Market Outlook
April 29, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(1.8)
(461)
25,603
Indian markets are expected to negative tracking the SGX Nifty and weak global
Nifty
(1.7)
(133)
7,847
cues.
Mid Cap
(0.8)
(86)
11,018
US markets opened in the negative but saw some recovery before a sharp sell-off in
Small Cap
(1.0)
(116)
11,026
the last couple of hours of trade. The late sell-off was triggered after the Apple stock
corrected sharply led by news of billionaire investor Carl Icahn selling his stake in
Bankex
(0.9)
(171)
19,051
the company. US gross domestic product growth also came below expectations at
0.5% (estimate 0.7%) in the first quarter as against 1.4% in the fourth quarter.
Global Indices
Chg (%)
(Pts)
(Close)
European markets were under pressure in early trade after the Bank of Japan
Dow Jones
(1.2)
(211)
17,831
refrained from expanding its monetary stimulus and kept its negative interest rate
Nasdaq
(1.2)
(58)
4,805
unchanged. Some tepid earnings reports and mixed regional data also dampened
FTSE
0.0
2
6,322
investor sentiment. Markets however ended on a mixed note led by a rebound in US
Nikkei
(3.6)
(624)
16,666
markets.
Hang Seng
0.1
26
21,388
Indian markets fell sharply led by negative global cues after the Bank of Japan’s
Shanghai Com
(0.3)
(8)
2,946
surprise move to keep its monetary policy steady despite deterioration in its
economic fundamentals.
Advances / Declines
BSE
NSE
News & Result Analysis
Advances
801
408
Result Review: HCL Tech
Detailed analysis on Pg2
Declines
1,751
1,129
Unchanged
159
83
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,866
Refer Pg6 onwards
NSE
25,611
Top Picks
CMP
Target
Upside
Net Inflows (` Cr)
Net
Mtd
Ytd
Company
Sector
Rating
(`)
(`)
(%)
FII
439
3,671
11,570
Amara Raja
Auto & Auto Ancillary
Buy
938
1,076
14.8
MFs
181
(441)
2,638
HCL Tech
IT
Buy
800
1,038
29.8
LIC Housing
Financials
Buy
458
592
29.3
Top Gainers
Price (`)
Chg (%)
Bharat Electronics
Capital Goods
Buy
1,184
1,414
19.5
Navkar Corporation Others
Buy
182
265
45.3
Ibrealest
63
11.6
More Top Picks on Pg4
Kpit
161
4.4
Ceatltd
1,166
4.1
Key Upcoming Events
Previous
Consensus
Hdil
86
3.9
Date
Region
Event Description
Reading
Expectations
Pel
1,145
3.2
Apr 29 Eurozone
Euro-Zone GDP s.a. (QoQ)
0.30
0.40
May 1 UK
PMI Manufacturing
51.00
51.20
Top Losers
Price (`)
Chg (%)
May 2 China
PMI Manufacturing
50.20
50.30
Jublfood
1,195
(10.3)
May 3 Germany
PMI Manufacturing
51.90
51.90
6.(
Idfc
44
(6.4)
More Events on Pg5
Tataelxsi
1,913
(6.1)
Gdl
284
(5.4)
Hindalco
97
(4.8)
As on April 28, 2016
www.angelbroking.com
Market Outlook
April 29, 2016
Result Review
HCL Tech (CMP: `838 / TP: `1,038 / Upside: 23.9%)
HCL Tech for its 3QFY2016 numbers, posted numbers lower than expected on top
line, while the bottom-line came in at lower than expected. For 3QFY2016, the
company posted a 1.3% QoQ growth to end the period at US$1,587mn V/s
US$1,607mn expected. In rupee terms, the company posted sales of `10,698cr
V/s `10,850cr expected, a QoQ growth of 3.4%. On constant currency terms
(CC), the growth was 1.7% QoQ.
In terms, of geography, on CC terms, the company posted 3.7%, -2.4% and 1.3%
QoQ growth in USA, Europe and ROW respectively. In terms of Services, the
company posted 0.5%, 3.9%, 1.9% and -4.1% in QoQ CC growth in Application
Services, Infrastructure Services, Engineering and R&D Services and business
services respectively. In terms of verticals, the company posted a QoQ CC growth
of -1.3%, 0.9%, 6.4%, 7.1%, -1.2%, 4.2% in Financial Services, Manufacturing,
Life sciences & Healthcare, Public Services, Retail & CPG and Telecommunications,
Media, Publishing & Entertainment respectively.
On the operating front, the EBIT came in at 20.7% in line with expectations. Thus
the net profit came in at `1,926cr V/s `1,936cr expected a QoQ growth of 0.3%.
On the operational front, the utilization levels moved up to 85.6% V/s 84.7% in
2QFY2016, while the attrition rate for IT services came in at 17.3% V/s 16.7% in
2QFY2016.
HCL Tech signed 7 transformational deals this quarter with TCV of more than
US$2bn, taking the number of transformational engagements during the nine
month financial year to 25, with TCV of more than US$ 4bn. These wins were
broad-based across service lines and industry verticals, led by next-generation
offerings - BEYONDigital, IoT WoRKS and Next-Gen ITO. We maintain our buy
with a price target of `1038.
Economic and Political News
India Inc's external commercial borrowings drop 43% in March
Mines ministry meet for fast tracking clearances of auctioned blocks
40 cities to be selected in second round of smart city project: Government
Corporate News
Essar Ports' Hazira terminal to handle 15MT third-party cargo
Canara Bank raises `3,000cr Basel-III compliant bonds
Dabur to invest `250 crore to set up plant in Assam
Lupin strengthens branded drug business in US
www.angelbroking.com
Market Outlook
April 29, 2016
Quarterly Bloomberg Brokers Consensus Estimate
ICICI Bank Ltd. - April 29, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
3,061
2,922
4.8
3,018
1.4
Shriram Transport Finance Co. Ltd. - April 29, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net profit
284
317
(10.4)
375
(24.4)
UPL Ltd. - April 29, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
3,893
3,563
9.3
3,050
27.6
EBITDA
863
785
10.0
625
38.2
EBITDA margin (%)
22.2
22.0
20.5
Net profit
475
440
8.0
287
65.7
Marico Ltd. - April 29, 2016
Particulars (` cr)
4QFY16E
4QFY15
y-o-y (%)
3QFY15
q-o-q (%)
Net sales
1,311
1,229
7%
1,556
-16%
EBITDA
211
171
24%
293
-28%
EBITDA margin (%)
-0.8
-0.9
-0.8
Net profit
135
110
23%
197
-31%
www.angelbroking.com
Market Outlook
April 29, 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
16,016
938
1,076
14.8
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
28,409
1,184
1,414
19.5
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
1,12,838
800
1,038
29.8
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,81,792
1,115
1,262
13.2
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,79,172
1,211
1,374
13.4
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
23,088
458
592
29.3
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
11,961
997
1,089
9.3
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
3,811
424
481
13.5
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
5,829
200
270
35.2
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
2,497
76
93
22.5
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
5,335
163
205
25.6
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,814
442
554
25.3
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,600
182
265
45.3
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,181
89
156
75.7
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
990
1,056
1,354
28.2
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
April 29, 2016
Key Upcoming Events
Result Calendar
Date
Company
Apr 28, 2016
Ambuja Cements, ACC, Dabur India, HCL Tech, Sesa Goa
Apr 29, 2016
United Phosphorus, ICICI Bank, IDFC, 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
May 9, 2016
MM Forging
May 10, 2016
Visaka Industries
May 11, 2016
Apollo Tyres, Kotak Mah. Bank, South Ind.Bank, Asian Paints, Quick Heal
May 12, 2016
Nestle, Dr Reddy's
May 13, 2016
Cadila Healthcare
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 29, 2016
2:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.30
0.40
May 1,, 2016 2:00PM UK
PMI Manufacturing
Value
Apr
51.00
51.20
May 2,, 2016 6:30AM China
PMI Manufacturing
Value
Apr
50.20
50.30
May 3,, 2016 1:25PM Germany
PMI Manufacturing
Value
Apr F
51.90
51.90
May 4,, 2016 1:25PM Germany
PMI Services
Value
Apr F
54.60
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)
--
7:00AM China
Consumer Price Index (YoY)
% Change
Apr
2.30
--
May 11, 2016 2:00PM UK
Industrial Production (YoY)
% Change
Mar
(0.50)
--
May 12, 2016 5:30PM India
Industrial Production YoY
% Change
Mar
2.00
--
US
Producer Price Index (mom)
% Change
Apr
0.20
--
May 13, 2016 4:30PM UK
BOE Announces rates
% Ratio
May 12
0.50
0.50
11:30AM Germany
GDP nsa (YoY)
% Change
1Q P
2.10
--
May 14, 201611:00AM China
Industrial Production (YoY)
% Change
Apr
6.80
--
May 16, 201612:00PM India
Monthly Wholesale Prices YoY%
% Change
Apr
(0.85)
--
May 17, 2016 2:00PM UK
CPI (YoY)
% Change
Apr
0.50
--
6:00PM US
Consumer price index (mom)
% Change
Apr
0.10
--
6:45PM US
Industrial Production
%
Apr
(0.59)
--
6:00PM US
Housing Starts
Thousands
Apr
1,089.00
--
6:00PM US
Building permits
Thousands
Apr
1,076.00
--
Source: Bloomberg, Angel Research
Market Outlook
April 29, 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
www.angelbroking.com
www.angelbroking.com
Market Outlook
April 29, 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
www.angelbroking.com
www.angelbroking.com
Market Outlook
April 29, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
54,312
6.8
42.8
1.0
Russia
Micex
1,970
6.8
12.7
17.4
India
Nifty
7,847
1.7
7.4
(6.9)
China
Shanghai Composite
2,946
0.6
0.8
(33.2)
South Africa
Top 40
46,793
1.0
10.3
(4.0)
Mexico
Mexbol
45,529
(0.8)
9.8
1.3
Indonesia
LQ45
834
(0.4)
4.8
(11.2)
Malaysia
KLCI
1,675
(2.3)
3.0
(9.7)
Thailand
SET 50
888
(2.9)
11.8
(14.1)
USA
Dow Jones
17,831
1.1
11.8
(0.1)
UK
FTSE
6,322
3.5
5.5
(9.5)
Japan
Nikkei
16,666
(2.6)
(2.9)
(15.1)
Germany
DAX
10,321
4.4
4.5
(11.2)
France
CAC
4,557
4.4
4.0
(8.3)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
April 29, 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
196
-
3,803
2,097
2,415
14.4
14.4
9.5
11.0
20.6
17.8
4.1
3.5
21.1
21.3
1.9
1.6
United Phosphorus
Neutral
517
-
22,152
12,500
14,375
18.3
18.3
29.8
35.9
17.3
14.4
3.2
2.7
20.0
20.3
1.9
1.6
Auto & Auto Ancillary
Ashok Leyland
Accumulate
105
111
30,010
17,995
21,544
11.4
11.6
3.4
4.7
31.0
22.4
5.4
5.0
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,488
-
72,008
22,709
25,860
20.9
20.1
129.0
143.6
19.3
17.3
5.9
5.1
30.7
29.4
2.7
2.4
Bharat Forge
Accumulate
793
875
18,450
7,351
8,318
19.9
19.7
31.2
36.5
25.4
21.7
4.5
3.8
19.3
19.2
2.6
2.3
Eicher Motors
Neutral
20,293
-
55,118
15,556
16,747
15.5
17.3
464.8
597.5
43.7
34.0
15.9
11.7
36.2
34.3
3.5
3.2
Gabriel India
Accumulate
91
101
1,300
1,415
1,544
8.7
9.0
4.6
5.4
19.7
16.8
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,901
-
57,935
28,244
30,532
15.5
15.9
156.7
168.5
18.5
17.2
7.4
6.3
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
140
160
1,117
1,281
1,473
11.2
11.5
7.6
9.2
18.4
15.2
4.7
3.8
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
485
-
761
1,254
1,394
11.6
11.8
35.9
41.7
13.5
11.6
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,343
-
83,434
38,416
42,904
13.7
13.9
54.8
63.4
24.5
21.2
3.8
3.4
15.4
15.8
1.8
1.6
Maruti
Neutral
3,748
-
113,233
57,865
68,104
16.4
16.7
176.3
225.5
21.3
16.6
4.1
3.5
19.4
21.2
1.7
1.4
Minda Industries
Neutral
998
-
1,584
2,523
2,890
8.7
9.0
55.0
65.4
18.2
15.3
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
258
313
34,173
39,343
45,100
8.8
9.1
10.1
12.5
25.6
20.7
8.1
6.4
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
378
465
299
454
511
11.5
12.0
25.2
31.0
15.0
12.2
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
32
-
433
594
741
12.7
13.7
1.7
3.2
19.1
10.1
2.0
1.7
10.4
16.9
1.2
1.0
Tata Motors
Neutral
411
-
118,635
259,686
273,957
13.0
13.4
25.9
29.5
15.9
13.9
2.1
1.8
8.0
9.0
0.6
0.6
TVS Motor
Neutral
319
-
15,141
11,263
13,122
6.9
8.5
9.2
15.0
34.6
21.3
7.9
6.3
22.7
29.6
1.3
1.1
Amara Raja Batteries
Accumulate
938
1,076
16,016
4,892
5,871
17.4
17.6
28.8
37.1
32.6
25.3
7.6
6.1
23.4
24.1
3.2
2.6
Exide Industries
Accumulate
147
162
12,474
6,950
7,784
14.4
14.8
6.6
7.3
22.2
20.1
2.8
2.6
12.6
12.8
1.5
1.4
Apollo Tyres
Accumulate
164
183
8,368
12,056
12,714
17.2
16.4
23.0
20.3
7.2
8.1
1.3
1.1
17.7
13.6
0.7
0.8
Ceat
Neutral
1,166
-
4,717
6,041
6,597
14.1
13.7
99.5
111.9
11.7
10.4
2.3
1.9
19.6
18.5
0.9
0.8
JK Tyres
Neutral
85
-
1,917
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,106
-
1,374
552
630
14.2
14.7
44.6
54.1
24.8
20.4
5.8
5.2
23.2
25.6
2.3
2.0
Subros
Neutral
88
-
529
1,293
1,527
11.8
11.9
4.2
6.7
21.0
13.2
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
174
-
456
283
329
17.0
17.2
13.0
15.4
13.4
11.3
2.9
2.4
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
39
-
386
660
839
4.7
8.2
1.0
3.9
39.1
10.0
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
920
1,157
3,830
3,277
4,006
6.0
8.9
36.2
64.3
25.4
14.3
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,184
1,414
28,409
7,737
8,634
16.8
17.2
54.0
61.5
21.9
19.3
3.1
2.8
39.3
45.6
2.8
2.4
www.angelbroking.com
Stock Watch
April 29, 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
295
353
9,769
5,363
5,963
8.0
9.1
11.0
13.8
26.8
21.4
4.1
3.6
16.2
17.9
1.8
1.6
BGR Energy
Neutral
107
-
771
3,615
3,181
9.5
9.4
16.7
12.4
6.4
8.6
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
125
-
30,571
33,722
35,272
10.8
11.7
10.5
14.2
11.9
8.8
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
424
481
3,811
3,548
3,977
6.3
6.9
13.7
17.2
30.9
24.7
7.8
5.1
26.1
25.4
1.2
1.0
Crompton Greaves
Neutral
58
-
3,638
13,484
14,687
4.9
6.2
4.5
7.1
12.9
8.2
0.9
0.9
7.2
10.8
0.4
0.4
Greaves Cotton
Neutral
135
-
3,297
1,655
1,755
16.6
16.8
7.4
7.8
18.2
17.3
3.7
3.5
21.1
20.6
1.9
1.8
Inox Wind
Buy
269
458
5,980
4,980
5,943
17.0
17.5
26.6
31.6
10.1
8.5
3.0
2.2
35.0
30.0
1.3
1.1
KEC International
Neutral
126
-
3,230
8,791
9,716
6.1
6.8
5.4
8.2
23.3
15.3
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
776
-
9,246
6,413
7,525
7.4
8.5
30.5
39.3
25.4
19.7
3.9
3.4
15.0
17.0
1.4
1.2
VATech Wabag
Neutral
575
-
3,131
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
1,437
-
26,981
13,151
14,757
16.4
18.3
63.9
83.4
22.5
17.2
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
220
-
34,181
11,564
12,556
19.4
20.7
8.9
10.1
24.8
21.8
3.1
2.9
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
94
-
2,134
1,772
1,926
13.3
15.4
1.0
3.0
94.2
31.4
2.4
2.2
2.6
7.9
1.8
1.5
India Cements
Neutral
87
-
2,666
4,216
4,840
18.0
19.5
4.0
9.9
21.7
8.8
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
607
-
4,247
3,661
4,742
10.1
15.8
7.5
28.5
81.0
21.3
2.4
2.2
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
352
-
4,144
2,947
3,616
16.7
19.9
11.5
27.2
30.6
13.0
2.9
2.5
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
266
-
711
1,053
1,347
10.5
13.3
8.4
26.0
31.7
10.3
1.3
1.2
4.3
12.5
1.1
0.8
Orient Cement
Neutral
148
-
3,036
1,854
2,524
21.2
22.2
7.7
11.1
19.3
13.4
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
453
-
10,774
4,036
4,545
20.8
21.3
15.1
18.8
30.0
24.1
3.7
3.3
12.9
14.3
3.2
2.8
Shree Cement^
Neutral
12,798
-
44,586
7,150
8,742
26.7
28.6
228.0
345.5
56.1
37.1
8.3
6.9
15.7
20.3
6.0
4.8
UltraTech Cement
Neutral
3,164
-
86,831
24,669
29,265
18.2
20.6
82.0
120.0
38.6
26.4
4.2
3.6
11.3
14.7
3.6
3.0
Construction
ITNL
Buy
76
93
2,497
7,360
8,825
34.0
35.9
7.0
9.0
10.8
8.4
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Accumulate
548
603
1,540
937
1,470
14.3
14.0
44.2
38.6
12.4
14.2
2.5
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Neutral
1,260
-
117,374
58,870
65,708
8.3
10.3
42.0
53.0
30.0
23.8
2.1
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
169
-
8,153
629
684
51.0
52.2
6.4
5.9
26.4
28.6
3.5
3.2
15.9
12.7
12.6
11.4
MBL Infrastructures
Buy
144
285
595
2,313
2,797
12.2
14.6
19.0
20.0
7.6
7.2
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
79
-
4,406
7,892
8,842
8.8
9.1
3.0
5.3
26.4
15.0
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
518
558
2,658
1,873
2,288
13.2
13.5
24.0
32.0
21.6
16.2
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
268
-
1,327
5,955
6,829
10.3
10.5
16.0
31.0
16.8
8.7
0.9
0.8
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
April 29, 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
588
-
865
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
263
289
4,505
3,481
4,219
10.7
10.8
8.2
11.7
32.0
22.5
3.1
2.7
10.3
13.5
1.6
1.3
NBCC
Accumulate
997
1,089
11,961
5,816
7,382
6.9
7.7
29.6
39.8
33.7
25.0
6.0
4.8
24.1
26.7
1.8
1.4
MEP Infra
Neutral
45
-
724
1,956
1,876
28.1
30.5
1.3
3.0
34.3
14.9
7.2
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
181
-
6,090
1,667
1,725
13.5
16.0
9.7
11.4
18.6
15.9
2.2
2.1
11.7
13.4
2.4
2.5
Financials
Allahabad Bank
Neutral
59
-
3,618
8,569
9,392
2.8
2.9
16.3
27.5
3.6
2.1
0.3
0.3
7.6
11.9
-
-
Axis Bank
Accumulate
468
494
111,604
26,473
31,527
3.5
3.6
35.7
43.5
13.1
10.8
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
160
-
36,901
18,485
21,025
1.9
2.0
13.5
21.1
11.9
7.6
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
96
-
7,823
15,972
17,271
1.9
2.0
15.3
33.4
6.3
2.9
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
210
-
11,425
15,441
16,945
2.0
2.1
46.6
70.4
4.5
3.0
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
2,014
3,440
3,840
2.1
2.3
7.3
10.0
4.2
3.0
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
200
270
5,829
1,892
2,277
2.9
2.9
25.9
30.8
7.7
6.5
1.2
1.0
15.3
15.9
-
-
Federal Bank
Neutral
46
-
7,971
3,477
3,999
3.0
3.0
5.0
6.2
9.3
7.4
0.9
0.9
10.6
11.9
-
-
HDFC
Neutral
1,087
-
171,729
10,358
11,852
3.3
3.3
41.1
47.0
26.5
23.1
5.0
4.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,115
1,262
281,792
38,309
47,302
4.3
4.3
49.3
61.1
22.6
18.3
3.9
3.4
18.5
19.7
-
-
ICICI Bank
Accumulate
240
254
139,648
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.9
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
70
-
14,340
9,625
10,455
1.8
1.8
8.5
14.2
8.2
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
98
-
4,721
6,160
6,858
2.5
2.5
24.5
29.8
4.0
3.3
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
458
592
23,088
3,101
3,745
2.5
2.5
33.0
40.2
13.9
11.4
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
95
-
3,055
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
88
-
17,319
23,638
26,557
2.8
2.8
17.9
27.2
4.9
3.2
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,444
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
192
-
149,162
79,958
86,061
2.6
2.6
13.4
20.7
14.4
9.3
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
129
-
8,834
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.3
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,994
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
945
-
39,759
7,190
9,011
3.2
3.3
58.2
69.7
16.2
13.6
2.9
2.5
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
874
-
83,839
16,553
19,160
16.0
16.2
17.7
21.5
49.5
40.7
13.1
11.8
29.4
31.2
4.9
4.2
Britannia
Neutral
2,823
-
33,869
8,481
9,795
14.0
14.1
65.5
78.3
43.1
36.1
20.4
16.7
38.3
41.2
3.9
3.4
www.angelbroking.com
Stock Watch
April 29, 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
847
-
23,044
4,136
4,632
22.5
23.3
22.2
25.3
38.2
33.5
23.2
20.7
68.6
67.5
5.4
4.9
Dabur India
Neutral
269
-
47,391
9,370
10,265
17.6
17.3
7.3
8.1
36.7
33.3
9.5
8.7
31.7
30.6
4.9
4.4
GlaxoSmith Con*
Neutral
5,975
-
25,126
4,519
5,142
19.6
19.8
164.3
191.2
36.4
31.3
10.1
8.6
30.8
29.9
5.0
4.3
Godrej Consumer
Neutral
1,335
-
45,446
9,003
10,335
18.1
18.7
34.1
41.8
39.1
31.9
8.5
7.3
23.9
24.8
5.2
4.5
HUL
Neutral
877
-
189,691
33,299
35,497
17.1
17.1
18.9
20.0
46.4
43.8
23.5
27.0
87.6
80.8
5.5
5.2
ITC
Accumulate
323
359
260,166
36,804
38,776
37.9
37.9
12.2
12.9
26.5
25.1
7.4
6.5
27.7
25.8
6.6
6.3
Marico
Neutral
251
-
32,428
6,151
6,966
17.2
17.3
5.4
6.4
46.6
39.3
14.6
11.5
33.2
32.4
5.2
4.6
Nestle*
Neutral
5,911
-
56,989
9,393
10,507
22.2
22.3
106.8
121.8
55.3
48.5
19.4
17.5
34.8
36.7
5.9
5.2
Tata Global
Accumulate
120
137
7,592
8,635
9,072
9.8
9.9
5.8
7.2
20.7
16.7
1.8
1.8
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,335
7,369
20,563
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
800
1,038
112,838
42,038
47,503
21.2
21.5
51.5
57.7
15.5
13.9
3.4
2.6
21.5
18.8
2.3
1.8
Infosys
Accumulate
1,211
1,374
279,172
62,441
70,558
27.5
27.5
59.0
65.3
20.5
18.6
4.1
3.8
22.2
22.4
3.9
3.4
TCS
Buy
2,527
3,004
497,917
108,646
122,770
28.3
28.3
123.7
141.0
20.4
17.9
6.8
6.2
33.1
34.6
4.1
3.6
Tech Mahindra
Accumulate
481
530
46,632
26,524
29,177
16.2
17.0
28.8
33.6
16.7
14.3
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
554
680
136,779
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.6
2.8
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Accumulate
332
356
6,098
2,025
2,187
27.4
27.4
17.4
18.9
19.1
17.6
4.3
3.9
22.9
23.7
3.0
2.8
HT Media
Neutral
89
-
2,081
2,495
2,673
12.9
13.2
6.8
7.2
13.2
12.4
1.0
1.0
7.5
7.8
0.4
0.3
Jagran Prakashan
Buy
163
205
5,335
2,170
2,355
27.2
26.2
8.9
9.9
18.3
16.5
3.9
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
355
-
13,980
2,510
2,763
71.8
71.5
21.9
24.8
16.2
14.3
3.8
3.5
22.8
24.3
5.0
4.6
Hindustan Media
Neutral
256
-
1,879
914
1,016
21.7
21.5
21.9
23.3
11.7
11.0
2.1
1.8
18.0
16.2
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
286
380
180,364
76,167
84,130
19.9
22.3
22.4
25.8
12.7
11.1
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
172
-
72,591
14,641
14,026
50.4
50.4
17.7
16.0
9.7
10.7
1.5
1.4
16.2
13.2
2.6
2.4
Hindalco
Neutral
97
-
20,010
104,356
111,186
8.7
9.5
6.7
11.1
14.4
8.8
0.5
0.5
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,369
-
33,092
42,308
45,147
16.4
20.7
(10.3)
49.5
27.7
1.5
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
96
-
37,883
8,237
10,893
46.6
44.5
10.0
11.7
9.6
8.2
1.1
0.9
12.5
13.0
4.4
3.3
SAIL
Neutral
47
-
19,391
45,915
53,954
7.2
10.5
1.5
4.4
31.2
10.7
0.5
0.4
2.3
4.1
1.1
0.9
Vedanta
Neutral
100
-
29,588
71,445
81,910
26.2
26.3
12.9
19.2
7.8
5.2
0.5
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
348
-
33,769
126,760
137,307
8.9
11.3
6.4
23.1
54.7
15.1
1.1
1.1
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
143
-
26,754
11,323
12,490
49.4
51.0
20.7
20.7
6.9
6.9
0.4
0.4
6.4
6.1
1.4
0.8
www.angelbroking.com
Stock Watch
April 29, 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
-
46,141
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
217
-
185,611
154,564
145,998
36.8
37.4
20.8
22.6
10.4
9.6
1.0
0.9
10.1
9.7
1.4
1.6
Petronet LNG
Neutral
260
-
19,515
29,691
31,188
5.8
6.2
12.8
13.4
20.4
19.4
3.0
2.7
15.8
14.8
0.7
0.7
Indian Oil Corp
Accumulate
424
455
102,945
359,607
402,760
5.9
6.1
42.5
48.7
10.0
8.7
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
997
1,150
323,179
304,775
344,392
12.6
13.4
91.3
102.6
10.9
9.7
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
607
-
11,451
3,274
3,802
26.9
19.4
35.0
28.7
17.4
21.2
7.7
5.8
55.6
31.2
3.5
2.9
Aurobindo Pharma
Accumulate
765
856
44,745
14,923
17,162
22.0
23.0
35.7
42.8
21.4
17.9
6.3
4.7
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,321
-
9,952
2,082
2,371
17.4
20.8
118.2
151.5
36.6
28.5
5.4
4.3
19.9
25.5
4.5
3.7
Cadila Healthcare
Accumulate
327
352
33,476
10,224
11,840
21.0
22.0
14.6
17.6
22.4
18.6
6.1
4.8
30.8
29.0
3.3
2.8
Cipla
Accumulate
527
605
42,342
13,979
16,447
20.2
18.6
25.7
27.5
20.5
19.2
3.3
2.9
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,086
3,933
52,636
16,838
19,575
25.0
23.1
167.5
178.8
18.4
17.3
3.9
3.2
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
344
-
2,773
1,733
1,906
21.5
21.5
17.0
19.9
20.2
17.3
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,754
-
31,798
2,870
3,158
20.0
22.1
59.5
68.3
63.1
55.0
18.6
19.1
28.5
34.3
10.6
9.7
Indoco Remedies
Neutral
274
-
2,523
1,033
1,199
15.9
18.2
9.4
13.6
29.1
20.1
4.3
3.7
15.7
19.7
2.5
2.2
Ipca labs
Buy
493
900
6,222
3,363
3,909
12.9
18.6
13.4
28.0
36.8
17.6
2.6
2.3
7.4
14.0
2.1
1.8
Lupin
Neutral
1,577
-
71,082
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
803
950
193,147
28,163
32,610
25.8
30.7
17.4
26.9
46.1
29.8
4.4
3.8
13.0
16.6
6.3
5.3
Power
Tata Power
Neutral
69
-
18,730
35,923
37,402
22.6
22.8
4.1
5.2
17.1
13.4
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Accumulate
137
146
113,169
87,271
99,297
23.5
23.5
11.8
13.3
11.7
10.3
1.3
1.2
11.5
12.2
2.3
2.1
Power Grid
Buy
142
170
74,027
20,702
23,361
86.7
86.4
12.1
13.2
11.7
10.7
1.7
1.5
15.6
15.1
8.5
7.9
Real Estate
MLIFE
Buy
442
554
1,814
697
1,011
14.9
19.3
13.8
20.1
32.0
22.0
1.2
1.1
3.8
5.3
3.9
2.7
Telecom
Bharti Airtel
Neutral
372
-
148,823
101,748
109,191
32.1
31.7
12.0
12.5
31.0
29.8
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
127
-
45,564
34,282
36,941
32.0
31.5
5.9
6.2
21.5
20.4
2.0
1.8
9.9
9.3
1.9
1.8
zOthers
Abbott India
Neutral
4,659
-
9,900
2,715
3,153
14.5
14.1
134.3
152.2
34.7
30.6
8.7
7.1
27.4
25.6
3.4
2.8
Bajaj Electricals
Accumulate
226
237
2,278
4,719
5,287
5.2
5.8
8.6
12.7
26.4
17.8
3.0
2.6
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
287
-
4,385
2,520
2,883
12.2
12.0
12.7
14.2
22.6
20.2
3.1
2.7
13.6
13.5
1.5
1.3
Goodyear India*
Accumulate
515
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
1,371
-
3,727
1,779
2,081
7.8
8.8
21.8
33.4
62.9
41.0
10.2
8.2
17.4
22.1
2.2
1.8
Jyothy Laboratories
Neutral
302
-
5,469
1,620
1,847
11.5
11.5
7.3
8.5
41.4
35.6
5.4
5.0
13.3
14.4
3.2
2.8
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Stock Watch
April 29, 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
34,178
45,575
14,496
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
12,952
-
14,447
1,929
2,450
19.8
20.1
229.9
299.0
56.3
43.3
24.9
17.3
52.1
47.1
7.5
5.9
Relaxo Footwears
Neutral
498
-
5,982
1,767
2,152
12.3
12.5
19.3
25.1
25.9
19.9
6.4
4.9
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,056
1,354
990
1,636
1,815
11.5
11.5
89.9
104.1
11.8
10.1
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India* Neutral
610
-
1,072
1,271
1,440
8.6
9.2
32.0
41.1
19.0
14.9
1.9
1.7
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,269
3,217
1,738
2,035
2,252
15.9
15.3
248.6
268.1
9.1
8.5
4.0
2.9
43.6
33.9
0.9
0.8
HSIL
Neutral
299
-
2,158
2,123
2,384
16.1
16.5
15.0
18.9
19.9
15.8
1.5
1.4
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
239
-
3,459
2,403
2,554
8.6
9.9
9.2
10.5
26.0
22.8
2.5
2.4
9.7
10.7
1.1
1.0
Ltd
M M Forgings
Buy
465
614
562
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
133
-
952
1,208
1,353
11.0
12.3
10.8
14.5
12.4
9.2
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
1,250
-
1,866
1,871
2,031
10.7
10.5
63.2
69.8
19.8
17.9
3.2
2.8
17.6
16.6
1.0
0.9
Visaka Industries
Buy
118
143
187
1,020
1,120
8.7
9.1
13.9
20.1
8.5
5.9
0.5
0.5
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
268
-
2,040
2,830
3,350
8.8
9.0
14.4
18.3
18.7
14.7
2.9
2.5
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
62
-
680
1,359
1,482
10.3
13.7
0.8
3.9
77.7
16.0
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
149
201
655
2,992
3,223
8.1
8.4
14.7
18.3
10.2
8.2
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
170
-
677
286
366
18.3
17.7
7.7
9.4
22.0
18.1
4.6
4.1
20.2
21.1
2.3
1.7
Radico Khaitan
Buy
89
156
1,181
1,517
1,635
12.7
13.4
5.8
7.1
15.2
12.5
1.3
1.2
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
355
473
777
862
974
11.2
11.2
24.9
29.6
14.3
12.0
2.2
1.9
15.1
15.4
0.9
0.8
Wonderla Holidays
Neutral
381
-
2,151
206
308
44.0
43.6
9.0
12.9
42.3
29.5
5.8
5.2
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
195
-
288
340
371
8.3
8.9
10.8
13.2
18.1
14.8
2.9
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
157
-
630
222
287
20.5
20.5
5.6
7.6
27.9
20.8
5.3
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,064
-
38,338
17,022
21,122
20.7
14.5
63.9
53.7
16.7
19.8
25.0
20.5
149.9
103.2
2.3
1.8
Coffee Day Enterprises
Neutral
262
-
5,396
2,692
2,964
17.0
18.6
-
4.7
-
55.3
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
89
-
2,115
998
1,062
24.1
24.0
5.8
6.1
15.4
14.6
3.4
3.0
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
182
265
2,600
365
436
38.3
37.5
5.6
5.9
32.3
31.0
2.0
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
510
-
1,402
558
619
32.0
33.2
22.5
30.0
22.7
17.0
2.7
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
407
-
3,718
1,725
1,902
16.5
16.7
12.2
14.6
33.5
28.0
7.0
6.1
20.8
21.9
2.3
2.1
Team Lease Serv.
Neutral
941
-
1,609
2,565
3,229
1.3
1.5
15.2
22.8
62.0
41.3
5.0
4.4
8.0
10.7
0.5
0.4
www.angelbroking.com
Stock Watch
April 29, 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
231
-
3,339
928
1,036
15.3
15.1
4.9
6.1
46.8
37.8
4.4
4.0
9.4
10.7
3.5
3.1
Quick Heal
Neutral
264
-
1,849
339
408
27.8
27.3
7.1
7.7
37.4
34.1
3.2
3.2
8.5
9.3
4.4
3.7
Narayana Hrudaya
Neutral
298
-
6,086
1,603
1,873
10.9
11.5
1.0
2.6
312.6
112.6
7.5
6.9
2.4
6.1
3.9
3.3
Manpasand Bever.
Neutral
536
-
2,685
540
836
19.9
19.6
10.2
16.9
52.4
31.8
4.2
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 28, 2016
www.angelbroking.com
Market Outlook
April 29, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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