Market Outlook
April 27, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.3
328
26,007
Indian markets are expected to open flat tracking the SGX Nifty and Asian cues.
Nifty
1.4
108
7,963
US markets traded with a lack of direction ending the day on a flat note as traders
Mid Cap
0.8
87
11,090
remained cautious ahead of the Federal Reserve's monetary policy announcement.
Small Cap
0.7
76
11,111
The fed is expected to keep interest rates unchanged but investors will keep a close
eye on Fed Chairs comments regarding the future outlook.
Bankex
2.0
383
19,392
European markets ended Tuesday's session on a mixed note as early gains led by
rising crude oil prices and some strong corporate financial results from the Eurozone
Global Indices
Chg (%)
(Pts)
(Close)
were pared due to investor caution ahead of the FOMC meet.
Dow Jones
0.1
13
17,990
Indian markets opened in the red but staged a strong recovery to close sharply
Nasdaq
(0.2)
(8)
4,888
higher as some better than expected corporate earnings, news of strong FDI inflows
FTSE
0.4
24
6,285
and a rebound in oil prices bolstered sentiment.
Nikkei
(0.5)
(86)
17,353
News & Result Analysis
Hang Seng
0.5
103
21,407
Result Review: Mahindra Life, Axis Bank
Shanghai Com
0.6
18
2,965
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,593
1,005
Key Domestic & Global Indicators
Declines
998
543
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
161
83
Refer Pg6 onwards
Top Picks
Volumes (` Cr)
CMP
Target
Upside
Company
Sector
Rating
BSE
2,686
(`)
(`)
(%)
Amara Raja
Auto & Auto Ancillary
Buy
950
1,040
9.5
NSE
18,283
HCL Tech
IT
Buy
850
1,038
22.1
LIC Housing
Financials
Buy
461
592
28.2
Net Inflows (` Cr)
Net
Mtd
Ytd
Bharat Electronics
Capital Goods
Buy
1,191
1,414
18.7
FII
240
2,660
10,560
Navkar Corporation Others
Buy
188
265
40.8
MFs
81
(225)
2,854
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Gruh
266
7.7
Reading
Expectations
Recltd
183
6.2
Apr 27 UK
GDP (YoY)
2.10
2.00
Shriramcit
1,689
5.3
Apr 27 US
Initial Jobless Claims (Thousands)
247
259
Apr 28 US
FOMC Rate Decision (%)
0.50
0.50
Hindalco
103
4.9
Apr 28 Eurozone
Euro-Zone GDP s.a. (QoQ)
0.30
0.40
Fsl
39
4.7
6.(
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Abb
1,293
(4.0)
Deltacorp
85
(3.9)
Icra
4,003
(3.4)
Upl
510
(2.7)
Alstomt&D
379
(2.4)
As on April 26, 2016
Market Outlook
April 27, 2016
Mahindra Lifespace reports good set of 4Q numbers
Mahindra Life (M-Life) reported 2.8% YoY increase in its consolidated top-line at
`266cr. Revenues booked during the quarter benefited from 6 phases of 5 projects
having achieved revenue recognition. During the quarter, M-Life completed
construction of 1.21 mn sq.ft, which reflects completion of 5 phases across 4
projects. The company reported EBITDA of `57cr in 4QFY2016, reflecting 14.1%
YoY EBITDA growth. Lower interest expenses and tax rate, coupled with 67.7% YoY
increase in other income contributed to sharp PAT growth. PAT grew 58.8% to
`49cr in 4QFY2016.
One of the positives from 4QFY2016 results is the launch of new residential
project, Vivante in Andheri East, which has saleable area of 0.16 mn sq.ft. We
continue to maintain BUY rating on the stock with price target of `554.
Axis Bank: Marginal decline in PAT for 4QFY2016, but strong
disclosure on asset quality:
Axis Bank has come out with mixed set of results. While NII growth of 19.8% to
`4553 was in line with our expectations, higher than expected provisions were the
reasons for a marginal 1.2% decline in PAT at `2154 cr. Other income remained
flat yoy. As indicated by the management in the Q3FY16 concall the asset quality
of the bank remained stable with GNPAs at 1.67% vs 1.68% qoq while NPAs
improved to 0.70% from 0.75% qoq. The bank had utilised large part of the
contingency provisions in the previous quarters and hence created a contingency
provisions of `300 cr and hence was the large increase increased in the
provisions.
On business front the bank delivered decent numbers with loan book growing by
20.5%. Retail loans continued to grow strong up 24% yoy. At the CMP the stock is trading
at 1.9x its FY17 E Book Value. We Maintain Our ACCUMULATE rating on the stock.
Economic and Political News
FDI in farm sector jumps to `553 crore in April-February FY2016
Gridco to buy 4.5% power from green sources in FY2017
Telephone subscriber base increased to 105cr in Feb: Trai
Corporate News
Govt to sell 11.36% stake in NHPC, may raise `2,700cr
Boeing selects Bharat Forge for supply of titanium forgings
Patanjali to invest `1,150 crore in FY2017; eyes doubling revenue
Quarterly Bloomberg Brokers Consensus Estimate
Bharti Airtel Ltd. - April 27, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
24,734
23,016
7.5
24,066
2.8
EBITDA
8,671
8,112
6.9
8,445
2.7
EBITDA margin (%)
35.1
35.2
35.1
Net profit
1,087
1,255
(13.4)
1,117
(2.7)
Market Outlook
April 27, 2016
Exide Industries Ltd. - April 27, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
1,664
1,645
1.1
1,521
9.4
EBITDA
260
238
9.3
234
11.1
EBITDA margin (%)
15.6
14.5
15.4
Net profit
151
138
9.7
134
12.7
Yes Bank Ltd. - April 27, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
691
551
25.4
676
2.3
Ambuja Cements Ltd. - April 28, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
2,485
2,425
2.5
2,356
5.5
EBITDA
393
510
(23.0)
328
19.9
EBITDA margin (%)
15.8
21.0
13.9
Net profit
248
318
(21.9)
110
125.7
Dabur India Ltd. Consol - April 28, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
2,081
1,945
7.0
2,122
(1.9)
EBITDA
388
346
12.2
378
2.5
EBITDA margin (%)
18.6
17.8
17.8
Net profit
319
285
12.1
319
0.2
ACC Ltd. - April 28, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
2,976
2,885
3.1
2,846
4.6
EBITDA
339
608
(44.3)
282
20.4
EBITDA margin (%)
11.4
21.1
9.9
Net profit
186
241
(22.6)
103
81.5
Idea Cellular Ltd. Consol - April 28, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
9,395
8,397
11.9
9,001
4.4
EBITDA
3,308
3,065
7.9
3,129
5.7
EBITDA margin (%)
35.2
36.5
34.8
Net profit
496
942
(47.3)
764
(35.1)
ICICI Bank Ltd. - April 29, 2016
Particulars (` cr)
4QFY15E
4QFY14
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
3,061
2,922
4.8
3,018
1.4
Market Outlook
April 27, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,226
950
1,040
9.5
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
28,592
1,191
1,414
18.7
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,19,912
850
1,038
22.1
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,81,488
1,113
1,262
13.4
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,84,127
1,233
1,374
11.4
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
23,285
461
592
28.2
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
12,190
1,016
1,089
7.2
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,907
434
458
5.4
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,007
206
270
31.2
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Commencement of new projects, downtrend in the interest
IL&FS Transport
2,535
77
93
20.7
rate cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,399
165
189
14.4
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,886
460
554
20.5
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,683
188
265
40.8
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,222
92
156
69.8
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,014
1,082
1,354
25.2
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
April 27, 2016
Key Upcoming Events
Result Calendar
Date
Company
Apr 26, 2016
Rallis, Maruti, Axis Bank, IDFC
Apr 27, 2016
Exide Industries, FAG Bearings, CEAT, Yes Bank, KPIT Cummins, Elecon Engineering, Alembic Pharma
Apr 28, 2016
Ambuja Cements, ACC, Dabur India, HCL Tech, Sesa Goa
Apr 29, 2016
United Phosphorus, ICICI Bank, Shriram Trans., Marico, Aventis, Interglobe Aviation
Apr 30, 2016
Federal Bank, L G Balakrishnan & Bros
May 2, 2016
HDFC
May 3, 2016
TVS Motor, Areva, Godrej Consumer, Adani Power
May 4, 2016
Mangalam Cement, Hexaware, Vesuvius India
May 6, 2016
Siemens
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 27, 2016
2:00PM UK
GDP (YoY)
% Change
1Q A
2.10
2.00
6:00PM US
Initial Jobless claims
Thousands
Apr 23
247.00
259.00
Apr 28, 2016 11:30PM US
FOMC rate decision
%
Apr 27
0.50
0.50
2:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Apr F
(9.30)
(9.30)
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.30
0.40
1:25PM Germany
Unemployment change (000's)
Thousands
Apr
--
--
Apr 29, 2016
6:00PM US
GDP Qoq (Annualised)
% Change
1Q A
1.40
0.60
May 1,, 2016 6:30AM China
PMI Manufacturing
Value
Apr
50.20
50.30
May 2,, 2016 1:25PM Germany
PMI Manufacturing
Value
Apr F
51.90
--
May 3,, 2016 2:00PM UK
PMI Manufacturing
Value
Apr
51.00
--
May 4,, 2016 1:25PM Germany
PMI Services
Value
Apr F
54.60
--
May 6,, 2016 6:00PM US
Change in Nonfarm payrolls
Thousands
Apr
215.00
200.00
6:00PM US
Unnemployment rate
%
Apr
5.00
5.00
May 8,, 2016
China
Exports YoY%
% Change
Apr
11.50
--
May 10, 2016
India
Imports YoY%
% Change
Apr
(21.56)
--
India
Exports YoY%
% Change
Apr
(5.47)
--
2:00PM UK
Industrial Production (YoY)
% Change
Mar
(0.50)
--
May 11, 2016 7:00AM China
Consumer Price Index (YoY)
% Change
Apr
2.30
--
May 12, 2016 5:30PM India
Industrial Production YoY
% Change
Mar
2.00
--
4:30PM UK
BOE Announces rates
% Ratio
May 12
0.50
0.50
May 13, 2016
US
Producer Price Index (mom)
% Change
Apr
0.20
--
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
2.10
--
May 14, 201611:00AM China
Industrial Production (YoY)
% Change
Apr
6.80
--
Source: Bloomberg, Angel Research
Market Outlook
April 27, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
10.0
8.0
7.5
7.6
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
3.0
4.0
2.5
6.0
2.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.2)
(1.5)
(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
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.3
5.0
5.0
54.0
4.9
4.8
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
2.0
48.0
1.0
46.0
-
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
8.00
(5.0)
7.00
(10.0)
6.00
(15.0)
(20.0)
5.00
(25.0)
4.00
(30.0)
3.00
(35.0)
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
April 27, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
5.0
4.5
4.0
2.8
2.1
2.0
2.1
1.4
2.0
0.6
0.7
-
(2.0)
(4.0)
(3.8)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.9
6.0
5.0
4.8
4.0
2.8
2.2
2.4
2.0
1.3
1.5
1.1
0.5
-
(2.0)
(4.0)
(3.8)
(3.7)
(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
April 27, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
53,083
6.8
41.0
(2.9)
Russia
Micex
1,947
4.3
13.4
15.7
India
Nifty
7,963
4.7
8.3
(5.7)
China
Shanghai Composite
2,965
(0.5)
(0.4)
(29.7)
South Africa
Top 40
46,695
0.2
8.7
(4.6)
Mexico
Mexbol
45,417
(0.5)
10.3
(0.2)
Indonesia
LQ45
831
(0.9)
6.6
(11.7)
Malaysia
KLCI
1,693
(0.7)
5.7
(8.4)
Thailand
SET 50
903
0.5
16.4
(13.5)
USA
Dow Jones
17,990
2.7
13.3
(0.7)
UK
FTSE
6,285
1.4
6.9
(9.5)
Japan
Nikkei
17,353
2.1
1.4
(12.7)
Germany
DAX
10,260
2.4
5.4
(10.3)
France
CAC
4,533
2.5
5.1
(8.9)
Source: Bloomberg, Angel Research
Stock Watch
April 27, 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
194
-
3,767
2,097
2,415
14.4
14.4
9.5
11.0
20.4
17.6
4.1
3.5
21.1
21.3
1.8
1.6
United Phosphorus
Neutral
510
-
21,878
12,500
14,375
18.3
18.3
29.8
35.9
17.1
14.2
3.2
2.7
20.0
20.3
1.8
1.5
Auto & Auto Ancillary
Ashok Leyland
Neutral
107
-
30,394
17,995
21,544
11.4
11.6
3.4
4.7
31.4
22.7
5.5
5.1
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,550
-
73,778
22,709
25,860
20.9
20.1
129.0
143.6
19.8
17.8
6.1
5.2
30.7
29.4
2.8
2.4
Bharat Forge
Accumulate
808
875
18,811
7,351
8,318
19.9
19.7
31.2
36.5
25.9
22.1
4.6
3.9
19.3
19.2
2.7
2.3
Eicher Motors
Neutral
20,148
-
54,725
15,556
16,747
15.5
17.3
464.8
597.5
43.4
33.7
15.8
11.6
36.2
34.3
3.4
3.1
Gabriel India
Accumulate
92
101
1,326
1,415
1,544
8.7
9.0
4.6
5.4
20.1
17.1
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,932
-
58,550
28,244
30,532
15.5
15.9
156.7
168.5
18.7
17.4
7.5
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
144
160
1,153
1,281
1,473
11.2
11.5
7.6
9.2
19.0
15.7
4.8
3.9
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
471
-
739
1,254
1,394
11.6
11.8
35.9
41.7
13.1
11.3
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,355
-
84,161
38,416
42,904
13.7
13.9
54.8
63.4
24.7
21.4
3.8
3.4
15.4
15.8
1.8
1.6
Maruti
Neutral
3,869
-
116,888
57,865
68,104
16.4
16.7
176.3
225.5
22.0
17.2
4.3
3.6
19.4
21.2
1.8
1.5
Minda Industries
Neutral
1,004
-
1,593
2,523
2,890
8.7
9.0
55.0
65.4
18.3
15.4
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
264
313
34,861
39,343
45,100
8.8
9.1
10.1
12.5
26.1
21.1
8.3
6.5
35.3
34.4
1.0
0.8
Rane Brake Lining
Buy
383
465
303
454
511
11.5
12.0
25.2
31.0
15.2
12.4
2.3
2.1
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
33
-
438
594
741
12.7
13.7
1.7
3.2
19.3
10.2
2.0
1.8
10.4
16.9
1.2
1.0
Tata Motors
Neutral
419
-
121,060
259,686
273,957
13.0
13.4
25.9
29.5
16.2
14.2
2.1
1.9
8.0
9.0
0.6
0.6
TVS Motor
Neutral
330
-
15,666
11,263
13,122
6.9
8.5
9.2
15.0
35.8
22.0
8.2
6.5
22.7
29.6
1.4
1.2
Amara Raja Batteries
Accumulate
950
1,040
16,226
4,892
5,871
17.4
17.6
28.8
37.1
33.0
25.6
7.7
6.2
23.4
24.1
3.3
2.7
Exide Industries
Accumulate
148
162
12,550
6,950
7,784
14.4
14.8
6.6
7.3
22.4
20.2
2.8
2.6
12.6
12.8
1.5
1.4
Apollo Tyres
Accumulate
163
183
8,279
12,056
12,714
17.2
16.4
23.0
20.3
7.1
8.0
1.3
1.1
17.7
13.6
0.7
0.8
Ceat
Neutral
1,146
-
4,634
6,041
6,597
14.1
13.7
99.5
111.9
11.5
10.2
2.3
1.9
19.6
18.5
0.9
0.8
JK Tyres
Neutral
86
-
1,961
7,446
7,669
15.2
14.0
19.6
18.4
4.4
4.7
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,125
-
1,397
552
630
14.2
14.7
44.6
54.1
25.2
20.8
5.9
5.3
23.2
25.6
2.4
2.0
Subros
Neutral
91
-
546
1,293
1,527
11.8
11.9
4.2
6.7
21.7
13.6
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
175
-
458
283
329
17.0
17.2
13.0
15.4
13.5
11.3
2.9
2.4
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
39
-
390
660
839
4.7
8.2
1.0
3.9
39.5
10.1
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
930
1,157
3,873
3,277
4,006
6.0
8.9
36.2
64.3
25.7
14.5
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,191
1,414
28,592
7,737
8,634
16.8
17.2
54.0
61.5
22.1
19.4
3.1
2.8
39.3
45.6
2.8
2.4
Stock Watch
April 27, 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
297
353
9,831
5,363
5,963
8.0
9.1
11.0
13.8
27.0
21.5
4.1
3.6
16.2
17.9
1.8
1.6
BGR Energy
Neutral
109
-
785
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
129
-
31,599
33,722
35,272
10.8
11.7
10.5
14.2
12.3
9.1
0.9
0.9
7.0
9.0
1.0
1.0
Blue Star
Accumulate
434
458
3,907
3,548
3,977
6.3
6.9
13.7
17.2
31.7
25.3
8.0
5.2
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
60
-
3,754
13,484
14,687
4.9
6.2
4.5
7.1
13.3
8.4
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
133
-
3,259
1,655
1,755
16.6
16.8
7.4
7.8
18.0
17.1
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
265
458
5,873
4,980
5,943
17.0
17.5
26.6
31.6
10.0
8.4
3.0
2.2
35.0
30.0
1.3
1.1
KEC International
Neutral
127
-
3,252
8,791
9,716
6.1
6.8
5.4
8.2
23.4
15.4
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
769
-
9,168
6,413
7,525
7.4
8.5
30.5
39.3
25.2
19.6
3.9
3.4
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
575
-
3,134
2,722
3,336
7.9
8.1
19.5
24.6
29.5
23.4
3.1
2.7
11.1
12.4
1.2
1.0
Cement
ACC
Neutral
1,426
-
26,772
13,151
14,757
16.4
18.3
63.9
83.4
22.3
17.1
2.9
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
224
-
34,825
11,564
12,556
19.4
20.7
8.9
10.1
25.2
22.2
3.2
3.0
12.8
13.8
2.7
2.4
HeidelbergCement
Neutral
97
-
2,200
1,772
1,926
13.3
15.4
1.0
3.0
97.1
32.4
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
90
-
2,754
4,216
4,840
18.0
19.5
4.0
9.9
22.4
9.1
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
614
-
4,295
3,661
4,742
10.1
15.8
7.5
28.5
81.9
21.6
2.5
2.2
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
364
-
4,285
2,947
3,616
16.7
19.9
11.5
27.2
31.7
13.4
3.0
2.6
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
274
-
730
1,053
1,347
10.5
13.3
8.4
26.0
32.6
10.5
1.4
1.3
4.3
12.5
1.1
0.8
Orient Cement
Neutral
153
-
3,138
1,854
2,524
21.2
22.2
7.7
11.1
19.9
13.8
2.9
2.5
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
450
-
10,716
4,036
4,545
20.8
21.3
15.1
18.8
29.8
23.9
3.6
3.2
12.9
14.3
3.2
2.7
Shree Cement^
Neutral
12,528
-
43,643
7,150
8,742
26.7
28.6
228.0
345.5
54.9
36.3
8.1
6.8
15.7
20.3
5.9
4.7
UltraTech Cement
Neutral
3,267
-
89,654
24,669
29,265
18.2
20.6
82.0
120.0
39.8
27.2
4.3
3.8
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
77
93
2,535
7,360
8,825
34.0
35.9
7.0
9.0
11.0
8.6
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
556
603
1,564
937
1,470
14.3
14.0
44.2
38.6
12.6
14.4
2.5
2.2
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,281
-
119,368
58,870
65,708
8.3
10.3
42.0
53.0
30.5
24.2
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
172
-
8,310
629
684
51.0
52.2
6.4
5.9
26.9
29.1
3.5
3.3
15.9
12.7
12.9
11.6
MBL Infrastructures
Buy
146
285
605
2,313
2,797
12.2
14.6
19.0
20.0
7.7
7.3
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
78
-
4,311
7,892
8,842
8.8
9.1
3.0
5.3
25.9
14.6
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
528
558
2,709
1,873
2,288
13.2
13.5
24.0
32.0
22.0
16.5
2.1
1.9
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
272
-
1,346
5,955
6,829
10.3
10.5
16.0
31.0
17.0
8.8
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
April 27, 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
602
-
886
1,539
1,801
12.8
12.7
59.0
72.1
10.2
8.4
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
285
-
4,895
3,481
4,219
10.7
10.8
8.2
11.7
34.8
24.4
3.3
2.9
10.3
13.5
1.7
1.4
NBCC
Accumulate
1,016
1,089
12,190
5,816
7,382
6.9
7.7
29.6
39.8
34.3
25.5
6.2
4.9
24.1
26.7
1.8
1.4
MEP Infra
Neutral
45
-
728
1,956
1,876
28.1
30.5
1.3
3.0
34.4
14.9
7.2
4.9
21.2
32.8
1.8
1.8
SIPL
Neutral
102
-
3,589
675
1,042
62.4
64.7
-
-
3.8
4.4
-
-
17.0
11.4
Engineers India
Neutral
183
-
6,161
1,667
1,725
13.5
16.0
9.7
11.4
18.9
16.0
2.2
2.1
11.7
13.4
2.5
2.5
Financials
Allahabad Bank
Neutral
60
-
3,686
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
480
-
114,512
26,473
31,527
3.5
3.6
35.7
43.5
13.4
11.1
2.3
2.0
17.9
18.9
-
-
Bank of Baroda
Neutral
162
-
37,281
18,485
21,025
1.9
2.0
13.5
21.1
12.0
7.7
1.0
0.8
7.3
10.6
-
-
Bank of India
Neutral
98
-
7,961
15,972
17,271
1.9
2.0
15.3
33.4
6.4
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
214
-
11,623
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
31
-
2,041
3,440
3,840
2.1
2.3
7.3
10.0
4.2
3.1
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
206
270
6,007
1,892
2,277
2.9
2.9
25.9
30.8
7.9
6.7
1.2
1.1
15.3
15.9
-
-
Federal Bank
Neutral
48
-
8,306
3,477
3,999
3.0
3.0
5.0
6.2
9.6
7.8
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,128
-
178,182
10,358
11,852
3.3
3.3
41.1
47.0
27.5
24.0
5.2
4.8
24.7
24.9
-
-
HDFC Bank
Accumulate
1,113
1,262
281,488
38,309
47,302
4.3
4.3
49.3
61.1
22.6
18.2
3.9
3.4
18.5
19.7
-
-
ICICI Bank
Neutral
254
-
147,760
34,279
39,262
3.3
3.3
21.0
24.4
12.1
10.4
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
71
-
14,607
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
100
-
4,810
6,160
6,858
2.5
2.5
24.5
29.8
4.1
3.4
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
461
592
23,285
3,101
3,745
2.5
2.5
33.0
40.2
14.0
11.5
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
97
-
3,121
7,643
8,373
2.4
2.4
37.2
45.4
2.6
2.1
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
90
-
17,702
23,638
26,557
2.8
2.8
17.9
27.2
5.0
3.3
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,464
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
201
-
155,915
79,958
86,061
2.6
2.6
13.4
20.7
15.0
9.7
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
131
-
9,033
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.4
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,966
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
911
-
38,292
7,190
9,011
3.2
3.3
58.2
69.7
15.6
13.1
2.8
2.4
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
877
-
84,112
16,553
19,160
16.0
16.2
17.7
21.5
49.6
40.8
13.2
11.9
29.4
31.2
4.9
4.2
Britannia
Neutral
2,836
-
34,029
8,481
9,795
14.0
14.1
65.5
78.3
43.3
36.2
20.5
16.8
38.3
41.2
3.9
3.4
Stock Watch
April 27, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Colgate
Neutral
844
-
22,945
4,836
5,490
19.5
19.7
48.5
53.2
17.4
15.9
12.8
11.1
99.8
97.5
4.6
4.1
Dabur India
Neutral
267
-
46,890
9,370
10,265
17.1
17.2
7.3
8.1
36.3
32.9
11.0
8.9
33.7
30.6
4.9
4.5
GlaxoSmith Con*
Neutral
5,967
-
25,094
4,919
5,742
17.2
17.4
168.3
191.2
35.5
31.2
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,357
-
46,212
10,168
12,886
16.1
16.1
32.1
38.4
42.3
35.3
8.6
7.9
19.7
21.0
4.6
3.7
HUL
Neutral
886
-
191,692
34,940
38,957
17.5
17.7
20.8
24.7
42.6
35.9
47.4
37.9
110.5
114.2
5.3
4.7
ITC
Accumulate
328
359
263,707
36,804
38,776
37.9
37.9
12.2
12.9
26.9
25.4
7.5
6.6
27.7
25.8
6.7
6.4
Marico
Neutral
252
-
32,564
6,551
7,766
15.7
16.0
10.4
12.5
24.3
20.2
7.1
5.9
33.2
32.4
4.9
4.1
Nestle*
Accumulate
5,847
6,646
56,375
11,291
12,847
22.2
22.3
158.9
184.6
36.8
31.7
19.2
17.3
55.0
57.3
4.8
4.2
Tata Global
Buy
122
144
7,687
8,635
9,072
9.8
9.9
6.5
7.6
18.7
16.0
1.9
1.8
6.8
7.4
0.8
0.8
Procter & Gamble
Accumulate
6,428
7,369
20,867
2,588
2,939
23.3
23.2
130.2
146.2
49.4
44.0
98.4
94.4
27.6
25.3
7.6
6.6
Hygiene
IT
HCL Tech^
Buy
850
1,038
119,912
42,038
47,503
21.2
21.5
51.5
57.7
16.5
14.7
3.6
2.8
21.5
18.8
2.5
2.0
Infosys
Accumulate
1,233
1,374
284,127
62,441
70,558
27.5
27.5
59.0
65.3
20.9
18.9
4.2
3.8
22.2
22.4
4.0
3.4
TCS
Accumulate
2,488
2,854
490,242
108,487
122,590
28.3
28.5
122.8
138.4
20.3
18.0
7.7
7.0
38.0
38.9
4.1
3.6
Tech Mahindra
Accumulate
476
530
46,191
26,524
29,177
16.2
17.0
28.8
33.6
16.5
14.2
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
555
680
137,050
50,808
56,189
23.7
23.8
37.3
40.7
14.9
13.6
2.8
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Accumulate
329
356
6,039
2,241
2,495
27.8
27.9
21.8
25.6
15.1
12.8
3.9
3.5
26.7
28.5
2.6
2.4
HT Media
Neutral
90
-
2,083
2,495
2,603
11.2
11.2
7.3
8.6
12.3
10.4
1.0
0.9
7.4
8.1
0.3
0.3
Jagran Prakashan
Accumulate
165
189
5,399
2,170
2,355
27.2
26.2
8.9
9.9
18.6
16.7
3.9
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
357
-
14,051
2,779
3,196
70.2
70.5
22.8
27.3
15.6
13.1
3.9
3.5
26.7
28.3
4.8
4.2
Hindustan Media
Neutral
260
-
1,906
920
1,031
20.0
20.0
19.2
20.9
13.5
12.4
2.2
1.9
16.4
15.3
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
288
380
182,101
76,167
84,130
19.9
22.3
22.4
25.8
12.9
11.2
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
173
-
72,887
14,641
14,026
50.4
50.4
17.7
16.0
9.8
10.8
1.5
1.4
16.2
13.2
2.6
2.5
Hindalco
Neutral
103
-
21,300
104,356
111,186
8.7
9.5
6.7
11.1
15.4
9.3
0.6
0.5
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,366
-
33,017
42,308
45,147
16.4
20.7
(10.3)
49.5
27.6
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
98
-
38,914
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
46
-
19,081
45,915
53,954
7.2
10.5
1.5
4.4
30.7
10.6
0.4
0.4
2.3
4.1
1.1
0.9
Vedanta
Neutral
106
-
31,559
71,445
81,910
26.2
26.3
12.9
19.2
8.3
5.6
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
358
-
34,808
126,760
137,307
8.9
11.3
6.4
23.1
56.3
15.5
1.1
1.1
2.0
7.1
0.9
0.8
Oil & Gas
Cairn India
Neutral
146
-
27,307
11,323
12,490
49.4
51.0
20.7
20.7
7.0
7.1
0.5
0.4
6.4
6.1
1.5
0.8
Stock Watch
April 27, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
GAIL
Neutral
364
-
46,115
64,856
70,933
9.1
9.6
24.0
28.9
15.2
12.6
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
214
-
183,387
154,564
167,321
36.8
37.4
28.6
32.5
7.5
6.6
1.0
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
262
-
19,669
29,691
31,188
5.8
6.2
12.8
13.4
20.5
19.5
3.1
2.7
15.8
14.8
0.7
0.7
Indian Oil Corp
Neutral
434
-
105,410
359,607
402,760
5.9
6.1
42.5
48.7
10.2
8.9
1.4
1.2
14.1
14.4
0.4
0.4
Reliance Industries
Accumulate
1,017
1,150
329,481
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
615
-
11,592
3,274
3,802
26.9
19.4
35.0
28.7
17.6
21.4
7.8
5.9
55.6
31.2
3.5
3.0
Aurobindo Pharma
Accumulate
775
856
45,377
14,923
17,162
22.0
23.0
35.7
42.8
21.7
18.1
6.4
4.8
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,202
-
9,678
2,082
2,371
17.4
20.8
118.2
151.5
35.6
27.7
5.2
4.2
19.9
25.5
4.3
3.6
Cadila Healthcare
Accumulate
329
352
33,671
10,224
11,840
21.0
22.0
14.6
17.6
22.5
18.7
6.2
4.8
30.8
29.0
3.4
2.8
Cipla
Accumulate
540
605
43,411
13,979
16,447
20.2
18.6
25.7
27.5
21.0
19.7
3.4
3.0
17.6
16.1
3.1
2.6
Dr Reddy's
Buy
3,120
3,933
53,206
16,838
19,575
25.0
23.1
167.5
178.8
18.6
17.5
3.9
3.3
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
353
-
2,845
1,733
1,906
21.5
21.5
17.0
19.9
20.7
17.7
2.1
1.9
10.5
11.2
2.2
1.9
GSK Pharma*
Neutral
3,737
-
31,654
2,870
3,158
20.0
22.1
59.5
68.3
62.8
54.7
18.5
19.0
28.5
34.3
10.5
9.6
Indoco Remedies
Neutral
277
-
2,556
1,033
1,199
15.9
18.2
9.4
13.6
29.5
20.4
4.4
3.7
15.7
19.7
2.6
2.2
Ipca labs
Buy
495
900
6,247
3,363
3,909
12.9
18.6
13.4
28.0
37.0
17.7
2.7
2.3
7.4
14.0
2.2
1.8
Lupin
Neutral
1,577
-
71,088
13,092
16,561
25.0
27.0
50.4
68.3
31.3
23.1
6.5
5.1
22.8
24.7
5.1
3.9
Sun Pharma
Buy
814
950
195,927
28,163
32,610
25.8
30.7
17.4
26.9
46.8
30.3
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
72
-
19,473
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
140
-
115,766
87,271
99,297
23.5
23.5
11.8
13.3
12.0
10.6
1.3
1.3
11.5
12.2
2.4
2.1
Power Grid
Buy
145
170
75,884
20,702
23,361
86.7
86.4
12.1
13.2
12.0
11.0
1.8
1.6
15.6
15.1
8.6
8.0
Real Estate
MLIFE
Buy
460
554
1,886
697
1,011
14.9
19.3
13.8
20.1
33.3
22.9
1.2
1.2
3.8
5.3
4.0
2.7
Telecom
Bharti Airtel
Neutral
360
-
144,066
101,748
109,191
32.1
31.7
12.0
12.5
30.0
28.8
2.1
1.9
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
124
-
44,556
34,282
36,941
32.0
31.5
5.9
6.2
21.0
20.0
1.9
1.7
9.9
9.3
1.9
1.8
zOthers
Abbott India
Neutral
4,629
-
9,836
2,715
3,153
14.5
14.1
134.3
152.2
34.5
30.4
8.6
7.1
27.4
25.6
3.3
2.8
Bajaj Electricals
Accumulate
220
237
2,220
4,719
5,287
5.2
5.8
8.6
12.7
25.7
17.4
2.9
2.6
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
280
-
4,288
2,520
2,883
12.2
12.0
12.7
14.2
22.1
19.7
3.0
2.7
13.6
13.5
1.4
1.2
Goodyear India*
Accumulate
514
582
1,187
1,800
1,600
11.7
11.5
58.7
52.9
8.8
9.7
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,397
-
3,799
1,779
2,081
7.8
8.8
21.8
33.4
64.1
41.8
10.3
8.4
17.4
22.1
2.2
1.9
Jyothy Laboratories
Neutral
303
-
5,494
1,620
1,847
11.5
11.5
7.3
8.5
41.6
35.8
5.4
5.0
13.3
14.4
3.3
2.8
Stock Watch
April 27, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
MRF
Buy
35,626
45,575
15,109
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.5
9.4
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,857
-
14,341
1,929
2,450
19.8
20.1
229.9
299.0
55.9
43.0
24.7
17.2
52.1
47.1
7.5
5.9
Relaxo Footwears
Neutral
497
-
5,966
1,767
2,152
12.3
12.5
19.3
25.1
25.8
19.8
6.3
4.9
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,082
1,354
1,014
1,636
1,815
11.5
11.5
89.9
104.1
12.0
10.4
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
622
-
1,093
1,271
1,440
8.6
9.2
32.0
41.1
19.4
15.1
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,357
3,217
1,805
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
307
-
2,222
2,123
2,384
16.1
16.5
15.0
18.9
20.4
16.3
1.6
1.5
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
232
-
3,353
2,403
2,554
8.6
9.9
9.2
10.5
25.2
22.1
2.4
2.3
9.7
10.7
1.0
1.0
Ltd
M M Forgings
Buy
464
614
560
511
615
21.7
21.6
43.1
55.8
10.8
8.3
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
135
-
965
1,208
1,353
11.0
12.3
10.8
14.5
12.5
9.3
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
159
-
98
1,040
1,137
3.2
3.1
25.7
28.0
6.2
5.7
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,282
-
1,913
1,871
2,031
10.7
10.5
63.2
69.8
20.3
18.4
3.3
2.8
17.6
16.6
1.1
0.9
Visaka Industries
Buy
115
144
183
1,086
1,197
9.9
10.3
21.5
28.8
5.4
4.0
0.5
0.5
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
270
-
2,053
2,830
3,350
8.8
9.0
14.4
18.3
18.8
14.7
2.9
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
65
-
709
1,359
1,482
10.3
13.7
0.8
3.9
81.1
16.7
1.3
1.3
1.6
7.8
0.9
0.8
Surya Roshni
Buy
157
201
687
2,992
3,223
8.1
8.4
14.7
18.3
10.7
8.6
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
173
-
688
286
366
18.3
17.7
7.7
9.4
22.4
18.5
4.7
4.1
20.2
21.1
2.3
1.8
Radico Khaitan
Buy
92
156
1,222
1,517
1,635
12.7
13.4
5.8
7.1
15.8
12.9
1.4
1.2
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
366
473
800
862
974
11.2
11.2
24.9
29.6
14.7
12.4
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
388
-
2,194
206
308
44.0
43.6
9.0
12.9
43.1
30.1
5.9
5.3
13.7
17.8
10.6
7.0
Linc Pen & Plastics
Neutral
190
-
281
340
371
8.3
8.9
10.8
13.2
17.6
14.4
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
160
-
641
222
287
20.5
20.5
5.6
7.6
28.4
21.2
5.4
4.4
18.9
20.8
2.9
2.3
Interglobe Aviation
Neutral
1,030
-
37,117
17,022
21,122
20.7
14.5
63.9
53.7
16.1
19.2
24.2
19.8
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
235
-
4,847
2,692
2,964
17.0
18.6
-
4.7
-
49.7
2.9
2.7
0.2
5.5
2.2
2.0
Ltd
Navneet Education
Neutral
89
-
2,125
998
1,062
24.1
24.0
5.8
6.1
15.5
14.7
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
188
265
2,683
365
436
38.3
37.5
5.6
5.9
33.4
32.0
2.1
2.0
6.3
6.1
8.2
7.0
UFO Moviez
Neutral
523
-
1,437
558
619
32.0
33.2
22.5
30.0
23.2
17.4
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
409
-
3,728
1,725
1,902
16.5
16.7
12.2
14.6
33.6
28.1
7.0
6.1
20.8
21.9
2.3
2.1
Team Lease Serv.
Neutral
938
-
1,603
2,565
3,229
1.3
1.5
15.2
22.8
61.8
41.2
4.9
4.4
8.0
10.7
0.5
0.4
Stock Watch
April 27, 2016
Company Name
Reco
CMP
Target Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
S H Kelkar & Co.
Neutral
236
-
3,410
928
1,036
15.3
15.1
4.9
6.1
47.8
38.6
4.5
4.1
9.4
10.7
3.6
3.2
Quick Heal
Neutral
275
-
1,924
339
408
27.8
27.3
7.1
7.7
38.9
35.5
3.3
3.3
8.5
9.3
4.6
3.9
Narayana Hrudaya
Neutral
300
-
6,131
1,603
1,873
10.9
11.5
1.0
2.6
314.9
113.4
7.6
7.0
2.4
6.1
4.0
3.4
Manpasand Bever.
Neutral
540
-
2,704
540
836
19.9
19.6
10.2
16.9
52.8
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 April 26, 2016
Market Outlook
April 27, 2016
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership
of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co
-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.
