
11.7
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
384
-
2,172
206
308
44.0
43.6
9.0
12.9
42.7
29.8
5.8
5.3
13.7
17.8
10.4
7.0
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
154
-
616
222
287
20.5
20.5
5.6
7.6
27.2
20.3
5.1
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
1,050
-
37,836
17,022
21,122
20.7
14.5
63.9
53.7
16.4
19.6
24.6
20.2
149.9
103.2
2.3
1.8
Coffee Day Enterprises
Neutral
266
-
5,477
2,692
2,964
17.0
18.6
-
4.7
-
56.1
3.3
3.1
0.2
5.5
2.4
2.3
Ltd
Navneet Education
Neutral
89
-
2,130
998
1,062
24.1
24.0
5.8
6.1
15.5
14.7
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
183
265
2,616
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
526
-
1,452
558
619
32.0
33.2
22.5
30.0
23.4
17.6
2.8
2.4
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
397
-
3,620
1,725
1,902
16.5
16.7
12.2
14.6
32.6
27.2
6.8
6.0
20.8
21.9
2.3
2.0
Team Lease Serv.
Neutral
905
-
1,548
2,565
3,229
1.3
1.5
15.2
22.8
59.6
39.8
4.8
4.3
8.0
10.7
0.5
0.4
www.angelbroking.com
Stock Watch
May 18, 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
233
-
3,370
928
1,036
15.3
15.1
4.9
6.1
47.2
38.2
4.4
4.1
9.4
10.7
3.5
3.1
Quick Heal
Neutral
257
-
1,797
339
408
27.8
27.3
7.1
7.7
36.3
33.2
3.1
3.1
8.5
9.3
4.2
3.5
Narayana Hrudaya
Neutral
319
-
6,518
1,603
1,873
10.9
11.5
1.0
2.6
334.8
120.6
8.1
7.4
2.4
6.1
4.2
3.6
Manpasand Bever.
Neutral
533
-
2,668
540
836
19.9
19.6
10.2
16.9
52.0
31.6
4.2
3.8
8.1
12.0
4.6
2.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 17, 2016
www.angelbroking.com
Market Outlook
May 18, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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