Market Outlook
July 25, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking SGX Nifty.
BSE Sensex
0.3
93
27,803
Nifty
0.4
31
8,541
After opening slightly higher, U.S. stocks closed higher over the course of the trading
day on Friday. Dow closed higher reversing some of the losses in the previous
Mid Cap
1.0
119
12,277
session. This was due to stronger than expected manufacturing data.
Small Cap
0.8
97
12,107
U.K. stocks reversed earlier the losses and ended higher on Friday as weak
Bankex
0.1
21
21,377
economic data in the wake of U.K.’s Brexit vote spurred expectations of easing
monetary action by Bank of England. Real-estate investment trusts were among
Global Indices
Chg (%)
(Pts)
(Close)
gainers, with Intu Properties PLC INTU, up 0.7% and Land Securities Group PLC
Dow Jones
0.3
54
18,571
LAND, up 0.4%.
Nasdaq
0.5
26
5,100
Equity benchmarks recouped some of previous session's losses to close marginally
FTSE
0.5
31
6,730
higher on Friday while the broader markets outperformed with Nifty Midcap index
Nikkei
(1.1)
-183
16,627
rising over a 1% despite weakness in Asia.
Hang Seng
(0.2)
-36
21,964
Shanghai Com
(0.9)
-26
3,013
News Analysis
Results Review: Sanofi India, Axis Bank, Equitas Holdings
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,489
945
Investor’s Ready Reckoner
Declines
1,192
647
Key Domestic & Global Indicators
Unchanged
201
78
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
Top Picks
BSE
3,319
CMP
Target
Upside
Company
Sector
Rating
NSE
20,438
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
903
1,076
19.2
HCL Tech
IT
Buy
729
1,000
37.1
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
510
592
16.1
FII
483
6,163
25,706
Bharat Electronics
Capital Goods
Accumulate
1,236
1,414
14.4
MFs
(14)
(25)
9,320
Navkar Corporation Others
Buy
218
265
21.4
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Biocon
809
15.3
Previous
Consensus
Date
Region
Event Description
Bharatfin
845
10.6
Reading
Expectations
July 26 US
Consumer Confidence
98.00
95.25
Cairn
192
8.7
July 26 US
New Home Sales (Jun)
551k
560k
Vedl
169
7.4
July 26 US
CPI (QoQ) (Q2)
(0.2%)
0.4%
Centurytex
702
5.0
July 27 UK
GDP (YoY) (Q2)
2.0%
2.1%
6.(
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Raymond
458
(6.6)
Canbk
241
(4.2)
Atul
2,092
(3.7)
Unionbank
127
(3.4)
Kscl
387
(3.0)
As on July 22, 2016
www.angelbroking.com
Market Outlook
July 25, 2016
Result Review
Sanofi India (CMP: `4,500 / TP: `4,738 /Upside: 5.3%)
For 2QCY2016 posted robust results. On sales front, the company posted sales of
`565cr, a yoy growth of 9.9%. On the profitability front, the company had gross
margins of 50.5% V/s 48.3% in 2QCY2015, which enabled the company to post
an OPM of 18.2% V/s 16.7% in 2QCY2015. The expansion in the OPM was less
than expansion in gross margins, as other expenses rose by 15.6% yoy. Expansion
in OPM along with 30.5% yoy growth in other income aided the net profit to come
in at `85.3cr V/s `64.2cr in 2QCY2015. We maintain our accumulate rating on
the stock.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Dec
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
CY2016E
2,357
17.3
353
153.5
25.8
29.3
5.0
23.4
4.1
CY2017E
2,692
17.3
389
169.2
28.4
26.6
6.0
19.1
3.3
Sharp rise in provisions led to 21% fall in Axis Bank’s 1QFY17
PAT
Axis Bank’s results for the quarter remained disappointing with sharp rise in
slippages. Though business growth remained strong sharp, there was a sharp 89%
rise in provisions. This together with high interest reversal resulted in PAT de
growth of 21% to `1555.5cr. Though we were expecting provisions to remain high
the reported number has been much higher than our expectations.
The bank had come out with watch list of `22,600cr of loans of which ~60% was
expected to fall in the NPA category over the next eight quarters. Accordingly
~10% of the above loans have turned NPAs during the quarter. Overall slippages
remained elevated and hence GNPAs went up to 2.54% vs 1.67% in Q4FY16 and
NNPAs went up to 1.08% vs 0.70%.
Business growth remained as usual with advances growing by 21% YoY and
Deposits growing by 16% YoY. Retail advances continued to drive the growth, up
24% YoY and accounted for 41% of the total advances. Though there has been
stress on the overall corporate book, the bank took advantage of advancing to
selective top rated corporate and this helped in 21% growth in the corporate loan
book and accounted for 46% of the loan book. However, the bank remained
cautious on the SME segment where its growth was muted up by only 13%. We
believe the bank will be able to deliver 20% loan growth for FY17 and FY18.
Post Q4FY16 results we had an ACCUMULATE rating on the stock and now the
stock is trading above our target price. While on pure valuations terms the stock
looks decently valued ~2x its FY18E Adj BV. Currently the rating on the stock is
under watch and we will come out with detailed report soon.
Equitas Holdings Reports strong 1QFY17 results:
Equitas Holdings has come out with a strong set of results for the quarter.
Consolidated PAT grew by 64% YoY to `61.2cr compared to `37.4cr. The total
income increased by 46% YoY to `348.8cr vs `239.3cr. While both GNPAs and
NNPAs has gone up at consolidated level, this is largely due to migration of NPA
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Market Outlook
July 25, 2016
recognition with effect from Q1FY17 to 4 months from 5 months as per RBI’s
requirements. GNPAs went up to 1.61% from 1.34% QoQ while NNPAs went up
to 1.14% from 0.94%. In absolute terms GNPAs went up by 35% and NNPAs by
36% QoQ.
Business growth remained strong with AUM growth of 48% to `6,559cr compared
to `4,419cr. The growth was driven by strong demand from all the segments like
Microfinance, Used Vehicle Finance and MSME. Disbursements during the quarter
stood at `1391cr, growing 32% YoY.
While the company has delivered better than expected growth in AUM and
consequent rise in PAT, we believe the growth momentum will continue for many
year to come. The company expects to start the banking operations from October,
2016 while this will be a transition phase resulting in high cost, the direction in
which the management is moving is right and we believe the Small Finance Bank
will open up new avenues of growth for Equitas
Equitas is rightly placed & adequately capitalized to encash the opportunity of
growing credit need for the underserved segment and has the potential to deliver
high double digit earnings growth for multiple years. At the CMP the stock is
trading at 2.3x its FY18E BV of `77.6. Despite regulatory compliance we expect it
to deliver ROE of 12.9% and ROA of 2.8 respectively in FY18. We have valued the
stock at 3x its FY18E BV and maintain BUY with a target price of `235.
Economic and Political News
Government collects `2400cr from DTH operators in 3 years
Mumbai-Nagpur expressway might get $1bn from ADB
FinMin to seek Cabinet nod for public utility Bill
Corporate News
IOC in talks to buy GSPC's stake in Mundra LNG terminal
Essar Power may sell plants in Gujarat to pare debt
Edutech firm Byju's to raise $50mn
Government collects `2,400cr from DTH operators in 3 years
Quarterly Bloomberg Brokers Consensus Estimate
Canara Bank Ltd - July 25, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16 q-o-q (%)
Net profit
96
479
(79.9)
(3,905)
0.0
Indiabulls Housing Finance Ltd - July 25, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16 q-o-q (%)
Net profit
609
499
22.0
676
(9.91)
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Market Outlook
July 25, 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
15,419
903
1,076
19.2
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
29,666
1,236
1,414
14.4
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,02,886
729
1,000
37.1
Stock is trading at attractive valuations & factors all bad news.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,46,382
1,073
1,374
28.1
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,723
510
592
16.1
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
11,068
335
407
21.7
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
2,423
240
268
11.8
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
4,403
462
495
7.2
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
6,478
222
270
21.6
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
6,106
182
235
29.1
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
1,210
524
631
20.3
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
2,623
80
93
16.6
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
5,842
179
205
14.7
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
1,888
460
554
20.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,112
218
265
21.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,193
90
125
39.4
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
973
1,038
1,347
29.8
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
July 25, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
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
5.8
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
6.00
(10.0)
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
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Market Outlook
July 25, 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
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Market Outlook
July 25, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
57,002
11.4
5.6
6.7
Russia
Micex
1,927
1.9
0.1
18.2
India
Nifty
8,541
3.9
8.1
(0.8)
China
Shanghai Composite
3,013
3.7
1.4
(23.2)
South Africa
Top 40
46,285
(2.9)
(2.4)
(0.6)
Mexico
Mexbol
47,537
3.6
3.8
5.6
Indonesia
LQ45
895
9.1
7.6
6.5
Malaysia
KLCI
1,657
2.0
(3.1)
(3.7)
Thailand
SET 50
959
6.5
10.4
(1.9)
USA
Dow Jones
18,571
4.0
2.3
4.4
UK
FTSE
6,730
7.5
5.5
3.5
Japan
Nikkei
16,627
2.8
2.2
(17.2)
Germany
DAX
10,147
0.8
(2.2)
(9.2)
France
CAC
4,381
0.0
(3.6)
(13.8)
Source: Bloomberg, Angel Research
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Stock Watch
July 25, 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
209
-
4,067
1,612
1,911
13.3
13.3
7.4
9.5
28.3
22.0
4.5
4.1
16.7
18.4
2.6
2.2
United Phosphorus
Buy
582
684
24,962
13,083
15,176
18.5
18.5
31.5
37.4
18.5
15.6
3.7
3.1
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
97
111
27,520
17,995
21,544
11.4
11.6
3.4
4.7
28.4
20.6
5.0
4.6
17.7
22.2
1.4
1.1
Bajaj Auto
Neutral
2,721
-
78,730
22,709
25,860
20.9
20.1
129.0
143.6
21.1
19.0
6.5
5.6
30.7
29.4
3.0
2.6
Bharat Forge
Buy
736
875
17,128
7,351
8,318
19.9
19.7
31.2
36.5
23.6
20.2
4.2
3.6
19.3
19.2
2.4
2.1
Eicher Motors
Neutral
19,848
-
53,910
15,556
16,747
15.5
17.3
464.8
597.5
42.7
33.2
15.6
11.5
36.2
34.3
3.4
3.1
Gabriel India
Neutral
104
-
1,490
1,415
1,544
8.7
9.0
4.6
5.4
22.6
19.2
4.1
3.6
18.1
18.9
1.0
0.9
Hero Motocorp
Neutral
3,260
-
65,105
28,244
30,532
15.5
15.9
156.7
168.5
20.8
19.4
8.3
7.1
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
172
-
1,376
1,281
1,473
11.2
11.5
7.6
9.2
22.7
18.7
5.7
4.7
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
499
-
783
1,254
1,394
11.6
11.8
35.9
41.7
13.9
12.0
1.9
1.7
13.5
13.8
0.7
0.7
Mahindra and Mahindra Neutral
1,441
-
89,524
38,416
42,904
13.7
13.9
54.8
63.4
26.3
22.7
4.1
3.6
15.4
15.8
2.0
1.8
Maruti
Neutral
4,413
-
133,320
57,865
68,104
16.4
16.7
176.3
225.5
25.0
19.6
4.9
4.1
19.4
21.2
2.1
1.7
Minda Industries
Neutral
1,157
-
1,835
2,523
2,890
8.7
9.0
55.0
65.4
21.0
17.7
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Neutral
314
-
41,594
39,343
45,100
8.8
9.1
10.1
12.5
31.1
25.2
9.9
7.7
35.3
34.4
1.1
1.0
Rane Brake Lining
Neutral
639
-
506
454
511
11.5
12.0
25.2
31.0
25.4
20.6
3.8
3.4
14.9
16.6
0.9
0.8
Setco Automotive
Neutral
49
-
656
594
741
12.7
13.7
1.7
3.2
28.9
15.3
3.0
2.6
10.4
16.9
1.5
1.2
Tata Motors
Neutral
506
-
146,208
259,686
273,957
13.0
13.4
25.9
29.5
19.6
17.2
2.6
2.2
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
302
330
14,324
11,263
13,122
6.9
8.5
9.2
15.0
32.8
20.1
7.5
6.0
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
903
1,076
15,419
4,690
5,429
17.5
17.5
28.5
35.3
31.7
25.5
7.3
6.0
23.1
25.9
3.2
2.7
Exide Industries
Neutral
181
-
15,419
6,950
7,784
14.4
14.8
6.6
7.3
27.5
24.9
3.5
3.2
12.6
12.8
1.9
1.7
Apollo Tyres
Buy
158
183
8,035
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
885
1,119
3,581
6,041
6,597
14.1
13.7
99.5
111.9
8.9
7.9
1.8
1.5
19.6
18.5
0.7
0.6
JK Tyres
Neutral
90
-
2,047
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
1,150
-
1,428
552
630
14.2
14.7
44.6
54.1
25.8
21.3
6.0
5.5
23.2
25.6
2.4
2.1
Subros
Neutral
95
-
572
1,293
1,527
11.8
11.9
4.2
6.7
22.7
14.2
1.7
1.6
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
184
-
484
283
329
17.0
17.2
13.0
15.4
14.2
12.0
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
47
-
469
660
839
4.7
8.2
1.0
3.9
47.5
12.2
1.5
1.3
3.2
11.3
0.8
0.6
BEML
Buy
982
1,157
4,090
3,277
4,006
6.0
8.9
36.2
64.3
27.1
15.3
1.9
1.7
5.7
11.7
1.3
1.0
Bharat Electronics
Accumulate
1,236
1,414
29,666
7,295
8,137
20.0
16.8
56.5
58.7
21.9
21.1
3.3
2.9
42.1
44.6
3.3
2.8
www.angelbroking.com
Stock Watch
July 25, 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
335
407
11,068
5,857
6,511
7.5
7.9
11.7
12.9
28.6
25.9
4.7
4.1
17.1
16.7
1.9
1.7
BGR Energy
Neutral
120
-
867
3,615
3,181
9.5
9.4
16.7
12.4
7.2
9.7
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
141
-
34,523
33,722
35,272
10.8
11.7
10.5
14.2
13.4
9.9
1.0
0.9
7.0
9.0
1.1
1.1
Blue Star
Accumulate
462
495
4,403
3,770
4,351
5.7
6.4
11.4
17.2
40.4
26.9
6.3
5.8
18.4
23.1
1.1
1.0
Crompton Greaves
Neutral
73
-
4,594
13,484
14,687
4.9
6.2
4.5
7.1
16.3
10.3
1.2
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
144
-
3,519
1,655
1,755
16.6
16.8
7.4
7.8
19.5
18.5
3.9
3.7
21.1
20.6
2.0
1.9
Inox Wind
Buy
229
286
5,071
5,605
6,267
15.7
16.4
24.8
30.0
9.2
7.6
2.6
1.9
25.9
24.4
1.0
0.9
KEC International
Neutral
141
-
3,624
8,791
9,716
6.1
6.8
5.4
8.2
26.1
17.2
2.6
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
903
-
10,754
6,413
7,525
7.4
8.5
30.5
39.3
29.6
23.0
4.6
4.0
15.0
17.0
1.7
1.4
VATech Wabag
Accumulate
590
681
3,215
3,136
3,845
8.9
9.1
26.0
35.9
22.7
16.4
2.8
2.4
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,684
-
31,627
13,151
14,757
16.4
18.3
63.9
83.4
26.4
20.2
3.4
3.1
13.3
16.1
2.1
1.8
Ambuja Cements
Neutral
265
-
41,110
11,564
12,556
19.4
20.7
8.9
10.1
29.8
26.2
3.7
3.5
12.8
13.8
3.1
2.9
HeidelbergCement
Neutral
126
-
2,861
1,772
1,926
13.3
15.4
1.0
3.0
126.3
42.1
3.2
3.0
2.6
7.9
2.1
1.8
India Cements
Neutral
114
-
3,511
4,216
4,840
18.0
19.5
4.0
9.9
28.6
11.6
1.1
1.1
4.0
9.5
1.2
0.9
JK Cement
Neutral
708
-
4,953
3,661
4,742
10.1
15.8
7.5
28.5
94.5
24.9
2.8
2.5
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
419
-
4,930
2,947
3,616
16.7
19.9
11.5
27.2
36.4
15.4
3.5
3.0
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
299
-
798
1,053
1,347
10.5
13.3
8.4
26.0
35.6
11.5
1.5
1.4
4.3
12.5
1.2
0.9
Orient Cement
Neutral
171
-
3,504
1,854
2,524
21.2
22.2
7.7
11.1
22.2
15.4
3.2
2.8
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
564
-
13,438
4,036
4,545
20.8
21.3
15.1
18.8
37.4
30.0
4.6
4.1
12.9
14.3
3.8
3.3
Shree Cement^
Neutral
16,253
-
56,621
7,150
8,742
26.7
28.6
228.0
345.5
71.3
47.0
10.5
8.8
15.7
20.3
7.4
6.0
UltraTech Cement
Neutral
3,640
-
99,882
24,669
29,265
18.2
20.6
82.0
120.0
44.4
30.3
4.8
4.2
11.3
14.7
4.0
3.4
Construction
ITNL
Accumulate
80
93
2,623
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
576
603
1,619
937
1,470
14.3
14.0
44.2
38.6
13.0
14.9
2.6
2.3
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,574
1,700
146,693
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
2.5
Gujarat Pipavav Port
Neutral
181
-
8,726
629
684
51.0
52.2
6.4
5.9
28.2
30.6
3.7
3.4
15.9
12.7
13.5
12.2
MBL Infrastructures
Buy
142
285
587
2,313
2,797
12.2
14.6
19.0
20.0
7.5
7.1
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
80
-
4,467
7,892
8,842
8.8
9.1
3.0
5.3
26.8
15.2
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
566
647
2,902
1,873
2,288
13.2
13.5
24.0
32.0
23.6
17.7
2.3
2.0
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
299
-
1,480
5,955
6,829
10.3
10.5
16.0
31.0
18.7
9.7
1.0
0.9
5.3
9.9
0.8
0.6
www.angelbroking.com
Stock Watch
July 25, 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
558
-
821
1,539
1,801
12.8
12.7
59.0
72.1
9.5
7.7
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
299
-
5,126
3,186
3,598
10.2
10.3
8.0
9.0
37.4
33.2
3.5
3.1
9.4
9.9
1.9
1.7
NBCC
Neutral
251
-
15,057
5,838
7,428
6.0
7.9
5.2
8.2
48.3
30.6
1.5
1.2
21.9
28.2
2.3
1.7
MEP Infra
Neutral
44
-
715
1,956
1,876
28.1
30.5
1.3
3.0
33.9
14.7
7.1
4.8
21.2
32.8
1.8
1.8
SIPL
Neutral
100
-
3,522
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
16.9
11.4
Engineers India
Neutral
226
-
7,610
1,667
1,725
13.5
16.0
9.7
11.4
23.3
19.8
2.7
2.6
11.7
13.4
3.0
3.0
Financials
Allahabad Bank
Neutral
74
-
5,340
8,569
9,392
2.8
2.9
16.3
27.5
4.5
2.7
0.4
0.3
7.6
11.9
-
-
Axis Bank
Neutral
538
-
128,300
26,204
29,738
3.6
3.5
34.5
35.4
15.6
15.2
2.5
2.2
16.8
14.9
-
-
Bank of Baroda
Neutral
151
-
34,770
18,802
21,088
2.0
2.2
(7.4)
13.0
11.6
1.2
0.9
(4.2)
7.3
-
-
Bank of India
Neutral
106
-
9,910
15,972
17,271
1.9
2.0
15.3
33.4
6.9
3.2
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
241
-
13,081
15,441
16,945
2.0
2.1
46.6
70.4
5.2
3.4
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
39
-
2,594
3,440
3,840
2.1
2.3
7.3
10.0
5.4
3.9
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
222
270
6,478
1,828
2,225
2.9
3.0
24.9
29.7
8.9
7.5
1.4
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
182
235
6,106
679
1,076
12.4
11.7
6.2
6.7
29.4
27.2
3.7
2.7
13.3
12.5
-
-
Federal Bank
Neutral
64
-
10,971
3,279
3,787
2.8
2.9
3.9
5.5
16.2
11.5
1.3
1.2
8.4
10.8
-
-
HDFC
Neutral
1,356
-
214,324
10,358
11,852
3.3
3.3
41.1
47.0
33.0
28.8
6.3
5.7
24.7
24.9
-
-
HDFC Bank
Neutral
1,231
-
311,771
38,606
47,696
4.4
4.5
48.8
61.4
25.2
20.1
4.3
3.7
18.7
20.0
-
-
ICICI Bank
Neutral
264
-
153,305
34,279
39,262
3.3
3.3
21.0
24.4
12.6
10.8
2.1
1.8
14.4
14.7
-
-
IDBI Bank
Neutral
72
-
14,813
9,625
10,455
1.8
1.8
8.5
14.2
8.4
5.1
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
146
-
6,991
6,160
6,858
2.5
2.5
24.5
29.8
6.0
4.9
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Accumulate
510
592
25,723
3,179
3,758
2.6
2.6
32.9
40.6
15.5
12.6
2.9
2.4
19.6
20.7
-
-
Oriental Bank
Neutral
111
-
3,846
7,643
8,373
2.4
2.4
37.2
45.4
3.0
2.5
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
120
-
23,612
23,122
26,022
2.8
2.8
7.0
21.6
17.2
5.6
0.9
0.8
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
223
-
173,459
79,958
86,061
2.6
2.6
13.4
20.7
16.7
10.8
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
127
-
8,696
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
43
-
4,290
3,536
3,827
1.9
1.9
5.5
6.7
7.8
6.5
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,158
-
48,766
7,190
9,011
3.2
3.3
58.2
69.7
19.9
16.6
3.6
3.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,045
-
100,265
15,534
17,445
17.7
16.8
18.4
19.6
56.9
53.3
20.1
19.0
34.6
35.6
6.2
5.5
www.angelbroking.com
Stock Watch
July 25, 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
2,849
-
34,179
8,481
9,795
14.0
14.1
65.5
78.3
43.5
36.4
20.6
16.9
38.3
41.2
3.9
3.4
Colgate
Neutral
954
-
25,950
4,136
4,632
22.5
23.3
22.2
25.3
43.0
37.7
26.1
23.3
68.6
67.5
6.0
5.3
Dabur India
Neutral
308
-
54,146
9,370
10,265
17.6
17.3
7.3
8.1
42.0
38.0
10.9
10.0
31.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,488
-
27,285
4,519
5,142
19.6
19.8
164.3
191.2
39.5
33.9
10.9
9.3
30.8
29.9
5.3
4.6
Godrej Consumer
Neutral
1,645
-
56,020
9,003
10,335
18.1
18.7
34.1
41.8
48.3
39.4
10.4
8.9
23.9
24.8
6.2
5.4
HUL
Neutral
903
-
195,410
33,299
35,497
17.1
17.1
18.9
20.0
47.8
45.1
41.9
36.5
87.6
80.8
5.9
5.5
ITC
Neutral
250
-
301,227
36,837
39,726
38.8
38.7
8.2
9.0
30.6
27.8
8.5
7.5
27.8
26.9
7.6
7.1
Marico
Neutral
278
-
35,822
6,151
6,966
17.2
17.3
5.4
6.4
51.4
43.4
16.1
12.7
33.2
32.4
5.7
5.1
Nestle*
Neutral
7,068
-
68,148
9,393
10,507
22.2
22.3
106.8
121.8
66.2
58.0
23.3
20.9
34.8
36.7
6.6
5.9
Tata Global
Neutral
132
-
8,299
8,635
9,072
9.8
9.9
5.8
7.2
22.7
18.3
2.0
1.9
6.8
7.4
1.0
0.9
Procter & Gamble
Buy
6,335
7,369
20,565
2,588
2,939
23.3
23.2
130.2
146.2
48.7
43.3
97.0
93.0
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
729
1,000
102,886
37,061
30,781
21.5
20.5
51.4
40.0
14.2
18.2
3.7
2.7
20.1
20.3
2.5
2.6
Infosys
Buy
1,073
1,374
246,382
62,441
70,558
27.5
27.5
59.0
65.3
18.2
16.4
3.7
3.3
22.2
22.4
3.4
2.9
TCS
Buy
2,509
3,004
494,410
108,646
122,770
28.3
28.3
123.7
141.0
20.3
17.8
6.7
6.2
33.1
34.6
4.0
3.4
Tech Mahindra
Buy
505
700
48,992
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.5
3.4
2.9
21.7
21.8
1.6
1.3
Wipro
Buy
537
680
132,788
50,808
56,189
23.7
23.8
37.3
40.7
14.4
13.2
2.7
2.5
19.2
17.7
2.2
1.8
Media
D B Corp
Neutral
407
-
7,472
2,025
2,187
27.4
27.4
17.4
18.9
23.4
21.6
5.3
4.8
22.9
23.7
3.5
3.2
HT Media
Neutral
79
-
1,835
2,495
2,673
12.9
13.2
6.8
7.2
11.6
11.0
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Accumulate
179
205
5,842
2,107
2,355
33.5
28.0
10.1
10.8
17.8
16.5
4.1
3.6
23.3
21.7
2.9
2.5
Sun TV Network
Neutral
426
-
16,774
2,510
2,763
71.8
71.5
21.9
24.8
19.4
17.2
4.6
4.2
22.8
24.3
5.6
5.1
Hindustan Media
Neutral
273
-
2,005
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
331
380
208,756
76,167
84,130
19.9
22.3
22.4
25.8
14.7
12.8
5.3
5.2
35.5
41.0
2.0
1.8
Hind. Zinc
Neutral
194
-
81,823
14,641
14,026
50.4
50.4
17.7
16.0
11.0
12.1
1.7
1.5
16.2
13.2
3.3
3.2
Hindalco
Neutral
136
-
28,063
104,356
111,186
8.7
9.5
6.7
11.1
20.2
12.3
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,615
-
39,028
42,308
45,147
16.4
20.7
(10.3)
49.5
32.6
1.8
1.7
(1.0)
5.6
2.0
1.8
NMDC
Neutral
98
-
38,854
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.4
1.1
1.0
12.5
13.0
4.4
3.3
SAIL
Neutral
48
-
19,762
45,915
53,954
7.2
10.5
1.5
4.4
31.8
10.9
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
169
-
50,192
71,445
81,910
26.2
26.3
12.9
19.2
13.1
8.8
0.9
0.8
7.2
8.9
1.1
0.9
Tata Steel
Neutral
365
-
35,479
126,760
137,307
8.9
11.3
6.4
23.1
57.4
15.8
1.2
1.1
2.0
7.1
0.9
0.8
www.angelbroking.com
Stock Watch
July 25, 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
192
-
35,997
11,323
12,490
49.4
51.0
20.7
20.7
9.3
9.3
0.6
0.6
6.4
6.1
1.9
1.2
GAIL
Neutral
395
-
50,111
64,856
70,933
9.1
9.6
24.0
28.9
16.5
13.7
1.4
1.3
8.8
9.6
1.0
0.9
ONGC
Neutral
222
-
190,317
154,564
145,998
36.8
37.4
20.8
22.6
10.7
9.8
1.0
1.0
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
294
-
22,084
29,691
31,188
5.8
6.2
12.8
13.4
23.0
21.9
3.4
3.1
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
522
-
126,812
359,607
402,760
5.9
6.1
42.5
48.7
12.3
10.7
1.6
1.5
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
1,015
-
329,043
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
588
-
11,077
3,145
3,483
31.9
16.2
38.2
18.7
15.4
31.4
6.9
5.8
57.9
20.1
3.4
3.1
Aurobindo Pharma
Buy
799
880
46,764
13,651
15,702
21.7
21.7
33.9
38.4
23.6
20.8
6.6
5.1
32.5
27.7
3.5
3.1
Aventis*
Accumulate
4,500
4,738
10,363
2,049
2,375
15.4
17.3
115.4
153.5
39.0
29.3
6.4
5.0
19.3
25.8
4.8
4.0
Cadila Healthcare
Accumulate
372
400
38,063
9,469
11,246
21.2
22.0
14.9
17.1
25.0
21.7
7.1
5.6
28.8
26.6
3.9
3.3
Cipla
Neutral
520
-
41,761
13,372
15,378
16.4
17.4
18.8
21.6
27.6
24.1
3.5
3.1
13.3
13.7
3.1
3.0
Dr Reddy's
Neutral
3,605
-
61,486
15,471
17,479
24.6
24.6
138.2
152.4
26.1
23.7
4.8
4.1
19.7
18.7
3.9
3.5
Dishman Pharma
Neutral
146
-
2,363
1,733
1,906
21.5
21.5
10.1
10.0
14.5
14.6
1.7
1.5
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,391
-
28,722
2,741
3,528
16.5
18.9
44.2
60.1
76.7
56.4
16.9
16.8
21.2
29.9
10.3
8.1
Indoco Remedies
Neutral
309
-
2,848
977
1,112
14.9
18.2
9.0
13.2
34.3
23.4
4.9
4.2
15.1
19.2
2.9
2.6
Ipca labs
Buy
490
613
6,183
2,844
3,799
10.6
15.3
10.6
17.3
46.2
28.3
2.7
2.5
5.9
9.1
2.2
1.7
Lupin
Accumulate
1,699
1,809
76,591
13,702
15,912
23.7
26.4
50.5
58.1
33.6
29.2
7.0
5.7
22.9
21.4
6.0
4.8
Sun Pharma
Buy
788
944
189,587
27,744
31,129
26.0
30.0
22.0
28.0
35.8
28.1
5.2
4.3
18.3
18.7
6.5
5.6
Power
Tata Power
Neutral
72
-
19,487
35,923
37,402
22.6
22.8
4.1
5.2
17.8
14.0
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
157
-
129,083
87,271
99,297
23.5
23.5
11.8
13.3
13.3
11.8
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Neutral
167
-
87,289
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
8.4
Real Estate
MLIFE
Buy
460
554
1,888
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
368
-
146,924
101,748
109,191
32.1
31.7
12.0
12.5
30.6
29.4
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
107
-
38,421
34,282
36,941
32.0
31.5
5.9
6.2
18.1
17.2
1.7
1.5
9.9
9.3
1.7
1.7
zOthers
Abbott India
Neutral
4,707
-
10,002
2,715
3,153
14.5
14.1
134.3
152.2
35.1
30.9
8.8
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
240
268
2,423
4,612
5,351
5.6
5.7
9.5
12.4
25.3
19.4
3.2
2.8
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
392
-
5,992
2,520
2,883
12.2
12.0
12.7
14.2
30.9
27.6
4.2
3.7
13.6
13.5
2.0
1.7
Goodyear India*
Buy
524
631
1,210
1,750
1,598
11.3
10.4
53.7
49.4
9.8
10.6
2.1
1.8
23.0
18.2
0.5
0.4
Hitachi
Neutral
1,423
-
3,870
1,779
2,081
7.8
8.8
21.8
33.4
65.3
42.6
10.5
8.5
17.4
22.1
2.2
1.8
www.angelbroking.com
Stock Watch
July 25, 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
-
5,232
1,620
1,847
11.5
11.5
7.3
8.5
39.6
34.1
5.1
4.7
13.3
14.4
3.1
2.7
MRF
Buy
34,142
45,575
14,480
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
13,618
-
15,189
1,929
2,450
19.8
20.1
229.9
299.0
59.2
45.6
26.1
18.2
52.1
47.1
7.8
6.1
Relaxo Footwears
Neutral
482
-
5,782
1,767
2,152
12.3
12.5
19.3
25.1
25.0
19.2
6.1
4.7
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,038
1,347
973
1,619
1,799
11.6
11.6
93.5
104.9
11.1
9.9
1.9
1.6
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
625
-
1,098
1,271
1,440
8.6
9.2
32.0
41.1
19.5
15.2
2.0
1.8
10.7
12.4
0.9
0.7
TVS Srichakra
Buy
2,392
2,932
1,832
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
Neutral
303
-
2,192
2,123
2,384
16.1
16.5
15.0
18.9
20.2
16.1
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
270
-
3,905
2,403
2,554
8.6
9.9
9.2
10.5
29.4
25.7
2.8
2.7
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
415
546
501
511
615
21.7
21.6
43.1
55.8
9.6
7.4
1.8
1.4
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
169
-
1,209
1,208
1,353
11.0
12.3
10.8
14.5
15.7
11.7
1.8
1.6
11.9
14.5
0.9
0.7
Competent Automobiles Neutral
150
-
92
1,040
1,137
3.2
3.1
25.7
28.0
5.8
5.4
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,241
-
1,852
1,871
2,031
10.7
10.5
63.2
69.8
19.6
17.8
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
154
-
244
1,020
1,120
8.7
9.1
13.9
20.1
11.1
7.6
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
352
-
2,697
2,830
3,350
8.8
9.0
14.4
18.3
24.5
19.2
3.8
3.3
15.4
17.1
1.1
1.0
India
Elecon Engineering
Neutral
62
-
678
1,359
1,482
10.3
13.7
0.8
3.9
77.5
16.0
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
167
201
734
2,992
3,223
8.1
8.4
14.7
18.3
11.4
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
154
-
611
286
366
18.3
17.7
7.7
9.4
19.9
16.4
4.2
3.7
20.2
21.1
2.1
1.6
Radico Khaitan
Buy
90
125
1,193
1,543
1,659
12.6
13.0
5.8
6.3
15.5
14.2
1.3
1.2
8.5
8.6
1.3
1.2
Garware Wall Ropes
Accumulate
415
460
908
828
898
11.2
10.3
28.3
29.0
14.7
14.3
2.5
2.1
16.8
14.9
1.0
0.9
Wonderla Holidays
Neutral
400
-
2,260
206
308
44.0
43.6
9.0
12.9
44.5
31.0
6.1
5.5
13.7
17.8
10.7
7.1
Linc Pen & Plastics
Neutral
278
-
411
344
382
9.1
9.1
12.4
13.1
22.5
21.3
4.1
3.6
18.0
16.7
1.2
1.1
The Byke Hospitality
Neutral
162
-
650
222
287
20.5
20.5
5.6
7.6
28.7
21.5
5.4
4.5
18.9
20.8
3.0
2.3
Interglobe Aviation
Neutral
954
-
34,376
17,022
21,122
20.7
14.5
63.9
53.7
14.9
17.8
22.4
18.3
149.9
103.2
2.1
1.7
Coffee Day Enterprises
Neutral
251
-
5,177
2,692
2,964
17.0
18.6
-
4.7
-
53.0
3.1
2.9
0.2
5.5
2.2
2.1
Ltd
Navneet Education
Neutral
93
-
2,219
998
1,062
24.1
24.0
5.8
6.1
16.2
15.3
3.6
3.1
22.0
20.6
2.4
2.3
Navkar Corporation
Buy
218
265
3,112
347
408
43.2
42.9
6.7
6.8
32.7
32.2
2.4
2.2
7.3
6.9
9.2
8.3
UFO Moviez
Neutral
595
-
1,642
558
619
32.0
33.2
22.5
30.0
26.4
19.9
3.2
2.8
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
356
-
3,249
1,725
1,902
16.5
16.7
12.2
14.6
29.3
24.4
6.1
5.4
20.8
21.9
1.8
1.6
www.angelbroking.com
Stock Watch
July 25, 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
1,024
-
1,750
2,565
3,229
1.3
1.5
15.2
22.8
67.4
45.0
5.4
4.8
8.0
10.7
0.6
0.4
S H Kelkar & Co.
Neutral
244
-
3,527
928
1,036
15.3
15.1
4.9
6.1
49.4
39.9
4.6
4.3
9.4
10.7
3.4
3.0
Quick Heal
Neutral
263
-
1,844
339
408
27.8
27.3
7.1
7.7
37.2
34.0
3.2
3.2
8.5
9.3
4.6
3.9
Narayana Hrudaya
Neutral
290
-
5,919
1,603
1,873
10.9
11.5
1.0
2.6
304.1
109.5
7.3
6.7
2.4
6.1
3.8
3.3
Manpasand Bever.
Neutral
700
-
3,506
540
836
19.9
19.6
10.2
16.9
68.4
41.5
5.5
5.0
8.1
12.0
5.9
3.8
Parag Milk Foods
Neutral
330
-
2,779
1,645
1,919
9.0
9.3
6.7
9.5
49.2
35.0
6.4
5.4
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 22, 2016
www.angelbroking.com
Market Outlook
July 25, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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