Market Outlook
July 20, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking SGX Nifty.
BSE Sensex
0.1
41
27,788
Nifty
0.2
20
8,529
U.S. markets saw modest weakness during trading on Tuesday, giving back some
ground after trending higher in recent sessions. While the Dow managed to end the
Mid Cap
0.2
22
12,072
day in positive territory, the broader Nasdaq and S&P 500 both closed in the red.
Small Cap
(0.1)
(13)
11,910
The majority of the European markets ended Tuesday's session in the red, pulling
Bankex
(0.2)
(33)
21,669
back from three week highs. The mood among investors turned more cautious
Tuesday, as investors began to flock to safe havens like the Japanese Yen and U.S.
Global Indices
Chg (%)
(Pts)
(Close)
treasuries. German economic sentiment and Eurozone construction output both
Dow Jones
0.1
26
18,559
came in weaker than anticipated and the IMF lowered its global economic growth
Nasdaq
(0.4)
(19)
5,036
outlook for the year due to the potential impact from the Brexit.
FTSE
0.0
2
6,697
Indian markets eked out modest gains on Tuesday, with healthy progress of
Nikkei
1.4
225
16,723
monsoon rains and hopes of passage of the GST Bill in Rajya Sabha offering
support.
Hang Seng
(0.6)
(130)
21,673
Shanghai Com
(0.2)
(7)
3,037
News Analysis
Review: Wipro, Ultratech cement
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,206
695
Investor’s Ready Reckoner
Declines
1,480
906
Key Domestic & Global Indicators
Unchanged
168
84
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
BSE
2,817
Top Picks
CMP
Target
Upside
NSE
17,503
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
871
1,076
23.6
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
730
1,000
36.9
FII
577
4,968
24,512
LIC Housing
Financials
Buy
508
592
16.5
MFs
(56)
(487)
8,857
Bharat Electronics
Capital Goods
Accumulate
1,242
1,414
13.9
Navkar Corporation Others
Buy
208
265
27.4
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Pvr
1,114
8.7
Key Upcoming Events
Jpassociat
12
5.7
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jppower
6
5.4
July 20 UK
CPI (YoY) (Jun) (%)
0.3
0.4
Hindpetro
1,115
5.1
July 20 Euro Zone
Euro-Zone Consumer Confidence
(7.3)
(8.0)
Repcohome
802
4.7
July 20 US
Initial Jobless claims
254
265
July 21 Euro Zone
ECB announces interest rates
0.0
-
6.(
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Mindtree
562
(8.4)
Gppl
173
(5.3)
Kpit
134
(4.0)
Mcleodruss
204
(3.7)
Fsl
48
(2.9)
As on July 19, 2016
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Market Outlook
July 20, 2016
Result Review
Wipro (CMP: `549 / TP: Under Review)
For 1QFY2017, posted results below expectations on the net profit front. The
company posted a 2.6% sequential growth in USD IT services revenues to end the
period at US$1,930.8mn V/s US$1,925mn expectations. This is against the
guidance of US$ 1,912-1,950mn (in terms of the actual currency realized).In
rupee terms, the consolidated revenues came in at `13,599cr V/s `14,154cr
expected. On Constant currency terms, the company posted a 2.2% qoq growth.
In terms of the geography, the growth was driven by the USA, which contributed
around 53.5% of sales V/s 52.7% in 4QFY2016. In terms of Industries, the growth
was lead by Healthcare, Life Sciences & Services, which were around 15.3% of
sales V/s 12.0% in 4QFY2016. Energy, Natural Resources & Utilities, a key
domain of the company were at 13.2% of sales V/s 14.6% of sales in 4QFY2016.
Finance Solutions and Manufacturing & Technology, also posted a dip in sales
(25.6% of sales in 1QFY2017 V/s 26.3% of sales in 4QFY2016 in manufacturing
and 22.5% in 1QFY2017 V/s 23.2% of sales in 4QFY2016 respectively).
On the operating front, EBIT margins came in at 16.1% V/s 17.1% expected, a
qoq dip of 210bps qoq. Consequently, the PAT came in at `2,059cr V/s `2,174cr,
QoQ de-growth of 7.9%.
On operating matrix, the company the gross utilization was at 69.9% V/s 68.8% in
4QFY2016, while attrition (annualized) was 17.9% V/s 16.1% in 4QFY2016. In
terms of client addition, the company added only 50 clients, which were mainly in
US$20mn and below. Also the Top 10 clients continued to be under pressure. The
company has given a guidance of US$ 1,901-1,939, qoq growth of (1.5) %-0.4%.
We maintain our buy rating on the stock with, price target to be revised later.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
58,473
23.8
10,413
42.1
20.0
13.0
2.8
8.0
1.8
FY2018E
64,320
23.5
11,311
45.8
19.6
12.0
2.5
6.9
1.6
Ultratech cement - Neutral
Ultratech cement reported good set of results for the quarter. Though volumes
grew by 6% YoY, realisations remained under pressure, which was on expected
lines. Higher operating leverage and lower fixed cost resulted in 340 bps
expansions in margins. Other income was up 50% which resulted in better than
expected Pat at INR 763 cr up by 27%.
The volume growth after picking up in Q4FY16 has gained seems to be cooling off
while realisations are still not in an uptrend. Though we like Ultraterch cement
from a long term perspective, the recent run up in the stock leaves limited upside,
from this point of view. We have a NEUTRAL view on the stock, but feel any
decline in the stock should be taken as a buying opportunity.
www.angelbroking.com
Market Outlook
July 20, 2016
Economic and Political News
IMF trims India's GDP to 7.4% for FY17
Govt releases `23,000 cr to recapitalise 13 PSU banks
India imports over 7 lakh tonnes of pulses in Apr-May
Corporate News
Ford Motor to invest `1,300 cr to set up global business centre in Chennai
L&T's shipbuilding arm ties up with US firms for design, equipment supply
NTPC eyeing 248 billion unit power generation in FY17
Quarterly Bloomberg Brokers Consensus Estimate
Hindalco Industries Ltd - July 21, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16 q-o-q (%)
Net sales
8,619
8,517
1.2
8,543
0.9
EBITDA
936
877
6.6
1,166
(19.8)
EBITDA margin (%)
10.9
10.3
13.7
Net profit
207
107
93.2
356
(41.9)
HDFC Bank Ltd - July 21, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16 q-o-q (%)
Net profit
3,254
2,696
20.7
3,374
(3.6)
Kotak Mahindra Bank Ltd - July 21, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16 q-o-q (%)
Net profit
740
190
289.9
696
6.4
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Market Outlook
July 20, 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
14,873
871
1,076
23.6
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
29,797
1,242
1,414
13.9
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,03,049
730
1,000
36.9
Stock is trading at attractive valuations & factors all bad news.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,49,517
1,086
1,374
26.5
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,627
508
592
16.5
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
10,755
325
407
25.2
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
2,363
234
268
14.6
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
4,054
425
495
16.4
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,328
217
270
24.5
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,825
174
235
35.3
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
1,221
529
631
19.2
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
2,625
80
93
16.5
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
5,876
180
205
14.0
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
1,903
464
554
19.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,966
208
265
27.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,192
90
125
39.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
990
1,056
1,347
27.6
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
July 20, 2016
Key Upcoming Events
Result Calendar
Date
Company
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
August 05, 2016
LMW
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country Event Description
Unit
Period
Last Reported Estimated
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
US
Initial Jobless claims
Thousands
Jul 16
254.00
265.00
7:30 PM
US
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
US
Consumer Confidence
S.A./ 1985=100 Jul
98.00
95.25
7:30 PM
US
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
US
FOMC rate decision
%
Jul 27
0.50
0.50
Source: Bloomberg, Angel Research
www.angelbroking.com
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Market Outlook
July 20, 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
5.4
5.6
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
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
www.angelbroking.com
Market Outlook
July 20, 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
2.0
1.3
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
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Market Outlook
July 20, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
56,698
14.5
7.2
6.5
Russia
Micex
1,916
2.1
0.0
16.1
India
Nifty
8,529
4.8
7.8
0.8
China
Shanghai Composite
3,037
5.1
0.1
(21.7)
South Africa
Top 40
46,214
0.2
(1.2)
(1.8)
Mexico
Mexbol
47,061
3.9
3.1
3.7
Indonesia
LQ45
891
9.4
7.2
4.6
Malaysia
KLCI
1,671
2.7
(3.1)
(1.8)
Thailand
SET 50
943
4.0
7.9
(3.3)
USA
Dow Jones
18,559
4.7
3.1
3.6
UK
FTSE
6,697
11.2
5.4
0.5
Japan
Nikkei
16,723
8.4
2.1
(15.3)
Germany
DAX
9,981
3.6
(3.6)
(13.3)
France
CAC
4,330
3.3
(5.7)
(13.0)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
July 20, 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
208
-
4,044
1,612
1,911
13.3
13.3
7.4
9.5
28.1
21.9
4.5
4.0
16.7
18.4
2.6
2.2
United Phosphorus
Buy
553
684
23,717
13,083
15,176
18.5
18.5
31.5
37.4
17.6
14.8
3.5
2.9
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,623
17,995
21,544
11.4
11.6
3.4
4.7
27.5
19.9
4.8
4.4
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,750
-
79,583
22,709
25,860
20.9
20.1
129.0
143.6
21.3
19.2
6.5
5.6
30.7
29.4
2.9
2.5
Bharat Forge
Buy
744
875
17,319
7,351
8,318
19.9
19.7
31.2
36.5
23.8
20.4
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Neutral
19,710
-
53,535
15,556
16,747
15.5
17.3
464.8
597.5
42.4
33.0
15.5
11.4
36.2
34.3
3.4
3.1
Gabriel India
Neutral
100
-
1,439
1,415
1,544
8.7
9.0
4.6
5.4
21.8
18.6
3.9
3.5
18.1
18.9
1.0
0.9
Hero Motocorp
Neutral
3,229
-
64,487
28,244
30,532
15.5
15.9
156.7
168.5
20.6
19.2
8.2
7.0
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
171
-
1,369
1,281
1,473
11.2
11.5
7.6
9.2
22.6
18.6
5.7
4.7
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
487
-
765
1,254
1,394
11.6
11.8
35.9
41.7
13.6
11.7
1.8
1.6
13.5
13.8
0.7
0.7
Mahindra and Mahindra Neutral
1,455
-
90,357
38,416
42,904
13.7
13.9
54.8
63.4
26.6
23.0
4.1
3.6
15.4
15.8
2.0
1.8
Maruti
Neutral
4,486
-
135,525
57,865
68,104
16.4
16.7
176.3
225.5
25.5
19.9
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
302
313
39,907
39,343
45,100
8.8
9.1
10.1
12.5
29.9
24.1
9.5
7.4
35.3
34.4
1.1
0.9
Rane Brake Lining
Buy
468
465
370
454
511
11.5
12.0
25.2
31.0
18.6
15.1
2.8
2.5
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
49
-
651
594
741
12.7
13.7
1.7
3.2
28.7
15.2
3.0
2.6
10.4
16.9
1.5
1.3
Tata Motors
Neutral
498
-
143,826
259,686
273,957
13.0
13.4
25.9
29.5
19.2
16.9
2.5
2.2
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
301
330
14,276
11,263
13,122
6.9
8.5
9.2
15.0
32.7
20.0
7.5
5.9
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
871
1,076
14,874
4,690
5,429
17.5
17.5
28.5
35.3
30.6
24.6
7.1
5.8
23.1
25.9
3.1
2.7
Exide Industries
Neutral
176
-
14,918
6,950
7,784
14.4
14.8
6.6
7.3
26.6
24.0
3.4
3.1
12.6
12.8
1.9
1.7
Apollo Tyres
Buy
159
183
8,071
12,056
12,714
17.2
16.4
23.0
20.3
6.9
7.8
1.2
1.1
17.7
13.6
0.7
0.7
Ceat
Buy
877
1,119
3,547
6,041
6,597
14.1
13.7
99.5
111.9
8.8
7.8
1.7
1.5
19.6
18.5
0.7
0.6
JK Tyres
Neutral
89
-
2,023
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
1,120
-
1,391
552
630
14.2
14.7
44.6
54.1
25.1
20.7
5.8
5.3
23.2
25.6
2.4
2.1
Subros
Neutral
93
-
557
1,293
1,527
11.8
11.9
4.2
6.7
22.1
13.9
1.7
1.5
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
185
-
487
283
329
17.0
17.2
13.0
15.4
14.3
12.0
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
43
-
425
660
839
4.7
8.2
1.0
3.9
43.0
11.0
1.3
1.2
3.2
11.3
0.8
0.7
BEML
Buy
937
1,157
3,904
3,277
4,006
6.0
8.9
36.2
64.3
25.9
14.6
1.8
1.6
5.7
11.7
1.2
0.9
Bharat Electronics
Accumulate
1,242
1,414
29,797
7,295
8,137
20.0
16.8
56.5
58.7
22.0
21.2
3.3
2.9
42.1
44.6
3.4
2.9
www.angelbroking.com
Stock Watch
July 20, 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
10,755
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
119
-
858
3,615
3,181
9.5
9.4
16.7
12.4
7.1
9.6
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
140
-
34,144
33,722
35,272
10.8
11.7
10.5
14.2
13.3
9.8
1.0
0.9
7.0
9.0
1.1
1.0
Blue Star
Accumulate
425
495
4,054
3,770
4,351
5.7
6.4
11.4
17.2
37.2
24.8
5.8
5.4
18.4
23.1
1.1
1.0
Crompton Greaves
Neutral
71
-
4,462
13,484
14,687
4.9
6.2
4.5
7.1
15.8
10.0
1.1
1.0
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
145
-
3,546
1,655
1,755
16.6
16.8
7.4
7.8
19.6
18.6
3.9
3.7
21.1
20.6
2.1
2.0
Inox Wind
Buy
230
286
5,104
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
140
-
3,594
8,791
9,716
6.1
6.8
5.4
8.2
25.9
17.1
2.6
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
905
-
10,783
6,413
7,525
7.4
8.5
30.5
39.3
29.7
23.0
4.6
4.0
15.0
17.0
1.6
1.3
VATech Wabag
Accumulate
582
681
3,173
2,722
3,336
7.9
8.1
19.5
24.6
29.9
23.7
3.1
2.8
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,604
-
30,119
13,151
14,757
16.4
18.3
63.9
83.4
25.1
19.2
3.2
3.0
13.3
16.1
2.2
1.8
Ambuja Cements
Neutral
263
-
40,737
11,564
12,556
19.4
20.7
8.9
10.1
29.5
26.0
3.7
3.5
12.8
13.8
3.1
2.9
HeidelbergCement
Neutral
122
-
2,765
1,772
1,926
13.3
15.4
1.0
3.0
122.0
40.7
3.1
2.9
2.6
7.9
2.1
1.9
India Cements
Neutral
112
-
3,428
4,216
4,840
18.0
19.5
4.0
9.9
27.9
11.3
1.1
1.0
4.0
9.5
1.2
1.0
JK Cement
Neutral
700
-
4,895
3,661
4,742
10.1
15.8
7.5
28.5
93.3
24.6
2.8
2.5
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
411
-
4,837
2,947
3,616
16.7
19.9
11.5
27.2
35.7
15.1
3.4
2.9
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
298
-
796
1,053
1,347
10.5
13.3
8.4
26.0
35.5
11.5
1.5
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
172
-
3,530
1,854
2,524
21.2
22.2
7.7
11.1
22.4
15.5
3.2
2.8
13.3
15.7
2.8
1.9
Ramco Cements
Neutral
558
-
13,289
4,036
4,545
20.8
21.3
15.1
18.8
37.0
29.7
4.5
4.0
12.9
14.3
3.9
3.4
Shree Cement^
Neutral
16,196
-
56,421
7,150
8,742
26.7
28.6
228.0
345.5
71.0
46.9
10.5
8.8
15.7
20.3
7.6
6.1
UltraTech Cement
Neutral
3,506
-
96,215
24,669
29,265
18.2
20.6
82.0
120.0
42.8
29.2
4.6
4.0
11.3
14.7
3.9
3.3
Construction
ITNL
Accumulate
80
93
2,625
7,360
8,682
34.0
32.2
7.0
8.6
11.4
9.3
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Accumulate
570
603
1,603
937
1,470
14.3
14.0
44.2
38.6
12.9
14.8
2.6
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,573
1,700
146,628
58,870
65,708
8.3
10.3
42.0
53.0
37.5
29.7
2.6
2.4
8.8
11.2
2.7
2.4
Gujarat Pipavav Port
Neutral
174
-
8,412
629
684
51.0
52.2
6.4
5.9
27.2
29.5
3.6
3.3
15.9
12.7
13.8
12.5
MBL Infrastructures
Buy
138
285
572
2,313
2,797
12.2
14.6
19.0
20.0
7.3
6.9
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
79
-
4,378
7,892
8,842
8.8
9.1
3.0
5.3
26.3
14.9
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
557
647
2,859
1,873
2,288
13.2
13.5
24.0
32.0
23.2
17.4
2.3
2.0
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
298
-
1,476
5,955
6,829
10.3
10.5
16.0
31.0
18.7
9.6
1.0
0.9
5.3
9.9
0.8
0.7
www.angelbroking.com
Stock Watch
July 20, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
553
-
814
1,539
1,801
12.8
12.7
59.0
72.1
9.4
7.7
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
298
-
5,107
3,186
3,598
10.2
10.3
8.0
9.0
37.2
33.1
3.5
3.0
9.4
9.9
1.9
1.7
NBCC
Neutral
247
-
14,790
5,838
7,428
6.0
7.9
5.2
8.2
47.4
30.1
1.5
1.2
21.9
28.2
2.5
1.8
MEP Infra
Neutral
44
-
712
1,956
1,876
28.1
30.5
1.3
3.0
33.7
14.6
7.1
4.8
21.2
32.8
1.8
1.8
SIPL
Neutral
102
-
3,582
675
1,042
62.4
64.7
-
-
3.8
4.4
-
-
17.0
11.4
Engineers India
Neutral
206
-
6,926
1,667
1,725
13.5
16.0
9.7
11.4
21.2
18.0
2.5
2.4
11.7
13.4
3.1
3.1
Financials
Allahabad Bank
Neutral
77
-
5,531
8,569
9,392
2.8
2.9
16.3
27.5
4.7
2.8
0.4
0.4
7.6
11.9
-
-
Axis Bank
Neutral
564
-
134,613
26,204
29,738
3.6
3.5
34.5
35.4
16.3
15.9
2.6
2.3
16.8
14.9
-
-
Bank of Baroda
Neutral
158
-
36,509
18,802
21,088
2.0
2.2
(7.4)
13.0
12.2
1.3
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
112
-
10,424
15,972
17,271
1.9
2.0
15.3
33.4
7.3
3.4
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
259
-
14,050
15,441
16,945
2.0
2.1
46.6
70.4
5.6
3.7
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
41
-
2,704
3,440
3,840
2.1
2.3
7.3
10.0
5.6
4.0
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
217
270
6,328
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
174
235
5,825
679
1,076
12.4
11.7
6.2
6.7
28.1
25.9
3.5
2.5
13.3
12.5
-
-
Federal Bank
Neutral
60
-
10,343
3,279
3,787
2.8
2.9
3.9
5.5
15.3
10.9
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,338
-
211,596
10,358
11,852
3.3
3.3
41.1
47.0
32.6
28.5
6.2
5.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,218
1,262
308,379
38,606
47,696
4.4
4.5
48.8
61.4
25.0
19.9
4.2
3.7
18.7
20.0
-
-
ICICI Bank
Neutral
269
-
156,562
34,279
39,262
3.3
3.3
21.0
24.4
12.8
11.0
2.2
1.8
14.4
14.7
-
-
IDBI Bank
Neutral
73
-
15,112
9,625
10,455
1.8
1.8
8.5
14.2
8.6
5.2
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
154
-
7,399
6,160
6,858
2.5
2.5
24.5
29.8
6.3
5.2
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Accumulate
508
592
25,627
3,179
3,758
2.6
2.6
32.9
40.6
15.4
12.5
2.9
2.4
19.6
20.7
-
-
Oriental Bank
Neutral
116
-
4,007
7,643
8,373
2.4
2.4
37.2
45.4
3.1
2.6
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
131
-
25,802
23,122
26,022
2.8
2.8
7.0
21.6
18.8
6.1
1.0
0.9
3.4
10.0
-
-
South Ind.Bank
Neutral
21
-
2,890
1,965
2,185
2.5
2.5
2.5
3.3
8.6
6.5
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
230
-
178,311
79,958
86,061
2.6
2.6
13.4
20.7
17.2
11.1
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
137
-
9,449
12,646
14,129
2.3
2.4
31.0
39.1
4.4
3.5
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
42
-
4,215
3,536
3,827
1.9
1.9
5.5
6.7
7.6
6.3
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,154
-
48,566
7,190
9,011
3.2
3.3
58.2
69.7
19.8
16.6
3.5
3.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,027
-
98,524
15,534
17,445
17.7
16.8
18.4
19.6
55.9
52.4
19.8
18.6
34.6
35.6
6.2
5.5
www.angelbroking.com
Stock Watch
July 20, 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
2,762
-
33,141
8,481
9,795
14.0
14.1
65.5
78.3
42.2
35.3
20.0
16.4
38.3
41.2
4.0
3.4
Colgate
Neutral
941
-
25,597
4,136
4,632
22.5
23.3
22.2
25.3
42.4
37.2
25.8
23.0
68.6
67.5
6.0
5.4
Dabur India
Neutral
311
-
54,639
9,370
10,265
17.6
17.3
7.3
8.1
42.4
38.4
11.0
10.1
31.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,343
-
26,677
4,519
5,142
19.6
19.8
164.3
191.2
38.6
33.2
10.7
9.1
30.8
29.9
5.2
4.5
Godrej Consumer
Neutral
1,576
-
53,678
9,003
10,335
18.1
18.7
34.1
41.8
46.2
37.7
10.0
8.6
23.9
24.8
6.3
5.5
HUL
Neutral
895
-
193,732
33,299
35,497
17.1
17.1
18.9
20.0
47.4
44.8
41.5
36.2
87.6
80.8
5.8
5.4
ITC
Neutral
249
-
299,960
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
-
35,847
6,151
6,966
17.2
17.3
5.4
6.4
51.5
43.4
16.2
12.8
33.2
32.4
5.6
5.0
Nestle*
Neutral
6,635
-
63,969
9,393
10,507
22.2
22.3
106.8
121.8
62.1
54.5
21.8
19.6
34.8
36.7
6.4
5.7
Tata Global
Neutral
130
-
8,208
8,635
9,072
9.8
9.9
5.8
7.2
22.4
18.1
2.0
1.9
6.8
7.4
1.0
1.0
Procter & Gamble
Buy
6,400
7,369
20,775
2,588
2,939
23.3
23.2
130.2
146.2
49.2
43.8
98.0
94.0
27.6
25.3
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
730
1,000
103,049
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
2.6
Infosys
Buy
1,086
1,374
249,517
62,441
70,558
27.5
27.5
59.0
65.3
18.4
16.6
3.7
3.4
22.2
22.4
3.8
3.2
TCS
Buy
2,462
3,004
485,031
108,646
122,770
28.3
28.3
123.7
141.0
19.9
17.5
6.6
6.0
33.1
34.6
4.0
3.5
Tech Mahindra
Buy
506
700
49,167
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.5
3.4
3.0
21.7
21.8
1.6
1.4
Wipro
Buy
549
680
135,741
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.5
2.8
2.6
19.2
17.7
2.2
1.9
Media
D B Corp
Neutral
378
-
6,954
2,025
2,187
27.4
27.4
17.4
18.9
21.7
20.1
4.9
4.5
22.9
23.7
3.4
3.1
HT Media
Neutral
79
-
1,846
2,495
2,673
12.9
13.2
6.8
7.2
11.7
11.0
0.9
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Accumulate
180
205
5,876
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
384
-
15,117
2,510
2,763
71.8
71.5
21.9
24.8
17.5
15.5
4.2
3.8
22.8
24.3
5.4
4.9
Hindustan Media
Neutral
273
-
2,004
914
1,016
21.7
21.5
21.9
23.3
12.5
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
319
380
201,460
76,167
84,130
19.9
22.3
22.4
25.8
14.2
12.4
5.1
5.0
35.5
41.0
2.0
1.7
Hind. Zinc
Neutral
192
-
80,936
14,641
14,026
50.4
50.4
17.7
16.0
10.9
12.0
1.7
1.5
16.2
13.2
3.3
3.2
Hindalco
Neutral
138
-
28,466
104,356
111,186
8.7
9.5
6.7
11.1
20.5
12.5
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,623
-
39,238
42,308
45,147
16.4
20.7
(10.3)
49.5
32.8
1.8
1.7
(1.0)
5.6
1.9
1.8
NMDC
Neutral
95
-
37,467
8,237
10,893
46.6
44.5
10.0
11.7
9.5
8.1
1.1
0.9
12.5
13.0
4.5
3.4
SAIL
Neutral
49
-
20,031
45,915
53,954
7.2
10.5
1.5
4.4
32.2
11.1
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
160
-
47,494
71,445
81,910
26.2
26.3
12.9
19.2
12.4
8.4
0.9
0.8
7.2
8.9
1.1
0.9
Tata Steel
Neutral
370
-
35,959
126,760
137,307
8.9
11.3
6.4
23.1
58.2
16.1
1.2
1.1
2.0
7.1
0.8
0.8
www.angelbroking.com
Stock Watch
July 20, 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
175
-
32,848
11,323
12,490
49.4
51.0
20.7
20.7
8.5
8.5
0.5
0.5
6.4
6.1
1.8
1.1
GAIL
Neutral
385
-
48,874
64,856
70,933
9.1
9.6
24.0
28.9
16.1
13.3
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
221
-
189,205
154,564
145,998
36.8
37.4
20.8
22.6
10.6
9.8
1.0
0.9
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
285
-
21,345
29,691
31,188
5.8
6.2
12.8
13.4
22.3
21.2
3.3
3.0
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
494
-
119,832
359,607
402,760
5.9
6.1
42.5
48.7
11.6
10.1
1.6
1.4
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
1,015
-
329,238
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
579
-
10,906
3,145
3,483
31.9
16.2
38.2
18.7
15.1
30.9
6.8
5.7
57.9
20.1
3.5
3.2
Aurobindo Pharma
Neutral
759
-
44,432
13,651
15,702
21.7
21.7
33.9
38.4
22.4
19.8
6.3
4.9
32.5
27.7
3.6
3.2
Aventis*
Neutral
4,487
-
10,334
2,049
2,375
15.4
17.3
115.4
153.5
38.9
29.2
6.3
5.0
19.3
25.8
4.9
4.1
Cadila Healthcare
Accumulate
356
400
36,445
9,469
11,246
21.2
22.0
14.9
17.1
23.9
20.8
6.8
5.4
28.8
26.6
4.0
3.3
Cipla
Neutral
506
-
40,636
13,372
15,378
16.4
17.4
18.8
21.6
26.9
23.4
3.4
3.0
13.3
13.7
3.1
3.0
Dr Reddy's
Neutral
3,581
-
61,076
15,471
17,479
24.6
24.6
138.2
152.4
25.9
23.5
4.8
4.1
19.7
18.7
3.9
3.5
Dishman Pharma
Neutral
132
-
2,133
1,733
1,906
21.5
21.5
10.1
10.0
13.1
13.2
1.5
1.4
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,416
-
28,938
2,741
3,528
16.5
18.9
44.2
60.1
77.3
56.9
17.1
16.9
21.2
29.9
10.5
8.2
Indoco Remedies
Neutral
300
-
2,765
977
1,112
14.9
18.2
9.0
13.2
33.3
22.7
4.7
4.0
15.1
19.2
2.8
2.5
Ipca labs
Buy
473
613
5,962
2,844
3,799
10.6
15.3
10.6
17.3
44.6
27.3
2.6
2.4
5.9
9.1
2.2
1.7
Lupin
Accumulate
1,690
1,809
76,210
13,702
15,912
23.7
26.4
50.5
58.1
33.5
29.1
6.9
5.7
22.9
21.4
6.0
4.8
Sun Pharma
Buy
782
944
188,252
27,744
31,129
26.0
30.0
22.0
28.0
35.6
27.9
5.2
4.3
18.3
18.7
6.6
5.7
Power
Tata Power
Neutral
70
-
19,041
35,923
37,402
22.6
22.8
4.1
5.2
17.4
13.7
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Neutral
156
-
128,712
87,271
99,297
23.5
23.5
11.8
13.3
13.3
11.7
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Neutral
166
-
87,080
20,702
23,361
86.7
86.4
12.1
13.2
13.8
12.6
2.0
1.8
15.6
15.1
9.1
8.5
Real Estate
MLIFE
Buy
464
554
1,903
826
1,011
20.1
21.9
22.7
30.7
20.4
15.1
1.2
1.1
6.0
7.4
4.3
3.2
Telecom
Bharti Airtel
Neutral
364
-
145,625
101,748
109,191
32.1
31.7
12.0
12.5
30.4
29.1
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
106
-
38,295
34,282
36,941
32.0
31.5
5.9
6.2
18.0
17.2
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,674
-
9,932
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
2.9
Bajaj Electricals
Accumulate
234
268
2,363
4,612
5,351
5.6
5.7
9.5
12.4
24.7
18.9
3.1
2.7
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
373
-
5,702
2,520
2,883
12.2
12.0
12.7
14.2
29.4
26.3
4.0
3.6
13.6
13.5
2.0
1.7
Goodyear India*
Buy
529
631
1,221
1,750
1,598
11.3
10.4
53.7
49.4
9.9
10.7
2.1
1.8
23.0
18.2
0.5
0.4
Hitachi
Neutral
1,382
-
3,759
1,779
2,081
7.8
8.8
21.8
33.4
63.4
41.4
10.2
8.3
17.4
22.1
2.2
1.8
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Stock Watch
July 20, 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
289
-
5,233
1,620
1,847
11.5
11.5
7.3
8.5
39.6
34.1
5.1
4.7
13.3
14.4
3.2
2.7
MRF
Buy
34,795
45,575
14,757
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.3
9.2
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,285
-
14,818
1,929
2,450
19.8
20.1
229.9
299.0
57.8
44.4
25.5
17.7
52.1
47.1
7.7
6.0
Relaxo Footwears
Neutral
472
-
5,669
1,767
2,152
12.3
12.5
19.3
25.1
24.5
18.9
6.0
4.6
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,056
1,347
990
1,619
1,799
11.6
11.6
93.5
104.9
11.3
10.1
1.9
1.7
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
643
-
1,131
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
2,385
2,932
1,826
2,035
2,252
15.9
15.3
248.6
268.1
9.6
8.9
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
301
310
2,179
2,123
2,384
16.1
16.5
15.0
18.9
20.0
16.0
1.6
1.5
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
266
-
3,853
2,403
2,554
8.6
9.9
9.2
10.5
29.0
25.4
2.8
2.7
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
410
546
495
511
615
21.7
21.6
43.1
55.8
9.5
7.4
1.7
1.4
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
148
-
1,057
1,208
1,353
11.0
12.3
10.8
14.5
13.7
10.2
1.6
1.4
11.9
14.5
0.9
0.8
Competent Automobiles Neutral
142
-
87
1,040
1,137
3.2
3.1
25.7
28.0
5.5
5.1
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,216
-
1,814
1,871
2,031
10.7
10.5
63.2
69.8
19.2
17.4
3.1
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
153
-
242
1,020
1,120
8.7
9.1
13.9
20.1
11.0
7.6
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
344
-
2,632
2,830
3,350
8.8
9.0
14.4
18.3
23.9
18.8
3.7
3.2
15.4
17.1
1.0
0.9
India
Elecon Engineering
Neutral
62
-
672
1,359
1,482
10.3
13.7
0.8
3.9
76.8
15.9
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
161
201
703
2,992
3,223
8.1
8.4
14.7
18.3
10.9
8.8
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
154
-
612
286
366
18.3
17.7
7.7
9.4
19.9
16.4
4.2
3.7
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
90
125
1,192
1,543
1,659
12.6
13.0
5.8
6.3
15.5
14.1
1.3
1.2
8.5
8.6
1.3
1.2
Garware Wall Ropes
Accumulate
401
460
878
828
898
11.2
10.3
28.3
29.0
14.2
13.8
2.4
2.1
16.8
14.9
1.1
1.0
Wonderla Holidays
Neutral
401
-
2,264
206
308
44.0
43.6
9.0
12.9
44.5
31.1
6.1
5.5
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
264
-
391
344
382
9.1
9.1
12.4
13.1
21.3
20.2
3.8
3.4
18.0
16.7
1.2
1.0
The Byke Hospitality
Neutral
162
-
648
222
287
20.5
20.5
5.6
7.6
28.6
21.4
5.4
4.4
18.9
20.8
3.0
2.3
Interglobe Aviation
Neutral
947
-
34,129
17,022
21,122
20.7
14.5
63.9
53.7
14.8
17.6
22.2
18.2
149.9
103.2
2.2
1.7
Coffee Day Enterprises
Neutral
231
-
4,763
2,692
2,964
17.0
18.6
-
4.7
-
48.8
2.8
2.7
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
94
-
2,249
998
1,062
24.1
24.0
5.8
6.1
16.4
15.5
3.6
3.2
22.0
20.6
2.4
2.3
Navkar Corporation
Buy
208
265
2,966
347
408
43.2
42.9
6.7
6.8
31.2
30.7
2.3
2.1
7.3
6.9
9.1
8.3
UFO Moviez
Neutral
550
-
1,519
558
619
32.0
33.2
22.5
30.0
24.4
18.4
2.9
2.5
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
312
-
2,849
1,725
1,902
16.5
16.7
12.2
14.6
25.7
21.4
5.3
4.7
20.8
21.9
1.8
1.6
www.angelbroking.com
Stock Watch
July 20, 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
1,020
-
1,744
2,565
3,229
1.3
1.5
15.2
22.8
67.2
44.8
5.4
4.8
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
229
-
3,318
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
258
-
1,809
339
408
27.8
27.3
7.1
7.7
36.5
33.4
3.1
3.1
8.5
9.3
4.7
4.0
Narayana Hrudaya
Neutral
294
-
6,001
1,603
1,873
10.9
11.5
1.0
2.6
308.3
111.0
7.4
6.8
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
698
-
3,496
540
836
19.9
19.6
10.2
16.9
68.2
41.3
5.5
5.0
8.1
12.0
5.5
3.5
Parag Milk Foods
Neutral
319
-
2,682
1,645
1,919
9.0
9.3
6.7
9.5
47.5
33.8
6.2
5.2
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 19, 2016
www.angelbroking.com
Market Outlook
July 20, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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