Market Outlook
June 22, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open in red tracking SGX Nifty and Asian markets.
BSE Sensex
(0.2)
(54)
26,813
Nifty
(0.2)
(19)
8,220
U.S. Markets rose Tuesday as investors were relieved to hear Federal Reserve Chair
Janet Yellen say the Fed would remain cautious in raising interest rates.
Mid Cap
0.1
14
11,418
Small Cap
0.4
42
11,520
The European markets rose further on Tuesday, with traders expecting Britain to vote
Bankex
(0.6)
(132)
20,154
to stay in the European Union despite polls putting the race neck and neck.
Indian markets fell slightly on Tuesday, as weakness in the rupee for the second day
Global Indices
Chg (%)
(Pts)
(Close)
running amid fresh FII selling and mixed global cues ahead of Fed Chair Janet
Yellen's semi-annual Congressional testimony on Tuesday and Wednesday as well
Dow Jones
0.1
25
17,830
as Thursday's all-important Brexit vote, kept investors on edge.
Nasdaq
0.1
7
4,844
FTSE
0.4
23
6,227
News Analysis
Nikkei
1.3
204
16,169
Maruti to ramp up Baleno production, cut waiting period
Detailed analysis on Pg2
Hang Seng
0.8
158
20,668
Shanghai Com
(0.4)
(10)
2,879
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Advances / Declines
BSE
NSE
Stock Watch: Latest investment recommendations on 150+ stocks
Advances
1,307
751
Refer Pg4 onwards
Declines
1,308
813
Unchanged
205
84
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Amara Raja
Auto/Auto Ancillary
Buy
861
1,076
25.0
BSE
2,509
HCL Tech
IT
Buy
769
1,000
30.1
LIC Housing
Financials
Buy
485
592
22.0
NSE
15,139
Bharat Electronics
Capital Goods
Accumulate
1,284
1,414
10.2
Navkar Corporation Others
Buy
196
265
35.5
Net Inflows (` Cr)
Net
Mtd
Ytd
More Top Picks on Pg3
FII
53
4,320
18,689
MFs
373
(5)
9,426
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Gainers
Price (`)
Chg (%)
June 22 US
Existing Home sales
5.5
5.6
Gati
164
7.1
June 22 Euro Zone
Euro Zone Consumer Confidence
(7.0)
(7.0)
Aloktext
5
6.8
June 23 US
Intial Jobless claims
277.0
270.0
Manappuram
64
6.8
June 23 Germany
PMI Manufacturing
52.1
52.0
6.(
More Events on Pg4
Welcorp
82
6.3
Raymond
479
5.2
Top Losers
Price (`)
Chg (%)
Feldvr
18
(3.9)
Rtnpower
11
(3.7)
Ajantpharm
1,469
(3.0)
Fincables
351
(2.9)
Fel
24
(2.8)
As on June 21, 2016
Market Outlook
June 22, 2016
Maruti to ramp up Baleno production, cut waiting period
Country's largest car maker Maruti Suzuki India (MSIL) is ramping up production of
premium hatchback Baleno to meet the current demand and reduce waiting
period. The company is expected to start pilot production at the Gujarat plant in
the January-March quarter next year. The company has wonderful product
portfolio like Baleno, S-cross, Vitara and Brezza, which are doing very well in the
market.
MSIL has over 45,000 outstanding bookings of Baleno and Brezza each. Baleno,
launched in last October, has a waiting period of 6-8 months depending on the
variant. MSIL has gradually doubled production of Baleno to around 12,000 a
month in the past few months to meet domestic and export requirement.
It is not only Maruti Suzuki alone. There are close to 250 (company) vendors in the
supply chain. They also need to ramp up their production, investments and
capacities.
Maruti has started exporting Baleno to Japan from January this year. Currently
total number of 'Nexa' outlets would also go up to 250 by the end of the current
financial year, from 127 in April.
The Gujarat plant will supply vehicles and components exclusively to MSIL, which
has a capacity to make 2,50,000 vehicles annually in the first phase. MSIL expects
that the auto industry may grow at 6-8% in the current financial year, while the
company is expected to retain its market leader position with double digit growth.
Economic and Political News
India's FDI inflows may cross $60 billion this year
Odisha clears investment proposals of `1,002cr
UP wants 100% coal linkage for thermal power plants
Corporate News
SBI's ATM revenue jumps 47% to `310cr in FY16
Tata Power's arm acquires 30 MW solar project in Maharashtra
Muthoot Finance completes acquisition of insurance broking arm
Market Outlook
June 22, 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
14,707
861
1,076
25.0
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
30,808
1,284
1,414
10.2
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,08,452
769
1,000
30.1
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,95,087
1,166
1,262
8.3
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,76,989
1,206
1,374
13.9
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
24,469
485
592
22.0
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,121
185
220
18.7
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,679
323
407
26.1
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
2,269
225
268
19.3
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
3,813
424
495
16.8
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
5,948
204
270
32.5
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,916
176
235
33.2
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,466
75
93
24.1
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,678
174
205
18.0
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,891
461
554
20.2
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,788
196
265
35.5
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,172
88
125
41.9
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
982
1,048
1,347
28.6
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
June 22, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jun 22, 2016
7:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Jun A
(7.00)
(7.00)
7:30PM
US
Existing home sales
Million
May
5.45
5.55
Jun 23, 2016
1:00PM
Germany
PMI Services
Value
Jun P
55.20
55.00
6:00PM
US
Initial Jobless claims
Thousands
Jun 18
277.00
270.00
1:00PM
Germany
PMI Manufacturing
Value
Jun P
52.10
52.00
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q T
0.80
1.00
Jun 28, 2016
7:30PM
US
New home sales
Thousands
May
619.00
560.00
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Jun
92.60
93.05
Jun 30, 2016
1:25PM
Germany
Unemployment change (000's)
Thousands
Jun
(11.00)
--
2:00PM
UK
GDP (YoY)
% Change
1Q F
2.10
--
Jul 1, 2016
2:00PM
UK
PMI Manufacturing
Value
Jun
50.10
--
6:30AM
China
PMI Manufacturing
Value
Jun
50.10
50.10
Jul 7, 2016
2:00PM
UK
Industrial Production (YoY)
% Change
May
1.60
--
Jul 8, 2016
India
Imports YoY%
% Change
Jun
(13.20)
--
India
Exports YoY%
% Change
Jun
(0.80)
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Jun
38.00
--
6:00PM
US
Unnemployment rate
%
Jun
4.70
--
Jul 10, 2016
5:30PM
India
Industrial Production YoY
% Change
May
(0.80)
--
Jul 12, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
Jun
2.00
--
Jul 13, 2016
China
Exports YoY%
% Change
Jun
(4.10)
--
Jul 14, 2016
4:30PM
UK
BOE Announces rates
% Ratio
Jul 14
0.50
--
US
Producer Price Index (mom)
% Change
Jun
0.50
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
0.79
--
Jul 15, 2016
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Jun F
(0.10)
--
6:00PM
US
Consumer price index (mom)
% Change
Jun
0.20
--
6:45PM
US
Industrial Production
%
Jun
(0.42)
--
7:30AM
China
Industrial Production (YoY)
% Change
Jun
6.00
--
6:00PM
US
Housing Starts
Thousands
Jun
1,164.00
--
Source: Bloomberg, Angel Research
Market Outlook
June 22, 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
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(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
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 22, 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
1.4
2.0
0.1
-
(0.2)
(2.0)
(4.0)
(1.2)
(6.0)
(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
Market Outlook
June 22, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,838
1.4
0.0
(4.3)
Russia
Micex
1,904
0.7
0.7
14.5
India
Nifty
8,220
6.1
9.6
2.1
China
Shanghai Composite
2,879
2.3
(2.8)
(43.9)
South Africa
Top 40
46,912
1.3
1.1
1.6
Mexico
Mexbol
45,705
1.2
0.5
0.6
Indonesia
LQ45
833
3.4
(2.3)
(1.4)
Malaysia
KLCI
1,638
0.5
(5.0)
(4.9)
Thailand
SET 50
908
2.7
0.9
(9.2)
USA
Dow Jones
17,830
2.3
1.2
(1.7)
UK
FTSE
6,227
2.9
0.4
(9.0)
Japan
Nikkei
16,169
(3.4)
(4.7)
(20.7)
Germany
DAX
10,016
1.0
0.7
(12.7)
France
CAC
4,367
0.3
(1.4)
(8.8)
Source: Bloomberg, Angel Research
Stock Watch
June 22, 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
216
-
4,195
1,612
1,911
13.3
13.3
7.4
9.5
29.2
22.7
4.7
4.2
16.7
18.4
2.6
2.2
United Phosphorus
Buy
562
684
24,100
13,083
15,176
18.5
18.5
31.5
37.4
17.9
15.0
3.6
3.0
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Accumulate
102
111
29,071
17,995
21,544
11.4
11.6
3.4
4.7
30.0
21.7
5.3
4.8
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,625
-
75,965
22,709
25,860
20.9
20.1
129.0
143.6
20.4
18.3
6.2
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Buy
756
875
17,595
7,351
8,318
19.9
19.7
31.2
36.5
24.2
20.7
4.3
3.7
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,688
20,044
50,759
15,556
16,747
15.5
17.3
464.8
597.5
40.2
31.3
14.7
10.8
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
94
101
1,352
1,415
1,544
8.7
9.0
4.6
5.4
20.5
17.4
3.7
3.3
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,049
-
60,880
28,244
30,532
15.5
15.9
156.7
168.5
19.5
18.1
7.8
6.6
39.9
36.4
2.0
1.8
Jamna Auto Industries Neutral
169
-
1,352
1,281
1,473
11.2
11.5
7.6
9.2
22.3
18.4
5.6
4.6
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
457
-
717
1,254
1,394
11.6
11.8
35.9
41.7
12.7
11.0
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,363
-
84,667
38,416
42,904
13.7
13.9
54.8
63.4
24.9
21.5
3.8
3.4
15.4
15.8
1.9
1.6
Maruti
Neutral
4,158
-
125,602
57,865
68,104
16.4
16.7
176.3
225.5
23.6
18.4
4.6
3.9
19.4
21.2
1.9
1.6
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
Neutral
301
-
39,854
39,343
45,100
8.8
9.1
10.1
12.5
29.8
24.1
9.5
7.4
35.3
34.4
1.1
1.0
Rane Brake Lining
Buy
372
465
294
454
511
11.5
12.0
25.2
31.0
14.8
12.0
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
44
-
593
594
741
12.7
13.7
1.7
3.2
26.1
13.9
2.7
2.4
10.4
16.9
1.4
1.2
Tata Motors
Neutral
485
-
140,029
259,686
273,957
13.0
13.4
25.9
29.5
18.7
16.4
2.5
2.1
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
296
330
14,070
11,263
13,122
6.9
8.5
9.2
15.0
32.2
19.7
7.4
5.8
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
861
1,076
14,707
4,690
5,429
17.5
17.5
28.5
35.3
30.3
24.4
7.0
5.7
23.1
25.9
3.1
2.7
Exide Industries
Neutral
163
-
13,813
6,950
7,784
14.4
14.8
6.6
7.3
24.6
22.3
3.1
2.8
12.6
12.8
1.7
1.5
Apollo Tyres
Buy
149
183
7,574
12,056
12,714
17.2
16.4
23.0
20.3
6.5
7.3
1.1
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
831
1,119
3,360
6,041
6,597
14.1
13.7
99.5
111.9
8.4
7.4
1.6
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
89
-
2,007
7,446
7,669
15.2
14.0
19.6
18.4
4.5
4.8
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,107
-
1,374
552
630
14.2
14.7
44.6
54.1
24.8
20.5
5.8
5.3
23.2
25.6
2.3
2.0
Subros
Neutral
90
-
540
1,293
1,527
11.8
11.9
4.2
6.7
21.4
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
192
-
505
283
329
17.0
17.2
13.0
15.4
14.9
12.5
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
41
-
404
660
839
4.7
8.2
1.0
3.9
40.8
10.5
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
858
1,157
3,574
3,277
4,006
6.0
8.9
36.2
64.3
23.7
13.4
1.6
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Accumulate
1,284
1,414
30,808
7,295
8,137
20.0
16.8
56.5
58.7
22.7
21.9
3.4
3.0
42.1
44.6
3.4
2.9
Stock Watch
June 22, 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
323
407
10,679
5,857
6,511
7.5
7.9
11.7
12.9
27.6
25.0
4.5
4.0
17.1
16.7
1.8
1.6
BGR Energy
Neutral
114
-
819
3,615
3,181
9.5
9.4
16.7
12.4
6.8
9.2
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
122
-
29,824
33,722
35,272
10.8
11.7
10.5
14.2
11.6
8.6
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Buy
424
495
3,813
3,770
4,351
5.7
6.4
11.4
17.2
37.1
24.7
5.8
5.4
18.4
23.1
1.0
0.9
Crompton Greaves
Neutral
72
-
4,538
13,484
14,687
4.9
6.2
4.5
7.1
16.1
10.2
1.1
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
138
-
3,358
1,655
1,755
16.6
16.8
7.4
7.8
18.6
17.6
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
233
286
5,173
4,406
5,605
15.5
15.7
20.4
24.8
11.4
9.4
2.6
1.9
27.9
25.9
1.4
1.1
KEC International
Neutral
137
-
3,522
8,791
9,716
6.1
6.8
5.4
8.2
25.4
16.7
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
807
-
9,612
6,413
7,525
7.4
8.5
30.5
39.3
26.5
20.5
4.1
3.5
15.0
17.0
1.5
1.2
VATech Wabag
Buy
579
681
3,158
2,722
3,336
7.9
8.1
19.5
24.6
29.7
23.6
3.1
2.8
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,556
-
29,224
13,151
14,757
16.4
18.3
63.9
83.4
24.4
18.7
3.1
2.9
13.3
16.1
2.1
1.8
Ambuja Cements
Neutral
240
-
37,284
11,564
12,556
19.4
20.7
8.9
10.1
27.0
23.8
3.4
3.2
12.8
13.8
2.9
2.6
HeidelbergCement
Neutral
105
-
2,379
1,772
1,926
13.3
15.4
1.0
3.0
105.0
35.0
2.7
2.5
2.6
7.9
1.9
1.7
India Cements
Neutral
104
-
3,185
4,216
4,840
18.0
19.5
4.0
9.9
25.9
10.5
1.0
1.0
4.0
9.5
1.1
0.9
JK Cement
Neutral
647
-
4,521
3,661
4,742
10.1
15.8
7.5
28.5
86.2
22.7
2.6
2.3
7.5
22.9
1.7
1.3
J K Lakshmi Cement
Neutral
390
-
4,594
2,947
3,616
16.7
19.9
11.5
27.2
34.0
14.4
3.2
2.8
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
285
-
762
1,053
1,347
10.5
13.3
8.4
26.0
34.0
11.0
1.4
1.3
4.3
12.5
1.1
0.8
Orient Cement
Neutral
163
-
3,338
1,854
2,524
21.2
22.2
7.7
11.1
21.2
14.7
3.0
2.6
13.3
15.7
2.5
1.8
Ramco Cements
Neutral
555
-
13,209
4,036
4,545
20.8
21.3
15.1
18.8
36.7
29.5
4.5
4.0
12.9
14.3
3.8
3.3
Shree Cement^
Neutral
13,864
-
48,297
7,150
8,742
26.7
28.6
228.0
345.5
60.8
40.1
9.0
7.5
15.7
20.3
6.5
5.2
UltraTech Cement
Neutral
3,352
-
91,996
24,669
29,265
18.2
20.6
82.0
120.0
40.9
27.9
4.4
3.9
11.3
14.7
3.8
3.2
Construction
ITNL
Buy
75
93
2,466
7,360
8,682
34.0
32.2
7.0
8.6
10.7
8.7
0.4
0.4
3.2
2.5
3.7
3.5
KNR Constructions
Accumulate
562
603
1,580
937
1,470
14.3
14.0
44.2
38.6
12.7
14.6
2.5
2.2
15.4
15.4
1.8
1.1
Larsen & Toubro
Accumulate
1,495
1,700
139,307
58,870
65,708
8.3
10.3
42.0
53.0
35.6
28.2
2.5
2.2
8.8
11.2
2.6
2.3
Gujarat Pipavav Port
Neutral
160
-
7,730
629
684
51.0
52.2
6.4
5.9
25.0
27.1
3.3
3.0
15.9
12.7
11.9
10.8
MBL Infrastructures
Buy
117
285
485
2,313
2,797
12.2
14.6
19.0
20.0
6.2
5.9
0.6
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
75
-
4,181
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
Buy
559
647
2,868
1,873
2,288
13.2
13.5
24.0
32.0
23.3
17.5
2.3
2.0
12.1
12.3
1.6
1.4
Simplex Infra
Neutral
273
-
1,351
5,955
6,829
10.3
10.5
16.0
31.0
17.1
8.8
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
June 22, 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
547
-
804
1,539
1,801
12.8
12.7
59.0
72.1
9.3
7.6
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
288
-
4,944
3,186
3,598
10.2
10.3
8.0
9.0
36.0
32.0
3.4
2.9
9.4
9.9
1.9
1.7
NBCC
Buy
185
220
11,121
5,838
7,428
6.0
7.9
5.2
8.2
35.6
22.6
1.1
0.9
21.9
28.2
1.7
1.2
MEP Infra
Neutral
39
-
638
1,956
1,876
28.1
30.5
1.3
3.0
30.2
13.1
6.3
4.3
21.2
32.8
1.7
1.7
SIPL
Neutral
99
-
3,487
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.8
11.3
Engineers India
Neutral
201
-
6,771
1,667
1,725
13.5
16.0
9.7
11.4
20.7
17.6
2.4
2.4
11.7
13.4
2.9
2.9
Financials
Allahabad Bank
Neutral
60
-
4,367
8,569
9,392
2.8
2.9
16.3
27.5
3.7
2.2
0.4
0.3
7.6
11.9
-
-
Axis Bank
Neutral
517
-
123,485
26,204
29,738
3.6
3.5
34.5
35.4
15.0
14.6
2.4
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
150
-
34,551
18,802
21,088
2.0
2.2
(7.4)
13.0
11.5
1.2
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
96
-
8,981
15,972
17,271
1.9
2.0
15.3
33.4
6.3
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
212
-
11,522
15,441
16,945
2.0
2.1
46.6
70.4
4.6
3.0
0.4
0.4
8.0
11.2
-
-
Dena Bank
Neutral
36
-
2,421
3,440
3,840
2.1
2.3
7.3
10.0
5.0
3.6
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
204
270
5,948
1,828
2,225
2.9
3.0
24.9
29.7
8.2
6.9
1.3
1.1
15.1
16.1
-
-
Equitas Holdings
Buy
176
235
5,916
679
1,076
12.4
11.7
6.2
6.7
28.5
26.3
3.6
2.6
13.3
12.5
-
-
Federal Bank
Neutral
57
-
9,742
3,279
3,787
2.8
2.9
3.9
5.5
14.4
10.3
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,238
-
195,684
10,358
11,852
3.3
3.3
41.1
47.0
30.1
26.3
5.7
5.2
24.7
24.9
-
-
HDFC Bank
Accumulate
1,166
1,262
295,087
38,606
47,696
4.4
4.5
48.8
61.4
23.9
19.0
4.1
3.5
18.7
20.0
-
-
ICICI Bank
Neutral
238
-
138,559
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.8
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
71
-
14,566
9,625
10,455
1.8
1.8
8.5
14.2
8.3
5.0
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
141
-
6,772
6,160
6,858
2.5
2.5
24.5
29.8
5.8
4.7
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
485
592
24,469
3,179
3,758
2.6
2.6
32.9
40.6
14.7
11.9
2.7
2.3
19.6
20.7
-
-
Oriental Bank
Neutral
101
-
3,479
7,643
8,373
2.4
2.4
37.2
45.4
2.7
2.2
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
97
-
19,076
23,122
26,022
2.8
2.8
7.0
21.6
13.9
4.5
0.7
0.6
3.4
10.0
-
-
South Ind.Bank
Neutral
20
-
2,734
1,965
2,185
2.5
2.5
2.5
3.3
8.1
6.1
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
214
-
166,046
79,958
86,061
2.6
2.6
13.4
20.7
16.0
10.4
1.3
1.2
11.5
12.8
-
-
Union Bank
Neutral
126
-
8,641
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.2
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
36
-
3,591
3,536
3,827
1.9
1.9
5.5
6.7
6.5
5.4
0.5
0.5
7.8
8.8
-
-
Yes Bank
Neutral
1,070
-
45,053
7,190
9,011
3.2
3.3
58.2
69.7
18.4
15.4
3.3
2.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
981
-
94,093
15,534
17,445
17.7
16.8
18.4
19.6
53.4
50.0
18.9
17.8
34.6
35.6
5.9
5.3
Stock Watch
June 22, 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
2,566
-
30,791
8,481
9,795
14.0
14.1
65.5
78.3
39.2
32.8
18.5
15.2
38.3
41.2
3.6
3.1
Colgate
Neutral
883
-
24,010
4,136
4,632
22.5
23.3
22.2
25.3
39.8
34.9
24.2
21.5
68.6
67.5
5.7
5.1
Dabur India
Neutral
310
-
54,507
9,370
10,265
17.6
17.3
7.3
8.1
42.2
38.3
11.0
10.0
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Accumulate
5,778
6,118
24,298
4,519
5,142
19.6
19.8
164.3
191.2
35.2
30.2
9.7
8.3
30.8
29.9
4.8
4.2
Godrej Consumer
Neutral
1,568
-
53,380
9,003
10,335
18.1
18.7
34.1
41.8
46.0
37.5
9.9
8.5
23.9
24.8
6.1
5.3
HUL
Neutral
872
-
188,742
33,299
35,497
17.1
17.1
18.9
20.0
46.2
43.6
40.5
35.2
87.6
80.8
5.5
5.1
ITC
Accumulate
359
380
288,533
36,837
39,726
38.8
38.7
12.2
13.5
29.3
26.6
8.2
7.2
27.8
26.9
7.3
6.8
Marico
Neutral
256
-
32,977
6,151
6,966
17.2
17.3
5.4
6.4
47.3
39.9
14.9
11.7
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,522
-
62,879
9,393
10,507
22.2
22.3
106.8
121.8
61.1
53.5
21.5
19.3
34.8
36.7
6.5
5.8
Tata Global
Accumulate
125
137
7,918
8,635
9,072
9.8
9.9
5.8
7.2
21.6
17.4
1.9
1.8
6.8
7.4
1.0
0.9
Procter & Gamble
Buy
6,271
7,369
20,356
2,588
2,939
23.3
23.2
130.2
146.2
48.2
42.9
96.0
92.1
27.6
25.3
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
769
1,000
108,452
37,061
30,781
21.5
20.5
51.4
40.0
15.0
19.2
3.9
2.8
20.1
20.3
2.7
2.9
Infosys
Accumulate
1,206
1,374
276,989
62,441
70,558
27.5
27.5
59.0
65.3
20.4
18.5
4.1
3.7
22.2
22.4
3.9
3.3
TCS
Accumulate
2,647
3,004
521,631
108,646
122,770
28.3
28.3
123.7
141.0
21.4
18.8
7.1
6.5
33.1
34.6
4.3
3.8
Tech Mahindra
Buy
537
700
52,157
26,494
30,347
16.3
17.0
32.2
37.5
16.7
14.3
3.6
3.1
21.7
21.8
1.7
1.5
Wipro
Buy
560
680
138,422
50,808
56,189
23.7
23.8
37.3
40.7
15.0
13.8
2.9
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Neutral
378
-
6,942
2,025
2,187
27.4
27.4
17.4
18.9
21.7
20.0
4.9
4.5
22.9
23.7
3.4
3.1
HT Media
Neutral
78
-
1,824
2,495
2,673
12.9
13.2
6.8
7.2
11.5
10.9
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
174
205
5,678
2,107
2,355
33.5
28.0
10.1
10.8
17.3
16.1
4.0
3.5
23.3
21.7
2.8
2.4
Sun TV Network
Neutral
365
-
14,382
2,510
2,763
71.8
71.5
21.9
24.8
16.7
14.7
4.0
3.6
22.8
24.3
5.2
4.7
Hindustan Media
Neutral
274
-
2,014
914
1,016
21.7
21.5
21.9
23.3
12.5
11.8
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
313
380
197,544
76,167
84,130
19.9
22.3
22.4
25.8
14.0
12.1
5.0
4.9
35.5
41.0
1.9
1.7
Hind. Zinc
Neutral
176
-
74,556
14,641
14,026
50.4
50.4
17.7
16.0
10.0
11.0
1.5
1.4
16.2
13.2
2.7
2.6
Hindalco
Neutral
123
-
25,451
104,356
111,186
8.7
9.5
6.7
11.1
18.3
11.2
0.7
0.6
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,400
-
33,844
42,308
45,147
16.4
20.7
(10.3)
49.5
28.3
1.6
1.5
(1.0)
5.6
1.9
1.7
NMDC
Neutral
92
-
36,495
8,237
10,893
46.6
44.5
10.0
11.7
9.3
7.9
1.0
0.9
12.5
13.0
4.2
3.2
SAIL
Neutral
45
-
18,400
45,915
53,954
7.2
10.5
1.5
4.4
29.6
10.2
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
125
-
37,192
71,445
81,910
26.2
26.3
12.9
19.2
9.7
6.5
0.7
0.6
7.2
8.9
1.0
0.8
Tata Steel
Neutral
334
-
32,424
126,760
137,307
8.9
11.3
6.4
23.1
52.5
14.5
1.1
1.0
2.0
7.1
0.8
0.8
Stock Watch
June 22, 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
138
-
25,929
11,323
12,490
49.4
51.0
20.7
20.7
6.7
6.7
0.4
0.4
6.4
6.1
1.4
0.7
GAIL
Neutral
382
-
48,469
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.2
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
217
-
185,996
154,564
145,998
36.8
37.4
20.8
22.6
10.5
9.6
1.0
0.9
10.1
9.7
1.4
1.6
Petronet LNG
Neutral
284
-
21,296
29,691
31,188
5.8
6.2
12.8
13.4
22.2
21.2
3.3
3.0
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
413
455
100,202
359,607
402,760
5.9
6.1
42.5
48.7
9.7
8.5
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Neutral
987
-
320,110
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
542
-
10,216
3,145
3,483
31.9
16.2
38.2
18.7
14.2
29.0
6.4
5.4
57.9
20.1
3.2
2.9
Aurobindo Pharma
Accumulate
722
768
42,252
13,651
15,702
21.7
21.7
33.9
38.4
21.3
18.8
6.0
4.6
32.5
27.7
3.3
3.0
Aventis*
Accumulate
4,186
4,738
9,641
2,049
2,375
15.4
17.3
115.4
153.5
36.3
27.3
5.9
4.6
19.3
25.8
4.5
3.7
Cadila Healthcare
Buy
316
400
32,376
9,469
11,246
21.2
22.0
14.9
17.1
21.2
18.5
6.1
4.8
28.8
26.6
3.4
2.8
Cipla
Neutral
483
-
38,800
13,372
15,378
16.4
17.4
18.8
21.6
25.7
22.4
3.3
2.9
13.3
13.7
2.9
2.8
Dr Reddy's
Accumulate
3,050
3,476
52,006
15,471
17,479
24.6
24.6
138.2
152.4
22.1
20.0
4.1
3.5
19.7
18.7
3.3
2.9
Dishman Pharma
Neutral
137
-
2,205
1,733
1,906
21.5
21.5
10.1
10.0
13.5
13.7
1.6
1.4
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,507
-
29,703
2,741
3,528
16.5
18.9
44.2
60.1
79.3
58.4
17.5
17.4
21.2
29.9
10.5
8.2
Indoco Remedies
Neutral
262
-
2,416
977
1,112
14.9
18.2
9.0
13.2
29.1
19.9
4.1
3.5
15.1
19.2
2.6
2.3
Ipca labs
Buy
491
613
6,195
2,844
3,799
10.6
15.3
10.6
17.3
46.3
28.4
2.7
2.5
5.9
9.1
2.3
1.7
Lupin
Buy
1,450
1,809
65,349
13,702
15,912
23.7
26.4
50.5
58.1
28.7
25.0
5.9
4.9
22.9
21.4
5.2
4.2
Sun Pharma
Buy
736
944
177,121
27,744
31,129
26.0
30.0
22.0
28.0
33.5
26.3
4.9
4.0
18.3
18.7
6.2
5.4
Power
Tata Power
Neutral
73
-
19,825
35,923
37,402
22.6
22.8
4.1
5.2
18.1
14.2
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
152
-
125,166
87,271
99,297
23.5
23.5
11.8
13.3
12.9
11.4
1.4
1.4
11.5
12.2
2.5
2.2
Power Grid
Accumulate
156
170
81,430
20,702
23,361
86.7
86.4
12.1
13.2
12.9
11.8
1.9
1.7
15.6
15.1
8.9
8.2
Real Estate
MLIFE
Buy
461
554
1,891
826
1,011
20.1
21.9
22.7
30.7
20.3
15.0
1.2
1.1
6.0
7.4
4.2
3.2
Telecom
Bharti Airtel
Neutral
362
-
144,786
101,748
109,191
32.1
31.7
12.0
12.5
30.2
29.0
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
102
-
36,780
34,282
36,941
32.0
31.5
5.9
6.2
17.3
16.5
1.6
1.4
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,495
-
9,552
2,715
3,153
14.5
14.1
134.3
152.2
33.5
29.5
8.4
6.9
27.4
25.6
3.2
2.7
Bajaj Electricals
Buy
225
268
2,269
4,612
5,351
5.6
5.7
23.4
18.0
9.6
12.5
3.0
2.6
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
351
-
5,363
2,520
2,883
12.2
12.0
12.7
14.2
27.7
24.7
3.8
3.3
13.6
13.5
1.9
1.6
Goodyear India*
Buy
521
631
1,202
1,800
1,600
11.7
11.5
58.7
52.9
8.9
9.9
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,279
-
3,477
1,779
2,081
7.8
8.8
21.8
33.4
58.7
38.3
9.5
7.7
17.4
22.1
2.0
1.7
Stock Watch
June 22, 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
298
-
5,394
1,620
1,847
11.5
11.5
7.3
8.5
40.9
35.2
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
31,843
45,575
13,505
20,316
14,488
21.4
21.1
5,488.0
3,798.0
5.8
8.4
2.0
1.6
41.1
21.2
0.6
0.8
Page Industries
Neutral
13,558
-
15,122
1,929
2,450
19.8
20.1
229.9
299.0
59.0
45.4
26.0
18.1
52.1
47.1
7.9
6.2
Relaxo Footwears
Neutral
487
-
5,848
1,767
2,152
12.3
12.5
19.3
25.1
25.3
19.4
6.2
4.8
27.7
27.8
3.4
2.7
Siyaram Silk Mills
Buy
1,048
1,347
982
1,619
1,799
11.6
11.6
93.5
104.9
11.2
10.0
1.9
1.6
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
601
-
1,056
1,271
1,440
8.6
9.2
32.0
41.1
18.8
14.6
1.9
1.7
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,341
2,932
1,792
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.7
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Buy
257
310
1,860
2,123
2,384
16.1
16.5
15.0
18.9
17.1
13.6
1.3
1.2
8.0
9.4
1.2
1.1
Kirloskar Engines India
Neutral
261
-
3,770
2,403
2,554
8.6
9.9
9.2
10.5
28.4
24.9
2.7
2.6
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
428
546
516
511
615
21.7
21.6
43.1
55.8
9.9
7.7
1.8
1.5
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
142
-
1,013
1,208
1,353
11.0
12.3
10.8
14.5
13.1
9.8
1.5
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
143
-
88
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
1,152
-
1,719
1,871
2,031
10.7
10.5
63.2
69.8
18.2
16.5
3.0
2.6
17.6
16.6
1.0
0.9
Visaka Industries
Accumulate
153
162
243
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
311
-
2,380
2,830
3,350
8.8
9.0
14.4
18.3
21.6
17.0
3.3
2.9
15.4
17.1
1.0
0.8
India
Elecon Engineering
Neutral
63
-
682
1,359
1,482
10.3
13.7
0.8
3.9
78.0
16.1
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
162
201
711
2,992
3,223
8.1
8.4
14.7
18.3
11.0
8.9
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
169
-
672
286
366
18.3
17.7
7.7
9.4
21.8
18.0
4.6
4.0
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
88
125
1,172
1,543
1,659
12.6
13.0
5.8
6.3
15.2
13.9
1.3
1.2
8.5
8.6
1.2
1.1
Garware Wall Ropes
Buy
363
460
794
828
898
11.2
10.3
28.3
29.0
12.8
12.5
2.2
1.9
16.8
14.9
0.9
0.8
Wonderla Holidays
Neutral
397
-
2,240
206
308
44.0
43.6
9.0
12.9
44.1
30.7
6.0
5.5
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
234
-
345
344
382
9.1
9.1
12.4
13.1
18.9
17.8
3.4
3.0
18.0
16.7
1.1
1.0
The Byke Hospitality
Neutral
158
-
634
222
287
20.5
20.5
5.6
7.6
28.1
20.9
5.3
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,039
-
37,454
17,022
21,122
20.7
14.5
63.9
53.7
16.3
19.4
24.4
20.0
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
252
-
5,193
2,692
2,964
17.0
18.6
-
4.7
-
53.2
3.1
2.9
0.2
5.5
2.3
2.2
Ltd
Navneet Education
Neutral
93
-
2,226
998
1,062
24.1
24.0
5.8
6.1
16.3
15.3
3.6
3.2
22.0
20.6
2.3
2.2
Navkar Corporation
Buy
196
265
2,788
347
408
43.2
42.9
6.7
6.8
29.3
28.9
2.2
2.0
7.3
6.9
8.5
7.7
UFO Moviez
Neutral
527
-
1,455
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
305
-
2,782
1,725
1,902
16.5
16.7
12.2
14.6
25.1
20.9
5.2
4.6
20.8
21.9
1.8
1.6
Stock Watch
June 22, 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
909
-
1,554
2,565
3,229
1.3
1.5
15.2
22.8
59.9
39.9
4.8
4.3
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
216
-
3,125
928
1,036
15.3
15.1
4.9
6.1
43.8
35.4
4.1
3.8
9.4
10.7
3.3
2.9
Quick Heal
Neutral
267
-
1,872
339
408
27.8
27.3
7.1
7.7
37.8
34.5
3.2
3.2
8.5
9.3
4.4
3.7
Narayana Hrudaya
Neutral
321
-
6,565
1,603
1,873
10.9
11.5
1.0
2.6
337.2
121.5
8.1
7.5
2.4
6.1
4.2
3.6
Manpasand Bever.
Neutral
540
-
2,703
540
836
19.9
19.6
10.2
16.9
52.7
32.0
4.3
3.8
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 21, 2016
Market Outlook
June 22, 2016
Research Team Tel: 022 - 39357800
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