Market Outlook

July 18, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open in green tracking SGX Nifty.

BSE Sensex

(0.4)

(106)

27,837

U.S. markets slipped in light trading, falling for the first time in six days, as investors

Nifty

(0.3)

(24)

8,541

weighed the potential for further gains with shares near records and corporate

Mid Cap

0.1

12,125

earnings projected to drop for a fifth quarter.

Small Cap

(0.7)

(89)

11,980

The majority of the European markets ended Friday's session with modest losses.

Bankex

0.3

21,721

Travel and leisure stocks were under heavy selling pressure, after an attack drove a

truck into a crowd watching Bastille Day fireworks in the southern French city of

Global Indices

Chg (%)

(Pts)

(Close)

Nice, killing at least 84 people and leaving 100 more injured.

Dow Jones

0.1

18,517

Indian markets finished Friday's session slightly lower as TCS and Infosys fell sharply

Nasdaq

(0.1)

(4)

5,030

after unveiling their quarterly earnings.

FTSE

0.2

6,669

Nikkei

0.7

112

16,498

News Analysis

Hang Seng

0.5

21,659

 Review: Infosys, LIC

Shanghai Com

0.0

3,054

 Prestige Estates

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

985

532

Key Domestic & Global Indicators

Declines

1,717

1,072

Unchanged

191

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Volumes (` Cr)

Top Picks

CMP

Target

Upside

BSE

3,914

Company

Sector

Rating

(`)

(%)

NSE

22,856

Amara Raja

Auto/Auto Ancillary

Buy

873

1,076

23.3

HCL Tech

Buy

717

1,000

39.5

Net Inflows (` Cr)

Net

Mtd

Ytd

LIC Housing

Financials

Buy

525

592

12.7

FII

838

2,982

22,526

Bharat Electronics

Capital Goods

Accumulate

1,253

1,414

12.9

MFs

(42)

(139)

9,205

Navkar Corporation Others

Buy

212

265

25.1

More Top Picks on Pg4

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Fortis

170

8.1

Consensus

Date

Region

Event Description

Reading

Expectations

Tatasteel

373

3.8

July 19 US

Housing Starts

1.164M

1.165M

Cox&Kings

203

3.7

July 19 UK

Jobless claims change

-0.40

3.00

Lichsgfin

525

3.7

July 19 US

Building Permits (Jun)

1.136M

1.150M

Jswsteel

1,630

3.5

July 20 UK

CPI (YoY) (Jun) (%)

0.3

0.4

6.(

More Events on Pg5

Top Losers

Price (`)

Chg (%)

Infy

1,072

(8.8)

Niittech

470

(5.7)

Cyient

472

(4.7)

Dcbbank

100

(4.3)

Jublfood

1,146

(4.0)

As on July 15, 2016

www.angelbroking.com

Market Outlook

July 18, 2016

Result Review

Infosys (CMP: `1,072/ TP: `1,374/Upside: 28.2%)

Infosys, posted numbers lower than expected. Company posted a 2.2% sequential

growth in USD revenues to US$2,501mn V/s US$2,548mn expected, mostly

volume lead. In rupee terms, revenues came in at `16,782cr V/s `17,072cr

expected, up 2.2% QoQ. On Constant Currency (CC) terms, the company posted

a 1.7% QoQ growth in the sales front.

In terms of geographies, USA posted a CC QoQ growth of 2.4%, Europe a CC

QoQ growth of 0.3%, ROW a CC QoQ growth of 4.9%, while India dipped CC

QoQ 8.2% during the quarter. In terms of verticals, FSI posted a CC QoQ growth

of 1.7%, MFG & Hi-Tech CC QoQ growth of 2.4%, RCL CC QoQ growth of 0.7%

and ECS CC QoQ growth of 2.4%. On the operating front, EBDITA and EBIT

margins dipped by ~121bp QoQ bps and ~138bps QoQ respectively to end the

period at 26.5% and 24.1% respectively. Consequently, PAT is expected to be at

`3436cr V/s `3,514cr, QoQ de-growth of 4.5%.

In terms of operating matrix, the utilization levels (excluding trainee) were 80.5%

V/s 80.1% in 4QFY2016, while the attrition was 15.8% V/s 12.6% in 4QFY2016

(mainly attributed to seasonality).In client addition 3 clients to US $100mn +

category taking total count to 17. In terms, of guidance the FY2017 revenue

guidance revised to 10.5%-12.0% in constant currency (CC). 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)

FY2017E

1,22,770

28.3

27,598

141.0

34.6

16.4

3.6

10.7

2.9

FY2018E

1,38,730

28.3

30,941

158.9

35.5

14.8

3.3

9.3

2.6

LIC Housing (CMP: `525/TP:`592/Upside:12.7%)

LIC Housing has reported a good set of numbers for the quarter. While the

reported PAT grew by only 7%, NII growth was strengthen up by 25%. The

company took additional provisioning to the tune of `90cr due to ageing of some

NPAs in the project loans and hence provisions remained higher at `116.5cr vs

`44.3cr YoY. Loan book grew by 15.4%, backed by strong developer loans which

went up by 39%. Though GNPAs went up to 0.59% from 0.45% it remains under

control and we don’t think this is a cause of concern. We believe loan growth will

pick up in the quarters for LIC housing. At the current market price the stock is

trading at 2.1x its FY18 Adj BV. We maintain BUY rating on the stock and retain

our target price of `592.

www.angelbroking.com

Market Outlook

July 18, 2016

Prestige Estates (CMP: `180/ TP: `210/Upside: 16.7%)

Near-completion inventory gives comfort: We expect Prestige’s cash flow strength

(over `5,000cr of receivables) to improve in next 12-18 months, as unsold under-

construction works are nearing completion. This strengthens our view that more

residential units would be delivered in FY2017, than launches witnessed in

FY2016, indicating consolidation in its residential portfolio.

Expansion plans (initial stages) to Pune and Mumbai: With growth in Bangalore

saturating, Prestige as a prudent business move entered areas like Hyderabad,

Chennai and has plans to enter new areas like Pune and Mumbai. For Prestige to

move to next league, we sense entry to Pune and Mumbai to be the right strategy,

as Pune, the second largest market (on volumes front in India) and Mumbai with

the highest realizations would add to its overall growth. We believe meaningful

contribution from these new projects to be seen from FY2018E onwards.

Annuity to double in next 3 years: Prestige earned `447cr from rentals in FY2016

(FY2016 exit rental was at `514cr) and has plans to increase this to nearly `800cr

by FY2018/19E. We anticipate capex of over `3,000cr to complete ongoing and

forthcoming projects, with major funding to be done through debt. In the past,

Prestige has track record where it has brought back areas sold to investors, most

of it at low near-term yields.

Prestige’s plans to grow from the current base by expanding to new cities gives us

comfort that Prestige is expected to report strong growth in FY2018E. Further,

positive Operating Cash Flow cycle and high liquidity comforts us on balance

sheet side. Unsold area in near-completed projects will boost cash flows of the

company. Prestige announced aggressive plans to almost double their rental

income in next 3 years. Accordingly, we expect debt to increase. We recommend

BUY on Prestige Estates with price target of `210.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

4,707

25.2

387

10.3

17.4

1.4

10.1

2.6

FY2018E

5,105

26.0

489

13.0

10.2

13.8

1.3

8.9

2.3

*Note: Provisional Estimates

www.angelbroking.com

Market Outlook

July 18, 2016

Economic and Political News

 RBI allows foreign players to hike stake in Axis, IDFC Bank

 WPI rises sharply in June to 1.62%

 Ban cash transactions of above `3 lakh to curb black money: SIT

Corporate News

 Tata Motors seeks approval to raise `3,000 cr

 RJio's launch of 4G services within 2 months

 Honda announces 2nd largest recall in India

Quarterly Bloomberg Brokers Consensus Estimate

Exide Industries Ltd. - July 18, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net sales

1,946

1,795

8.4

1,756

10.8

EBITDA

304

266

14.4

267

13.8

EBITDA margin (%)

15.6

14.8

15.2

Net profit

186

155

19.8

178

4.7

Hindustan Unilever Ltd - July 18, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net sales

8,498

7,973

6.6

7,809

8.8

EBITDA

1,658

1,506

10.0

1,467

13.0

EBITDA margin (%)

19.5

18.9

18.8

Net profit

1,157

1,059

9.2

1,090

6.1

www.angelbroking.com

Market Outlook

July 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

14,911

873

1,076

23.3

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

30,064

1,253

1,414

12.9

strong market positioning, indicate good times ahead for BEL.

HCL Tech

101,151

717

1,000

39.5

Stock is trading at attractive valuations & factors all bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

309,784

1,224

1,262

3.2

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

246,290

1,072

1,374

28.1

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

26,497

525

592

12.7

improvement in asset quality. Expect LICHF to post a healthy

loan book which is likely to reflect in a strong earnings growth.

Strong market positioning within the domestic AC markets to

Voltas

10,762

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

2,396

237

268

13.0

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

3,987

443

495

11.7

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

6,282

215

270

25.4

segment, the company has increased its presence in tier-II & III

cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,941

177

235

32.7

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

1,217

528

631

19.6

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

2,691

13.7

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,875

180

205

14.1

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

1,925

469

554

18.1

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

3,022

212

265

25.1

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,207

125

37.7

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,000

1,067

1,347

26.3

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

July 18, 2016

Key Upcoming Events

Result Calendar

Date

Company

July 18, 2016

Exide Industries, HUL

July 19, 2016

UltraTech Cement, Wipro

July 20, 2016

Crompton Greaves

July 21, 2016

HDFC Bank, Cairn India

July 22, 2016

Axis Bank

July 23, 2016

Mphasis, Persistent

July 26, 2016

IDFC, L G Balakrishnan & Bros

July 27, 2016

Asian Paints

July 28, 2016

GSK Pharma

July 29, 2016

Sesa Goa

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country Event Description

Unit

Period

Last Reported Estimated

Jul 19, 2016

6:00 PM

Housing Starts

Thousands

Jun

1164.00

1165.00

6:00 PM

Building permits

Thousands

Jun

1136.00

1150.00

2:00 PM

UK Jobless claims change

% Change

Jun

-0.40

3.00

Jul 20, 2016

2:00 PM

UK CPI (YoY)

% Change

Jun

0.30

0.40

7:30 PM Euro Zone Euro-Zone Consumer Confidence

Value

Jul A

-7.30

(8.00)

Jul 21, 2016

5:15 PM Euro Zone ECB announces interest rates

Jul 21

0.00

6:00 PM

Initial Jobless claims

Thousands

Jul 16

254.00

265.00

7:30 PM

Existing home sales

Million

Jun

5.53

5.48

July 22, 2016

1:00 PM Germany PMI Services

Value

Jul P

53.70

53.20

1:00 PM Germany PMI Manufacturing

Value

Jul P

54.50

53.40

2:00 PM

UK PMI Manufacturing

Value

Jul P

52.10

47.50

Jul 26, 2016

7:30 PM

Consumer Confidence

S.A./ 1985=100 Jul

98.00

95.25

7:30 PM

New home sales

Thousands

Jun

551.00

560.00

Jul 27, 2016

2:00 PM

UK GDP (YoY)

% Change

2Q A

2.00

11:30 PM

FOMC rate decision

Jul 27

0.50

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 18, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

4.3

3.7

5.8

4.0

6.0

1.9

1.2

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

3.0

(3.4)

(6.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

5.7

5.8

5.4

5.6

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

44.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

5.0

7.50

0.0

7.00

(5.0)

6.50

(10.0)

6.00

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 18, 2016

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

6.7

6.0

5.3

4.9

4.2

4.0

3.2

2.1

2.0

1.3

0.1

(2.0)

(4.0)

(1.2)

(6.0)

(0.2)

(5.4)

(8.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.5

6.0

4.9

4.4

4.0

3.0

2.4

1.9

1.5

2.0

1.1

0.6

0.5

(3.8)

(1.8)

(2.0)

(4.0)

(6.0)

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

(x)

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

Source: IMF, Angel Research

www.angelbroking.com

Market Outlook

July 18, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

55,578

13.6

6.0

5.7

Russia

Micex

1,941

2.7

2.2

18.3

India

Nifty

8,541

5.3

10.8

2.6

China

Shanghai Composite

3,054

5.8

(0.4)

(18.1)

South Africa

Top 40

46,454

2.3

(0.4)

(1.0)

Mexico

Mexbol

46,713

3.8

3.1

Indonesia

LQ45

877

3.9

3.8

4.6

Malaysia

KLCI

1,668

1.7

(2.7)

(2.6)

Thailand

SET 50

943

4.0

7.9

(3.3)

USA

Dow Jones

18,517

4.8

3.3

2.4

FTSE

6,669

11.8

4.8

(1.8)

Japan

Nikkei

16,498

3.6

(19.0)

Germany

DAX

10,067

4.8

0.2

(13.3)

France

CAC

4,373

4.8

(3.0)

(13.5)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

July 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

4,078

1,612

1,911

13.3

7.4

9.5

28.3

22.1

4.5

4.1

16.7

18.4

2.6

2.2

United Phosphorus

Buy

566

684

24,248

13,083

15,176

18.5

31.5

37.4

18.0

15.1

3.6

3.0

21.4

2.0

1.7

Auto & Auto Ancillary

Ashok Leyland

Buy

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

2,688

77,793

22,709

25,860

20.9

20.1

129.0

143.6

20.8

18.7

6.4

5.5

30.7

29.4

2.9

2.5

Bharat Forge

Buy

728

875

16,942

7,351

8,318

19.9

19.7

31.2

36.5

23.3

19.9

4.2

3.5

19.3

19.2

2.5

2.2

Eicher Motors

Neutral

19,781

53,728

15,556

16,747

15.5

17.3

464.8

597.5

42.6

33.1

15.5

11.4

36.2

34.3

3.4

3.1

Gabriel India

Neutral

102

1,466

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

3,238

64,653

28,244

30,532

15.5

15.9

156.7

168.5

20.7

19.2

8.3

7.0

39.9

36.4

2.1

1.9

Jamna Auto Industries Neutral

175

1,399

1,281

1,473

11.2

11.5

7.6

9.2

23.0

19.0

5.8

4.8

25.4

25.2

1.1

1.0

L G Balakrishnan & Bros Neutral

505

793

1,254

1,394

11.6

11.8

35.9

41.7

14.1

12.1

1.9

1.7

13.5

13.8

0.7

Mahindra and Mahindra Neutral

1,465

90,978

38,416

42,904

13.7

13.9

54.8

63.4

26.7

23.1

4.1

3.7

15.4

15.8

2.0

1.8

Maruti

Neutral

4,464

134,843

57,865

68,104

16.4

16.7

176.3

225.5

25.3

19.8

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

303

313

40,139

39,343

45,100

8.8

9.1

10.1

12.5

30.0

24.3

9.5

7.5

35.3

34.4

1.1

0.9

Rane Brake Lining

Buy

453

465

358

454

511

11.5

12.0

25.2

31.0

18.0

14.6

2.7

2.4

14.9

16.6

0.8

Setco Automotive

Neutral

613

594

741

12.7

13.7

1.7

3.2

27.0

14.3

2.8

2.5

10.4

16.9

1.5

1.3

Tata Motors

Neutral

493

142,310

259,686

273,957

13.0

13.4

25.9

29.5

19.0

16.7

2.5

2.2

8.0

9.0

0.7

TVS Motor

Accumulate

307

330

14,566

11,263

13,122

6.9

8.5

9.2

15.0

33.3

20.4

7.6

6.1

22.7

29.6

1.3

1.1

Amara Raja Batteries

Buy

873

1,076

14,911

4,690

5,429

17.5

28.5

35.3

30.7

24.7

7.1

5.8

23.1

25.9

3.1

2.7

Exide Industries

Neutral

180

15,283

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

157

183

7,987

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

Ceat

Buy

860

1,119

3,479

6,041

6,597

14.1

13.7

99.5

111.9

8.6

7.7

1.7

1.4

19.6

18.5

0.7

0.6

JK Tyres

Neutral

2,036

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

1,143

1,420

552

630

14.2

14.7

44.6

54.1

25.6

21.1

6.0

5.4

23.2

25.6

2.4

2.1

Subros

Neutral

553

1,293

1,527

11.8

11.9

4.2

6.7

22.0

13.8

1.7

1.5

7.7

11.5

0.8

0.6

Indag Rubber

Neutral

189

495

283

329

17.0

17.2

13.0

15.4

14.6

12.2

3.2

2.6

21.8

21.6

1.5

1.2

Capital Goods

ACE

Neutral

437

660

839

4.7

8.2

1.0

3.9

44.2

11.3

1.4

1.2

3.2

11.3

0.8

0.7

BEML

Buy

941

1,157

3,919

3,277

4,006

6.0

8.9

36.2

64.3

26.0

14.6

1.8

1.6

5.7

11.7

1.2

0.9

Bharat Electronics

Accumulate

1,253

1,414

30,064

7,295

8,137

20.0

16.8

56.5

58.7

22.2

21.3

3.3

2.9

42.1

44.6

3.4

2.9

www.angelbroking.com

Stock Watch

July 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

Buy

325

407

10,762

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

881

3,615

3,181

9.5

9.4

16.7

12.4

7.3

9.8

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

143

34,952

33,722

35,272

10.8

11.7

10.5

14.2

13.6

10.1

1.0

7.0

9.0

1.1

1.0

Blue Star

Accumulate

443

495

3,987

3,770

4,351

5.7

6.4

11.4

17.2

38.8

25.8

6.0

5.6

18.4

23.1

1.1

1.0

Crompton Greaves

Neutral

4,400

13,484

14,687

4.9

6.2

4.5

7.1

15.6

9.9

1.1

1.0

7.2

10.8

0.5

0.4

Greaves Cotton

Neutral

141

3,441

1,655

1,755

16.6

16.8

7.4

7.8

19.0

18.1

3.8

3.6

21.1

20.6

2.1

2.0

Inox Wind

Buy

231

286

5,121

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

142

3,662

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

Thermax

Neutral

910

10,838

6,413

7,525

7.4

8.5

30.5

39.3

29.8

23.1

4.6

4.0

15.0

17.0

1.6

1.3

VATech Wabag

Accumulate

599

681

3,263

2,722

3,336

7.9

8.1

19.5

24.6

30.7

24.3

3.2

2.9

11.1

12.4

1.3

1.1

Cement

ACC

Neutral

1,614

30,304

13,151

14,757

16.4

18.3

63.9

83.4

25.3

19.4

3.3

3.0

13.3

16.1

2.2

1.8

Ambuja Cements

Neutral

261

40,489

11,564

12,556

19.4

20.7

8.9

10.1

29.3

25.8

3.7

3.5

12.8

13.8

3.1

2.9

HeidelbergCement

Neutral

120

2,708

1,772

1,926

13.3

15.4

1.0

3.0

119.5

39.8

3.0

2.8

2.6

7.9

2.1

1.9

India Cements

Neutral

115

3,523

4,216

4,840

18.0

19.5

4.0

9.9

28.7

11.6

1.1

4.0

9.5

1.2

1.0

JK Cement

Neutral

709

4,959

3,661

4,742

10.1

15.8

7.5

28.5

94.6

24.9

2.8

2.5

7.5

22.9

1.8

1.4

J K Lakshmi Cement

Neutral

397

4,671

2,947

3,616

16.7

19.9

11.5

27.2

34.5

14.6

3.3

2.8

9.8

20.8

2.0

1.6

Mangalam Cements

Neutral

306

817

1,053

1,347

10.5

13.3

8.4

26.0

36.5

11.8

1.5

1.4

4.3

12.5

1.1

0.9

Orient Cement

Neutral

177

3,626

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

565

13,448

4,036

4,545

20.8

21.3

15.1

18.8

37.4

30.1

4.6

4.1

12.9

14.3

3.9

3.4

Shree Cement^

Neutral

15,715

54,746

7,150

8,742

26.7

28.6

228.0

345.5

68.9

45.5

10.2

8.5

15.7

20.3

7.6

6.1

UltraTech Cement

Neutral

3,525

96,730

24,669

29,265

18.2

20.6

82.0

120.0

43.0

29.4

4.6

4.1

11.3

14.7

3.9

3.3

Construction

ITNL

Accumulate

2,691

7,360

8,682

34.0

32.2

7.0

8.6

11.7

9.5

0.4

3.2

2.5

3.7

3.6

KNR Constructions

Accumulate

567

603

1,596

937

1,470

14.3

14.0

44.2

38.6

12.8

14.7

2.6

2.2

15.4

1.8

1.2

Larsen & Toubro

Accumulate

1,586

1,700

147,816

58,870

65,708

8.3

10.3

42.0

53.0

37.8

29.9

2.6

2.4

8.8

11.2

2.7

2.4

Gujarat Pipavav Port

Neutral

180

8,697

629

684

51.0

52.2

6.4

5.9

28.1

30.5

3.7

3.4

15.9

12.7

13.8

12.5

MBL Infrastructures

Buy

144

285

599

2,313

2,797

12.2

14.6

19.0

20.0

7.6

7.2

0.8

0.7

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

4,442

7,892

8,842

8.8

9.1

3.0

5.3

26.6

15.1

1.3

1.2

5.0

8.5

0.8

0.7

PNC Infratech

Accumulate

571

647

2,930

1,873

2,288

13.2

13.5

24.0

32.0

23.8

17.8

2.3

2.1

12.1

12.3

1.7

1.4

Simplex Infra

Neutral

304

1,504

5,955

6,829

10.3

10.5

16.0

31.0

19.0

9.8

1.0

0.9

5.3

9.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 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

561

825

1,539

1,801

12.8

12.7

59.0

72.1

9.5

7.8

1.4

1.2

18.6

16.8

0.5

Sadbhav Engineering

Neutral

300

5,146

3,186

3,598

10.2

10.3

8.0

9.0

37.5

33.3

3.5

3.1

9.4

9.9

1.9

1.7

NBCC

Neutral

245

14,724

5,838

7,428

6.0

7.9

5.2

8.2

47.2

29.9

1.5

1.2

21.9

28.2

2.5

1.8

MEP Infra

Neutral

731

1,956

1,876

28.1

30.5

1.3

3.0

34.6

15.0

7.3

4.9

21.2

32.8

1.8

SIPL

Neutral

100

3,538

675

1,042

62.4

64.7

3.8

4.3

17.0

11.4

Engineers India

Neutral

207

6,990

1,667

1,725

13.5

16.0

9.7

11.4

21.4

18.2

2.5

2.4

11.7

13.4

3.1

Financials

Allahabad Bank

Neutral

5,719

8,569

9,392

2.8

2.9

16.3

27.5

4.9

2.9

0.5

0.4

7.6

11.9

Axis Bank

Neutral

565

134,792

26,204

29,738

3.6

3.5

34.5

35.4

16.4

15.9

2.6

2.3

16.8

14.9

Bank of Baroda

Neutral

165

37,903

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

115

10,718

15,972

17,271

1.9

2.0

15.3

33.4

7.5

3.4

0.3

3.6

7.6

Canara Bank

Neutral

257

13,947

15,441

16,945

2.0

2.1

46.6

70.4

5.5

3.7

0.5

0.4

8.0

11.2

Dena Bank

Neutral

2,738

3,440

3,840

2.1

2.3

7.3

10.0

5.7

4.1

0.4

6.1

7.9

Dewan Housing Finance Buy

215

270

6,282

1,828

2,225

2.9

3.0

24.9

29.7

8.7

7.3

1.3

1.2

15.1

16.1

Equitas Holdings

Buy

177

235

5,941

679

1,076

12.4

11.7

6.2

6.7

28.6

26.4

3.6

2.6

13.3

12.5

Federal Bank

Neutral

10,601

3,279

3,787

2.8

2.9

3.9

5.5

15.7

11.2

1.3

1.2

8.4

10.8

HDFC

Neutral

1,360

215,051

10,358

11,852

3.3

41.1

47.0

33.1

28.9

6.3

5.7

24.7

24.9

HDFC Bank

Accumulate

1,224

1,262

309,784

38,606

47,696

4.4

4.5

48.8

61.4

25.1

19.9

4.3

3.7

18.7

20.0

ICICI Bank

Neutral

265

154,265

34,279

39,262

3.3

21.0

24.4

12.6

10.9

2.1

1.8

14.4

14.7

IDBI Bank

Neutral

15,379

9,625

10,455

1.8

8.5

14.2

8.8

5.3

0.5

5.9

9.3

Indian Bank

Neutral

157

7,536

6,160

6,858

2.5

24.5

29.8

6.4

5.3

0.5

7.7

8.6

LIC Housing Finance

Accumulate

525

592

26,497

3,179

3,758

2.6

32.9

40.6

16.0

12.9

3.0

2.5

19.6

20.7

Oriental Bank

Neutral

122

4,230

7,643

8,373

2.4

37.2

45.4

3.3

2.7

0.3

8.2

9.4

Punjab Natl.Bank

Neutral

136

26,705

23,122

26,022

2.8

7.0

21.6

19.4

6.3

1.0

0.9

3.4

10.0

South Ind.Bank

Neutral

2,977

1,965

2,185

2.5

3.3

8.9

6.7

0.9

0.8

9.5

11.7

St Bk of India

Neutral

232

179,708

79,958

86,061

2.6

13.4

20.7

17.3

11.2

1.4

1.3

11.5

12.8

Union Bank

Neutral

140

9,614

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

4,390

3,536

3,827

1.9

5.5

6.7

8.0

6.6

0.7

0.6

7.8

8.8

Yes Bank

Neutral

1,179

49,634

7,190

9,011

3.2

3.3

58.2

69.7

20.3

16.9

3.6

3.1

19.2

19.6

FMCG

Asian Paints

Neutral

1,025

98,318

15,534

17,445

17.7

16.8

18.4

19.6

55.8

52.3

19.7

18.6

34.6

35.6

6.2

5.5

www.angelbroking.com

Stock Watch

July 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

Britannia

Neutral

2,819

33,821

8,481

9,795

14.0

14.1

65.5

78.3

43.0

36.0

20.4

16.7

38.3

41.2

4.0

3.4

Colgate

Neutral

927

25,217

4,136

4,632

22.5

23.3

22.2

25.3

41.8

36.7

25.4

22.6

68.6

67.5

6.0

5.4

Dabur India

Neutral

312

54,824

9,370

10,265

17.6

17.3

7.3

8.1

42.5

38.5

11.0

10.1

31.7

30.6

5.7

5.2

GlaxoSmith Con*

Neutral

6,309

26,534

4,519

5,142

19.6

19.8

164.3

191.2

38.4

33.0

10.6

9.1

30.8

29.9

5.2

4.5

Godrej Consumer

Neutral

1,598

54,409

9,003

10,335

18.1

18.7

34.1

41.8

46.9

38.2

10.1

8.7

23.9

24.8

6.3

5.5

HUL

Neutral

940

203,353

33,299

35,497

17.1

18.9

20.0

49.7

47.0

43.6

38.0

87.6

80.8

5.8

5.4

ITC

Neutral

249

300,442

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

35,899

6,151

6,966

17.2

17.3

5.4

6.4

51.5

43.5

16.2

12.8

33.2

32.4

5.6

5.0

Nestle*

Neutral

6,629

63,912

9,393

10,507

22.2

22.3

106.8

121.8

62.1

54.4

21.8

19.6

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

6.8

7.4

1.0

Procter & Gamble

Buy

6,293

7,369

20,427

2,588

2,939

23.3

23.2

130.2

146.2

48.3

43.1

96.4

92.4

27.6

25.3

7.4

6.5

Hygiene

HCL Tech^

Buy

717

1,000

101,151

37,061

30,781

21.5

20.5

51.4

40.0

14.0

17.9

3.6

2.6

20.1

20.3

2.5

2.6

Infosys

Buy

1,072

1,374

246,290

62,441

70,558

27.5

59.0

65.3

18.2

16.4

3.7

3.3

22.2

22.4

3.8

3.2

TCS

Buy

2,442

3,004

481,159

108,646

122,770

28.3

123.7

141.0

19.7

17.3

6.5

6.0

33.1

34.6

4.0

3.5

Tech Mahindra

Buy

504

700

48,934

26,494

30,347

16.3

17.0

32.2

37.5

15.7

13.4

3.4

2.9

21.7

21.8

1.6

1.4

Wipro

Buy

555

680

137,038

50,808

56,189

23.7

23.8

37.3

40.7

14.9

13.6

2.8

2.6

19.2

17.7

2.2

1.9

Media

D B Corp

Neutral

383

7,042

2,025

2,187

27.4

17.4

18.9

22.0

20.3

5.0

4.5

22.9

23.7

3.4

3.1

HT Media

Neutral

1,869

2,495

2,673

12.9

13.2

6.8

7.2

11.8

11.2

0.9

7.5

7.8

0.4

0.3

Jagran Prakashan

Accumulate

180

205

5,875

2,107

2,355

33.5

28.0

10.1

10.8

17.9

16.6

4.2

3.6

23.3

21.7

2.9

2.6

Sun TV Network

Neutral

391

15,389

2,510

2,763

71.8

71.5

21.9

24.8

17.8

15.8

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

320

380

201,903

76,167

84,130

19.9

22.3

22.4

25.8

14.3

12.4

5.1

5.0

35.5

41.0

2.0

1.7

Hind. Zinc

Neutral

196

82,626

14,641

14,026

50.4

17.7

16.0

11.1

12.2

1.7

1.6

16.2

13.2

3.3

3.2

Hindalco

Neutral

137

28,321

104,356

111,186

8.7

9.5

6.7

11.1

20.4

12.4

0.7

3.5

5.9

0.8

0.7

JSW Steel

Neutral

1,630

39,398

42,308

45,147

16.4

20.7

(10.3)

49.5

32.9

1.8

(1.0)

5.6

1.9

1.8

NMDC

Neutral

37,863

8,237

10,893

46.6

44.5

10.0

11.7

9.6

8.2

1.1

0.9

12.5

13.0

4.5

3.4

SAIL

Neutral

20,630

45,915

53,954

7.2

10.5

1.5

4.4

33.2

11.4

0.5

2.3

4.1

1.1

1.0

Vedanta

Neutral

163

48,428

71,445

81,910

26.2

26.3

12.9

19.2

12.7

8.5

0.9

0.8

7.2

8.9

1.1

0.9

Tata Steel

Neutral

373

36,212

126,760

137,307

8.9

11.3

6.4

23.1

58.6

16.2

1.2

1.1

2.0

7.1

0.8

www.angelbroking.com

Stock Watch

July 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

Cairn India

Neutral

173

32,445

11,323

12,490

49.4

51.0

20.7

8.4

0.5

6.4

6.1

1.8

1.1

GAIL

Neutral

392

49,731

64,856

70,933

9.1

9.6

24.0

28.9

16.4

13.6

1.4

1.3

8.8

9.6

0.9

0.8

ONGC

Neutral

230

197,161

154,564

145,998

36.8

37.4

20.8

22.6

11.1

10.2

1.0

10.1

9.7

1.5

1.6

Petronet LNG

Neutral

291

21,803

29,691

31,188

5.8

6.2

12.8

13.4

22.7

21.7

3.4

3.0

15.8

14.8

0.8

Indian Oil Corp

Neutral

478

116,141

359,607

402,760

5.9

6.1

42.5

48.7

11.3

9.8

1.5

1.3

14.1

14.4

0.4

Reliance Industries

Neutral

1,013

328,314

304,775

344,392

12.6

13.4

91.3

102.6

11.1

9.9

1.3

1.1

11.8

12.0

1.0

0.8

Pharmaceuticals

Alembic Pharma

Neutral

574

10,821

3,145

3,483

31.9

16.2

38.2

18.7

15.0

30.7

6.8

5.7

57.9

20.1

3.5

3.2

Aurobindo Pharma

Neutral

761

44,517

13,651

15,702

21.7

33.9

38.4

22.4

19.8

6.3

4.9

32.5

27.7

3.6

3.2

Aventis*

Neutral

4,481

10,320

2,049

2,375

15.4

17.3

115.4

153.5

38.8

29.2

6.3

5.0

19.3

25.8

4.9

4.1

Cadila Healthcare

Accumulate

367

400

37,541

9,469

11,246

21.2

22.0

14.9

17.1

24.6

21.4

7.0

5.5

28.8

26.6

4.0

3.3

Cipla

Neutral

516

41,476

13,372

15,378

16.4

17.4

18.8

21.6

27.5

23.9

3.5

3.1

13.3

13.7

3.1

3.0

Dr Reddy's

Neutral

3,583

61,105

15,471

17,479

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

135

2,178

1,733

1,906

21.5

10.1

10.0

13.4

13.5

1.6

1.4

10.5

11.2

1.8

1.5

GSK Pharma*

Neutral

3,465

29,347

2,741

3,528

16.5

18.9

44.2

60.1

78.4

57.7

17.3

17.2

21.2

29.9

10.5

8.2

Indoco Remedies

Neutral

293

2,701

977

1,112

14.9

18.2

9.0

13.2

32.6

22.2

4.6

4.0

15.1

19.2

2.8

2.5

Ipca labs

Buy

468

613

5,901

2,844

3,799

10.6

15.3

10.6

17.3

44.1

27.0

2.6

2.4

5.9

9.1

2.2

1.7

Lupin

Accumulate

1,671

1,809

75,313

13,702

15,912

23.7

26.4

50.5

58.1

33.1

28.8

6.8

5.6

22.9

21.4

6.0

4.8

Sun Pharma

Buy

770

944

185,412

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

19,379

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

156

128,918

87,271

99,297

23.5

11.8

13.3

11.8

1.5

1.4

11.5

12.2

2.5

2.2

Power Grid

Neutral

164

85,955

20,702

23,361

86.7

86.4

12.1

13.2

13.6

12.4

2.0

1.8

15.6

15.1

9.1

8.5

Real Estate

MLIFE

Buy

469

554

1,925

826

1,011

20.1

21.9

22.7

30.7

20.7

15.3

1.2

1.1

6.0

7.4

4.3

3.2

Telecom

Bharti Airtel

Neutral

379

151,302

101,748

109,191

32.1

31.7

12.0

12.5

31.5

30.3

2.2

2.0

6.9

6.7

2.1

1.9

Idea Cellular

Neutral

111

40,023

34,282

36,941

32.0

31.5

5.9

6.2

18.8

17.9

1.7

1.6

9.9

9.3

1.7

1.6

zOthers

Abbott India

Neutral

4,723

10,036

2,715

3,153

14.5

14.1

134.3

152.2

35.2

31.0

8.8

7.2

27.4

25.6

3.4

2.9

Bajaj Electricals

Accumulate

237

268

2,396

4,612

5,351

5.6

5.7

9.5

12.4

25.0

19.2

3.1

2.8

12.5

14.4

0.5

Finolex Cables

Neutral

376

5,757

2,520

2,883

12.2

12.0

12.7

14.2

29.7

26.5

4.1

3.6

13.6

13.5

2.0

1.7

Goodyear India*

Buy

528

631

1,217

1,750

1,598

11.3

10.4

53.7

49.4

9.8

10.7

2.1

1.8

23.0

18.2

0.5

0.4

Hitachi

Neutral

1,382

3,758

1,779

2,081

7.8

8.8

21.8

33.4

63.4

41.3

10.2

8.3

17.4

22.1

2.2

1.8

www.angelbroking.com

Stock Watch

July 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

Jyothy Laboratories

Neutral

292

5,287

1,620

1,847

11.5

7.3

8.5

40.0

34.5

5.2

4.8

13.3

14.4

3.2

2.7

MRF

Buy

34,233

45,575

14,519

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.2

9.0

2.1

1.7

41.1

21.2

0.7

0.9

Page Industries

Neutral

13,413

14,961

1,929

2,450

19.8

20.1

229.9

299.0

58.4

44.9

25.7

17.9

52.1

47.1

7.7

6.0

Relaxo Footwears

Neutral

483

5,799

1,767

2,152

12.3

12.5

19.3

25.1

19.3

6.2

4.7

27.7

27.8

3.3

2.7

Siyaram Silk Mills

Buy

1,067

1,347

1,000

1,619

1,799

11.6

93.5

104.9

11.4

10.2

2.0

1.7

17.1

16.4

0.9

0.8

Styrolution ABS India* Neutral

645

1,134

1,271

1,440

8.6

9.2

32.0

41.1

20.1

15.7

2.1

1.8

10.7

12.4

0.8

0.7

TVS Srichakra

Buy

2,370

2,932

1,815

2,035

2,252

15.9

15.3

248.6

268.1

9.5

8.8

4.2

3.0

43.6

33.9

0.9

0.8

HSIL

Accumulate

296

310

2,142

2,123

2,384

16.1

16.5

15.0

18.9

19.7

15.7

1.5

1.4

8.0

9.4

1.3

1.1

Kirloskar Engines India

Neutral

265

3,831

2,403

2,554

8.6

9.9

9.2

10.5

28.8

25.3

2.8

2.6

9.7

10.7

1.2

1.1

Ltd

M M Forgings

Buy

408

546

493

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

151

1,077

1,208

1,353

11.0

12.3

10.8

14.5

14.0

10.4

1.6

1.4

11.9

14.5

0.9

0.8

Competent Automobiles Neutral

145

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

Nilkamal

Neutral

1,209

1,804

1,871

2,031

10.7

10.5

63.2

69.8

19.1

17.3

3.1

2.7

17.6

16.6

1.0

0.9

Visaka Industries

Neutral

155

247

1,020

1,120

8.7

9.1

13.9

20.1

11.2

7.7

0.7

6.4

8.7

0.5

0.4

Transport Corporation of

Neutral

365

2,792

2,830

3,350

8.8

9.0

14.4

18.3

25.4

19.9

3.9

3.4

15.4

17.1

1.0

0.9

India

Elecon Engineering

Neutral

693

1,359

1,482

10.3

13.7

0.8

3.9

79.3

16.4

1.3

1.6

7.8

0.9

0.8

Surya Roshni

Buy

165

201

721

2,992

3,223

8.1

8.4

14.7

18.3

11.2

9.0

1.0

0.9

9.7

11.0

0.5

MT Educare

Neutral

160

637

286

366

18.3

17.7

7.7

9.4

20.7

17.1

4.4

3.8

20.2

21.1

2.2

1.7

Radico Khaitan

Buy

125

1,207

1,543

1,659

12.6

13.0

5.8

6.3

15.7

14.3

1.3

1.2

8.5

8.6

1.3

1.2

Garware Wall Ropes

Accumulate

419

460

916

828

898

11.2

10.3

28.3

29.0

14.8

14.4

2.5

2.2

16.8

14.9

1.1

1.0

Wonderla Holidays

Neutral

395

2,230

206

308

44.0

43.6

9.0

12.9

43.9

30.6

6.0

5.4

13.7

17.8

10.8

7.2

Linc Pen & Plastics

Neutral

255

377

344

382

9.1

12.4

13.1

20.6

19.5

3.7

3.3

18.0

16.7

1.2

1.0

The Byke Hospitality

Neutral

162

651

222

287

20.5

5.6

7.6

28.8

21.5

5.4

4.5

18.9

20.8

3.0

2.3

Interglobe Aviation

Neutral

970

34,965

17,022

21,122

20.7

14.5

63.9

53.7

15.2

18.1

22.8

18.7

149.9

103.2

2.2

1.7

Coffee Day Enterprises

Neutral

242

4,980

2,692

2,964

17.0

18.6

4.7

51.0

3.0

2.8

0.2

5.5

2.3

2.1

Ltd

Navneet Education

Neutral

2,333

998

1,062

24.1

24.0

5.8

6.1

17.0

16.1

3.8

3.3

22.0

20.6

2.4

2.3

Navkar Corporation

Buy

212

265

3,022

347

408

43.2

42.9

6.7

6.8

31.8

31.3

2.3

2.2

7.3

6.9

9.1

8.3

UFO Moviez

Neutral

549

1,516

558

619

32.0

33.2

22.5

30.0

24.4

18.3

2.9

2.5

12.0

13.8

2.6

2.2

VRL Logistics

Neutral

315

2,873

1,725

1,902

16.5

16.7

12.2

14.6

25.9

21.6

5.4

4.7

20.8

21.9

1.8

1.6

www.angelbroking.com

Stock Watch

July 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

Team Lease Serv.

Neutral

1,030

1,761

2,565

3,229

1.3

1.5

15.2

22.8

67.9

45.3

5.4

4.9

8.0

10.7

0.6

0.5

S H Kelkar & Co.

Neutral

225

3,255

928

1,036

15.3

15.1

4.9

6.1

45.6

36.9

4.3

3.9

9.4

10.7

3.5

3.1

Quick Heal

Neutral

274

1,921

339

408

27.8

27.3

7.1

7.7

38.8

35.4

3.3

8.5

9.3

4.7

4.0

Narayana Hrudaya

Neutral

290

5,936

1,603

1,873

10.9

11.5

1.0

2.6

304.9

109.8

7.3

6.7

2.4

6.1

4.1

3.5

Manpasand Bever.

Neutral

674

3,376

540

836

19.9

19.6

10.2

16.9

65.9

39.9

5.3

4.8

8.1

12.0

5.5

3.5

Parag Milk Foods

Neutral

324

2,722

1,645

1,919

9.0

9.3

6.7

9.5

48.2

34.3

6.3

5.3

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 15, 2016

www.angelbroking.com

Market Outlook

July 18, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,

Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is

a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial

ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /

managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst

has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity

of the company covered by Analyst.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should

make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the

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the merits and risks of such an investment.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

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